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The Lindsey Oil Refinery in North East Lincolnshire has stopped production as no buyer was found after its owner, Prax Group, went into administration. The government and the Official Receiver are handling the refinery's closure, with efforts to sell refined products and seek buyers for assets. The closure affects 420 jobs and impacts the local community and supply chain.
Key Facts
Lindsey Oil Refinery has stopped all production after being unable to find a buyer.
The refinery owner, Prax Group, went into administration due to financial losses.
420 jobs are at risk due to the closure.
Efforts are underway to sell refined products for a few more weeks.
The government and officials are looking for buyers for individual assets of the refinery.
There are calls for government support for workers and the local supply chain.
Local officials stress the economic impact and are asking for immediate government intervention.
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Stagflation, a mix of high inflation and weak job growth, is becoming a concern in the United States. Recent economic data shows slow job growth and rising prices, leading to worries about a slowing economy. The Federal Reserve may consider cutting interest rates, but inflation remains a key issue.
Key Facts
Stagflation refers to high inflation combined with weak job growth.
The U.S. economy showed signs of stagflation, with only 73,000 jobs added last month.
GDP, the economy's total value of all goods and services, grew at 3% in the second quarter.
A key inflation measure rose by 2.6% over the past year, marking a second consecutive increase.
President Trump dismissed the Bureau of Labor Statistics' top official after disappointing jobs data.
Economists are debating whether to lower interest rates due to these economic signals.
There are concerns that tariffs might be contributing to increased prices.
Top White House economist Stephen Miran believes the economy could strengthen due to recent tax and trade measures.
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Blue-collar jobs, like plumbers and electricians, are becoming more important as AI takes over many white-collar jobs. The demand for skilled trades is rising, even though there is currently a shortage of workers in these fields. These jobs are also paying more, highlighting a shift in the economy toward valuing manual labor skills.
Key Facts
AI is expected to replace many office jobs, but cannot replace skilled manual labor jobs.
Companies are saving lots of money by using AI, which increases their stock market value.
Manual labor jobs, which are less vulnerable to AI, employ around 5.5 million people.
Blue-collar wages have been rising faster recently compared to past years.
There is a current shortage of workers in skilled trades like electricians and plumbers.
The demand for skilled trades is creating high-paying job opportunities.
Training programs are being developed to help more people enter these skilled trades.
There is a perception problem where people may not realize the benefits of blue-collar jobs.
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A Miami jury decided that Tesla must pay over $240 million in damages for a crash involving its Autopilot technology. The jury found Tesla partly responsible for the accident, which resulted in a fatality and serious injury. Tesla plans to appeal the decision.
Key Facts
A crash in Florida involved Tesla's Autopilot driver assist technology.
Tesla was held partly responsible by a Miami jury for this crash.
The jury awarded over $240 million in damages to the victims.
The driver in the crash admitted to being distracted by his cellphone.
Tesla faced claims of either hiding or losing key evidence related to the crash.
Tesla plans to appeal the verdict, arguing the decision was wrong.
The case was unusual as it went to trial and was not settled outside of court.
The verdict could influence how future cases against Tesla and similar companies proceed.
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In Peru, the soft drink Inca Kola holds a strong position against Coca-Cola and is part of the country's national identity. Inca Kola was created by a British immigrant and became popular through marketing that connected with Peruvian culture. The drink's sales benefitted from the wartime context and the local Japanese community's business operations.
Key Facts
In Peru, Inca Kola is more popular than Coca-Cola.
Inca Kola was created in 1935 by Joseph Robinson Lindley, a British immigrant.
The brand uses imagery and slogans that resonate with Peruvian identity.
Inca Kola's unique flavor is often compared to bubblegum or chamomile tea.
During World War II, Inca Kola benefitted from a boycott on its competitor, Coca-Cola.
Many Japanese immigrants in Peru owned bodegas where Inca Kola was sold.
Anti-Japanese sentiment before World War II negatively impacted the community in Peru.
Inca Kola's association with local culture helped it succeed over international brands.
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Kim Kardashian's brand, Skims, launched a new product—a face shapewear mask marketed to enhance jawline appearance. The product quickly sold out, although some medical experts question its benefits. Critics argue it might contribute to unrealistic beauty standards.
Key Facts
Skims introduced a face-shaping mask claimed to sculpt and define the jawline.
The mask sold out within 24 hours, priced at £52.
Similar products have existed for years, often used post-surgery.
The product targets young consumers and leverages social media trends for promotion.
Medical experts say the mask offers temporary effects, and long-term use might cause skin issues.
Critics express concerns about the product promoting harmful beauty standards.
Skims is a company founded by Kim Kardashian, valued at around $4 billion as of July 2023.
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The United States announced new tariffs on more than 90 countries due to the end of a negotiation deadline set by President Donald Trump. Tariffs on Canadian goods will increase, although many items are exempt, while tariffs on Mexico are paused for 90 days as a new trade agreement is temporarily reached.
Key Facts
The US introduced new tariffs on over 90 countries.
President Trump's deadline for trade deals led to these tariffs.
Canada's tariffs will rise from 25% to 35%.
Many goods from Canada remain exempt from these tariffs.
Mexico's tariffs are paused for another 90 days due to a temporary deal.
The changes are part of a broader trade policy effort by the US.
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The UK's Supreme Court ruled against claims that hidden commission payments to car dealers were unlawful, impacting many motorists' ability to claim compensation for motor finance mis-selling. However, the court left room for claims where large, unfair commissions were involved. This decision reduces potential claims significantly, but still allows for some legal actions.
Key Facts
The UK Supreme Court made a decision affecting car finance compensation claims.
Hidden commissions paid to car dealers were claimed to be unlawful, but the court disagreed.
The possibility for compensation claims remains for cases involving large, unfair commissions.
The potential compensation claims could have been around £30 billion, but might now be between £5 billion and £13 billion according to BDO.
Discretionary commission arrangements, which allowed dealers to get more commission for higher loans, were banned in 2021.
Marcus Johnson, one of the claimants, received compensation due to an unfair relationship with his lender.
Andrew Wrench, another claimant, highlighted the importance of accountability and honesty in finance practices.
Some claimants still plan to pursue their compensation claims despite the court's mixed ruling.
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President Trump's tariffs on Asian tech manufacturing aim to bring jobs back to the U.S. but have affected economies in Asia. The tariffs increase costs for U.S. companies that rely on components made in Asian countries like China, Vietnam, and India. This creates uncertainty for businesses and impacts global supply chains.
Key Facts
President Trump started a trade war to move jobs to the U.S. and reduce trade deficits.
Tariffs have been imposed on Asian countries like China, Vietnam, and India, affecting U.S. tech firms.
Asian countries are vital for producing electronics and components like chips and smartphones.
Companies like Apple and Nvidia will face higher costs due to the tariffs.
Apple stated that tariffs cost it $800 million last quarter and could cost another $1.1 billion next quarter.
Trump has also placed a 25% tariff on imports from India, despite Apple's shift to produce iPhones there.
Trans-shipping, or re-routing goods through different countries, is now also targeted by tariffs.
Taiwan, a major chip producer, faces a 20% tariff on its exports to the U.S.
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The article discusses the declining trust in economists and other experts. It highlights an incident where President Trump fired an economist from the Bureau of Labor Statistics, alleging that she falsified a jobs report. The piece features discussions with economists on how this distrust affects their work and their efforts to rebuild trust.
Key Facts
Trust in experts, including economists, is decreasing.
President Trump fired a Bureau of Labor Statistics economist over alleged report tampering without evidence.
The episode aims to explore how distrust affects economists' work.
Economists used to have more influence on political leaders.
The podcast episode includes interviews with economists about trust issues.
The content is produced by NPR’s Planet Money team.
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The UK Supreme Court has limited the potential compensation payouts for car finance agreements but has not removed all responsibilities from lenders. While the ruling reduces the possibility of massive compensation claims, the Financial Conduct Authority might still seek redress where lenders incentivized dealers to increase loan interest rates unfairly.
Key Facts
The Supreme Court decision reduces possible compensation payouts from £30bn-£40bn.
The Financial Conduct Authority may still create a redress scheme for unfair interest rate incentives.
A consumer claim was upheld, providing a potential model for similar cases.
The case followed an Appeal Court ruling about undisclosed commission payments to car dealers.
The court ruled that car dealers have no "single minded duty of loyalty" to customers.
The court sided with Marcus Johnson, awarding him compensation due to unfair loan terms.
Discretionary Commission Agreements allowing dealers to set interest rates were banned in 2021.
The Supreme Court ruling does not address how future cases with such agreements will be handled.
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Canada and the United States missed a self-imposed deadline to reach a new trade agreement. The two countries continue to face high tariffs, and while negotiations have been described as intense, no agreement has been reached. Both sides are seeking to resolve the situation while considering long-term impacts on businesses.
Key Facts
Canada and the US have been in a tariff conflict for six months.
There was a recent deadline set by leaders to reach a trade agreement, which was missed.
Current tariffs include a 35% rate imposed by the US on Canadian goods, with some exceptions.
Canada has responded with C$60 billion in tariffs against American goods.
The US justified tariffs partly due to concerns about drug flow, particularly fentanyl, from Canada.
Most Canadian exports to the US can avoid tariffs if they meet specific trade deal conditions under the CUSMA/USMCA agreement.
Canada collected C$1.5 billion more in import duties during the same period than the previous year due to counter tariffs.
Businesses are affected by uncertainty and are seeking stable trade conditions.
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President Trump has announced new tariffs on over 60 countries. These tariffs, which will begin next week, range from 10 to 41 percent. Economist Oren Cass discussed how these tariffs aim to change the global trade system.
Key Facts
President Trump introduced new tariffs affecting more than 60 countries.
The tariff rates vary from 10 percent to 41 percent.
The tariffs will start next week.
The move is seen as a major change in the global trade system.
The latest jobs report showed an addition of 73,000 jobs, which was less than expected.
Oren Cass, an economist from American Compass, commented on the new tariffs.
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The crypto industry has donated over $26 million to a political committee supporting President Trump, as revealed by recent finance reports. This situation highlights the growing relationship between Trump and the crypto sector. Trump has introduced several policies to help the industry, such as laws on stablecoins and a report on growing the industry.
Key Facts
The crypto industry donated more than $26 million to Trump's super PAC in 2025.
President Trump signed the first federal law about stablecoins called the GENIUS Act.
Trump asked Congress to pass the CLARITY Act to create clear rules for the crypto industry.
A Strategic Bitcoin Reserve was announced by Trump early in his presidency.
Recent financial disclosures list significant donations, including $5 million from Blockchain.com.
Investors Marc Andreesen and Ben Horowitz each gave $3 million to the super PAC.
Crypto bank Gemini Trust and its founders the Winklevoss twins, also donated significant sums.
Trump released a 160-page report outlining steps to support and protect the crypto industry.
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The UK Supreme Court decided that lenders do not need to pay compensation to millions of motorists. The case involved car finance deals and allegations of unfair practices.
Key Facts
The UK Supreme Court issued a ruling about car finance compensation.
Lenders will not have to pay compensation to millions of car owners.
The case involved claims about unfair practices in car finance agreements.
The decision impacts many people who took car loans.
The ruling ends a legal process concerning these financial agreements.
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A recent jobs report suggests the U.S. labor market is weakening. Two Federal Reserve governors, Christopher Waller and Michelle Bowman, believe this supports the need to cut interest rates soon. The report has increased the chance of a rate cut at the next Federal Reserve meeting.
Key Facts
The Federal Reserve decided not to change interest rates at its recent meeting.
Governors Christopher Waller and Michelle Bowman disagreed, saying a rate cut was needed.
New jobs data shows signs of a weakening labor market.
Waller mentioned that private-sector job growth is slowing down.
Bowman noted that the labor market shows signs of becoming less stable.
After the jobs report, the expectation of a rate cut at the September Fed meeting increased from 38% to 80%.
The two-year Treasury yield decreased by 0.19 percentage points following the report.
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The recent jobs data shows a much slower job growth than previously thought, with large revisions to earlier estimates. The economy only added an average of 35,000 jobs per month from May to July. The unemployment rate increased slightly to 4.2%, while hiring has almost stopped.
Key Facts
The Labor Department provides three estimates of monthly job gains.
Initial job growth figures for May and June were significantly revised downwards.
From May to July, the U.S. economy added an average of 35,000 jobs per month.
July's job number was softer than analysts expected, with only 73,000 jobs added.
Revised data shows only 19,000 jobs were added in May and 14,000 in June.
The unemployment rate increased to 4.2% from 4.1%.
Changes in immigration policies may have affected employment numbers.
The labor force participation rate in July was 62.2%, lower than the previous year.
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President Trump has introduced new tariffs on over 90 countries that do not have updated trade deals with the United States. Mexico received a temporary 90-day delay, while other countries like Thailand and Italy negotiated lower tariffs than initially expected. Business leaders are concerned about the impact of these tariffs on trade and are seeking solutions to adapt.
Key Facts
President Trump enacted new tariffs on countries without new trade agreements with the US.
Over 90 countries are affected by these tariffs.
Mexico has a 90-day reprieve before any new tariffs are applied.
Thailand negotiated its tariff rate down from a potential 36% to 19%.
Italy's trade agreement held tariffs at 15%, up from a previous average of 4.8%.
Italian farmers and other industries are concerned about the impact on their economy.
Business leaders are trying to find ways to adapt to these new trading terms.
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Millions of car buyers in the UK will not receive compensation related to extra payments on car loans. The Supreme Court decided in favor of finance companies, stopping potential claims for compensation similar to the past PPI mis-selling cases.
Key Facts
The Supreme Court made a ruling affecting car loan compensation claims.
The court sided with finance companies in two out of three cases.
Motorists hoped for compensation due to extra commission payments on car loans.
Earlier, the Court of Appeal had allowed for such compensation claims.
This decision is compared to the Payment Protection Insurance (PPI) mis-selling issue.
Car dealers made extra money from these commission payments.
The Supreme Court ruling means many will not get compensation.
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An ad campaign featuring Sydney Sweeney and created by American Eagle has sparked public debate. The ad, which plays on the word "genes," received backlash for alleged connections to eugenics and its perceived sexualization of women. Despite criticisms, the campaign aims to raise awareness about domestic violence, with all proceeds from the jeans being donated to charity.
Key Facts
Sydney Sweeney appeared in an American Eagle ad campaign.
The ad uses a wordplay on "genes" and "jeans."
Viewers criticized the ad for perceived links to eugenics.
Some found the ad overly sexualized, especially since it relates to domestic violence awareness.
100% of the jean sales are donated to the Crisis Text Line.
The ad was removed from American Eagle's social media following backlash.
The campaign caused discussions similar to a controversial ad from the 1980s involving Brooke Shields.
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