Sending money to family members in other countries, called remittances, helps reduce poverty effectively. These money transfers are managed by individuals, not governments, and support families in need.
Key Facts
Remittances are money sent by immigrants to their families in their home countries.
These transfers help reduce poverty by providing financial support directly to families.
Remittances are considered very efficient at fighting poverty.
Governments do not control or organize remittance programs.
Immigrants use their own resources to send money abroad.
Any new taxes or punishments on these transfers could harm the families relying on them.
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Getty Images canceled its $3.7 billion deal to buy Shutterstock after the UK regulator required Shutterstock’s editorial business to be sold to another buyer. Getty's board decided not to proceed if they had to sell that part of Shutterstock, which led to the deal ending.
Key Facts
Getty Images planned to acquire Shutterstock for $3.7 billion.
The UK Competition and Markets Authority (CMA) approved the deal only if Shutterstock’s editorial business was sold to a different buyer.
The CMA was worried the merger would reduce competition, leading to fewer choices and higher prices for UK media companies.
Getty’s board voted against the deal because of the condition to sell Shutterstock’s editorial business.
Both companies provide photos, illustrations, music, and videos to media, advertisers, and creative businesses in the UK.
Getty officially ended the merger agreement by notifying Shutterstock.
After the news, Getty’s stock price dropped by 6.8% and Shutterstock’s by 2.4%.
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Newsweek, in partnership with Statista, is conducting a survey called "World’s Best Hospitals & Clinics for Medical Tourism 2027." The survey identifies hospitals and clinics worldwide that offer high-quality care for patients traveling abroad for medical treatments. Medical tourism allows patients to access advanced treatments, shorter wait times, and more affordable options than in their home countries.
Key Facts
Medical tourism involves patients traveling internationally for healthcare.
It offers access to expert doctors, new technologies, and shorter waiting periods.
Patients may find treatments abroad that are cheaper or not available at home.
Traveling for care can provide more personalized support and better recovery paths.
Newsweek and Statista created the survey to find top hospitals and clinics for medical tourism.
The survey looks at clinical quality, patient experience, safety, and transparency.
The survey is open until August 3, 2026.
The goal is to highlight healthcare destinations that make cross-border care better and easier.
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Gwynne Shotwell, the president of SpaceX, announced that she and her husband are donating some of their SpaceX stock to "Trump Accounts," which support programs for over two million children. This donation is part of a program called Invest America.
Key Facts
Gwynne Shotwell is the president of SpaceX.
She and her husband are donating SpaceX stock to Trump Accounts.
The donation helps programs serving more than two million children.
The stock comes from SpaceX, a company that recently became public.
The donation is part of the Invest America program.
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You can grow vegetables in shady garden spots even if they don’t get full sunlight. Leafy greens, root vegetables, and some herbs do well with less sun, making it possible to have a productive garden in partly shaded areas.
Key Facts
Most vegetables are said to need 6 to 8 hours of direct sunlight, but some plants grow fine with less sun.
Leafy greens like kale, spinach, and lettuce can grow well with just 3 to 4 hours of sunlight.
Root vegetables like carrots, potatoes, and beets can grow in 4 to 6 hours of sunlight, though full sun yields bigger harvests.
Many herbs, such as basil, mint, and parsley, tolerate partial shade and avoid problems like leaf damage and early flowering.
Reflective objects, like white fences or mirrors, can help increase sunlight in shady areas.
Starting seeds indoors or using young plants helps because seeds need sunlight to sprout well.
Growing some vegetables alongside flowers can mix beauty with food production.
Shade reduces water evaporation and most pests prefer sunny spots, so shade may mean easier watering and fewer pests.
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New regulations in the U.S., European Union, and California require companies to verify their environmental claims and report their greenhouse gas emissions more accurately. These rules aim to prevent false sustainability statements and help investors and consumers make informed decisions.
Key Facts
Regulators in the U.S. and Europe are shifting from voluntary to mandatory sustainability reporting standards.
Companies must treat environmental data with the same care as financial data.
Agriculture is especially affected due to risks like droughts and supply chain disruptions.
The European Union’s Corporate Sustainability Reporting Directive starts in 2024 and aims to reduce emissions significantly by 2030.
The U.S. Federal Trade Commission’s Green Guides discourage vague environmental marketing claims.
California’s Senate Bill 253 requires large companies to disclose greenhouse gas emissions using set protocols.
Emissions are tracked in three categories: Scope 1 (direct emissions), Scope 2 (indirect emissions from energy use), and Scope 3 (indirect emissions across the supply chain).
Scope 3 emissions are challenging to measure, especially for agriculture due to its complex supply chains.
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A Welsh teenager named Eleri Williams started a business selling vintage soccer jerseys when she was 15. She created this business to help pay for her law school education.
Key Facts
Eleri Williams is from Wales.
She began her vintage soccer jersey business at age 15.
The business is called Ballers CP.
The purpose of the business is to raise money for law school.
Ballers CP focuses on vintage soccer shirts, which are old or classic soccer jerseys.
Eleri spoke about her business, soccer, and sports fashion in a CBS News interview.
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The UK’s independent economic forecaster, the Office for Budget Responsibility (OBR), warns that government debt will grow unsustainably by the 2040s without action. Rising costs for defence, health care, and pensions, especially as the population ages, are driving this increase, and early steps to control spending would be less costly than later fixes.
Key Facts
The OBR expects UK government debt to rise on an unsustainable path starting around the 2040s if no changes are made.
Defence spending is planned to increase by £28 billion a year to meet the government’s goal of 3.5% of GDP on defence.
State pension costs could nearly double, from 5% to 9% of GDP in 50 years, partly due to the “triple lock” policy that increases pensions by the highest of earnings, inflation, or 2.5%.
Changing pension increases to track average earnings could save about 2% of GDP by 2075.
Health spending is projected to grow from 8% to 13% of GDP by 2075 due to more older people needing care.
The debt-to-GDP ratio is expected to stabilize near 95% by 2030-31 but then start rising again by the mid-2030s.
Acting early to reduce the deficit would be less costly and easier than delaying and needing larger cuts later.
The OBR currently lacks a permanent director since December, with a nominee still awaiting approval.
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A recent study found that workers who return to the office spend about $55 more each day on things like travel, parking, coffee, and lunch. These extra costs effectively reduce their take-home pay.
Key Facts
Returning to the office requires workers to spend more money daily.
Average extra spending per office day is around $55.
Added costs include commuting, parking fees, coffee, and lunch.
These expenses mean workers have less money left from their salary.
The study highlights a financial impact of return-to-office policies on employees.
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A judge ruled that United Airlines must face a lawsuit from passengers who paid extra for window seats that had no actual windows. The passengers say the airline did not clearly warn them about this when they booked their seats.
Key Facts
Passengers sued United Airlines for selling window seats without real windows on some planes.
United argued that "window" only means the seat’s location near the wall, not that it has a view outside.
The judge rejected United’s defense and said the airline promises real window seats in ticket and booking information.
Passengers want the lawsuit to proceed, claiming they paid more expecting a real window for comfort and view.
Similar lawsuits were filed against Delta Air Lines for the same issue.
United says it has improved its seat selection process to give customers more information.
The lawsuit asks for millions of dollars in damages for over a million passengers per airline.
Delta is trying to get its lawsuit dismissed in a New York federal court.
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Walmart is lowering prices on thousands of products, including food and household items, to make summer goods more affordable. These price cuts are available in Walmart stores, Sam's Club locations, and online. President Trump publicly supported the decision, saying it came at his administration’s request.
Key Facts
Walmart cut prices on items like beef, soda, laundry detergent, grills, sunscreen, and lawn mowers.
Price drops include 12% off ground beef, 63% off fresh sweet corn, and 33% off Coca-Cola 24-packs.
The price reductions started last week and apply both in stores and online.
Walmart did not comment on President Trump's claim that the cuts were due to his administration’s request.
The move fits Walmart’s ongoing goal to keep prices low for customers.
President Trump posted about the price cuts on social media, linking them to the U.S. 250th birthday celebration.
The price cuts come as inflation remains a concern, with the Consumer Price Index at a three-year high partly due to rising energy costs.
Analyst Adam Crisafulli said the cuts benefit both Walmart and President Trump by highlighting affordability before upcoming elections.
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In the past year, over 440,000 people in the United States became millionaires. The U.S. now has 23.6 million millionaires, which is more than the combined total of the next top 10 countries.
Key Facts
More than 440,000 new millionaires were created in the U.S. last year.
The total number of millionaires in the U.S. is 23.6 million.
The U.S. has more millionaires than the next 10 richest countries combined.
Millionaires are people who have wealth of at least one million dollars.
The data shows the U.S. leads globally in the number of wealthy individuals.
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Budget Energy will raise electricity prices by 9.5% for customers on variable tariffs starting August 4. Customers with fixed-price plans will not see a change.
Key Facts
The price increase affects residential electricity rates and standing charges for variable tariff customers.
The change takes effect on August 4.
Fixed-price tariff customers are not impacted by the increase.
Budget Energy said the hike is due to changes and uncertainty in wholesale energy markets and global political tensions.
The company plans to inform affected customers directly with details about the new prices.
Other energy providers in Northern Ireland, like SSE Airtricity and Power NI, have also recently increased prices by around 6.2%.
SSE Airtricity’s increase starts August 1, adding about £71.57 per year to household bills.
Budget Energy’s managing director encourages customers to review their plans to find the best option.
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A couple left a restaurant in Penarth, Wales, without paying a £115 bill, including a £52 fish dish. The restaurant owner said the diners later paid and explained it was a misunderstanding, so the police will not pursue the case.
Key Facts
The unpaid bill was for £115, which included a £52 Dover sole dish, eight Cokes, calamari, and a two-course set menu.
The incident happened at The Old Custom House restaurant on 29 June.
The restaurant appealed on social media asking the diners to pay the bill.
The couple paid the bill a week later and said it was a misunderstanding.
South Wales Police investigated but will not take action now that the bill is paid.
The restaurant staff were upset by the incident, which is part of a growing problem of people leaving without paying.
The restaurant has seen dine-and-dash cases about once a month in the past year.
Posting appeals on social media has helped restaurants get missing payments.
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Rising costs like housing and gas are causing people in the U.S. to change their spending habits and living situations. Some workers, including drivers, are feeling financial pressure as layoffs increase and the economy faces challenges.
Key Facts
Many Americans are cutting back on spending because everyday costs are going up.
Some people are moving in with family or friends to save money.
Rising prices for housing and gas are making it hard for some workers to cover their expenses.
Job cuts and layoffs have started but are expected to grow in number.
Workers in service jobs, such as drivers, are directly affected by these economic pressures.
The changes reflect broader challenges in the economy that affect both workers and consumers.
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The Gambling Commission will require online gamblers who spend large amounts in a short time to undergo financial risk assessments. These checks aim to identify people who may have financial problems due to gambling but are not the same as affordability checks.
Key Facts
Gamblers spending over £1,000 in 24 hours or over £3,000 in 90 days will face financial risk checks.
Under-25s will have lower spending limits for these checks.
The assessments use data from credit reference agencies but do not affect credit scores.
The checks will start with those over 25 who spend more than £5,000 in 24 hours and will lower to £1,000 over time.
High spenders are more likely to have a debt management plan or past credit defaults.
The Commission will introduce this carefully and in stages, after talking with gambling companies and other groups.
These checks aim to spot signs of financial difficulty linked to gambling without requiring detailed affordability reviews, which some gamblers dislike.
The Commission is concerned that stricter rules might push problem gamblers to illegal gambling sites.
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Vermont has changed its bottle deposit law starting July 1 to increase the fees paid to centers that handle returned bottles and cans. This update aims to help those centers manage higher costs and to improve recycling rates by setting goals and creating better access for returns.
Key Facts
Vermont’s bottle deposit law began in 1973 and requires a deposit on certain beverage containers.
Most containers have a 5-cent deposit; liquor containers have a 15-cent deposit.
The new law raises handling fees from 3.5 to 4.5 cents for most containers, and from 4 to 5 cents for sorted (non-commingled) containers.
The increase is meant to support redemption centers facing higher labor and operating costs.
The law sets goals for returning 75% of containers by 2029 and 80% by 2032.
It includes rules to improve convenience and reduce areas where people have few places to return containers (“redemption deserts”).
Other states with bottle deposit laws include Michigan, Oregon, Connecticut, California, and others.
Recently, several states have updated their programs to boost recycling and participation.
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The Bank of England now expects one million more UK homeowners to face higher mortgage payments by the end of 2028 due to the impact of the Iran war. Around five million homeowners could see their mortgage bills rise, with many facing increases when their current fixed-rate deals end.
Key Facts
The Bank of England projects more than five million UK homeowners will have higher monthly mortgage payments by 2028.
This is an increase from the four million homeowners previously expected in December.
Homeowners ending fixed-rate mortgage deals in the next two years may see their bills rise by about £45 per month.
Those with very low interest rates (under 3%) now ending deals could face average payment increases of £170 monthly.
Over 80% of mortgage customers currently have fixed-rate deals that keep payments steady until the deal ends.
Borrowers remortgaging in the next few years are unlikely to see mortgage payments fall as previously predicted.
The Bank reported that lower-income households will feel more pressure from higher energy costs alongside mortgage increases.
Despite challenges, household debt remains low compared to past years and widespread cuts in consumer buying are not expected.
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The Bank of England plans to ease some capital rules for big UK banks to help them lend more and support the economy. At the same time, officials are worried that fast changes in AI and increased borrowing to buy stocks could create risks for the financial system.
Key Facts
The Bank of England wants to reduce capital buffers that banks must hold to cover losses, especially for large domestic lenders like NatWest, Lloyds, Nationwide, and Santander UK.
The proposed changes could lower the banks' leverage ratio by about 0.20%, making these banks more competitive internationally.
Some committee members are concerned that loosening rules might increase risky borrowing, especially by investors who use debt to buy shares.
Many of these stock purchases involve companies related to AI, whose market values have recently risen a lot.
The Financial Policy Committee (FPC) will review by September whether these rule changes could create new financial risks.
The FPC also warned that rapid advances in AI increase risks of cyberattacks and operational problems for banks and important financial firms.
AI tools like Anthropic’s Mythos have been released only to select companies, raising some concerns about their impact and safety.
The Bank plans to consult the public on these capital rule changes in early 2027.
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