In today's high interest rate situation, long-term certificates of deposit (CDs) pay more interest than short-term CDs because the money stays in the bank longer. For example, $100,000 in a long-term CD can earn thousands more in interest compared to short-term options.
Key Facts
Inflation is about 4%, higher than the Federal Reserve's 2% goal.
The Fed is unlikely to lower interest rates soon, keeping rates high.
Short-term CDs (3 to 12 months) offer annual interest rates around 3.9% to 4.1%.
Long-term CDs (18 months to 5 years) offer similar or slightly higher rates (about 4.09% to 4.16%).
A $100,000 investment in a 5-year CD could earn about $22,545 in interest by maturity.
A $100,000 investment in a 3-month CD could earn about $961 in interest by maturity.
Long-term CDs earn more overall due to longer interest compounding time.
Early withdrawal penalties on CDs can be costly, so investors should plan to keep the money in until maturity.
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Amazon is launching a new service called "Amazon Now" that delivers thousands of everyday items within 30 minutes in many U.S. cities. In addition, it is expanding 1-hour and 3-hour delivery options for a wide range of products to more locations, including smaller towns.
Key Facts
"Amazon Now" offers delivery in 30 minutes or less and is available in multiple cities like Atlanta, Dallas-Fort Worth, Philadelphia, and Seattle, with plans to expand further.
The service focuses on urgent needs like groceries, medicines, and household essentials, not large items like TVs or furniture.
Amazon uses small fulfillment centers near customers to speed up delivery times.
Prime members pay $3.99 per delivery for Amazon Now, while non-Prime customers pay $13.99 plus extra fees for small orders under $15.
Amazon has increased 1-hour and 3-hour delivery options to cover over 90,000 products across hundreds of cities and towns.
The faster delivery options include groceries, toiletries, electronics, clothing, and home goods.
The 1-hour delivery service is available in big cities such as Los Angeles, Chicago, and Nashville.
The 3-hour delivery option is available in a wider range of locations, including smaller communities like Cornwall, Pennsylvania, and Arabi, Louisiana.
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The Senate is expected to confirm President Donald Trump’s nominee, Kevin Warsh, as chairman of the Federal Reserve. This change in leadership comes at a challenging time with rising inflation and divisions within the Federal Reserve’s interest rate committee.
Key Facts
Kevin Warsh, 56, is nominated by President Trump to lead the Federal Reserve.
The Senate is set to confirm Warsh as chairman and recently confirmed him as a member of the Federal Reserve Board of Governors.
A Justice Department investigation into current Fed Chair Jerome Powell was dropped, allowing Warsh’s confirmation to move forward.
Inflation has exceeded the Federal Reserve’s target of 2% for five years and is rising faster due to gas prices.
The Federal Reserve’s interest rate committee recently had the most divided vote in over 30 years.
Jerome Powell plans to remain on the Fed board even after his term as chair ends, which could create two centers of influence.
President Trump has previously criticized Powell and sought actions against some Fed officials.
Kevin Hassett, White House economic adviser, said markets expect Warsh to help reduce interest rates over time.
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Wage garnishments allow creditors to take part of your paycheck to pay debts, but federal law limits the total amount that can be taken. When two garnishments happen at the same time, they must stay within those limits. State laws may give extra protections or set stricter rules on wage garnishments.
Key Facts
Wage garnishment means a portion of your paycheck is taken to pay creditors.
Federal law limits wage garnishment to 25% of your disposable income for consumer debts.
Disposable income is what you have left after taxes and other required deductions.
If debts involve child support or alimony, garnishments can be as high as 50% to 60%.
Two or more garnishments combined cannot exceed the federal limit for consumer debts.
Some states have stricter rules and may limit garnishment amounts further or forbid garnishing certain debts, like medical bills.
Employers cannot fire you just because your wages are garnished.
Even with protections, wage garnishments can seriously reduce your available income and make budgeting difficult.
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Miami is rapidly growing its skyline with many new tall buildings, including the upcoming tallest residential tower south of New York City. The city is attracting new residents, investors, and developers due to its lifestyle appeal, available land, and flexible building rules, making it a strong competitor to New York in urban development.
Key Facts
Miami recently set a record with the Cipriani Residences, an 80-story tower, as the tallest residential building south of New York City.
The 100-story Waldorf Astoria Hotel & Residences Miami is under construction and will become the city's first supertall skyscraper.
Miami’s growth is driven by new residents who choose the city for lifestyle reasons rather than work, unlike New York’s population.
The city has fewer land and infrastructure constraints compared to New York, enabling faster and larger building projects.
Miami developers can use pre-sales to fund building projects early, reducing financial risks and speeding up construction.
The city has available land, especially along the waterfront, unlike Manhattan which is densely built.
Miami’s building design focuses on experience, views, and wellness rather than just fitting in as many units as possible.
International investors and architects are attracted to Miami’s market due to its efficiency, lower costs, and growth potential.
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Elon Musk, Tim Cook, and other top business leaders are attending a meeting in China with President Donald Trump and Chinese President Xi Jinping. The meeting will focus on important topics like critical minerals and economic partnerships between the two countries.
Key Facts
Elon Musk (Tesla) and Tim Cook (Apple) are attending a summit in China.
President Donald Trump and Chinese President Xi Jinping are leading the summit.
The talks will cover critical minerals, which are essential raw materials for industries.
Economic partnerships between the U.S. and China are a main focus of the meeting.
The summit aims to strengthen trade and business relationships between the countries.
CBS News is reporting on the event with contributions from Patrick McGee.
The meeting includes other major business leaders besides Musk and Cook.
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Australia’s Labor government has introduced tax changes on investment properties that make a popular way for young people to buy homes, called rent-vesting, less attractive. These changes include higher capital gains tax and tighter rules on negative gearing, which may slow down young Australians’ ability to buy their first home.
Key Facts
Rent-vesting lets renters buy cheaper properties elsewhere while continuing to rent in preferred areas.
The government’s budget raised capital gains tax and limited negative gearing, a tax benefit for landlords.
These changes aim to reduce investor competition and help more renters afford their first home.
The typical Australian home costs eight times the average income, making saving a deposit very hard.
About 53,000 Australians have bought investment properties since July 2019 to help get into the housing market.
Negative gearing rules will change in July 2027, removing tax deductions for new investors after that date.
Experts say banks may lend less to property investors because of the new rules, reducing their buying power.
Some young investors accept the reforms but worry their home-buying plans will take longer.
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The Australian government has introduced tax changes aimed at making the tax system fairer and reducing benefits for wealthy investors, especially in housing. However, experts say these reforms will not significantly improve housing affordability for most young Australians or fix past imbalances, partly because existing investors keep their current tax benefits.
Key Facts
The budget includes major tax reforms, changing how capital gains tax (CGT) is discounted for investment profits.
Negative gearing, a tax benefit for investors, will no longer apply to new investments except for newly built homes.
The government plans a minimum 30% tax rate on income from discretionary trusts, used by some wealthy families to reduce taxes.
These changes aim to reduce tax advantages that have distorted the housing market and made it harder for first-time buyers.
The top 1% of earners have received the largest average tax benefits from these schemes since 2000, while median earners have had much less.
Current investors keep their old tax benefits under “grandfathering” rules, so past benefits remain unchanged.
Experts say the reforms improve fairness but will not solve housing affordability quickly.
Some opposition politicians argue the changes hurt young Australians by removing tax breaks that helped previous generations.
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Uline, a shipping supplies company owned by Richard and Elizabeth Uihlein, is pausing the construction of a large distribution center in Kenosha, Wisconsin due to economic uncertainty. The company has requested a permit extension and plans to delay the project until 2027 or later.
Key Facts
Uline paused building a new facility of over 1 million square feet in Kenosha, Wisconsin.
The pause is due to current economic conditions and available space in existing Uline locations.
Uline’s director of construction cited unsettled economic conditions as the reason for the delay.
The city planning commission granted a 12-month extension for the project’s conditional use permit.
Richard Uihlein gave nearly $80 million to a pro-Trump political group in 2024.
The Uihleins conducted an internal employee survey about voting preferences before the 2024 presidential election.
One Uline employee resigned in 2026 in protest of the Uihleins’ political support for President Trump and the Republican Party.
Uline and the White House have not commented on the construction pause.
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Mortgage interest rates for May 13, 2026, remain higher than in April but are lower compared to the previous two years. The average rate for a 30-year mortgage is 6.37%, and for a 15-year mortgage, it is 5.75%. Refinancing rates are slightly higher but may still be worthwhile for some borrowers.
Key Facts
The average mortgage rate for a 30-year loan is 6.37% as of May 13, 2026.
The average rate for a 15-year mortgage is 5.75% on the same date.
The average refinance rate for a 30-year term is 6.61%.
The median refinance rate for a 15-year term is 5.71%.
Inflation has risen recently, which could keep interest rates high or cause them to increase further.
Mortgage rates are still more competitive than in May 2025 and May 2024.
Shopping around and having a good credit score can help borrowers find better mortgage rates below the average.
Online marketplaces can help compare rates, lenders, and costs to find better deals for homebuyers and those refinancing their loans.
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A planned Trump International Hotel and Tower in Gold Coast, Australia, has been canceled. The project's developer said the war in Iran made the Trump brand unpopular in Australia, while the Trump Organization blamed the developer for financial issues.
Key Facts
The project was a $1.1 billion Trump International Hotel and Tower planned for the Gold Coast, Australia.
Developer David Young of Altus Property Group canceled the project, citing the Iran war made the Trump brand "toxic" in Australia.
The Trump Organization claims Altus Property Group failed to meet financial obligations and called the developer’s reasons a distraction.
In February, Eric Trump shared AI-generated images of the Trump Tower planned to be Australia’s tallest building.
The deal ended within three months amid disagreements and mutual blame.
Gold Coast Mayor said no formal development application was filed and the disagreement was mainly about profit margins.
Local residents started a petition against the project because of discomfort with the Trump brand, gaining over 140,000 signatures.
Eric Trump posted AI images of another Trump Tower planned for Tbilisi, Georgia, announced as the tallest building there.
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The article discusses the idea of a temporary gasoline rebate to help families with high fuel costs. It suggests that such a payment would show that leaders care about the financial struggles people face and are ready to help them.
Key Facts
The proposal is for a short-term subsidy or rebate on gasoline.
This rebate aims to reduce the financial burden on households struggling with fuel prices.
Policymakers would use this rebate to show responsiveness to economic challenges.
The subsidy would be temporary, not a permanent change.
The goal is to support families during times of high gasoline costs.
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Inflation has risen to 3.8%, its highest level in almost three years. A restaurant owner says rising costs, especially from higher fuel prices connected to the war with Iran, may force him to increase his menu prices.
Key Facts
Inflation is currently at 3.8% annually, the highest in nearly three years.
Fuel prices have gone up because of the war involving Iran.
Higher fuel costs are affecting both businesses and customers.
A restaurant owner expressed concern about having to raise prices.
The news report was presented by Jason Allen on CBS News.
Rising inflation means everyday goods and services may become more expensive.
The situation creates challenges for small businesses trying to keep prices stable.
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Sophie the Giraffe, a popular teething toy long believed to be made in France, is actually manufactured in China. The company behind the toy, Vulli, is currently facing a fraud investigation over this issue.
Key Facts
Sophie the Giraffe is a well-known toy that many people thought was made in France for nearly 65 years.
Investigative website Mediapart revealed that the toy has been made in China for decades.
The company that produces Sophie the Giraffe is called Vulli.
Vulli is now under investigation for fraud due to misleading information about where the toy is made.
The discovery challenges the toy’s image as a French-made success story.
The investigation highlights concerns about product origin transparency.
The news has attracted attention across France and media outlets.
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Santa Clara County in California has sued Meta, the company behind Facebook and Instagram, accusing it of allowing scam advertisements on its platforms and making money from them. The lawsuit claims Meta made up to $7 billion a year from scam ads and did not do enough to stop them, despite promising to fight scams.
Key Facts
Santa Clara County filed the lawsuit in its superior court on behalf of all California residents.
The lawsuit accuses Meta of violating California laws against false advertising and unfair business practices.
Meta allegedly earned as much as $7 billion annually from scam ads labeled as “high-risk.”
The county says Meta tolerated scam ads and created rules to limit anti-scam efforts if they were too costly.
Meta denies the allegations and says it fights scams to protect users and businesses on its platforms.
The complaint says Meta helped scam advertisers by letting middlemen sell protected ad accounts and targeting users with scam ads.
The lawsuit claims Meta’s artificial intelligence sometimes helps create scam ads.
Santa Clara County is working with three outside law firms but will keep full control of the case and pay the firms only if it wins.
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A survey found that most women often say they are "fine" when they are not feeling well. Katie Sturino, the founder of Megababe Beauty, started a campaign called "Comfort Tax" to raise awareness about the physical discomfort women face regularly.
Key Facts
96% of women say they often tell others they are "fine" even when they feel discomfort.
58% of women believe that feeling physically uncomfortable is a normal part of being a woman.
Katie Sturino is the founder of the brand Megababe Beauty.
She launched the "Comfort Tax" campaign to highlight issues women face with physical discomfort.
The campaign aims to bring attention to these hidden struggles and promote change.
The information comes from a CBS News report and a related survey.
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A wine importer won a Supreme Court case that stopped President Trump’s tariffs, and has now received a large refund. The Treasury Department has started returning money to importers affected by these tariffs after the court ruled against using an emergency law for the trade actions.
Key Facts
The Supreme Court ruled 6-3 that President Trump could not use an emergency law to impose tariffs.
The case involved tariffs that affected many importers, including wine companies.
Victor Schwartz, CEO of V.O.S. Selections, a wine importer, helped challenge the tariffs.
After the ruling, the Treasury Department began refunding money to importers.
The refund received by V.O.S. Selections was in the six-figure range.
The ruling ended the use of emergency law for the global trade war started under President Trump.
Many companies impacted by the tariffs are now getting money back as a result.
The decision was made in February, with refunds starting several months later.
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King Charles III outlined the UK government’s plan to pass several new laws, including major investments in northern England railways and nationalisation of British Steel. The government also plans to introduce a voluntary digital ID system and continue focusing on renewable energy without new oil and gas exploration licenses.
Key Facts
The government will invest £45 billion to improve rail services in northern England in three phases.
Improvements include electrification between Leeds-Bradford and Sheffield-York, a new high-speed route Liverpool-Manchester, and better cross-Pennine links.
No new licenses for oil and gas exploration in the North Sea will be issued; the focus remains on renewables and faster energy infrastructure.
The digital ID system will be voluntary and help people without passports or driving licenses prove their identity.
Digital ID aims to make it easier and cheaper to verify ID for services like mortgages but has received a mixed public response.
British Steel will be nationalised via emergency legislation to secure its ongoing operations and jobs.
The government took control of British Steel in April last year due to concerns from its owners about fuel supply.
Some planned energy measures include reducing gas influence on electricity prices and fast-tracking planning for new renewable energy connections.
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Global oil supplies are dropping at an unusually fast rate due to reduced exports from the Middle East caused by the war involving Iran. The International Energy Agency (IEA) reported that oil reserves fell sharply in March and April as countries used their stockpiles to cover the shortage, and warned that this fast depletion may cause oil prices to rise in the future.
Key Facts
Global oil inventories decreased by 129 million barrels in March and 117 million barrels in April.
The decline in oil stocks is because exports through the Strait of Hormuz dropped during the Iran war.
Before the conflict, the world had about 8.2 billion barrels of oil in storage; by the end of April, stocks dropped to approximately 7.8 billion barrels.
Analysts predict that by the end of May, oil inventories could reach a record low near 7.6 billion barrels.
The International Energy Agency released its largest government oil reserve stocks in mid-March to help offset the supply loss.
Global oil demand in 2024 is expected to fall by 420,000 barrels per day, partly due to higher prices and weaker economic conditions.
Oil supply is forecasted to be on average 1.78 million barrels per day less than demand this year.
The shrinking oil stockpiles could lead to future increases in oil prices.
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U.S. producer prices rose 6% over the past year, the largest increase since December 2022, driven by higher energy costs linked to the Iran war. This rise in wholesale prices puts pressure on companies to raise prices for customers and may lead to higher consumer inflation.
Key Facts
Producer prices increased 6% from a year ago, the biggest jump since December 2022.
In April alone, producer prices rose 1.4%, the largest monthly increase since March 2022.
Energy costs rose sharply: 7.8% from March to April and 22.7% compared to last year.
Gasoline prices went up 15.6% in April, and diesel prices rose 12.6%.
Core producer prices, which exclude food and energy, rose 1% in April and 5.2% over the year.
Consumer prices also increased 3.8% from last year, the biggest rise in over three years.
Rising prices come at a time when many Americans are already concerned about the cost of living.
Inflation and affordability are expected to be important topics for voters in the November elections.
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