A record number of people in the UK are using crowdfunding websites like GoFundMe to raise money for rent and bills. Donations for rent support have increased by 60% since 2022, as many struggle with rising costs and housing insecurity.
Key Facts
More rent-related fundraisers were created on GoFundMe in April than any month before.
Over 100,000 people each month donate to help others pay housing costs on the platform.
Rent increases and lower incomes have forced many to seek public help or crowdfunding.
More than 300,000 families a year in England and Wales apply to local councils for emergency housing grants.
The number of rejected housing grant applications rose from 96,000 in 2021-22 to over 134,000 in 2023-24.
Individuals like Andrew Foster and Nick Jardine turned to crowdfunding after rent hikes and eviction notices threatened their housing.
Homelessness and the number of children in temporary housing in England have reached record highs.
Crowdfunding donations sometimes prevent people from going further into debt or becoming homeless.
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Straus Family Creamery is recalling some flavors and sizes of its organic ice cream because metal pieces might be in the product. The ice cream was sold in 17 states starting May 4, and no injuries have been reported so far.
Key Facts
The recall is voluntary and involves certain flavors and sizes of Straus Family Creamery’s organic ice cream.
The ice cream might contain foreign metal parts.
The recalled products were sold in 17 states including Arizona, California, Florida, Texas, and others.
The ice cream was sold starting May 4 and comes in paper cups with seals, in quart and pint sizes.
Customers should throw away the recalled products and not return them to stores.
Consumers can get a replacement voucher by visiting the company’s website or contacting them by phone or email.
This recall follows other recent food recalls due to contamination or mislabeling in products like potato chips, noodles, muffins, and hot cocoa mixes.
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Fidelity Investments has agreed to pay $2.5 million to settle a lawsuit about a data breach that happened in 2024. The settlement includes payments of up to $5,000 for people affected by the breach.
Key Facts
Fidelity Investments faced a lawsuit due to a data breach in 2024.
The company agreed to pay a total of $2.5 million to settle the case.
Individuals affected by the breach may receive payouts up to $5,000.
The settlement is a class action, meaning it covers a group of people affected.
The agreement was reached and announced on a Wednesday.
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Jerome Powell finished his term as Chairman of the Federal Reserve on Friday. His time leading the Fed focused on managing the U.S. economy and dealing with financial challenges.
Key Facts
Jerome Powell's last day as Federal Reserve Chairman was on Friday.
He served as the leader of the U.S. central bank, known as the Federal Reserve or Fed.
The Fed’s role includes managing interest rates and supporting the economy.
Powell faced economic challenges during his term, including inflation and market uncertainty.
His decisions affected borrowing costs, inflation, and overall economic growth.
Powell was appointed by President Donald Trump and served through multiple economic cycles.
The Federal Reserve’s leadership changes impact financial markets and policy direction.
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Jerome Powell has finished his eight-year term as the head of the Federal Reserve, the central bank of the United States. His time in charge was marked by many challenges and political debates about economic policies.
Key Facts
Jerome Powell led the Federal Reserve for eight years.
His leadership period faced difficult and unsettled economic times.
The Federal Reserve sets key financial policies for the U.S. economy.
Powell’s work was closely watched and sometimes debated in political circles.
Discussions about his impact help understand how the Federal Reserve affects the economy.
Jason Furman, an economist, talked about Powell’s influence with William Brangham.
Powell’s term ended recently, marking the close of a significant era for the Fed.
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President Trump met with Chinese President Xi Jinping to ease economic tensions and discuss trade. While Trump called the deals "fantastic," experts say no major breakthroughs or detailed agreements have been confirmed yet.
Key Facts
The U.S. and China held a summit to discuss trade and economic cooperation.
President Trump announced China agreed to buy at least 200 Boeing airplanes, with hopes to increase to 750 in the future.
Experts expected larger purchases of U.S. agriculture, energy, and airplanes but say details remain unclear.
Boeing's stock fell 3.8%, signaling investors were disappointed by the initial order size.
The White House confirmed agreements on expanding agricultural exports and an aircraft purchase deal but has not released full details.
The U.S. and China created a "Board of Trade" and "Board of Investment" to manage their economic relationship and handle trade disputes.
Some commitments from China on buying U.S. products are not legally binding and still need clarification.
Experts believe the talks establish a framework to stabilize U.S.-China trade relations and allow further negotiations.
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Boeing announced that China agreed to purchase at least 200 airplanes following a meeting between President Donald Trump and Chinese President Xi Jinping in Beijing. President Trump described the trade deals made at the summit as very positive.
Key Facts
Boeing said China committed to buying at least 200 aircraft.
The announcement followed a summit between President Donald Trump and President Xi Jinping.
The meeting took place in Beijing, China.
President Trump called the trade deals "fantastic" after the summit.
The deals are part of ongoing trade discussions between the U.S. and China.
The purchase agreement could benefit Boeing’s sales and production.
The information was reported by CBS News senior White House correspondent Ed O’Keefe.
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A study of Texas public college students found that college graduates earn more money over 15 years than those without a degree, even after subtracting college costs. Engineering and architecture majors made the most money, but even liberal arts graduates earned more than non-degree holders.
Key Facts
The study tracked about 29,000 students who started college in 2008-09 and followed their earnings for 15 years.
College graduates earned on average $87,000 more than high school graduates after costs like tuition and lost income were subtracted.
Engineering and architecture majors had the highest financial returns from their degrees.
Liberal arts graduates earned about $35,000 more than non-degree holders.
Most associate’s degrees (two-year programs) also increased earnings, with construction trades having the best payoff of about $72,000 over 15 years.
Some two-year degrees, like culinary services and logistics, showed a net loss in earnings.
Certificate programs had mixed results, with construction certificates showing gains but several fields, including social sciences and IT, showing losses.
The study’s results are specific to Texas and may differ in other states due to economic and training differences.
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A British aerospace company called Aeralis, which was trying to build the next training jets for the Red Arrows, has gone into administration (a type of bankruptcy). The firm lost funding and faced delays in government plans, leading to around 30 job losses. The UK Ministry of Defence is still deciding on which new jets to buy to replace the current Hawk jets by 2030.
Key Facts
Aeralis was developing a new advanced jet trainer for the UK’s Royal Air Force Red Arrows team.
The company went into administration, causing about 30 people to lose their jobs.
Delayed UK Defence Investment Plan and geopolitical issues affected Aeralis’s cash flow and funding.
Qatar’s Ministry of Defence (Barzan Holdings) stopped funding Aeralis due to the US-Israeli war with Iran.
A deal to build jets for the French government did not happen.
The UK government is still reviewing options to replace the Hawk jets, with no final decision made yet.
Other companies like BAE Systems and Leonardo are also competing to supply the new trainer jets.
The UK government aims to prioritize British companies for this project to support the economy.
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Comcast has agreed to pay $117.5 million to settle a lawsuit over a data breach that may have exposed customer information in October 2023. Customers affected by the breach and those notified in December 2023 could qualify for payments once the settlement is approved.
Key Facts
Comcast faced a cybersecurity breach in October 2023 that exposed some customer data.
The company agreed to a $117.5 million settlement without admitting wrongdoing.
Eligible customers include those whose data was exposed or who received breach notifications.
Claims for losses due to fraud or identity theft must be filed by August 14 to receive higher payouts.
The maximum payment for documented losses is $10,000 per person.
Customers who do not prove losses can get a cash payment starting at $50.
The settlement final approval is scheduled for July 7, with payments to follow.
The lawsuit said Comcast failed to protect personal information well enough to stop unauthorized access.
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China has agreed to buy 200 Boeing airplanes, with a promise to purchase up to 750 if the deal goes well, according to President Donald Trump. Details about the types of planes and delivery dates are not yet clear, and neither China nor Boeing has officially confirmed the agreement.
Key Facts
President Trump announced China’s agreement to buy 200 Boeing jets, potentially increasing to 750 planes.
The planes will have engines made by GE Aerospace.
Neither the Chinese government nor Boeing has officially confirmed the deal.
Boeing’s CEO and other US business leaders joined President Trump in Beijing to promote trade.
The 200-plane deal could be worth $17 billion to $19 billion, depending on the plane models.
The deal is important for Boeing to compete with Airbus in China’s growing aviation market.
Boeing’s stock fell after the announcement because the order was smaller than expected.
There are concerns in China about after-sales support and US export restrictions for Boeing parts.
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The United States depends heavily on minerals from other countries. However, the country has many mineral resources that are not used because the process to get permission to mine them takes a long time and is complicated. This situation makes the U.S. vulnerable to price changes and supply problems from other countries.
Key Facts
The U.S. imports many minerals needed for industries.
America has its own mineral resources that could be mined.
The permitting process to start mining is long and complex.
This delay prevents the U.S. from using its own mineral supplies fully.
Relying on imports makes the country vulnerable to changes in global markets.
Price increases and supply shocks can harm the U.S. economy and industries.
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Jerome Powell served as chair of the Federal Reserve for eight years. During his time, inflation rose well above the Fed's 2% goal, and interest rates increased to their highest level in 20 years. Unemployment fell to a 50-year low despite rising prices.
Key Facts
Jerome Powell led the Federal Reserve as chair for eight years.
At the start, inflation and interest rates were low, and job growth was slow.
Inflation rose sharply after the COVID-19 pandemic and stayed above 2% for over five years.
The cost of living increased, making items like rent, cars, and groceries more expensive.
The Federal Reserve raised its main short-term interest rate to a 20-year high in 2023.
Unemployment dropped to the lowest level in over 50 years.
Powell will remain on the Federal Reserve board after his term as chair ends.
His leadership faced criticism, including from President Donald Trump.
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Hispanic business owners want to grow their companies, hire more workers, and bring opportunities to their neighborhoods. Republicans have worked to protect these entrepreneurs from higher taxes and supported policies to help their businesses do well.
Key Facts
Hispanic entrepreneurs aim to expand their businesses.
They want to hire more employees.
Their goal is to create opportunities in their communities.
Republicans have acted to prevent tax increases on these business owners.
They also support policies that help Hispanic businesses succeed.
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Jerome Powell is ending his time as the head of the Federal Reserve. Kevin Warsh is expected to become the new chair. The Federal Reserve is the U.S. central bank that helps manage the economy.
Key Facts
Jerome Powell is finishing his role as Federal Reserve chair.
Kevin Warsh is expected to replace Powell as chair.
The Federal Reserve oversees U.S. monetary policy and banking.
The leadership change could affect economic decisions.
Experts are discussing what this transition means for markets.
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This article compares how much money you can earn by putting $25,000 into either a short-term certificate of deposit (CD) or a high-yield savings account in 2024. It shows that which option earns more depends on the length of the term and whether interest rates change during that time.
Key Facts
A short-term CD offers a fixed interest rate locked in for 3, 6, or 9 months.
A high-yield savings account has a variable interest rate that can change based on the Federal Reserve’s actions.
A 3-month CD at 3.90% earns $240.26 in interest; a high-yield savings account at 4.03% earns $248.16.
A 6-month CD at 4.10% earns $507.35; the savings account earns slightly less at $498.77.
A 9-month CD at 4.00% earns $746.31; the savings account earns $751.88.
High-yield savings accounts earn a bit more in two of the three time periods if rates don’t change.
CD earnings are guaranteed, which gives certainty to savers.
The Federal Reserve is expected to keep rates steady through much of 2026, but changes could affect savings account earnings.
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Stock markets around the world fell from record highs as rising oil prices caused concern in the bond market. Technology stocks, especially those linked to artificial intelligence, dropped sharply, and bond yields increased, which can make borrowing more expensive and slow economic growth.
Key Facts
The S&P 500 fell 1.1% from its all-time high set the previous day.
The Dow Jones dropped 518 points (1%), and the Nasdaq fell 1.4% from its record levels.
Technology stocks led the decline, with Nvidia down 3.3%, despite strong gains earlier in the year.
Applied Materials’ stock fell 0.7%, even after reporting better-than-expected profit growth.
Rising oil prices, driven by a war with Iran and the closure of the Strait of Hormuz, pushed Brent crude above $109 per barrel, much higher than the pre-war price of about $70.
Increased oil prices have added to inflation, impacting consumer confidence and costs.
The yield on the 10-year U.S. Treasury note rose from 4.47% to 4.58%, a notable increase, and the 30-year Treasury yield passed 5%, its highest since 2023.
Higher bond yields generally lead to higher loan costs, which can slow down economic activity and reduce stock prices.
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Santa Clara County in California filed a lawsuit against Meta, accusing the company of making money from scam ads that harm people. The lawsuit claims Meta allows many scam ads to run, targeting vulnerable users, and profits from this practice. Meta denies the claim and says it actively works to remove scam ads and partners with law enforcement.
Key Facts
Santa Clara County sued Meta for profiting from scam advertisements generating $7 billion annually.
The lawsuit says Meta only bans scam advertisers if it is 95% sure they are fraudsters.
Ads flagged as likely scams can still run if a fee is paid, according to an investigation.
Scams involve fake financial offers, cryptocurrency fraud, false medical cures, and celebrity impersonations.
California residents lost over $2.5 billion to scams in 2024, with seniors being especially affected.
Meta removed 159 million scam ads last year and works with law enforcement to fight scams.
The lawsuit represents all California residents, as Meta’s main business is in California and Silicon Valley.
Meta faces many lawsuits over issues including privacy, content moderation, and harm to children.
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Honda has experienced a loss of over $9 billion due to reduced electric vehicle (EV) sales in the U.S., caused by changes in government policies. In response, Honda plans to focus more on hybrid cars, which use both a gasoline engine and battery power, and will launch 15 new hybrid models by 2030, mainly for the North American market.
Key Facts
U.S. federal changes reduced EV tax incentives and funding, causing a 28% drop in electric vehicle sales early this year.
Honda reported its first-ever operating loss, with more than $9 billion in financial write-downs.
Honda cancelled plans to build several EV models in Ohio and a joint venture with Sony.
The company plans to develop more hybrid vehicles, which use fewer expensive battery materials compared to full EVs.
Honda aims to launch 15 new hybrid models by 2030, including a full-size SUV for the U.S. market.
Honda will update U.S. factories to produce hybrids and convert some EV battery production lines to hybrid battery lines.
Different regions will get different focus: Japan will get small electric Kei cars, China will focus more on EVs, and India will get mid-size and small vehicles to attract motorcycle users.
Honda’s emphasis on hybrids is based on the belief that hybrids will be key to reducing environmental impact in the future.
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Social Security benefits are protected by federal law from being taken by private creditors after a debt lawsuit. However, once benefits are deposited into a bank account and mixed with other funds, the extra money may be at risk of being taken by creditors. Federal government agencies, like the IRS, can still garnish Social Security for debts such as taxes or unpaid student loans.
Key Facts
Social Security is a main source of income for many older Americans.
Private creditors cannot legally take Social Security benefits directly, even after winning a lawsuit.
Federal law protects benefits before they reach your bank account.
Banks must keep two months’ worth of Social Security funds safe from being frozen or seized.
Once benefits are mixed with other money in the bank, extra funds can be taken by creditors.
The federal government can garnish Social Security benefits for debts like back taxes, federal student loans, or unpaid child support.
If a creditor tries to take your Social Security money wrongly, you have the right to dispute it.
It’s important to inform your bank in writing that the money is from Social Security if a levy occurs.
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