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Business news, market updates, and economic developments

Why electric cars cost more to insure - and what's being done about it

Why electric cars cost more to insure - and what's being done about it

July 08, 2026 • BBC Business

Summary

Electric vehicles (EVs) often cost more to insure than petrol or diesel cars because they are more expensive and take longer to repair. Some EV repairs require replacing large, integrated parts rather than smaller pieces, increasing repair costs and leading insurers to charge higher premiums.

Key Facts

  • EV repairs cost 30% more on average than repairs for petrol or diesel cars.
  • It takes 14% longer, on average, to fix EVs.
  • Insurance premiums for EVs can be 10-25% higher depending on the model.
  • EV components are often glued or combined to reduce weight, making repairs more costly.
  • A minor crash can cause expensive damage, such as a £4,000 repair to a charging port and related parts.
  • The battery makes up about 40% of an EV’s total value and usually must be replaced as a single unit.
  • EVs accounted for nearly one in three new cars sold in the UK in June.
  • Experts say lowering insurance costs and making EVs easier to repair could encourage more buyers.
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BBC Business BBC Top Stories
Pet prescriptions could be capped at £21 under proposed vet sector reforms

Pet prescriptions could be capped at £21 under proposed vet sector reforms

July 08, 2026 • Guardian World

Summary

The UK government is planning reforms for the veterinary sector, including requiring vets to have a licence and capping pet medicine prescriptions at £21. The proposed changes aim to increase transparency, improve competition, and protect pet owners from high and unexpected costs.

Key Facts

  • UK vets may need an official operating licence similar to GP surgeries and care homes.
  • Prescription costs for pet medicines could be capped at £21.
  • Over 60% of UK veterinary practices are owned or partly owned by six large groups controlled by private equity or big companies.
  • The Competition and Markets Authority found low public satisfaction with veterinary costs and weak competition among vet businesses.
  • Proposed reforms include mandatory price lists and clearer ownership information to help pet owners compare prices.
  • Pet owners spent more than £6.7 billion on vet and related services in 2024, averaging £390 per household.
  • The Veterinary Surgeons Act has not been updated since the 1960s, when most vets worked in agriculture and small family practices.
  • Supporters say the reforms will hold vet businesses to account, protect consumers, and modernize the profession.
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Guardian World
Telstra glitches continue as ‘secondary’ outage hits triple-zero calls and regional trains remain stranded

Telstra glitches continue as ‘secondary’ outage hits triple-zero calls and regional trains remain stranded

July 08, 2026 • Guardian World

Summary

Telstra, an Australian telecom company, is still experiencing problems after a national outage caused by a software fault. The issues are affecting emergency calls to triple zero and disrupting Victoria’s regional train services. The government has said a full investigation will take place to find out what happened.

Key Facts

  • Telstra’s outage began on Wednesday due to a software fault related to its GPS timing system.
  • The fault caused emergency triple-zero calls to fail or go to voicemail.
  • By Thursday morning, the problem with emergency calls was 90% reduced but not fully fixed.
  • Victoria’s regional trains remained suspended because of the Telstra outage.
  • Telstra performed over 300 welfare checks on people who tried to call triple zero during the outage.
  • Six people needed immediate help, and others were referred to police for checks.
  • The government wants a full investigation and possible penalties for the outage.
  • Opposition officials criticized Telstra's network reliability, calling it critical infrastructure.
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Guardian World
John Deere owners will get the right to repair their own equipment under a new FTC settlement

John Deere owners will get the right to repair their own equipment under a new FTC settlement

July 08, 2026 • AP News

Summary

The Federal Trade Commission (FTC) and several states have reached a settlement with John Deere, requiring the company to let farmers and independent repair shops fix their own equipment. This agreement ends John Deere’s practice of limiting repair tools to authorized dealers, giving equipment owners more control over repairs.

Key Facts

  • John Deere must now provide diagnostic and repair tools to equipment owners and independent shops.
  • The FTC and attorneys general from Arizona, Illinois, Michigan, Minnesota, and Wisconsin led the lawsuit against Deere.
  • Deere previously required customers to use authorized dealers for repairs by restricting access to software tools.
  • The company will pay $1 million to the five states for antitrust enforcement costs.
  • Deere will be under strict compliance oversight for 10 years to ensure it follows the settlement.
  • Deere denied that its repair policies were anticompetitive but agreed to the settlement.
  • The settlement follows a $99 million class-action settlement Deere reached earlier in 2025 over repair issues.
  • The right-to-repair movement involves giving consumers and independent workers the ability to fix products without relying on manufacturers only.
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AP News
WATCH: Starbucks says it'll pay its baristas to make TikToks

WATCH: Starbucks says it'll pay its baristas to make TikToks

July 08, 2026 • ABC News

Summary

Starbucks will start paying its baristas to create TikTok videos that promote the company. Baristas can earn a share of the advertising money if their videos are approved by Starbucks, beginning this summer.

Key Facts

  • Starbucks plans to pay baristas for making TikTok videos.
  • The videos must be approved by Starbucks to qualify for payment.
  • Payments come as a share of the ad revenue generated by the videos.
  • This program will start in the summer of 2026.
  • The initiative aims to engage baristas in promoting the brand on social media.
  • TikTok is a popular video-sharing platform used for marketing and entertainment.
  • Starbucks is exploring new ways to connect with customers through digital content.
  • This effort reflects a growing trend of companies using employee-created content for promotion.
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ABC News
Jackdaw boss warns of winter fuel shortages if gas field not approved

Jackdaw boss warns of winter fuel shortages if gas field not approved

July 08, 2026 • BBC Top Stories

Summary

The Jackdaw gas field in the North Sea needs UK government approval to start production and help avoid gas shortages this winter. The project could supply about six percent of the UK’s gas needs starting October 1, but environmental groups oppose it due to climate concerns.

Key Facts

  • Jackdaw is a gas field located 150 miles east of Aberdeen in the North Sea.
  • The UK government is reviewing new applications to approve production at Jackdaw and another field called Rosebank.
  • If approved, Jackdaw could supply six percent of the UK’s gas demand from October 1.
  • The UK currently has only about eight days of gas storage available.
  • Delays in approval could risk gas shortages, especially during bad weather or geopolitical threats.
  • The Jackdaw project has cost around £1.5 billion and is owned by Adura, a joint venture of Shell and Equinor.
  • Environmental groups argue that approving new oil and gas projects worsens climate change and serves only a small part of UK’s gas needs.
  • Some UK politicians and unions support expanding North Sea oil exploration to secure jobs and energy supply.
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BBC Top Stories BBC Business
Dow closes nearly 600 points down amid renewed U.S.-Iran fighting

Dow closes nearly 600 points down amid renewed U.S.-Iran fighting

July 08, 2026 • CBS News

Summary

The Dow Jones stock market index fell by almost 600 points on Wednesday. This drop happened because oil prices went up after President Donald Trump said the ceasefire with Iran had ended.

Key Facts

  • The Dow Jones dropped nearly 600 points in one day.
  • Oil prices increased at the same time as the Dow's decline.
  • President Donald Trump announced that the ceasefire with Iran is over.
  • The statement about the ceasefire likely affected investor confidence.
  • The news caused concern about renewed fighting between the U.S. and Iran.
  • Rising oil prices often lead to stock market declines due to economic worries.
  • The Dow Jones is a major U.S. stock market index used to track economic health.
  • The situation reflects how political events can quickly impact financial markets.
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CBS News
IMF lowers 2026 global growth forecast to 3% but projects rebound in 2027

IMF lowers 2026 global growth forecast to 3% but projects rebound in 2027

July 08, 2026 • France24

Summary

The International Monetary Fund (IMF) has lowered its forecast for global economic growth in 2026 to 3% due to risks from the war in Iran and other factors. However, it expects the global economy to improve again in 2027.

Key Facts

  • The IMF reduced the 2026 global growth forecast for the second time this year.
  • The war in Iran is causing uncertainty and risks for the global economy.
  • The forecast for 2026 growth is now 3%.
  • The IMF expects economic growth to rebound in 2027.
  • The situation is affecting countries differently, with low-income countries facing more challenges.
  • External events like US trade threats and regional conflicts are impacting economic stability.
  • The IMF monitors these developments to update its growth predictions regularly.
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France24
US stock markets fall amid Iran strikes and potential higher interest rates

US stock markets fall amid Iran strikes and potential higher interest rates

July 08, 2026 • Guardian US

Summary

US stock markets dropped after President Donald Trump said the ceasefire with Iran had ended, causing oil prices to rise sharply. At the same time, the Federal Reserve pointed to concerns about inflation that could lead to higher interest rates later this year.

Key Facts

  • President Trump declared the ceasefire with Iran over during a NATO summit in Turkey.
  • Brent crude oil price rose over 5%, reaching above $80 per barrel.
  • The Dow Jones Industrial Average fell by 1.09%, or 500 points, while the S&P 500 had a small loss and Nasdaq gained slightly.
  • The International Monetary Fund lowered its global economic growth outlook from 3.1% to 3% due to Middle East conflict and spending on artificial intelligence (AI).
  • US gas prices average $3.79 per gallon, which is 65 cents higher than a year ago.
  • US inflation hit 4.2% in May, above the Federal Reserve’s 2% target and the highest in three years.
  • Federal Reserve meeting notes showed debate about inflation timing but little talk of cutting interest rates soon; some officials expect rates to rise before year-end.
  • Rising inflation is linked to past tariffs, higher energy costs due to the Middle East conflict, and increased AI-related demand.
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Guardian US Guardian World
Starter Homes are a Million Bucks Now | Money Moves with Jill Schlesinger

Starter Homes are a Million Bucks Now | Money Moves with Jill Schlesinger

July 08, 2026 • CBS News

Summary

The price of starter homes in many parts of the U.S. has risen to around $1 million. This increase is causing younger people to question if buying a home is still a realistic part of their future.

Key Facts

  • Starter homes now cost about $1 million in many areas of the country.
  • Higher home prices make it harder for younger generations to buy houses.
  • The traditional idea of homeownership as part of the American dream is being questioned.
  • The article includes advice on financial topics like wedding costs and buying life insurance.
  • The discussion is part of a CBS News segment on personal money matters.
  • Viewers can send money questions to the email askjill@jillonmoney.com.
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CBS News
US summer travel slumps under rising fares and fuel expenses

US summer travel slumps under rising fares and fuel expenses

July 08, 2026 • Al Jazeera

Summary

The US summer travel season is slowing down due to rising airfare and fuel costs, worsened by tensions between the US, Israel, and Iran. These factors have caused higher fuel prices, reduced travel demand, and disrupted airline operations both in the US and Europe.

Key Facts

  • President Donald Trump declared the ceasefire with Iran over, leading to expectations of more attacks and rising fuel costs.
  • US crude oil prices rose by 4.84% in one day amid these tensions.
  • More than 7.3 million people passed through US airport security over the Fourth of July weekend, a 2.3% drop from last year.
  • Around 45% of Americans chose not to travel this summer due to high costs, down 2% from last year.
  • Airfare prices in the US have increased by 8.2% since February 2024.
  • United Airlines announced up to 20% price increases, and American Airlines cut some routes because of rising fuel prices.
  • Budget airline Spirit Airlines shut down in May, citing geopolitical conflicts and fuel costs.
  • European airlines like Lufthansa and British Airways also reduced flights to save fuel amid rising costs.
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Al Jazeera
How a rise in ADHD benefits claims is adding to Andy Burnham's welfare challenge

How a rise in ADHD benefits claims is adding to Andy Burnham's welfare challenge

July 08, 2026 • BBC Top Stories

Summary

The UK’s welfare spending on sickness and disability benefits has been rising steadily, reaching £58 billion in 2025 and expected to hit £78 billion by 2030. A significant increase in Personal Independent Payments (PIP) claims is linked to more people being diagnosed with ADHD and other mental health conditions.

Key Facts

  • Andy Burnham plans to reduce the UK’s welfare bill by encouraging more people to work.
  • The sickness and disability benefits bill for working-age people is currently £58 billion and projected to rise to £78 billion by 2030.
  • Personal Independent Payments (PIP) help cover extra costs for physical or mental health conditions and disabilities.
  • PIP claims in England and Wales increased from 3.6 million to 4 million since Labour took office.
  • Claims related to mental health or developmental conditions like ADHD rose from 16.5% in 2020 to 24% in 2026.
  • Over 100,000 people currently receive PIP for ADHD, up 40% since Labour became the government.
  • Half of the people claiming PIP for ADHD are aged 16 to 24.
  • The rise in ADHD claims is partly due to better diagnosis and more people seeking support.
  • The overall share of non-pensioner welfare spending has fallen since 2010 due to cuts in benefits like housing and Universal Credit.
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BBC Top Stories
Don't Buy a House Together Until You Hear This | Money Moves with Jill Schlesinger

Don't Buy a House Together Until You Hear This | Money Moves with Jill Schlesinger

July 08, 2026 • CBS News

Summary

The article explains important advice for people who want to buy a house together but are not married. It shares a real example of a man whose cousin bought a house with a girlfriend, and after they broke up, the cousin’s credit stayed tied to the house while the ex kept living there without refinancing. The article also discusses new student loan rules that began on July 1, 2026, and why taking on college debt may now be less beneficial.

Key Facts

  • Buying a house with someone you’re not married to can create financial problems if the relationship ends.
  • One common issue is that both people remain legally responsible for the mortgage even if one moves out.
  • Refinancing means replacing the old mortgage with a new one, which can remove one person’s name from the loan.
  • The cousin in the example still has credit tied to the house because the ex refuses to refinance.
  • New student loan rules started on July 1, 2026, affecting how parents and students manage college debt.
  • The changes may make borrowing money for college less attractive or helpful than before.
  • It is important to understand financial agreements before buying big things or taking on loans.
  • People with money questions can email askjill@jillonmoney.com for advice.
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CBS News
How much interest can an $18,000 high-yield savings account earn this year?

How much interest can an $18,000 high-yield savings account earn this year?

July 08, 2026 • CBS News

Summary

A high-yield savings account allows people to earn more interest on money like $18,000 without locking it away for a long time. With current rates around 4.10%, savers could earn over $300 in interest within six months if rates stay steady.

Key Facts

  • High-yield savings accounts offer higher interest rates than regular savings accounts.
  • Unlike certificates of deposit (CDs), they do not require freezing money for months or years.
  • Current top interest rate for these accounts is about 4.10%.
  • An $18,000 deposit could earn roughly $121 in two months and about $365 in six months.
  • Interest rates can change over time because these accounts have variable rates.
  • If rates go up, interest earnings will increase; if rates go down, earnings will decrease.
  • Interest is paid without penalty and people can still add or withdraw money anytime.
  • These accounts are a safer option for savers who want access to their funds while earning interest.
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CBS News
How much interest can you earn with a 4.20% CD account now?

How much interest can you earn with a 4.20% CD account now?

July 08, 2026 • CBS News

Summary

A certificate of deposit (CD) account with a 4.20% interest rate offers savers a guaranteed way to earn money on their deposits over a fixed period. The total interest earned depends on how much money is deposited and the length of the CD term, with options like 18-month and 5-year CDs currently available at this rate.

Key Facts

  • CDs with a 4.20% interest rate are available for terms of 18 months and 5 years.
  • Interest earned increases with both higher deposits and longer terms.
  • Example: A $1,000 deposit in an 18-month CD earns about $63.66; the same deposit in a 5-year CD earns about $228.40.
  • Larger deposits yield proportionally more interest, for example, $100,000 earns $6,365.69 in 18 months and $22,839.66 in 5 years.
  • CD accounts have fixed interest rates, so the return is guaranteed if the money stays until maturity.
  • Early withdrawal from a CD can lead to penalties that may cancel out earned interest.
  • CDs are insured by the FDIC up to $250,000, providing safety for deposits.
  • Online platforms make it easy to compare CD rates, terms, and lenders.
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CBS News
Judge rejects Kalshi attempt to override New York state gambling laws

Judge rejects Kalshi attempt to override New York state gambling laws

July 08, 2026 • Ars Technica

Summary

A federal judge rejected Kalshi’s request to block New York’s gambling laws that stop the company from offering sports-event bets. Kalshi is appealing this decision while New York continues to enforce its laws to protect consumers. The court ruled that federal regulation does not prevent states from applying their own gambling rules.

Key Facts

  • Kalshi is a prediction market company registered under the Commodity Futures Trading Commission (CFTC).
  • New York’s State Gaming Commission told Kalshi to stop offering sports betting contracts in October 2025.
  • A federal judge ruled that New York’s gambling laws apply to Kalshi despite its CFTC registration.
  • The judge said federal law allows states to regulate gambling alongside federal rules.
  • Kalshi argues its contracts are financial swaps regulated by the CFTC, but New York views them as gambling.
  • Kalshi is appealing the ruling to the US Court of Appeals for the 2nd Circuit.
  • New York officials want to protect consumers, especially young adults, from unregulated sports gambling.
  • Kalshi and its competitor Polymarket are connected to Donald Trump Jr. as an advisor or investor.
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Ars Technica
Woman Accepts Job Offer After Interview—Then Realizes Mistake: ‘Mortified’

Woman Accepts Job Offer After Interview—Then Realizes Mistake: ‘Mortified’

July 08, 2026 • Newsweek

Summary

A woman shared on Reddit that she thought she had received a job offer after a good interview, but later found out the company was still interviewing candidates. She accepted what she believed was an offer by email and told her family, only to be told the job was not yet hers. She learned the importance of waiting for a clear, written job offer before accepting.

Key Facts

  • The woman is a recent graduate who interviewed for a job she really wanted with a higher salary near her home.
  • The interviewer discussed salary and start dates, which made her think she had the job.
  • She emailed the company accepting what she thought was an offer and told her family.
  • The company later replied saying they were still reviewing applications and had not made an offer.
  • She felt embarrassed but shared her story online, where many people responded with support.
  • Some commenters explained that interview communication can be confusing and reassured her it’s not her fault.
  • Job experts say candidates should wait for a formal job offer in writing before accepting.
  • It’s common for hiring decisions to take time, and candidates should ask when to expect a decision.
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Newsweek
The tenuous state of a US-Iran ceasefire renews anxiety over high fuel prices

The tenuous state of a US-Iran ceasefire renews anxiety over high fuel prices

July 08, 2026 • AP News

Summary

Tensions between the U.S. and Iran have raised concerns about fuel prices because fighting could stop oil tankers from moving through the Persian Gulf. After President Donald Trump ended the ceasefire with Iran, oil prices rose to their highest in weeks, which may lead to higher gasoline costs for drivers.

Key Facts

  • The U.S.-Iran ceasefire ended after Iranian attacks on ships and U.S. military sites in the Gulf.
  • Fighting could halt oil tanker traffic through the Strait of Hormuz, a key route for global oil shipments.
  • Oil prices increased, with U.S. crude selling at $75.80 per barrel and Brent crude near $79 per barrel.
  • Gasoline prices in the U.S. rose slightly to about $3.80 per gallon but remain below last month's average of $4.16.
  • Gasoline price changes lag behind oil prices due to refining time and transportation to gas stations.
  • The U.S. and other countries released oil from emergency reserves to keep prices lower during the conflict.
  • The U.S. Strategic Petroleum Reserve is at its lowest level since 1983, limiting emergency supply options.
  • Market experts say oil prices remain very sensitive to any conflict near the Strait of Hormuz.
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AP News
Here's how much interest a $10,000 18-month CD will earn savers who act now

Here's how much interest a $10,000 18-month CD will earn savers who act now

July 08, 2026 • CBS News

Summary

An 18-month certificate of deposit (CD) with a $10,000 deposit can earn savers about $620 to $640 in interest at current rates around 4.15% to 4.20%. While CDs lock the money for the term, they offer a fixed interest rate, whereas high-yield savings accounts offer similar returns with more access but variable rates.

Key Facts

  • Current top interest rates for 18-month CDs range from 4.15% to 4.20%.
  • A $10,000 deposit in an 18-month CD at these rates earns roughly $622 to $637 in interest by maturity.
  • CDs protect the principal and fix the interest rate until January 2028.
  • Early withdrawal from a CD can result in fees that may reduce or eliminate interest earned.
  • High-yield savings accounts currently offer rates close to 4.10%, with flexible access to funds.
  • Savings account rates can change over time, making future interest uncertain.
  • CDs may be better for those seeking guaranteed returns and who can lock money away temporarily.
  • Savers might consider dividing money between CDs and savings accounts depending on their needs.
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CBS News
Fed saw "upside risks" to inflation, disagreed on rate path

Fed saw "upside risks" to inflation, disagreed on rate path

July 08, 2026 • Axios

Summary

Federal Reserve officials had different views on the future of the U.S. economy and inflation at their recent meeting. While they agreed to keep interest rates the same for now, some members believe rate increases might be needed if inflation stays high due to factors like strong demand from AI development and global events.

Key Facts

  • Federal Reserve officials see various possible future paths for the economy and inflation.
  • All members agreed to keep interest rates unchanged at the last meeting.
  • Some officials want to raise rates soon because inflation risks remain high.
  • Others expect inflation to ease as energy prices and tariffs decline.
  • Inflation may stay above the Fed's 2% target due to strong demand related to AI and global conflicts.
  • Officials are split on whether interest rates will rise or fall by the end of the year.
  • Fed Chairman Kevin Warsh did not give a clear forecast or guidance on future rate changes.
  • The Fed sees risks to inflation as more likely to increase rather than decrease for now.
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Axios