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Business news, market updates, and economic developments
The Federal Housing Finance Agency (FHFA) set new housing goals for Fannie Mae and Freddie Mac from 2026 to 2028. The changes include lowering the targets for lending to low-income borrowers for single-family homes. The aim is to align with current market conditions, but some people are concerned this could affect credit access for lower-income Americans.
Key Facts
The FHFA announced new housing targets for 2026-2028 for Fannie Mae and Freddie Mac.
The new rule lowers benchmarks for single-family home loans for low-income borrowers.
For borrowers earning up to 80% of the area's median income, the target went from 25% to 21%.
For those with incomes up to 50% of the median, the goal dropped from 6% to 3.5%.
The rules for multifamily home loans did not change.
The FHFA simplified its regulations by merging two subgoals into one for low-income areas.
Some experts are worried these changes may limit credit access for low- and moderate-income families.
Industry leaders have mixed reactions; some see it as a needed change given the current economic conditions.
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A.M. Scott Distillery in Ohio filed for bankruptcy due to financial problems and a decline in alcohol demand in the U.S. Other American spirit companies face similar challenges, influenced by international boycotts and changing consumer habits. U.S. liquor exports have decreased, partly because of policy-driven boycotts linked to President Trump's tariffs.
Key Facts
A.M. Scott Distillery filed for bankruptcy in the Southern District of Ohio.
The company opened in 2022 and makes various spirits like gin and whiskey.
A.M. Scott listed debts of $1 million to $10 million against assets of up to $500,000.
Other distilleries like Boston Harbor Distillery and Stoli Group USA have also filed for bankruptcy.
Jim Beam plans to pause production in Kentucky for enhancements until 2026.
Only 54% of U.S. adults now say they drink alcohol, the lowest rate in 90 years.
In 2025, Canada began boycotting U.S. spirits due to tariffs set by President Trump.
U.S. spirit exports fell 9% in one year, with Canada having the largest drop at 85%.
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A canal embankment collapsed on the Llangollen Canal in Whitchurch, causing significant disruptions to the local narrowboat hire business. The incident has stranded many liveaboard residents and will take months to repair. Local businesses fear financial losses, as they rely on tourists who visit the area to experience the canals.
Key Facts
A canal embankment collapsed on the Llangollen Canal, creating a large hole that affected two boats.
The collapse has stranded many people who live on boats along the canal.
Repairs are expected to take several months, impacting local businesses that depend on canal tourism.
Paul Donnelly, owner of Floating Holidays, expressed concern about future bookings and revenue loss.
Water has been lost from a 1.6 km (0.6 miles) stretch of the canal, and a dam is being constructed to control it.
This canal collapse adds to previous disruptions on other local canals, limiting route options for boaters.
The canal community is helping each other, offering accommodation and support where needed.
Paul Stowe, a resident affected by the collapse, voiced uncertainty about returning to boating.
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The Murdoch family, known for their media influence, is experiencing a significant rift. Rupert Murdoch's children Elisabeth, James, and Prudence are no longer involved in the family business following a legal dispute over control. Lachlan Murdoch will now lead the companies alone after an agreement was reached.
Key Facts
Rupert Murdoch's children, Elisabeth, James, and Prudence, have cut ties with Fox Corp and News Corp.
A legal battle occurred in Nevada about the control of a trust that governed company shares.
Lachlan Murdoch is now set to be the sole leader of Rupert Murdoch's businesses after his passing.
The family dispute started because Rupert Murdoch wanted to prevent changes in company direction.
Rupert Murdoch's decision to alter the trust terms was initially ruled as not in good faith.
The final agreement prevents Elisabeth, James, and Prudence from buying back shares in the family company.
The family tensions are compared to themes from the TV drama "Succession."
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Bari Weiss, the new editor-in-chief of CBS News, is planning changes in the network’s editorial process, including the creation of a masthead to streamline news procedures. This decision comes after controversy over a "60 Minutes" segment on Trump administration deportations, which did not include official comments from U.S. government departments.
Key Facts
Bari Weiss is the new editor-in-chief at CBS News.
She plans to create a masthead to improve the news process and hierarchy.
Controversy arose from a "60 Minutes" segment about the Trump administration deportations.
The segment did not include comments from the White House, State Department, and DHS.
Sharyn Alfonsi, a correspondent, stated that the story passed internal checks but was pulled for political reasons.
The new policies will require show teams to provide senior editors with more insight into sensitive stories.
Bari Weiss and Scott Pelley, a "60 Minutes" correspondent, had differing views on the handling of the segment.
The segment's future airing in the U.S. is uncertain after being leaked in Canada.
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Toyota and Sisqó have teamed up to create a new version of the "Thong Song" for a holiday ad campaign called “The Thon Song.” The ad, part of Toyota's Toyotathon sales event, features new lyrics and will be available on music streaming platforms during Christmas. The campaign promotes Toyota's popular vehicles during the year-end sales push.
Key Facts
Toyota created a new ad campaign with the artist Sisqó, featuring a reimagined version of his hit "Thong Song."
The new song is called “The Thon Song” and is linked to Toyota's annual Toyotathon sales event.
The ad will debut a 15-second version of the song during Netflix’s NFL coverage on Christmas Day.
The full song will be available for streaming on Spotify and Apple Music.
Toyota's vehicles such as the Camry, Corolla, and Tacoma are highlighted in this campaign.
Saatchi & Saatchi, a marketing firm, helped create the ad.
Toyota led global automotive sales for five consecutive years up to 2025.
The original "Thong Song" hit number three on the Billboard Hot 100 chart in 2000.
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The article talks about new savings and investment accounts for children called "Trump accounts," which are supported by a large philanthropic donation. These accounts are expected to open in May, and the article examines whether they will provide long-term benefits.
Key Facts
"Trump accounts" are new savings and investment accounts specifically for children.
A large philanthropic donation is backing these accounts.
They are set to become available next May.
The purpose is to help children save and invest money for the future.
There is discussion about whether these accounts will deliver the promised long-term benefits.
Paul Solman, an economics correspondent, has looked into the details of these accounts.
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Silvestri Sweets Inc. has widened its recall of Choceur brand Holiday Bark sold at Aldi stores due to undeclared pecans, which are a serious allergy risk. The recall affects several lot numbers of the product, and no illnesses have been reported. Customers are advised to throw away the recalled products and contact the company for more information.
Key Facts
The recall affects 5-ounce bags of Choceur brand Holiday Bark.
Undeclared pecans were found in Cookie Butter Holiday Bark bags, posing an allergy risk.
The affected products were distributed nationwide to Aldi stores.
The recall includes specific lot numbers and best by dates (e.g., lots 28525 and 29925).
No reports of illnesses from this recall have been made.
A production and packaging error led to the issue.
Customers with the products should discard them.
The FDA oversees and publicizes these voluntary recalls to ensure public safety.
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Washington state will raise its minimum wage to $17.13 per hour starting January 1, 2026, making it the highest state minimum wage in the United States. This change is part of a broader trend where 19 states are increasing their minimum wages. Some cities in Washington, like Seattle, will have even higher local minimum wages.
Key Facts
Washington's minimum wage will be $17.13 per hour starting January 1, 2026.
It will be the highest state minimum wage in the United States.
19 states in total are raising their minimum wages next month.
Other states with minimum wages over $16 include New York, Connecticut, California, Hawai'i, and Rhode Island.
Washington, D.C., will have a minimum wage of $17.95.
Initiative 1433, passed in 2016, ties Washington state’s minimum wage increases to inflation.
Seattle will have a local minimum wage of $21.30, while Tukwila, Burien, Renton, Everett, and SeaTac set even higher rates for certain employers.
Some believe higher minimum wages can lead to increased prices and fewer job opportunities, while others argue they protect low-wage workers.
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The U.S. economy grew at an annual rate of 4.3% from July to September. This growth was the fastest in two years, driven by increased consumer spending and higher exports.
Key Facts
The U.S. economy grew by 4.3% annually from July to September.
This is an increase from 3.8% growth in the previous quarter.
The growth rate was higher than expected.
Consumer spending increased by 3.5%.
Exports also contributed to the economic growth.
The data collection process had been delayed due to a U.S. government shutdown.
This report provides an updated view of the U.S. economy's performance toward the year's end.
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The UK government changed its plan to tax inherited farmland, raising the threshold from £1 million to £2.5 million. This decision came after protests and concerns from farmers and some politicians. The tax will now apply to assets valued over £2.5 million starting April 2026.
Key Facts
The UK government increased the inheritance tax threshold for farmland from £1 million to £2.5 million.
The tax, starting in April 2026, will apply to farmland valued above this threshold.
Farmers have protested against the original plan for over a year.
Environment Secretary Emma Reynolds stated the change aims to support ordinary family farms.
Tom Bradshaw from the National Farmers' Union approved of the change, saying it protects many family farms.
Some politicians, including Markus Campbell-Savours, opposed the original plan, with Campbell-Savours facing suspension for voting against it.
The original plan faced protests and concerns from some Labour backbenchers and rural MPs.
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FedEx is receiving criticism due to its increase in hiring foreign workers through the H-1B visa program after receiving a large federal contract. This has raised concerns about layoffs of American workers at the company. However, experts say there is no evidence directly linking the hiring of H-1B workers to these layoffs.
Key Facts
FedEx received a $2.2 billion federal contract in 2022.
H-1B visa approvals at FedEx increased from 37 in 2021 to 102 by 2025.
The company filed 436 H-1B petitions in 2025, with 434 being approved.
Experts said that from FY2023 to FY2025, FedEx filed fewer H-1B applications compared to FY2020 to FY2022.
The majority of new H-1B workers are in Tennessee, where FedEx is headquartered.
FedEx announced layoffs affecting U.S. workers, including 856 jobs in Coppell, Texas.
Experts claim there is no direct link between H-1B hiring and the layoffs at FedEx.
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The U.S. stock market faced ups and downs throughout the year, influenced by issues like tariffs and interest rates. Despite these challenges, it ended successfully for investors.
Key Facts
The U.S. stock market had significant drops during the year.
Concerns included tariffs imposed by President Trump.
Interest rates also contributed to market fluctuations.
There were worries about a potential bubble in artificial intelligence technology.
By the end of the year, the stock market performed well for long-term investors.
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Denise Coates, the chief executive of Bet365, received a pay package of at least £280 million in 2025. Despite the company's profits falling, Coates' earnings increased significantly from the previous year. She is also a major shareholder in the company, benefiting from substantial dividend payments.
Key Facts
Denise Coates received a pay package of £280 million in 2025.
Her total earnings increased substantially from nearly £158 million the previous year.
Coates' pay includes a salary of £104 million.
As a majority shareholder, she received a large share of the company's £354 million dividend.
Bet365's pre-tax profit fell to £349 million from £627 million the year before.
Bet365's overall revenue rose by 9% to £4 billion.
Coates is one of Britain's wealthiest women and high-income earners.
Bet365, founded by Coates, is a major private employer offering online gambling services.
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People in the U.S. felt less confident about the economy in December. This decrease in confidence is linked to concerns about high prices and tariffs, which are taxes on goods coming into the country.
Key Facts
The consumer confidence index dropped by 3.8 points in December.
The new confidence level is 89.1, down from 92.9 in November.
November's consumer confidence index was adjusted higher than initially reported.
December's confidence level is similar to April's level of 85.7.
The decrease in confidence is partly due to concerns about tariffs introduced by President Trump.
These tariffs affect goods imported into the U.S. from other countries.
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A man named John Carcerano bought a Chinese plate for $4.99 at a thrift store and sold it at a Sotheby’s auction for over $4,000. The plate was rare and linked to Jewish heritage, which made its sale unusual. Carcerano plans to use the auction proceeds to invest in silver.
Key Facts
John Carcerano found a Chinese plate at a thrift store for $4.99.
The plate was sold at a Sotheby’s auction for $4,064.
The auction described it as a rare Chinese export plate with Jewish symbols, from around 1761, during the Qing dynasty.
It was sold in a Judaica auction, which is focused on Jewish heritage items.
There were about four bidders, and the winning bid came from online.
Carcerano initially hoped the plate would sell for more, estimating a value of around $7,000.
He plans to use the funds from the sale to invest in silver, expecting its price to rise.
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Several grocery stores have different operating hours on Christmas Eve, but most close on Christmas Day. This information helps customers plan their shopping around the holidays.
Key Facts
Aldi will be open on Christmas Eve from 9 a.m. to 4 p.m., and closed on Christmas Day.
BJ’s Wholesale Club operates from 8 a.m. to 6 p.m. on Christmas Eve, but will not open on Christmas Day.
Costco is open from 10 a.m. to 5 p.m. on Christmas Eve and closed on Christmas Day.
Kroger keeps stores open from 6 a.m. to 6 p.m. on Christmas Eve, closing on Christmas Day.
Target operates from 7 a.m. to 8 p.m. on Christmas Eve, remaining closed on December 25.
Walmart opens from 6 a.m. to 6 p.m. on Christmas Eve, but doesn't open on Christmas Day.
Whole Foods will be open on Christmas Eve from 8 a.m. to 7 p.m., but closed on Christmas Day.
Some fast-food locations like Dunkin', McDonald’s, and Starbucks may stay open on both days, but it's best to check specific locations for their hours.
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The number of homes available for sale in the U.S. dropped by 1.4% in November. This decline is the largest since June 2023 and is linked to slower demand and sellers pulling their listings from the market. The ongoing housing shortage and high home prices continue to impact the market.
Key Facts
Home listings decreased by 1.4% in November to 1,954,870.
New home listings fell by 2.2% to 526,666, the lowest since April 2024.
Pending home sales declined by 2.5% in November.
Existing home sales remained steady at about 4.27 million annually.
Homes sold in November stayed on the market longer, averaging 53 days.
The median sale price of a U.S. home in November was $433,222, down 1.5% from the previous year.
The housing market needs about 2.8 million homes to balance supply and demand.
Sellers are often also buyers, needing to price homes reasonably to attract interest.
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The U.S. economy grew by 4.3% in the third quarter of the year, due to increased consumer spending, exports, and government spending. Despite this growth, inflation remains high, affecting economic stability.
Key Facts
The U.S. economy expanded by 4.3% in the third quarter.
Growth was stronger than the expected 3% predicted by analysts.
Consumer spending increased to a 3.5% annual rate last quarter.
The gross domestic product (GDP) measures the total output of goods and services.
Inflation, measured by the PCE index, rose to a 2.8% annual rate.
Core PCE inflation, excluding food and energy, was 2.9%.
Consumer spending makes up about 70% of U.S. economic activity.
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The U.S. economy grew faster than experts expected in the third quarter of the year. The Bureau of Economic Analysis reported that the economy's real gross domestic product (GDP) increased by 4.3% from July to September. This growth was driven by higher consumer spending, government spending, and exports.
Key Facts
The U.S. GDP grew at an annual rate of 4.3% in the third quarter.
Experts had forecasted a 3.3% GDP growth for the same period.
The second quarter saw a GDP growth of 3.8%, while the first quarter had a decline of 0.6%.
Growth was mainly due to increased consumer spending, government spending, and exports.
Investment decreased, which partially offset the growth.
There was a decrease in imports, but it was slower than in the second quarter.
Recent data releases were delayed due to shutdowns, affecting economic insights.
The unemployment rate rose to its highest since September 2021, and inflation cooled to 2.7%, above the Federal Reserve's target of 2%.
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