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UK long-term borrowing costs reach 28-year high

UK long-term borrowing costs reach 28-year high

May 05, 2026 • BBC Business

Summary

The cost for the UK government to borrow money for a long time has reached its highest level since 1998. This rise is linked to the ongoing conflict between the US, Israel, and Iran, as well as political uncertainty before upcoming local and national elections in the UK.

Key Facts

  • UK government bond yields for 30 years hit a 28-year high; 10-year bond yields reached an 18-year high.
  • The Iran war caused the closure of the Strait of Hormuz, affecting oil and natural gas supplies and raising energy prices worldwide.
  • Higher inflation expectations and borrowing costs have pushed bond markets down globally.
  • UK markets were more affected than other major economies, due to inflation concerns and political instability around UK elections.
  • Rising bond yields mean the UK government will have to pay more interest on its debt.
  • Chancellor Rachel Reeves aims to avoid borrowing for daily spending and wants to reduce the government’s debt compared to national income.
  • UK government borrowing was £132 billion for the year to March, the lowest in three years, but may increase if inflation rises.
  • The Bank of England’s governor, Andrew Bailey, said currency value shows UK markets are not unusually weak despite the situation.
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BBC Business BBC Top Stories
From the Met Gala to Milan: Does Fashion Need Tech Bros to Survive?

From the Met Gala to Milan: Does Fashion Need Tech Bros to Survive?

May 05, 2026 • Newsweek

Summary

Tech billionaires, often called "tech bros," are becoming more involved in the fashion world by attending events and investing in fashion projects. This happens as the luxury fashion market shows signs of slowing down and losing interest from younger shoppers.

Key Facts

  • Tech entrepreneurs like Jeff Bezos, Mark Zuckerberg, Elon Musk, and Jack Dorsey have started attending major fashion events such as the Met Gala and Milan Fashion Week.
  • Jeff Bezos helped fund the Met Gala, which led to protests in New York.
  • These tech figures usually wear simple, casual clothes but are now engaging with high-end fashion.
  • Experts say tech billionaires want the power and influence that come from being part of the luxury fashion world.
  • The luxury fashion industry is seeing a drop in value, with top brands losing some market worth recently.
  • Younger consumers, especially Gen Z, prefer thrift shopping and criticize expensive clothes made with cheap materials.
  • Spending on clothing is decreasing, and many consumers try to save money when shopping for fashion.
  • There is a growing relationship where fashion needs tech money and influence, while tech leaders want the status that comes with fashion.
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Newsweek
Build-A-Bear Recalls 36,000 Bears Over Risk of 'Injury or Death'

Build-A-Bear Recalls 36,000 Bears Over Risk of 'Injury or Death'

May 05, 2026 • Newsweek

Summary

Build-A-Bear Workshop has recalled about 36,000 Heartwarming Hugs bears in the U.S. and 520 in Canada because the zipper slider on the bears can come off and pose a choking danger to children. Customers can get a full refund or gift card by returning the bear to the store or by using a free return shipping label.

Key Facts

  • The recall involves Heartwarming Hugs bears that have a side pouch with a zipper slider.
  • The zipper slider can detach, creating a choking hazard for children.
  • About 36,000 bears were sold in the U.S. and 520 in Canada between January and March 2026.
  • The bears include a removable, weighted heart insert meant to provide comfort by heating or cooling.
  • The toy is labeled for children aged three and older.
  • Consumers should stop using the toy immediately and return it for a refund or store gift card.
  • Build-A-Bear offers free shipping labels for customers who cannot visit a store.
  • The bears are made in China and imported by Build-A-Bear Workshop, based in St. Louis, Missouri.
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Newsweek
Consolidating your debt may not save you money this May. Here's why.

Consolidating your debt may not save you money this May. Here's why.

May 05, 2026 • CBS News

Summary

Debt consolidation may not always save money for borrowers because personal loan rates can still be high, fees may reduce savings, and longer loan terms can increase total interest paid. Alternatives like balance transfers with low or zero interest may be better options for some people with good credit.

Key Facts

  • Household debt keeps rising, and credit card interest rates remain high.
  • Debt consolidation means combining multiple debts into one loan, usually aiming for a lower interest rate and easier payments.
  • Personal loan interest rates range widely from about 6.2% to 35.99%, with the lowest rates for people with good credit.
  • Many borrowers paying around 22% interest on credit cards might not save money if their personal loan rate is 25% or higher.
  • Some lenders charge origination fees that add upfront costs and reduce possible savings from consolidating.
  • Extending the loan term to lower monthly payments can increase the total interest paid over time.
  • Balance transfers with 0% promotional interest for 12 to 21 months can be a good alternative for those with strong credit.
  • Borrowers should review their credit score, loan fees, interest rates, and repayment length before choosing debt consolidation.
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CBS News
Jamie Dimon blesses the trillion-dollar AI capex boom

Jamie Dimon blesses the trillion-dollar AI capex boom

May 05, 2026 • Axios

Summary

JPMorgan Chase CEO Jamie Dimon spoke in New York, saying the large spending on artificial intelligence (AI), expected to reach $1 trillion next year, is worth it. He highlighted that this investment supports both the stock market and overall U.S. economic growth.

Key Facts

  • Jamie Dimon is the CEO of JPMorgan Chase, the world's largest bank.
  • AI capital spending is expected to exceed $1 trillion next year.
  • Dimon supports this big investment, calling AI technology very powerful.
  • The event featured Anthropic CEO Dario Amodei and new AI tools for financial services.
  • Anthropic’s Mythos AI model raised cybersecurity concerns, leading to a meeting with U.S. Treasury and Federal Reserve officials.
  • Dimon said banks are working together to handle these issues and want protections for all banks, not only the biggest ones.
  • Amodei stated that limited availability of Mythos AI is not due to computing power limitations.
  • The government alone cannot manage all AI-related risks, according to Dimon.
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Axios
Utz potato chips sold nationwide recalled over salmonella risk

Utz potato chips sold nationwide recalled over salmonella risk

May 05, 2026 • CBS News

Summary

Utz Quality Foods is recalling certain Zapp's and Dirty brand potato chips nationwide because an ingredient might have salmonella bacteria. The recalled chips contain dry milk powder that could be contaminated, and no illnesses have been reported so far.

Key Facts

  • Utz Quality Foods recalled some Zapp's and Dirty brand potato chips.
  • The recall is due to possible salmonella in dry milk powder used in the seasoning.
  • Salmonella can cause serious infections, especially in young children, elderly, or sick people.
  • No illnesses have been linked to these products yet.
  • The recall follows a similar recall from the ingredient supplier.
  • Consumers are advised not to eat the recalled chips and to throw them away.
  • Utz provides a phone number (1-877-423-0149) for customer questions, available weekdays from 9 am to 6 pm Eastern Time.
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CBS News
Best debt relief companies, plus advice borrowers need to know now

Best debt relief companies, plus advice borrowers need to know now

May 05, 2026 • CBS News

Summary

Credit card balances grew by $44 billion in late 2025, and high interest rates make paying off debt harder for many Americans. Several debt relief companies offer different services to help borrowers manage or reduce their debt, but it is important to research and choose carefully to avoid hidden fees and other problems.

Key Facts

  • Credit card debt increased by $44 billion in the last quarter of 2025.
  • Interest rates have been paused by the Federal Reserve at 3.50% to 3.75% since December 2025.
  • High interest rates cause debt to grow faster, making payments harder for many borrowers.
  • Debt relief programs help people reduce or manage debt but can affect credit scores and taxes.
  • The debt relief industry varies; some companies are trustworthy while others have hidden fees.
  • Accredited Debt Relief ranks best for customer satisfaction and has an A+ BBB rating.
  • Freedom Debt Relief offers free legal assistance to customers concerned about lawsuits.
  • DebtBlue is noted for clear pricing and transparent communication.
  • New Era Debt Solutions is known for fast debt resolution but requires a higher minimum debt.
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CBS News
Coinbase CEO Issues Warning to All Americans Amid Mass Layoffs

Coinbase CEO Issues Warning to All Americans Amid Mass Layoffs

May 05, 2026 • Newsweek

Summary

Coinbase CEO Brian Armstrong announced the company is laying off 14% of its workers, about 700 people, due to advances in artificial intelligence (AI) and changing workforce needs. Armstrong warned that many other companies might face similar challenges and stressed the need for leaders to be more hands-on and for companies to become more efficient with fewer management layers.

Key Facts

  • Coinbase is cutting 14% of its staff, roughly 700 employees.
  • AI technology is cited as a key reason for these layoffs and workforce changes.
  • Coinbase will limit its management layers to five below the CEO and COO to create a leaner, faster company structure.
  • Managers at Coinbase are expected to be active contributors and work closely with their teams.
  • Over 100 tech companies have cut 92,000 jobs so far in early 2026.
  • Some company leaders, like Sam Altman of OpenAI, say layoffs blamed on AI may have other causes.
  • Meta may cut 8,000 jobs soon amid large investments in technology.
  • Experts believe these changes signal a lasting shift in how work is structured across industries.
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Newsweek
What would a $20,000 debt consolidation loan cost monthly at today's rates?

What would a $20,000 debt consolidation loan cost monthly at today's rates?

May 05, 2026 • CBS News

Summary

Debt consolidation loans combine multiple debts into one loan, but their monthly cost can vary a lot based on the interest rate and loan term. For a $20,000 loan today, monthly payments range widely depending on the borrower's credit and chosen loan length.

Key Facts

  • The average personal loan interest rate is about 12.27% right now.
  • Interest rates for personal loans vary from around 6.20% to 35.99%, depending on credit and income.
  • Loan terms typically last between 2 to 5 years, affecting monthly payments and total interest paid.
  • At 12.27% interest, a 3-year loan costs about $667 per month, and a 5-year loan costs about $448 per month.
  • At the lowest rate of 6.20%, monthly payments are about $610 (3 years) or $389 (5 years).
  • At an 18% interest rate, monthly payments rise to about $723 for 3 years or $508 for 5 years.
  • At a high rate of 25%, monthly payments can be as high as $795 for 3 years or $587 for 5 years.
  • While longer loan terms reduce monthly payments, they increase total interest paid over time.
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CBS News
Philip Morris uses secret Senate hearing to warn illegal tobacco in Australia could wipe out legal trade by 2030

Philip Morris uses secret Senate hearing to warn illegal tobacco in Australia could wipe out legal trade by 2030

May 05, 2026 • Guardian World

Summary

Philip Morris warned a secret Australian Senate hearing that illegal cigarette sales could eliminate legal tobacco products in Australia by 2030. The hearing raised concerns about transparency, as Australia is part of a World Health Organization (WHO) agreement that requires public health policy to avoid secret influence from tobacco companies.

Key Facts

  • Philip Morris gave evidence in a closed-door Senate hearing in Australia about illegal tobacco sales.
  • Illegal tobacco sales now make up 50% to 60% of the Australian tobacco market, worth up to $6.9 billion.
  • The WHO framework on tobacco control, signed by Australia, calls for transparency and limits tobacco company influence on public health decisions.
  • Some government officials and health groups criticized the secret hearing and lack of public records.
  • Philip Morris executives claim threats from organized crime justify keeping their identities secret.
  • Federal tobacco and e-cigarette officials say big tobacco companies have historically contributed to illegal cigarette markets.
  • Health ministers urged parliamentarians to follow WHO guidelines and hold tobacco companies accountable publicly.
  • Anti-smoking groups fear tobacco companies use these hearings to push for lower taxes on legal tobacco sales, harming public health efforts.
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Guardian World
‘It’s quite distressing’: rate rise brings new pain for would-be homebuyers

‘It’s quite distressing’: rate rise brings new pain for would-be homebuyers

May 05, 2026 • Guardian World

Summary

The Reserve Bank of Australia has raised interest rates for the third time in a row, making it harder for people trying to buy their first home. While house prices in Sydney and Melbourne have dropped slightly, prices for the cheapest homes, which first buyers usually want, are still going up.

Key Facts

  • The Reserve Bank of Australia raised interest rates three times in a row.
  • Higher interest rates increase borrowing costs, making it tougher to buy homes.
  • Home prices in Sydney and Melbourne fell by about 0.6% in April and more over three months.
  • Prices for the cheapest 25% of homes increased by 0.5% in Melbourne and 1.5% in Sydney.
  • The government’s deposit guarantee scheme lets first home buyers buy with as little as a 5% deposit.
  • Borrowing limits for home buyers have dropped by roughly $17,000 with each rate hike.
  • Some first home buyers, like Dani Hunterford and her husband, are struggling to save enough despite working hard.
  • Many Australians still expect home prices to rise despite current challenges.
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Guardian World
UK homebuyers face worst mortgage affordability since 2008, data shows

UK homebuyers face worst mortgage affordability since 2008, data shows

May 05, 2026 • Guardian World

Summary

In 2025, people buying homes in the UK face the hardest time affording mortgages since 2008, with mortgage payments taking up over 21% of their income on average. The cost and difficulty vary a lot by region, with areas near London being the least affordable and some parts of Scotland the most affordable.

Key Facts

  • Average mortgage repayments in the UK in 2025 take up 21.3% of a homebuyer’s gross income, the highest since 2008.
  • The most unaffordable areas include north Norfolk and Hillingdon in west London, where repayments are over 25% of income.
  • Many of the least affordable places are in the London commuter belt, such as Luton, Slough, Broxbourne, and Harlow.
  • The most affordable areas are mostly in Scotland, like East Ayrshire and Inverclyde, where repayments take about 17% of income.
  • The City of London appears affordable in the data because buyers there tend to have very high incomes.
  • Despite high mortgage costs and difficulty saving deposits, mortgage borrowing increased by 17% from 2024 to 2025, reaching 723,000 loans.
  • The Iran war starting in February 2025 raised mortgage costs further by pushing lenders to increase fixed-rate mortgage prices or remove deals.
  • Recently, the price of fixed-rate mortgages has started to decrease slightly.
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Guardian World
Coinbase laying off hundreds of employees, citing AI advancements

Coinbase laying off hundreds of employees, citing AI advancements

May 05, 2026 • The Hill

Summary

Coinbase, a cryptocurrency exchange, is planning to lay off about 14 percent of its workers. CEO Brian Armstrong said the decision is due to a slow market and new developments in artificial intelligence (AI).

Key Facts

  • Coinbase will reduce its workforce by roughly 14 percent.
  • The layoffs total hundreds of employees.
  • CEO Brian Armstrong shared the news in an email to staff.
  • The email was also posted on the social media platform X.
  • The company cited a downturn in the cryptocurrency market.
  • Advancements in AI technology influenced the decision.
  • Coinbase is adjusting its business because of changing market conditions.
  • The layoffs aim to help the company stay competitive and efficient.
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The Hill
UnitedHealthcare to cut prior authorization for 30% of treatments

UnitedHealthcare to cut prior authorization for 30% of treatments

May 05, 2026 • CBS News

Summary

UnitedHealthcare announced it will remove prior authorization rules for about 30% of medical services that used to need insurer approval. This change aims to reduce delays and help patients get care faster by cutting down the paperwork doctors must complete.

Key Facts

  • Prior authorization is when doctors need insurance approval before giving certain treatments.
  • UnitedHealthcare currently requires prior authorization for 2% of medical services it covers.
  • About 92% of prior authorization requests are approved within 24 hours by UnitedHealthcare.
  • The company will stop requiring prior authorization for some outpatient surgeries, certain diagnostic tests like echocardiograms, outpatient therapies, and some chiropractic care.
  • The changes are planned to be fully in place by the end of 2026.
  • The American Medical Association found doctors spend about 12 hours each week getting these approvals.
  • Other large health insurers, like Blue Cross Blue Shield, Humana, and Kaiser Permanente, are also working to reduce prior authorization requirements.
  • UnitedHealthcare will share the full list of treatments that won’t need prior authorization on its website before the new policy starts.
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CBS News
Oprah selects "John of John" for latest book club pick

Oprah selects "John of John" for latest book club pick

May 05, 2026 • CBS News

Summary

Oprah Winfrey announced on "CBS Mornings" that her latest book club pick is "John of John" by Douglas Stuart. The author described the selection as an amazing and surprising honor.

Key Facts

  • Oprah Winfrey chose "John of John" as the newest book for her book club.
  • The announcement was made on the TV program "CBS Mornings."
  • Douglas Stuart wrote the book "John of John."
  • Stuart said being selected by Oprah was "mind blowing."
  • Oprah’s book club selections often gain a lot of attention and sales.
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CBS News
Nissan to close UK line and cut 900 European jobs

Nissan to close UK line and cut 900 European jobs

May 05, 2026 • BBC Business

Summary

Nissan will close one production line at its UK Sunderland factory and plans to cut about 900 jobs across Europe. The company is also considering closing part of its warehouse in Barcelona and changing how it supplies cars to Nordic countries, as part of its plan to make the business more efficient.

Key Facts

  • Nissan will merge two production lines into one at the Sunderland plant in the UK.
  • The production line closure in Sunderland will not directly cause job losses at the plant.
  • Nissan plans to reduce its European workforce by about 10%, which equals around 900 jobs.
  • Part of the warehouse in Barcelona may be partially closed.
  • The company will switch to importing cars for Nordic countries instead of producing them locally.
  • These changes are part of Nissan’s "RE:Nissan recovery plan" to make the company leaner and more adaptable.
  • Nissan is considering letting an external company use part of the Sunderland factory, but details are not confirmed.
  • Nissan is in talks with European employees about these planned changes.
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BBC Business BBC Top Stories
Sweary first trailer for young Anthony Bourdain biopic

Sweary first trailer for young Anthony Bourdain biopic

May 05, 2026 • Guardian World

Summary

The first trailer for the movie Tony, about Anthony Bourdain’s younger years, has been released. The film follows 19-year-old Bourdain as he starts his first kitchen job in 1975 and stars Dominic Sessa, Antonio Banderas, Emilia Jones, and Leo Woodall.

Key Facts

  • The movie Tony focuses on a summer in 1975 in Provincetown, Massachusetts, showing a young Anthony Bourdain.
  • Dominic Sessa plays 19-year-old Bourdain, who sees himself as a writer, not just a cook.
  • Director Matt Johnson, known for the 2023 movie BlackBerry, directed Tony.
  • Bourdain’s estate supports the film because it shows one part of his life without trying to cover everything.
  • The film highlights Bourdain’s complexity, curiosity, and strong beliefs.
  • Dominic Sessa shares personal similarities with Bourdain, such as coming from New Jersey and feeling like he didn’t fit in.
  • Tony will be released in the summer of 2024.
  • Anthony Bourdain was a chef, author, and TV personality who died by suicide in 2018 at age 61.
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Guardian World
Walmart Recalls Products Over ‘Serious’ Hazards—‘Stop Using Immediately’

Walmart Recalls Products Over ‘Serious’ Hazards—‘Stop Using Immediately’

May 05, 2026 • Newsweek

Summary

Walmart is recalling several products including furniture, children’s toys, fitness equipment, and food containers due to safety risks. The U.S. Consumer Product Safety Commission (CPSC) warns that these products can cause serious injuries and urges customers to stop using them immediately.

Key Facts

  • Two types of dressers sold by Walmart are being recalled because they can tip over if not anchored, which risks injury.
  • Over 8 million Thermos food jars and bottles sold since 2008 are recalled due to pressure build-up that can cause the stopper to eject forcefully and injure users.
  • Plush toys called “Boo Bunnie and Friends” are recalled because a plastic cube inside can crack and create choking hazards.
  • FitRx SmartBell adjustable dumbbells are recalled after reports of weight plates detaching during use, causing injuries such as broken toes.
  • No injuries have been reported with the dressers, but some injuries, including permanent vision loss, have been reported with Thermos bottles.
  • The CPSC advises customers to stop using these products and follow manufacturers’ instructions for refunds or replacements.
  • It is illegal to resell or give away recalled products. Customers should check their purchase records to see if they have any recalled items.
  • The recalled products were sold both in Walmart stores and on Walmart.com over various periods from 2008 to 2026.
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Newsweek
Blake Lively, Justin Baldoni reach settlement in "It Ends With Us" legal battle

Blake Lively, Justin Baldoni reach settlement in "It Ends With Us" legal battle

May 05, 2026 • CBS News

Summary

Blake Lively and Justin Baldoni, co-stars of the film "It Ends With Us," settled a legal dispute just weeks before their trial was to begin. The details of their agreement have not been shared with the public.

Key Facts

  • Blake Lively and Justin Baldoni were involved in a legal battle related to the movie "It Ends With Us."
  • The two actors settled their dispute before going to trial.
  • The settlement occurred only a few weeks before the trial date.
  • The terms of the settlement are confidential and have not been made public.
  • CBS News reported on the settlement through correspondent Jericka Duncan.
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CBS News
Delta CEO’s $27M Bonus Questioned As Snacks Scrapped and Flights Canceled

Delta CEO’s $27M Bonus Questioned As Snacks Scrapped and Flights Canceled

May 05, 2026 • Newsweek

Summary

Delta Air Lines will stop offering free snacks and drinks on most flights under 350 miles starting May 19. This change affects about 450 daily routes, even as the airline reports strong profits and gives its CEO a $27.1 million pay package in 2024.

Key Facts

  • Delta will remove complimentary food and beverages on flights shorter than 350 miles in Main Cabin and Comfort+ seats.
  • Passengers flying Delta First Class will still get full food and drink service on all flights.
  • The change starts on May 19 and affects roughly 450 daily short flights.
  • The airline made $1.3 billion in profit-sharing payouts and gave employees a 4% pay raise recently.
  • CEO Ed Bastian earned $27.1 million in 2024, mostly from bonuses and stock awards linked to company performance.
  • Delta says the food service change aims to simplify onboard work and manage time constraints on short flights.
  • Despite cutting food service, Delta has invested in premium seating, updated planes, free Wi-Fi, and new perks.
  • Fuel price increases led Delta to reduce its flight capacity growth this year.
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Newsweek