Justin Stevens has resigned from his position as ABC director of news after four years. He cited personal and professional reasons for leaving, and his departure is effective immediately.
Key Facts
Justin Stevens worked at ABC for 19 years, including four years as director of news.
ABC managing director Hugh Marks praised Stevens for his strong commitment and editorial skills.
Stevens said ABC News faces complex challenges and high public expectations.
He aimed to improve ABC’s journalism and adapt to changes in the digital news landscape.
Stevens wanted to improve the working culture in ABC News.
His resignation took effect immediately.
ABC News is considered the number one digital news provider in the country.
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The Insurance Institute for Highway Safety (IIHS) and Consumer Reports released a list of the safest cars for teen drivers, including both new and used models. The list ranks 96 vehicles based on safety features such as crash protection and emergency braking, with price ranges starting under $10,000 for used cars and including new 2026 models.
Key Facts
The list focuses on teen drivers due to their higher risk when driving.
It includes 96 cars, both new and used, selected for safety features like brakes, headlights, and emergency handling.
Used cars priced under $20,000 with top ratings include 29 models; 45 used cars priced under $10,000 offer good crash protection.
New vehicles listed are mostly 2026 models that passed recent IIHS crash tests.
Vehicles with too much horsepower or marketed for performance were excluded for safety reasons.
Minicars and large SUVs or pickups were also excluded because they are less safe or harder to control for teens.
The list provides prices and model years for various categories like small cars, midsize cars, SUVs, and larger cars.
Examples of safe used small cars under $10,000 include Hyundai Elantra, Honda Civic, and Subaru Impreza.
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French luxury department store Galeries Lafayette closed its Beijing flagship store after 13 years due to weaker consumer spending and changing shopping habits in China. The store is shutting indefinitely as the company adjusts its business model to meet modern shoppers' preferences.
Key Facts
Galeries Lafayette opened its first Beijing store in 2013 and closed it in May 2026.
The Beijing location had six floors and sold handbags, clothes, shoes, and toys.
China’s luxury market grew rapidly when the store first opened but has slowed due to COVID-19 and economic problems, including a property crisis.
The company said shoppers now want more convenience, better service, meaningful experiences, and a sense of wellbeing.
Galeries Lafayette will update its business format to address changing consumer needs.
The chain still operates stores in Shanghai (since 2018) and Shenzhen (since 2023).
Local workers noticed fewer customers before the closure and expressed surprise at the shutdown.
The closure highlights challenges faced by luxury brands in adapting to China’s evolving market conditions.
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Paul Keating has urged the Labor government to continue with its planned changes to capital gains tax (CGT) without making exemptions for commercial assets. The government wants to shift the CGT discount to an inflation-based model to reduce housing investment distortions and encourage more balanced economic growth.
Key Facts
Labor plans to change the 50% discount on capital gains tax to a system that only taxes profits above inflation.
Small businesses with revenue under $2 million will be exempt from these CGT changes.
Paul Keating supports these changes and warns against exempting commercial assets, which could cause more economic problems.
Treasurer Jim Chalmers says past tax policies favored established housing too much, harming other investment types.
Investors and entrepreneurs oppose the changes, saying they will reduce investment and risk-taking.
The legislation also includes changes to negative gearing, a $1,000 standard tax deduction, and a $250 tax offset for workers.
Labor aims to pass this legislation by July before parliament’s winter break, but the opposition Coalition wants to delay it until July 2027.
There may be Senate inquiries and negotiations involving the Greens and the Coalition about the tax changes and disability funding.
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The stock market values of chipmakers SK Hynix and Micron have each risen above $1 trillion because of high demand for computer chips used in artificial intelligence (AI). This increase is part of a larger trend where companies linked to AI technology are seeing big growth in sales and stock prices.
Key Facts
SK Hynix’s shares rose 10% in one day and have tripled since the beginning of the year.
Micron’s shares increased nearly 20% after investment bank UBS raised its price target for the company.
Both SK Hynix and Micron now have stock market values above $1 trillion.
Other companies with valuations above $1 trillion include Nvidia, Amazon, Apple, Microsoft, Alphabet (Google’s parent company), and Meta.
The demand for advanced computer chips used in AI has caused a global memory chip shortage.
South Korea’s Samsung Electronics recently joined the $1 trillion club, becoming the second Asian company to do so after Taiwan’s TSMC.
Samsung is a major chipmaker and supplies companies like Nvidia.
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Household energy bills in the UK will rise sharply in July due to higher wholesale prices caused by the war in Iran. The energy regulator Ofgem plans to increase the price cap, leading to typical households paying about £209 more per year for gas and electricity.
Key Facts
Ofgem will announce a new energy price cap for July to September that is expected to rise by 13%.
A typical household’s annual energy bill could increase to around £1,850, up by approximately £209.
The rise is linked to a 25% increase in global gas prices caused by the conflict near the Strait of Hormuz.
Wholesale energy costs make up about 40% of household gas and electricity bills.
The price cap covers about 19 million homes on variable tariffs in England, Scotland, and Wales; fixed tariff customers are not affected until their contracts end.
Many households have already reduced energy use through conservation to save money.
The government is working on targeted support plans to help those most affected before winter.
Energy bills have already increased by about £600 annually since the price rise started in 2022-23.
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The UK government plans to upgrade WiFi on more than 1,400 main line trains by using new technology that connects trains to low-earth satellites. This upgrade aims to deliver faster and more reliable internet service on trains, improving connectivity from around 50-60% coverage to at least 90%.
Key Facts
The government will spend £57 million to fund the WiFi upgrade on nationalised main line trains.
The new system uses satellites to provide internet, which should be better than current 4G and 5G mobile networks.
The upgrade follows successful trials with several train operators like LNER and Great Western Railway.
The plan is to improve WiFi availability so most passengers can connect online during their journeys.
Transport Secretary Heidi Alexander is expected to announce more details about the plan this summer.
Passenger groups say WiFi is important but still see cost, overcrowding, and delays as bigger problems for rail users.
The government is setting up Great British Railway to manage rail services and infrastructure as part of broader improvements.
The upgrade aims to solve common problems with slow internet and dead zones on trains.
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Marie Lora-Mungai has written a new book called "Creative Cash Flow." It helps African artists learn how to manage their money and business so they can keep sharing their talents.
Key Facts
African creative talents are well-known worldwide.
Many creatives struggle financially because they lack business support.
Marie Lora-Mungai advocates for developing Africa’s creative industries.
Her book provides practical financial advice tailored to African artists.
The book aims to help creatives turn their skills into sustainable careers.
"Creative Cash Flow" focuses on the business side of artistic work.
The goal is to empower African artists to maintain and grow their work.
The discussion was featured in the show Across Africa.
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Samsung Electronics workers in South Korea agreed to a deal that gives them large annual bonuses, avoiding a strike. The company’s profits have grown significantly because of increased demand for memory chips used in artificial intelligence (AI) data centers.
Key Facts
Around 78,000 Samsung employees will each get a bonus of about $370,000 this year.
The bonus deal was approved by more than 73% of Samsung union members.
The deal ends the threat of an 18-day strike that worried South Korea’s economy.
Samsung’s memory chip profits rose sharply due to high demand for AI technology.
Bonuses for semiconductor workers will be partly paid in company shares and partly in cash.
Samsung Electronics accounts for about 12.5% of South Korea’s gross domestic product (GDP).
Last year, SK hynix, another chipmaker, paid bonuses more than three times larger than Samsung.
Large bonuses help keep highly skilled workers in South Korea amid growing competition from U.S. tech companies.
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The U.S. government has picked five companies to discuss using surplus plutonium from old nuclear weapons as fuel for advanced nuclear reactors. This move follows President Donald Trump’s order to stop diluting plutonium for disposal and instead use it as fuel, aiming to create cleaner energy but raising some safety and security concerns.
Key Facts
The U.S. Department of Energy chose five companies, including Oklo, to develop fuel from Cold War-era plutonium.
The plutonium comes from dismantled nuclear warheads and lasts for about 24,000 years.
Oklo is working with newcleo, a European company, to create this new fuel.
President Trump ordered the halt of diluting and disposing of plutonium in May last year.
Some lawmakers worry that using weapons-grade plutonium as fuel could cause security risks.
Other companies involved are Exodys Energy, SHINE Technologies, Standard Nuclear, and Flibe Energy.
The program aims to help companies get private funding to develop advanced nuclear reactors.
Using the plutonium as fuel could reduce the amount of nuclear waste the U.S. has to manage.
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BP removed its Chair, Albert Manifold, because of serious concerns about how he managed the company and behaved. The decision was made quickly and unanimously by the board, and Ian Tyler will temporarily take over while BP looks for a new permanent chair.
Key Facts
Albert Manifold was removed as BP Chair and director due to governance and conduct issues.
The board acted immediately and agreed unanimously on his removal.
Ian Tyler, a BP board member since April 2025, will serve as interim chair.
BP will start searching for a new permanent chair.
Manifold became chair less than a year before his removal.
Manifold previously led CRH, a global building materials company.
BP’s earnings in 2025 dropped by 16% to $7.49 billion.
BP’s share price fell 5% on the New York Stock Exchange on the day of the announcement.
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The police investigation into the Post Office Horizon IT scandal could be delayed by up to five years without extra funding. The investigation team needs to nearly double in size to keep on track to submit files for possible prosecutions by late next year or early 2028.
Key Facts
The investigation is called Operation Olympos and started in 2020.
It looks into errors in the Horizon IT system used by the Post Office since 1999.
The system caused false accounting shortfalls wrongly blaming sub-postmasters.
Over 900 people were prosecuted, some went to prison, and some died waiting for justice.
111 detectives are currently working on the case, but 99 more are needed.
Police have received £2.8 million from the Home Office but need £16.5 million more this year.
Detectives are reviewing around 8 million documents to find evidence.
Police forces are already under heavy pressure, making funding delays more serious.
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Many people are struggling to pay off their debts because of higher costs and high credit card interest rates. Selecting the right debt relief plan depends on the type of debt, your financial situation, and how it might affect your credit score.
Key Facts
Credit card interest rates average about 22%, making debt grow quickly for those who carry balances.
Rising prices of everyday items reduce the money available to pay both debts and living expenses.
There are many debt relief options, but not all work for every type of debt.
Unsecured debts (like credit cards and personal loans) can be managed with programs like debt settlement or consolidation loans.
Secured debts (like mortgages or car loans) usually require different solutions.
Debt settlement involves negotiating with creditors to reduce the amount owed but can harm your credit score.
Debt consolidation combines multiple debts into one loan, often with a lower interest rate, to save money.
Bankruptcy is another option that affects a wide range of debts but has long-term financial consequences.
Your current income, savings, and cash flow influence which debt relief strategies are possible for you.
Some strategies require consistent lowered payments, while others pause payments temporarily.
It’s important to consider if your financial situation might improve soon before choosing a plan.
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Reform UK has proposed a plan to reduce the civil service workforce by 13%, aiming to save over £5 billion a year. The plan includes cutting more planning officers and psychologists supporting prison staff than currently exist, which has raised concerns about the feasibility and impact of these cuts.
Key Facts
The Reform UK plan aims to cut 13% of civil service jobs to save £5 billion yearly.
It proposes reducing planning roles by 450, but only 445 planners exist in total.
The plan includes cutting 440 planning inspectors who handle appeals and large projects.
There is a proposal to cut 930 occupational psychology jobs, mostly supporting prison officers.
The civil service has about 1,390 psychologists, with 90% working in prison services.
A cut of 2,500 security jobs is planned, which is about a quarter of all such roles in the civil service.
Most security jobs are in the Ministry of Defence and Foreign Office, including cybersecurity roles.
Critics say the plan could reduce support for prisons, security of sensitive sites, and the ability to manage planning appeals.
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This article explains the best places to keep a $40,000 emergency fund in today’s economic situation. It recommends using high-yield savings accounts and money market accounts for both safety and earning interest, while advising against using certificates of deposit (CDs) and traditional savings accounts because of limited access or lower returns.
Key Facts
High-yield savings accounts offer interest rates near 4% and allow easy deposits and withdrawals.
Money market accounts have similar interest rates to high-yield savings and let you write checks, offering easy access.
Both high-yield and money market accounts are FDIC-insured up to $250,000, protecting your money.
Certificates of deposit (CDs) have fixed rates but require funds to be locked in, with penalties for early withdrawal.
Traditional savings accounts typically pay lower interest rates and are less profitable for emergency funds.
Inflation is currently at a three-year high, making careful money placement important.
Higher interest rates make borrowing more expensive, increasing the need for accessible emergency funds.
Online tools make it easier to compare rates and find the best savings options available.
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A high-yield savings account with $150,000 can earn around $6,000 in interest over one year at current rates near 4%. These accounts offer a safer place to keep money compared to stocks or bonds, with easy access to funds and federal insurance protection up to $250,000.
Key Facts
Traditional savings accounts have low interest rates, under 0.40% on average.
High-yield savings accounts offer around 4% or higher interest rates now.
$150,000 deposited at 4% interest could earn about $6,000 after one year.
Interest rates on these accounts can change but are likely stable in the near term.
Unlike certificates of deposit, high-yield savings accounts allow easy access to money.
High-yield savings accounts are insured by the FDIC up to $250,000, protecting deposits.
Online banks often offer higher interest rates than banks with physical branches.
Additional deposits and compounding interest can increase total earnings.
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Campaigners are urging the government to move forward with banning zero-hours contracts, which do not guarantee workers a set number of hours. While business leaders warn this could reduce hiring and flexibility, groups like the TUC and Child Poverty Action Group argue that more secure contracts would help workers, especially parents, plan their lives and combat poverty.
Key Facts
Zero-hours contracts do not guarantee a minimum number of work hours for employees.
Over one million people in the UK work on zero-hours contracts, often in hospitality, warehouses, and the NHS.
The Employment Rights Act was approved but some details, including on zero-hours contracts, are yet to be implemented.
Ministers delayed a consultation on zero-hours contracts; it is now expected before the end of summer with new rules planned for next year.
Business groups warn that banning zero-hours contracts would reduce flexibility and lead to fewer jobs.
Campaign groups say insecure hours make it hard for workers to plan finances, get mortgages, and challenge bad treatment at work.
Some business leaders support ending zero-hours contracts but worry about having to commit to fixed hours permanently.
Advocacy groups say securing work hours could help reduce child poverty and support working parents.
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The price of gold has dropped about 19% since its high in January 2026, now costing around $4,510 per ounce, down from nearly $5,590. This lower price creates a chance for investors to buy gold more affordably, which can help protect against rising inflation and is easier to do now thanks to online platforms and retail options.
Key Facts
Gold’s price fell close to 20% from its January 2026 peak of $5,589.38 per ounce to about $4,510.96.
The price decline means investors can buy gold at a much more affordable cost than earlier this year.
Gold prices can change daily due to market shifts, inflation, and geopolitical events.
Gold often acts as a hedge, meaning it helps protect investors during times of high inflation.
Inflation increased again in March and April 2026, reaching the highest rate since May 2023.
Investors can buy gold easily online or from stores like Costco and Walmart.
Experts suggest not investing more than 10% of a portfolio in gold to balance risks and benefits.
Investing methods like fractional gold or dollar-cost averaging allow entry without paying the full ounce price upfront.
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India’s Zee Entertainment is in talks with FIFA to show the 2026 World Cup on TV and online in India. This comes as a deal between Reliance-Disney and FIFA is stuck, with the tournament starting on June 11.
Key Facts
Zee Entertainment announced talks with FIFA to broadcast the 2026 World Cup in India.
Negotiations with a Reliance-Disney joint venture are currently at a deadlock.
FIFA initially asked for $100 million for broadcast rights for 2026 and 2030 World Cups in India but recently lowered the price to around $60 million.
Reliance-Disney offered about $20 million, which is well below FIFA’s asking price.
Sony had talks but chose not to bid for the World Cup rights in India.
FIFA has signed broadcasting deals in more than 180 countries worldwide.
Zee launched Unite8 Sports, a group of sports channels, to expand its sports content.
India had nearly 84 million TV viewers for the 2022 World Cup and had the second-highest global engagement after China.
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A Lego model of St Edmundsbury Cathedral in Suffolk was completed after 10 years, using about 200,000 Lego bricks. The project involved over 70 volunteers and raised more than £100,000 by adding a brick for every £1 donated.
Key Facts
The Lego cathedral model started on May 28, 2016, and finished in 2024.
Around 200,000 Lego pieces were used to build the replica.
More than 70 volunteers helped with the project.
The project raised over £100,000 through donations, with one brick added for every pound donated.
The model is one of four Lego cathedral builds in the UK, alongside Durham, Exeter, and Chester cathedrals.
The idea was inspired by a company called Bright Bricks, which provided design plans and some bricks.
The project faced challenges such as difficult instructions, maintaining volunteers, and delays due to the global pandemic.
The Lego model now serves as a community accomplishment and fundraiser for St Edmundsbury Cathedral.
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