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Uncertainty looms as last oil tanker from Middle East arrives in California

Uncertainty looms as last oil tanker from Middle East arrives in California

May 06, 2026 • Guardian World

Summary

The last oil tanker from the Middle East has arrived in California, bringing about 2 million barrels of crude oil from Iraq. California can meet its fuel needs for about six weeks with current supplies, but the state will need new oil sources soon due to disruptions caused by the war involving Iran and rising gas prices.

Key Facts

  • California’s average gas price is over $6 per gallon, the highest in the US.
  • The oil tanker New Corolla arrived from Iraq, carrying about 2 million barrels of crude oil to Long Beach.
  • This shipment is the last one that passed through the Strait of Hormuz before it closed due to the war.
  • California imports about one-third of its oil from the Gulf region and relies more on foreign oil than other states.
  • The California Energy Commission says current supplies will last about six weeks.
  • The war involving Iran has disrupted global oil markets and raised gas prices nationwide.
  • Gas prices increased more nationwide than in California since the war began.
  • Rising fuel costs have had a greater financial impact on low-income Americans, who have reduced gas use but still pay more.
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Guardian World Guardian US Guardian Business
AI makes a mess of private equity

AI makes a mess of private equity

May 06, 2026 • Axios

Summary

AI technology has caused major problems for private equity firms when it comes to valuing companies and planning future investments. Many industry leaders say AI adds a lot of uncertainty to predicting how deals and markets will perform over the next few years.

Key Facts

  • AI has made it very hard for private equity funds to model and value new investments accurately.
  • Private equity typically holds companies for three to four years before selling.
  • ChatGPT and newer AI systems like Claude and Gemini have rapidly changed multiple industries.
  • Forecasting profits and sale prices ("exit multiples") now feels extremely uncertain for private equity managers.
  • Even sectors thought to be safe from AI disruption face unpredictable outcomes.
  • Despite challenges, investors ("limited partners") continue to put money into private equity.
  • The long-term focus of private equity, usually an advantage, is now seen as a potential risk due to AI changes.
  • Private equity still has significant available capital ("dry powder") for new deals, though uncertainty remains high.
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Axios
How much interest will a $150,000 CD account earn now?

How much interest will a $150,000 CD account earn now?

May 06, 2026 • CBS News

Summary

A $150,000 certificate of deposit (CD) account offers fixed interest rates ranging from about 3.9% to 4.16%, depending on the term length. Interest earned varies from around $1,440 for 3 months to nearly $34,000 for a 5-year CD, providing a predictable return compared to more volatile investments like stocks.

Key Facts

  • CD accounts have fixed interest rates and require locking in money for a set period.
  • Current top CD rates range roughly between 3.9% and 4.16%.
  • A 3-month CD at 3.9% yields about $1,440 in interest on $150,000.
  • A 5-year CD at 4.15% earns about $33,818 in interest over the term.
  • Intermediate terms like 6 months to 3 years offer returns between $3,000 and $19,000.
  • Early withdrawal from a CD can result in penalties that reduce earnings.
  • CDs provide guaranteed returns, unlike stock investments which can fluctuate.
  • Online banks often offer higher CD interest rates than traditional bank branches.
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CBS News
Ghirardelli recalls certain powdered beverage mixes

Ghirardelli recalls certain powdered beverage mixes

May 06, 2026 • The Hill

Summary

Ghirardelli is recalling some powdered drink mixes because they may contain milk powder that has salmonella. Salmonella is a bacteria that can cause food poisoning.

Key Facts

  • Ghirardelli is recalling specific powdered beverage mixes.
  • The recall is due to possible contamination with salmonella bacteria.
  • The contamination comes from the milk powder used in these products.
  • Salmonella can cause illness if people consume contaminated food.
  • The company is taking action to protect consumers' health.
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The Hill
How Ted Turner transformed the media you consume

How Ted Turner transformed the media you consume

May 06, 2026 • CBS News

Summary

Ted Turner, a major figure in the media industry, passed away at the age of 87. He played a key role in changing how people get their news and entertainment through television.

Key Facts

  • Ted Turner died at age 87.
  • He was a global leader in the media business.
  • Turner helped shape modern TV news and programming.
  • He founded channels like CNN, which was among the first 24-hour news networks.
  • His work influenced how media companies operate today.
  • Turner was also known for other ventures, including sports broadcasting.
  • His impact on media continues to affect what viewers watch.
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CBS News
Why Millennial Pop Stars Are Catching 'Blue Dot Fever'

Why Millennial Pop Stars Are Catching 'Blue Dot Fever'

May 06, 2026 • Newsweek

Summary

Some well-known music artists from the 2000s are having trouble selling all their concert tickets, leading to many empty seats. This problem is called "blue dot fever," named after the blue dots on ticket websites showing available seats. Newer artists with younger fans are selling out shows more successfully.

Key Facts

  • The Pussycat Dolls canceled most of their North American tour dates due to low ticket sales.
  • "Blue dot fever" refers to major artists not selling out concert venues, revealed by many available seats on ticket sites.
  • Other artists like Jennifer Lopez, Meghan Trainor, and Zayn Malik also faced similar issues with unsold seats.
  • Some believe venues booked are too large, and ticket prices might be too high for current fan demand.
  • High social media popularity does not always lead to strong ticket sales.
  • Newer artists like Billie Eilish, Sabrina Carpenter, and Dua Lipa have successfully sold out tours.
  • Sharing pictures of empty seats online can discourage others from buying tickets, causing more empty seats.
  • Experts think the problem could be fixed if promoters and agents adjust booking and pricing strategies.
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Newsweek
Can debt collectors freeze a joint bank account if you owe them money?

Can debt collectors freeze a joint bank account if you owe them money?

May 06, 2026 • CBS News

Summary

Debt collectors can freeze money in a joint bank account if one account holder owes money and the creditor wins a court judgment. However, the non-debtor account holder may challenge the freeze to protect their share, especially if funds come from protected sources like Social Security.

Key Facts

  • Creditors usually must sue and win a court judgment before freezing a bank account.
  • A bank may freeze the entire joint account temporarily after a levy notice.
  • Both account holders have legal access to the joint account funds.
  • Non-debtor account holders can often prove which money belongs to them to get it released.
  • Federal benefits like Social Security and veterans’ benefits are generally protected from being frozen.
  • Banks must protect qualifying federal benefits if deposited directly into the account.
  • Mixed funds in one account can cause complications during the freeze process.
  • Quick action is important to challenge a bank levy on a joint account.
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CBS News
Eight States Where Home Insurance Costs Could Surge With Super El Niño

Eight States Where Home Insurance Costs Could Surge With Super El Niño

May 06, 2026 • Newsweek

Summary

A strong El Niño weather pattern could cause more flooding, heavy rain, and storms in parts of the U.S. This may lead to higher home insurance costs, especially in states prone to flood damage, since insurance companies expect more claims and risks.

Key Facts

  • El Niño happens when warm Pacific Ocean water changes global weather patterns.
  • A "super" El Niño can cause more extreme weather like flooding and storms in the U.S.
  • Home insurance rates have been rising due to more frequent and costly disasters.
  • Flood damage is usually not covered by standard home insurance and requires separate flood insurance.
  • Flood insurance is offered mainly through a federal program (NFIP) and private insurers.
  • Average flood insurance costs about $1,100 per year but vary widely by risk area.
  • States most likely affected by flooding and higher insurance costs include California, Arizona, New Mexico, Texas, Louisiana, Mississippi, Alabama, and Florida.
  • Flood risk in the Southwest is higher in summer due to hurricanes; in the Southeast, it’s higher in late fall and winter during El Niño.
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Newsweek
Best gold IRA companies and investing advice to know now

Best gold IRA companies and investing advice to know now

May 06, 2026 • CBS News

Summary

The article explains that investing in a gold Individual Retirement Account (IRA) can help protect retirement savings, but choosing the right company is important to avoid high fees and poor service. It reviews several top gold IRA providers based on fees, account minimums, product choices, and customer experience.

Key Facts

  • Gold prices reached record highs in early 2026, partly due to inflation concerns and global instability.
  • Gold IRAs can add value to retirement portfolios by offering a stable asset different from stocks and bonds.
  • Many gold IRA companies have appeared, but some charge high fees or provide poor customer service.
  • Augusta Precious Metals is noted for clear fees, strong customer support, and educational resources, with a $50,000 minimum investment.
  • American Hartford Gold offers low minimums, no setup fees, and a price match guarantee, good for beginners.
  • Goldco receives high marks for customer satisfaction and offers special perks.
  • JM Bullion is recognized for having no minimum investment and a wide selection of products.
  • Rosland Capital specializes in premium and collector-grade gold products.
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CBS News
Report: SpaceX IPO gives Musk unchecked power and forbids investor lawsuits

Report: SpaceX IPO gives Musk unchecked power and forbids investor lawsuits

May 06, 2026 • Ars Technica

Summary

SpaceX’s plan to become a public company will give CEO Elon Musk very strong control over the company. The plan limits shareholders’ rights, such as the ability to sue SpaceX or challenge Musk’s decisions, by using special shares and rules like mandatory arbitration.

Key Facts

  • SpaceX’s upcoming public offering will give Elon Musk nearly full control through special voting shares.
  • Musk currently owns 42.5% of SpaceX’s shares but controls 83.8% of its voting power. He will keep more than 50% voting power after the IPO.
  • The company’s rules will block shareholders from suing or forcing votes on how the company is run.
  • Mandatory arbitration means disputes won’t be decided by a jury trial but by private arbitration instead.
  • Musk will be able to hire or remove board members and control major company decisions, including mergers.
  • SpaceX will be a “controlled company” and won’t need to have independent directors lead key committees.
  • The IPO filing is confidential, so detailed financial information isn’t public yet.
  • The structure uses new Texas laws that protect companies from activist investors and hostile takeovers.
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Ars Technica
Amanpour expresses ‘concern’ over future of CNN, citing ‘ideological realignment’ at CBS

Amanpour expresses ‘concern’ over future of CNN, citing ‘ideological realignment’ at CBS

May 06, 2026 • The Hill

Summary

CNN journalist Christiane Amanpour expressed concern about the future of CNN if its parent company merges with a media group led by David Ellison. She mentioned unease about changes that may come from such corporate mergers.

Key Facts

  • Christiane Amanpour is a journalist at CNN.
  • She voiced worry about Paramount potentially taking control of CNN.
  • This concern arises because of a possible merger between CNN’s parent company and a media conglomerate led by David Ellison.
  • Amanpour mentioned an "ideological realignment" at CBS as part of her concern.
  • The merger is still in progress and not finalized.
  • Amanpour was cautious about how much she could say regarding the merger.
  • The situation involves large media companies combining their businesses.
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The Hill
Hedge fund founder hits back at Mamdani's 'creepy' wealth tax video

Hedge fund founder hits back at Mamdani's 'creepy' wealth tax video

May 06, 2026 • BBC Business

Summary

New York Mayor Zohran Mamdani supports a new tax on very expensive properties owned by people who do not live in the city. Billionaire Ken Griffin, who owns the most expensive apartment in New York, criticized Mamdani’s video promoting the tax and said it makes the city less welcoming to successful business people.

Key Facts

  • Zohran Mamdani is the mayor of New York City.
  • Mamdani posted a video promoting a new luxury property tax aimed at homes worth over $5 million.
  • The tax is expected to raise at least $500 million annually.
  • Ken Griffin is the founder of Citadel and owns a $238 million penthouse in New York, the most expensive apartment bought in the U.S.
  • Griffin called Mamdani’s video “creepy” and said it hurts the city’s appeal to successful people.
  • Griffin plans to focus his business growth more in Miami instead of New York.
  • Mamdani’s team says the mayor supports business owners but believes the current tax system is unfair.
  • Mamdani also wants to increase the city’s corporate tax rate from 7.25% to 11.5%.
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BBC Business BBC US
List of Products From Coca‑Cola, Oreo and More Rebranded for America250

List of Products From Coca‑Cola, Oreo and More Rebranded for America250

May 06, 2026 • Newsweek

Summary

In 2026, many famous U.S. brands will offer special products to celebrate the country’s 250th anniversary, called America250. These products will have patriotic themes, new flavors, and special packaging to mark the occasion.

Key Facts

  • America250 celebrates 250 years of U.S. independence on July 4, 2026.
  • Companies are creating limited-edition products for this event throughout 2026.
  • Cheerios will launch a birthday cake-flavored cereal with red, white, and blue sprinkles.
  • Coca-Cola will release collectible bottles and mini-cans featuring designs representing each state, Puerto Rico, and Washington, D.C.
  • Mountain Dew will temporarily change its name to “American Dew” with flag-themed packaging.
  • Oreo will offer a new Firecracker Pop cookie with flavors inspired by a red, white, and blue ice pop.
  • Other products, like a Statue of Liberty-themed milkshake with patriotic sprinkles, have gained attention online.
  • These products combine special flavors, packaging, and nostalgia to attract customers during the anniversary celebration.
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Newsweek
401(k) loan vs. debt relief: Which is better for getting rid of credit card debt now?

401(k) loan vs. debt relief: Which is better for getting rid of credit card debt now?

May 06, 2026 • CBS News

Summary

This article compares two ways to pay off credit card debt: borrowing from a 401(k) retirement plan or using debt relief programs. Each method has different costs, risks, and effects on your finances, so it’s important to understand how they work before deciding.

Key Facts

  • Credit card interest rates have stayed high, around 21% on average, making debt harder to repay.
  • A 401(k) loan allows you to borrow up to half your retirement savings or $50,000, whichever is less, usually at about 8-9% interest.
  • When you borrow from a 401(k), you pay yourself back with interest, but your money stops growing during the loan period, which can reduce your retirement savings long-term.
  • If you leave your job, the 401(k) loan balance may have to be paid back quickly, or it will be taxed as income and could face a penalty if under age 59½.
  • Debt relief programs try to reduce what you owe by negotiating a lower payment with creditors, often after you stop making payments.
  • Using debt relief can hurt your credit score because creditors report missed payments and delinquency.
  • The choice between these options depends on your job security, ability to repay, and how much risk you can handle financially.
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CBS News
$15,000 CD vs. $15,000 high-yield savings account vs. $15,000 money market account: Here's which is most profitable now

$15,000 CD vs. $15,000 high-yield savings account vs. $15,000 money market account: Here's which is most profitable now

May 06, 2026 • CBS News

Summary

A $15,000 deposit in a traditional savings account earns very little interest, about $57 yearly, due to low rates. Higher returns can be earned by putting money into a certificate of deposit (CD), a high-yield savings account, or a money market account, with CDs generally offering the most consistent profit over different time periods.

Key Facts

  • Traditional savings accounts pay around 0.38% interest, earning about $57 per year on $15,000.
  • High-yield savings and money market accounts have variable rates, which can change with the market.
  • CDs have fixed interest rates that stay the same until the end of the term.
  • A 3-month CD at 3.90% pays about $144 in interest; a high-yield savings account at 4.03% pays about $149.
  • A 6-month CD at 4.10% pays about $304, more than a high-yield savings account or money market account.
  • A 9-month CD at 4.05% pays about $453, slightly more than a high-yield savings account.
  • CDs are usually more profitable but require keeping the money locked in; early withdrawal can lead to penalties.
  • Interest rates are expected to stay steady for now, making it a good time to consider these higher-yield accounts.
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CBS News
New York real estate titan likens the phrase ‘tax the rich’ to racial slurs

New York real estate titan likens the phrase ‘tax the rich’ to racial slurs

May 06, 2026 • Guardian World

Summary

Steve Roth, a New York billionaire and CEO of Vornado Realty Trust, said the phrase “tax the rich” is hateful and compared it to racial slurs. He criticized New York Mayor Zohran Mamdani for targeting billionaire Ken Griffin with a new tax on expensive second homes and praised the wealthy for their role in the economy.

Key Facts

  • Steve Roth called the phrase “tax the rich” hateful and compared it to offensive racial slurs.
  • Roth is the CEO of Vornado Realty Trust and has paid $560 million in real estate taxes this year.
  • Roth supported fellow billionaire Ken Griffin, who was singled out by Mayor Mamdani for a new tax on second homes over $5 million.
  • The new tax is New York State’s first “pied-à-terre” tax, targeting expensive second homes.
  • Roth praised the wealthy, saying they create many jobs and pay half of New York’s income taxes.
  • Roth has supported President Donald Trump since 2016 and donated to Andrew Cuomo’s campaign.
  • He suggested that Griffin could help elect candidates with similar views to protect wealthy interests.
  • Roth acknowledged Mamdani’s energy and potential to improve the city but disagreed with his tax approach.
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Guardian World Guardian US Guardian Business
First Look at Record-Breaking Trump Tower Being Built in Tbilisi, Georgia

First Look at Record-Breaking Trump Tower Being Built in Tbilisi, Georgia

May 06, 2026 • Newsweek

Summary

A new Trump Tower is being built in Tbilisi, the capital of Georgia, as part of a $2 billion development called Tbilisi Downtown. The building will be the tallest in Georgia and include offices, luxury shops, a hotel, and entertainment facilities.

Key Facts

  • Trump Tower Tbilisi will have about 70 floors and be the tallest building in Georgia.
  • The development covers around 600,000 square meters (6.4 million square feet) in Tbilisi.
  • The project includes six towers, with Trump Tower as the centerpiece.
  • The development will offer business, retail, hotel, dining, and entertainment spaces.
  • The total cost of the project is estimated at $2 billion.
  • The Trump Organization operates many properties globally and is expanding with new developments.
  • Some people have raised concerns about possible conflicts of interest with President Donald Trump’s business while he is in office.
  • The Trump Organization says it operates separately from the presidency and follows ethics laws, including hiring an independent ethics adviser.
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Newsweek
CNN founder Ted Turner, a brash and outspoken television pioneer, has died at age 87

CNN founder Ted Turner, a brash and outspoken television pioneer, has died at age 87

May 06, 2026 • PBS NewsHour

Summary

Ted Turner, a key television pioneer who started CNN in 1980, has died at age 87. He built a large media empire, owned sports teams, raced yachts, and gave $1 billion to United Nations charities.

Key Facts

  • Ted Turner launched CNN, the first 24-hour news channel, in 1980.
  • He owned professional sports teams in Atlanta and defended the America's Cup yacht race in 1977.
  • Turner donated $1 billion to charities connected to the United Nations.
  • He sold his Turner Broadcasting System to Time Warner in 1996 for $7.3 billion in stock.
  • CNN gained worldwide attention during the 1991 Gulf War by broadcasting live from Baghdad.
  • Turner was known as "Captain Outrageous" and "The Mouth of the South" for his outspoken personality.
  • Later in life, Turner focused on philanthropy and managing over 2 million acres of land with the largest bison herd in the U.S.
  • Turner died after suffering from Lewy Body Dementia, a disease affecting the brain.
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PBS NewsHour
France considers windfall tax on massive oil profits: TotalEnergies fights back

France considers windfall tax on massive oil profits: TotalEnergies fights back

May 06, 2026 • France24

Summary

France is thinking about adding a new tax on oil companies that make very large profits. The CEO of TotalEnergies said the company would stop limiting fuel prices in France if this tax is passed.

Key Facts

  • France is considering a windfall tax on the oil refining sector.
  • The tax targets excessive profits made by oil companies.
  • TotalEnergies is one of the largest oil companies in France.
  • Patrick Pouyanne is the CEO of TotalEnergies.
  • Pouyanne told a French newspaper that TotalEnergies might stop capping fuel prices in France.
  • The price cap is currently used to control how much fuel costs at gas stations.
  • The measure is being considered to address economic and social concerns in France.
  • The decision could affect the cost of fuel for French consumers.
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France24
Food manufacturer Cento is committing "tomato fraud," lawsuit alleges

Food manufacturer Cento is committing "tomato fraud," lawsuit alleges

May 06, 2026 • CBS News

Summary

Two people in California are suing Cento Fine Foods, saying the company lied about using real San Marzano tomatoes from Italy in its canned products. They claim Cento’s labels falsely suggest the tomatoes meet strict Italian quality rules when they do not.

Key Facts

  • The lawsuit calls Cento’s “Certified San Marzano” label false and misleading.
  • San Marzano tomatoes have a special protected label called DOP, given by an Italian group.
  • Cento’s labeling suggests it has this official DOP certification, but the suit says this is not true.
  • The Italian consortium Il Consorzio di Tutela sets strict rules for San Marzano tomatoes.
  • Cento claims it is the only U.S. company with a production facility in the San Marzano region of Italy.
  • Customers can scan a code on Cento cans to see the field where the tomatoes were grown.
  • A previous lawsuit in 2019 also questioned Cento’s San Marzano tomato claims.
  • Cento Fine Foods is based in New Jersey.
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CBS News