Yum! Brands is selling the Pizza Hut chain in two deals worth a total of $2.7 billion. The sale splits Pizza Hut between a private equity firm and Yum China Holdings, as the chain has faced declining sales and competition.
Key Facts
Pizza Hut will be sold for $2.7 billion by its parent company Yum! Brands.
The sale is split into two parts: LongRange Capital buys Pizza Hut outside mainland China for about $1.5 billion.
Yum China Holdings will buy Pizza Hut in mainland China for around $1.2 billion.
Pizza Hut has struggled with outdated stores and closing over 250 U.S. locations.
Founded in 1958, Pizza Hut was once owned by PepsiCo before Yum! Brands was created.
Yum! Brands also owns KFC and Taco Bell.
The sale allows Yum! Brands to focus on its more successful brands.
The transactions are expected to close in the third quarter of the year.
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The Medication Affordability and Patent Integrity Act proposes new rules for biotech companies. These rules could slow down the development of new medicines but are not expected to reduce the cost of prescription drugs.
Key Facts
The act aims to regulate biotech companies more strictly.
It would add new requirements and delays to developing treatments.
The law targets the process of creating new medicines.
It does not include measures to lower drug prices.
Biotech companies could face greater challenges meeting the rules.
The goal of lowering prescription drug costs is not addressed by this act.
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The FDA sent a warning letter to Happiest Baby Incorporated about their popular baby bassinet called the SNOO. The FDA said the company sold some products that were not approved and found some dirty or unsafe conditions.
Key Facts
The FDA is a government agency that checks if products are safe and follow rules.
Happiest Baby Incorporated makes a baby bassinet named the SNOO.
The FDA said the company sold products without proper approval.
The FDA found unsanitary, meaning dirty or unsafe, conditions at the company.
The company received a formal warning letter from the FDA.
The FDA's actions aim to protect babies and families who use these products.
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Famous movie props, including a real "Star Wars" light saber used by Luke Skywalker, will be sold at a big auction in New York. The auction features items from classic films like "The Wizard of Oz," "Rocky," and "Back to the Future II," and runs from July 13 to 17.
Key Facts
A light saber used by Mark Hamill as Luke Skywalker in "The Empire Strikes Back" will be auctioned, starting at $1 million.
Costume hats from "The Wizard of Oz" and "Willy Wonka and the Chocolate Factory" will also be available, starting at $100,000 and $50,000 respectively.
Boxing boots worn by Sylvester Stallone in "Rocky III" will be auctioned with a starting bid of $100,000.
Two rugs from "The Big Lebowski" that play important roles in the movie will be sold, opening bids at $15,000 each.
Other items include a Paul Newman hockey jersey from "Slap Shot," a necklace from "The Bride of Frankenstein," and an inflatable autopilot from "Airplane."
John Lennon’s handwritten lyrics for his song "If I Fell" will also be part of the auction.
The auction is organized by Heritage Auctions in New York and covers a wide range of film and music memorabilia.
The auction runs from July 13 through July 17.
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The chair of Fujitsu, Hidenori Furuta, resigned after the company’s board learned of his inappropriate behavior involving a woman. Fujitsu, a major Japanese tech firm involved in a UK Post Office software scandal, is facing ongoing challenges including leadership changes and legal settlements.
Key Facts
Fujitsu’s chair, Hidenori Furuta, resigned in June 2024 due to “woman-related inappropriate conduct.”
The board withdrew Furuta’s nomination as a director at the upcoming shareholders’ meeting.
Fujitsu provided faulty software for the UK Post Office, causing wrongful accusations and convictions of hundreds of post office workers.
The company is negotiating a settlement with the UK government but has not yet paid toward the £1.5 billion compensation.
The faulty Horizon accounting system is set to be replaced by new software from Accenture and OneView Commerce.
Fujitsu is Japan’s largest IT services company and is expected to support Japan’s government AI goals.
Furuta had held several top roles at Fujitsu before becoming chair in 2024.
Several other Japanese executives have resigned recently over inappropriate behavior toward women.
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Yum! Brands is selling Pizza Hut in a deal worth $2.7 billion. The U.S. private equity firm LongRange Capital will buy Pizza Hut outside of mainland China for $1.5 billion, while the Chinese part of Pizza Hut will be sold by Yum China for $1.2 billion.
Key Facts
Yum! Brands owns restaurant chains including KFC, Taco Bell, and Pizza Hut.
Pizza Hut’s mainland China business will be sold separately by Yum China for $1.2 billion.
The rest of Pizza Hut will be sold to LongRange Capital, a U.S. private equity firm, for $1.5 billion.
Pizza Hut faced declining sales, prompting Yum! Brands to explore selling the chain starting in November.
Pizza Hut was founded in 1958 in Wichita, Kansas.
PepsiCo bought Pizza Hut in 1977 but spun off its restaurants in 1997 to create Yum! Brands.
Yum! Brands expects the new owners to help Pizza Hut grow with their experience in the restaurant business.
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A new report from Zillow found that a record 242 U.S. cities have entry-level homes costing $1 million or more. Nearly half of these cities are located in California. The report highlights rising housing prices across the country.
Key Facts
There are now 242 cities in the U.S. where the cheapest homes cost $1 million or more.
About half of these cities are in California.
The report was released by the real estate company Zillow.
Entry-level homes are the most affordable houses in a market.
Rising home prices affect many American cities beyond California.
Higher mortgage rates also impact housing affordability.
The report indicates significant changes in the housing market nationwide.
CBS News business analyst Jill Schlesinger explained the trends in the report.
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Paramount Skydance declined to air an ad from the Freedom of the Press Foundation that criticized the company's leadership and its merger with Warner Bros Discovery. The ad was meant to run during an Ultimate Fighting Championship event on Paramount+, but was rejected due to a "conflict of interest."
Key Facts
The Freedom of the Press Foundation submitted a 30-second ad criticizing Paramount’s leadership and its merger with Warner Bros Discovery.
The ad accused CBS’ owners of cutting deals to appease President Trump and warned about Trump’s influence on media.
Paramount initially discussed airing the ad during a UFC broadcast on Paramount+ but rejected it two days before the event.
The reason given for rejecting the ad was a "conflict of interest."
The ad cost for the UFC broadcast was estimated at around $300,000.
Seth Stern from the Freedom of the Press Foundation criticized Paramount for censoring the ad.
The merger between Paramount’s parent company and Warner Bros Discovery was approved by the U.S. Department of Justice but still faces regulatory review in other countries.
The organization plans to show the ad on its own website instead of on Paramount+.
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Pizza Hut, a restaurant chain owned by Yum Brands, is being sold for $2.7 billion. A private equity firm will buy Pizza Hut outside mainland China for $1.5 billion, while Yum China Holdings will buy the mainland China business for $1.2 billion.
Key Facts
Pizza Hut is owned by Yum Brands.
The whole chain is being sold for a total of $2.7 billion.
LongRange Capital, a private equity company, will buy Pizza Hut stores outside mainland China for about $1.5 billion.
Yum China Holdings will buy the mainland China portion of Pizza Hut for around $1.2 billion.
Yum Brands started reviewing Pizza Hut’s future in November because sales were dropping.
Both sales deals are expected to finish in the third quarter of 2026.
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SpaceX announced it will buy the AI coding assistant company Cursor for $60 billion in stock. The purchase is expected to finish by the third quarter of 2026, making Cursor a fully owned part of SpaceX.
Key Facts
SpaceX recently completed a large initial public offering (IPO), raising $75 billion.
The company plans to buy Cursor, an AI tool that helps write computer software.
Cursor was created by the startup Anysphere in San Francisco and started in 2022.
The deal will be paid in SpaceX stock and is set to close in late 2026.
Cursor calls itself a "coding agent for building ambitious software."
After the deal news, SpaceX shares rose 5% in early trading to $202.11.
SpaceX and Cursor did not comment immediately after the announcement.
The acquisition follows a growing trend of using AI to assist or automate software creation.
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Oprah Winfrey announced her newest book club selection, "Little Wonder" by Sophie Chen Keller, on the TV show "CBS Mornings." A free excerpt of the book is available for readers.
Key Facts
Oprah Winfrey revealed her latest book club pick on Tuesday.
The chosen book is titled "Little Wonder."
The author of the book is Sophie Chen Keller.
The announcement was made on the television program "CBS Mornings."
An excerpt from "Little Wonder" is available for people to read for free.
Oprah's Book Club promotes selected books to readers around the world.
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SpaceX, led by Elon Musk, has agreed to buy an AI coding company called Cursor for $60 billion shortly after its big stock market debut. SpaceX values the deal based on shares and plans to finish it by the end of September.
Key Facts
SpaceX will buy AI coding start-up Cursor for $60 billion.
The deal comes days after SpaceX’s stock market listing valued at over $2 trillion.
Cursor's AI helps automate writing computer code, used by companies like Stripe and Adobe.
SpaceX has worked with Cursor since April and had the option to buy it or pay $10 billion for their joint work.
The acquisition aims to boost SpaceX’s AI efforts, including its xAI and Grok chatbot projects.
SpaceX’s shares rose nearly 50% from the initial $135 price after going public.
SpaceX is not yet profitable, losing over $9 billion due to investments in AI and infrastructure.
The company mainly builds reusable rockets and Starlink internet satellites.
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Oil prices have dropped to their lowest level since early March despite uncertainty about when the Strait of Hormuz will reopen. Traders expect oil supplies to rise if a US-Iran deal leads to reopening, but experts say it will take time for shipping to return to normal.
Key Facts
Brent crude oil price fell by about 2.5% today to just over $81 per barrel.
The price is the lowest since March 4, but still above the pre-war level of $72.48 per barrel.
President Donald Trump said the Strait of Hormuz will reopen once the US and Iran sign a memorandum of understanding.
Oil shipping companies want to see a clear end to hostilities and safety measures before resuming transit through the strait.
Some oil production sites need repair, and some tankers are not in position, causing delays in restoring normal traffic.
The head of the International Energy Agency said fully reopening the strait is key to lowering oil and gas prices.
The reopening could increase oil supply from the Middle East and stabilize the market.
Experts warn it may take weeks before shipping and oil prices fully recover.
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Beekeeper's Naturals is recalling its Saline Nasal Spray because tests showed possible mold contamination. The company made this decision voluntarily to protect customers.
Key Facts
The product recalled is Beekeeper's Naturals Saline Nasal Spray.
The recall is voluntary, meaning the company chose to do it themselves.
Testing indicated there might be mold in the nasal spray.
Mold contamination can be harmful if used in nasal products.
The recall aims to keep customers safe from potential health risks.
The product is sold on Amazon.
No specific reports of illness from the spray have been mentioned.
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The States of Jersey have launched a Back-to-School Bonus to help families with the cost of school items like uniforms and stationery. Eligible parents can apply for a one-time payment of up to £150, with funds distributed in August.
Key Facts
The Back-to-School Bonus offers a one-time payment to help with school costs.
Payments are up to £150 for each child from reception to Year 11.
The bonus is £100 for primary school children and £150 for secondary school children.
Parents who earn £75,000 or less and do not receive income support can apply.
Parents receiving income support get the bonus automatically and do not need to apply.
The application deadline is Friday, 31 July.
Bonus payments will be made directly into bank accounts in August.
The scheme is designed to help families with the cost of living pressures.
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President Donald Trump has warned that the United States will impose a 100% tax on French wine and champagne imports if France does not remove its digital services tax on technology companies. France introduced this tax in 2019, charging 3% on revenues earned by large tech firms within the country.
Key Facts
President Trump threatened a 100% tariff on French wine and champagne.
The tariff threat is a response to France's digital services tax.
France's tax is a 3% levy on revenues of tech companies operating in France.
The tax affects major U.S. technology companies like Facebook, Amazon, Apple, and Alphabet (Google’s parent).
France introduced the tax in 2019 to tax revenues of tech firms earned within its borders.
The dispute is centered on how to tax large technology firms internationally.
The U.S. sees the French tax as unfair to American businesses.
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Elon Musk has become the first person with a wealth exceeding $1 trillion, sparking concern about how extreme wealth affects democracy. The rise of super-rich individuals today gives them large power to influence politics, the economy, and society. This concentration of wealth has grown significantly since the mid-20th century in the US and UK.
The article discusses various popular online saving methods, such as social media savings challenges and budgeting trends. It explains how these methods can help people save money but also warns that they might cause problems if bills are not paid on time.
Key Facts
Online saving methods include challenges like no-spend months and the 1p challenge.
These saving trends often become popular through social media.
Some people find these methods helpful for managing their money.
There is a risk that focusing too much on saving can lead to missing important bill payments.
The article aims to show how to use these methods effectively without causing financial harm.
The original video content requires JavaScript to play and is available on BBC iPlayer.
The article was published recently, about 6 minutes ago.
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Tina Daheley is leaving her role as the newsreader on BBC Radio 2’s breakfast show after seven years. She will still work at Radio 2, filling in for other shows, while Sara Cox prepares to take over as the new breakfast show host.
Key Facts
Tina Daheley has been the Radio 2 breakfast show newsreader for seven years.
She announced her departure live on air and on social media.
Daheley has worked on breakfast shows for other hosts like Zoe Ball and Trevor Nelson.
She will continue to cover Jeremy Vine’s lunchtime show when needed.
Sara Cox will become the new Radio 2 breakfast show host starting July 6.
It is not yet clear who will replace Daheley as the newsreader on the breakfast show.
Daheley began her BBC career in 2007 and has worked on 1Xtra, Radio 1, and TV news programs.
Several colleagues and former co-hosts praised Daheley and wished her well publicly.
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The Federal Reserve is about to announce its decision on interest rates amid inflation reaching its highest level in three years. Most investors expect the Fed to keep rates steady, though a possible increase could happen by the end of 2026 due to strong job growth and ongoing inflation pressures linked to the conflict involving Iran.
Key Facts
Inflation has risen for three months in a row, hitting over 4%, the highest in three years.
The Federal Reserve chair, Kevin Warsh, took office last month and will soon make his first major interest rate decision.
The current interest rate ranges between 3.5% and 3.75%, lower than its peak in 2023 but still much higher than the near-zero rates used during the COVID-19 pandemic.
A recent U.S.-Iran agreement plans to reopen the Strait of Hormuz, a key global oil shipping route, which could lower oil prices.
Gasoline prices have recently fallen below $4 per gallon, but remain higher than before the Iran war started.
Strong job growth in May has increased chances that interest rates could rise later this year to help reduce inflation.
The Fed’s policy decisions impact borrowing costs for individuals and businesses across the country.
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