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Business news, market updates, and economic developments
Electric and hybrid cars now make up nearly half of new car sales in Australia, as people respond to rising fuel prices. Sales of battery electric vehicles doubled in the second quarter of 2026, while traditional petrol car sales dropped to their lowest level ever.
Key Facts
Nearly 50% of new cars sold in Australia from April to June 2026 were electric, plug-in hybrid, or hybrid vehicles.
Sales of battery electric vehicles more than doubled from about 34,000 in the first quarter to over 69,000 in the second quarter of 2026.
The combined market share for electric vehicles (21.03%) and plug-in hybrids (10.58%) reached record highs.
Sales of traditional petrol-powered cars dropped from 64.23% to 50.84% in that period, marking their lowest market share ever.
The rise in electric and hybrid car sales coincided with rising fuel prices, which peaked in March 2026 due to instability in the Middle East.
The Australian government reduced the fuel excise tax temporarily from March 30 to ease the impact of high fuel prices.
When the Australian Automobile Association began tracking in 2022, petrol cars made up about 90% of new car sales.
Hybrid car sales also hit record levels but were surpassed by the sharp rise in electric vehicle purchases.
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The summer blockbuster movie season is making a strong comeback. After many people watched movies mainly through streaming services, more viewers are now going to theaters again.
Key Facts
The summer blockbuster season refers to big, popular movies released during the summer.
Recently, these movies have become popular at theaters once more.
Streaming services had become the main way people watched movies for several years.
More audiences are returning to movie theaters to watch new films in person.
This trend suggests that theaters are attracting larger crowds again after a decline.
The article highlights a positive change in how people consume movies during summer.
The report comes from CBS News and includes coverage by Adam Yamaguchi.
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Oil companies are making much higher profits as the ongoing conflict involving Iran causes gas prices to rise. Higher fuel prices are affecting economies around the world, but oil companies are benefiting financially.
Key Facts
Rising tensions and war related to Iran have pushed gas prices up.
Higher gas prices are causing economic challenges globally.
Big oil companies are earning significantly more revenue.
The increase in profits is linked directly to the higher cost of fuel.
The situation highlights the connection between global conflicts and energy markets.
CBS News reported on the growing profits of oil companies during this time.
The story is part of coverage about how war impacts economies and industries.
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Capital One says it closed more than 300 bank accounts linked to the Trump Organization in 2021 after a review by experts focused on preventing money laundering. The bank is asking a court to dismiss a lawsuit filed by the Trump Organization that claims the account closures were politically motivated.
Key Facts
Capital One closed Trump Organization accounts following a review by anti-money-laundering (AML) experts.
The bank never directly accused the Trump Organization of money laundering.
The closure decision was based on patterns flagged by federal banking rules.
The Trump Organization and Eric Trump sued Capital One in 2025, claiming the closures were due to political bias after the January 6, 2021 Capitol riot.
Capital One disputes these claims and says the lawsuit uses selected quotes out of context.
President Trump signed an order in August 2025 to stop banks from denying services for political reasons.
In January 2026, President Trump filed a similar lawsuit against JPMorgan Chase.
In 2019, President Trump sued Capital One and Deutsche Bank to stop them sharing financial records with Congress.
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Taiwan’s economy has grown rapidly because of high demand for its technology products, especially chips used in artificial intelligence (AI). The island’s stock market became the fifth largest in the world, and Taiwan has become a major source of imports for the United States. However, experts warn that challenges like political tension and population issues could affect Taiwan’s long-term growth.
Key Facts
Taiwan’s stock market is now the fifth largest globally by market value.
Taiwan’s GDP grew by 8.63% in 2025, then rose 13.69% in the first quarter of 2026, and 12.92% in the second quarter.
Taiwan supplies about 90% of advanced computer chips used for AI models.
The US imported $201 billion worth of goods from Taiwan last year, almost double the amount from 2024.
Taiwan is now the third-largest source of imports to the US, behind Mexico and Canada.
The Trump administration made a deal for Taiwan to invest $500 billion in the US tech industry, supporting chip manufacturing on American soil.
Under this deal, Taiwanese companies can import more products to the US with fewer tariffs, and Taiwan lowered tariffs on most US exports.
Some experts warn that political issues with China and Taiwan’s changing population might slow future economic progress.
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Chancellor John Healey warned supermarkets that the government will not allow them to raise prices unfairly as the Middle East crisis increases living costs. He said regulators have the power to stop “price-gouging” if it happens.
Key Facts
Chancellor John Healey spoke about the rising cost of living linked to the Middle East crisis.
He warned supermarkets not to take advantage of this situation by raising prices unfairly.
Healey promised to use regulators to stop any price-gouging practices.
The Prime Minister stated that helping families with the cost of living is a top priority.
There are concerns about a possible "tax on death" related to social care reforms, potentially costing families up to £76,000.
Other news includes political and social issues like Nigel Farage’s secret deal to return as a party leader and migration at the Spanish-Moroccan border.
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Aged-care nurses in Australia will receive their fifth wage increase this year, raising salaries by up to $36,000 annually for some registered nurses. At the same time, a temporary fuel tax cut is ending, which will likely cause petrol and diesel prices to rise from midnight.
Key Facts
Aged-care nurses get a fifth wage increase in 2024 as part of a Fair Work Commission decision.
Registered nurses in aged care will see pay rises of more than $36,000 per year at common pay levels.
Enrolled nurses in aged care will receive nearly $32,000 more per year at common pay points.
The wage increases aim to help attract and keep nurses in aged care to improve care quality.
Australia needs about 35,000 more aged-care workers this financial year due to an aging population.
The government’s temporary fuel tax cut of 16 cents per litre will end at midnight.
Fuel prices are expected to rise above $2 per litre for petrol and $2.40 for diesel.
The fuel excise was initially cut by 32 cents in March and then reduced to 16 cents in July as a cost-of-living relief measure.
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The amusement park industry is using new technology to build advanced roller coasters. Two examples are the New Texas Giant, which combines wood and steel, and the Tormenta Rampaging Run, a very tall "giga dive" coaster at Six Flags Over Texas.
Key Facts
The New Texas Giant is a roller coaster made from both wood and steel.
The Tormenta Rampaging Run is a "giga dive" coaster, meaning it has a very steep and tall drop.
Both coasters are located at Six Flags Over Texas amusement park.
These new designs show how technology is changing roller coaster building.
The industry is trying to attract visitors by creating exciting new rides.
This was reported by CBS News correspondent Lee Cowan.
The original broadcast date was April 12, 2026.
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Many older Americans are finding it harder to retire due to economic problems and changes caused by artificial intelligence (AI). These factors are making it necessary for more people to keep working instead of stopping their jobs in old age.
Key Facts
Economic insecurity means people are worried about having enough money for the future.
Artificial intelligence is changing jobs and work patterns.
These changes affect retirement plans for many older adults.
Fewer people can afford to stop working at the usual retirement age.
Some older adults may have to work their whole lives to support themselves.
The traditional idea of a peaceful retirement is becoming less common.
AI may replace some jobs but also create new challenges for workers.
This situation impacts not just individuals but the overall economy.
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Flight attendants at WestJet, Canada’s second-largest airline, may begin a strike on Sunday over pay disputes, specifically about compensation for work done before takeoff. WestJet is canceling some flights early and offering free changes or refunds to passengers while still negotiating with the union.
Key Facts
WestJet flight attendants might strike starting Sunday morning during a busy holiday weekend.
The main issue is pay for work done on the ground before the plane takes off, called "ground pay."
The union announced a 72-hour strike notice that ends Sunday at 02:01 EST.
WestJet has canceled 81 flights on Saturday to avoid stranding passengers.
Passengers can change or cancel flights between Thursday and Tuesday without extra fees.
If flights are canceled or delayed due to the strike, passengers will be refunded or rebooked.
The union representing flight attendants is CUPE 8125.
Flight attendants say they perform up to 35 unpaid hours monthly for pre-takeoff duties; WestJet says its pay model includes compensation for that work.
WestJet pays cabin crew between C$28 and C$58 per hour based on a block hours system starting when a plane leaves the gate until it arrives at the next gate.
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Dirty soda is a drink made by mixing fountain soda with syrups, cream, fruit purees, and citrus. It started as a small trend in parts of the U.S. and has grown nationally, helped by social media and young people wanting affordable, fun drinks. Nicole Tanner from Utah started the drive-through drink business Swig in 2010 to offer customizable soda drinks with quick service.
Key Facts
Dirty soda mixes regular fountain soda with flavors like syrups, cream, and fruit purees.
The trend grew from a regional curiosity to a national phenomenon in the U.S.
Social media and young consumers seeking cheap social treats helped its popularity.
Nicole Tanner opened Swig, a drive-through soda shop, in St George, Utah, in 2010.
Tanner wanted to improve on long wait times at places like Sonic and offer great service.
Swig modeled itself after Starbucks by focusing on customizable drink options.
Drinks were priced at $1 initially to attract customers, leading to long lines within the first year.
Tanner started the business to support her family after moving to Utah and during tough economic times.
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The Federal Trade Commission (FTC) fined the ticket reselling company Elite Events and Tickets for breaking the Better Online Ticket Sales Act. The company has not admitted or denied the FTC’s claims.
Key Facts
The FTC fined Elite Events and Tickets for violating a law about selling tickets online.
The law involved is called the Better Online Ticket Sales Act.
The company did not admit guilt or deny the charges made by the FTC.
CBS News reported on this story after interviewing the company last year.
The fine is related to the company’s ticket-selling methods and practices.
The case shows the government’s effort to regulate ticket reselling businesses.
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President Donald Trump’s social media platform, Truth Social, is selling a service called Truth API that gives Wall Street traders fast access to his posts for $100,000 a month. These posts often include important announcements about economic policy and global issues that can quickly affect financial markets.
Key Facts
Truth Social started offering the Truth API service on a Saturday.
The service costs $100,000 per month for fast access to President Trump’s posts.
President Trump’s posts frequently affect the prices of stocks, bonds, currencies, and commodities.
Traders using Truth API can react faster to news, potentially making large profits.
Ethics experts are concerned this service mixes public office with private financial gain.
Other social media companies also sell fast news feeds, but Truth Social’s posts create original market-moving news.
President Trump’s office did not comment on the ethics or legal review of the service.
Trump Media & Technology, the parent company of Truth Social, defends the service against criticism from Democrats.
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Flour + Water is a restaurant group in San Francisco led by chefs Thomas McNaughton and Ryan Pollnow. They change traditional Italian cooking by creating new and creative dishes.
Key Facts
Flour + Water is a restaurant group based in San Francisco.
The chefs leading it are Thomas McNaughton and Ryan Pollnow.
Both chefs have been nominated for James Beard Awards, which honor great cooks.
They focus on Italian cooking but offer new, different takes on traditional dishes.
The restaurant group aims to provide fresh and creative Italian food experiences.
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Sake, a Japanese rice wine, is becoming more popular in the United States. Daniel Bennett, a sake expert at a restaurant in Chicago, talks about why people enjoy this drink.
Key Facts
Sake is a traditional Japanese alcoholic drink made from rice.
Its popularity is increasing in the U.S. market.
Daniel Bennett is a sake sommelier, which means he is an expert in sake.
Bennett works at the Omakase Room, a restaurant in Chicago.
He explains what makes sake enjoyable to drink.
The article was shown on CBS News and can be accessed via their app or online.
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Kevin Warsh aims to bring back a time when the Federal Reserve was more careful with money policies. It is uncertain if he will continue to keep this promise.
Key Facts
Kevin Warsh is focused on increasing monetary restraint.
Monetary restraint means being careful about printing money and raising interest rates.
He wants to move away from recent policies that have been less strict.
Warsh's approach could affect inflation and the economy.
It is unclear if Warsh will fully follow through with his plan.
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CBS Mornings Deals offers special discounts on products designed to improve daily life. Customers can visit cbsdeals.com to find and purchase these discounted items.
Key Facts
CBS Mornings Deals features products with exclusive discounts.
The deals focus on items that can help improve everyday lifestyle.
Shoppers can visit cbsdeals.com to access these offers.
CBS earns a commission from purchases made through the website.
The deals are promoted during CBS News programming.
The promotion encourages viewers to use popular web browsers like Chrome and Safari.
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The U.S. economy grew slowly at a 1.5% rate in the second quarter of 2026, with consumer spending increasing but overall growth below expectations. Meanwhile, mortgage rates for 30-year loans reached their highest point in a year, making home loans more expensive for buyers.
Key Facts
The U.S. economy grew 1.5% from April to June 2026, slowing down from 2.1% in the previous quarter.
Consumer spending, which makes up about 70% of economic activity, rose by 3.2% in the second quarter.
Business investment, excluding housing, grew 8.4%, driven partly by increased spending on artificial intelligence.
The average 30-year fixed mortgage rate increased to 6.66%, the highest in a year.
The 15-year fixed mortgage rate also rose to 6.04%.
Inflation remains above the Federal Reserve’s 2% target, though growth in inflation slowed last month.
Gas prices rose again to about $4.11 per gallon after earlier declines.
Consumer confidence stayed low in July, partly due to rising gas prices and conflict in the Middle East.
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Some home sellers use hidden cameras and recording devices to watch and listen to potential buyers during property tours. This surveillance helps sellers protect their homes and learn buyers’ reactions, but many buyers feel uncomfortable and change how they behave during showings.
Key Facts
A survey of 2,000 consumers found 56% of home sellers used hidden cameras during buyer tours.
72% of buyers believe they have been watched while seeing homes.
Sellers use cameras mainly for protection (61%) and to observe buyers’ likes and dislikes (19%).
Buyers often avoid discussing budgets or offers inside the home due to fear of being recorded.
About 64% of recent buyers worry sellers watch or listen during tours.
Nearly 1 in 5 buyers have left a showing because they felt watched.
Some buyers say recording equipment would make them less likely to make an offer.
The legality of recording buyers depends on state laws and varies by location.
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New York City’s Flatiron Building, completed in 1902, has been transformed from commercial space into a luxury residential building with apartments costing up to $58.5 million. The building features 36 apartments, including large full-floor units, and shared amenities like a pool and games room.
Key Facts
The Flatiron Building is a triangular skyscraper in New York City, known for its unique shape resembling a clothes iron.
It was completed in 1902 and was originally used mainly as office space.
The building was recently renovated, with its exterior restored by hand to preserve original architectural details.
It now offers 36 luxury apartments, some spanning entire floors.
Apartments are priced from around $11 million to $58.5 million for the largest unit.
Shared amenities include a double-height lobby, pool, and games room with a billiards table.
Interior design by a prominent New York firm features exposed steel framing and high-end materials like marble and brushed steel.
The building’s owners noted strong interest from wealthy buyers due to its location near good transport, dining, and parks.
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