Three executives from a telecom company in the U.S. have been charged with stealing over $20 million through false records and fake transactions. Their parent company, Telekom Malaysia, reported the fraud to U.S. authorities and avoided criminal charges by cooperating and agreeing to pay back the money.
Key Facts
Three executives—Mohd Hafiz Lockman, Mohd Yuzaimi Yusof, and Khanh Thuong Nguyen—are charged with wire fraud and identity theft.
They allegedly stole more than $20 million from Telekom Malaysia’s U.S. subsidiary.
The fraud included fake sales, impersonating suppliers, intercepting payments, and claiming fake work expenses.
For one fake trip, they took pictures later to make it look real.
Telekom Malaysia reported the fraud to the U.S. attorney’s office and is cooperating with the investigation.
The company avoided charges by agreeing to pay restitution and report any future crimes for three years.
This case is the first prosecution under a new self-reporting program launched by the U.S. government.
The accused executives were released on bond and have not yet entered pleas.
Read the Original
Want the full story? Tap a source to open the original
article.
A new report from New York City Comptroller Mark Levin warns that artificial intelligence (AI) could lead to thousands of job losses in New York City this year. The report highlights both positive and negative possible effects of AI on the city’s economy, urging local leaders to prepare financially for risks while encouraging policies that support AI’s benefits.
Key Facts
AI could eliminate about 52,500 jobs in New York City as soon as this year in a pessimistic scenario.
The most likely scenario predicts AI will add about 52,000 jobs per year through 2030 by improving productivity.
New York City Comptroller Mark Levin calls AI a “radical transformation” for the city’s financial capital.
New York has hundreds of AI-focused companies and around one million workers who might be affected by AI changes.
Levin suggests creating a multi-billion-dollar financial reserve to protect the city against economic harm caused by AI.
The report adapts national AI economic models from Moody’s Analytics to predict impacts specific to New York City.
AI-driven job cuts have already appeared in industries such as technology and airlines nationwide.
Local policies should support federal efforts to manage AI’s risks and opportunities.
Read the Original
Want the full story? Tap a source to open the original
article.
A certificate of deposit (CD) account offers fixed, higher interest rates compared to traditional savings accounts, making it a helpful option for savers in today’s economy. To make the most of a CD account, people should avoid common mistakes like not comparing rates online, choosing short-term CDs over long-term ones, and depositing money they might need to withdraw early.
Key Facts
Inflation is high and interest rates are expected to stay steady for now.
CD accounts can offer interest rates of 4% or more, much higher than the average 0.38% on regular savings accounts.
CD rates are fixed, meaning they stay the same regardless of economic changes.
Online banks often offer higher CD rates than local banks because they have lower costs.
Long-term CDs earn more in the long run due to interest compounding, even if short-term rates seem similar.
Early withdrawal from a CD usually comes with a fee, so you should only deposit money you don’t need right away.
Interest rates cycle over time and will eventually go down again, so locking in a high rate now can be beneficial.
Read the Original
Want the full story? Tap a source to open the original
article.
Eli Lilly announced that its new obesity drug, retatrutide, showed strong results in a late-stage clinical trial. Patients who used the drug once a week lost up to 30% of their body weight, meeting the main goals of the trial.
Key Facts
Retatrutide is an obesity drug developed by Eli Lilly.
The drug is given as a once-weekly injection.
In the phase 3 clinical trial, retatrutide helped patients lose up to 30% of their body weight.
The trial met its primary goal and important secondary goals related to weight loss.
The highest dose tested led to an average weight loss of 28.3%.
The drug is still considered investigational, meaning it has not yet been fully approved for general use.
The results suggest significant potential for treating obesity with this medication.
Read the Original
Want the full story? Tap a source to open the original
article.
A recent survey by JD Power shows that nearly 90% of Americans expect prices for everyday goods to go up in the next three months. The survey included 4,000 people and was done in April.
Key Facts
About 90% of Americans fear higher prices soon.
The survey focused on everyday essential items.
It was conducted by JD Power, a data analytics company.
The survey included 4,000 respondents.
46% of people said they were "somewhat" worried about price increases.
The report is part of a monthly consumer sentiment series.
It reflects widespread concern about inflation and costs.
Read the Original
Want the full story? Tap a source to open the original
article.
Zillow lost access to thousands of Chicago-area home listings after filing an antitrust lawsuit. Zillow claims that Midwest Real Estate Data (MRED) and the real estate brokerage Compass are hiding homes in a private network, limiting what buyers can see and harming competition.
Key Facts
Zillow’s Chicago listings dropped from about 5,000 to 1,700 after losing access to MRED’s data.
Zillow sued MRED and Compass, accusing them of working together to hide listings in a “Private Listing Network” (PLN).
Zillow says Compass uses the hidden listings to attract buyers exclusively to its agents, potentially making more profit by controlling deals.
MRED says Zillow broke contract rules by blocking certain listings, causing Zillow to lose access to 43,000 listings.
MRED calls Zillow’s complaint an issue that should be handled by arbitration, not court.
Compass argues the lawsuit is about marketing choices and says restricting listing visibility protects consumer choice.
Zillow wants a court order to stop the alleged hiding of listings and promote transparency in the housing market.
Other platforms like Redfin and Realtor.com currently have more listings available in Chicago than Zillow does.
Read the Original
Want the full story? Tap a source to open the original
article.
Hotels in U.S. cities hosting the 2026 FIFA World Cup are seeing fewer bookings than expected a few weeks before the tournament begins. Factors like visa problems, less international travel, and high ticket prices are causing lower hotel demand, even though over 5 million tickets have been sold.
Key Facts
Eleven U.S. cities will host 78 of the 104 World Cup games from June 11 to July 19, with the rest in Canada and Mexico.
Almost 80% of hotel owners say bookings are below what they first expected.
Kansas City reports 85-90% of hotels have booking numbers lower than a usual June or July.
Houston and Seattle also show weaker booking rates, between 65% and 75% below expectations.
Visa issues and global political concerns are keeping many international travelers from visiting.
Some cities like Atlanta are doing better and expect more bookings soon.
Vancouver and Toronto in Canada are experiencing similar hotel booking challenges.
Experts expect stadiums will be full but say the U.S. and FIFA need to make travel easier for visitors.
Read the Original
Want the full story? Tap a source to open the original
article.
Social Security disability benefits are generally protected from garnishment by private creditors, meaning most lenders and debt collectors cannot take this money. However, some federal debts like taxes, student loans, and child support can lead to garnishment or reductions in these benefits.
Key Facts
Social Security disability benefits include SSDI (earned benefits) and SSI (needs-based program).
Federal law protects most Social Security benefits from garnishment by private creditors such as credit card companies.
Banks protect up to two months’ worth of Social Security benefits from being taken in many cases.
Federal debts like unpaid taxes, defaulted federal student loans, child support, and alimony can lead to garnishment or reduction of SSDI benefits.
The Treasury Offset Program can reduce Social Security benefits to cover certain federal debts.
SSI benefits have stronger protections and usually cannot be garnished for federal tax or student loan debts.
Mixing Social Security benefits with other funds in a bank account can make protections more complicated.
If benefits are mixed with unprotected funds, creditors may be able to access the account after a court judgment.
Read the Original
Want the full story? Tap a source to open the original
article.
Putting $40,000 into a long-term certificate of deposit (CD) can earn a guaranteed return at current interest rates of around 4% or higher. CDs lock in a fixed interest rate for a set time, helping savers avoid market ups and downs while growing their money steadily.
Key Facts
A CD is a savings account that pays a fixed interest rate for a specific period.
Current long-term CD rates range from about 3.9% to 4.16% depending on the term length.
An 18-month CD at 4.15% can earn about $2,515 on $40,000.
A 10-year CD at 3.9% could earn about $18,643 on the same amount.
CDs require you to keep your money locked in for the term to avoid withdrawal penalties.
High-yield savings accounts offer similar interest rates but with variable (changing) rates and easier access to funds.
CDs provide steady, predictable growth since their interest rates do not change over time.
Choosing the right CD term is important to balance earnings and access to money.
Read the Original
Want the full story? Tap a source to open the original
article.
James Murdoch's company, Lupa Systems, is buying New York magazine, the Vox Media Podcast Network, and the Vox editorial brand from Vox Media. The deal, worth over $300 million, will make these media outlets part of Lupa and aims to expand Murdoch's media presence with a focus on strong journalism.
Key Facts
James Murdoch, son of Rupert Murdoch, is acquiring parts of Vox Media through his company Lupa Systems.
The purchase includes New York magazine, several of its related websites, and the Vox Media Podcast Network.
The deal does not include some Vox brands like Eater, Popsugar, The Verge, and others.
The Vox Media Podcast Network includes popular shows such as "Criminal" and "Pivot."
The purchase price is estimated to be over $300 million.
Current Vox CEO Jim Bankoff will continue leading the merged company after the deal closes.
New York magazine’s editor-in-chief promised the magazine will keep its independent journalism.
This acquisition is part of James Murdoch building his own media group distinct from the rest of the Murdoch family empire.
Read the Original
Want the full story? Tap a source to open the original
article.
Since President Donald Trump signed an order to start a deep-sea mining industry, companies have raised millions from investors and federal regulators are speeding up permission processes. Several companies are negotiating with the government to mine minerals from the ocean floor in U.S. waters, with auctions expected soon, but questions remain about the companies’ reliability and how the minerals will be processed.
Key Facts
President Trump signed an executive order in April 2025 to create a deep-sea mining industry in the U.S.
Federal agencies NOAA and the Bureau of Ocean Energy Management are leading permit approvals.
Companies could begin mining sections of the ocean floor near places like Alaska and American Samoa.
Polymetallic nodules on the seabed contain valuable metals like manganese, copper, nickel, and cobalt.
Some companies seeking permits have histories of legal issues or uncertain business records.
The U.S. government aims to speed up permit processing, with a lease sale planned as early as August 2026.
The industry is new, and commercial deep-sea mining has never before been approved in international waters.
The effort is partly intended to reduce U.S. reliance on China for critical minerals.
Read the Original
Want the full story? Tap a source to open the original
article.
Musicians Tinie Tempah and Skye Newman warn that the music industry may exclude working-class artists if small music venues close and efforts to find diverse talent do not increase. They say these venues are important places where new musicians learn and grow, and losing them could mean missing future successful artists.
Key Facts
Small music venues help new music scenes grow and train artists by giving them performance experience.
Tinie Tempah and Skye Newman say working-class musicians face challenges because making music professionally requires a lot of money and support.
Newman calls for more programs to find talent in underprivileged areas to give equal opportunities.
Tempah supports campaigns to save small venues, saying the UK’s global music influence started from these grassroots spaces.
They believe losing small venues will reduce musical diversity and harm the rise of new styles and artists.
Grime music, which has roots in Black British culture, usually emerges from local scenes supported by small venues.
The music industry currently lacks new underground scenes gaining wide recognition.
Supporting smaller venues and diverse talent is vital to keep the music industry representative and innovative.
Read the Original
Want the full story? Tap a source to open the original
article.
Air travel in the summer could face many problems like higher prices, flight delays, and cancellations. Airlines are struggling with staffing shortages, bad weather, and higher fuel costs, which may make travel plans harder for passengers.
Key Facts
In 2025, flight delays were the worst since 2014, with one in 12 flights arriving at least an hour late.
Airlines canceled over 100,000 flights last year; American, Frontier, and JetBlue canceled the most, while Allegiant, Hawaiian, and Southwest canceled the fewest.
Shortages of air traffic controllers and bad weather cause many delays, but airlines also schedule more flights than airports can handle.
Some airports, like Chicago O'Hare, have limited flights to reduce delays.
Passenger numbers are expected to increase this summer, with United Airlines forecasting 53 million travelers from June to August.
Rising jet fuel prices, influenced by the Iran war, are causing airlines to raise prices and cut less profitable routes.
Passengers have rights to refunds if their flights are canceled and they choose not to travel or be rescheduled.
Budget airline Spirit Airlines has left the market, possibly improving overall on-time performance for other carriers.
Read the Original
Want the full story? Tap a source to open the original
article.
Michael Thomson, former head of London Capital & Finance (LC&F), was jailed for six months for breaking a court order by selling luxury items like a hot tub. LC&F collapsed after selling mini-bonds that promised returns but invested money in risky projects, causing investors to lose millions.
Key Facts
Michael Thomson and his wife, Debbie, were found guilty of breaking a Serious Fraud Office (SFO) restraining order.
The couple sold luxury items worth nearly £5,800 and received a £2,000 holiday refund despite the order.
Thomson was already serving a suspended sentence for transferring £95,000 to hide it from investigators.
LC&F collapsed in 2019 after raising £236 million from investors through mini-bonds promising up to 8% annual returns.
Most of the invested money went into risky businesses like property developments, oil exploration, and a helicopter purchase.
A Brighton marketing company received £58 million in commission for promoting the mini-bonds.
The UK government created a compensation scheme to help victims, which has paid out over £173 million so far.
SFO investigators say the Thomsons' actions caused more than £100,000 in investor assets to disappear.
Read the Original
Want the full story? Tap a source to open the original
article.
The prices of America’s most expensive homes are rising, with some listings reaching $400 million. However, actual sales tend to be far lower, showing limits in buyer demand even among the very wealthy.
Key Facts
A Bel-Air estate listed for $400 million is the highest-priced home ever publicly marketed in the U.S.
The Bel-Air mansion has 70,000 square feet, 39 bedrooms, and 59 bathrooms.
"The One" in Los Angeles was originally listed near $500 million but sold at auction for about $141 million.
In Aspen, "Little Lake Lodge," a 74-acre estate with multiple homes and a private lake, is listed for $300 million but has not sold.
Florida’s Gordon Pointe estate in Naples is listed at $271 million but faces concerns over flooding risk.
A mega-estate in Key Biscayne, Miami, is listed for $237 million and is noted for its historic connections.
Many ultra-luxury homes rely on unique features or history to justify high prices, but sales show buyers are cautious.
These trends highlight how even very rich buyers have limits on what they will pay for luxury real estate.
Read the Original
Want the full story? Tap a source to open the original
article.
Walmart said higher gas prices are causing American shoppers to spend less in other areas. The company expects its sales growth to slow between May and July because of rising fuel costs linked to the war in Iran.
Key Facts
Walmart expects slower sales growth of 4% to 5% between May and July, down from 7.3% earlier this year.
Higher gas prices are squeezing household budgets as oil prices rise due to the Iran war.
The average price of a gallon of gas in the US is $4.56, up from $3 at the start of the conflict.
Walmart’s finance chief said higher tax refunds helped shoppers cope so far, but this effect is ending.
If the Strait of Hormuz remains closed, Walmart may need to raise food prices due to shortages of fertilizer ingredients.
Walmart’s profit for the first quarter was $5.3 billion, an 18.8% increase from last year.
The company's shares dropped 7% after it gave a cautious sales forecast.
Walmart is the largest private employer in the US, making its sales reports an important sign of consumer health.
Read the Original
Want the full story? Tap a source to open the original
article.
Europe’s economy is slowing down because the war in Iran has made energy more expensive. Business activity in the eurozone shrank in May, and inflation rose, causing worries about a long-lasting rise in living costs and a possible recession.
Key Facts
The war in Iran has caused energy prices to rise sharply in Europe.
Eurozone business activity fell at its fastest rate in over two years in May.
Inflation in the eurozone increased, putting more pressure on living costs.
The European Commission lowered its growth forecasts for the eurozone economy.
Germany and France experienced drops in private sector activity due to higher fuel and energy costs.
New orders and exports across the eurozone’s private sector declined significantly.
Services activity, which is very important to the European economy, contracted the most since February 2021.
The situation is making it harder for central banks to decide on interest rates and for governments to support consumers.
Read the Original
Want the full story? Tap a source to open the original
article.
Volition America has started a contest where American veterans and first responders can enter to win a Jeep Wrangler. The company’s CEO, John Sapiente, and Lt. Col. Dan Rooney shared information about the sweepstakes on CBS News.
Key Facts
Volition America is hosting a contest for veterans and first responders.
The prize is a Jeep Wrangler vehicle.
CEO John Sapiente and Lt. Col. Dan Rooney discussed the contest on CBS News.
The sweepstakes is aimed at honoring and supporting vets and first responders.
Participants enter for a chance to win the Jeep Wrangler.
Details about the contest were provided to the public through CBS News coverage.
The initiative highlights Volition America’s engagement with military and emergency communities.
Read the Original
Want the full story? Tap a source to open the original
article.
President Donald Trump is seeking to gain permanent authority to impose trade restrictions without needing new approval from Congress each time. This involves expanding the use of Section 301, a trade law that currently allows the president to act against unfair trade practices but with limits.
Key Facts
President Trump wants permanent powers to impose trade measures.
Section 301 is a law that lets the president respond to unfair trade actions.
The law is currently targeted and requires congressional oversight.
Trump’s proposal could allow the president to act without Congress.
This change could shift how trade disputes are managed in the U.S.
Critics worry it may give too much power to the executive branch.
The issue relates to managing trade conflicts and tariffs.
Read the Original
Want the full story? Tap a source to open the original
article.
A bank levy lets creditors freeze and take money from your bank account to pay off a debt after winning a court case. However, there are rules and protections that can limit how much money a creditor can take, especially for certain types of funds and depending on state and federal laws.
Key Facts
A bank levy allows a creditor to freeze and seize funds from your bank account after obtaining a court judgment.
Creditors can take money up to the full amount owed, including interest and fees, but not necessarily the entire account balance.
Federal law protects certain funds from being taken, such as Social Security benefits, veterans' benefits, and federal student aid.
Banks must automatically protect two months' worth of these protected payments from being taken.
State laws may protect a minimum balance or recent wage deposits and allow debtors to contest the levy.
Most private creditors need a court judgment before they can levy an account, but some government agencies can levy without one.
Many people do not get advance notice when their accounts are frozen or funds are taken.
Read the Original
Want the full story? Tap a source to open the original
article.
