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Business news, market updates, and economic developments

Lower fuel prices help drive inflation down to 2.6%

Lower fuel prices help drive inflation down to 2.6%

July 22, 2026 • BBC Business

Summary

The UK inflation rate dropped to 2.6% in the year ending June, mainly because fuel prices went down. Food prices also decreased, especially for items like chocolate, beef, and margarine.

Key Facts

  • Inflation in the UK slowed from 2.8% in May to 2.6% in June.
  • Lower fuel prices, especially diesel, contributed to the drop in inflation.
  • Food prices fell for products including chocolate, beef, and margarine.
  • The data comes from the Office for National Statistics (ONS).
  • The ONS chief economist, Grant Fitzner, noted fuel price drops helped reduce inflation.
  • Related issues include household struggles to afford essentials and planned VAT cuts on electricity bills.
  • The report was published recently and reflects economic changes affecting everyday costs.
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BBC Business BBC Top Stories
Meat multinational faces legal challenge over green credentials of $6bn global expansion plan

Meat multinational faces legal challenge over green credentials of $6bn global expansion plan

July 22, 2026 • Guardian World

Summary

The world’s largest meat company, JBS, is facing a legal challenge in the Netherlands to disclose how its $6 billion global expansion plan fits with environmental and human rights responsibilities. Greenpeace has filed a petition asking Dutch courts to check if JBS is following local laws and its own promises related to climate and social care.

Key Facts

  • JBS plans to spend $6 billion on expanding its meat business worldwide, including $2.5 billion to build six large meat plants in Nigeria.
  • Greenpeace seeks information to verify if JBS complies with Dutch laws on “duty of care” and its publicly stated environmental and social commitments.
  • The legal case is the first of its kind targeting a meat company’s climate and social responsibilities, similar to recent lawsuits against fossil fuel firms.
  • Critics worry JBS’s expansion could harm small farmers, food security, land use, and increase methane emissions, a potent greenhouse gas.
  • JBS moved its headquarters to the Netherlands in 2023 to access global financial markets and better raise capital.
  • Greenpeace and other groups say JBS must follow stricter Dutch rules on transparency and corporate responsibility.
  • The lawsuit reflects concerns over JBS’s history of not fully meeting its sustainability promises, especially in Brazil.
  • Environmental groups hope the case will set a new legal standard for holding agriculture companies accountable for climate impacts.
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Guardian World
Government to restore £2 cap on bus fares in England

Government to restore £2 cap on bus fares in England

July 22, 2026 • BBC Business

Summary

The government in England will lower the maximum price for a single bus ticket back to £2 starting January 2027. This change aims to help people with living costs and will cost over £500 million.

Key Facts

  • The bus fare cap in England will return to £2 from January 1, 2027.
  • The policy is expected to cost more than £500 million.
  • The original £2 cap was introduced in January 2023 by the previous Conservative government and later extended.
  • In January 2025, the fare cap was raised to £3 by Sir Keir Starmer's Labour government.
  • The £2 fare cap was first used in Greater Manchester in September 2022.
  • The fare cap helps lower-income passengers most and has increased bus use by about 13%.
  • The Burnham government plans to fund the £2 cap by canceling Sir Keir Starmer’s digital ID scheme.
  • The fare cap applies to buses outside London on a voluntary basis by bus operators.
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BBC Business
Japan’s exports and imports grow as yen weakens

Japan’s exports and imports grow as yen weakens

July 22, 2026 • AP News

Summary

Japan had a trade deficit of 406.9 billion yen ($2.5 billion) in June due to higher oil import prices. Both exports and imports increased sharply, helped by a weaker yen, with exports growing 19% and imports rising 25% compared to last year.

Key Facts

  • Japan’s trade deficit in June was 406.9 billion yen, reversing a surplus from a year ago.
  • Exports rose 19% to 10.9 trillion yen, including more semiconductor shipments.
  • Imports increased 25% to 11.3 trillion yen, driven by higher oil prices.
  • The Japanese yen weakened against the dollar, moving from 140 yen per dollar to about 163 yen.
  • Japan imports almost all its oil, and disruptions in the Strait of Hormuz have affected shipments.
  • Oil imports from the U.S. to Japan jumped nearly five times compared to last year.
  • Brent crude oil prices rose from about $60 to a high of $114 per barrel this year, recently falling to around $90.
  • For the first half of 2024, exports increased nearly 14% and imports rose almost 11%, resulting in an overall trade deficit of about one trillion yen.
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AP News
Teen makes close to $100k after finding Lakers jacket from 1972 NBA Finals at Goodwill

Teen makes close to $100k after finding Lakers jacket from 1972 NBA Finals at Goodwill

July 22, 2026 • CBS News

Summary

A 19-year-old named Quinn Brown bought a 1972 NBA Finals Lakers jacket at a Goodwill store for just over $3. This jacket, worn by basketball legend Wilt Chamberlain, sold for almost $100,000 online.

Key Facts

  • Quinn Brown is 19 years old and likes selling items online.
  • He found the Lakers jacket from the 1972 NBA Finals at a Goodwill store.
  • The jacket originally belonged to Wilt Chamberlain, a famous basketball player.
  • Brown bought the jacket for just over $3.
  • He later sold the jacket for close to $100,000.
  • The jacket is considered valuable because of its age and connection to NBA history.
  • This story was reported by CBS News.
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CBS News
Canada cancels joint bridge-opening event with US after Trump announces tariffs

Canada cancels joint bridge-opening event with US after Trump announces tariffs

July 22, 2026 • AP News

Summary

Canada canceled a planned joint ceremony with the United States to celebrate the opening of the Gordie Howe International Bridge after President Donald Trump announced a 50% tariff on many Canadian goods. The tariffs were imposed due to disputes over trade issues involving U.S. cars, alcohol, and dairy products.

Key Facts

  • The Gordie Howe International Bridge connects Detroit, Michigan, and Windsor, Ontario.
  • The bridge project has been under construction since 2018 and cost almost $4.4 billion.
  • Canada funded the bridge and will recover costs through tolls.
  • A joint U.S.-Canada ceremony to open the bridge was planned but canceled by Canada because of new U.S. tariffs.
  • President Trump announced a 50% tariff on most Canadian goods, citing unfair treatment of U.S. automotive, alcohol, and dairy products by Canada.
  • Canada will hold its own opening ceremony without the U.S. participation.
  • The tariffs will take effect in 30 days, giving time for further trade talks.
  • The bridge is expected to open to traffic on July 27, 2026, despite the political tensions.
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AP News
Chile’s Congress puts President Kast’s economic overhaul on track to becoming law

Chile’s Congress puts President Kast’s economic overhaul on track to becoming law

July 22, 2026 • AP News

Summary

Chile’s Congress has approved most parts of a major economic reform proposed by President José Antonio Kast to boost growth and reduce the budget deficit. The bill lowers corporate taxes, changes tax rules for new homes, and affects free tuition for some universities, and it now awaits final approval on a small issue about municipal compensation.

Key Facts

  • Chile’s Congress approved nearly all changes to President Kast’s economic reform package.
  • President Kast took office about three months ago and aims to improve the economy.
  • Chile’s economy shrank by 0.5% in early 2026, and unemployment rose to 9.4%.
  • The reform will cut the corporate tax rate from 27% to 23% gradually.
  • New homes will be exempted from the country’s value-added tax.
  • The program limiting which universities can offer free tuition will be changed.
  • Private companies can seek compensation when environmental issues delay projects.
  • The bill still needs to resolve one small issue about how municipalities get compensated for tax breaks before it becomes law.
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AP News
'I can't afford to turn the oven on': 7.4m households struggling to buy essentials

'I can't afford to turn the oven on': 7.4m households struggling to buy essentials

July 21, 2026 • BBC Business

Summary

Nearly two-thirds of low-income families in the UK struggle to afford essentials like food, clothes, and heating, according to the Joseph Rowntree Foundation. About 7.4 million households have been unable to buy needed items recently, and many have cut meals to save money. The new Prime Minister, Andy Burnham, plans to reduce VAT on electricity bills starting in October to help people with these costs.

Key Facts

  • 62% of low-income families (7.4 million households) have recently struggled to afford essential items.
  • Almost half of these families have skipped meals or eaten smaller portions to save money.
  • Elderly people, like 77-year-old Elaine Yates, often avoid using heating or cooking appliances due to cost.
  • Fuel prices are rising, adding to the financial strain, especially for those in rural areas who rely on cars.
  • Single parent Zoe Hayden reports rising food prices make it hard to provide for her family despite being debt-free.
  • Prime Minister Andy Burnham promises to lower VAT on electricity bills starting in October.
  • Charities suggest more help is needed, including increased energy bill discounts and affordable activities for children in low-income families.
  • About 35% of UK adults worry daily about their finances, according to Christians Against Poverty research.
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BBC Business BBC Top Stories
Boost youth jobs by cutting employers' national insurance, MPs urge

Boost youth jobs by cutting employers' national insurance, MPs urge

July 21, 2026 • BBC Business

Summary

A group of UK MPs recommends lowering the tax employers pay on wages for workers under 25 to help more young people find jobs. They say high costs like employer National Insurance contributions make it harder to hire young workers, contributing to many youths not being in school, work, or training (called Neet). The MPs want the government to create clearer, more helpful policies for youth employment.

Key Facts

  • MPs suggest cutting employer National Insurance (NI) contributions for all workers under 25.
  • Over one million 16 to 24-year-olds in the UK are not in education, employment, or training (Neet).
  • Employer NI rates rose from 13.8% to 15% in April last year, with the start threshold lowered from £9,100 to £5,000.
  • The retail and hospitality sectors, which hire many young people, have been hit hard by increased employer NI costs.
  • Employers pay no NI for workers under 21 or apprentices under 25 (unless paid over £50,270), but must pay 15% for non-apprentices aged 21-24 on earnings above £5,000.
  • MPs highlighted contradictions in policies, like cutting benefits for trainees that discourage apprenticeships.
  • The cost of young people being Neet is estimated at £125 billion a year due to benefits and lost economic output.
  • The government says it is working to create opportunities for young people and support education and jobs.
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BBC Business
Will AI help you do your job or replace you?

Will AI help you do your job or replace you?

July 21, 2026 • BBC Tech

Summary

Artificial Intelligence (AI) is changing how jobs are done by automating some tasks and helping workers with others. Studies show AI is affecting job opportunities and wages in sectors like finance, software, and creative industries, with companies investing heavily in AI tools to improve productivity and reduce costs.

Key Facts

  • AI companies claim their tools can either replace or assist human workers.
  • Businesses are spending large sums on AI to save money on employee costs.
  • Some AI models now perform complex tasks like software coding that used to take humans hours.
  • AI is beginning to impact jobs in finance, legal work, and creative fields.
  • Research from Stanford shows a 2.7% drop in jobs for young adults since ChatGPT launched, with bigger drops (up to 12.8%) in AI-exposed jobs.
  • Online job postings have declined in sectors exposed to AI, such as telemarketing and legal services.
  • The UK’s service-heavy economy is vulnerable to AI-related job changes.
  • Top companies track AI use with "token leaderboards" to boost worker productivity from AI models.
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BBC Tech BBC Business BBC Top Stories
Janesville, once a symbol of the Great Recession, becomes AI data center battleground

Janesville, once a symbol of the Great Recession, becomes AI data center battleground

July 21, 2026 • PBS NewsHour

Summary

Artificial intelligence (AI) is driving economic growth and new construction in the U.S. However, some communities are debating the value and impact of building AI data centers. The article examines these debates in Janesville, a city in the Midwest.

Key Facts

  • AI is contributing to rising stock markets and economic growth.
  • Many new buildings, especially data centers, are being constructed to support AI technology.
  • Data centers are large facilities that store and process data needed for AI.
  • Some local communities, including Janesville, are concerned about the costs and effects of these data centers.
  • Debates focus on whether the benefits of data centers outweigh their downsides for residents.
  • Janesville was notably affected by the Great Recession, making its economic recovery important.
  • The article looks at how economic growth from AI is sparking local disagreements over development.
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PBS NewsHour
Scoop: Lawmaker asks SEC to investigate Truth Social's plan to monetize access to its data

Scoop: Lawmaker asks SEC to investigate Truth Social's plan to monetize access to its data

July 21, 2026 • Axios

Summary

Rep. Ritchie Torres has asked the Securities and Exchange Commission (SEC) to investigate whether Truth Social’s parent company, Trump Media & Technology Group (TMTG), breaking federal securities laws by charging Wall Street firms for faster access to President Trump’s posts. The company plans to launch a product called Truth API that sells real-time data access, raising concerns about fair trading and possible conflicts of interest.

Key Facts

  • Truth Social’s parent company, TMTG, plans to sell early access to President Trump’s posts to investors through a product called Truth API starting August 1.
  • The service would charge up to $100,000 per month for access to posts from top trending accounts, including President Trump’s.
  • Rep. Ritchie Torres sent a letter to the SEC asking them to review whether this service could violate securities laws or enable market manipulation.
  • Torres highlighted that President Trump owns about 41% of TMTG through a trust, raising conflict of interest concerns.
  • Senate leaders from both parties have expressed worry about the fairness and legality of the new product.
  • TMTG says Truth API only provides the fastest way to access publicly available data and is not insider information.
  • The SEC has previously investigated TMTG’s related companies and reached a settlement with a company linked to TMTG in 2023.
  • TMTG is currently suing 20 media organizations, including Axios, for defamation.
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Axios
Amazon Prime Settlement: Deadline to Claim $2.5B This Week

Amazon Prime Settlement: Deadline to Claim $2.5B This Week

July 21, 2026 • Newsweek

Summary

Amazon reached a $2.5 billion settlement with the Federal Trade Commission over claims that it signed up customers for Prime without clear permission and made it hard to cancel. Eligible customers can claim refunds up to $51 by July 27.

Key Facts

  • The settlement totals $2.5 billion, with $1.5 billion set aside for consumer refunds.
  • The FTC accused Amazon of using confusing designs to enroll people in Prime and make cancellations difficult.
  • Amazon denied wrongdoing but agreed to settle and change some subscription processes.
  • Eligible customers must have enrolled or tried to cancel between June 23, 2019, and June 23, 2025.
  • Refunds are limited to $51 per person but may vary based on total eligible claims.
  • Some customers were already paid automatically in an earlier phase and do not need to claim again.
  • The deadline to request a refund is July 27.
  • The FTC warns consumers about scams asking for money to claim the settlement.
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Newsweek
Canada's Carney faces tough choice on US trade - fight back or hold steady

Canada's Carney faces tough choice on US trade - fight back or hold steady

July 21, 2026 • BBC US

Summary

The United States has imposed a 50% tariff on certain Canadian goods, including hockey sticks and candles, citing unfair treatment of US products by Canada. This move comes just after Canadian Prime Minister Mark Carney and US President Donald Trump attended the World Cup final together and as talks continue to update the North American free trade agreement.

Key Facts

  • The US announced a 50% tariff on a range of Canadian products starting August 19.
  • The tariffs target goods such as hockey sticks, candles, and synthetic wigs.
  • The US cited Canada’s alleged unequal treatment of American cars, dairy, and alcohol as reasons.
  • Canada and the US are in on-again, off-again negotiations to renew the USMCA trade deal with Mexico.
  • The new Gordie Howe International Bridge between Windsor (Canada) and Detroit (US) is set to open soon.
  • The US already imposes tariffs from 15% to 50% on Canadian steel, aluminum, copper, softwood lumber, and car parts.
  • Canada responded with its own tariffs, including a 25% levy on some US goods and boycotting US alcohol in many provinces.
  • Experts say the US tariffs are likely a negotiation strategy by the Trump administration to gain leverage.
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BBC US
Bill Gates foundation met with Jeffrey Epstein about 30 times, external review finds

Bill Gates foundation met with Jeffrey Epstein about 30 times, external review finds

July 21, 2026 • Guardian World

Summary

A review ordered by the Gates Foundation found that Bill Gates and foundation staff met with Jeffrey Epstein about 30 times between 2011 and 2014. The review concluded there is no evidence that the foundation knew about Epstein’s criminal activities or that Epstein was paid by the foundation.

Key Facts

  • The Gates Foundation held roughly 30 meetings with Jeffrey Epstein and foundation leaders or staff from 2011 to 2014.
  • Foundation employees expressed concerns about associating with Epstein due to his past conviction.
  • The foundation hired the law firm WilmerHale to conduct an independent review after documents linking Gates to Epstein became public.
  • The review found no proof that the foundation knew about Epstein’s sex trafficking or criminal acts during the meetings.
  • There was no evidence Epstein was paid by the Gates Foundation or used its name to support his actions.
  • Bill Gates said he met Epstein through trusted contacts and accepted the meetings without sufficient investigation.
  • Gates ended his interactions with Epstein in December 2014 and publicly apologized for the association.
  • The meetings mainly involved discussions about fundraising ideas and charitable projects like polio eradication.
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Guardian World Guardian US
ESPN Layoffs: List of Jobs Cut With Reports Ryan Clark Let Go

ESPN Layoffs: List of Jobs Cut With Reports Ryan Clark Let Go

July 21, 2026 • Newsweek

Summary

ESPN is laying off several employees, including some well-known TV personalities such as NFL analyst Ryan Clark. The layoffs are mostly connected to ESPN's recent purchase of NFL Network and are part of broader cost-cutting efforts at its parent company, Disney.

Key Facts

  • ESPN is cutting jobs this week, affecting on-air talent and behind-the-scenes staff.
  • NFL analyst Ryan Clark, NFL insider Tom Pelissero, and broadcaster Karl Ravech are reportedly among those let go.
  • Other affected names may include Bart Scott, Cam Newton, and Charles Davis.
  • ESPN confirmed layoffs in a memo, linking the cuts to its acquisition of NFL Network.
  • The NFL Network deal also included NFL Fantasy and the RedZone channel rights.
  • The layoffs are part of bigger job cuts by Disney due to rising sports rights costs and declining cable subscribers.
  • Ryan Clark was informed of his layoff during a live broadcast, earlier than planned.
  • Reports say financial reasons are the main cause, but Clark’s past on-air behavior may have influenced the decision.
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Newsweek
More Americans report shoplifting as inflation climbs, survey finds

More Americans report shoplifting as inflation climbs, survey finds

July 21, 2026 • CBS News

Summary

More Americans say they have shoplifted this year compared to last year, mainly because they are struggling to afford basic items due to rising prices. A study found many are stealing everyday needs like food and hygiene products, often from large stores.

Key Facts

  • 30% of Americans reported shoplifting in 2025, up from 24% in 2024.
  • About 90% of those who shoplifted said financial problems and the economy caused it.
  • Inflation has increased partly because of higher oil and gas prices linked to the war in Iran.
  • People mostly steal essentials like food, drinks, clothing, and hygiene products.
  • Large chain stores like Walmart and Family Dollar are the most common places for shoplifting.
  • Shoplifting carries risks including fines, legal trouble, and problems finding jobs or housing later.
  • Respondents said Walmart was the easiest store to steal from, followed by Family Dollar, Amazon Fresh, and Kroger.
  • Theft often involves stores with many customers, wide layouts, and self-checkout lanes.
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CBS News
Nintendo customers have no legal right to tariff refunds, company tells judge

Nintendo customers have no legal right to tariff refunds, company tells judge

July 21, 2026 • Ars Technica

Summary

Nintendo asked a court to dismiss a lawsuit that wants the company to give tariff refunds to customers who bought its products. The lawsuit claims that Nintendo unfairly kept profits after raising prices due to tariffs imposed during President Trump's trade policies. Nintendo says customers have no legal right to those tariff refunds because they paid the advertised prices and received the products.

Key Facts

  • Two customers filed a class-action lawsuit against Nintendo over tariff refunds for products bought between February 2025 and February 2026.
  • The lawsuit alleges Nintendo raised prices because of tariffs, did not tell customers it expected to get tariff refunds, and kept those refunds.
  • Nintendo raised prices on the original Switch console by $30 to $50 and increased prices on Switch 2 accessories by $5 to $10.
  • Nintendo argues that when customers buy products at the set price and get what they paid for, they are not entitled to tariff refunds.
  • Similar lawsuits have been filed against Sony for PlayStation buyers and Microsoft for Xbox buyers regarding tariff refunds.
  • Tariffs were imposed during President Trump’s administration and later ruled illegal by the Supreme Court and the US Court of International Trade.
  • The government refund process only allows importers or customs brokers to get tariff money back, not individual consumers.
  • Nintendo and other companies have sued the government to ensure tariff refunds are properly issued to businesses.
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Ars Technica
Markets undeterred so far as Trump imposes additional 50% tariffs on some Canadian goods

Markets undeterred so far as Trump imposes additional 50% tariffs on some Canadian goods

July 21, 2026 • CBS News

Summary

President Donald Trump has announced new 50% tariffs on some Canadian goods, adding to tariffs already in place. Despite this, financial markets have not shown significant negative reactions so far.

Key Facts

  • President Trump is adding a 50% tariff on certain products imported from Canada.
  • This new tariff is on top of existing tariffs imposed earlier.
  • Tariffs are taxes on goods coming into a country, meant to protect local industries or influence trade.
  • The announcement comes amidst ongoing trade tensions between the U.S. and Canada.
  • Investors and financial markets have remained calm and have not dropped sharply after the tariff news.
  • The exact Canadian goods targeted by the new tariffs were not detailed in the summary.
  • The tariffs are part of President Trump's broader trade policy approach.
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CBS News
Here's how much interest a $50,000 2-year CD account can earn now

Here's how much interest a $50,000 2-year CD account can earn now

July 21, 2026 • CBS News

Summary

A $50,000 two-year certificate of deposit (CD) can earn between about $4,236 and $4,392 in interest at current rates of 4.15% to 4.30%. CDs pay a fixed interest rate but require keeping the money untouched until the end of the term to avoid penalties.

Key Facts

  • Certificate of deposit (CD) accounts pay interest over a fixed term.
  • Early withdrawal from a CD usually results in losing interest earned so far.
  • Current top interest rates for two-year CDs range from 4.15% to 4.30%.
  • A $50,000 deposit at these rates can earn roughly $4,236 to $4,392 after two years.
  • The interest is guaranteed and the initial deposit is protected, with accounts insured up to $250,000.
  • Traditional savings accounts currently offer much lower interest rates, around 0.38%.
  • High-yield savings or money market accounts are alternatives that provide better returns and more access to money.
  • Savers should shop around for the best CD rates before committing their money.
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CBS News