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Pizza Hut is 68 years old and has faced increasing delivery competition and outdated restaurants.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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Robinhood is cutting 10 percent of its workforce, about 290 employees, as part of a company restructuring to operate more efficiently. The company says this move comes while its business remains strong, with record trading volumes in stocks, options, and prediction markets.
Key Facts
Robinhood employs about 2,900 people and will cut around 290 jobs.
The company plans to close some open job positions.
CEO Vlad Tenev said the goal is to make the company leaner and more focused.
The restructuring will cost Robinhood $28 million in the second quarter.
Robinhood has been using artificial intelligence for some time to improve efficiency.
Trading volumes have reached record levels recently on the platform.
Robinhood missed profit expectations in the first quarter due to volatility in cryptocurrency trading.
The stock price fell by 2.9 percent during midday trading after the announcement.
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A tentative deal to end the war involving Iran may not immediately lower prices for gas, groceries, and airline tickets. Experts say it will take time for oil and goods to move through supply chains before consumers see price decreases.
Key Facts
Oil prices dropped to about $80 a barrel after the deal but were $67 before the war and had peaked above $120.
Oil refineries buy crude oil weeks in advance, so cheaper prices take time to affect gas stations.
Areas with less refining ability, like the U.S. West Coast, will experience slower price drops.
The war disrupted supplies not only of fuel but also fertilizer, food, and other goods, affecting global supply chains.
Airlines buy fuel ahead and set prices based on demand, so flight costs may stay high for months.
Fuel surcharges on flights might be one of the first costs to decrease.
Fuel makes up about 15% to 30% of food costs; grocery prices will likely remain high for some time.
Returning to normal supply and price levels will be a slow process involving many countries and industries.
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CBS Mornings Deals offers special discounts on products that aim to improve daily life. People can visit the website cbsdeals.com to find and buy these items while helping CBS earn commissions from sales.
Key Facts
CBS Mornings Deals shares exclusive discounts on various products.
The deals focus on items that can enhance everyday living.
Customers can visit the website cbsdeals.com to access the discounts.
CBS earns a commission when purchases are made through the site.
The promotion is part of CBS News content and can be accessed via the CBS News app.
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Yum! Brands is selling the Pizza Hut chain for $2.7 billion. A private equity firm will buy the brand outside mainland China, while Yum China will acquire the mainland China operations.
Key Facts
Pizza Hut is being sold by Yum! Brands in a deal worth $2.7 billion.
LongRange Capital will buy Pizza Hut’s business outside mainland China for $1.5 billion.
Yum China Holdings will purchase the mainland China Pizza Hut operations for $1.2 billion.
Pizza Hut has faced challenges due to competition from other pizza chains and fast-food brands.
The American market accounts for 40% of Pizza Hut’s international sales and is important to the chain.
Rising use of delivery apps and aggressive pricing from competitors have hurt Pizza Hut’s sales.
Pizza Hut was founded in 1958 and became part of Yum! Brands in 1997 after being owned by PepsiCo.
Yum! Brands will focus more on its other major brands like KFC and Taco Bell after this sale.
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Max Mara celebrated its 75th anniversary with a fashion show in Shanghai that combined Chinese cultural elements with the brand’s style. The luxury brand has been in China for 33 years and sees the country as a key market where local culture and luxury fashion merge.
Key Facts
Max Mara held a show in Shanghai to mark its 75th anniversary.
The collection included Chinese-inspired designs like knotted silk buttons and cheongsam dresses.
The brand has operated in China for 33 years, with 27 stores in Shanghai alone.
Chinese consumers make up about a quarter of global luxury spending.
The show mostly featured local Chinese models, including Chinese-American skier Eileen Gu.
A current trend in China called “guochao” reflects young people’s preference for fashion linked to their cultural identity.
Max Mara supports themes of female ambition and empowerment in its branding and collections.
The brand aims to move beyond traditional fashion trends, encouraging individual style choices.
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The U.S. Food and Drug Administration (FDA) has sent a warning to Happiest Baby, Inc., maker of the SNOO baby bassinet. The FDA says the company sold some products without approval and found unsanitary conditions, including mold and stains on items.
Key Facts
The FDA issued a warning letter to Happiest Baby, Inc., maker of the SNOO Smart Sleeper bassinet.
The company introduced extra-small and extra-large sleep sacks that the FDA has not evaluated for safety.
The FDA found stains, soiling, and unsanitary conditions that could cause infections.
Mold was discovered on some mattresses and mattress covers of the SNOO sleepers.
The SNOO bassinet sells for about $1,700 and automatically rocks babies when they cry.
Happiest Baby said it will work with the FDA to fix the problems.
Two years ago, the company stopped working with a partner that refurbished products because of cleaning issues.
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Many older Americans are entering retirement with more debt than past generations, including credit card balances, mortgages, and personal loans. Before claiming Social Security benefits, retirees should focus on paying down high-interest credit card debt, addressing delinquent federal debts, and managing other debts to protect their retirement income.
Key Facts
Older Americans often retire with more debt than previous generations.
Social Security benefits are a key income source for many retirees.
High-interest credit card debt is especially costly in retirement due to fixed income.
The average credit card interest rate is above 21%.
Carrying credit card debt into retirement can reduce available money for daily expenses.
Some debt relief options include consolidation, balance transfers, and structured programs.
Federal debts like unpaid student loans or taxes can affect Social Security payments.
Handling debts before retirement can improve financial stability when income is limited.
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The Dodd-Frank Act was created after the 2008 financial crisis to stop harmful lending that could trap borrowers in bad loans. It requires lenders to check if people can pay back their loans before giving them money.
Key Facts
The Dodd-Frank Act was passed after the 2008 financial crisis.
Its goal is to protect borrowers from unfair or risky loans.
It prevents lenders from making loans without checking if the borrower can repay.
The law aims to stop "predatory mortgages," which are loans with harmful terms for borrowers.
The act created rules to make lending safer and more transparent.
Barney Frank, a lawmaker, helped create the Dodd-Frank Act.
The law covers many parts of the financial system to improve borrower safety.
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Wallace “Wallo267” Peeples is an activist, entrepreneur, and podcast co-host who has built a strong following through his work in culture and personal growth. He recently published a book about the importance of saying no to protect one’s time and energy, focusing on personal responsibility and setting clear boundaries.
Key Facts
Wallo267 co-hosts the popular podcast Million Dollaz Worth of Game.
Complex ranked him and his co-host No. 18 on hip-hop media power rankings.
He worked as chief marketing officer for Reform Alliance, a group reforming probation and parole laws.
He is now a culture adviser for YouTube.
Peeples served 20 years in prison and was released in 2017.
His new book is called Yes to You, No to Them: The Discipline of Saying No and the Freedom that Follows.
The book teaches readers to protect their time and energy by learning to say no and take responsibility for their choices.
He believes setting boundaries helps reveal who respects you and who drains your energy.
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A $50,000 certificate of deposit (CD) account can earn between about $487 and $11,420 in interest depending on how long the money is kept in the CD. CD accounts have fixed interest rates around 4% or higher and are insured by the FDIC up to $250,000. High-yield savings and money market accounts are alternative options with flexible rates and no withdrawal penalties.
Key Facts
A $50,000 CD can earn roughly $487 in 3 months and up to $11,420 in 5 years at current rates.
CD interest rates are fixed, meaning the rate stays the same until the account matures.
CDs are protected by FDIC insurance up to $250,000, which covers the $50,000 deposit fully.
Withdrawing money from a CD early may cause a penalty that can reduce or eliminate interest earned.
High-yield savings and money market accounts offer competitive interest rates without locking up money.
Money market accounts often come with check-writing abilities for easier access to funds.
Interest rates on savings and money market accounts can change based on market conditions.
Current higher interest rates make both CDs and alternative accounts more attractive than usual.
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Credit card interest rates are currently very high, averaging around 22%, and borrowers hope for relief. However, experts do not expect the Federal Reserve to lower its main interest rate this week, so credit card rates are unlikely to drop soon.
Key Facts
Credit card interest rates average about 22% right now.
Many people carry balances on their cards, causing interest charges to build up.
The Federal Reserve meeting this week is closely watched for possible interest rate changes.
Most economists do not expect the Fed to lower its main federal funds rate this month.
Without a Fed rate cut, credit card rates usually stay the same because they are tied to the prime rate.
Even if the Fed cuts rates, credit card rates often do not go down quickly or by much.
Credit card companies set rates based on factors like credit scores and payment history.
People with high credit card debt may need to find other ways to reduce costs instead of waiting for rate cuts.
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Analysts are worried that the current high prices of AI-related stocks may not last. They compare the excitement around AI investments to the big internet stock crash in the early 2000s.
Key Facts
Experts are concerned about the high value of AI stocks.
The current market rally is driven by interest in AI technology.
Some see the situation as similar to the dot-com bubble burst.
Speculative excess means investors might be overvaluing companies.
There are potential risks in the AI stock market's future.
Heightened enthusiasm has pushed prices up quickly.
The sustainability of these stock prices is in question.
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Pizza Hut, a 68-year-old pizza chain owned by Yum Brands, will be sold for $2.7 billion. Yum Brands will sell Pizza Hut's mainland China business separately for about $1.2 billion and the rest to a private equity firm for about $1.5 billion.
Key Facts
Pizza Hut is 68 years old and has been struggling with sales and competition.
Yum Brands owns Pizza Hut, KFC, and Taco Bell.
The sale excludes mainland China’s Pizza Hut, which will be bought by Yum China Holdings Inc.
China is Pizza Hut’s second-largest market after the U.S., making up 19% of sales.
Last year, Pizza Hut’s sales fell by 2%, while Yum Brands’ overall global sales grew by 5%.
Yum Brands plans to close 250 U.S. Pizza Hut locations as part of its efforts.
Pizza Hut has nearly 20,000 restaurants worldwide.
The sale aims to let Yum Brands focus on its stronger-performing brands.
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SpaceX is set to buy Anysphere, the company behind the AI coding app Cursor, for $60 billion. After its recent stock market debut, SpaceX's value rose above Amazon’s, making it the fifth most valuable company in the world.
Key Facts
SpaceX will buy Anysphere, which created the AI coding app Cursor, for $60 billion.
SpaceX recently debuted on the Nasdaq stock market, with shares priced at $135 each.
Since the debut, SpaceX shares have risen roughly 60%, increasing the company’s value to about $2.8 trillion.
This new value made SpaceX more valuable than Amazon, which is worth $2.66 trillion.
Elon Musk, SpaceX’s CEO, became the world’s first trillionaire with a net worth of $1.27 trillion.
SpaceX owns an AI business called xAI, which will benefit from Anysphere’s AI coding technology.
The deal will pay Anysphere in stock, not cash, and is planned to finish by the third quarter of 2026.
SpaceX had an earlier option to buy Anysphere for $60 billion or partner for $10 billion.
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The Reserve Bank of Australia (RBA) kept its cash interest rate at 4.35% after three increases, saying inflation is still too high to stop possible future hikes. The recent ceasefire in the Middle East might help lower oil prices and ease inflation, but the RBA warned it could take time for normal trade to resume and inflation risks remain.
Key Facts
The RBA paused interest rate increases at 4.35% but left the door open for future hikes.
Inflation in Australia is currently 4.2%, above the RBA’s target of 2-3%.
Interest rate hikes have made borrowing more expensive for Australian households.
Unemployment rose to 4.5%, the highest since late 2021, indicating economic slowdown.
Consumer confidence is very low, similar to levels during the COVID-19 pandemic.
The recent ceasefire in the Middle East may help lower global oil prices and ease inflation.
The strait of Hormuz, a key oil shipping route, may take months to fully reopen and restore trade.
The RBA and Australian government remain cautious about economic outlook despite the ceasefire.
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Pizza Hut is being sold in two deals worth a total of $2.7 billion as the brand faces declining sales and stronger competition. LongRange Capital will buy most of the global business, while Yum China Holdings will purchase the Chinese operations separately.
Key Facts
Pizza Hut is 68 years old and started in Wichita, Kansas, in 1958.
The global sale price totals approximately $2.7 billion.
LongRange Capital will buy about $1.5 billion of Pizza Hut’s global business.
Yum China Holdings will buy the China operations for about $1.2 billion.
China is Pizza Hut’s second-largest market after the U.S., making up nearly 20% of sales.
Pizza Hut's global sales dropped 2% last year amid changing consumer habits and more delivery-focused competitors.
The chain is closing 250 U.S. locations to focus on more modern, profitable sites.
Pizza Hut has nearly 20,000 restaurants worldwide.
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The Wombles, popular characters known for picking up litter, are returning after nearly 30 years. The Blair Partnership now controls the brand’s rights and plans new TV shows, films, games, and other projects to reach both adults and children.
Key Facts
The Wombles were created in the late 1960s by Elisabeth Beresford and became famous through a BBC TV show in the 1970s.
The characters promote environmental care with the motto “Make Good Use of Bad Rubbish.”
The Blair Partnership has consolidated the brand’s intellectual property rights and is leading its global development.
New projects include a YouTube channel, live-action shows, digital games, audio productions, and live events.
The Wombles Community Charity supports recycling and litter-picking with over 250 groups and 50,000 volunteers.
The charity runs campaigns like “Be More Womble” to encourage community support and partners with hospitals to recycle clinical waste.
The Wombles have a history of TV shows, films, stage productions, and merchandise that have kept them popular in the UK.
The revival targets both nostalgic adults and a new generation of children, with a strong focus on environmental themes.
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French department store BHV Marais will end its partnership with the fast-fashion company Shein after selling its Paris store to a new group of managers. Shein opened a shop in the store in November 2025, but faced criticism for environmental harm, worker issues, and selling childlike sex dolls online. The change in ownership means Shein will likely leave BHV Marais by Christmas 2026.
Key Facts
BHV Marais sold its Paris store to a group of executives, including the current CEO who will step down.
Shein opened its first permanent shop inside BHV Marais in November 2025.
There was public backlash against Shein for its fast-fashion model and environmental impact.
Shein was also criticized for selling childlike sex dolls online, which it then removed globally.
Around 100 brands left BHV Marais after Shein arrived, citing opposition or unpaid invoices.
France fined Shein over 22 million euros in June 2026 for product and delivery issues, totaling more than 210 million euros in fines.
Shein will "ideally" leave BHV Marais by Christmas 2026 following the store’s sale.
SGM, the operating company, will keep control of seven other stores, five of which also host Shein shops.
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Mortgage interest rates have decreased in June 2026 after rising earlier this year due to global events like the war with Iran and higher oil prices. As of June 16, the average rate for a 30-year mortgage is 6.37%, which is lower than last month, and refinancing rates have also fallen.
Key Facts
The average 30-year mortgage rate is 6.37% as of June 16, 2026, down from 6.62% in May.
The 15-year mortgage rate is 5.87%, also lower than the 6% rate from last month.
The average 30-year refinance rate is 6.70%, down from 6.87% in May.
The 15-year refinance rate is 5.79%, reduced from 6% the previous month.
Mortgage rates fell after earlier increases driven by the war with Iran, rising oil prices, and inflation.
The Federal Reserve’s upcoming meeting might further influence mortgage rates, possibly leading to rate cuts.
Borrowers are advised to shop around and consider alternative ways to secure lower mortgage rates.
Refinancing may be cost-effective only if borrowers stay in their home long enough to recoup closing costs.
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