The UK government has temporarily reduced the tax (VAT) on meals for children under 18 from 20% to 5% for summer to help families and hospitality venues. Some restaurants are creating special "kids" menus with expensive items to benefit from the tax cut, while many in the industry say this small discount won't solve their larger financial problems.
Key Facts
The UK cut VAT on children’s meals from 20% to 5% from June 25 to September 1, 2024.
This tax break is part of a summer savings scheme intended to support restaurants, pubs, and families.
Some venues are offering high-priced "children’s meals" with luxury items like snails and anchovy butter toast to take advantage of the tax cut.
Pubs and restaurants are not required to check if a customer ordering a discounted children’s meal is actually under 18.
Industry leaders say the VAT cut is too small and will not help businesses struggling with high costs.
Hospitality businesses want a permanent VAT reduction for all meals from 20% to 10%, supported by a petition with over 200,000 signatures.
The European average VAT on hospitality is 12.8%, with countries like Germany charging as low as 7%.
Rising costs such as energy bills and wage increases continue to challenge UK hospitality venues despite government support.
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Lidl, a supermarket chain, has opened its first-ever pub called The Middle Ale in Dundonald, near Belfast. The pub is designed to navigate Northern Ireland's strict alcohol licensing laws and brings a new way to sell alcohol in the area.
Key Facts
The Middle Ale is Lidl’s first pub and is located in Dundonald, on the outskirts of Belfast.
Northern Ireland requires supermarkets to buy a surrendered license from another business to sell alcohol.
Supermarkets must also pass an "inadequacy" test, proving there are not enough licensed alcohol sellers nearby.
Lidl could not pass the test for a standard off-license but succeeded by opening a pub since two local bars had closed.
Lidl spent £500,000 on creating the pub and hired eight new staff members.
The pub’s walls are painted in bright primary colors and shelves stock Lidl products.
Local residents and officials generally welcomed the new pub, seeing it as a positive addition to the area.
Lidl currently has no plans to open more pubs despite the unique setup.
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Taxi fares in Worcester will increase following a request from the Worcester Taxi Association, which represents over 200 drivers. The city council approved higher maximum fares for street-hailed taxis, citing rising fuel and vehicle costs, but some officials worry the price rise may reduce the number of passengers.
Key Facts
Taxi fares for Hackney carriages in Worcester will go up.
The initial hire charge will rise from £4.30 to £5 for standard journeys.
Night-time, Sunday, bank holiday, and certain date fares (Tariff 2) will increase from £5.50 to £6.40.
Only Hackney carriages (taxis hailed on the street or at ranks) are affected; private hire taxis are not.
Rising fuel prices and other vehicle costs have increased drivers’ expenses.
The fare increase must go through a statutory consultation process.
Some councillors are concerned the higher fares could lead customers to choose cheaper travel options.
The last fare increase in Worcester was in 2022.
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John Lewis is spending £20 million to renovate its Glasgow store as part of a larger £50 million plan to update several stores this year. The refurbishment will add new features like an expanded beauty hall, a cafe-restaurant, and upgraded fashion sections, with work expected to finish early next year while the store stays open.
Key Facts
John Lewis is investing £20 million to upgrade its Glasgow store in Buchanan Galleries.
The total investment for store upgrades this year is £50 million, including stores in Reading, Cambridge, Leicester, and Liverpool.
Renovations include a bigger beauty and fragrance hall, a gift shop, a new in-house cafe, and more fashion brands.
The Glasgow store covers 28,000 square meters and the lower ground floor will be finished first.
The store will remain open during the renovation, which is planned to be done early next year.
Glasgow city council leader sees this as a positive sign for the city’s retail future.
The Buchanan Galleries shopping center is also being renovated after plans to demolish it were dropped.
John Lewis plans to spend £800 million by 2029 to update 36 branches and revive the department store experience.
John Lewis sales rose by 3% to £4.9 billion in the year ending January, and profits increased by 29%.
The parent group recently paid staff bonuses for the first time in four years.
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Australian radio host Kyle Sandilands won a A$12 million cash settlement after his former employer, ARN Media, ended his ten-year contract early. The payout resolves Sandilands' lawsuit claiming wrongful termination following an on-air argument with his co-host Jackie Henderson.
Key Facts
Kyle Sandilands’ A$100 million contract with ARN Media was cancelled early in March.
Sandilands sued ARN Media for wrongful termination, seeking A$85 million.
ARN Media settled the lawsuit by paying Sandilands A$12.09 million in cash and A$1.5 million in advertising over three years.
Sandilands was fired after a seven-minute on-air argument where he accused co-host Jackie Henderson of bullying and poor work performance.
Henderson also sued ARN Media after her contract was cancelled; her legal case is still ongoing.
ARN Media said Sandilands cannot work for any competitors until March next year.
ARN will receive 19.9% of Sandilands’ earnings from his future independent media projects for three years.
The radio show was taken off air after Henderson said she could not continue to work with Sandilands.
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The British Council is planning more staff cuts and closures in some countries to repay a large £197 million government loan taken during the Covid-19 pandemic. The agency has been losing money since the pandemic and is not expected to break even until 2029-30, while working with the government to agree on how to repay the loan.
Key Facts
The British Council owes a £197 million loan from 2020, originally £60 million plus interest, due in 2027.
Since the pandemic, the British Council has lost £184 million and has paid £42 million in interest so far.
The agency expects to make no profits until 2029-30.
Plans include cutting about 15% of staff, around 1,180 jobs, on top of 2,110 layoffs since 2021.
Operations will shut down in 11 countries and be reduced in 15 others.
The British Council offered to repay the loan partly by trading artworks, but this was rejected.
The government has refused to write off the debt due to legal rules (UK Subsidy Control Act 2022).
The National Audit Office and public accounts committee say a clear, lasting repayment plan is needed soon.
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Many people who want to buy their first home are waiting because home prices and mortgage rates are very high. This makes it harder for people to afford to buy a house right now.
Key Facts
The price of a typical starter home is at its highest ever.
Mortgage rates, or the cost of borrowing money to buy a house, are also very high.
High prices and mortgage rates cause some people to delay buying a home.
This situation affects many prospective homeowners in the U.S.
The story highlights challenges in housing affordability.
The information was reported by Cristian Benavides on CBS News.
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CBS has reached a licensing deal with Lee Mendelson Film Productions (LMFP) for the use of the Peanuts song "Linus and Lucy" on The Late Show with Stephen Colbert. LMFP will donate the money from the deal to the charity World Central Kitchen, which Colbert has also supported.
Key Facts
Stephen Colbert played "Linus and Lucy," a famous Peanuts song, on his last day hosting The Late Show on CBS.
The music belongs to Lee Mendelson Film Productions, which controls the rights to Peanuts music by Vince Guaraldi.
CBS made a licensing agreement with LMFP for using the song, but the payment amount was not shared.
LMFP will donate all money from this agreement to World Central Kitchen, a charity providing disaster-relief food.
Stephen Colbert also donated $2.5 million to World Central Kitchen earlier on the show.
LMFP aims to educate others on the need for written licenses to legally use music in commercial settings.
The company has recently taken legal steps against others who used Peanuts music without permission.
LMFP was founded by producer Lee Mendelson, who worked with Peanuts creator Charles Schulz and the original music team.
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Some parents are starting to give their children landline phones again. Experts say using landlines may have benefits for how kids develop social and communication skills.
Key Facts
Landline phones are being reintroduced to children by some parents.
Experts suggest landlines could help childhood development.
Using a landline involves direct voice conversation without texting or apps.
Landlines may encourage better speaking and listening skills.
Some parents feel landlines reduce screen time for kids.
This trend is seen as a contrast to the use of smartphones and digital devices.
The article discusses changes in phone use habits among families.
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Kyle Sandilands has settled his legal dispute with ARN Media for a $12 million cash payment and support to start a new media project. This agreement ends all claims between Sandilands and ARN, while legal action from his co-host Jackie Henderson is still ongoing.
Key Facts
Kyle Sandilands was seeking $85 million after being suddenly fired by ARN in February.
The settlement amount is $12.09 million, with payments continuing until June 2029.
ARN Media will provide $1.5 million in advertising support for Sandilands’ new media venture over three years.
Sandilands must share 19.9% of revenue from his new show with ARN for three years.
Sandilands cannot work for radio stations competing with Kiis FM for nine months.
Jackie “O” Henderson, his co-host, also sued ARN seeking over $82 million for wrongful contract termination.
Henderson has accused Sandilands of bullying her, and her legal case is still unresolved.
ARN removed their breakfast show after an on-air argument between Sandilands and Henderson and Henderson’s subsequent leave.
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Mondelez, owner of Cadbury, decided to keep doing business in Russia despite the war with Ukraine. The company’s CEO said this choice protects jobs and prevents Russia from taking control of their operations, though he is unhappy that taxes they pay may support the war.
Key Facts
Mondelez kept its business open in Russia after Russia invaded Ukraine in 2022.
CEO Dirk Van de Put said pulling out could lead Russia to seize their factories and use profits to fund the war.
The company stopped new investments and advertising in Russia but continues operations.
Mondelez earns about $1 billion to $1.4 billion yearly from sales in Russia.
More than 70 UK lawmakers asked Mondelez to stop doing business in Russia, citing the war’s impact on Ukrainian civilians.
Mondelez also runs two factories in Ukraine, where they have rebuilt damaged plants and doubled worker salaries since the conflict began.
The CEO confirmed employees are kept safe despite the ongoing conflict near their Ukrainian plants.
Mondelez makes other products including Philadelphia cream cheese, Ritz crackers, and Toblerone chocolate.
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A real estate company called Zillow found that 242 cities in the United States now have starter homes that cost $1 million or more. This number has almost tripled since 2020. A starter home means a house that is in the cheapest third of homes in that area.
Key Facts
Zillow is an online real estate marketplace.
They define a starter home as one in the lowest third of home prices in a region.
Currently, 242 U.S. cities have starter homes priced at $1 million or more.
This is nearly three times the number of cities with million-dollar starter homes in 2020.
The report highlights rising home prices across many cities.
The increase means it is getting harder for people to buy affordable homes.
The data shows a significant shift in U.S. housing costs in recent years.
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A new study by Zillow shows that 242 U.S. cities now have starter homes priced at $1 million or more. This means it is becoming harder for people buying their first home to afford one in many areas.
Key Facts
Zillow, a real estate website, researched prices of starter homes in U.S. cities.
A starter home is usually the first home a buyer would consider purchasing.
There are now 242 cities where these entry-level homes cost $1 million or more.
This number is the highest ever recorded by Zillow.
Rising home prices make it difficult for first-time buyers to get onto the housing market.
Orphe Divounguy, a senior economist at Zillow, discussed these findings on CBS News.
High home prices can affect where people choose to live and buy property.
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SpaceX’s market value rose sharply, surpassing Amazon’s worth. This increase lets SpaceX use its stock to make large purchases, like acquiring the startup Cursor.
Key Facts
SpaceX’s market value grew by about $537 billion in two days.
On Tuesday, SpaceX was valued at $2.659 trillion, higher than Amazon’s $2.646 trillion.
The rise in value lets SpaceX use its stock like money for deals.
SpaceX bought the startup Cursor for $60 billion in an all-stock deal.
Cursor works on vibe-coding, which helps SpaceX’s AI group called Grok.
Grok competes with other AI companies like Anthropic and OpenAI.
Elon Musk leads SpaceX, which also works in space launches, satellites, AI, and social media.
The market surge shows Elon Musk’s strong influence on stock prices.
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A 2-year certificate of deposit (CD) with $20,000 can earn savers around $1,600 to $1,700 in interest at current rates above 4%. This fixed interest rate protects the principal but requires leaving the money untouched for two years to avoid penalties.
Key Facts
A 2-year CD offers a fixed interest rate of about 4.00% to 4.16%.
Depositing $20,000 in such a CD can earn approximately $1,632 to $1,699 in interest by maturity.
The interest amounts to roughly $70 per month or over $800 per year.
Early withdrawal before two years can cause significant penalties, reducing earnings.
Traditional savings accounts pay about 0.38% interest, earning only around $152 over two years on $20,000.
CDs protect the original deposit (principal) while providing predictable growth.
Alternatives like high-yield savings or money market accounts may offer comparable rates with more access to funds.
It is important to compare rates among banks to find the best CD offer.
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The US Department of Justice (DOJ) approved Paramount Skydance’s $111 billion deal to buy Warner Bros. Discovery after an eight-month review. Some career DOJ lawyers reportedly wanted to sue to block the deal, saying it could reduce competition, but senior DOJ leaders approved it before formal objections were made.
Key Facts
The DOJ said the deal would not harm competition or consumers after a lengthy investigation.
Career DOJ lawyers leaned toward challenging the merger for possible antitrust violations.
Senior DOJ leaders ended the review before career staff could formally object.
Senator Elizabeth Warren questioned if the approval was influenced by political favors.
Paramount CEO David Ellison met with DOJ leaders and addressed their concerns.
The merger involves funding from sovereign wealth funds of Saudi Arabia, UAE, and Qatar, requiring an FCC waiver.
Warner Bros. had earlier agreed to merge with Netflix but criticized Paramount’s bid as risky due to high debt.
The DOJ’s antitrust division leadership recently changed, with the new acting head denying political influence on the deal’s approval.
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Social Security recipients can qualify for home equity loans in 2026 because lenders view Social Security as a stable income. However, approval depends on meeting other financial conditions, such as income level and existing debt.
Key Facts
Many retirees want to borrow money by using the value they have built up in their homes, called home equity.
Home equity loans let homeowners borrow money against the value of their house.
Lenders consider Social Security income stable because it is supported by the government and lasts a lifetime.
To qualify, lenders look at total income, which may include pensions, retirement accounts, investments, or part-time work, not just Social Security.
Lenders also review the debt-to-income ratio, which shows how much monthly income goes to paying off debts.
A high debt-to-income ratio can make getting a home equity loan harder.
Retirees with low debts and stable incomes are more likely to be approved.
Rising costs and financial emergencies drive many retirees to consider home equity loans.
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Kevin Warsh is preparing to lead his first meeting as Chair of the Federal Reserve. The meeting will focus on decisions about the country’s interest rates, which affect loans, savings, and the economy.
Key Facts
Kevin Warsh is the new Chair of the Federal Reserve.
This will be his first meeting leading the Federal Reserve.
The main topic is the future of the nation’s interest rates.
Interest rates influence borrowing costs and economic growth.
Warsh’s decisions will impact banks, businesses, and consumers.
The Federal Reserve sets policies to help control inflation and support jobs.
The meeting’s outcome will guide the U.S. economy in coming months.
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Kristi Noem, who used to be Homeland Security Secretary and now works as Special Envoy for the Shield of the Americas, has joined the advisory board of NovaRed Mining. NovaRed Mining is a Canadian company that explores minerals, and Noem will advise the company as it tries to develop important mineral projects.
Key Facts
Kristi Noem is a former Homeland Security Secretary.
She currently serves as Special Envoy for the Shield of the Americas.
Noem has joined NovaRed Mining’s advisory board.
NovaRed Mining is a Canadian mineral exploration company.
Noem will help NovaRed with strategy for critical mineral projects.
The company focuses on finding and developing important minerals.
The announcement was made on a Tuesday.
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Yum Brands is selling its Pizza Hut chain for $2.7 billion due to declining sales and strong competition in delivery services. The sale splits Pizza Hut into two parts: LongRange Capital will buy the business outside mainland China for $1.5 billion, while Yum China Holdings will buy the mainland China operations for about $1.2 billion.
Key Facts
Pizza Hut is 68 years old and has faced increasing delivery competition and outdated restaurants.
Yum Brands owns Pizza Hut, KFC, and Taco Bell.
Pizza Hut's sales fell 2% last year, while Yum Brands’ overall sales grew 5%.
Yum Brands plans to close 250 U.S. Pizza Hut stores to cut losses.
China is Pizza Hut’s second-largest market, making up 19% of its sales.
LongRange Capital will buy Pizza Hut outside mainland China for $1.5 billion.
Yum China Holdings will buy the China Pizza Hut business for about $1.2 billion.
The sale aims to help Pizza Hut grow by bringing specialized restaurant owners to manage it.
Yum Brands expects the sale to finish in the third quarter of the year.
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