Business News

T.Rex skeleton sells for $50.1 million at New York auction

July 15, 2026 • Al Jazeera

Summary

A T. Rex skeleton called ‘Gus’ sold for a record $50.1 million at a New York auction. The dinosaur is about 70 million years old and almost 80% complete.

Key Facts

The skeleton’s nickname is ‘Gus.’
It sold for $50.1 million including auction fees.
The final bid before fees was $43 million.
The skeleton is around 70 million years old.
It is nearly 80% complete.
The sale set a new record for dinosaur skeleton auctions.
The auction took place in New York.

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Al Jazeera

Icac inquiry raises questions over whether taxpayer funds were used in alleged illegal political donations

July 15, 2026 • Guardian World

Summary

The Independent Commission Against Corruption (Icac) is investigating allegations that Catholic Schools NSW made undeclared political donations exceeding legal limits. Experts and politicians are calling for audits to ensure taxpayer funds used by Catholic schools are spent properly and not directed toward political purposes.

Key Facts

Catholic Schools NSW is under Icac investigation for alleged undisclosed and excessive donations to the Liberal party.
The donations are said to have been approved by the Catholic Schools NSW chief executive, Dallas McInerney, possibly to influence party membership.
Catholic Schools NSW oversees nearly 600 schools and receives about 80% of its funding from federal and state governments, totaling around $3.8 billion in 2024.
If found to serve a political purpose, Catholic Schools NSW risks losing its charity status and tax exemptions.
Education experts stress the need for joint audits by state and federal governments to check proper use of public funds.
The NSW government plans to wait for Icac’s initial findings before ordering any separate audit.
The NSW Greens have called for stopping all public funding to Catholic Schools NSW during the investigation.
Legal and political figures emphasize stricter rules and transparency for private schools receiving public money.

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Guardian World

Melbourne council votes to scrap Lime ebikes for failing to meet ‘bare minimum standards’

July 15, 2026 • Guardian World

Summary

The City of Yarra council in Melbourne has ended its agreement with Lime, the largest electric bike operator in Australia, after nearly six years. The decision followed concerns about users blocking footpaths, dumping bikes, and unsafe riding, with Lime given 30 days to stop its operations in the area.

Key Facts

The City of Yarra includes suburbs like Fitzroy, Richmond, and Carlton North.
Lime’s shared ebike scheme started as a one-year trial but lasted almost six years.
About 614 Lime ebike trips were made daily in the area since January 2025.
Lime earned around $2.5 million from operating in Yarra, but the council received no income.
The council voted not to renew Lime’s contract and will reopen the tender for a new operator.
Some councillors wanted to keep shared ebikes due to their affordability and environmental benefits.
Issues included users blocking footpaths, dumping ebikes, and riding under the influence.
Lime expressed disappointment with the decision, calling the disruption unnecessary.

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Guardian World

These are the biggest misconceptions about inherited debt, according to experts

July 15, 2026 • CBS News

Summary

When a person dies, most of their debt does not automatically become the responsibility of their heirs. Some debts, like co-signed loans or mortgages on inherited property, may need to be paid by the heirs or co-borrowers, but many types of debt are usually paid off by the deceased person’s estate.

Key Facts

The total U.S. consumer debt reached $18.23 trillion in May 2026, with $1.1 trillion from credit cards.
Not all types of debt transfer to heirs after someone dies; usually, the deceased’s estate pays off debts.
If you co-signed a loan or are a joint account holder, you may have to repay the deceased person’s debt.
In some states like Texas, California, and Arizona, spouses may inherit a deceased partner’s debt due to community property laws.
Mortgages on inherited property must be paid if you want to keep the property; otherwise, the property usually must be sold.
If you co-signed or jointly hold debt, you can try negotiating better payment terms with the lender.
Selling the asset tied to the debt, like a car or house, is another way to handle inherited debt responsibility.

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CBS News

China's economic growth slows to weakest pace in over three years

July 15, 2026 • France24

Summary

China's economic growth slowed to its weakest level in over three years in the second quarter of 2026, expanding by 4.3% compared to the same time last year. While exports have grown strongly due to global demand for AI-related products, problems like a struggling property market and weak domestic spending have slowed overall growth.

Key Facts

China’s economy grew by 4.3% year-on-year from April to June 2026, the slowest pace since late 2022.
The growth missed economists’ forecast of 4.5% and fell short of Beijing’s 4.5% to 5.0% annual target.
Strong exports driven by global demand for AI chips and computing equipment helped offset other economic challenges.
Domestic problems include a long-lasting property market crisis and reduced spending by Chinese consumers.
Trade disruptions caused by the war in Iran, especially around the Strait of Hormuz, affect China’s energy imports.
Retail sales grew 1.0% in June year-on-year, better than expected, and industrial production rose 5.3%.
Fixed-asset investment declined by 5.7% in the first half of 2026, signaling less investment in infrastructure and businesses.
Analysts expect the government to focus more on boosting domestic spending later in 2026 and early 2027.

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France24

China economic growth falls sharply, missing target

July 15, 2026 • BBC Business

Summary

China's economy grew by 4.3% from April to June, which is below its target for the year. Although exports increased strongly, domestic problems like low demand and a weak property market slowed overall growth.

Key Facts

China’s GDP grew 4.3% in the second quarter of 2024.
This growth is below Beijing’s annual goal of 4.5%-5%, which is the lowest target since 1991.
Exports increased by 27% in June compared to the previous year.
Export growth was helped by strong demand for semiconductors and electric vehicles.
Domestic challenges include a slow property market and weak consumer spending.
New home prices fell by 0.1% in June, a smaller decline than in May.
Retail sales grew by 1% in June, improving from a drop of 0.6% in May.
This economic data covers the first full quarter after the Iran war began in late February.

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BBC Business BBC Top Stories BBC World

Utility companies requested $9.2 billion in rate increases during second quarter, report shows

July 15, 2026 • CBS News

Summary

Utility companies asked to raise their rates by $9.2 billion in the second quarter of 2026. These increases could affect more than 56 million people across the United States.

Key Facts

Utility companies requested a total of $9.2 billion in rate increases in Q2 2026.
The potential impact of these increases reaches over 56 million American customers.
The information comes from a report by PowerLines.
Tremaine Phillips, a former Michigan utility commissioner, discussed the situation on CBS News.
The rate hikes are meant to cover expenses and investments by utility providers.
These requests are reviewed by state regulators before any increases take effect.

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CBS News

How Jeffrey Epstein earned a $25 million payout through a bank's DOJ settlement

July 15, 2026 • CBS News

Summary

Documents reveal that Jeffrey Epstein received a $25 million payment for assisting the Swiss bank Edmond de Rothschild in resolving an investigation by the U.S. Justice Department. The payment was part of a settlement between the bank and the government.

Key Facts

Jeffrey Epstein was a convicted sex offender.
Epstein earned $25 million for his role in helping a bank with a legal investigation.
The bank involved is Swiss-based Edmond de Rothschild.
The investigation was conducted by the U.S. Justice Department.
The payment was part of a settlement agreement between the bank and the government.
Epstein’s involvement helped the bank resolve the case more quickly.
This information was reported by CBS News using released documents.

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CBS News

Meta used AI to tag workers who took leave to be laid off, lawsuit claims

July 14, 2026 • Guardian Tech

Summary

Meta employees have filed a lawsuit claiming the company used artificial intelligence (AI) to identify and lay off workers who took protected leave, such as maternity or disability leave. The lawsuit says Meta’s AI systems scored and ranked employees without considering their leave, resulting in unfair layoffs.

Key Facts

Meta laid off about 8,000 employees earlier this year.
The lawsuit was filed in federal court in northern California by 26 Meta workers.
AI tools used included performance ratings and monitoring of keystrokes and activity levels.
Employees on protected leave were allegedly penalized due to missing productivity data.
Plaintiffs seek to stop the layoffs and want possible reinstatement, back pay, and damages.
Meta denies these claims and says people, not AI, made workforce decisions.
Meta started using AI monitoring of employees’ computer activities earlier this year.
Employees were not clearly informed or asked for consent about the AI monitoring program.

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Guardian Tech

I changed jobs 10 times in 10 years to get the career I wanted

July 14, 2026 • BBC Business

Summary

Brittany Harris-Nelson changed jobs 10 times in 10 years across six universities to gain skills and reach a desired career position. This practice of frequently changing jobs to improve skills and career prospects, called "lily padding," is common among Gen Z workers who tend to stay in each job for shorter periods than older generations.

Key Facts

Brittany Harris-Nelson worked 10 different jobs over 10 years at six universities before reaching her current role at Wake Forest University.
She held roles such as office manager, admissions counselor, and student advisor.
Her salary did not increase much at first, but she gained better benefits like more paid leave and pension contributions.
"Lily padding" is a trend where young workers change jobs frequently to gain skills and advance their careers.
Gen Z employees typically stay in a job an average of 1.1 years, compared to 1.8 years for millennials and almost 3 years for older generations.
Research shows people who changed jobs frequently earned higher salaries, with a 31% pay premium in the UK for those with four or more job changes in a decade.
Adam Smiley Poswolsky, a public speaker and author, also used multiple career changes to find meaningful work and develop skills.
His diverse jobs included roles in government, non-profits, teaching, film production, and political campaigns.

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BBC Business BBC Top Stories BBC US

Buy Now Pay Later rules to bring refunds and rejections

July 14, 2026 • BBC Business

Summary

New rules require Buy Now Pay Later (BNPL) lenders to get approval from a financial regulator, giving shoppers better rights like refunds and help with complaints. However, some people may be refused BNPL loans because of checks that see if they can afford to pay, which could push them to use more risky lenders.

Key Facts

BNPL lenders now need Financial Conduct Authority (FCA) approval to operate.
Customers can get refunds and compensation for items over £100 bought with BNPL, similar to credit cards.
Unresolved BNPL complaints can be taken to the Financial Ombudsman Service for a decision.
Shoppers must pass an automatic affordability check before using BNPL; if they fail, their purchase will be blocked.
Lenders must provide clear loan information and direct borrowers to free debt advice if needed.
Around 10% to 30% of BNPL users might fail these affordability checks.
Some people rejected by BNPL may turn to more expensive or unregulated loan options.
BNPL is very popular with 18 to 24-year-olds but is used by many age groups.

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BBC Business BBC Top Stories

Heating oil customers to get compensation after price hikes

July 14, 2026 • BBC Business

Summary

The UK Competition Markets Authority (CMA) announced that heating oil customers who faced order cancellations and higher prices during the US-Israel-Iran conflict will receive compensation. Some suppliers have agreed to pay customers back, while the CMA plans legal action against those who refuse.

Key Facts

About 1,700 households had their heating oil orders cancelled or prices raised, costing up to £350 more.
Wholesale oil prices rose from $70 to nearly $120 per barrel between February and March due to the Iran war.
UK retail heating oil prices peaked at 92% higher during the conflict period.
The CMA found that price hikes mostly matched rising wholesale costs, with little extra profit for suppliers.
Heating oil users, often with tanks outside their homes, have fewer consumer protections than electricity and gas customers.
The CMA recommends new rules for pricing transparency, order cancellations, and better support for vulnerable customers.
Some suppliers agreed to compensate customers; the CMA will take court action against those who do not.
Around 1.5 million UK households use heating oil, especially in Northern Ireland where 60% rely on it.

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BBC Business BBC Top Stories

From Wimbledon towels to Scotch: What India-UK trade deal could mean for shoppers

July 14, 2026 • BBC World

Summary

India and the UK have started a free trade agreement that lowers or removes taxes on most goods traded between the two countries. This deal aims to help Indian exporters, especially in textiles and garments, compete better in the UK market and also benefits British companies like Scotch whisky producers by reducing their taxes in India.

Key Facts

The India-UK free trade agreement (FTA) began on Wednesday.
The deal cuts or removes tariffs on 99% of Indian exports to the UK and 90% of UK imports into India.
Welspun Living, an Indian textile company, expects significant growth in exports to the UK after the deal.
Indian textile exports faced a 12% tariff in the UK before, while competitors like Bangladesh and Pakistan had duty-free access through special schemes.
The FTA lowers customs duties on Scotch whisky from 150% to 75% immediately and plans to reduce it to 40% over ten years.
Businesses are currently preparing logistics, certifications, and customs processes to take advantage of the deal.
Experts say the overall economic effect may be gradual rather than a big immediate change.
In 2025-2026, India exported $13.4 billion to the UK, with over half already duty-free under previous rules.

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BBC World BBC Top Stories BBC Business

Australia news live: top 100 CEOs bank 16% pay rise; Husic warns Labor over Gaza policy

July 14, 2026 • Guardian World

Summary

Chief executives of Australia’s 100 biggest companies earned a median pay of $4.8 million in the 2025 financial year, which is a 16% increase from 2024. This pay includes base salary, bonuses, and other benefits, and shows that CEO pay remains much higher than the average Australian worker’s earnings.

Key Facts

The median total pay for top 100 CEOs in Australia was $4.8 million in 2025.
This represents a 16% pay rise compared to 2024.
Life360’s founder Chris Hulls was the highest-paid CEO with $47.7 million in realised pay.
Other top earners include Mick Farrell from ResMed ($35.1 million) and Robert Thomson from News Corp ($33.5 million).
The gap between CEO pay and the average worker’s weekly full-time earnings stayed the same, with CEOs earning 55 times more.
Fixed base pay rose by 4% to a median of $1.83 million, still below 2012 levels.
Bonuses made up a large part of CEO pay, with most CEOs receiving around 70% of their maximum bonus.
Some CEOs received termination payments averaging $2.2 million each.

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Guardian World

Woman Explores Jewelry Store Basement, Then Realizes What Was Left Behind

July 14, 2026 • Newsweek

Summary

A woman named Danielle Turner discovered a large, untouched collection of vintage kitchenware in the basement of a jewelry store in Philadelphia. The store had stored unsold appliances and housewares for decades after focusing solely on jewelry, making the find valuable for collectors.

Key Facts

Danielle Turner owns a vintage business that specializes in estate buyouts and vintage jewelry.
Turner met the local jewelry store owners through a referral from a pizza delivery person.
The jewelry store, Modern Jewelry, also sold appliances from the 1970s to the 1990s.
In 1993, the store dropped appliances to focus only on jewelry, but kept leftover inventory in the basement.
The basement stored hundreds of pieces of Pyrex, CorningWare, cookware, and kitchenware, many still in original unopened boxes.
Vintage Pyrex and CorningWare items can be worth thousands of dollars, especially rare patterns and promotional pieces.
Turner found the discovery meaningful as she has been collecting Pyrex for 18 years.
She purchased the collection, which holds both common and rare pieces.

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Newsweek

Lawsuit claims Meta's layoff decisions were made by AI, not humans

July 14, 2026 • Ars Technica

Summary

A lawsuit filed by 26 Meta employees claims the company used artificial intelligence (AI) systems to decide which workers to lay off. The complaint says these AI tools unfairly targeted employees with disabilities or those on protected medical or family leave. Meta denies the claims, saying people made the layoff decisions, not AI.

Key Facts

Meta planned to lay off about 8,000 employees, roughly 10% of its workforce.
The lawsuit alleges Meta used several AI systems to score and rank employees for layoffs instead of manager judgment.
Employees were classified based on their use of Meta’s AI tools, using labels like “AI Native” and “AI Enabled.”
The AI tools did not adjust scores for people on protected leaves or with disabilities, which may have unfairly penalized them.
The 26 plaintiffs requested disability accommodations or took protected leave within 24 months before being selected for layoffs.
Meta says human managers made all layoff decisions and rejects the lawsuit’s claims as unfounded.
Layoffs were set to begin on July 22, 2026.
The layoffs were announced despite Meta reporting record revenue and planning to increase spending on AI technology.

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Ars Technica

California enacts $3,500 rebates on some EVs

July 14, 2026 • The Hill

Summary

California will start giving instant rebates up to $3,500 to people buying an electric vehicle (EV) for the first time. This new program replaces some of the incentives that ended after the federal government cut EV tax credits.

Key Facts

California launched a $270 million rebate program for first-time EV buyers.
The rebates will be available starting later this summer.
The rebate amount can be up to $3,500 per buyer.
This state program replaces some lost incentives after the Trump administration ended federal EV tax credits.
The program was signed into law by California Governor Gavin Newsom.
The incentives aim to encourage people in California to buy electric vehicles.
The focus is on making EVs more affordable and supporting clean energy goals.

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The Hill

Derision at US chain Chipotle’s plan to sell its Mexican food in Mexico

July 14, 2026 • Guardian World

Summary

Chipotle, a US fast-food chain known for Mexican-style meals, is opening its first restaurant in Mexico, in Monterrey. This move has caused mixed reactions among locals, with some welcoming it and others criticizing the idea of a US company selling its version of Mexican food in Mexico.

Key Facts

Chipotle has over 4,000 restaurants worldwide and is opening its first location in Mexico on Thursday in Monterrey.
The new restaurant will be in San Pedro Garza García, an upscale neighborhood in Monterrey, Nuevo León.
Some Mexican customers are excited, but many express skepticism or dislike, preferring to support local businesses instead.
Past US fast-food chains like Taco Bell have failed in Mexico, closing all their restaurants there by 2010.
Chipotle’s leadership says they respect Mexican food culture and want to learn local tastes to grow carefully in Mexico.
Chipotle is partnering with Mexican company Alsea to open more restaurants in Nuevo León and plans to expand to Mexico City next year.
Besides the US and Mexico, Chipotle also operates in Canada, the UK, France, and Germany, and plans to open restaurants in South Korea and Singapore soon.
Locals note that US fast-food brands often struggle to succeed in northern Mexico, including in Monterrey.

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Guardian World

Massive data center buildout poses latest inflation threat for consumers

July 14, 2026 • PBS NewsHour

Summary

A surge in investment for data centers to support artificial intelligence is raising prices for electronics and electricity in the U.S. This trend is expected to keep inflation higher through the end of 2024, influencing Federal Reserve decisions on interest rates.

Key Facts

U.S. companies are investing around $700 billion this year in data centers for AI technology.
This strong demand is making memory chips and computer processors more expensive.
Prices of consumer electronics like laptops, smartphones, and game consoles are rising.
Electricity costs are increasing because data centers use a large amount of power.
Apple has raised prices on laptops and iPads by 15% to 25%, and Microsoft plans to raise Xbox prices by $100.
Inflation is predicted to stay above the Fed’s 2% target, partly because of these AI-related costs.
The Federal Reserve might increase interest rates to help control inflation.
This inflation pressure follows previous price rises from tariffs and energy costs linked to conflict in the Middle East.

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PBS NewsHour

Insider at "The Wolf of Wall Street" firm opens up: "My lifestyle was insane"

July 14, 2026 • CBS News

Summary

A former partner at Stratton Oakmont, the stock-trading firm that inspired "The Wolf of Wall Street" movie, spoke about his extreme lifestyle while working there. A new documentary on Paramount+ reveals more details about the firm's illegal activities and the personal toll on employees.

Key Facts

Howie Gelfand joined Stratton Oakmont at age 19 and quickly earned over $100,000 a month.
He eventually made more than $1.5 million a year at the firm.
Gelfand described his lifestyle as unhealthy, including struggles with weight, drugs, and alcohol.
He realized the firm’s business practices were illegal but thought it was normal for Wall Street.
The documentary "The Real Wolf of Wall Street" uses over 15,000 FBI and government documents.
The documents were obtained through the Freedom of Information Act by reporter Jason Leopold.
The three-part series is now available on Paramount+, part of the CBS News parent company.

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CBS News

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