Victoria’s state budget for 2026-27 shows the government expects a $700 million operating surplus in 2025-26 and a $1 billion surplus the following year. These are the first surpluses since before the pandemic, though the state still faces large cash deficits due to infrastructure spending and rising debt.
Key Facts
Victoria recorded a $700 million operating surplus in 2025-26, the first since 2018-19.
A $1 billion surplus is forecast for 2026-27, though this is lower than earlier predictions.
Operating surplus numbers exclude spending on infrastructure projects like roads, schools, and hospitals.
The state is expected to run a cash deficit of about $9.68 billion in 2025-26 due to capital spending.
Net debt is projected to reach nearly $166 billion by June 2026 and $193 billion by 2028-29.
Debt as a share of the economy is expected to stabilize at around 25%.
The budget includes more than $6 billion in funding, such as $750 million for car registration refunds and $1.6 billion for school infrastructure.
Health funding includes upgrades to hospitals, increased surgeries for children, and expanded fertility services.
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Tickets to the 2026 Met Gala now cost $100,000 each, marking the first time prices have reached six figures. The event raises money for the Metropolitan Museum of Art's Costume Institute and is sponsored this year by Jeff Bezos and Lauren Sánchez Bezos.
Key Facts
The 2026 Met Gala ticket price increased from $75,000 last year to $100,000.
A table for 10 guests starts at $350,000.
About 400 people are expected to attend the event.
The gala proceeds support the Costume Institute at the Metropolitan Museum of Art.
In 2025, the Met Gala raised $31 million.
Jeff Bezos and his wife are honorary chairs of the event.
Tickets are not sold to the public; attendance is by invitation only.
Some celebrities attend for free if fashion designers cover their costs.
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BookTok, a popular TikTok community of readers sharing book reviews, is influencing TV and movie production companies to create adaptations based on trending books. These adaptations have shown strong success in attracting viewers and making money, encouraging studios to rely on BookTok for real-time insights into popular stories.
Key Facts
Nearly half of original drama series on Netflix, Disney+, and Amazon Prime from early 2024 to mid-2025 were based on books.
Book adaptations earned 57% more money at the box office than movies not based on books from 2020 to 2024.
Amazon Prime Video’s upcoming projects include many book adaptations popular on BookTok.
Studios save marketing costs because BookTok fans promote the adaptations online for free.
Amazon MGM paid about $2 million in 2025 for movie rights to the BookTok-hit novel "The Last Letter."
Over 50 million books recommended on BookTok sold in Europe in 2025, earning more than €800 million.
Popular adaptations like Netflix’s "Bridgerton" and Amazon’s "The Summer I Turned Pretty" drew huge streaming audiences, partly thanks to BookTok fans.
BookTok data is unfiltered and immediate, helping studios identify potential hits faster than traditional bestseller lists.
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Spirit Airlines suddenly stopped flying on May 2 after financial troubles and rising fuel costs forced the company to shut down. A viral online campaign called "Let's Buy Spirit" has raised about $88 million in pledges to try to buy and restart the airline as a community-owned company, but experts say this effort is unlikely to succeed.
Key Facts
Spirit Airlines ceased all flights suddenly on May 2 and grounded its planes.
The airline faced financial problems, including bankruptcy and failed mergers with JetBlue and Frontier.
Rising fuel prices and a failed $500 million government rescue package led to Spirit’s shutdown.
Spirit Airlines had about 200 planes, mostly Airbus A320 jets.
Thousands of employees lost their jobs, and passengers had to find new flights.
The "Let's Buy Spirit" campaign began as a TikTok joke by Hunter Peterson, a voice actor and YouTuber.
The campaign has garnered roughly $88 million in nonbinding pledges from tens of thousands of people.
Spirit Airlines is not involved with or supporting the campaign in any way.
Spirit was known as an ultra-low-cost carrier that helped keep air travel affordable for many people.
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GameStop has made an unsolicited offer to buy eBay for $55.5 billion, proposing to combine eBay’s online marketplace with GameStop’s physical stores to improve services and reduce costs. GameStop plans to pay partly in cash and partly with its own stock but faces doubts about how it will fund the deal since eBay is much larger.
Key Facts
GameStop offered $55.5 billion to buy eBay in a deal combining online and physical retail.
GameStop believes eBay spends too much on sales and marketing and could grow by using GameStop’s store network.
GameStop wants its stores to verify items for sale on eBay and serve as places for shipping and livestream sales.
eBay’s market value is more than four times larger than GameStop’s.
GameStop plans to pay half the offer in cash and half in its own stock.
GameStop claims to have $9.4 billion in cash and investments and a potential loan for $20 billion, but there is a $16 billion funding gap.
GameStop CEO Ryan Cohen said he will become CEO of the merged company and will be paid only based on company performance.
Industry experts and CNBC hosts expressed skepticism about GameStop’s ability to finance the deal and grow its business.
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Mortgage rates have been unpredictable this year, influenced by inflation and global events such as the Middle East conflict. In May, mortgage rates could fall due to factors like lower inflation reports, progress toward peace in the Middle East, and signs that the economy is slowing down.
Key Facts
Mortgage rates in early May 2026 are around 6.38% for a 30-year fixed loan.
The Federal Reserve paused interest rate changes in April and has no meeting scheduled for May.
Mortgage rates don’t only depend on Fed actions; other forces affect their movement.
A key inflation report on May 12 could lower rates if it shows inflation slowing down.
Conflict in the Middle East has raised oil prices, driving inflation and higher mortgage rates.
Any progress toward peace talks or a ceasefire in the Middle East could reduce rates.
Economic signs like higher unemployment or slower wage growth might also push mortgage rates down.
Investors tend to buy government bonds in uncertain times, which lowers bond yields and mortgage rates.
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Many American homeowners have a record amount of home equity they can borrow against in 2025. Because interest rates are likely to stay high, refinancing a mortgage may not be the best way to access this money. Instead, homeowners can consider other options that do not require refinancing, such as home equity loans, home equity lines of credit (HELOCs), or reverse mortgages for seniors.
Key Facts
Average home equity in the U.S. is at a record high in 2025.
The Federal Reserve is keeping interest rates steady but high, with no expected cuts soon.
Refinancing a mortgage to borrow home equity means getting a new loan at current higher mortgage rates.
A home equity loan offers a fixed interest rate around 6.96% and keeps the original mortgage rate unchanged.
A HELOC has a slightly higher rate (7.11%), works like a credit card for home equity, and allows interest-only payments early on.
Both home equity loans and HELOCs may offer tax deductions on interest used for home improvements.
Reverse mortgages are available only to homeowners 62 and older; they provide funds without monthly payments but reduce the inheritance value of the home.
These options help borrowers access cash from their home without refinancing their existing mortgage.
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World Liberty Financial, a cryptocurrency company linked to the Trump family, has filed a lawsuit against billionaire investor Justin Sun for defamation. The company claims Sun made false statements online, accusing them of wrongly freezing his crypto tokens.
Key Facts
World Liberty Financial is connected to the Trump family.
The company operates in the cryptocurrency market.
They filed a defamation lawsuit against Justin Sun.
The lawsuit was submitted on Monday.
Justin Sun accused the company of improperly freezing his tokens.
The accusations were made on the social platform X (formerly Twitter).
World Liberty Financial calls these accusations defamatory, meaning false and damaging to their reputation.
The company is based in Florida.
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Spirit Airlines has shut down its operations. This closure affects travelers who look for low-cost flights. Experts explain how this change impacts people trying to save money on air travel.
Key Facts
Spirit Airlines has stopped flying and shut down its business.
The shutdown affects travelers who prefer budget-friendly airlines.
Many people rely on Spirit for cheaper flight options.
The closure may lead to fewer low-cost flights available.
Other airlines might raise prices because of less competition.
Budget travelers might have to spend more or find alternate options.
Industry experts are studying how this change impacts air travel costs.
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Special interest groups are starting to influence prediction markets by placing bets that can change market prices. These price changes are seen by political campaigns and media as signs of public opinion, but donors find it cheaper to affect these markets than to pay for advertising.
Key Facts
Special interest groups are entering prediction markets.
Their bets can move the prices in these markets.
Campaigns interpret price changes as signs of voter support or momentum.
Journalists use these market prices as predictions for outcomes.
Donors find it less expensive to influence markets than to run advertising campaigns.
Influencing markets can yield rewards if the donor’s prediction is correct.
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The Worker Adjustment and Retraining Notification (WARN) Act requires large employers to give employees and the government 60 days’ notice before major layoffs or plant closures. Workers can check if their company plans layoffs by looking up public WARN notices on state websites or national tracking sites.
Key Facts
The WARN Act started in 1989 to help workers prepare for large job losses.
It requires employers with 100 or more full-time workers to notify about layoffs in advance.
A WARN notice must be given 60 days before a plant closing or major layoffs.
A plant closing means 50 or more jobs lost at one location within 30 days.
A mass layoff involves 50 employees losing jobs if that is at least 33% of the workforce or 500 workers regardless of percentage.
Many states have their own “mini-WARN” laws with extra rules or longer notice times.
WARN notices are public and can be found on official state labor websites or on sites like WarnTracker.com.
The notices may not show exactly who will lose their job or guarantee every listed job will be cut.
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Credit card debt in the U.S. has reached over $1.23 trillion, with high interest rates making it hard for many people to pay off what they owe. Debt consolidation, using a personal loan with a lower interest rate to combine multiple debts into one payment, can help some borrowers save money and simplify their finances, but it depends on their credit score and loan terms.
Key Facts
Total U.S. credit card debt is over $1.23 trillion, a new record high.
Average credit card interest rates (APRs) are above 21%.
Personal loans for consolidation often have lower interest rates, around 12% on average.
Using a personal loan can reduce interest costs and create fixed, predictable monthly payments.
Debt consolidation can simplify managing multiple debts and due dates.
Borrowers with lower credit scores may not qualify for better loan rates than their credit cards.
Some personal loans charge fees, like origination fees, which can reduce the savings.
Whether debt consolidation is a good idea depends on individual financial situations and loan offers.
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GameStop made an unsolicited $56 billion offer to buy eBay, a much larger company, to improve its profits and expand its physical presence. GameStop plans to fund the deal with cash, stock, and debt, aiming to cut costs and use its stores to help eBay compete with Amazon.
Key Facts
GameStop offered $56 billion to acquire eBay, whose market value is nearly four times higher.
The deal would be half cash and half stock, including $9 billion in cash and $4.2 billion in debt.
GameStop has already bought a 5% stake in eBay and has potential $20 billion financing lined up.
GameStop CEO Ryan Cohen said he can cut costs and use GameStop’s 1,600 US stores to boost eBay’s business.
eBay spent $2.4 billion on sales and marketing in 2025 but only gained 1 million new active buyers.
Cohen would be CEO of the combined company and paid based on company performance.
Experts say combining the companies is difficult because they have different business models.
The deal, if funded by borrowing, would be the largest leveraged buyout ever, surpassing a $55 billion deal.
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A Nigerian refinery owned by Aliko Dangote is important for the UK’s plan to manage a jet fuel shortage caused by problems in the Strait of Hormuz. The refinery recently faced union disputes over worker dismissals, but the Nigerian government intervened to protect workers’ union rights. The UK is relying on fuel imports from this refinery and others in the US and West Africa to avoid flight disruptions this summer.
Key Facts
The Dangote refinery in Lagos started producing jet fuel in January 2024 and exported about 130,000 tonnes of jet fuel to the UK in March.
The refinery faced accusations from unions that it fired over 800 workers for joining a union, which the company denies.
The Nigerian government stepped in to protect union rights and agreed that dismissed workers would be redeployed within the Dangote Group without losing pay.
Dangote Industries said workers were reabsorbed into the company in other sectors like salt, sugar, and cement.
The refinery is owned by Aliko Dangote, reportedly Africa’s richest man.
The UK government aims to increase jet fuel imports from the US and West Africa due to a supply crisis caused by the closure of the Strait of Hormuz.
UK refineries are also being asked to maximize jet fuel production, but their output is not enough to fully solve the shortage.
The strait closure affects about 20% of the world’s oil and gas supplies, causing global energy concerns.
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A recent study shows that cities in the southern United States are offering the best job opportunities for recent college graduates. The study looked at hiring rates, wages, and how affordable living is in different metro areas.
Key Facts
Birmingham, Alabama, and Tampa Bay, Florida, are the top cities for new graduates to find jobs.
Other top cities include San Jose (CA), Columbus (OH), Raleigh (NC), Tulsa (OK), San Francisco (CA), Nashville (TN), Charlotte (NC), and New York.
Cities with the weakest job prospects for new grads include Salt Lake City, Riverside (CA), San Diego, and Portland (OR).
The study was done by payroll company ADP and looked at 53 U.S. metro areas with populations over 1 million.
High cost of living in some cities makes it harder for graduates to afford housing, even if they find jobs.
Hiring for entry-level jobs is increasing this spring but still depends on the job type, industry, and city.
The data provide insight into where young professionals might have the best chances for work after college.
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A planned federal bailout for Spirit Airlines did not happen before the airline stopped flying early Saturday. A Wall Street Journal reporter explained the reasons for the deal falling through.
Key Facts
Spirit Airlines was expecting a federal bailout to avoid shutting down.
The bailout deal did not go through before the airline stopped operations.
The airline closed early on Saturday morning.
A Wall Street Journal reporter discussed the details behind the failed bailout.
The bailout was intended to help Spirit Airlines continue flying.
The specific reasons for the deal not happening were shared in a news segment.
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Many people are having trouble paying off credit card debt, which has now reached $1.23 trillion in total. Debt forgiveness, where you pay less than you owe and the rest is forgiven, can help some people but is not the best choice for everyone. It can harm your credit score, cause tax bills, and include fees, so it's important to know when to consider other options.
Key Facts
Credit card debt in the U.S. is at a record $1.23 trillion.
Almost half of cardholders carry balances month to month, causing interest to add up.
Debt forgiveness means negotiating to pay a smaller amount and closing the debt.
This option usually applies to those who have missed payments for 90 days or more.
Debt forgiveness may not be good if your debt is under $7,500 or if you are still making minimum payments.
Forgiven debt over $600 can be taxed as income by the IRS.
Debt forgiveness programs charge fees from 15% to 25% of your debt balance.
Using debt forgiveness can lower your credit score, especially if your credit is still good.
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Spirit Airlines has stopped flying after failing to get a $500 million federal bailout and is refunding most customers with tickets. Other airlines are helping stranded Spirit passengers by offering discounted fares and new flights.
Key Facts
Spirit Airlines began shutting down operations after not securing a $500 million federal bailout.
The airline is refunding most customers who bought tickets with credit or debit cards.
Passengers who paid cash or used airline points are currently not eligible for refunds.
Refunds for those using vouchers, credits, or Spirit points will be decided later through bankruptcy proceedings.
Airlines like United, American, Delta, Frontier, and Southwest are offering special fares to help Spirit passengers.
United rebooked about 14,000 Spirit passengers and is offering discounted fares through May 16.
JetBlue added 11 new routes from Fort Lauderdale and matched Spirit members’ loyalty status for a limited time.
Spirit’s closure opens opportunities for other airlines to serve its routes and gain customers.
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The Trump family’s main cryptocurrency company, World Liberty Financial, sued investor Justin Sun for defamation after Sun claimed the company froze his investment unfairly. Sun had previously sued World Liberty Financial, accusing them of freezing his digital tokens without reason, and both sides now have legal cases against each other.
Key Facts
World Liberty Financial is a cryptocurrency firm linked to the Trump family.
Justin Sun, a Chinese crypto investor, sued the company for freezing his investment in digital tokens.
World Liberty Financial denied Sun’s claims and sued him back for defamation in Florida.
The company alleges Sun used fake social media accounts and influencers to spread lies about them.
World Liberty Financial froze Sun’s assets to protect their community after suspecting misconduct like market manipulation.
Sun invested over $45 million in World Liberty Financial and more in President Trump’s meme coin, $TRUMP.
Earlier in 2026, Sun agreed to pay $10 million to settle a fraud case from the U.S. Securities and Exchange Commission.
Donald Trump Jr. and Eric Trump are involved in the company, with Donald Trump Jr. actively promoting their side of the lawsuit on social media.
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