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VW faces protests in Germany over proposed job cuts and factory closures

VW faces protests in Germany over proposed job cuts and factory closures

July 09, 2026 • Guardian World

Summary

Volkswagen plans to cut up to 100,000 jobs and close several factories in Germany. The company’s major union, IG Metall, has organized protests at 18 sites to oppose these plans, which the Volkswagen supervisory board will review soon.

Key Facts

  • Volkswagen may cut up to 100,000 jobs and close four factories in Germany.
  • The affected factories include plants in Hanover, Emden, Zwickau, and Audi’s Neckarsulm site.
  • IG Metall union is organizing demonstrations at 18 Volkswagen sites, including the company’s headquarters.
  • Volkswagen employs over 650,000 people in Germany across brands like Audi, Bentley, Skoda, and Seat.
  • The supervisory board includes company, union, and local government representatives and must approve the plans.
  • The Volkswagen Act law protects most plants from closure without a two-thirds board majority, which is unlikely against union opposition.
  • Some plants like Zwickau and Neckarsulm are not protected by this law and could be closed without board approval, but strong resistance is expected.
  • Volkswagen may also simplify its company structure by spinning off some divisions to improve efficiency.
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Guardian World Guardian Business
IRS Makes Change To Tax Penalties—What It Means for Millions of Americans

IRS Makes Change To Tax Penalties—What It Means for Millions of Americans

July 09, 2026 • Newsweek

Summary

The IRS will soon start automatically waiving certain tax penalties for taxpayers who have a history of filing and paying on time. This change, called the Automatic Exemption from Penalty (AEP) program, will begin in summer 2026 and be fully effective for the 2027 tax season.

Key Facts

  • The IRS will automatically remove penalties for eligible taxpayers instead of requiring them to request relief.
  • The program applies to penalties for late filing, late payment, and late deposits.
  • To qualify, taxpayers must have filed and paid taxes on time for the last three years or 12 consecutive quarters for quarterly filers.
  • The new system replaces the old "First Time Abate" relief that needed a formal request.
  • The change aims to help consistent taxpayers avoid penalties without extra paperwork.
  • Some taxpayers may still get penalty notices in 2026 as the system updates, but can request relief the old way.
  • The IRS will combine this relief effort with tougher enforcement and fraud prevention measures.
  • The program does not cover certain tax returns like estate or gift taxes; those taxpayers must use other relief options.
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Newsweek
UniCredit closes in on Commerzbank takeover

UniCredit closes in on Commerzbank takeover

July 09, 2026 • France24

Summary

Italy’s bank UniCredit is close to taking over Germany’s bank Commerzbank after acquiring nearly half of its shares. The German government, which owns part of Commerzbank, is opposing this takeover.

Key Facts

  • UniCredit is Italy’s second largest bank.
  • Commerzbank is Germany’s second largest bank.
  • UniCredit recently secured 47.6% of Commerzbank’s shares.
  • The German federal government owns 12% of Commerzbank.
  • The German government is against the takeover by UniCredit.
  • The takeover is described as "hostile" by some German sources.
  • This deal is a major development in European banking.
  • The news was reported in July 2026.
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France24
Costco Shoppers Sue Over Protein Powder—Should You Stop Using It?

Costco Shoppers Sue Over Protein Powder—Should You Stop Using It?

July 09, 2026 • Newsweek

Summary

Costco is facing a proposed class-action lawsuit from customers who say the company sold Orgain Organic Protein Powder without telling buyers it contained unsafe levels of heavy metals like lead, cadmium, and arsenic. The lawsuit claims Costco violated consumer protection laws by not warning shoppers about these contaminants.

Key Facts

  • Seven consumers filed the lawsuit in federal court in Washington state.
  • The product involved is Orgain Organic Protein Powder, sold at Costco stores nationwide.
  • Testing by Consumer Reports found lead levels 43% above the safe benchmark, plus cadmium and arsenic present.
  • Heavy metals naturally appear in the environment and can end up in food.
  • The plaintiffs say Costco did not disclose these metal levels on the packaging or in advertising.
  • Consumers claim they would not have bought the product or would have paid less if they knew about the contaminants.
  • Protein powders are not regularly reviewed or tested by the FDA before sale.
  • Lawsuit alleges violations in several states and seeks disclosure of heavy metal levels and sales restrictions until disclosed.
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Newsweek
The hidden costs of low-tax states

The hidden costs of low-tax states

July 09, 2026 • Axios

Summary

States in the U.S. rely on different types of taxes to fund their governments. Some states collect most of their revenue from income taxes on wages and businesses, while others depend mainly on taxes from sales, gas, tourism, and other purchases.

Key Facts

  • In 2025, 27 states got most of their tax money from sales and consumption taxes.
  • 21 states raised most of their tax revenue from income taxes, including taxes on wages and corporate profits.
  • Texas, Florida, and some other states have no income tax and rely heavily on taxes from spending and business activity.
  • California, New York, Massachusetts, and Connecticut depend mostly on income taxes, which are affected by earnings and business profits.
  • All states collected some form of sales or similar taxes by 2025, making up 45.4% of state tax revenue nationwide.
  • Taxes on consumption can feel lighter for wealthy people but often take more from lower-income families.
  • The way taxes are collected may influence economic fairness and affect racial inequality since lower-income Black and Hispanic households may pay a larger share of consumption taxes.
  • States have created tax systems based on different parts of the economy and populations, not just on whether taxes are "high" or "low."
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Axios
Why is the cryptocurrency market slumping?

Why is the cryptocurrency market slumping?

July 09, 2026 • Al Jazeera

Summary

The total value of the cryptocurrency market is over $2.23 trillion, but Bitcoin has lost more than half its value since its highest price in October 2025. While big investors, banks, and politicians are supporting cryptocurrencies, there are concerns about their use in political interference and by sanctioned countries to move money outside normal banking.

Key Facts

  • The cryptocurrency market is valued at more than $2.23 trillion.
  • Bitcoin’s price has dropped by more than 50% since October 2025.
  • Large institutional investors are investing billions in cryptocurrencies.
  • Traditional banks are starting to use and support digital currencies.
  • Some politicians actively promote and benefit from cryptocurrencies.
  • Governments worldwide are working on new regulations for digital assets.
  • Cryptocurrencies are being used for political interference.
  • Some sanctioned countries use cryptocurrencies to bypass normal financial rules.
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Al Jazeera
Oil prices stabilise after renewed US-Iran strikes rock peace hopes

Oil prices stabilise after renewed US-Iran strikes rock peace hopes

July 09, 2026 • France24

Summary

Oil prices rose sharply after President Donald Trump ended a ceasefire with Iran following attacks on ships in the Strait of Hormuz and ordered new strikes. Prices later fell but remained volatile as tensions between the US and Iran created uncertainty in the oil markets.

Key Facts

  • President Trump declared the ceasefire with Iran over after Iranian attacks on ships in the Strait of Hormuz.
  • The US ordered fresh military strikes against Iran in response.
  • Oil prices jumped about 8% on the news, with Brent crude surpassing $80 a barrel.
  • The US revoked a temporary sanctions waiver for Iranian oil.
  • The Strait of Hormuz is important because about 20% of the world’s oil passes through it.
  • President Trump said he expects the conflict to end quickly and mentioned talks might resume.
  • Stock markets, especially tech shares in Asia, rose slightly amid the oil price changes.
  • Investors remain cautious about further violence affecting global oil supply and prices.
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France24
Man Finds ‘$40 Million Worth of Checks’ in Thrift Store Book—With a Catch

Man Finds ‘$40 Million Worth of Checks’ in Thrift Store Book—With a Catch

July 09, 2026 • Newsweek

Summary

A man named Brian Davis found a set of checks worth $40 million tucked inside a thrift store book called The Secret, a self-help book about attracting success with positive thinking. These checks were not real money but "Magic Checks," tools used by followers of the book’s philosophy to visualize financial success.

Key Facts

  • Brian Davis is from Guelph, Ontario, and found the checks while browsing a thrift store.
  • The checks were hidden inside a copy of The Secret, published in 2006 by Rhonda Byrne.
  • The Secret promotes the "law of attraction," which says positive thoughts can bring wealth and happiness.
  • The "Magic Checks" are used by people to write down an amount of money they want as a visualization exercise.
  • Davis said the checks are part of the book’s method but noted that simply wishing for money doesn’t guarantee success.
  • Critics have called the law of attraction idea pseudoscientific, saying it lacks scientific proof.
  • The book has faced criticism for suggesting people cause their own problems by thinking negatively.
  • Davis thinks the original owner might have donated the book after giving up on the idea or never believing in it.
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Newsweek
Goodbye frump, hello TikTok: M&S to celebrate 100 years with London fashion week show

Goodbye frump, hello TikTok: M&S to celebrate 100 years with London fashion week show

July 09, 2026 • Guardian World

Summary

Marks & Spencer (M&S), a British high-street retailer, will celebrate its 100th anniversary by joining London Fashion Week (LFW) with a catwalk show featuring its latest clothing collections. M&S aims to attract younger customers by offering trend-focused, affordable fashion that is available to buy immediately after the show.

Key Facts

  • M&S is participating in London Fashion Week for the first time to mark 100 years in fashion.
  • The retailer will showcase both women’s and men’s clothing collections on the runway.
  • The catwalk show will be livestreamed for customers to watch at home.
  • Unlike many luxury brands, M&S’s clothes will be available to buy right after the show online and in larger stores.
  • M&S is working to change its image from older, unfashionable styles to trendier clothing for younger shoppers.
  • Fashion consultant trends like monthly product drops and viral social media items are part of M&S’s new strategy.
  • The brand’s younger customer base has grown by offering affordable versions of popular fashion trends seen on social media and worn by celebrities.
  • Previous events supporting this change include a summer fashion show in Ibiza and a recent show at Silverstone.
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Guardian World
Life of Sizewell B extended by another 20 years

Life of Sizewell B extended by another 20 years

July 09, 2026 • BBC Business

Summary

A nuclear power plant called Sizewell B in Suffolk, England, will keep producing electricity for 20 more years, until 2055. The plant’s owner, EDF, made a deal with the government to invest around £800 million to upgrade the plant and protect jobs.

Key Facts

  • Sizewell B started working in 1995 and was originally planned to close in 2035.
  • The plant will now operate until 2055 after a new agreement.
  • EDF employs 620 staff and 300 contractors at Sizewell B.
  • The extension will support hundreds of jobs and allow new local hires.
  • Sizewell B provides power to over two million homes and contributes 3% of the UK's energy.
  • EDF plans to invest about £800 million to upgrade the plant.
  • The government supports the extension as it provides clean electricity and secures jobs.
  • A campaign group called Together Against Sizewell C expressed concerns about safety, environmental risks, and long-term costs of nuclear power and waste.
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BBC Business
Wealthy AI workers send San Francisco house prices soaring

Wealthy AI workers send San Francisco house prices soaring

July 08, 2026 • BBC Tech

Summary

The rise of artificial intelligence (AI) companies in San Francisco is driving up house prices in the city. Wealthy AI workers with high salaries and valuable stock options are buying expensive properties, causing a record increase in housing costs.

Key Facts

  • A renovated three-bedroom apartment in San Francisco’s Duboce Triangle was listed for nearly $3 million.
  • The seller of this property was willing to accept shares from AI companies OpenAI or Anthropic instead of cash.
  • San Francisco became the most expensive US city for homebuyers in March 2026, with median house prices rising 19% from the previous year.
  • By May 2026, the median home price in San Francisco reached a record $1.76 million, compared to $400,000 for the US overall.
  • The housing price increase is linked to the influx of AI workers who receive high salaries, bonuses, and stock options from companies like OpenAI and Anthropic.
  • In October 2025, over 600 OpenAI employees sold shares worth a total of $6.6 billion, averaging $11 million per person.
  • Anthropic employees have also sold shares estimated at $6 billion.
  • OpenAI and Anthropic plan to go public soon, which could increase the number of wealthy employees and further boost San Francisco’s housing market.
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BBC Tech BBC Business BBC World BBC US
I run the UK's biggest bank, here are five ways to manage your money

I run the UK's biggest bank, here are five ways to manage your money

July 08, 2026 • BBC Business

Summary

Charlie Nunn, CEO of Lloyds Banking Group, shared five money management tips based on his experience running the UK's largest bank. His advice includes automating savings, being open about money in relationships, teaching children about budgeting with pocket money, pausing before making purchases to avoid fraud, and being cautious of financial influencers on social media.

Key Facts

  • Lloyds Banking Group is the UK’s biggest bank, managing about one in four current accounts.
  • Automating savings helps people regularly put money aside without needing to make a new decision each time.
  • Having an emergency fund covering 1 to 3 months of salary is recommended to cover unexpected expenses.
  • Charlie Nunn and his wife use a joint bank account and share all financial details openly.
  • Giving children pocket money can teach them budgeting and money management skills early.
  • Many people, especially young ones, face risks of online fraud through social media and marketplaces.
  • Lloyds has a tool that lets customers check if online deals or tickets are genuine to avoid scams.
  • Financial influencers promoting risky products, like some cryptocurrencies, can be misleading.
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BBC Business BBC Top Stories
Why electric cars cost more to insure - and what's being done about it

Why electric cars cost more to insure - and what's being done about it

July 08, 2026 • BBC Business

Summary

Electric vehicles (EVs) often cost more to insure than petrol or diesel cars because they are more expensive and take longer to repair. Some EV repairs require replacing large, integrated parts rather than smaller pieces, increasing repair costs and leading insurers to charge higher premiums.

Key Facts

  • EV repairs cost 30% more on average than repairs for petrol or diesel cars.
  • It takes 14% longer, on average, to fix EVs.
  • Insurance premiums for EVs can be 10-25% higher depending on the model.
  • EV components are often glued or combined to reduce weight, making repairs more costly.
  • A minor crash can cause expensive damage, such as a £4,000 repair to a charging port and related parts.
  • The battery makes up about 40% of an EV’s total value and usually must be replaced as a single unit.
  • EVs accounted for nearly one in three new cars sold in the UK in June.
  • Experts say lowering insurance costs and making EVs easier to repair could encourage more buyers.
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BBC Business BBC Top Stories
Pet prescriptions could be capped at £21 under proposed vet sector reforms

Pet prescriptions could be capped at £21 under proposed vet sector reforms

July 08, 2026 • Guardian World

Summary

The UK government is planning reforms for the veterinary sector, including requiring vets to have a licence and capping pet medicine prescriptions at £21. The proposed changes aim to increase transparency, improve competition, and protect pet owners from high and unexpected costs.

Key Facts

  • UK vets may need an official operating licence similar to GP surgeries and care homes.
  • Prescription costs for pet medicines could be capped at £21.
  • Over 60% of UK veterinary practices are owned or partly owned by six large groups controlled by private equity or big companies.
  • The Competition and Markets Authority found low public satisfaction with veterinary costs and weak competition among vet businesses.
  • Proposed reforms include mandatory price lists and clearer ownership information to help pet owners compare prices.
  • Pet owners spent more than £6.7 billion on vet and related services in 2024, averaging £390 per household.
  • The Veterinary Surgeons Act has not been updated since the 1960s, when most vets worked in agriculture and small family practices.
  • Supporters say the reforms will hold vet businesses to account, protect consumers, and modernize the profession.
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Guardian World
Telstra glitches continue as ‘secondary’ outage hits triple-zero calls and regional trains remain stranded

Telstra glitches continue as ‘secondary’ outage hits triple-zero calls and regional trains remain stranded

July 08, 2026 • Guardian World

Summary

Telstra, an Australian telecom company, is still experiencing problems after a national outage caused by a software fault. The issues are affecting emergency calls to triple zero and disrupting Victoria’s regional train services. The government has said a full investigation will take place to find out what happened.

Key Facts

  • Telstra’s outage began on Wednesday due to a software fault related to its GPS timing system.
  • The fault caused emergency triple-zero calls to fail or go to voicemail.
  • By Thursday morning, the problem with emergency calls was 90% reduced but not fully fixed.
  • Victoria’s regional trains remained suspended because of the Telstra outage.
  • Telstra performed over 300 welfare checks on people who tried to call triple zero during the outage.
  • Six people needed immediate help, and others were referred to police for checks.
  • The government wants a full investigation and possible penalties for the outage.
  • Opposition officials criticized Telstra's network reliability, calling it critical infrastructure.
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Guardian World
John Deere owners will get the right to repair their own equipment under a new FTC settlement

John Deere owners will get the right to repair their own equipment under a new FTC settlement

July 08, 2026 • AP News

Summary

The Federal Trade Commission (FTC) and several states have reached a settlement with John Deere, requiring the company to let farmers and independent repair shops fix their own equipment. This agreement ends John Deere’s practice of limiting repair tools to authorized dealers, giving equipment owners more control over repairs.

Key Facts

  • John Deere must now provide diagnostic and repair tools to equipment owners and independent shops.
  • The FTC and attorneys general from Arizona, Illinois, Michigan, Minnesota, and Wisconsin led the lawsuit against Deere.
  • Deere previously required customers to use authorized dealers for repairs by restricting access to software tools.
  • The company will pay $1 million to the five states for antitrust enforcement costs.
  • Deere will be under strict compliance oversight for 10 years to ensure it follows the settlement.
  • Deere denied that its repair policies were anticompetitive but agreed to the settlement.
  • The settlement follows a $99 million class-action settlement Deere reached earlier in 2025 over repair issues.
  • The right-to-repair movement involves giving consumers and independent workers the ability to fix products without relying on manufacturers only.
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AP News
WATCH: Starbucks says it'll pay its baristas to make TikToks

WATCH: Starbucks says it'll pay its baristas to make TikToks

July 08, 2026 • ABC News

Summary

Starbucks will start paying its baristas to create TikTok videos that promote the company. Baristas can earn a share of the advertising money if their videos are approved by Starbucks, beginning this summer.

Key Facts

  • Starbucks plans to pay baristas for making TikTok videos.
  • The videos must be approved by Starbucks to qualify for payment.
  • Payments come as a share of the ad revenue generated by the videos.
  • This program will start in the summer of 2026.
  • The initiative aims to engage baristas in promoting the brand on social media.
  • TikTok is a popular video-sharing platform used for marketing and entertainment.
  • Starbucks is exploring new ways to connect with customers through digital content.
  • This effort reflects a growing trend of companies using employee-created content for promotion.
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ABC News
Jackdaw boss warns of winter fuel shortages if gas field not approved

Jackdaw boss warns of winter fuel shortages if gas field not approved

July 08, 2026 • BBC Top Stories

Summary

The Jackdaw gas field in the North Sea needs UK government approval to start production and help avoid gas shortages this winter. The project could supply about six percent of the UK’s gas needs starting October 1, but environmental groups oppose it due to climate concerns.

Key Facts

  • Jackdaw is a gas field located 150 miles east of Aberdeen in the North Sea.
  • The UK government is reviewing new applications to approve production at Jackdaw and another field called Rosebank.
  • If approved, Jackdaw could supply six percent of the UK’s gas demand from October 1.
  • The UK currently has only about eight days of gas storage available.
  • Delays in approval could risk gas shortages, especially during bad weather or geopolitical threats.
  • The Jackdaw project has cost around £1.5 billion and is owned by Adura, a joint venture of Shell and Equinor.
  • Environmental groups argue that approving new oil and gas projects worsens climate change and serves only a small part of UK’s gas needs.
  • Some UK politicians and unions support expanding North Sea oil exploration to secure jobs and energy supply.
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BBC Top Stories BBC Business
Dow closes nearly 600 points down amid renewed U.S.-Iran fighting

Dow closes nearly 600 points down amid renewed U.S.-Iran fighting

July 08, 2026 • CBS News

Summary

The Dow Jones stock market index fell by almost 600 points on Wednesday. This drop happened because oil prices went up after President Donald Trump said the ceasefire with Iran had ended.

Key Facts

  • The Dow Jones dropped nearly 600 points in one day.
  • Oil prices increased at the same time as the Dow's decline.
  • President Donald Trump announced that the ceasefire with Iran is over.
  • The statement about the ceasefire likely affected investor confidence.
  • The news caused concern about renewed fighting between the U.S. and Iran.
  • Rising oil prices often lead to stock market declines due to economic worries.
  • The Dow Jones is a major U.S. stock market index used to track economic health.
  • The situation reflects how political events can quickly impact financial markets.
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CBS News
IMF lowers 2026 global growth forecast to 3% but projects rebound in 2027

IMF lowers 2026 global growth forecast to 3% but projects rebound in 2027

July 08, 2026 • France24

Summary

The International Monetary Fund (IMF) has lowered its forecast for global economic growth in 2026 to 3% due to risks from the war in Iran and other factors. However, it expects the global economy to improve again in 2027.

Key Facts

  • The IMF reduced the 2026 global growth forecast for the second time this year.
  • The war in Iran is causing uncertainty and risks for the global economy.
  • The forecast for 2026 growth is now 3%.
  • The IMF expects economic growth to rebound in 2027.
  • The situation is affecting countries differently, with low-income countries facing more challenges.
  • External events like US trade threats and regional conflicts are impacting economic stability.
  • The IMF monitors these developments to update its growth predictions regularly.
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France24