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Business news, market updates, and economic developments
Larry Ellison, a billionaire, is gaining control over significant parts of the tech and media industries in the U.S. He is involved in AI infrastructure and aims to acquire TikTok, while his son plans to purchase Warner Bros. Discovery. This family is being compared to influential business families from history.
Key Facts
Larry Ellison is a billionaire involved in major business deals.
He already owns parts of AI infrastructure in the U.S.
Ellison plans to acquire TikTok, a popular social media platform.
His son’s company currently owns Paramount.
They are working on a deal to buy Warner Bros. Discovery.
The family is being compared to the Rockefellers, a historic business dynasty.
The article includes a picture of Larry Ellison with Rupert Murdoch at the White House in 2025.
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Americans expect to pay more during the holiday season this year despite President Donald Trump's claim that prices are going down. A survey from KPMG predicts that shoppers will spend 4.6% more on average than last year, and many people are worried about tariffs raising costs. Inflation, although reported as controlled, still remains above the Federal Reserve’s target.
Key Facts
Americans plan to spend an average of $847 during the holiday season in 2025, up 4.6% from last year.
Eight out of ten Americans expect tariffs to increase prices.
President Trump stated that prices are falling and emphasized economic growth, though inflation remains above 2%.
Consumer prices increased 2.9% in August from the previous year.
Inflation concerns are affecting shopper budgets and could impact holiday sales.
Online holiday sales are projected to grow by 5.3% compared to the previous year.
Retail expert expects modest growth in e-commerce sales due to budget-minded consumers.
Essentials like groceries are expected to see a significant spending increase, with other areas like toys and furniture seeing budget cuts.
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American Airlines has introduced a new menu at its airport lounges, featuring dishes designed by award-winning chefs. The menu updates, available at both Flagship and Admirals Club lounges, include seasonal meals and global comfort foods. Additionally, American Airlines has announced changes to its baggage policies to make the boarding process smoother.
Key Facts
American Airlines has updated its lounge menus with new seasonal options curated by award-winning chefs.
The new fall menu items are available in Flagship and Admirals Club lounges across the U.S.
Menu highlights vary at different airports, including dishes like roasted swordfish and jerk-roasted chicken thighs.
Admirals Club lounges will update their menus to winter selections in November, and Flagship lounges will change in December.
American Airlines expanded its destination-inspired dining to more international routes, featuring local flavors.
The airline partnered with Champagne Bollinger for enhanced onboard hospitality in premium classes.
Changes to baggage policies include removing metal bag sizers from boarding gates to simplify boarding, though agents will still enforce size rules.
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A study showed that women applying alone for home loans are more likely to face denial than men, except in Washington, D.C., and five states. In D.C., more women apply for home loans and have a lower denial rate compared to men. The study highlights how factors like income continuity and workplace dynamics impact women's chances of getting home loans.
Key Facts
The study analyzed 2024 data from the Home Mortgage Disclosure Act for home loans.
Women applying alone (sole borrowers) are 30% more likely to be denied loans compared to men.
Washington, D.C., is the only place where more women apply for home loans than men and face lower denial rates.
In D.C., 32% of loan applicants are sole women, with an 8.1% denial rate compared to 10.1% for men.
The states with higher male denial rates than female include Alaska, Hawaii, Vermont, Maine, and Rhode Island.
Louisiana has the largest gender gap in denial rates, with 29% of women denied versus 18.1% of men.
Women tend to borrow less and often secure better interest rates despite higher denial rates.
Factors like taking breaks for caregiving and maternity leave affect women's loan approval rates due to income continuity policies.
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U.S. homebuyers are canceling home purchases at a record rate, with approximately 56,000 deals falling through in August. The high cancellation rate is due to increased inventory and more negotiating power for buyers, leading to disagreements over pricing and terms. Many buyers back out due to issues found during inspections, difficulty in selling their current homes, or financing problems.
Key Facts
About 56,000 home purchase deals were canceled in August, making up 15.1% of all contracted homes.
This percentage is the highest for August since 2017, according to Redfin.
There were over 2.1 million homes for sale in August, which is the most in the past five years.
The median sale price of a U.S. home in August was $439,198.
Many buyers cancel due to high prices, inspection issues, or trouble securing financing.
A survey found that 67% of Americans think the economy is going in the wrong direction.
73% of Americans feel it is a bad time to buy a home, while 57% of sellers believe it's a good time to sell.
40% of survey respondents think home prices will continue to rise in the next year.
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The article discusses why preordering books is important for authors. Preorders help authors by influencing bookseller decisions and increasing the chances of a book appearing on bestseller lists.
Key Facts
Preorders help authors by boosting book visibility and initial sales.
Booksellers use preorder numbers to decide if a book should be prominently displayed or stocked in larger quantities.
Strong preorder sales can lead to a book starting on a bestseller list.
The Planet Money book, called "Planet Money: A Guide to the Economic Forces That Shape Your Life," is available for preorder.
The book contains new stories and illustrations about economic concepts and revisits previous episodes from the Planet Money show.
Preordering the book includes perks such as a free poster and a free month of Planet Money+.
Authors and co-hosts of the Planet Money team were involved in creating the book.
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A study by WalletHub looked at how much people in 100 large U.S. cities spend on groceries compared to their income. The study found that cities with lower household incomes often spend a bigger part of their income on groceries, with Detroit and Cleveland at the top of the list. In contrast, some cities in California, like Fremont, spend less than 1% of their income on groceries.
Key Facts
WalletHub analyzed 100 large U.S. cities for grocery costs relative to income.
Detroit, Michigan, and Cleveland, Ohio, spend almost 3.8% of income on groceries.
Detroit has the 36th most expensive groceries but very low median income.
Cleveland has the lowest median income in the U.S. at $39,187.
Birmingham, Newark, and Toledo also rank high in grocery spending compared to income.
Fremont, California, residents spend less than 1% of their income on groceries.
Rising prices of essentials like beef and coffee drive up grocery costs.
The study used data from the U.S. Census Bureau and Council for Community and Economic Research.
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The U.S. textile industry supports President Trump's "America First" trade policy but suggests changes to his tariff approach to boost manufacturing. The industry is vital for the economy and national security but faces challenges from tariffs on imported resources and machinery essential for production. These tariffs could negatively impact the industry, risking job losses and weakening U.S. production capabilities.
Key Facts
President Trump's trade policy emphasizes American manufacturing and jobs.
The U.S. textile industry is the second largest textile exporter globally.
It employs over 470,000 American workers and generates $64 billion in shipments each year.
Over $1.8 billion in military uniforms and gear are supplied to the U.S. Department of Defense annually by the textile sector.
The sector quickly adapted during COVID-19 to produce PPE for frontline workers.
Reciprocal tariffs impact necessary imports like textile raw materials and machinery not made in the U.S.
The domestic textile industry relies heavily on trade partnerships, which could suffer due to these tariffs.
Free trade agreements like USMCA and CAFTA-DR are crucial, supporting $34 billion in annual two-way trade.
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In 2025, there has been a sharp increase in personal bankruptcy filings in the U.S., which indicates rising financial stress among people. Household debt is growing, and many Americans are worried about their economic future due to high inflation and a weaker job market.
Key Facts
Personal bankruptcy filings in the U.S. increased by 15% in the first nine months of 2025 compared to the same period in 2024.
Chapter 7 bankruptcy filings, the most common type, rose to 249,152 in this period.
Total bankruptcy filings increased by 10% to 423,053 year-over-year.
Chapter 13 filings, which help reorganize debt, went up by 4.3% to 149,337.
Rising household debt and inflation are key factors contributing to more bankruptcies.
Earlier reports by the U.S. Courts also noted a similar increase in nonbusiness bankruptcy filings.
Some financial protections from the COVID-19 period, like paused student loans, have been rolled back, adding pressure.
Economic surveys show declining consumer confidence and increased pessimism about the future.
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Nicole Kidman and Keith Urban are getting a divorce after nearly 20 years of marriage, which may impact their combined and individual finances. Experts note that their split could result in short-term financial changes, though both have successful careers and separate earning potentials. Their divorce involves custody arrangements for their two daughters and division of their shared property.
Key Facts
Nicole Kidman and Keith Urban are divorcing after about 20 years.
Kidman filed for divorce, citing "irreconcilable differences."
They have two daughters; Kidman will have primary residency, and Urban gets 59 days of custody yearly.
Kidman was the highest-paid actress in 2024, earning about $31 million.
Kidman is active in TV series and films, earning over $1 million per TV episode.
Keith Urban is a successful country music artist with high tour earnings.
Experts say their public profiles and careers may lead to short-term financial gains.
Their separation involves dividing a significant shared property portfolio.
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The Root, a digital media outlet, has returned to Black ownership under Ashley Allison and her company, Watering Hole Media. Allison aims to address financial and audience challenges by reimagining The Root's approach while staying focused on truth and facts. The outlet, founded in 2008, has changed ownership multiple times before this acquisition.
Key Facts
Ashley Allison's company, Watering Hole Media, acquired The Root.
The Root returned to Black ownership for the first time in years.
The Root was founded in 2008 and has seen multiple ownership changes.
Financial challenges affect Black media outlets, such as declining ad revenue.
Black Americans are among the most engaged news consumers but are a smaller part of the U.S. population.
Ashley Allison wants The Root to tell Black stories and remain truthful.
The publication aims to engage readers both online and through community events.
The terms of the acquisition deal were not disclosed.
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Macau opened the world's first resort hospital, combining healthcare and leisure services. This facility, part of the Studio City resort, aims to boost medical tourism and diversify Macau's economy beyond gambling.
Key Facts
The resort hospital is located in Macau, part of the Studio City entertainment resort.
Macau is known as the world's largest gambling hub, surpassing Las Vegas almost 20 years ago.
The hospital offers services like health screenings, advanced scans, and cosmetic procedures.
Melco Resorts and Entertainment, a Hong Kong-based company, owns Studio City.
The project was launched in partnership with iRad Hospital, a private healthcare group from Hong Kong.
The new facility aims to attract both regional and international visitors for medical tourism.
Macau government aims to diversify its economy, focusing on healthcare, technology, and events.
The global medical tourism industry is significant and expected to grow considerably in the coming years.
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The price of gold reached a record $4,000 per ounce as investors seek a secure place to put their money due to global economic and political uncertainties. This increase is influenced by President Trump's tariffs affecting global trade and a US government shutdown causing economic delays. Gold is considered a safe investment when markets are unstable, and more investors are turning to it during these uncertain times.
Key Facts
Gold hit a record high of $4,000 per ounce.
Its price has risen over 25% since April, following President Trump's tariffs.
The US government shutdown is contributing to the rise in gold prices.
Gold is often seen as a safe investment during economic uncertainty.
Both spot gold and gold futures reached $4,000 for the first time.
The rise in gold is also connected to a weakening US dollar and more retail investors buying gold.
Gold prices went down in 2022 after interest rate hikes by the US central bank.
The climb in gold prices is linked to expectations of lower interest rates by the Federal Reserve.
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The head of British American Tobacco (BAT) in the UK and Ireland suggests that allowing highly regulated vape advertisements could help smokers switch from traditional cigarettes to potentially less harmful alternatives, like vapes. Despite the decline in cigarette sales, vaping advertisements face strict restrictions in the UK due to health concerns. The UK's Department of Health has not yet responded to these suggestions.
Key Facts
Asli Ertonguc is the managing director for UK and Irish operations of British American Tobacco (BAT).
Traditional cigarette sales are decreasing as more smokers choose vapes and nicotine pouches.
The UK has strict rules on advertising vapes because they consider all tobacco products harmful.
Ertonguc proposes a "very strict marketing framework" to promote vaping to adults only.
Vaping makes up nearly 70% of BAT's UK revenue over the past five years.
Some studies, including those from the FDA, suggest vaping might be less harmful than smoking, but it's not without risks.
A 2025 survey showed 20% of UK youths aged 11 to 17 have tried vaping, and 7% currently vape.
BAT states it no longer uses social media influencers to promote their products to young people.
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Tesla's stock price dropped by about 4% after introducing cheaper versions of its Model Y and Model 3 vehicles in the US. The price reduction of $5,000 did not meet investor expectations, as the company faces challenges from reduced government support, increased competition, and lower sales.
Key Facts
Tesla introduced lower-priced versions of Model Y and Model 3 cars in the US.
The new car models are $5,000 cheaper than previous versions.
Tesla's shares fell about 4% following the announcement.
The company is coping with the end of a US tax credit for electric vehicles, which may affect sales.
Tesla has faced increased competition from Chinese carmakers.
Elon Musk scrapped plans for a cheaper car to focus on robot taxis and humanoid robots.
Tesla's sales fell by 12% in the second quarter, marking the largest drop in at least ten years, as deliveries decreased by 14%.
Tesla raised vehicle prices by up to $7,500 after the tax credit expired in September.
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Michigan Governor Gretchen Whitmer signed a new law imposing a 24% tax on marijuana sales between producers and dispensaries. The tax is projected to generate $420 million annually and will help fund road repairs in the state as part of a $1.8 billion plan. While some believe the tax will address infrastructure needs, others fear it could increase prices, reduce sales, and drive consumers to the black market.
Key Facts
Michigan now has a 24% tax on wholesale marijuana sales, starting from producers to dispensaries.
The new tax aims to raise about $420 million each year for road repair projects.
Consumers still have to pay the existing 10% excise tax plus a 6% sales tax on marijuana retail purchases.
Analysts expect a 14.4% drop in sales due to the higher tax.
Some critics worry the tax may push consumers towards illegal marijuana markets due to higher prices.
The tax was part of final budget negotiations in Michigan’s $81 billion fiscal plan for 2026.
About $1 billion from the budget will go toward local road and bridge repairs.
Previous efforts to fix roads with a gas tax increase and a bonding program faced challenges.
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Johnson & Johnson must pay $966 million to a family after a jury found that their talc baby powder caused a woman's cancer. The jury in Los Angeles decided that Johnson & Johnson should pay both compensatory and punitive damages. The company plans to appeal the decision.
Key Facts
Johnson & Johnson was ordered to pay $966 million to Mae Moore's family.
Mae Moore passed away from mesothelioma in 2021.
The jury awarded $16 million in compensatory damages and $950 million in punitive damages.
Johnson & Johnson plans to appeal the decision, calling it incorrect and unfair.
The family claimed the company's product contained asbestos, causing cancer.
Johnson & Johnson has faced many lawsuits about its talc products, with over 67,000 plaintiffs.
The company has switched from talc-based to cornstarch-based baby powder since 2020.
Johnson & Johnson has been trying to settle similar cases through bankruptcy, but courts have rejected their proposals.
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The European Union (EU) plans to increase tariffs on imported steel, which could severely impact the UK's steel industry. The tariffs will cut the amount of steel the UK can export to the EU before extra charges apply, potentially affecting trade worth nearly £3 billion. These changes are intended to counter challenges like global overcapacity and cheap imports, but have raised concerns in the UK.
Key Facts
The EU will increase tariffs on imported steel, reducing UK exports allowed before tariffs apply.
The EU will cut the quota for tariff-free steel imports to 18.3 million tonnes, a 47% reduction.
Steel exports to the EU are vital for the UK market, accounting for 78% of its overseas steel exports.
The EU's decision follows pressures from member states to compete against cheap imports from countries like China and Turkey.
The new tariff measures need approval from EU member states and the European Parliament to take effect early next year.
UK officials are discussing potential impacts and seeking ways to protect their steel industry.
The UK government seeks to maintain trade flow with the EU and plans to discuss concerns with steel industry representatives.
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Thirty paintings by Bob Ross will be auctioned to help small and rural public TV stations facing funding cuts. The auctions will take place in Los Angeles, London, New York, Boston, and online, with all profits going to public TVs. Congress removed $1.1 billion in public broadcasting budgets, leading stations to seek new funding sources.
Key Facts
Thirty Bob Ross paintings will be sold at auction to support public TV stations.
The auctions are designed to help stations pay for popular programs.
President Trump requested, and Congress removed $1.1 billion from public broadcasting budgets.
About 330 PBS and 246 NPR stations need new ways to fund themselves.
Some stations have laid off workers and cut programming due to budget cuts.
Bonhams will host the auctions in various cities and online.
The Bob Ross paintings could collectively bring $850,000 to $1.4 million.
Bob Ross was known for making painting shows on TV in the 1980s and '90s.
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The article intended to cover compensation payouts for a car finance scandal, but the content wasn't available. A placeholder text showed an error message instead.
Key Facts
The article's original topic was about car finance and driver payouts.
The headline mentioned drivers receiving £700 each after a scandal.
Specific details of the finance scandal were not provided.
The webpage displayed an error message (Error 404), indicating the content was missing.
The webpage encouraged users to verify they typed the URL correctly.
Contact information for feedback (comhelp.bbc@bbc.com) was provided.
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