Chancellor Rachel Reeves is looking into ways to assist households dependent on heating oil due to rising prices linked to the US-Israeli war with Iran. The cost of oil has nearly hit $120 a barrel, causing heating oil prices to surge, particularly affecting Northern Ireland. Meetings between the Treasury and MPs will discuss possible actions to support these households.
Key Facts
Global oil prices have reached nearly $120 a barrel due to the US-Israeli war with Iran.
Heating oil users are significantly affected by rising prices, as many keep oil in tanks outside their homes.
Rachel Reeves plans meetings with MPs to find ways to support those using heating oil.
Households in Northern Ireland have seen up to an 81% increase in heating oil costs.
There is no price cap for heating oil like there is for gas and electricity in the UK.
Almost two-thirds of homes in Northern Ireland use oil for heating.
The UK and Ireland Fuel Distributors Association noted significant concerns over rising heating oil prices.
The CMA has warned against suppliers raising prices unfairly and is ready to act if needed.
A new Marvel Collector's Edition game called "Marvel Cosmic Invasion" is set to release, featuring a high-end Nova and Rocket Raccoon statue. The edition is developed by Rock It Games with collaboration from Disney and Marvel, and it will cost $200. The collection also includes additional items like reversible artwork and retro-style packaging.
Key Facts
"Marvel Cosmic Invasion" is a new Collector's Edition game by Rock It Games.
The edition is priced at $200 and features a high-quality statue of Nova and Rocket Raccoon.
The collaboration involves Rock It Games, Disney, Marvel, PCS, and Dotemu.
The package includes reversible Mark Bagley artwork and retro-inspired packaging.
Licensing with Disney and Marvel influenced the selection of items in the edition.
The project faced challenges due to cautious consumer spending and shipping issues with previous releases.
The edition features a total of fifteen major characters, with Nova and Rocket Raccoon highlighted.
Uber has introduced a new feature in the U.S. that allows women riders and drivers to connect exclusively with each other for rides. This feature aims to address safety concerns but is facing legal challenges for alleged discrimination against men. A similar feature by Lyft is also facing legal action.
Key Facts
Uber launched a nationwide feature for women drivers and riders to connect exclusively.
The feature aims to improve safety for women by letting them choose other women as drivers or riders.
Two California Uber drivers filed a lawsuit claiming the feature discriminates against men under California law.
Uber argues the feature addresses safety concerns for women.
Lyft is facing similar legal action for its "Women+Connect" option.
Uber first tested the feature in select U.S. cities and previously launched it in Saudi Arabia.
Reports of sexual assault in Uber rides have reportedly decreased over time.
Uber and Lyft have created a database of drivers banned for offenses like sexual assault.
Newsweek is starting a new discussion series called "AI Impact Forum" to explore how businesses can effectively use artificial intelligence (AI) for real results. The series will be led by Dr. Ranjit Tinaikar and will include discussions with executives and investors on AI’s role in changing various industries. The series will tackle the challenges of implementing AI in companies and how it affects competition and business models.
Key Facts
Newsweek is launching "AI Impact Forum" to discuss AI's impact on business.
The forum is hosted by Dr. Ranjit Tinaikar, former CEO of Ness Digital Engineering.
The focus is on practical ways to turn AI potential into business results.
Many companies face challenges in scaling AI projects beyond early stages.
Existing technology infrastructures often limit successful AI implementation.
AI advancements could increase competition by lowering entry barriers in industries.
Businesses must navigate adopting AI without harming current revenue.
The first session will discuss AI's impact on the IT services industry and features Francisco D’Souza.
Saks Global is closing 12 Saks Fifth Avenue stores and 3 Neiman Marcus stores as part of a plan to improve its business after filing for bankruptcy in January. The company aims to focus on its strengths and serve luxury customers better by closing some locations.
Key Facts
Saks Global is the parent company of Saks Fifth Avenue, a luxury retailer.
The company filed for bankruptcy under Chapter 11 in January.
Saks Global plans to close 12 Saks Fifth Avenue stores and 3 Neiman Marcus stores.
The closures are part of a strategy to optimize their store locations.
Saks aims to improve its service to luxury customers and increase full-price sales.
CEO Geoffroy van Raemdonck mentioned the closures help create a stronger business platform.
The company plans to continue evaluating their remaining store locations with landlords.
President Donald Trump predicted strong economic growth for 2026, but the year started with job losses and rising gas prices. The job market has shown signs of weakness, and recent tensions with Iran have led to increased oil prices, causing potential inflation concerns.
Key Facts
President Trump predicted strong economic growth for 2026 in his State of the Union address.
Job losses were reported, with February seeing a decrease of 92,000 jobs.
The unemployment rate for U.S.-born people increased from 4.4% to 4.7% over the past year.
Gas prices rose by 19% in the past month, influenced by U.S. and Israel's actions in Iran.
The national average for gas is now $3.45 per gallon.
Oil prices rose above $100 per barrel for the first time since 2022.
Economic worries include the potential for inflation due to rising energy costs.
Some Americans in specific states may experience delays in receiving their state tax refunds this year. The delays are mainly due to changes in tax laws and issues with tax processing systems.
Key Facts
Processing delays affect tax refunds in Idaho, New York, Oregon, South Carolina, and Washington, D.C.
The delays are caused by changes in state and federal tax laws.
Idaho faces a smaller workforce for tax processing due to budget cuts.
New York has a software issue with Intuit TurboTax causing delays.
Oregon taxpayers filing paper returns will not get refunds until early April.
South Carolina's tax processing is delayed as it won't match new federal tax laws.
Washington, D.C. is also experiencing delays due to changes in tax law compliance.
People are encouraged to monitor state resources for updates on refund processing.
Live Nation, the company that owns Ticketmaster, has reached an agreement with the U.S. Justice Department to settle a case accusing it of having too much control over the live events industry. This settlement follows issues with ticket sales for Taylor Swift's 2022 tour, which highlighted concerns about Live Nation's market dominance. Under the deal, Live Nation will pay $280 million and make changes to allow more competition in ticket sales.
Key Facts
Live Nation has come to a tentative agreement with the U.S. Justice Department to settle an antitrust case.
The case was initiated after problems with ticket sales for Taylor Swift's 2022 tour.
Under the settlement, Live Nation will permit businesses to use multiple ticket vendors.
Live Nation will allow artists to use other promoters for performances at its venues.
The company will pay $280 million as part of the settlement.
Live Nation will also sell up to 13 concert halls to reduce its market hold.
Some states involved in the case are seeking further legal action and have requested a mistrial.
Live Nation and Ticketmaster have faced ongoing criticism for high ticket fees and market control.
The Justice Department has reached a settlement with Ticketmaster and Live Nation over allegations of an illegal monopoly on live events in the U.S. While some states might continue legal action separately, a federal judge was displeased about the settlement details being shared late. The case focuses on accusations that Live Nation used unfair practices to control the live event industry.
Key Facts
The Justice Department and Live Nation settled an antitrust lawsuit concerning alleged monopoly practices.
States might pursue separate legal actions despite the federal settlement.
Live Nation is accused of using contracts and threats to dominate the live events market.
A federal judge in Manhattan was unhappy about not being informed earlier about the settlement.
Texas has raised concerns about the settlement deal.
The legal case started under President Joe Biden's administration in 2024.
Ticketmaster, part of Live Nation, merged in 2010 and is a major player in ticket selling worldwide.
Novo Nordisk has dropped its lawsuit against Hims & Hers after the companies agreed that Hims will sell Novo Nordisk's weight-loss medications through its platform. This decision follows Hims' earlier plan to offer a cheaper alternative to Novo Nordisk's drug, which they later abandoned. The companies will now collaborate, with Hims offering both oral and injectable versions of the medications.
Key Facts
Novo Nordisk ended its lawsuit against Hims & Hers over weight-loss medications.
The agreement allows Hims to sell Novo Nordisk's branded weight-loss drugs.
Novo Nordisk's drug Wegovy was at the center of the dispute.
Hims had planned to sell a cheaper, off-brand version of Wegovy but canceled this plan.
The FDA had warned about restricting access to ingredients for these off-brand drugs.
Hims will no longer advertise compounded GLP-1 drugs on their platform.
Hims' stock price increased by more than 36% following the announcement.
Novo Nordisk reserved the right to refile the lawsuit if needed.
Chick-fil-A responded to a rumor about taking over a Burger King location in Springfield, Illinois. The Burger King on Northfield Drive is set to close on March 22, but Chick-fil-A has not confirmed any new Springfield locations.
Key Facts
A Springfield Burger King is closing on March 22, according to a manager.
The Burger King manager claimed the site would become a Chick-fil-A.
Chick-fil-A has not confirmed plans for a new location in Springfield.
A Chick-fil-A spokesperson said there are no new locations to announce in the area.
The Burger King location had a temporary closure due to staff illnesses.
The Burger King team will be moved to another location.
The property at 3200 Northfield Drive was listed on real estate websites since October 2025.
Springfield already has one Chick-fil-A, which opened in 2016.
The ongoing conflict involving the US, Israel, and Iran is affecting financial areas like fuel prices, mortgage rates, and energy bills, especially in the UK. Rising costs are linked to increased oil prices and economic uncertainty, which could affect household expenses.
Key Facts
Fuel prices have increased, with petrol up by 4.68p and diesel by 8.59p, influenced by a $30 increase in crude oil prices.
Higher transport costs due to rising fuel prices could lead to increased costs for goods and services.
Mortgage interest rates in the UK have risen, with two-year and five-year fixed rates moving to 4.87% and 4.98%, respectively.
Some mortgage products have been withdrawn from the market, indicating rising funding costs for lenders.
Energy bills for gas and electricity in the UK are currently capped but could rise if wholesale costs stay high.
The UK price cap on energy will last until July, and future costs depend on market conditions through May.
Economic uncertainty affects both mortgage and energy deal availability, with fewer long-term options available for consumers.
Economists warn that the U.S. economy is showing signs of weakness after losing 92,000 jobs in February, contradicting earlier expectations. Concerns are heightened due to the ongoing conflict in the Middle East, which could further impact the economy by affecting gas prices and inflation.
Key Facts
The U.S. economy lost 92,000 jobs in February; analysts had expected a gain of 59,000 jobs.
The unemployment rate rose from 4.3% to 4.4%.
Economists are concerned about a "jobs recession" as job losses occurred across multiple sectors.
The ongoing conflict with Iran and resulting high gas prices could worsen economic conditions.
Some key industries like federal government, manufacturing, and healthcare saw job losses.
Revised data showed weaker job growth than initially reported for recent months.
President Trump's National Economic Council Director attributed job losses to strikes, immigration enforcement, new statistical methods, and weather.
A tax package signed by President Trump is expected to provide temporary economic support.
Some U.S. states allow parents to collect unemployment benefits if child care problems force them to quit their jobs. These states require parents to meet certain conditions, such as actively looking for work or showing that they tried to find alternative child care. The rules and eligibility criteria for unemployment benefits vary by state.
Key Facts
Unemployment benefits are generally for people who lose their jobs through no fault of their own.
Some states let parents collect benefits if they quit due to child care issues.
Washington, Minnesota, New York, Massachusetts, Illinois, and Oregon have rules that might support unemployment claims due to child care problems.
In Washington, the law includes a need to move closer to a child, altered work schedules, or closed care facilities as reasons.
Minnesota requires parents to show they've tried to find new child care but couldn't.
Being able to work, available for work, and actively seeking work are often required.
"Good cause" for quitting must be shown to qualify for benefits in these circumstances.
A new bill in Washington state aims to change the housing market by allowing residential developments in areas currently zoned for commercial use. This could help address the housing shortage, especially the lack of affordable homes. The bill has passed both the House and the Senate and awaits final approval.
Key Facts
Washington state is facing a housing shortage, particularly in affordable housing.
The median home price in Washington was about $594,900 as of January.
The state needs an additional 1.1 million homes in the next 20 years.
Senate Bill 6026 requires cities with over 30,000 people to allow residential buildings in commercial and mixed-use areas.
The bill aims to tackle the lack of space for new housing developments.
Land costs make up approximately 40% of home construction and values in Washington.
The bill received strong support in both the House (69-27) and the Senate (36-12).
Gov. Bob Ferguson supports the bill as a response to the housing crisis.
Trader Joe’s will restock its popular Mini Pastel Tote Bags in stores starting mid-March. The bags will sell for $2.99 each and come in four colors: blue, pink, green, and purple. There will be no specific date for when all stores receive the totes, so availability will vary by location.
Key Facts
Trader Joe's Mini Pastel Tote Bags will return to stores in mid-March.
Each tote bag will cost $2.99.
The bags will be available in the same colors as before: blue, pink, green, and purple.
Not all stores will receive the bags on the same day; availability will vary by store.
Trader Joe's has been growing in the U.S., opening new storefronts in several states.
The bags gained popularity as a fashion accessory and were previously resold online for high prices.
The latest U.S. jobs report showed a loss of 92,000 jobs in February, but mortgage rates are unlikely to decrease due to concerns about inflation caused by rising oil prices linked to the war in Iran. The Federal Reserve is not expected to cut interest rates in March, partly because of these inflation concerns, despite a softer job market.
Key Facts
The U.S. lost 92,000 jobs in February, and the unemployment rate stayed at 4.4%.
A conflict in Iran is causing oil prices to rise, affecting overall inflation.
The war in Iran and rising oil prices prevent mortgage rates from dropping as expected.
The Federal Reserve is not likely to cut interest rates soon, despite weaker job numbers.
Mortgage rates rose to 6% nationally as of March 5, up slightly from the previous week.
Some experts suggest waiting for more job and inflation data before the Fed changes interest rates.
Gas prices in the U.S. are rising because of a new conflict in the Middle East, which is affecting global oil markets. Experts say prices could reach as high as $5 per gallon if the trend continues. President Trump's administration acknowledges the rise but believes it will be brief.
Key Facts
The average gas price in the U.S. has increased to around $3.46 to $3.48 per gallon.
Brent crude oil prices have jumped past $100 a barrel, influencing gas prices.
Experts warn gas prices might hit $5 per gallon if oil prices continue to rise.
President Trump had aimed to reduce gas prices as a key part of his campaign.
The rise in global oil prices comes from disruptions due to conflict in the Middle East.
Brent crude briefly hit nearly $120 per barrel due to recent U.S.-Israeli actions.
GasBuddy predicts prices could go higher if the situation in the Strait of Hormuz affects supply.
The U.S. government believes the impact of higher prices will not last long.
Several Asian countries are planning to limit fuel prices due to rising oil costs caused by a conflict involving the U.S., Israel, and Iran. Nations like South Korea and Thailand are introducing measures to control fuel prices, while others are seeking to save energy or adjust import taxes.
Key Facts
Oil prices surged above $100 per barrel because of disruptions in Middle East energy supplies.
South Korea and Thailand announced fuel price caps to ease economic pressures.
South Korea's government may use additional financial measures if needed to stabilize markets.
Thailand plans to cap diesel prices for 15 days amid low supplies at petrol stations.
Vietnam is preparing to temporarily remove taxes on fuel imports.
In the Philippines, a four-day work week for public offices has been implemented to save energy.
Asian economies, especially those relying on the Strait of Hormuz, are particularly affected by the disruption in oil shipments.
U.S. President Trump stated that the rise in oil prices is manageable and related to tensions in the region.
A glitch on British Airways' shopping portal in January allowed users to earn a high number of loyalty points for purchases at Kate Spade, a handbag brand. Shoppers who spent money during this period received a large amount of Avios points, which are usually collected through flying or credit cards.
Key Facts
A glitch allowed users to earn 250 Avios points per dollar spent at Kate Spade.
Avios are points used by British Airways and partner airlines like Iberia and Aer Lingus.
Normally, shopping portals offer 1 to 5 points per dollar, not 250.
One buyer spent $3,500 on purses and received 846,500 points.
The points were enough for 40 flights from LA to Hawaii.
The error was active for a short time but the points were honored.
British Airways issued a statement apologizing for the confusion.
