OPEC+ countries have agreed to increase oil production starting in August. However, the group is facing uncertainty after the United Arab Emirates (UAE) decided to leave the organization.
Key Facts
Several OPEC+ member countries agreed to raise oil output targets.
The increase in production will begin in August 2026.
The UAE has left OPEC+, which has caused concerns about the group's future.
OPEC+ is a coalition of oil-producing countries that coordinates oil production to influence prices.
The decision to raise output aims to keep oil markets stable despite the UAE’s departure.
The article also mentions other business news but focuses mainly on OPEC+ and oil production.
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Designer Jonathan Anderson presented Dior’s Fall/Winter 2026-2027 haute couture collection in Paris. Instead of showing the wedding dress he made for Taylor Swift, he focused on artistic and sculptural pieces inspired by American artist Lynda Benglis.
Key Facts
Jonathan Anderson is the new creative head for all of Dior’s fashion lines since last year.
Taylor Swift and NFL player Travis Kelce were recently married, both wearing Dior designs.
Anderson’s latest collection featured heavily pleated, sculptural clothes inspired by Lynda Benglis’s art.
Benglis is known for pouring latex and shaping metal into three-dimensional works since the 1960s.
The clothes included silver-foiled skirts, strapless lamé gowns, and tweed jackets with new shapes.
Some handbags were created in collaboration with Benglis, using metallic pleats.
The show took place outdoors in Paris during a heatwave, with fans given to guests to keep cool.
Celebrities like Sabrina Carpenter, Josh O’Connor, Priyanka Chopra, and Nick Jonas attended the event.
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The premiers of Alberta and Ontario have proposed building a new pipeline to carry oil from western Canada to the east. The pipeline would help Canada sell oil to countries beyond the United States and could eventually extend to the Atlantic coast for exports to Europe.
Key Facts
The proposed pipeline would be about 3,300 kilometers (2,050 miles) long, running from Hardisty, Alberta, to Sarnia, Ontario.
It could carry between 500,000 to 800,000 barrels of oil per day.
The pipeline might later extend to Canada’s Atlantic coast to export oil to Europe.
The United States is currently Canada’s biggest buyer of oil.
A feasibility study and consultations with Indigenous groups are planned before construction.
Similar pipeline projects have faced challenges and opposition in the past, including the abandoned Energy East pipeline.
Alberta Premier Danielle Smith aims to double Alberta’s oil production within 10 to 15 years.
The proposal is part of Canada’s effort to diversify its oil export markets beyond the U.S., especially during trade tensions with the U.S. government.
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EasyJet agreed to be taken over by Castlelake, a US private equity firm, for £5.5 billion after rejecting four earlier bids. The airline’s board will recommend shareholders accept the £6.90 per share offer, and Castlelake has said it plans to support easyJet’s growth and keep the company intact.
Key Facts
Castlelake’s offer of £6.90 per share values easyJet at £5.5 billion.
The takeover is the fifth bid; easyJet rejected four previous lower offers.
Castlelake must submit a formal bid by 3 August according to UK takeover rules.
The new owners plan to support easyJet’s current strategy, including fleet modernization.
EasyJet’s largest shareholder, Stelios Haji-Ioannou, who owns about 15%, has not yet commented.
Analysts said UK companies like easyJet are being bought at low prices by foreign firms.
EasyJet employs 19,000 people and flies about 93 million passengers a year.
Shares had dropped about 30% in the past year before the bid was announced.
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This article explains how much interest a $15,000 long-term Certificate of Deposit (CD) account could earn if opened in July. It compares the earnings from CDs with different terms, showing that longer terms generally pay more interest, but the money will be locked in for a longer time.
Key Facts
Traditional savings accounts currently earn an average of 0.38% interest per year.
Inflation is around 4.2% per year, which means typical savings accounts lose purchasing power.
Long-term CDs offer higher fixed interest rates, ranging from about 4.15% to 4.30%.
A $15,000 deposit in an 18-month CD at 4.20% would earn about $955 in interest.
The same deposit in a 10-year CD at 4.30% would earn nearly $7,853 in interest.
Longer CD terms pay more but require locking the money away for a longer period.
Most CDs charge penalties if you withdraw money before the term ends.
Some savers use a "CD ladder" strategy, splitting money into multiple CDs with different maturity dates to balance access and earnings.
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The U.S. government is changing how it measures inflation in certain categories like investment advice, software, and legal services. These changes will likely show slightly lower inflation numbers when updated this fall. The updates aim to improve how inflation reflects real changes in prices but come at a sensitive time given political pressures and concerns about trust in official data.
Key Facts
The Bureau of Economic Analysis announced changes to how it calculates inflation in three areas: portfolio management, computer software and accessories, and legal services.
These changes will be included in inflation data revisions released on September 30.
The updates are expected to reduce core inflation by about 0.2 percentage points.
Core Personal Consumption Expenditures (PCE) inflation was 3.4% for the year ending in May and has been above the Federal Reserve’s 2% target since March 2021.
One example: portfolio management fees currently may show price changes linked directly to stock market moves rather than actual service price changes.
Economist experts identified issues with how software and tech products, like video games, are counted in inflation measures.
Political context includes President Trump’s previous criticism of labor data and calls for Federal Reserve interest rate cuts, raising concerns about how inflation data changes are perceived.
Some experts call for greater transparency in how inflation data are calculated and revised, to maintain public trust.
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President Donald Trump announced new savings accounts designed for children under 18. These accounts offer tax advantages to help families save money for their kids' futures.
Key Facts
The new accounts are called "Trump Accounts."
They are available for children under age 18.
These accounts provide tax benefits, meaning families can save money without paying some taxes.
Parents and caregivers can open these accounts for their children.
The goal is to help families save money for education or other future needs.
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Microsoft will cut 3,200 jobs from its Xbox gaming division because the business is not doing well. Xbox CEO Asha Sharma said the company is losing money and facing big challenges, including slow growth in their subscription service and a major hardware crisis.
Key Facts
Microsoft plans to cut 3,200 jobs in the Xbox unit.
1,600 jobs will be cut immediately.
Four Xbox studios will be closed or leave the unit.
Xbox CEO Asha Sharma said the business is operating with much lower profits compared to similar companies.
Growth in Microsoft's Game Pass subscription service and multi-platform gaming has been slower than expected.
The gaming industry is currently facing the most serious hardware crisis in its history.
Microsoft raised Xbox console prices starting August 1 due to higher costs for storage and memory parts.
The price increase is $100 for consoles with 512 GB storage and $150 for those with 1 TB storage.
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Microsoft is cutting 4,800 jobs worldwide, including 1,600 workers at its Xbox gaming division. The company said this is part of a plan to reorganize Xbox because the business is not doing well and faces high competition and rising hardware costs.
Key Facts
Microsoft is laying off 4,800 workers, about 2.1% of its total workforce.
1,600 of the job cuts are at Xbox, with more expected later this year.
Xbox CEO Asha Sharma said the business is currently unhealthy.
Xbox’s profit margins are 3 to 10 times lower than other similar companies.
Xbox competes with Sony’s PlayStation and Nintendo’s Switch.
The video game industry is dealing with a “hardware crisis” due to rising costs for console parts.
These changes are part of a plan to “reset” Xbox to improve its performance.
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AT&T won permission from federal regulators to stop offering traditional landline phone service in California starting in June 2027. Although most Americans use wireless phones, some, especially in rural areas, still rely on landlines for emergencies and during power outages. Data shows about 20% of U.S. households use landlines alongside wireless phones, and nearly 1% use landlines only.
Key Facts
AT&T can now phase out its landline phone service in California starting June 2027.
The Federal Communications Commission approved AT&T’s request to end its role as the state’s carrier of last resort for landlines.
About 3% of California households still use AT&T landline service.
Landlines are important in rural areas where cell signals may be weak or unreliable.
Landlines work during power outages when cell networks can fail.
Nearly 20% of American households use landlines along with wireless phones in 2024.
Around 0.9% of Americans, about 3 million people, depend on landlines only.
Older adults and people with lower incomes are more likely to still use landlines.
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Many first-time home buyers in Australia are using a government program that lets them buy homes with just a 5% deposit. Since the program removed income limits last year, a large number of higher earners, including those making over $200,000, have been able to use it. Economists say this has pushed up home prices because it increased the spending power of buyers who would have purchased homes anyway.
Key Facts
The government’s 5% deposit scheme allows first home buyers to borrow 95% of a home's price with government help on mortgage insurance.
The income limits for the scheme were removed last year, allowing higher earners to use it.
From October to April, about 40,000 loans were backed by the government under this scheme.
More than 13,900 of these loans were to people earning above the previous income caps ($125,000 for singles, $200,000 for couples).
Nearly 1,000 single borrowers earned $200,000 or more, and over 1,200 couples earned $275,000 or more and used the scheme.
Higher earners using the scheme may have contributed to rising home prices by increasing buyer demand.
The scheme’s expansion increased the maximum home prices eligible for the program to over $1 million in some cities.
The average number of first home buyer loans increased only slightly after the scheme expanded, and overall first home buyer activity has recently dropped as the housing market slows.
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Many retirees carry some debt like mortgages or credit cards, which isn’t always bad. However, too much debt can cause financial problems because retirees usually have less income and less flexibility to handle unexpected costs.
Key Facts
Some debt in retirement can be manageable, especially if it has a low interest rate.
High-interest debt, like credit cards, can quickly become expensive if not paid off.
Retirees often live on fixed incomes from Social Security, pensions, or savings.
Debt payments that force choosing between bills and essentials may signal too much debt.
Using new debt to pay old debt or taking large withdrawals from retirement accounts can hurt finances.
Unexpected expenses like home repairs or medical bills can be harder to cover when debts are high.
Emotional stress from debt can affect overall well-being and is a sign debt may be unmanageable.
Retirees should evaluate their cash flow and debt type to decide how much debt is too much.
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Earthquakes in late June have severely damaged Venezuela’s coastal towns that rely on beach tourism to support their economy. This damage threatens the local tourism industry, which is important for many residents in an already difficult economic situation.
Key Facts
Several seaside towns in Venezuela were hit by earthquakes at the end of June 2026.
These towns depend heavily on tourism related to their beaches.
The earthquakes caused widespread destruction, affecting homes and businesses.
Tourism is a key source of income for many people in these areas.
The local economy was already struggling before the earthquakes.
The damage to tourism centers may lead to economic challenges for locals.
Rescue efforts continue, with thousands still missing after the earthquakes.
The situation highlights the vulnerability of communities dependent on tourism.
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A senior UK financial regulator warned that authorities are in a race to keep up with artificial intelligence (AI) in financial services. The Financial Conduct Authority (FCA) plans to review AI risks and may seek greater powers to regulate AI tools like ChatGPT used in personal finance.
Key Facts
Sheldon Mills, an FCA executive director, called the situation an “arms race” to keep pace with AI growth in finance.
Millions of people use AI to help make decisions about savings, borrowing, and other financial matters.
The FCA is reviewing whether AI tools should be covered by existing financial regulations.
A report highlights both benefits (like personalized advice) and risks (such as bias, unclear pricing, and manipulation) from AI in finance.
About 20% of UK adults are open to letting AI make financial decisions for them, even though these AI services are not regulated.
The report recommends creating free AI-driven financial guidance services for the public.
AI can increase risks like fraud and cyberattacks but can also help defend against these threats.
The FCA wants stronger powers to supervise big tech companies that provide AI services used in finance.
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Debt consolidation means replacing multiple debts with one loan, ideally at a lower interest rate, to simplify payments. However, it is not always the best option, especially when interest rates are high or if the debt is too large to manage with lower monthly payments.
Key Facts
Debt consolidation can lower interest payments if the new loan rate is significantly lower than current rates.
High credit card rates remain near record highs, making consolidation attractive for some borrowers.
Borrowers with weak credit may not get better rates and could end up paying more with a consolidation loan.
Other costs like fees and repayment terms affect whether consolidation saves money.
Consolidation does not reduce the total amount owed; it only changes payment structure.
For very large debts, options like debt settlement or credit counseling may be better.
Understanding why the debt occurred helps decide if consolidation will solve the problem or just delay it.
If debt came from short-term problems like medical bills or job loss, consolidation might help once finances improve.
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EasyJet, a British low-cost airline, has agreed to be bought by the U.S. private equity firm Castlelake for about £5 billion ($6.7 billion). The deal came after previous bids were rejected, and EasyJet’s board plans to recommend the offer to shareholders.
Key Facts
EasyJet is a U.K. budget airline founded in 1995.
Castlelake is a U.S. private equity firm managing around $37 billion in assets.
Castlelake’s offer values EasyJet at £5 billion ($6.7 billion).
EasyJet’s board had rejected four earlier bids from Castlelake before agreeing to this one.
EasyJet shares rose nearly 10% after the agreement was announced.
Castlelake plans to support EasyJet’s future growth and fleet modernization.
Castlelake must make a formal takeover bid by August 3 or withdraw its offer.
EasyJet has faced financial challenges due to rising jet fuel costs linked to the Iran war.
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President Trump officially launched Trump Accounts and opened the U.S. financial markets by ringing the opening bell from the Oval Office, a first for this location. The event included Treasury Secretary Scott Bessent, Senator Ted Cruz, and tech billionaire Michael Dell with his wife.
Key Facts
President Trump rang the stock market opening bell at 9:30 a.m. from the Oval Office.
This was the first time the opening bell ceremony took place inside the White House.
The event marked the launch of a new product called Trump Accounts.
Treasury Secretary Scott Bessent participated in the ceremony.
Senator Ted Cruz from Texas was also present.
Michael Dell, a well-known tech billionaire, and his wife Susan Dell took part in the event.
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Sarah Gelman, the editorial director for Amazon Books, shared a list of recommended books to read during the summer. She appeared on CBS Mornings to talk about good books for relaxing at the beach or at home.
Key Facts
Sarah Gelman works as the editorial director for Amazon Books.
She gave book recommendations for summer reading.
The recommendations were featured on the CBS Mornings show.
The suggested books are suitable for places like the beach or backyard.
The segment is available through the CBS News app and website.
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The hedge fund led by Sir Paul Marshall, co-owner of GB News, nearly tripled its investments in fossil fuel companies to $2.8 billion in early 2026. Critics say this conflicts with the news channel’s climate stance, as Marshall’s fund cut its investments in renewable energy by 30% during the same period.
Key Facts
Marshall Wace Asset Management, run by Sir Paul Marshall, increased fossil fuel investments from about $1 billion to $2.8 billion in the first quarter of 2026.
The largest increase was in Chevron shares, rising from $196 million to $864 million.
The fund also acquired stakes in ConocoPhillips ($163 million), Shell ($72 million), and Devon Energy ($35 million), companies it previously did not invest in.
Investments in renewable energy and battery companies fell by 30% to $415 million in the same period.
Marshall has publicly expressed skepticism about human-caused climate change and opposed net zero policies.
GB News, which Marshall co-owns, often criticizes climate science and climate policies.
Environmental groups and critics accuse Marshall of benefiting financially from fossil fuels while influencing climate debate through GB News.
Marshall Wace responded that the criticism is “partial and inaccurate” and that its investment portfolio changes daily based on client commitments.
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