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Business news, market updates, and economic developments

Burnham has big ideas - but what will they cost?

Burnham has big ideas - but what will they cost?

July 20, 2026 • BBC Business

Summary

New UK Prime Minister Andy Burnham has announced plans to support people with the cost of living, which will be paid for by higher taxes or spending cuts. He is considering changes to income tax thresholds and borrowing rules, while also planning long-term strategies for defence, housing, and welfare.

Key Facts

  • Burnham's cost of living support will be funded either by tax increases or spending cuts.
  • UK government borrowing costs on 10-year bonds have risen slightly under Burnham’s leadership.
  • He may unfreeze income tax thresholds earlier than planned, affecting workers earning around £50,000.
  • The current tax threshold freeze was started to pay off Covid-related government borrowing and extended until 2030-31.
  • Some major unions support lifting tax thresholds to reduce tax burdens on their members.
  • Burnham plans a 10-year economic plan focusing on decentralisation, devolution, and rebuilding infrastructure.
  • He aims to fund the Defence Investment Plan, which involves large multi-year military spending.
  • Ending rough sleeping is a top priority, with immediate funds provided and long-term plans for building council houses.
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BBC Business BBC Top Stories
How 401(k) fees can cost tens of thousands in retirement savings

How 401(k) fees can cost tens of thousands in retirement savings

July 20, 2026 • CBS News

Summary

Many U.S. workers use 401(k) retirement plans but may not know about fees that can reduce their savings by tens of thousands over time. These fees vary by plan size and investment choices and include investment management, administrative costs, and optional service charges.

Key Facts

  • Over half of U.S. workers rely on 401(k) plans to save for retirement.
  • A difference of 1% in fees can reduce retirement savings by about 28% over 35 years.
  • For example, $25,000 invested with 1.5% fees could grow to $163,000 versus $227,000 with 0.5% fees.
  • About 40% of workers do not realize they pay fees on their 401(k) accounts.
  • Fees come in three types: investment fees, administrative fees, and individual service fees.
  • Larger plans usually have lower fees (0.3% to 0.5%) while smaller plans often have higher fees (1% or more).
  • Employers may pay some fees, but many are deducted from workers’ balances.
  • Plan holders should regularly check their accounts, as fees can change and employers must inform workers of changes within 30-90 days.
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CBS News
How closely linked are gas prices to U.S.-Iran tensions?

How closely linked are gas prices to U.S.-Iran tensions?

July 20, 2026 • CBS News

Summary

Gas prices in the U.S. have started to rise again as tensions between the U.S. and Iran increase. Experts say these political tensions can affect oil supply and make fuel more expensive.

Key Facts

  • Gas prices in the U.S. are going up.
  • The rise is linked to increased tensions between the U.S. and Iran.
  • Political conflicts can disrupt oil supply chains.
  • When supply is uncertain, prices tend to increase.
  • Experts monitor international relations to predict fuel costs.
  • Gas price changes affect everyday costs for consumers.
  • Tensions include diplomatic disagreements and regional conflicts.
  • The situation is being watched closely by energy markets.
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CBS News
West Africa signs off $25bn mega gas-pipeline plan

West Africa signs off $25bn mega gas-pipeline plan

July 20, 2026 • BBC Business

Summary

West African leaders have approved a $25 billion plan to build a 6,000 km gas pipeline from Nigeria to Morocco, linking to Europe’s gas network. The pipeline will carry gas to 14 countries, aiming to boost regional energy use and economic growth, with construction expected to start in 2028.

Key Facts

  • The Nigeria-Morocco Atlantic Gas Pipeline will be 6,000 km (3,700 miles) long along the Atlantic coast.
  • It will serve 14 West African countries and connect to Europe's gas system via Spain.
  • The project cost is estimated at $25 billion and construction will begin in phases starting in 2028.
  • About 30 billion cubic meters of gas per year will flow through the pipeline, serving 400 million consumers.
  • The pipeline aims to reduce Africa’s reliance on exporting raw gas and importing processed gas at higher prices.
  • The project has taken nearly a decade of negotiations and has passed major political approval.
  • Initial construction will start in Morocco, Mauritania, and Senegal before extending toward Nigeria.
  • The pipeline route avoids the Sahel region’s insecure areas but offshore building increases costs.
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BBC Business
Gas prices top $4 a gallon as Iran war escalates

Gas prices top $4 a gallon as Iran war escalates

July 20, 2026 • ABC News

Summary

Gas prices in the United States have risen above $4 per gallon again due to increased fighting in the Iran war. The conflict has disrupted global oil supplies, especially after Iran closed the Strait of Hormuz, a key oil shipping route.

Key Facts

  • Gasoline prices increased by 13 cents per gallon last week, reaching an average of $4.003 per gallon.
  • The Iran war led Iran to close the Strait of Hormuz, which carries about 20% of the world’s oil.
  • U.S. and Iran exchanged military strikes recently, worsening the conflict and raising fears of oil shortages.
  • The U.S. has resumed a naval blockade of the Strait of Hormuz after Iran attacked oil tankers there.
  • Two U.S. service members were killed in related attacks in Jordan and Iraq.
  • Gas prices had briefly dropped below $4 last month after a tentative U.S.-Iran agreement seemed likely.
  • Before the war, gas prices last exceeded $4 in August 2022 following Russia’s invasion of Ukraine.
  • The Iran war caused one of the largest oil shocks, pushing prices as high as $4.56 per gallon in May.
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ABC News
How much interest will a $45,000 long-term CD account earn if opened this July?

How much interest will a $45,000 long-term CD account earn if opened this July?

July 20, 2026 • CBS News

Summary

A $45,000 deposit in a long-term certificate of deposit (CD) can earn much more interest than the same money in a regular savings account. Longer CD terms offer higher rates and compound interest, leading to significantly more earnings over time, but the money is locked in and not easily accessible.

Key Facts

  • Savings accounts currently earn an average interest rate of about 0.38% per year.
  • Long-term CDs offer higher interest rates, around 4% or more per year.
  • A 1-year CD at 4.11% would earn about $1,850 in interest on $45,000.
  • A 10-year CD at 4.30% would earn about $23,558 in interest on the same $45,000.
  • Longer CD terms earn more interest because of compounding, where interest grows on both the original money and previous interest.
  • Savings accounts offer easy access to money, while CDs require locking up funds, often with penalties for early withdrawal.
  • Over 10 years, a savings account would earn about $1,739 in interest, much less than a long-term CD.
  • Choosing between a savings account and a CD depends on how soon the money will be needed.
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CBS News
AliExpress hit with record $625M fine after failing to make EU-ordered fixes

AliExpress hit with record $625M fine after failing to make EU-ordered fixes

July 20, 2026 • Ars Technica

Summary

The European Commission fined AliExpress over $625 million for not properly controlling illegal, unsafe, and counterfeit products on its platform. Despite being ordered to fix these issues by June 2025, AliExpress failed to do so, leading to this record penalty.

Key Facts

  • AliExpress was fined more than $625 million, the largest under the EU’s Digital Services Act (DSA).
  • The company did not have enough staff to remove counterfeit and dangerous products effectively.
  • Many banned products reappeared on the site and sometimes stayed online for over a month.
  • Sellers bypassed rules by mislabeling products to avoid detection checks.
  • AliExpress’s system recommended illegal products to users instead of limiting their exposure.
  • The EU gave AliExpress a deadline of June 2025 to comply with regulations, but the company failed to meet it.
  • Other companies like Temu and X were previously fined smaller amounts under the same law.
  • AliExpress said it was surprised by the fine and plans to appeal, stating it has invested in safety and risk management.
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Ars Technica
Taco Bell Customers Launch Lawsuits Over Cyclospora Outbreak

Taco Bell Customers Launch Lawsuits Over Cyclospora Outbreak

July 20, 2026 • Newsweek

Summary

Several customers have sued Taco Bell and its lettuce supplier, Taylor Farms, after a cyclospora parasite outbreak linked to shredded iceberg lettuce served at Taco Bell restaurants in five U.S. states. Federal agencies initially linked the outbreak to lettuce from Taylor Farms but later said tests produced a false positive and have not confirmed the exact source.

Key Facts

  • Customers filed three lawsuits in Ohio and Michigan against Taco Bell and Taylor Farms.
  • The lawsuits claim the companies were negligent and caused illnesses from cyclospora, a parasite that causes diarrhea.
  • The outbreak was reported in Indiana, Kentucky, Michigan, Ohio, and West Virginia.
  • The CDC advised people not to eat lettuce from Taylor Farms de Mexico used in Taco Bell restaurants.
  • Taco Bell said it removed potentially affected lettuce quickly after the outbreak was reported.
  • The FDA later said testing showed a "false positive" for contaminated lettuce from Taylor Farms.
  • Taylor Fresh Foods, the parent company, said the FDA apologized for the testing error.
  • The lawsuits seek damages ranging from $25,000 to $75,000 for medical costs and suffering caused by the outbreak.
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Newsweek
Can an authorized user be sued for unpaid credit card debt?

Can an authorized user be sued for unpaid credit card debt?

July 20, 2026 • CBS News

Summary

An authorized user on a credit card can use the card but is generally not legally responsible for paying the debt. If the primary cardholder does not pay, the credit card company cannot usually sue the authorized user, but joint account holders have equal responsibility.

Key Facts

  • An authorized user is allowed to use a credit card but does not sign the cardholder agreement.
  • The primary cardholder applies for the card, signs the contract, and is legally responsible for payment.
  • Authorized users usually do not undergo a credit check and have no legal duty to repay charges.
  • Credit card companies cannot normally sue authorized users for unpaid balances.
  • Debt collectors may contact authorized users but have no legal claim to their payment.
  • Joint account holders have signed the agreement and share legal responsibility and liability for the card balance.
  • If the primary cardholder cannot pay, early action like debt settlement or credit counseling may avoid lawsuits and reduce financial stress.
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CBS News
Manufacturing union says Australia’s tax system is ‘rigged’ in bold manifesto ahead of Labor conference

Manufacturing union says Australia’s tax system is ‘rigged’ in bold manifesto ahead of Labor conference

July 20, 2026 • Guardian World

Summary

The Australian Manufacturing Workers’ Union (AMWU) has released a detailed plan calling for major tax changes, including higher taxes on the rich, wealth, and inheritance, as well as more revenue from gas companies. The plan aims to fund free education, better welfare, and public aged care, and it will influence discussions at the Labor party’s national conference.

Key Facts

  • The AMWU’s manifesto proposes a new tax rate for people earning over $500,000 a year.
  • It suggests a wealth tax on assets except the family home and an inheritance tax on large inheritances.
  • The manifesto calls for higher taxes on gas exports and reform of the petroleum resource rent tax.
  • The Labor party is expected to support some of these policies in principle at its upcoming conference.
  • The union wants to add dental care to Medicare and make all education, from childcare to university, free.
  • The plan includes raising welfare payments and nationalizing the aged care system.
  • Workers should have a say on how artificial intelligence is used at work and share profits from it.
  • The manifesto supports Indigenous sovereignty and justice, including adopting the Uluru Statement from the Heart and removing symbols tied to colonial oppression.
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Guardian World
Florida and Texas Cities Still Lead America’s Population, Economic Boom

Florida and Texas Cities Still Lead America’s Population, Economic Boom

July 20, 2026 • Newsweek

Summary

Florida and Texas continue to lead the U.S. in population and economic growth, with many cities in these states showing strong development despite slowed migration after the pandemic. While growth rates have cooled, Florida and Texas still have the highest increases in overall population numbers and remain attractive due to no income tax and good job markets.

Key Facts

  • Nine Texas cities and four Florida cities are among the top 20 fastest-growing U.S. cities.
  • Out of 75 boomtowns analyzed, 18 are in Texas and 19 in Florida.
  • Florida saw a big drop in domestic migration from 310,892 in 2022 to 22,517 in 2025 but had the highest international migration at 178,674.
  • Texas had the fourth highest population growth by percentage (1.2%) and gained 391,243 people.
  • South Carolina saw the highest population growth percentage at 1.5%, followed by Idaho and North Carolina.
  • Housing prices in some Florida and Texas cities dropped over 10% from 2022 peaks, with Austin down 27.8% and Punta Gorda down 25.4%.
  • Florida’s GDP grew by 1.6% and Texas’ GDP grew by 0.9% in the latest reported quarters.
  • The slowdown is linked to higher mortgage rates and more people returning to offices.
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Newsweek
Avengers: Doomsday trailer reveals star-packed Marvel adventure

Avengers: Doomsday trailer reveals star-packed Marvel adventure

July 20, 2026 • Guardian World

Summary

Marvel released the full trailer for Avengers: Doomsday, showing many popular characters from different Marvel stories coming together. The film introduces Robert Downey Jr. as the villain Doctor Doom and aims to restart the Marvel Cinematic Universe (MCU) with a fresh story.

Key Facts

  • The Avengers: Doomsday trailer features actors like Chris Hemsworth (Thor), Paul Rudd (Ant-Man), Chris Evans (Captain America), Pedro Pascal (Fantastic Four), and others.
  • Robert Downey Jr., previously Iron Man, plays the villain Doctor Doom and reportedly earns around $100 million for this film and its sequel.
  • The Russo brothers, who direct the movie, say this film starts the MCU "from scratch" without relying on past stories.
  • Ian McKellen returns as Magneto and shared a humorous story from filming involving a shout-out to "Mar-a-Lago."
  • Marvel's recent films have had mixed success, with some movies performing only moderately well.
  • Avengers: Doomsday will be released on December 18, the same day as Dune: Part Three, setting up a potential box office competition.
  • Avengers: Endgame (2019), a previous Avengers movie, made nearly $2.8 billion at the box office and is one of the highest-grossing films ever.
  • The outcome of Avengers: Doomsday could influence the future direction of Marvel’s film franchise.
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Guardian World
Who notifies creditors and debt collectors when a borrower dies?

Who notifies creditors and debt collectors when a borrower dies?

July 20, 2026 • CBS News

Summary

When a person dies, someone must notify their creditors and debt collectors about the death. Usually, the executor or the court-appointed administrator of the deceased’s estate is responsible for informing creditors and managing the debts during probate.

Key Facts

  • The executor or personal representative of the estate typically has the duty to notify creditors after a person dies.
  • If the deceased had a will, the named executor takes this role after court approval; if no will exists, the court appoints an administrator.
  • This person must identify all debts and inform creditors like credit card companies, mortgage lenders, and loan providers.
  • The executor usually provides a death certificate and legal documents proving authority to act for the estate.
  • Creditors have a limited time during probate to submit claims for debts owed by the deceased.
  • Estate assets are used to pay valid debts before anything is given to heirs.
  • Family members who are not estate representatives are generally not required to notify creditors or pay the debts.
  • Some creditors may find out about the death from official records or relatives but the legal responsibility lies with the executor or administrator.
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CBS News
European gas prices surge amid fears US-Iran war will cause winter shortages

European gas prices surge amid fears US-Iran war will cause winter shortages

July 20, 2026 • Guardian Business

Summary

European natural gas prices have risen sharply due to increased conflict between the US and Iran, causing concerns about supply shortages this winter. The conflict has disrupted liquefied natural gas (LNG) exports from Qatar and led to fears of higher costs and the need for government action to ensure energy supplies in Europe.

Key Facts

  • Dutch natural gas prices briefly rose above €60 per megawatt hour, nearing highs seen at the start of the US-Iran conflict.
  • The US expanded its air strikes and Iran retaliated with attacks on Bahrain and Kuwait.
  • Europe's gas storage is currently less than 54% full, down from 64% at the same time last year.
  • Since February 28, only 26 LNG shipments from the Gulf have moved east, compared to 90-100 monthly normally.
  • Analysts expect Europe may have to pay €54 to €60 per MWh this autumn to restock gas supplies.
  • The conflict threatens shipping in the Strait of Hormuz, a key route for about 20% of the world’s oil and gas.
  • Oil prices also rose, with Brent crude briefly going above $90 per barrel due to the conflict.
  • Experts note UK gas prices are tied to global markets and can be affected by distant conflicts.
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Guardian Business
Exclusive discounts from CBS Mornings Deals

Exclusive discounts from CBS Mornings Deals

July 20, 2026 • CBS News

Summary

CBS Mornings Deals offers special discounts on products aimed at improving daily life. Shoppers can find these deals by visiting the website cbsdeals.com, where CBS earns commissions from sales.

Key Facts

  • CBS Mornings Deals features discounts on various lifestyle products.
  • The deals are promoted during the CBS Mornings show.
  • Customers can access the discounts by visiting cbsdeals.com.
  • CBS earns a commission when purchases are made through this website.
  • The deals are meant to help improve everyday living.
  • The promotion encourages viewers to shop online using the given link.
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CBS News
AliExpress fined record €550m by EU for allowing sale of illegal products

AliExpress fined record €550m by EU for allowing sale of illegal products

July 20, 2026 • BBC Tech

Summary

The European Union fined AliExpress €550 million for selling illegal products like unsafe toys and counterfeit clothes. The EU said AliExpress did not properly check or remove these items on its site, violating new rules under the Digital Services Act.

Key Facts

  • AliExpress was fined a record €550 million by the European Union.
  • The fine was for selling illegal and unsafe products, including fake clothes and dangerous toys.
  • The Digital Services Act requires online platforms to prevent illegal content and products.
  • The EU found AliExpress’s systems failed to detect or remove many illegal products.
  • AliExpress did not properly punish sellers who broke the rules.
  • The company has 193 million users in Europe.
  • AliExpress is owned by the Chinese company Alibaba, which had €122 billion in revenue last year.
  • The fine is the third under the Digital Services Act, following penalties for Temu and X.
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BBC Tech BBC Business
U.S. gas prices hit an average of $4 a gallon again as the U.S. and Iran launch attacks

U.S. gas prices hit an average of $4 a gallon again as the U.S. and Iran launch attacks

July 20, 2026 • PBS NewsHour

Summary

U.S. gas prices have risen to an average of $4 per gallon. This increase comes as the United States and Iran have both carried out recent attacks.

Key Facts

  • The average price for a gallon of regular gasoline in the U.S. is now $4.
  • Gas prices have returned to $4 after previously being lower.
  • One year ago, the average gas price was $3.14 per gallon.
  • The U.S. and Iran have recently launched attacks, which may be linked to the price rise.
  • The price information comes from AAA, a motor club federation.
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PBS NewsHour
Average price of gas hits $4 as Iran war heats back up

Average price of gas hits $4 as Iran war heats back up

July 20, 2026 • The Hill

Summary

The average price of gasoline in the United States has reached $4 per gallon. This increase comes as tensions between the U.S. and Iran have grown, ending a recent ceasefire.

Key Facts

  • The average gas price in the U.S. hit $4 per gallon on Monday.
  • Gas prices had been rising steadily in the days before reaching $4.
  • The price increase is linked to renewed conflict between the U.S. and Iran.
  • Before this rise, the average price was about $3.87 per gallon.
  • The ceasefire between the U.S. and Iran has recently ended, contributing to market uncertainty.
  • AAA provides reports on gasoline price trends.
  • Higher gas prices affect consumers who pay more for fuel.
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The Hill
South East Water hosepipe ban to affect 2.4 million people

South East Water hosepipe ban to affect 2.4 million people

July 20, 2026 • BBC Top Stories

Summary

South East Water has expanded its hosepipe ban to cover 2.4 million people in southern England due to very dry and hot weather. The ban restricts using hosepipes for tasks like watering plants or cleaning and aims to protect water supplies as reservoir levels drop.

Key Facts

  • The hosepipe ban adds 1.5 million customers in Sussex, Surrey, Hampshire, and Berkshire to the existing ban in parts of Kent.
  • The ban started on Saturday at 00:01 BST, but customers were asked to follow it immediately.
  • Record high temperatures in June broke UK records three days in a row, reaching 37.3°C.
  • Reservoir levels, especially at Arlington Reservoir in East Sussex, have dropped critically due to 55% less rainfall than average since March.
  • South East Water was fined £30.5 million recently for supply failures and needs more funding after losing £55 million from winter outages.
  • Some local businesses, like a pub in Tunbridge Wells, have suffered financial losses due to water shortages and temporary closures.
  • Other water providers in nearby areas, like Southern Water, are not under hosepipe bans because their water levels are stable or better.
  • Experts urge South East Water to improve its infrastructure to prevent future water supply problems.
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BBC Top Stories BBC Business
Gas prices top $4 a gallon again as U.S.-Iran conflict escalates

Gas prices top $4 a gallon again as U.S.-Iran conflict escalates

July 20, 2026 • CBS News

Summary

Gas prices in the U.S. have risen above $4 a gallon again due to increased conflict between the U.S. and Iran. The fighting has caused oil prices to go up, which makes gasoline more expensive for drivers and diesel more costly for transporting goods.

Key Facts

  • The national average gas price reached $4.003 per gallon on Monday.
  • Diesel prices averaged $5.11 per gallon, affecting the cost of many goods.
  • Gas prices first rose after Iran's war began on February 28, hitting $4.56 in May.
  • Prices went down somewhat when the U.S. and Iran reached an interim deal in June.
  • Fighting has increased again as both countries compete for control of the Strait of Hormuz.
  • Oil prices rose recently, with Brent crude at $90.95 and U.S. crude at $84.04 per barrel.
  • Two-thirds of Americans say fuel costs have hurt their household finances, according to a recent poll.
  • Rising gas prices may influence voters as U.S. midterm elections approach.
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CBS News