Chancellor John Healey will ask EU finance ministers to allow the UK to join the EU’s new "Made in Europe" industry protection program. He also wants closer partnerships between the UK and EU in technology, defense, and manufacturing to help British businesses grow and reduce negative effects from Brexit.
Key Facts
John Healey is meeting EU finance ministers in Dublin to discuss UK-EU cooperation.
He wants the UK included in the EU’s "Made in Europe" scheme, officially called the Industrial Accelerator Act (IAA).
The IAA aims to protect EU industries from unfair competition, especially from China, by restricting goods from outside countries.
There are concerns this program could exclude British companies from European supply chains.
Healey wants to improve access for UK businesses to EU supply chains and customers without harming the UK’s interests.
The UK previously failed to join an EU defense loans scheme due to disagreements over payment.
Healey is also considering joining a new global Defence, Security and Resilience Bank led by Canada to help pay for UK defense spending.
The UK government is preparing for the Budget in October and a spending review next year, focusing on defense costs.
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The Welsh government is giving £4.8 million to local councils to help people struggling with rising living costs, especially food and energy. The money will support food banks and other community groups, with extra funds for rural areas due to their unique challenges.
Key Facts
Welsh councils will share £4.8 million to provide emergency food aid and support for those affected by rising living costs.
The funding is split between 22 local councils, with more money going to rural areas.
Rising fuel and energy prices are adding to the financial pressure on many families.
Community groups such as food banks and lunch clubs will use the funds to help people in need.
Projects like Down To Zero grow organic vegetables and offer affordable food to low-income families.
Food poverty is increasing, with some families who earn money still unable to afford enough food.
Fuel prices have gone up by 23% compared to last year, adding to household expenses.
Deputy First Minister Sioned Williams urges the UK government to create cheaper energy rates for low-income households, called social tariffs.
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Senators Rick Scott and Tammy Baldwin asked the Federal Trade Commission (FTC) to investigate Walmart and Amazon for possible unfair practices linked to "Made in USA" products. They are concerned that these companies may be blocking or harming competition related to products labeled as made in the United States.
Key Facts
Senators Rick Scott (Florida) and Tammy Baldwin (Wisconsin) sent a letter to the FTC.
The letter was addressed to FTC Chairman Andrew Ferguson and Commissioner Mark Meador.
The senators asked the FTC to look into Walmart and Amazon’s actions involving “Made in USA” products.
They raised concerns about possible anticompetitive behavior, which means actions that could unfairly limit business competition.
The alleged practices may involve the suppression or blocking of products labeled as made in the USA.
The FTC is the government agency in charge of protecting consumers and maintaining fair business practices.
The investigation would examine if Walmart and Amazon’s behavior harms sellers or consumers who support American-made goods.
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A UK tax tribunal ruled that John Griffin, founder of Addison Lee, must pay £20.5 million in back taxes. The tribunal decided he is domiciled in the UK, so his worldwide income is subject to UK tax rules, rejecting his claim of being domiciled in Ireland.
Key Facts
John Griffin founded the London-based taxi company Addison Lee in 1975.
HM Revenue and Customs (HMRC) challenged Griffin’s claim that he was domiciled in Ireland, which would reduce his UK tax liability.
The tribunal ruled that Griffin settled in England by 2013, where he lived, worked, and raised his family.
Griffin was born in Ireland in 1942 but moved to London at age nine.
Griffin argued his domicile should be considered the same as his father’s, who was originally from Ireland.
The tribunal rejected this, agreeing with HMRC that Griffin’s domicile changed to England before he turned 21.
The ruling applies to tax years 2013 to 2020 and results in a £20.5 million tax bill.
Griffin was knighted in 2024 but did not appear in court due to health reasons.
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A bill to regulate cryptocurrency, called the Clarity Act, did not get enough votes to move forward in the Senate. After this failure, the crypto industry is now looking to regulators from President Donald Trump’s administration to create new rules for cryptocurrencies.
Key Facts
The Clarity Act is a proposed law focused on cryptocurrency regulation.
The bill failed to get enough support during a Senate vote.
The Senate vote took place on a procedural hurdle, meaning a preliminary step to bring the bill to debate.
The crypto industry had hoped the bill would offer clear regulations.
Since the bill’s failure, the industry is now focusing on regulators linked to President Trump.
These regulators are expected to play a key role in shaping crypto rules.
Clear and consistent rules are seen as important for the growth and safety of cryptocurrency markets.
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French fishermen have agreed to stop blocking fuel depots and ports after talks with the government about financial help. They say that rising fuel costs, caused by the war with Iran, made their work very hard.
Key Facts
French fishermen had blocked fuel depots and ports, including in Nice.
The blockades were a protest against high fuel prices.
Fuel prices increased sharply because of the war with Iran.
The fishermen claimed these costs were threatening their jobs and businesses.
The French government held talks with the fishermen to discuss financial support.
After these talks, the fishermen agreed to end the blockades.
This issue connects to wider economic problems caused by the conflict in the Middle East.
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China’s oil prices reached a new high of about 130 US dollars per barrel this week. This increase is largely due to problems in global oil supply. Experts are concerned about whether China, the biggest buyer of oil, might face shortages.
Key Facts
China’s oil prices hit a record high, reaching around 130 US dollars per barrel.
Global disruptions in oil supply have caused prices to rise worldwide.
China is the largest importer of oil in the world.
The supply problems are pushing oil prices up in many countries.
There are worries that China might run low on oil because of these issues.
The price rise could affect China’s economy and energy use.
Analysts are watching how this situation develops and its impact on global oil markets.
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Gasoline and diesel prices in the U.S. have risen sharply and are expected to keep going up due to ongoing conflicts in Iran and Ukraine that reduce oil supply. Diesel prices have reached record highs, affecting costs for goods, transportation, and heating fuel. Experts say refining problems and pipeline attacks overseas are making the situation worse.
Key Facts
The national average price for gasoline is about $4.44 per gallon, up nearly 50% since February.
Diesel prices hit a record $6.40 per gallon nationally, with some states like California seeing prices over $8.
Ongoing conflicts in Iran and Ukraine are reducing global oil supply, driving fuel prices higher.
Diesel is important for trucks, trains, construction, and heating oil, impacting many parts of daily life.
Pipeline attacks in Saudi Arabia and drone strikes in Ukraine have disrupted oil refining and shipping routes.
Refinery shutdowns in the U.S. Midwest have also contributed to higher fuel prices.
Experts predict gasoline could reach $4.50 per gallon and diesel could hit $6.60 soon.
Higher diesel prices may increase costs for consumer goods and home heating this winter, especially in the Northeast.
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The Federal Reserve has raised interest rates to between 3.75% and 4.00%, the first increase in over three years. This change means people who save money can now earn higher interest, but they should take specific steps to maximize their earnings.
Key Facts
The Federal Reserve raised the federal funds rate to 3.75% - 4.00%.
Higher interest rates can lead to savers earning more on their accounts.
Traditional savings accounts pay very low interest (around 0.38%) and are not ideal now.
Moving money into high-yield savings accounts can increase earnings and offer flexibility.
Certificates of Deposit (CDs) have fixed interest rates that are slightly higher but lock in money for a set time.
Savers should use CDs carefully, avoiding locking in too much money or choosing terms they can’t complete.
Money market accounts offer check-writing ability and interest rates close to high-yield savings accounts.
Other options, like high-yield checking accounts, may also help take advantage of higher interest rates.
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Paying less than the minimum amount on your credit card is considered a late payment. This can result in late fees, continued interest charges, loss of promotional rates, and damage to your credit score if the payment is more than 30 days late.
Key Facts
The minimum payment is the smallest amount you must pay each month to keep your account in good standing.
Paying less than the minimum works as a late payment and may trigger late fees.
Interest will continue to grow on the unpaid balance even if you pay part of the minimum.
Paying less than the minimum can cause you to lose special low-interest rates (promotional APRs) or trigger higher penalty rates.
Credit bureaus usually report late payments only if they are 30 days or more past due, damaging your credit score.
Partial payments do not stop the clock on a late payment; the account must be brought current.
Repeated late or partial payments can lead to account closure or collections.
If you can’t afford the minimum payments, you can contact your credit card company to ask about hardship programs or other help.
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The Federal Reserve raised interest rates by 0.25 percentage points, affecting the economy. This increase could create challenges for U.S. farmers and middle-class Americans by making borrowing more expensive.
Key Facts
The Federal Reserve increased interest rates by 0.25 percentage points.
Higher interest rates can lead to more costly loans for individuals and businesses.
U.S. farmers often rely on loans for equipment and supplies.
The rate hike may raise costs for farmers, impacting their financial health.
Middle America, which includes many working- and middle-class families, may face higher borrowing costs.
The Federal Reserve uses interest rate changes to try to control inflation and stabilize the economy.
This is part of ongoing efforts to address economic concerns in the U.S.
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President Donald Trump threatened to impose serious new tariffs on the European Union if it strengthens trade and political ties with Canada. This threat risks billions of dollars in trade between U.S. states and the EU, especially impacting states that rely heavily on imports from Europe.
Key Facts
The EU plans to make Canada its first associate member, increasing trade and political cooperation.
President Trump called the EU-Canada partnership "laughable" and said he might impose heavy tariffs or stop trading with Europe on many goods.
New Jersey is the U.S. state most dependent on EU imports, with over $60 billion worth in 2024.
Indiana, South Carolina, and Rhode Island have the highest share of imports coming from the EU, between 39% and 46%.
Trump previously placed 50% tariffs on about $28 billion of Canadian goods, causing a tit-for-tat response from Canada.
Canada’s Prime Minister Carney supports deeper ties with the EU as a way to protect sovereignty and economic resilience.
U.S. business groups hope the U.S. and Canada can return to negotiations to improve their trade relationship.
The EU’s automobile sector, especially in Germany and central Europe, could suffer most from trade disruptions with the U.S.
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Heather Joseph, head of SPARC, says the Office of Management and Budget should make it clear that researchers can meet government rules on public access by putting their work in free online repositories. This would avoid the need for researchers to pay high fees to publish their articles.
Key Facts
Heather Joseph is the executive director of SPARC, an organization supporting open access to research.
The Office of Management and Budget (OMB) sets rules for how federally funded research must be shared with the public.
Current rules allow for paying article processing charges (APCs) to publish research openly.
Joseph wants the OMB to clarify that researchers can use free repositories instead of paying APCs to follow public access rules.
Free repositories are online places where research papers can be shared without cost.
This change would help reduce the financial burden on researchers and institutions.
The discussion aims to improve access to publicly funded research while managing costs.
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The U.S. Food and Drug Administration (FDA) issued a serious recall for 23 products made by Taylor Fresh Foods that contain jalapeños possibly contaminated with salmonella. The recall affects over 223,000 units distributed in 27 states and is tied to an outbreak causing over 400 illnesses and 57 hospitalizations.
Key Facts
The recall was classified as Class I, the FDA’s highest risk level, meaning the products could cause serious health problems.
Products recalled include jalapeños, guacamole, salsa, dips, a sandwich, shrimp salad, and large food-service containers.
The contamination comes from jalapeños sourced from a grower in Sinaloa, Mexico.
The recall covers sales in 27 states, including North Carolina which was added to the list after FDA enforcement records were reviewed.
As of August 21, the salmonella outbreak linked to the jalapeños caused 431 illnesses and 57 hospitalizations in 32 states, but no deaths.
Most people who got sick (91%) ate at Mexican-style restaurants before falling ill.
Taylor Fresh Foods stopped using jalapeños from the affected supplier and is using other sources.
Consumers are advised to check product names, sizes, and labels carefully and to discard or return recalled items.
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Investors are excited about artificial intelligence (AI) and are putting a lot of money into companies involved with AI. However, putting too much money into AI without careful planning can be risky, as prices might be higher than the actual value of the companies. Experts suggest that investors should spread their money across different types of investments to protect their financial future.
Key Facts
Big tech companies like Microsoft, Alphabet, Amazon, and Meta plan to spend about $760 billion on AI-related infrastructure by 2026.
Many retirement accounts and investment funds may rely heavily on a small group of AI-focused companies.
There is a risk that investors expect too much from AI companies and may lose money if those expectations are not met.
Past technology booms, like the dot-com era, showed that high excitement can lead to overpriced stocks and big losses.
Experts warn that AI investment is not guaranteed to bring consistent profits despite its importance.
Diversifying investments beyond AI-related companies can help reduce financial risk.
Investors should know exactly how much of their money is tied to AI companies and adjust their portfolios accordingly.
Successful investing requires balancing the chance to benefit from AI’s growth while protecting against market downturns.
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Ed Sheeran asked Robert Kraft, an American stadium owner, to donate $2 million to help with a humanitarian crisis in the region. This happened after rapper Macklemore, who was removed from Sheeran’s tour by Kraft, pledged to donate $1 million to Palestinian groups and challenged Kraft to match his donation.
Key Facts
Robert Kraft owns the New England Patriots football team and some stadiums.
Kraft had Macklemore removed as Ed Sheeran’s opening act on the US tour.
Macklemore said he would give $1 million to Palestinian organizations.
Kraft was challenged by Macklemore to match this $1 million donation.
Ed Sheeran called Kraft and asked him to donate $2 million to help the region.
Kraft said Sheeran wants to work with other venue owners to build cooperation.
The situation has caused Sheeran’s tour to be in "damage control mode," meaning they are trying to manage the negative effects.
This story involves music, donations, and efforts to support people affected by a conflict.
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A $50,000 certificate of deposit (CD) with a 5-year term is currently offering interest rates between 4.35% and 4.45%, making it a good option for savers wanting steady returns. If kept for the full term without penalties, this CD could earn between about $11,860 and $12,160 in interest by 2031.
Key Facts
The Federal Reserve recently raised its benchmark interest rate, leading to higher rates on some savings accounts.
5-year CDs currently offer rates from 4.35% to 4.45%, higher than many savings and money market accounts.
A $50,000 5-year CD at these rates would earn between $11,863 and $12,160 in interest if held to maturity.
CD rates are fixed, meaning the interest rate stays the same for the entire 5 years.
Early withdrawal from a CD usually results in a penalty, which can be costly, especially for large deposits.
Many higher CD rates are available from online banks, so shopping around can help find better offers.
CDs offer predictable returns and lower risk compared to investing in stocks or other assets.
This saving option suits those who can leave their money untouched for several years.
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Making a partial payment on a debt usually does not stop debt collectors from calling or trying to collect the remaining balance. Federal rules limit how often collectors can call, and you can ask them to stop contacting you, but this does not erase the debt or stop other collection actions.
Key Facts
Partial payments reduce the amount owed but don’t automatically stop collection calls.
Debt collectors often continue pursuing the remaining balance after a partial payment.
Federal law limits debt collectors to no more than seven calls in seven days about the same debt.
You can send a written request to a debt collector to stop contacting you, but they can still take legal steps.
Stopping contact requests do not remove the debt or prevent negative credit reports.
Making a payment or acknowledging an old debt can restart the time allowed for a debt lawsuit, depending on the state.
It is important to understand your state’s rules on old debts before making payments.
If full payment isn’t possible, it may be better to negotiate payment plans or other options with the collector.
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The Federal Reserve raised its main interest rate to between 3.75% and 4.00%, the highest since last fall, to help reduce inflation. This increase leads to higher mortgage rates, which can make it harder for people to buy or sell homes at their desired prices. President Donald Trump called for lower interest rates to support the economy.
Key Facts
The Federal Reserve raised its benchmark interest rate for the first time in three years.
The new rate range is 3.75% to 4.00%.
Mortgage rates have risen, with the average 30-year fixed mortgage at about 6.76%.
Higher interest rates can cause borrowing to become more expensive for homebuyers and sellers.
Another rate hike may happen before the end of the year.
President Donald Trump wants the Fed to lower rates quickly to help the economy.
The Fed influences mortgage rates but does not directly set them.
Inflation in the U.S. has been above the target for over five years, partly due to rising energy prices from global events.
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CBS Mornings Deals offers special discounts on various products that aim to improve daily life. Shoppers can visit cbsdeals.com to access these deals. CBS earns a commission when purchases are made through their website.
Key Facts
CBS Mornings Deals features exclusive discounts on different items.
These products are designed to help improve everyday living.
Customers can visit cbsdeals.com to find and buy these discounted products.
CBS receives a commission from purchases made on their site.
The deals are promoted as part of CBS News content.
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