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.
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Elon Musk plans to sell shares of SpaceX, his space company, to the public in a large stock offering. Despite losing $2.6 billion last year, SpaceX earned $18.7 billion in revenue and aims to raise about $75 billion from this sale, which could be the biggest ever.
Key Facts
Elon Musk announced plans for a huge stock sale for SpaceX.
SpaceX lost $2.6 billion last year but made $18.7 billion in revenue.
Losses continued into the start of this year.
The amount Musk hopes to raise is around $75 billion.
This would be the largest initial public offering (IPO) in history.
The current biggest IPO was Saudi Aramco, which raised $26 billion seven years ago.
The exact amount SpaceX will raise was not included in the official filing.
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WiseTech, a logistics software company, has started laying off employees due to advances in artificial intelligence (AI). However, emails sent to Chinese staff did not mention AI, likely because of legal issues following a court case in China about AI-related job cuts.
Key Facts
WiseTech plans to cut about 2,000 jobs worldwide, around 30% of its 7,000 employees.
The layoffs are linked to changes caused by AI in the workplace.
The redundancy process began in South Korea and Mexico and will soon start in Australia and other countries.
Emails to Chinese employees removed the word “AI” and some explanations used in emails to other countries.
This change in wording is believed to respond to a recent Chinese court case where a worker, fired for AI replacement, was awarded compensation.
WiseTech says communication varies by country because of different legal rules, but their obligations to employees remain the same everywhere.
Employees have expressed low morale and frustration due to long delays and unclear communication about the layoffs.
Some workers have postponed important life decisions, like holidays or buying homes, while waiting for news about their jobs.
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Australia’s government plans to change tax rules on property investment to help renters and first-time homebuyers. The changes would limit tax benefits for investors buying existing homes but keep them for current landlords and new home constructions.
Key Facts
The government wants to limit negative gearing (a tax benefit) to new homes only and keep current landlords’ benefits unchanged.
Capital gains tax (CGT) rules will also change to make housing fairer for new buyers.
Housing and community groups support the changes, saying they will help renters and first home buyers.
Treasury predicts 35,000 fewer homes will be built due to the changes but only a small rise in rents, about $2 per week for the average renter.
Some economists and property groups warn the changes could cause home prices to drop and rents to rise significantly in some cities.
The government says the changes aim to add 75,000 first home buyers and support building 30,000 new homes over ten years.
Politicians and advocates urge lawmakers to pass the reforms quickly, calling some arguments against them misleading.
The government has also increased rent assistance to help renters alongside these tax reforms.
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The United States, Mexico, and Canada are reviewing the trade agreement that connects their economies. The U.S. wants to fix problems with Canada, such as rules that hurt American dairy farmers and other trade barriers.
Key Facts
The three countries are reviewing the U.S.-Mexico-Canada Agreement (USMCA).
The U.S. is focusing on trade issues with Canada during this review.
American dairy farmers face unfair treatment under current Canadian import rules.
Canada has restrictions that limit imports from the U.S.
Retaliatory actions from Canada have affected U.S. trade.
The U.S. aims to resolve these disputes through discussions with Canada.
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Produce prices in Southern California are rising sharply, with tomatoes leading the increase. Farmers and restaurants are facing higher costs due to tariffs, fuel, and transportation, which are being passed on to consumers.
Key Facts
Fresh fruit and vegetable prices are expected to increase by nearly 5% in 2024.
Tomato prices have risen 23% compared to last year, and 15% in March alone.
Farmers face higher costs from tariffs on materials imported from China and increased fuel prices, especially for diesel.
Transportation costs are especially high for tomatoes because they require refrigerated and quick shipping.
Restaurants, like Cuernavacas Grill in Los Angeles, are adjusting menus and using social media to promote dishes with fewer tomatoes.
Wholesale prices for some produce have gone up about 25% from last year.
The rise in produce prices is part of broader inflation, making it hard for businesses to raise prices without losing customers.
Experts say these high tomato prices may continue until 2027.
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SpaceX has shared details about its plan to sell shares to the public for the first time. If successful, the sale could value SpaceX at $1.75 trillion, making Elon Musk the first person to be worth one trillion dollars.
Key Facts
SpaceX plans to launch an initial public offering (IPO), which means selling company shares to the public.
The IPO could value SpaceX at $1.75 trillion.
This valuation could make Elon Musk the world’s first trillionaire.
The filing revealed both the company’s financial results and its future goals in space exploration.
An IPO is often used by companies to raise money from investors by selling parts of the company.
SpaceX is a space company founded by Elon Musk, known for its work on rockets and space travel.
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Billionaire Jeff Bezos suggested that low-income workers should pay no income tax to reduce their financial burden. However, experts argue that some tax contribution from everyone, including lower earners, helps support a fair and functioning society, and that taxes should be based on the ability to pay.
Key Facts
Jeff Bezos said lower earners should pay zero income tax to avoid financial strain.
Taxes fund government services and are essential for a civilized society.
The top 1% pay about 40% of federal income taxes, while the bottom half pays about 3%.
About 40% of households are expected to pay no federal income tax in 2025.
Many low-income households avoid income tax due to credits and low earnings.
Consumption taxes, such as sales taxes, often place a heavier burden on low-income people.
A small income tax from everyone can support democratic participation and fairness.
Experts suggest shifting some tax burden away from sales taxes toward income taxes for fairness.
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CBS Mornings Deals is offering special discounts on products that could be useful every day. You can find these deals on their website, cbsdeals.com, where CBS earns a commission if you buy something.
Key Facts
CBS Mornings Deals features exclusive discounts on various items.
The items shown may become useful in daily life.
Customers can visit cbsdeals.com to see and buy these deals.
Purchases through the website help CBS earn commissions.
The offers are promoted during CBS Mornings broadcasts.
The deals are designed to attract viewers to shop online.
The CBS News app and web browsers like Chrome and Safari can access these offers.
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Mortgage interest rates have risen in 2026 after some temporary declines in 2025, making borrowing more expensive for homebuyers and those refinancing their homes. As of May 21, 2026, average rates for 30-year and 15-year mortgages are significantly higher than last year, leading many borrowers to consider locking in current rates.
Key Facts
The average interest rate for a 30-year mortgage is 6.62% as of May 21, 2026.
The average rate for a 15-year mortgage is 6% as of the same date.
Refinance rates on a 30-year mortgage have increased to an average of 6.87%.
The 15-year refinance rate averages at 6%.
Rates increased compared to earlier months in 2026 and most of 2025.
Inflation is rising, and the Federal Reserve has paused interest rate cuts, with possible future increases.
Borrowers are advised to shop around for better mortgage offers and consider locking in rates to avoid potential hikes.
Some homeowners may benefit from refinancing with 20-year loans that balance shorter paybacks and monthly payments.
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Since President Donald Trump signed an executive order last year to start a deep-sea mining industry, companies have raised large amounts of money and the government is speeding up permits. Several companies are negotiating for rights to mine minerals on the seafloor, with auctions planned soon, though some questions about the companies and the process remain.
Key Facts
President Trump signed an executive order to develop a U.S. deep-sea mining industry in April last year.
At least nine companies are currently negotiating with the government for access to underwater mineral resources.
Federal regulators are fast-tracking permits to allow commercial deep-sea mining.
Areas from American Samoa to Alaska may be auctioned for seabed mining this summer and fall.
Seafloor minerals include polymetallic nodules with manganese, copper, nickel, cobalt, and some rare earth elements.
Some companies involved have unclear track records and face legal challenges.
The International Seabed Authority regulates mining on international waters but has not yet approved commercial mining.
Critics say financial outlooks for deep-sea mining projects are uncertain despite high investor interest.
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BT warns that smartphone prices may increase because many tech companies are buying a lot of semiconductor chips for artificial intelligence (AI) projects. This demand is causing shortages and higher costs for chips used in electronics like phones and routers. BT is also working to cut costs and reported steady profits despite losing many broadband customers.
Key Facts
The boom in AI has led tech companies to buy large amounts of semiconductor chips, causing shortages.
Chip shortages will likely raise smartphone prices and may increase costs for routers too.
Memory chips are used in many electronics, including phones, graphics cards, and datacenter servers.
Premium phone makers like Apple may raise prices to cover higher chip costs.
Other companies like Microsoft, Samsung, Dell, Sony, and Nintendo have already raised prices on devices.
BT plans to save £3.7 billion over the next several years and extended its restructuring to 2030.
BT lost 825,000 broadband customers in the year ending March but saw mobile phone customer losses at a record low.
BT's revenue fell by 4% to £19.7 billion, while its pre-tax profits went up by 8% to £1.4 billion.
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New data shows that Americans continue to spend money even though inflation has been high for a long time. This means people are still buying things despite worries about rising prices.
Key Facts
Consumer spending in the U.S. remains steady despite inflation concerns.
Inflation refers to the general rise in prices over time, which can reduce buying power.
The data comes from recent consumer reports analyzed by CBS News.
Americans are continuing normal shopping habits despite economic challenges.
The analysis was explained by financial expert Jill Schlesinger.
Prolonged inflation usually makes people spend less, but that is not the case currently.
This trend can impact the overall economy and market performance.
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The US government announced it will invest $2 billion in nine quantum computing companies, including big names like IBM and GlobalFoundries. This move is part of a strategy to boost American technology and jobs in the field of quantum computing.
Key Facts
The US commerce department signed letters of intent to invest $2 billion in nine quantum computing firms.
IBM will receive $1 billion, GlobalFoundries $375 million, and several smaller companies will get $100 million or less.
Among the companies funded is PsiQuantum, which has investors linked to President Donald Trump’s family, specifically his son’s venture capital firm.
The investment aims to create jobs and advance US capabilities in quantum technology.
This action follows a pattern where the government takes equity stakes in strategic companies in technology sectors.
The agreements are not final, and the government is looking for more companies to join.
Quantum computing uses atomic-level properties to perform calculations much faster than regular computers, but still faces engineering challenges.
Some companies involved have political ties, like D-Wave Quantum linked to a Pentagon official and others linked to Trump family interests.
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Plug-in hybrid electric vehicles (PHEVs) have both a gasoline engine and a battery. New data from Toyota shows most drivers of their PHEVs regularly plug in their cars to recharge the battery, allowing them to drive on electric power part of the time. Other car makers report similar results, suggesting PHEV owners do use the electric features more often than some critics thought.
Key Facts
Plug-in hybrids combine a gas engine and electric motor, needing to be plugged in to recharge the battery.
Some people believed PHEV owners rarely plug in and mainly use gas.
Toyota analyzed data from over 6,000 drivers of its RAV4 Prime and Lexus NX 450h+ models from 2021-2024.
RAV4 Prime drivers plug in on about 70% of driving days; Lexus NX drivers plug in on 80-90% of driving days.
Only 9% of Toyota PHEV owners and 4% of Lexus PHEV owners rarely plug in.
BMW, Kia, and Hyundai also report most of their PHEV owners regularly charge their vehicles.
Many other automakers with PHEVs have not shared data on how often their customers plug in.
This data challenges the view that many PHEV owners do not use the electric battery feature.
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Annuities are insurance products that pay you steady income, often used for retirement. Experts say annuities can be useful now because they offer guaranteed payments and higher interest rates than some other safe investments, but rising inflation and the need for quick access to cash may make them less ideal for some people.
Key Facts
Annuities provide a fixed income stream, helping protect against unpredictable markets.
Current interest rates on annuities are relatively high, sometimes better than certificates of deposit (CDs) or savings accounts.
Annuities have earned better returns than bonds over the past 10 years while keeping similar safety.
Some annuities come with extra features (riders) that help cover long-term care costs, which have increased significantly since 2019.
Inflation is at 3.8%, the highest in nearly three years, which can reduce the buying power of fixed income from annuities.
Inflation also increases the need for liquidity, or easy access to cash, which annuities usually limit.
Experts caution that annuities are not a perfect choice for everyone and recommend careful research before buying.
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Robin Millar, a blind UK pop producer and disability charity leader, is taking legal action against the company he co-founded, Blue Raincoat Music, over the alleged failure to provide workplace support after his cancer surgery. Millar claims disability discrimination and exclusion because his requests for assistance were denied during his recovery.
Key Facts
Robin Millar is a blind pop producer and head of a major UK disability charity, Scope.
He co-founded Blue Raincoat Music and also worked with Reservoir Media after a merger.
Millar underwent cancer surgery and requested workplace support to help with mobility challenges.
His requests for a support worker were denied by his company.
He has filed claims of disability discrimination, victimisation, and exclusion in an employment tribunal.
The company, Reservoir Media, denies wrongdoing and says they have followed relevant laws.
MPs have raised concerns about disabled people facing difficulties at work due to lack of reasonable adjustments.
A government committee report says disabled workers often leave jobs because workplaces are not accessible enough.
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TUI, Europe's top travel company, has stopped sponsoring the show Married at First Sight on Channel 4 in the UK, Australia, and the US. This decision came after reports that some women were sexually assaulted during filming and concerns about the show's ability to protect participants.
Key Facts
TUI ended sponsorship of Married at First Sight in the UK, Australia, and the US after sexual assault allegations emerged.
Some women told the BBC they were raped during filming of the UK version.
The production company for the UK version said it has a strong system to protect participants and acted correctly.
Channel 4 removed all episodes of the show from their streaming services after the allegations.
Channel 4’s CEO apologized for the distress caused to the women featured.
The media regulator Ofcom said it may tighten rules for reality TV shows if needed.
The UK Parliament’s Culture Committee has contacted Channel 4 and Ofcom to ask about their response to the allegations.
The show’s latest UK season, already filmed, is still planned to be aired despite the controversy.
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The UK government has announced £120 million in funding to support the country’s ceramics industry. The money will help manufacturers invest in new equipment for energy efficiency and cover operational costs to secure the industry’s future.
Key Facts
The government will provide £60 million for equipment investment and £60 million for operational expenses.
Ceramics UK, the industry body, is working with the government on how the funding will be used.
The ceramics sector is important to industries like aerospace, defense, clean energy, and electronics.
The industry faces challenges like high energy costs, especially gas, which makes up 90% of energy use in ceramics manufacturing.
The number of ceramics firms in North Staffordshire dropped from 137 in 2018 to 123 in 2024.
Despite fewer firms, the overall value and supply chain turnover in advanced ceramics and related products have grown since 2018.
Local reports warn that ceramics companies are vulnerable to energy price shocks due to the Ukraine war.
The funding aims to protect thousands of jobs and ensure long-term business stability.
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The UK government will reduce VAT to 5% on summer attractions and children’s meals from June 25 to September 1 to help families with costs during the school holidays. Chancellor Rachel Reeves also plans to raise taxes on multinational oil companies and postpone fuel duty increases to support cost-of-living relief.
Key Facts
VAT on summer attractions like theme parks, zoos, museums, and children’s meals will be cut from 20% to 5% between June 25 and September 1.
The “Great British Summer Savings” scheme includes free bus rides for under-16s in England during August.
If companies pass on savings, families could save about £1.50 on a child’s cinema ticket or £17 on a wildlife park visit.
Fuel duty increases planned for September and December will be delayed.
Import tariffs on some foods, including chocolate and biscuits, will be suspended, with expectations that supermarkets will lower prices accordingly.
The government will raise the tax-free mileage rate by 10p per mile for work-related driving.
Tax rules will change to make multinational oil firms pay more corporation tax on profits from UK operations, potentially raising several hundred million pounds.
The UK economy grew 0.6% in the first quarter of the year, the fastest in the G7 before the conflict in Iran affected global markets.
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