Capital One closed hundreds of bank accounts linked to President Donald Trump and his businesses in 2021 after a long review by its anti-money laundering team. The bank says the closures were not political but were made to follow laws against money laundering. President Trump and his family say the closures were politically motivated and have sued the bank.
Key Facts
Capital One closed approximately 385 bank accounts tied to President Trump and his businesses in 2021.
The bank's decision followed months of anti-money laundering analysis and review.
Capital One states the closures complied with bank rules and government regulations.
President Trump’s family alleges the bank closed the accounts for political reasons following the January 6 Capitol attack.
The Trump family filed a lawsuit claiming the account closures were unfair and politically motivated.
Capital One granted several extensions to give Trump’s businesses time to find other banking options.
Capital One never publicly disclosed the reasons or the process behind closing the accounts until the court filing.
President Trump has also sued JPMorgan Chase over similar "debanking" allegations; that case is still pending.
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President Donald Trump’s media company, Trump Media, is selling a special feed called Truth API that gives financial firms fast, automatic access to posts from his social media platform, Truth Social. These firms pay for this service to get timely and reliable information that could help them make quick trading decisions based on the President’s posts.
Key Facts
Trump Media offers a paid data feed called Truth API with real-time posts from Truth Social.
Financial companies use this feed to get automatic, machine-readable access to Trump’s posts.
The feed includes exact timestamps, records of edits, deletions, and consistent delivery.
Subscribers use the posts to make faster investment decisions in the stock market.
The service creates contracts, which require clear and reliable information delivery.
This system might encourage Trump Media to maintain order and consistency in the posts.
Experts suggest financial incentives may influence how posts are written or presented.
The technology aims to turn Trump’s social media messages into a valuable data product.
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The Federal Aviation Administration (FAA) has approved the Boeing 737 Max 7 jetliner for commercial use after nearly ten years since it was first introduced. This approval follows multiple safety updates and inspections due to past problems with Boeing’s Max jetliners, especially after two deadly crashes involving the Max 8 model.
Key Facts
The Boeing 737 Max 7 is the smallest model in Boeing’s Max family of jets.
The FAA’s approval comes after years of extra testing, design changes, and safety reviews.
Two crashes of the larger Max 8 plane killed 346 people in 2018 and 2019, causing stricter safety checks.
Boeing had to update flight-control software, improve cockpit alerts, and redesign the engine anti-ice system for safety.
The FAA will continue to monitor Boeing’s production and safety practices closely.
The 737 Max 7 is mainly meant for short to medium-distance flights.
Airlines like Southwest have ordered this model but have yet to receive it.
The FAA changed how it certifies Boeing planes after the crashes to improve oversight.
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A U.S. company called Phoenix Tailings is working to produce critical minerals needed for weapons and other high-tech uses, aiming to reduce America's dependence on China. The Pentagon gave the company a $500 million loan to help expand its capacity, but building new factories and mines to meet demand will take several years.
Key Facts
Phoenix Tailings uses electricity to extract critical minerals from mining waste and recycled materials.
These minerals are important for U.S. weapons like missiles and radar systems.
The Pentagon provided Phoenix Tailings a $500 million loan to help grow the business.
The U.S. government is requiring military contractors to avoid sourcing minerals from China.
Phoenix Tailings plans to build a new, larger factory called the "freedom facility" to produce more minerals.
The company currently produces about 200 kilograms of samarium per year but aims for 120 tons by 2028.
Samarium and similar minerals are key for making strong magnets used in defense and aerospace.
It will take years for the U.S. industry to build enough mines and factories to fully replace Chinese supplies.
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SpaceX will release its first public earnings report on Tuesday, showing how the company is performing after its recent initial public offering (IPO). Investors will watch the company’s revenue growth, the progress of its artificial intelligence (AI) business, and the possible impact on its stock price.
Key Facts
SpaceX went public with the largest IPO in U.S. history in June.
The stock price has fallen from a high of $225.64 to about $110 per share.
SpaceX made $18.7 billion in revenue last year but had a net loss of $4.9 billion.
Analysts expect $6.9 billion in revenue for the second quarter, mainly from the Starlink satellite internet service.
SpaceX’s AI business made $818 million in revenue in early 2026.
Investors are watching AI projects like Cursor (a coding startup) and Grok (an AI chatbot).
About 911 million SpaceX shares, worth $100 billion, will become available for sale soon, which may affect the stock price.
Short sellers have bet against SpaceX, causing some of the stock price decline.
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Two court cases highlight how companies like Meta may use AI-based systems that assess employee performance in ways that can hide retaliation against workers who report harassment or take leave. These systems might unfairly rate employees who reduce output due to stress or medical reasons, making it harder to prove discrimination or retaliation.
Key Facts
Workplace retaliation used to be easier to see, such as denied promotions or forced resignations.
Now, retaliation can appear as low performance scores generated by computer systems employees do not fully understand.
Kelly Stonelake sued Meta, alleging sexual harassment complaints were ignored and she faced retaliation including being passed over for promotion and laid off.
Another lawsuit from Meta employees claims AI-based performance tools unfairly targeted those on medical, parental, or disability leave during layoffs.
Meta denies wrongdoing and says human managers made final layoff decisions, not AI.
Algorithmic systems can label employees with lower activity due to leave as underperforming, potentially disguising retaliation.
Courts are beginning to address how to handle cases where AI-based decisions may perpetuate workplace discrimination.
Lawyers advise workers to watch for sudden changes in reviews after complaints, mentions of scoring tools during termination talks, and keep records of complaints and performance evaluations.
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A woman named Samantha Ramsdell bought a $15 antique picture frame and found a hidden Civil War-era lithograph of George Washington behind the photo inside. The lithograph, made in 1864, could be worth over $500, and she is now researching its history with a local historical society.
Key Facts
Samantha Ramsdell bought an antique picture frame in Arundel, Maine for $15.
Inside the frame, behind the original photo, she found a hidden lithograph of George Washington from 1864.
The lithograph dates back to the U.S. Civil War.
Experts and collectors believe the lithograph could be worth more than $500.
Ramsdell is keeping the lithograph and hopes its value will increase over time.
She contacted a local historical society to learn more about the lithograph’s background.
The story highlights how antiques can have hidden historical items and value.
Antiques continue to attract buyers for reasons like history, uniqueness, and environmental benefits.
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JPMorgan Chase will invest $750 billion by 2035 to increase housing supply in the U.S., including funding 1 million affordable homes and helping 500,000 people buy houses. The move aims to make housing more accessible as home prices continue to rise.
Key Facts
JPMorgan Chase’s $750 billion investment is part of its American Dream Initiative focused on economic mobility.
The investment is a 40% increase compared to the bank's housing spending in the last decade.
Housing prices have risen for 36 months in a row, with the median price of existing homes reaching $440,660 in June.
The bank plans to help 500,000 customers buy homes, including 200,000 first-time buyers.
JPMorgan will increase mortgage lending by more than 40% by adding 850 new home-lending advisers.
The bank will work with local governments to simplify zoning and building rules to speed up home construction.
New loan options will be created for modular and manufactured homes.
Most Americans find it harder to achieve financial goals like buying a home than past generations.
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Powerball lottery tickets are now available for purchase in the United Kingdom. Andria Vidler, CEO of Allwyn UK and The National Lottery, spoke about the start of Powerball sales in the UK.
Key Facts
Powerball is a popular lottery game originally from the United States.
The tickets can now be bought by people living in the United Kingdom.
Andria Vidler is the CEO of Allwyn UK and The National Lottery.
She discussed the introduction of Powerball sales on CBS News.
This marks the expansion of Powerball into the UK market.
The news was shared through CBS News and their app.
The move may offer UK players new lottery options alongside existing games.
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The U.S. and Japanese governments worked together to support the value of the Japanese yen in global currency markets. This joint action aimed to stop rapid falls in the yen without forcing Japan to sell large amounts of U.S. Treasury bonds, which help fund the U.S. government.
Key Facts
The U.S. Treasury joined Japan in intervening to strengthen the yen, which is unusual.
Japan wants to stop the yen from falling because it makes imports like oil and food more expensive.
The U.S. used the New York Federal Reserve to buy yen by selling euros.
Japan borrowed dollars using a Fed program instead of selling U.S. Treasury bonds directly.
This intervention helped prevent large-scale selling of U.S. government debt by Japan.
Long-term U.S. Treasury interest rates have risen, reaching highs not seen since 2007.
Rising interest rates worldwide reflect the need to finance large government deficits and investments.
The intervention aims to reduce financial market stress while maintaining strong U.S.-Japan cooperation.
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Federal Reserve Chairman Kevin Warsh is considering reducing the number of Fed policy meetings from eight to six each year. This change could lower the workload for staff but might limit how often the Fed can change interest rates in response to economic shifts.
Key Facts
Chairman Kevin Warsh is thinking about cutting the Fed’s policy meetings from eight to six annually.
The Fed currently holds eight scheduled meetings each year, a practice since the 1980s.
Warsh also suggested having two extra meetings focused on broader economic topics.
The Fed’s rate-setting committee must meet at least four times a year by law.
A new meeting schedule could be decided before the Fed’s September meeting.
Fewer meetings would reduce the time staff spend preparing briefings and reports.
A smaller meeting schedule might delay Fed actions if the economy changes suddenly, unless emergency meetings are called.
This change can be made without needing approval from Congress.
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Putting $25,000 into a 2-year certificate of deposit (CD) opened in August could earn between about $2,092 and $2,196 in interest, depending on the bank’s rate. These CDs offer fixed rates around 4.1% to 4.3% APY, which are much higher than the average savings account rate of 0.38%.
Key Facts
Inflation has slowed slightly to 3.5% in June from 4.2% in May.
The Federal Reserve is unlikely to cut interest rates soon until inflation is clearly under control.
2-year CDs currently offer annual percentage yields (APY) from about 4.10% to 4.30%.
A $25,000 deposit in a 2-year CD at 4.30% APY would earn approximately $2,196 in interest after two years.
The interest earned differs by around $104 between the highest and lowest CD rates offered.
The rate on a CD does not change during the term, even if Fed rates move up or down.
The average savings account rate is about 0.38% APY, which would earn roughly $190 in interest on $25,000 over two years.
High-yield savings accounts offer rates closer to CDs but are variable and can be lowered by banks.
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Raising Cane’s plans to open several new restaurant locations in August. These new stores will help the company get closer to having 1,000 restaurants across the United States.
Key Facts
Raising Cane’s is expanding its number of locations.
Several new restaurants will open in August.
The company aims to reach nearly 1,000 locations in the U.S.
The expansion shows the company’s growth in the fast-food market.
Raising Cane’s specializes in chicken finger meals.
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Major American companies are receiving refunds after the Supreme Court struck down many of President Trump’s tariffs in February. Some companies, like Amazon, plan to share those refunds with customers, while others have not made such promises.
Key Facts
The Supreme Court ruled most of President Trump’s tariffs unlawful under a 1977 law called the International Emergency Economic Powers Act (IEEPA).
Over 330,000 importers paid tariffs on more than 53 million shipments, totaling about $166 billion, much of which is being refunded.
Amazon received about $600 million in tariff refunds last quarter and will refund affected customers in certain cases.
Apple expects up to $2.2 billion in tariff refunds and said this helped boost its strongest June quarter ever.
Ford and General Motors expect rebates of $1.3 billion and $500 million, respectively.
Nike is awaiting nearly $1 billion in tariff recoveries this year.
Some companies, like Nintendo, argue customers agreed to price increases and should not receive part of the refunds.
Experts say not all tariffs paid will be refunded because some importers did not apply or went out of business.
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The movie "Spider-Man: Brand New Day" earned $360 million during its opening weekend in the U.S. and Canada, breaking the record previously held by "Avengers: Endgame." The film’s strong ticket sales helped boost the overall movie theater earnings in North America.
Key Facts
"Spider-Man: Brand New Day" made $360 million in its opening weekend in the U.S. and Canada.
This amount surpassed "Avengers: Endgame," which held the record with $357 million in 2019.
The movie was shown in 4,487 theaters during its opening weekend.
Before "Avengers: Endgame," no film had earned more than $300 million in a domestic opening.
Other previous record holders include "Avengers: Infinity War" ($257 million) and "Star Wars: The Force Awakens" ($247 million).
The third Spider-Man movie with Tom Holland, "No Way Home," made $260 million in its debut in 2021 during the pandemic.
The success of "Spider-Man: Brand New Day" and "The Odyssey," which share actors, helped create a record weekend for theaters in the U.S. and Canada.
Overall, the domestic box office revenue is up more than 15% compared to last year, reaching over $6.2 billion so far in 2026.
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The former BHS store site in Stratford-upon-Avon remains empty and neglected. Local officials and residents describe the site as a continuing problem for the area.
Key Facts
The site was once occupied by BHS, a retail store chain.
The building is now derelict, meaning it is in poor and unused condition.
The emptiness of the site has caused concern among local people.
Stratford-on-Avon District Council is involved with the issue.
The site’s condition affects the local retail environment.
There have been ongoing discussions about what to do with the site.
The problem has lasted for some time without a clear solution.
The location is in Coventry & Warwickshire, a region in England.
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Sydney’s tolls on major roads will increase by at least 4% each year as Transurban, a large private toll operator, rejected a full toll reduction deal. The New South Wales government agreed to some limited toll cuts and will pay $850 million to widen a key tollway to improve traffic.
Key Facts
Eleven Sydney toll roads are operated by Transurban, a company worth $47 billion with contracts running into the 2040s.
The NSW government made a deal with Transurban to cut some tolls by 10-20% on certain roads between 2027 and 2028.
Major toll roads like Westconnex and NorthConnex will not receive toll reductions under the deal.
The government will spend $850 million to widen the M2-M7 tollway, expecting increased toll revenue from more traffic.
Average Sydney drivers spend nearly $650 a year on tolls, with full travel on Westconnex costing about $12.74.
Toll increases of at least 4% per year will continue on many roads, causing higher costs for drivers.
NSW taxpayers already pay Transurban over $100 million yearly to cover toll caps for drivers, with this expected to rise.
A former competition regulator criticized Transurban for blocking reforms and prioritizing profit over public interest.
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Federal law requires debt collectors to provide proof of a debt if the borrower requests it. If a debt collector refuses to verify the debt after a timely request, they must pause collection efforts until verification is provided, though the debt does not disappear. The debt may be returned to the original creditor or sold to another collector if verification is not given.
Key Facts
The Fair Debt Collection Practices Act (FDCPA) protects borrowers by requiring debt collectors to provide verification of a debt.
Borrowers can dispute a debt and request verification within a specific timeframe after first contact.
Debt collection activities must pause if a timely request for verification is made.
If verification is not provided, the debt collector may have to stop collection temporarily and could return or sell the debt.
The debt might be passed on to another collector, who may request validation again.
Failure to verify the debt can strengthen the borrower’s position in disputes.
Borrowers should keep records of their dispute letters and any correspondence.
If collection efforts continue without proof, borrowers can file complaints with consumer protection agencies or consult a consumer law attorney.
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"Spider-Man: Brand New Day," released by Sony, earned $355 million in its first weekend in North America, making it the second-best opening ever behind "Avengers: Endgame." The film made a total of $927 million worldwide in its opening, with strong audience and critic reviews contributing to its success.
Key Facts
The movie grossed $355 million in North America during its opening weekend.
This was the second-largest North American opening, just behind "Avengers: Endgame" with $357 million.
Internationally, it made $572 million, including $121 million from China.
Total global earnings for the opening were $927 million.
Tom Holland stars as Spider-Man in this film, directed by Destin Daniel Cretton.
The movie received strong reviews: 90% on Rotten Tomatoes, an "A" CinemaScore, and a five-star rating on PostTrak.
About 61% of the audience was male, and over half were under 25 years old, with the largest group aged 18-24.
"Spider-Man: Brand New Day" set the biggest ever opening for Sony Pictures.
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The U.S. Department of Defense made new deals with Lockheed Martin and Northrop Grumman to increase production of missile defense systems, specifically the Patriot PAC-3 and THAAD interceptors. This move aims to address supply shortages caused by ongoing conflicts and military support to Ukraine.
Key Facts
The Pentagon signed agreements to boost production of Patriot PAC-3 and THAAD missile interceptors.
Patriot production will triple, while THAAD production will quadruple under the new deal.
Lockheed Martin received a $58 billion contract to produce Patriot interceptors over seven years.
Northrop Grumman’s portion of the deal is worth over $3 billion.
Northrop Grumman has increased production capacity by nearly three times at one facility and by 25% at another.
The increased production responds to pressure from conflicts involving the U.S., including military aid to Ukraine.
Ukraine is running low on Patriot interceptors, which are its only ballistic missile defense weapon.
Stocks of both companies rose after the deal was announced.
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