Greece’s economy has grown and wages have increased since 2019, but Greek workers still earn some of the lowest salaries in the European Union. Despite government efforts to raise the minimum wage and cut taxes, inflation and limited collective wage agreements have reduced the actual purchasing power of Greek workers.
Key Facts
The conservative New Democracy party took power in Greece in 2019, promising economic growth and better living standards.
Greece now has the second-lowest average annual salary in the EU, after Bulgaria.
From 2019 to 2024, Greece’s living standards improved slightly but still lag behind many Eastern European countries.
The minimum wage has been increased from 580 euros to 920 euros per month, with plans to raise it further to 950 euros.
Average monthly wages reached 1,516 euros, ahead of government targets.
Income tax rates were cut, especially benefiting families with children and young workers under 25.
Real incomes have dropped by about one-third over 15 years due to higher inflation compared to wage growth.
Only about 20% of Greek workers are covered by collective wage agreements, far below the EU guideline of 80%.
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In 2025, CEO pay grew 20 times faster than the average worker's pay worldwide, while worker pay actually dropped when adjusted for inflation. Billionaires’ wealth and dividend earnings reached record levels, highlighting growing income inequality between company leaders and regular employees.
Key Facts
CEO compensation rose by 54% globally between 2019 and 2025.
Worker pay decreased by 12% after adjusting for inflation during the same period.
The average CEO earned $8.4 million in 2025, up from $7.6 million in 2024.
Billionaires earned $2,500 every second in dividends in 2025.
In the US, CEO pay increased 20.4 times faster than worker pay in 2025.
CEO pay for 384 S&P 500 companies rose 25% from 2024 to 2025; worker wages increased only 1.3%.
Women at top companies face a 16% pay gap; after November 4 each year, their work is effectively unpaid compared to men.
Four CEOs at Blackstone, Broadcom, Goldman Sachs, and Microsoft each earned over $100 million in 2025.
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The conflict in Iran has led to the closure of the Strait of Hormuz, a key route for oil shipments. This has caused oil prices to rise sharply, reaching around $114 per barrel, which is affecting airlines and travel costs.
Key Facts
The Strait of Hormuz is closed due to conflict in Iran.
Oil prices have increased significantly since the conflict started.
Brent crude oil futures reached about $114 per barrel.
Higher oil prices make flying more expensive for airlines.
Increased costs may affect travel plans for Americans.
The Strait of Hormuz is an important shipping route for global oil supply.
Rising oil prices can impact many parts of the economy, including transportation costs.
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The Treasury Department and IRS announced new temporary rules that let businesses reclaim certain fuel taxes on diesel or kerosene used in exempt ways. These rules start May 1, 2026, and provide clear steps for companies to request refunds if they meet specific conditions.
Key Facts
The new rules let businesses recover excise taxes paid on clear diesel or kerosene later used for tax-exempt purposes.
Eligible fuel must be dyed, removed from an approved terminal, and used in a way exempt from taxes under the One Big Beautiful Bill Act.
Only the business that originally paid the fuel tax to the IRS can apply for the refund.
Refund claims require submitting Form 8849 with Schedule 5 and a detailed report with specific information.
Refunds may also include a small charge related to the Leaking Underground Storage Tank Trust Fund.
The temporary regulations take immediate effect but will expire on May 1, 2029.
The IRS is seeking public comments and may hold a hearing before making the rules permanent.
Final rules could change if Congress updates the law to allow refunds to parties other than the original taxpayer.
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UK house prices rose faster than expected in April, increasing by 3% compared to a year earlier. This rise happened despite worries about the Middle East conflict and higher energy costs, with the typical UK home now worth £278,880.
Key Facts
UK house prices grew by 3% in April compared to the same month last year, up from 2.2% in March.
Prices increased for the fourth month in a row, with a 0.4% rise in April after 0.9% in March.
Economists had expected prices to fall by 0.3% in April, but they rose instead.
Nationwide, the UK's second-largest mortgage provider, provided the data based on its mortgage approvals.
Consumer confidence has dropped to its lowest level since October 2023 amid economic worries.
Mortgage lenders have reduced product options and increased rates since the Middle East conflict began.
Household debt is at its lowest level compared to income in about 20 years, helping support the housing market.
New Renters’ Rights Act started, banning no-fault evictions and limiting rent rises to protect tenants.
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Many U.S. companies across different industries are planning to lay off workers in May, according to official WARN notices. These layoffs affect hundreds to thousands of employees and reflect ongoing job cuts despite some signs of economic stability.
Key Facts
WARN notices are official warnings filed by companies to inform about large layoffs of 50 or more employees.
Swedish Match Cigars Inc. will close its Alabama plant, laying off 54 workers by May 31.
General Dynamics Information Technology plans to lay off 87 employees in Washington, D.C., by mid-summer.
Meta announced it will lay off about 8,000 employees worldwide starting May 20, linked to restructuring and AI efforts.
Other companies filing layoffs include KPR US, Compass Group, Nob Hill Foods, Synopsys, Experian, Mattel, Textron Systems, JP Morgan Chase, and City National Bank.
Layoffs in May impact workers’ health insurance, severance pay, and eligibility for unemployment benefits.
Economic causes include cost-cutting and adjustments after pandemic-era hiring increases.
More layoff notices are expected in the coming weeks as companies continue to report planned cuts.
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NatWest expects to lose £140 million due to the war in the Middle East, as the UK economy grows more slowly and inflation rises. Despite this, the bank reported higher profits than expected for the first quarter of the year.
Key Facts
NatWest took a £283 million charge, with nearly half due to increased geopolitical risks and weaker stock markets.
The bank now expects the UK economy to grow by only 0.4% this year, down from earlier forecasts.
Unemployment in the UK is forecasted to rise to 5.5% this year.
Inflation could reach 3.5% because of the impact of the Iran war.
NatWest predicts the Bank of England will keep interest rates at 3.75% through at least 2030.
The bank expects house prices to grow slightly this year, then fall in 2025 and 2028.
Other banks like Lloyds also reported charges related to the worsening economic outlook.
NatWest expects its total income for the year to be near the high end of previous estimates (£17.2bn to £17.6bn).
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BAE Systems is facing a £120 million lawsuit from EnComm Aviation after it stopped supporting aircraft used to deliver aid to poor countries. EnComm says this decision forced it to cancel humanitarian missions to places like South Sudan and Somalia, reducing vital supplies.
Key Facts
EnComm Aviation is a Kenya-based cargo operator that uses planes to deliver aid to needy countries.
BAE Systems stopped supporting the Advanced Turbo-Prop (ATP) aircraft, which EnComm relied on for aid deliveries.
The ATP plane is useful for flying to remote places because it can use short airstrips and carry 8.2 tonnes of cargo.
Between March 2023 and September 2023, EnComm’s ATP aircraft delivered 18,677 tonnes of aid to several African countries.
EnComm had to cancel contracts, including a UN program delivering aid to 12 locations in Somalia where millions face food shortages.
EnComm claims BAE’s decision broke a promise to support the aircraft for at least five years and caused financial losses.
The lawsuit seeks £120 million in damages, arguing the planes lost their value after BAE withdrew support.
BAE Systems declined to comment on the lawsuit, citing ongoing legal proceedings.
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South East Water's chair, Chris Train, has resigned after a report criticized the company's leadership and failures that caused major water outages. MPs expressed no confidence in the water company's leaders and called for changes to improve the service and safety of water supply in parts of southern England.
Key Facts
Chris Train resigned as chair of South East Water following a critical report.
MPs said the company’s executive team and board failed to handle serious problems, including large water outages in Kent.
Thousands of homes were without drinking water for up to two weeks after an outage at Pembury Treatment Works in 2025.
South East Water CEO David Hinton earned a £115,000 bonus last year on top of his £400,000 salary, despite company failures.
The company plans to double investment in its water network over the next five years covering Kent, Sussex, Surrey, Hampshire, and Berkshire.
MPs called the company’s leadership poor and said it acted like a closed group with little accountability.
Environment secretary is considering options for changing the company, possibly involving shareholders.
The parliamentary committee urged water company shareholders to act to improve the situation and hinted nationalisation might be considered.
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Tourism businesses in Somerset and parts of the West of England are seeing fewer visitors because people are spending more money on fuel and essentials. Attractions like the Grand Pier and Bishop’s Palace have noticed a drop in visitor numbers and are trying ideas like free days and cheap amusements to attract more guests.
Key Facts
Somerset tourism bookings have dropped by about 50% compared to last year.
The rise in fuel and food prices is a major reason people are visiting less.
Grand Pier admission costs £2, with visitors typically spending under £15, but visitor numbers fell 6% this Easter.
Bishop’s Palace saw a 10% decrease in visitors this Easter compared to the previous year.
Some places, like the Dean Heritage Centre, have offered free admission days that attracted large crowds.
Free activities such as face painting and train rides at the Grand Pier aim to encourage families on tight budgets.
Many tourism businesses worry that reduced visitors could lead to closures and financial trouble.
People have less disposable income, which means less money for things like day trips.
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Almost half of UK job seekers have experienced interviews conducted by artificial intelligence (AI). Many candidates find these AI interviews uncomfortable, impersonal, and sometimes frustrating, leading some to abandon job applications when AI interviews are involved.
Key Facts
47% of UK job seekers have taken part in AI interviews, based on a survey by Greenhouse with 2,950 respondents.
30% of UK candidates stopped applying for jobs when they learned an AI interview was required.
AI interviews often involve prerecorded questions and require candidates to respond on camera without live human interaction.
Candidates describe AI interviews as awkward, humiliating, and lacking personal connection.
Some candidates said they were not sure if their AI interview responses were even reviewed by real people.
AI interviews are used by companies to handle many applications quickly because it is hard for HR staff to review all candidates manually.
In many cases, passing the AI interview leads to an in-person interview later in the process.
Some job seekers feel pressured to complete AI interviews because they are required to continue their application.
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Amazon is considering bringing back the reality show The Apprentice, which was originally hosted by President Donald Trump. There are reports that Donald Trump Jr. might host the reboot, and President Trump gave a cautious positive comment about his son leading the show.
Key Facts
Amazon is thinking about rebooting The Apprentice for its streaming service Prime Video.
The original show was hosted by President Trump from 2004 to 2015.
The Apprentice features contestants competing in business tasks with the prize of a job in Trump’s company.
Amazon’s MGM Studios acquired the rights to The Apprentice in 2022.
Amazon said no reboot is currently being developed but they have had early talks about the show.
Donald Trump Jr. said he found out about the hosting rumors from the news, not from Amazon.
President Trump gave a mild endorsement of his son hosting, calling him “probably good” and charismatic.
The original show was very popular but faced challenges after Trump left and other hosts took over.
Two years ago, President Trump said Ivanka Trump would have been the best choice to host the show.
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The article explains how artificial intelligence (AI) makes it much easier and cheaper to start a business today. By using AI tools, one person can quickly handle tasks like legal setup, market research, financial planning, branding, and product development without needing a big team or lots of money.
Key Facts
Starting a business used to require a large team and significant money, including lawyers, accountants, and designers.
Now, anyone with a good idea and AI skills can prepare a business plan and model in a weekend.
In March 2026, over 580,000 new businesses were created, a 14% increase from the previous year.
The share of solo-founded startups rose from 23.7% in 2019 to 36.3% in 2025.
AI can assist with legal documents, market research, and financial models, saving weeks of work.
Branding, marketing, and product prototypes can be generated by AI in hours instead of weeks.
The human role remains critical for judgment, taste, trust, and resilience in building and growing the business.
The cost barrier for starting a business is no longer a valid excuse for avoiding entrepreneurship.
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Consumer spending in the United States has stayed strong despite the ongoing war and rising gas prices. The national average price for gas has reached $4.30 per gallon, the highest level in four years. President Trump said gas prices will fall quickly once the war with Iran ends.
Key Facts
Consumer spending remains steady even with current challenges.
The national average price of gas is $4.30 per gallon.
This gas price is the highest in four years.
President Trump stated gas prices will drop sharply after the Iran war ends.
Ted Rossman, a Bankrate analyst, discussed the situation on CBS News.
The war mentioned is affecting oil and gas prices.
Rising gas prices often influence the overall cost of living and spending habits.
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Some chip shops in the north-west of England have been selling a type of cheap imported catfish called pangasius as if it were traditional fish like cod or haddock. A BBC investigation used DNA tests to find that three out of ten sampled fish servings were actually this catfish, which is less expensive and not usually labelled clearly to customers.
Key Facts
The catfish, known as pangasius or river cobbler, is farmed and imported from South East Asia.
Pangasius is sold wholesale at about £3.40 per kilogram, much cheaper than cod or haddock at around £15 per kilogram.
A BBC investigation found 3 out of 10 fish meals sampled from chip shops in Liverpool and Manchester were pangasius.
Some shops labelled the fish as "traditional fish and chips," "white fish," or did not specify the fish type.
Legally, businesses must tell customers the species of fish if asked.
DNA barcoding at Liverpool John Moores University was used to identify the fish species.
Local authorities and the Food Standards Agency are responsible for investigating fish mislabelling, but few investigations have been reported.
Some councils have issued warnings after discovering mislabelled fish in businesses.
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The Restore Britain party has returned donations it received from a cryptocurrency project called Britain Token after questions were raised about the source of the money. The UK government plans to ban crypto donations to political parties due to concerns about anonymity and transparency.
Key Facts
Restore Britain refunded all donations it got from Britain Token, a cryptocurrency project.
Britain Token is a memecoin launched anonymously in February 2024.
Britain Token claimed to donate about £26,000 (around $34,800) to Restore Britain.
Crypto donations to UK political parties are not illegal now, but a ban is planned.
Concerns exist that crypto donations can hide the true source of money.
Labour MP Phil Brickell asked the Electoral Commission to investigate the donations.
Restore Britain says it follows all rules and refunded the crypto money voluntarily.
Britain Token’s value dropped recently and a new version was created on a different platform.
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China will stop charging tariffs (import taxes) on goods from all African countries except Eswatini, which has ties with Taiwan. This zero-tariff policy, which started earlier for some poor African nations, now applies to 53 countries until April 2028, aiming to boost African exports to China.
Key Facts
China will remove tariffs on imports from all African countries except Eswatini starting Friday.
Eswatini is excluded because it maintains diplomatic relations with Taiwan.
The zero-tariff policy already covered 33 least-developed African countries since December 2024 and now includes 53 countries.
The policy will last until April 30, 2028; what happens after is unknown.
Africa’s exports to China are mainly raw materials like oil and minerals.
Africa has a large trade deficit with China, meaning it buys more from China than it sells. The deficit grew 65% to about $102 billion last year.
Experts say tariff removal alone won’t solve deeper economic problems in Africa, like lack of industry and poor infrastructure.
The policy could increase African agricultural exports such as coffee, nuts, and avocados.
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Chanel showed new sandals in a fashion show in France. These sandals caused a lot of reactions on the internet because people found their design unusual.
Key Facts
Chanel is a well-known fashion brand.
The sandals were shown during a runway event in France.
The sandal design attracted widespread attention online.
Many people shared their opinions about the sandals on the internet.
The news about the sandals was covered by CBS News.
The story highlights how fashion choices can create strong public reactions.
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The war near Iran is disrupting the supply of fertiliser and its key ingredients, risking the production of up to 10 billion meals a week worldwide. This situation could especially harm poor countries and lead to higher food prices and shortages.
Key Facts
The conflict has blocked shipping through the Strait of Hormuz, affecting fertiliser supplies.
Svein Tore Holsether, CEO of fertiliser company Yara, said about half a million tons of nitrogen fertiliser are not being produced currently.
Reduced fertiliser use could cut some crop yields by up to 50% in one season.
Fertiliser prices have risen by 80% since the war involving the US and Israel against Iran began.
Farmers face higher costs for energy, diesel, and fertilisers but have not seen equivalent increases in crop prices.
A bidding war for food between richer and poorer countries may happen, making food less affordable in vulnerable nations.
Food producers' increased costs are expected to raise food prices in the UK, possibly leading to 10% food inflation by year-end.
The situation highlights risks of food shortages, scarcity, and hunger, especially in developing countries.
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More people in Britain are facing court action over unpaid debts, especially energy bills that have risen sharply. In the first three months of this year, there were over 270,000 new County Court Judgements (CCJs), a 17.5% increase from last year, as energy debt reaches a record £4.5 billion.
Key Facts
Mark Sumner owed over £2,000 after his energy bills rose from £80 to £220 a month.
A County Court Judgement (CCJ) is a legal order requiring payment of debts and can affect credit records for six years.
In the first quarter of this year, 270,537 new CCJs were registered, up 17.5% from last year.
The total energy debt in Britain is now more than £4.5 billion, a record high.
Some people are using credit cards and food banks to cope with rising bills.
Falling debit card use and rising credit card use suggest more people rely on borrowed money for daily needs.
Paying off a CCJ within one month of receiving it can remove it from a credit report.
People like Jane in Coventry, who live on benefits and have health issues, struggle to pay energy bills and manage everyday expenses with help from charities.
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