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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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San Francisco Federal Reserve President Mary Daly supports more interest rate cuts to help avoid job losses and manage the economy, despite strong growth. Daly notes that while hiring is slow, inflation from tariffs might not last long, making rate cuts necessary. She emphasizes that their main goals are stable prices and full employment, not just growth.
Key Facts
Mary Daly is the President of the San Francisco Federal Reserve.
Daly advocates for more interest rate cuts to prevent job losses.
Despite strong economic growth, job creation is weak and inflation is high.
The Federal Reserve aims for price stability and full employment.
Daly believes current tariffs won't cause long-term inflation.
The unemployment rate is low, but hiring has slowed significantly.
Daly references the Beveridge Curve to highlight potential job market risks.
The Federal Reserve has been cautious about cutting rates due to past tariff uncertainties.
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President Trump plans to provide financial aid to U.S. farmers affected by trade tariffs, especially those growing soybeans. This move has raised concerns among other businesses hit by tariffs, who feel left out of government relief efforts. The trade tensions have led to increased costs for various industries, impacting their ability to operate effectively.
Key Facts
President Trump plans to give billions of dollars in aid to American farmers hurt by trade tariffs.
The aid targets soybean farmers since China, a major buyer, has reduced its imports from the U.S.
Some industries, such as beer and wine, have also suffered due to the tariffs but aren't getting similar relief.
Craft brewer Justin Turbeest had to close his tap room and lay off 20 staff because of increased costs due to tariffs.
Wine exports from the U.S. have decreased by 30% this year amid trade tensions.
Distilled spirits exports to Canada have dropped 85% due to retaliatory tariffs.
Some business groups argue that aid should not favor certain industries while neglecting others.
The Can Manufacturers Institute suggests exempting tin plate steel from tariffs to help manage food can costs.
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Applebee’s has introduced new menu items for the fall, including Crispy Pickle Fries and a Grilled Cheese Cheeseburger. They also launched new cocktails as part of their 'Spooky Sips' menu. These additions aim to attract more customers and boost sales in a competitive dining industry.
Key Facts
Applebee’s launched new fall menu items to attract more customers.
New items include Crispy Pickle Fries and a Grilled Cheese Cheeseburger.
The Grilled Cheese Cheeseburger is part of the 2 for $25 menu.
Crispy Pickle Fries come with Tajin Crispy seasoning and a choice of dipping sauce.
New cocktails include the $6 Tipsy Zombie and $6 Dracula’s Juice, which are part of the 'Spooky Sips' menu.
The dining sector is competitive, and new menu items help maintain relevance.
Applebee’s aims to increase foot traffic and sales with these offerings.
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DPD delivery drivers are protesting a reduction in the payment for delivering small parcels. Approximately 1,300 drivers could stop working for three days as part of this protest. DPD says it does not expect this to majorly affect its services.
Key Facts
DPD reduced the pay for delivering small parcels by 65p.
About 1,300 drivers, mostly self-employed or franchised, are protesting for three days over the pay cut.
Drivers say the pay cut could significantly reduce their annual earnings.
DPD claims the action will not significantly impact their services.
The company has increased pay rates for larger parcel deliveries to offset the small parcel cut.
Some drivers received only hours of notice before the new pay rate started.
DPD introduced new incentives to boost overall driver earnings.
The protest comes amid rising competition in the delivery industry due to more online shopping.
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Long John Silver's has changed its logo to include a chicken design instead of just a fish symbol. This move highlights chicken as an essential menu item alongside seafood. The change is aimed at staying competitive in the fast-food market.
Key Facts
Long John Silver’s now has a new logo featuring a chicken image.
The company wants to emphasize both chicken and seafood on its menu.
Long John Silver's has offered chicken dishes for many years, including items like chicken strips and combo platters.
The new logo and menu changes aim to attract more customers.
The company tested new chicken items in Kentucky with positive feedback, but no national rollout is confirmed.
Other food chains have tried similar rebranding efforts, with mixed results.
Long John Silver's chicken items, like Chicken Planks, are now more prominently featured on their menu.
Despite the focus on chicken, traditional seafood options remain available.
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Starbucks announced its holiday menu for 2025, featuring both new and returning festive drinks and baked goods. The menu, which launches on November 6, is accompanied by a collaboration with Hello Kitty for themed merchandise and a range of holiday-flavored coffees and creamers available in stores.
Key Facts
Starbucks' 2025 holiday menu includes new and returning festive drinks like Peppermint Mocha and Eggnog Latte.
The baked goods selection features items such as the Snowman Cookie and introduces new items like the Polar Bear Cake Pop.
The coffee bean offerings include seasonal blends like the Christmas Blend and Holiday Blend.
Starbucks is collaborating with Hello Kitty on limited-edition merchandise.
The annual Red Cup Day promotes reusable cups by giving them to customers who purchase a holiday drink.
Holiday-flavored coffees and creamers, such as Peppermint Mocha Creamer, are now available in grocery stores.
Ready-to-drink options in the holiday lineup include the Peppermint Mocha Frappuccino Chilled Coffee Drink.
The holiday menu and Hello Kitty merchandise become available starting November 6.
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Mel Robbins has turned her self-help theories into a successful business. She sells books, runs a podcast, and creates content for companies, all centered around herself. Her media company, Mel Robbins Inc., includes a team of over 50 people and handles an extensive online presence.
Key Facts
Mel Robbins has sold books in 64 languages, reaching millions of people.
Her book "The Let Them Theory" sold 7 million copies in nine months.
Robbins has more than 40 million social media followers.
"The Mel Robbins Podcast" has over half a billion downloads.
Her content focuses on making materials useful for specific audiences.
Robbins plans to expand into consumer products.
She emphasizes betting on oneself for success.
Her company is supported by advertising and corporate partnerships.
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Mel Robbins, a bestselling author, appeared on "The Axios Show" with Jim VandeHei, who is the CEO of Axios. They discussed Robbins' book, "The Let Them Theory."
Key Facts
Mel Robbins is a bestselling author.
She wrote a book called "The Let Them Theory."
Jim VandeHei is the CEO of Axios, a media company.
Robbins appeared on the third episode of "The Axios Show."
The episode is available on YouTube for viewing.
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John Ternus, who is Apple's senior vice president for hardware engineering, is seen as the leading candidate to replace Tim Cook as Apple's CEO. Cook has led Apple successfully for many years, and while he is not expected to leave soon, Apple is preparing for a future leadership change.
Key Facts
John Ternus is currently Apple's senior vice president for hardware engineering.
He is considered the main candidate to succeed Tim Cook as CEO.
Ternus joined Apple in 2001 and has worked on products like the iPad, Mac, AirPods, and iPhone.
Tim Cook, 50 when he became CEO, has overseen strong financial growth but less technological breakthrough.
Cook is preparing potential successors from within Apple for when he eventually steps down.
Ternus is well-regarded within Apple, seen as capable and likable.
Apple has struggled with major new technology areas recently, such as mixed reality and AI.
Jeff Williams, former Chief Operating Officer, was previously considered a successor but stepped down.
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Jaguar Land Rover (JLR) plans to restart production at some UK sites following a cyber-attack that halted operations since September. The company will start by bringing back workers to specific locations and has introduced a fast-track payment program to support its suppliers affected by the shutdown.
Key Facts
JLR experienced a cyber-attack that stopped production lines since the beginning of September.
Production will restart on a phased basis at locations in the West Midlands and Merseyside.
Initial sites to reopen include the Wolverhampton engine plant and Hams Hall battery assembly center.
JLR has set up a payment plan to help its direct suppliers, some of whom had financial struggles during the downtime.
The payment plan allows suppliers to receive funds up to 120 days earlier than usual.
JLR's scheme is financed with credit from a commercial bank, separate from a recent government loan guarantee.
The return of production is seen as a positive step, but many smaller suppliers continue to face financial difficulties.
Full normal production is expected to take several weeks to achieve.
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A study shows that many U.S. restaurants are increasing menu prices due to rising labor costs and tariffs. The report highlights that these costs are making it tough for restaurants to maintain their profits. Businesses are trying to balance price hikes with consumer expectations for quality and value.
Key Facts
A study by Expert Market found that many U.S. restaurants plan to raise prices.
Restaurants face a "double squeeze" from rising labor costs and tariffs.
62% have raised menu prices to handle these financial pressures.
Staffing and wage costs are significant challenges, with 57% saying staff wages are the biggest issue.
Tariffs impact 60% of businesses, leading to higher menu prices for 47%.
Since January 2021, wages in restaurants grew by 27.5%, outpacing inflation.
80% of businesses say consumer expectations affect their operations, especially regarding affordability and value.
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The fast-food chain Arby's has introduced steak nuggets to its menu across the U.S. The new menu item is available for a limited time and features steak pieces seasoned with garlic and pepper.
Key Facts
Arby's has released steak nuggets as a new menu option nationwide.
The nuggets are made from hand-cut steak pieces and seasoned with garlic and pepper.
They come in three options: as a standalone entrée, in a sandwich, or in a bowl with mac 'n cheese.
The steak nuggets are available for a limited time, and prices range by region.
A five-piece serving has about 340 calories and 17 grams of protein.
Arby's operates 3,317 locations across 48 states.
The introduction targets consumers seeking diverse and convenient protein options.
Chief Marketing Officer Jeff Baker described the product as combining nuggets and steak for easy eating.
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Ineos, a petrochemical company, plans to cut 60 jobs at its plant near Hull, UK. The company cites high energy costs and cheap imports from China as reasons for the job cuts. Ineos is calling for government help to support the UK chemicals industry.
Key Facts
Ineos will cut 60 jobs at its Hull site in East Yorkshire.
The cuts are due to high energy prices and cheap Chinese imports.
The site produces acetic acid, used in manufacturing.
Ineos has asked the government to help the chemicals industry in the UK.
The company has not ruled out more job cuts without official support.
The industry faces challenges from high gas costs and low-price imports.
Ineos owner Sir Jim Ratcliffe is also a part-owner of Manchester United Football Club.
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The U.S. government shutdown has delayed the release of official job market data, which is important for economic decisions. Economist Mark Zandi stated that private data shows the job market is weak. Private sources are temporarily filling the information gap due to the absence of government reports.
Key Facts
The government shutdown has delayed the nonfarm payrolls report from the Bureau of Labor Statistics (BLS).
Economist Mark Zandi from Moody's Analytics says private data shows a weak job market.
The private sector report from ADP estimated a loss of 32,000 jobs in September.
Revelio Labs estimated 60,000 jobs were added in September but revised it down after more data.
Economists and policymakers rely on the BLS data for making decisions about the economy.
The unemployment rate is stable at 4.3%, according to Trading Economics.
The official BLS report was expected to show weak job growth of about 50,000 jobs in September.
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Mercedes-Benz is launching 40 new and updated vehicle models over the next two years, despite global economic challenges. CEO Ola Källenius emphasized the company's focus on innovation and maintaining a strong financial position, managing to stay profitable even with a slight revenue dip in 2024. The company reports having no industrial debt and holds substantial cash reserves.
Key Facts
Mercedes-Benz plans to release 40 new and updated vehicle models in the next two years.
These models include the Mercedes-Benz CLA, an upgraded S-Class for 2026, and several electric vehicles.
The "Next Level Performance" initiative aims to boost performance through direct sales and cost-cutting measures.
Despite a 4% revenue decrease in 2024, Mercedes-Benz remained profitable.
CEO Ola Källenius stated the company's finances begin with future investments.
Mercedes-Benz has no industrial debt and holds about €30 billion in cash.
The company's strong balance sheet helps it face uncertain economic times.
Unlike Mercedes-Benz, other companies, like Nissan, face significant debt challenges.
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