Business News

Closing arguments underway in Musk lawsuit against OpenAI

May 14, 2026 • CBS News

Summary

Closing arguments have started in Elon Musk's $150 billion lawsuit against Sam Altman, the CEO of OpenAI. The case is about a legal dispute between Musk and OpenAI's leadership.

Key Facts

Elon Musk filed a civil lawsuit against OpenAI CEO Sam Altman.
The amount involved in the lawsuit is $150 billion.
The case has reached the stage of closing arguments.
The lawsuit concerns business or corporate matters between Musk and OpenAI.
CBS News is covering the developments in the lawsuit.

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CBS News

Why a $10,000 CD account is worth opening this May

May 14, 2026 • CBS News

Summary

Right now, May 2026, is a good time to put $10,000 into a certificate of deposit (CD) account because interest rates are high and steady. CDs offer a safe way to earn guaranteed interest while protecting money from market ups and downs.

Key Facts

The Federal Reserve has not cut interest rates so far in 2026 and is not expected to do so soon.
Interest rates on CDs are currently around 4% or higher, especially with online banks.
A 6-month CD at 4.10% can earn over $200 in interest before the end of the year.
A 3-year CD at 4.13% can earn almost $1,300 in interest.
CD interest rates are fixed, meaning the earnings are guaranteed if the money stays in the account until it matures.
CDs help protect money from stock market uncertainty and inflation risks.
Terms for CDs can be as short as three months, allowing some flexibility.
Savers have more time to compare CD offers this May because rates are steady and not expected to change soon.

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CBS News

Tech CEOs in China with Trump make cases for more economic partnerships

May 14, 2026 • CBS News

Summary

Several technology company leaders joined President Donald Trump at a summit in China with President Xi Jinping. They spoke about the benefits of stronger economic partnerships between the United States and China.

Key Facts

President Trump attended a summit in China with Chinese President Xi Jinping.
Several tech CEOs accompanied President Trump to the summit.
The tech leaders promoted increased economic cooperation between the two countries.
The goal was to strengthen business and trade relationships.
The meeting was described as historic by news sources.
The event was covered by CBS News reporter Nancy Cordes.
The focus was on technology and economic partnerships.

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CBS News

4 things retirees should do immediately after receiving a garnishment notice

May 14, 2026 • CBS News

Summary

Retirees facing a garnishment notice must act quickly to protect their income. The article explains four key steps retirees should take right after receiving such a notice to reduce financial harm.

Key Facts

Garnishment means a creditor can take money directly from a person’s income to pay debts.
Social Security benefits are usually protected from garnishment by private creditors but not from debts like federal taxes, student loans, or child support.
Retirees should carefully review the garnishment notice to understand the debt, creditor, and deadlines.
It is important to verify the debt’s accuracy and request validation if the amount seems wrong.
Some income types and retirement accounts may be partially or fully protected under the law.
Mixing protected funds with non-protected funds in the same bank account can complicate protections.
Retirees should gather financial documents early to prove which funds are protected.
Contacting the creditor quickly can help resolve the garnishment more easily.

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CBS News

Aflac CEO on how his family built historic insurance company

May 14, 2026 • CBS News

Summary

Dan Amos, the CEO of Aflac, spoke about his long leadership at the insurance company and how his family helped build the business. He also discussed changes in the insurance industry over time.

Key Facts

Dan Amos is the current CEO of Aflac.
His family played a key role in building Aflac into a well-known insurance company.
He has led Aflac for a historic, long period.
The insurance industry has experienced significant changes during his time as CEO.
Dan Amos shared his insights in an interview on CBS News 24/7 Mornings.

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CBS News

$100,000 short-term CD vs. $100,000 high-yield savings account: Which will earn more this year?

May 14, 2026 • CBS News

Summary

This article compares how much money a $100,000 deposit would earn in a short-term certificate of deposit (CD) versus a high-yield savings account in 2024. It shows that in most cases, a high-yield savings account earns slightly more interest, except for the six-month CD where the CD earns a bit more.

Key Facts

A short-term CD locks money for a set time (up to 12 months) with a fixed interest rate.
A high-yield savings account has a variable interest rate and does not require locking up funds.
At 3 months, a $100,000 CD at 3.90% earns $961.06; the savings account at 4.03% earns $992.62.
At 6 months, a $100,000 CD at 4.10% earns $2,029.41; the savings account earns $1,995.10.
At 9 months, a $100,000 CD at 4.00% earns $2,985.24; the savings account earns $3,007.52.
The high-yield savings account pays more interest after 3 and 9 months, while the CD pays more after 6 months.
Interest rates are currently high and expected to remain stable through 2024.
Early withdrawal from a CD can result in a penalty, which could reduce earnings.

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CBS News

Small business optimism impacted by global events

May 14, 2026 • CBS News

Summary

New data shows that small business owners are feeling less optimistic because of economic problems and events happening around the world. These issues are causing concern about how small businesses will do in the near future.

Key Facts

Recent reports reveal small business owners have lower confidence.
The drop in optimism is linked to economic challenges.
Global events are also affecting how small businesses feel about their future.
This information comes from new small-business data.
The report was shared by CBS News and involves commentary by Jill Schlesinger.
The coverage is sponsored by AT&T Business.

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CBS News

Labor’s budget will benefit the young – but does little to woo voters drawn to One Nation

May 14, 2026 • Guardian World

Summary

Australia’s Labor government budget focuses on helping young people and poorer households by changing tax rules, including cutting benefits for wealthy older people. The plan reduces tax breaks for investors and provides small tax offsets for workers, but offers limited support for middle-income middle-aged Australians.

Key Facts

The budget aims to benefit young and low-income Australians, while older and richer people pay more tax.
Tax changes include cutting capital gains tax discounts and ending negative gearing for landlords.
A new 30% minimum tax on certain trust incomes targets the wealthiest taxpayers.
Workers get a $250 tax offset and a $1,000 instant tax deduction to reduce their tax burden.
Young generations like Gen Z and millennials gain around $300-$400 yearly on average.
People over 65 lose $500-$1,000 yearly on average due to the budget changes.
The richest 20% pay about $1,500 more in taxes annually, while the poorest gain a few hundred dollars.
Middle-aged, middle-income Australians, many leaning toward parties like One Nation, see little benefit.

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Guardian World

NDIS cuts could leave some participants with a funding gap. How will the changes affect you?

May 14, 2026 • Guardian World

Summary

The Australian government is proposing big cuts to the National Disability Insurance Scheme (NDIS) funding to save $36.2 billion over four years. The changes will limit who can join the scheme and give the health minister more power to control how money is spent and how the program operates.

Key Facts

The government plans to reduce funding for some NDIS services, potentially leaving some participants with less money than they need.
The health minister, Mark Butler, will gain authority to lower funding for support groups, set prices for services, and change NDIS rules for up to 12 months without needing state approval.
NDIS eligibility will be stricter, allowing only those with significant and permanent disabilities who have tried all other treatments to join.
People receiving workers compensation or motor vehicle accident support might not qualify for NDIS help anymore.
Requests for extra funding will be limited to times when a participant’s needs change greatly and for a long time.
Plans can be suspended or canceled if the participant cannot be reached after repeated attempts.
Providers must keep records and claim payments within 90 days instead of two years; failure can lead to fines or debts.
The changes are designed to make the NDIS more financially sustainable while focusing support on those most in need.

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Guardian World

Supreme Court Just Dropped Two Unanimous Opinions, Here's What They Decided

May 14, 2026 • Newsweek

Summary

The Supreme Court made two unanimous decisions that affect the shipping and employment industries. These rulings protect shipping brokers from state lawsuits and confirm that federal courts have authority over arbitration disputes.

Key Facts

The Court ruled that federal law prevents negligence lawsuits against freight brokers like C.H. Robinson.
This ruling rejects the idea of a "safety exception" that would allow state courts to hear such cases.
The decision is seen as a win for the logistics and shipping industry.
In a separate unanimous ruling, the Court said federal courts can confirm arbitration awards even after a case is put on hold.
This closes a loophole that could have allowed settled disputes to be delayed or undone.
Both rulings clarify the role of federal courts and limit state-level legal actions.
The decisions will likely change how companies are sued in these industries.
The rulings support the use of arbitration, a way to resolve disputes outside of court.

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Newsweek

Retail sales growth slowed in April as Iran war fuels higher gas prices

May 14, 2026 • PBS NewsHour

Summary

Retail sales in the U.S. grew slower in April compared to March, mainly because higher gas prices linked to the war in Iran left shoppers with less money to spend on nonessential items. Gas prices rose sharply after the Iran conflict shut down a key oil route, affecting consumer costs and overall inflation.

Key Facts

Retail sales in April increased by 0.5%, down from 1.6% growth in March.
When gas sales are excluded, retail sales in April rose 0.3%, slower than the 0.7% growth in March.
Sales dropped 3.2% at department stores and 2% at furniture stores in April.
Online retailers and electronics stores saw gains of 1.1% and 1.4%, respectively.
The Iran war caused the shutdown of the Strait of Hormuz, cutting off about 20% of the world’s daily oil supply.
Gas prices averaged $4.53 per gallon in April, up $1.35 from a year ago.
Inflation indicators rose sharply in April, including a 1.4% monthly jump in producer prices and a 3.8% increase in consumer prices over the year.
U.S. employers added 115,000 jobs in April despite economic challenges from inflation and higher energy costs.

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PBS NewsHour

USPS Unveils 13 'American Icon' Stamps for 250th Anniversary

May 14, 2026 • Newsweek

Summary

The U.S. Postal Service (USPS) announced a new set of 13 stamps called "American Icons" to celebrate the country's 250th anniversary. These stamps, designed by fashion designer Ralph Lauren, depict symbols representing American values and life, and will be released on June 9 in New York.

Key Facts

USPS partnered with Ralph Lauren to create a special stamp collection for America's 250th anniversary.
This is the first time USPS let one person design an entire official stamp series.
The set includes 13 stamps: 12 images plus a centerpiece knitted American flag designed by Lauren.
Symbols on the stamps include the American flag, Jackie Robinson’s baseball glove, a pickup truck, a dog, the Empire State Building, a barn, a Navajo blanket, a teddy bear, a lighthouse, a hamburger, a racing sailboat, and wild horses.
Each image was chosen to represent important American values like freedom, equality, hard work, loyalty, ambition, and cultural heritage.
The stamps are Forever stamps, meaning their postage value will not change even if prices increase later.
The release date is June 9, and the event will take place in New York City.
Ralph Lauren was chosen for his strong association with American culture and style.

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Newsweek

Is home ownership still part of the American Dream?

May 14, 2026 • France24

Summary

Owning a home has been an important goal for many Americans, but rising prices and a shortage of houses make it harder to achieve. A recent White House report says the U.S. needs 10 million more homes to meet demand, while costs for buying and renting homes have increased sharply.

Key Facts

The U.S. needs about 10 million more houses to meet current demand, according to a White House report from April 2026.
The average price of new homes has risen by over 30% in the last five years.
Rent prices in most major U.S. cities have gone up by around 40%.
Housing affordability and availability problems have been growing since the late 2000s financial crisis.
Reduced homebuilding after the financial crisis created a long-term shortage of houses.
The COVID-19 pandemic affected the housing market by keeping many families locked into older, lower mortgage rates, slowing turnover.
Many higher-income people are renting longer than expected, making it harder for others to buy homes.
Essential workers in cities like Los Angeles are being priced out of the neighborhoods where they work.

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France24

Christopher Nolan's 'Odyssey' Swept Up in Culture Wars

May 14, 2026 • Newsweek

Summary

Christopher Nolan’s new film, The Odyssey, is one of the most expensive movies ever made and adapts the ancient Greek epic poem. Before its release, some online critics, including Elon Musk, have criticized the film’s casting choices, especially the inclusion of Black and transgender actors. This controversy reflects a larger ongoing debate in media over diverse casting in major films.

Key Facts

The Odyssey is directed, written, and produced by Christopher Nolan and is an adaptation of Homer’s ancient Greek poem.
The movie reportedly had a $250 million budget, Nolan’s biggest to date.
The story follows Odysseus’ journey home after the Trojan War, including encounters with mythical creatures.
Some online critics have focused their attacks on the casting of Lupita Nyong’o, Travis Scott, and Elliot Page.
Elon Musk publicly criticized the film’s casting, sharing posts that called Nolan “racist against the Greek people.”
Critics from the right have described the film as part of a “woke” trend in Hollywood.
Defenders note Helen of Troy is a mythological character with no historical record of appearance, questioning some criticism.
Similar disputes over diverse casting have happened with other major films and TV shows recently.

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Newsweek

Exclusive discounts from CBS Mornings Deals

May 14, 2026 • CBS News

Summary

CBS Mornings Deals is offering special discounts on various products. These deals are available through their website cbsdeals.com, and CBS earns commissions when people buy items using their links.

Key Facts

CBS Mornings Deals features products with discounts.
The deals aim to highlight useful everyday items.
Customers can access the offers by visiting cbsdeals.com.
CBS receives a commission on sales made through their site.
The promotion appeared as part of the CBS News platform.
The discounts are exclusive to CBS viewers and website visitors.
The deals are presented in video segments on CBS Mornings.
The article encourages viewers to visit the site to take advantage of offers.

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CBS News

Which debt relief options can lower your monthly payments immediately?

May 14, 2026 • CBS News

Summary

Many people are struggling to pay their credit card bills because of high interest rates and rising living costs. Some debt relief options, like debt consolidation loans and balance transfer credit cards, can lower monthly payments quickly for those who qualify.

Key Facts

Credit card delinquency rates recently reached the highest level in over ten years.
The Federal Reserve has kept interest rates steady due to inflation, so borrowing costs remain high.
Prices for basics like food, housing, and gas are rising, making monthly payments harder to afford.
Debt consolidation combines multiple debts into one loan with a fixed rate, often lowering monthly payments fast.
Loans for debt consolidation can be funded within a few days or even the same day.
Balance transfer credit cards offer 0% interest for a time, reducing monthly bills if balances are moved over.
To qualify for these options, borrowers usually need good credit scores.
Credit card companies often have hardship programs that can help people struggling to pay.

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CBS News

Honda makes its first annual loss in 70 years

May 14, 2026 • BBC Business

Summary

Honda reported its first annual loss in 70 years because its investments in electric vehicles (EVs) did not meet expectations. The company is cutting some EV goals, buying cheaper parts from China, and focusing more on motorcycles, hybrids, and financial services.

Key Facts

Honda lost ¥423 billion ($2.68 billion) in the year ending March 2026.
EV demand was weaker than Honda expected.
Honda scrapped plans for EVs to make up 20% of new car sales by 2030 and canceled the goal to have all EVs by 2040.
The loss was affected by changes in U.S. policy, including the removal of a $7,500 EV tax credit and tariffs on imported cars and parts.
Honda will source parts from China to reduce costs.
Honda will focus on motorcycles, hybrid vehicles, and financial services for growth.
Key markets for Honda’s future are North America, Japan, and India.
Honda expects further EV-related losses of ¥512 billion in the next year.

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BBC Business BBC US BBC Top Stories

Faisal Islam: Six things we now know about the UK economy in charts

May 14, 2026 • BBC Business

Summary

The UK economy grew by 0.6% in the first quarter of 2024, showing more strength than many experts expected despite the Iran war. The UK is currently growing faster than most other major economies, but some sectors are struggling, and consumer confidence is falling due to rising fuel and mortgage costs.

Key Facts

UK economy grew 0.6% from January to March 2024.
Growth per person (GDP per capita) increased at the fastest rate in four years.
The UK is the fastest growing economy among the G7 countries so far in 2024.
The International Monetary Fund (IMF) predicted the UK would be hardest hit by the Iran war, but this has not happened yet.
Services, construction, and manufacturing industries saw growth.
The AI and tech sectors showed strong investment, called "Britmaxxing."
Some sectors like machinery, equipment, and administrative services declined.
Consumer confidence dropped due to higher fuel prices and mortgage rates, which may slow future growth.

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BBC Business BBC Top Stories

Can a debt collector freeze a bank account that contains Social Security benefits?

May 14, 2026 • CBS News

Summary

Private debt collectors cannot take Social Security benefits directly through garnishment because federal law protects these funds. However, a bank levy, which can freeze funds in a bank account when a creditor wins a court judgment, may temporarily freeze accounts even if they contain Social Security money. Federal rules require banks to protect up to two months of directly deposited Social Security benefits from being frozen, but money mixed with other income or manually deposited checks may not be fully protected.

Key Facts

Over 75 million people receive Social Security benefits in the U.S.
Social Security benefits average just over $2,000 per month in 2026.
Federal law prohibits private debt collectors from garnishing Social Security benefits directly.
A bank levy can freeze funds in your bank account after a creditor wins a court case.
Banks must conduct a review to protect up to two months of recently deposited Social Security benefits from the freeze.
This protection only applies to Social Security funds directly deposited by the government, not manually deposited checks.
If benefits are mixed with other income in one account, only the protected amount may be safe from levy.
Separating Social Security deposits into a dedicated account can help protect the funds during a bank levy.

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CBS News

Retail sales up 0.5% in April from March as higher gas prices leave less room for nonessential items

May 14, 2026 • AP News

Summary

Retail sales in the U.S. increased by 0.5% in April 2026, slower than the 1.6% rise in March. Higher gas prices due to the conflict in Iran reduced how much people spent on nonessential items like furniture and department store goods.

Key Facts

Retail sales grew 0.5% in April, down from 1.6% growth in March.
March’s increase was the largest in over three years, mainly because gas prices rose quickly.
When gas prices are removed, retail sales still grew by 0.3% in April.
Department store sales fell by 3.2% in April.
Furniture and home furnishing sales dropped by 2%.
Online retailers experienced a 1.1% increase in sales.
Restaurant sales increased by 0.6%, the only service category mentioned.
The data does not include spending on travel, hotels, or other services.

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AP News

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