Chile’s Congress has approved most parts of a major economic reform proposed by President José Antonio Kast to boost growth and reduce the budget deficit. The bill lowers corporate taxes, changes tax rules for new homes, and affects free tuition for some universities, and it now awaits final approval on a small issue about municipal compensation.
Key Facts
Chile’s Congress approved nearly all changes to President Kast’s economic reform package.
President Kast took office about three months ago and aims to improve the economy.
Chile’s economy shrank by 0.5% in early 2026, and unemployment rose to 9.4%.
The reform will cut the corporate tax rate from 27% to 23% gradually.
New homes will be exempted from the country’s value-added tax.
The program limiting which universities can offer free tuition will be changed.
Private companies can seek compensation when environmental issues delay projects.
The bill still needs to resolve one small issue about how municipalities get compensated for tax breaks before it becomes law.
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Canada canceled a planned joint ceremony with the United States to celebrate the opening of the Gordie Howe International Bridge after President Donald Trump announced a 50% tariff on many Canadian goods. The tariffs were imposed due to disputes over trade issues involving U.S. cars, alcohol, and dairy products.
Key Facts
The Gordie Howe International Bridge connects Detroit, Michigan, and Windsor, Ontario.
The bridge project has been under construction since 2018 and cost almost $4.4 billion.
Canada funded the bridge and will recover costs through tolls.
A joint U.S.-Canada ceremony to open the bridge was planned but canceled by Canada because of new U.S. tariffs.
President Trump announced a 50% tariff on most Canadian goods, citing unfair treatment of U.S. automotive, alcohol, and dairy products by Canada.
Canada will hold its own opening ceremony without the U.S. participation.
The tariffs will take effect in 30 days, giving time for further trade talks.
The bridge is expected to open to traffic on July 27, 2026, despite the political tensions.
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Nearly two-thirds of low-income families in the UK struggle to afford essentials like food, clothes, and heating, according to the Joseph Rowntree Foundation. About 7.4 million households have been unable to buy needed items recently, and many have cut meals to save money. The new Prime Minister, Andy Burnham, plans to reduce VAT on electricity bills starting in October to help people with these costs.
Key Facts
62% of low-income families (7.4 million households) have recently struggled to afford essential items.
Almost half of these families have skipped meals or eaten smaller portions to save money.
Elderly people, like 77-year-old Elaine Yates, often avoid using heating or cooking appliances due to cost.
Fuel prices are rising, adding to the financial strain, especially for those in rural areas who rely on cars.
Single parent Zoe Hayden reports rising food prices make it hard to provide for her family despite being debt-free.
Prime Minister Andy Burnham promises to lower VAT on electricity bills starting in October.
Charities suggest more help is needed, including increased energy bill discounts and affordable activities for children in low-income families.
About 35% of UK adults worry daily about their finances, according to Christians Against Poverty research.
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A group of UK MPs recommends lowering the tax employers pay on wages for workers under 25 to help more young people find jobs. They say high costs like employer National Insurance contributions make it harder to hire young workers, contributing to many youths not being in school, work, or training (called Neet). The MPs want the government to create clearer, more helpful policies for youth employment.
Key Facts
MPs suggest cutting employer National Insurance (NI) contributions for all workers under 25.
Over one million 16 to 24-year-olds in the UK are not in education, employment, or training (Neet).
Employer NI rates rose from 13.8% to 15% in April last year, with the start threshold lowered from £9,100 to £5,000.
The retail and hospitality sectors, which hire many young people, have been hit hard by increased employer NI costs.
Employers pay no NI for workers under 21 or apprentices under 25 (unless paid over £50,270), but must pay 15% for non-apprentices aged 21-24 on earnings above £5,000.
MPs highlighted contradictions in policies, like cutting benefits for trainees that discourage apprenticeships.
The cost of young people being Neet is estimated at £125 billion a year due to benefits and lost economic output.
The government says it is working to create opportunities for young people and support education and jobs.
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Artificial Intelligence (AI) is changing how jobs are done by automating some tasks and helping workers with others. Studies show AI is affecting job opportunities and wages in sectors like finance, software, and creative industries, with companies investing heavily in AI tools to improve productivity and reduce costs.
Key Facts
AI companies claim their tools can either replace or assist human workers.
Businesses are spending large sums on AI to save money on employee costs.
Some AI models now perform complex tasks like software coding that used to take humans hours.
AI is beginning to impact jobs in finance, legal work, and creative fields.
Research from Stanford shows a 2.7% drop in jobs for young adults since ChatGPT launched, with bigger drops (up to 12.8%) in AI-exposed jobs.
Online job postings have declined in sectors exposed to AI, such as telemarketing and legal services.
The UK’s service-heavy economy is vulnerable to AI-related job changes.
Top companies track AI use with "token leaderboards" to boost worker productivity from AI models.
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Artificial intelligence (AI) is driving economic growth and new construction in the U.S. However, some communities are debating the value and impact of building AI data centers. The article examines these debates in Janesville, a city in the Midwest.
Key Facts
AI is contributing to rising stock markets and economic growth.
Many new buildings, especially data centers, are being constructed to support AI technology.
Data centers are large facilities that store and process data needed for AI.
Some local communities, including Janesville, are concerned about the costs and effects of these data centers.
Debates focus on whether the benefits of data centers outweigh their downsides for residents.
Janesville was notably affected by the Great Recession, making its economic recovery important.
The article looks at how economic growth from AI is sparking local disagreements over development.
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Rep. Ritchie Torres has asked the Securities and Exchange Commission (SEC) to investigate whether Truth Social’s parent company, Trump Media & Technology Group (TMTG), breaking federal securities laws by charging Wall Street firms for faster access to President Trump’s posts. The company plans to launch a product called Truth API that sells real-time data access, raising concerns about fair trading and possible conflicts of interest.
Key Facts
Truth Social’s parent company, TMTG, plans to sell early access to President Trump’s posts to investors through a product called Truth API starting August 1.
The service would charge up to $100,000 per month for access to posts from top trending accounts, including President Trump’s.
Rep. Ritchie Torres sent a letter to the SEC asking them to review whether this service could violate securities laws or enable market manipulation.
Torres highlighted that President Trump owns about 41% of TMTG through a trust, raising conflict of interest concerns.
Senate leaders from both parties have expressed worry about the fairness and legality of the new product.
TMTG says Truth API only provides the fastest way to access publicly available data and is not insider information.
The SEC has previously investigated TMTG’s related companies and reached a settlement with a company linked to TMTG in 2023.
TMTG is currently suing 20 media organizations, including Axios, for defamation.
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Amazon reached a $2.5 billion settlement with the Federal Trade Commission over claims that it signed up customers for Prime without clear permission and made it hard to cancel. Eligible customers can claim refunds up to $51 by July 27.
Key Facts
The settlement totals $2.5 billion, with $1.5 billion set aside for consumer refunds.
The FTC accused Amazon of using confusing designs to enroll people in Prime and make cancellations difficult.
Amazon denied wrongdoing but agreed to settle and change some subscription processes.
Eligible customers must have enrolled or tried to cancel between June 23, 2019, and June 23, 2025.
Refunds are limited to $51 per person but may vary based on total eligible claims.
Some customers were already paid automatically in an earlier phase and do not need to claim again.
The deadline to request a refund is July 27.
The FTC warns consumers about scams asking for money to claim the settlement.
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The United States has imposed a 50% tariff on certain Canadian goods, including hockey sticks and candles, citing unfair treatment of US products by Canada. This move comes just after Canadian Prime Minister Mark Carney and US President Donald Trump attended the World Cup final together and as talks continue to update the North American free trade agreement.
Key Facts
The US announced a 50% tariff on a range of Canadian products starting August 19.
The tariffs target goods such as hockey sticks, candles, and synthetic wigs.
The US cited Canada’s alleged unequal treatment of American cars, dairy, and alcohol as reasons.
Canada and the US are in on-again, off-again negotiations to renew the USMCA trade deal with Mexico.
The new Gordie Howe International Bridge between Windsor (Canada) and Detroit (US) is set to open soon.
The US already imposes tariffs from 15% to 50% on Canadian steel, aluminum, copper, softwood lumber, and car parts.
Canada responded with its own tariffs, including a 25% levy on some US goods and boycotting US alcohol in many provinces.
Experts say the US tariffs are likely a negotiation strategy by the Trump administration to gain leverage.
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A review ordered by the Gates Foundation found that Bill Gates and foundation staff met with Jeffrey Epstein about 30 times between 2011 and 2014. The review concluded there is no evidence that the foundation knew about Epstein’s criminal activities or that Epstein was paid by the foundation.
Key Facts
The Gates Foundation held roughly 30 meetings with Jeffrey Epstein and foundation leaders or staff from 2011 to 2014.
Foundation employees expressed concerns about associating with Epstein due to his past conviction.
The foundation hired the law firm WilmerHale to conduct an independent review after documents linking Gates to Epstein became public.
The review found no proof that the foundation knew about Epstein’s sex trafficking or criminal acts during the meetings.
There was no evidence Epstein was paid by the Gates Foundation or used its name to support his actions.
Bill Gates said he met Epstein through trusted contacts and accepted the meetings without sufficient investigation.
Gates ended his interactions with Epstein in December 2014 and publicly apologized for the association.
The meetings mainly involved discussions about fundraising ideas and charitable projects like polio eradication.
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ESPN is laying off several employees, including some well-known TV personalities such as NFL analyst Ryan Clark. The layoffs are mostly connected to ESPN's recent purchase of NFL Network and are part of broader cost-cutting efforts at its parent company, Disney.
Key Facts
ESPN is cutting jobs this week, affecting on-air talent and behind-the-scenes staff.
NFL analyst Ryan Clark, NFL insider Tom Pelissero, and broadcaster Karl Ravech are reportedly among those let go.
Other affected names may include Bart Scott, Cam Newton, and Charles Davis.
ESPN confirmed layoffs in a memo, linking the cuts to its acquisition of NFL Network.
The NFL Network deal also included NFL Fantasy and the RedZone channel rights.
The layoffs are part of bigger job cuts by Disney due to rising sports rights costs and declining cable subscribers.
Ryan Clark was informed of his layoff during a live broadcast, earlier than planned.
Reports say financial reasons are the main cause, but Clark’s past on-air behavior may have influenced the decision.
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More Americans say they have shoplifted this year compared to last year, mainly because they are struggling to afford basic items due to rising prices. A study found many are stealing everyday needs like food and hygiene products, often from large stores.
Key Facts
30% of Americans reported shoplifting in 2025, up from 24% in 2024.
About 90% of those who shoplifted said financial problems and the economy caused it.
Inflation has increased partly because of higher oil and gas prices linked to the war in Iran.
People mostly steal essentials like food, drinks, clothing, and hygiene products.
Large chain stores like Walmart and Family Dollar are the most common places for shoplifting.
Shoplifting carries risks including fines, legal trouble, and problems finding jobs or housing later.
Respondents said Walmart was the easiest store to steal from, followed by Family Dollar, Amazon Fresh, and Kroger.
Theft often involves stores with many customers, wide layouts, and self-checkout lanes.
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Nintendo asked a court to dismiss a lawsuit that wants the company to give tariff refunds to customers who bought its products. The lawsuit claims that Nintendo unfairly kept profits after raising prices due to tariffs imposed during President Trump's trade policies. Nintendo says customers have no legal right to those tariff refunds because they paid the advertised prices and received the products.
Key Facts
Two customers filed a class-action lawsuit against Nintendo over tariff refunds for products bought between February 2025 and February 2026.
The lawsuit alleges Nintendo raised prices because of tariffs, did not tell customers it expected to get tariff refunds, and kept those refunds.
Nintendo raised prices on the original Switch console by $30 to $50 and increased prices on Switch 2 accessories by $5 to $10.
Nintendo argues that when customers buy products at the set price and get what they paid for, they are not entitled to tariff refunds.
Similar lawsuits have been filed against Sony for PlayStation buyers and Microsoft for Xbox buyers regarding tariff refunds.
Tariffs were imposed during President Trump’s administration and later ruled illegal by the Supreme Court and the US Court of International Trade.
The government refund process only allows importers or customs brokers to get tariff money back, not individual consumers.
Nintendo and other companies have sued the government to ensure tariff refunds are properly issued to businesses.
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President Donald Trump has announced new 50% tariffs on some Canadian goods, adding to tariffs already in place. Despite this, financial markets have not shown significant negative reactions so far.
Key Facts
President Trump is adding a 50% tariff on certain products imported from Canada.
This new tariff is on top of existing tariffs imposed earlier.
Tariffs are taxes on goods coming into a country, meant to protect local industries or influence trade.
The announcement comes amidst ongoing trade tensions between the U.S. and Canada.
Investors and financial markets have remained calm and have not dropped sharply after the tariff news.
The exact Canadian goods targeted by the new tariffs were not detailed in the summary.
The tariffs are part of President Trump's broader trade policy approach.
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A $50,000 two-year certificate of deposit (CD) can earn between about $4,236 and $4,392 in interest at current rates of 4.15% to 4.30%. CDs pay a fixed interest rate but require keeping the money untouched until the end of the term to avoid penalties.
Key Facts
Certificate of deposit (CD) accounts pay interest over a fixed term.
Early withdrawal from a CD usually results in losing interest earned so far.
Current top interest rates for two-year CDs range from 4.15% to 4.30%.
A $50,000 deposit at these rates can earn roughly $4,236 to $4,392 after two years.
The interest is guaranteed and the initial deposit is protected, with accounts insured up to $250,000.
Traditional savings accounts currently offer much lower interest rates, around 0.38%.
High-yield savings or money market accounts are alternatives that provide better returns and more access to money.
Savers should shop around for the best CD rates before committing their money.
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An unfinished skyscraper called One Seaport in Manhattan has been paused since 2019 amid concerns about its leaning structure. The New York City Department of Buildings says the site is under a Stop Work Order but has not found any immediate danger to the public, while engineers say a leaning building is not always unsafe if it is stable and monitored.
Key Facts
One Seaport is a 670-foot skyscraper in Manhattan's Financial District, construction started in 2015 but paused since 2019.
Surveys reportedly showed the building leaning about three inches, causing legal disputes between the contractor and developer.
In 2024, photos online suggested the building was leaning west and touching a neighboring building.
The site has had multiple safety violations, including failure to correct hazardous conditions.
The NYC Department of Buildings issued a Stop Work Order in 2021, and the building permit has not been renewed since 2020.
The DOB says they have not seen evidence that the building is structurally unstable or an immediate hazard.
Engineers say a building that leans is not automatically dangerous if it is stable and not moving further.
Ongoing inspections and monitoring are important to determine the building’s safety over time.
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Novo Nordisk has filed a lawsuit against Eli Lilly, accusing the company of false advertising about its weight loss drugs. The case claims Eli Lilly used outdated studies to make its drugs seem more effective than Novo Nordisk’s Ozempic.
Key Facts
Novo Nordisk sued Eli Lilly in a New Jersey federal court.
The lawsuit is about advertising for weight loss drugs.
Eli Lilly’s drugs mentioned are Mounjaro and Zepbound.
Novo Nordisk’s drug involved is Ozempic.
The complaint says Eli Lilly used old studies to exaggerate its drugs’ effectiveness.
The lawsuit was filed on Tuesday.
The dispute centers on how well the weight loss drugs help people lose weight.
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Home values owned by seniors aged 62 and older reached a record high of $14.92 trillion in early 2026. Seniors can borrow against this home equity using options like reverse mortgages, home equity loans, or home equity lines of credit.
Key Facts
Senior home wealth rose by $314.8 billion (1.8%) in the first quarter of 2026 after previous declines.
Total home equity for seniors aged 62+ is now $14.92 trillion.
Reverse mortgages allow seniors to borrow without monthly repayments until death or sale of the home.
Home equity loans have average interest rates around 7%, lower than personal loans or credit cards.
A home equity line of credit (HELOC) offers a revolving credit line with variable rates and payments starting after an initial period.
Both home equity loans and HELOCs use the home as collateral, meaning borrowers could risk losing their home if payments are missed.
Reverse mortgages reduce home value and may affect inheritance plans.
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ESPN is laying off many employees for the first time in three years after buying NFL Network and other NFL digital assets last year. Some on-air personalities, including NFL analyst Ryan Clark, were informed of their layoffs during live broadcasts. The cuts also affect staff across other parts of ESPN and are part of wider job reductions at the Walt Disney Company.
Key Facts
ESPN acquired NFL Network, NFL Fantasy, and RedZone rights last year, giving the NFL a 10% ownership stake in ESPN.
The NFL Network employees officially joined ESPN on April 1, following government approval in January.
ESPN’s chairman said the layoffs are mostly related to integrating the NFL assets and restructuring the company for the future.
Ryan Clark learned about his layoff while appearing live on the show NFL Live.
Other ESPN on-air staff affected include Karl Ravech, Tom Pelissero, and reportedly Cam Newton.
Ian Rapoport and Adam Schefter, NFL insiders, recently received contract extensions and were not laid off.
The layoffs are part of a broader reduction in staff across the Walt Disney Company this week.
ESPN has not previously had such a large round of layoffs in the past three years.
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A new study shows that GLP-1 drugs, like Ozempic and Wegovy, help reduce long-term sick leave by 17% among workers. This decrease could save money for workers, employers, and the government by lowering time off due to illness.
Key Facts
GLP-1 drugs are prescribed for diabetes and obesity and improve health by lowering risks of heart attacks and strokes.
The study found users of GLP-1 drugs took 17% less sick leave lasting over 30 days than non-users.
Reduced sick leave can save up to 1.5% of an individual’s salary, about $866 on average.
The research used data from Denmark, where employers pay full salary for up to 30 days of sick leave, and the government pays after that.
Short-term sick leave reductions save employers money, while long-term reductions save the government money in Denmark.
In the U.S., sick leave policies are less generous, so reduced sick leave might improve worker productivity and benefit companies.
The study suggests that fewer sick days and less “presenteeism” (working while sick and less effective) could lead to better job performance and career opportunities.
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