Kroger has agreed to buy Giant Eagle for $1.65 billion, with the deal expected to finish in 2027 after approval from regulators. Both companies will keep operating separately for now, and Giant Eagle plans to keep its current store brands.
Key Facts
Kroger is buying Giant Eagle in a deal worth $1.65 billion in cash.
The purchase is expected to be completed in 2027, after government approval.
Until then, Kroger and Giant Eagle will continue to work as separate companies.
Giant Eagle will keep its store names like Giant Eagle and Market District after the deal.
Some stores may be sold or closed as part of government rules to approve the deal.
Kroger’s new CEO, Greg Foran, said the deal will help Kroger reach new markets near Giant Eagle’s locations.
Kroger already operates in 35 states under different store names.
The deal faces federal antitrust review, which examines whether it reduces competition unfairly.
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The cost of arts degrees in Australia will stay at about $50,000 until at least 2028 because no quick changes will be made to the Job-ready Graduates (JRG) program. The head of the Australian Tertiary Education Commission, Barney Glover, said he will advise the government after more research next year and warned universities to prepare for stable, but not growing, international student numbers.
Key Facts
The JRG program raised fees for arts and humanities courses while lowering them for science and math.
This has led to fewer students from lower-income backgrounds enrolling in arts subjects.
Barney Glover, head of Atec, will not suggest any short-term fee reductions and will advise on changes in the second half of next year.
The program has been called a failure by Glover and others, with concerns about unfair fees and growing student debt.
Commonwealth government funding to universities decreased by $1.2 billion in 2024 compared to before the JRG program.
International student numbers have stopped growing due to government caps, creating financial uncertainty for universities.
Glover encourages universities to find new income sources and diversify away from relying heavily on one market.
Some politicians, like Greens deputy leader Mehreen Faruqi, want faster action to reduce or eliminate university fees.
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Experts and government agencies in Australia warn that the rapid growth of datacentres is using up valuable industrial land, which logistics companies and housing projects also need. This competition for land may raise costs, reduce supply for housing and freight businesses, and contribute to higher inflation.
Key Facts
Transport for NSW says datacentres are taking scarce industrial land needed for freight and logistics near cities.
Freight companies are moving out of Sydney to cheaper areas like Brisbane or Melbourne due to land shortages.
The industrial land vacancy rate in Sydney is still low compared to international standards.
Increased population and consumer demand will need more industrial land for logistics in Sydney.
Datacentre industry group says supply of land and infrastructure is growing and calls for planned land use for both datacentres and logistics.
The Australasian Supply Chain and Logistics Association warns datacentres and freight compete for the same land, impacting costs and emissions.
The Reserve Bank of Australia warns datacentre investment may increase inflation and pressure interest rates.
Commercial building approvals in Australia reached record levels recently due to new datacentre projects.
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Debts do not disappear when a person dies, and interest charges on those debts can continue to grow. Creditors usually keep charging interest until debts are paid off or settled through the deceased person’s estate during the probate process.
Key Facts
Debt remains even after the borrower dies; it does not just go away.
Creditors often continue charging interest on unpaid debts after death based on the original loan terms.
Types of debts that can keep accruing interest include credit cards, mortgages, and personal or auto loans.
Interest and debts are generally paid from the deceased person’s estate, not the family’s personal money.
The estate executor handles debts during probate by collecting assets and paying creditors in a specific legal order.
If the estate lacks enough money, some creditors may only get partial payment or none at all.
Family members usually aren’t responsible for the debts unless they co-signed or live in states with community property laws.
Probate laws about post-death interest vary by state, so executors need to check local rules.
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The Halifax banking brand will be phased out after 173 years, with all accounts rebranded as Lloyds. Lloyds Banking Group, which owns Halifax, said customers will keep their current details and services, and no jobs will be cut during the change.
Key Facts
Halifax was founded in 1853 in West Yorkshire and became one of the UK’s largest building societies.
Lloyds Banking Group bought Halifax in 2009 and decided to retire the Halifax brand to simplify their business.
Customers will keep the same app, branch staff, account numbers, and sort codes after rebranding.
Halifax branches will be renamed Lloyds or merged with nearby branches during 2027.
About 3,000 staff work at Lloyds’ Halifax office in Trinity Road, West Yorkshire.
Lloyds recently invested £116 million to upgrade the Halifax head office building.
Local leaders expressed sadness about losing the Halifax name but welcomed the commitment to keep branches open.
No job losses have been announced as part of the rebranding process.
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The price difference between flats and houses in England has reached its highest point in 30 years. Many flats for sale, especially one- and two-bedroom ones, remain unsold this year due to problems with lease agreements and extra costs. The government is working on new rules to address these issues.
Key Facts
The price gap between flats and houses is at its largest in 30 years.
About two-thirds of one- and two-bedroom flats listed for sale this year have not sold.
The leasehold system in England is a major reason for flats being less popular.
Leasehold means owning a flat for a set number of years, not buying the land outright.
Costs like maintenance and service charges add to the challenges of flat ownership.
The government is planning new measures to improve the leasehold system.
The radio program Money Box discussed the financial impact of buying flats.
Experts from mortgage and leasehold organizations participated in the program.
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Kevin Warsh, the new Federal Reserve Chair, said the central bank will stay independent and focus on lowering inflation. He indicated the Fed will not cut interest rates soon despite President Trump’s calls for lower rates.
Key Facts
Kevin Warsh became Federal Reserve Chair on May 22, 2025.
Warsh stated the Fed aims to keep inflation near its 2% target.
The Fed usually raises borrowing costs to fight inflation.
President Trump wants the Fed to lower interest rates, but Warsh rejected this idea.
Warsh emphasized the Fed’s independence from political influence.
He did not specify the exact steps the Fed will take to reduce inflation.
Wall Street expects the Fed may raise interest rates from about 3.6% to 3.9% as soon as September.
Warsh has shifted from previously supporting lower rates to focusing on inflation control as Fed Chair.
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New research shows Australian households now spend a larger share of their income on mortgages than they did in the late 1980s when interest rates were at 17%. Despite current mortgage rates being about half that high, rising home prices have led to higher borrowing, making mortgage payments a greater financial burden today.
Key Facts
Mortgage interest rates hit 17% around 1989-1990, with households spending about 5.7% of their income on interest payments then.
In early 2026, mortgage rates averaged 8.3%, yet households spent around 5% of income on mortgages alone and 5.4% when including other consumer debt.
Total debt payments as a share of income could reach nearly 6% after recent interest rate increases.
Home prices have increased so much that people need to borrow more, despite fewer people owning homes today.
Though mortgage rates are lower now than in the 1980s, current conditions cause more financial stress for borrowers.
Economic factors like rising living costs and tax changes have caused home prices in cities like Sydney and Melbourne to drop recently.
Experts say these price falls are normal and short-lived, often followed by rapid growth in home prices.
Housing affordability is currently at its worst level on record since 1994, making it harder to buy a home than in the late 1980s.
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A report by UBS shows that typical Americans have lost wealth between 2020 and 2025, while the richest Americans have grown richer. The median wealth, which represents the middle person’s assets, has dropped after adjusting for inflation, even though average wealth has risen.
Key Facts
Median wealth per adult in the U.S. fell significantly from 2020 to 2025 after adjusting for inflation.
Average wealth per adult increased, driven by gains among the wealthiest Americans.
The U.S. has the second-highest average wealth per adult at $696,277 but a much lower median wealth of $68,998.
Americans created over 441,000 new millionaires in 2025, about 1,200 each day, nearly half of all new millionaires worldwide.
The U.S. holds 35.7% of global personal wealth among the markets studied by UBS.
Wealth inequality in the U.S. is high, with a wealth Gini coefficient of 0.77, ranking sixth among 56 markets.
The U.S. ranks 2nd in average wealth but only 28th in median wealth, showing wealth gains are concentrated in the top households.
Wealth affects economic mobility since it helps with buying homes, education, and starting businesses; declining median wealth suggests fewer resources for many families.
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Henrico County in Virginia is asking government and school staff to save electricity because their power costs will rise by nearly 25% starting July 1. The county has many data centers, which use a lot of power, contributing to higher electricity bills that could cost an extra $5 million next year.
Key Facts
Henrico County’s electricity rates for government and schools will increase by about 25% starting July 1.
The county has 37 data centers, with plans for 17 more, mostly in the eastern corridor.
Data centers use large amounts of electricity, impacting overall power costs.
County Manager John Vithoulkas sent an email asking employees to conserve energy by turning off lights, shutting down computers, and not using space heaters.
Henrico is part of a group of about 170 Virginia government entities that buy power together and are seeing similar rate increases.
Virginia has the highest number of large data centers worldwide and uses a lot of water and power for these centers.
Reports predict that increasing data center power needs could raise residents’ electricity bills significantly by 2030 and 2040.
Loudoun County nearby calls itself the “Data Center Capital of the World” and is also working on employee energy-saving programs.
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The UK government has announced an increase of £15 billion in military spending over the next four years. However, there is a yearly shortfall of about £1.2 billion that still needs to be found to fully fund this rise, which may become a challenge for Andy Burnham if he becomes prime minister.
Key Facts
The Defence Investment Plan (DIP) adds £15 billion to UK military spending over four years.
Annual defence spending is expected to increase by around £3.75 billion compared to previous plans.
There is an estimated yearly funding gap of about £1.2 billion to meet the planned defence spending increase.
The total cumulative shortfall over four years is about £4.7 billion, but experts prefer to discuss the gap in annual terms.
The £1.2 billion gap is a small part (0.17%) of the projected total government spending for 2026/27 (£678 billion).
The gap is about 5% of the £24 billion “headroom” the Chancellor has to balance day-to-day spending with tax revenues by the end of this Parliament.
Funding this gap in the upcoming Budget may require spending cuts, tax increases, or more borrowing.
Similar funding gaps have appeared before when governments announce new spending plans without immediately naming sources of funding.
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Many people struggle to keep up with monthly debt payments due to rising costs and inflation. Some debts, like credit card and medical bills, can often be negotiated to lower the total amount owed, especially if the debt is in collections.
Key Facts
About 34% of people say they cannot pay the full amount on all their debts each month.
Around 44% would consider using a company to negotiate their debts.
Debt settlement means agreeing to pay less than the full amount owed.
Credit card debt is easier to negotiate because it is usually unsecured, meaning no specific property backs the loan.
Medical providers often can reduce bills because they prefer some payment over none.
Debts sent to collection agencies are often more negotiable because these agencies buy debts cheaply or earn commissions.
Negotiating debts after they go to collections can hurt credit scores, so it’s better to explore options early.
Some medical debt may be reduced through assistance programs before negotiating a settlement.
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The Department of Education will start sending notices to certain federal student loan borrowers about important upcoming deadlines. These notices explain what actions borrowers need to take concerning changes to their student loans.
Key Facts
Notices will be sent beginning Wednesday.
The notices are for some federal student loan borrowers.
The notices include important deadlines related to student loans.
Borrowers need to pay attention to these deadlines and take any required actions.
The Department of Education is managing the communication.
The purpose is to help borrowers handle changes in the federal student loan program.
CBS News business analyst Jill Schlesinger provided an overview of who is affected and what steps to take.
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The UK government is considering intervening in Paramount Skydance’s $111 billion takeover of Warner Bros Discovery. The intervention concerns maintaining diverse news viewpoints and media ownership in the UK.
Key Facts
UK culture secretary Lisa Nandy said she is "minded to intervene" in the deal.
The takeover would combine Warner Bros Discovery’s assets (like CNN, HBO, Warner Bros movies) with Paramount’s (CBS, Channel 5).
The government worries about enough variety in news opinions and media ownership in the UK.
Paramount has until July 6 to respond before a final decision is made.
If approved to intervene, regulators Ofcom and the Competition and Markets Authority will further review the deal.
The takeover is already approved in the US and expected to clear the EU with conditions.
Paramount Skydance is led by David Ellison, son of Oracle founder Larry Ellison.
The UK may create new rules not just for TV channels but also for streaming services like Paramount+ and HBO Max.
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Kroger is buying Giant Eagle, a regional grocery and pharmacy chain, for $1.65 billion. The deal includes cash and taking on some debt, with the purchase expected to finish next year after regulatory approval.
Key Facts
Kroger is purchasing Giant Eagle for $1.65 billion.
Giant Eagle has 197 grocery stores and 11 pharmacies in several states including Ohio and Pennsylvania.
The deal consists of $1.25 billion in cash plus about $400 million in debt.
Kroger operates thousands of stores under different names like Ralphs and Fred Meyer.
The companies expect to sell some Giant Eagle stores to meet regulatory rules.
Kroger CEO Greg Foran said Giant Eagle fits well with Kroger’s business.
Foran became Kroger’s CEO in February and has a background at Walmart.
Kroger’s stock price dropped by nearly 3% after the deal was announced.
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The US cooking oil market is shrinking mainly because Latino households face economic difficulties and tough immigration enforcement. Associated British Foods, which owns Mazola, says these factors and new health trends have reduced cooking oil sales and that this situation may continue for years.
Key Facts
US cooking oil sales are falling due to financial and immigration pressures on Latino consumers.
President Trump's immigration enforcement has led some Latino customers to shop online and reuse cooking oil more often.
ABF’s US joint venture reported lower demand for cooking oil partly because of the rise in appetite-suppressing drugs.
ABF’s overall grocery sales rose 1% recently, with growth in other brands balancing the drop in oil sales.
ABF plans to separate its Primark clothing brand into a different company.
UK supermarket Asda cut nearly 6,000 jobs last year after selling a restaurant business and completing IT system upgrades.
Asda’s job cuts mostly came from not replacing employees who left and ending some contracts, not forced layoffs.
Asda reported a significant financial loss after a price war and large spending on upgrading its technology.
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The European Union is creating new rules under the Industrial Accelerator Act that require cars and car parts to be made within the EU to receive subsidies or government contracts. These rules could block UK car manufacturers from the EU market, which is their largest export destination. The European Automobile Manufacturers Association and UK industry groups are urging the EU to give exemptions to the UK because car production between the UK and EU is highly connected.
Key Facts
The EU’s new “Made in Europe” rules require cars and parts to be produced inside the EU to qualify for support.
These rules are part of the Industrial Accelerator Act, aimed at protecting EU car makers from cheap, subsidized products from China.
The rules only apply to EU members, risking damage to UK car manufacturers that export heavily to the EU.
The European Automobile Manufacturers Association (Acea) wants the UK, Turkey, and Morocco to get special exemptions.
UK car plants are often owned by European companies like BMW, Volkswagen, Stellantis, Jaguar Land Rover, Ford, and Toyota.
Nissan has warned it might close its Sunderland factory if the rules go forward unchanged.
The UK and EU are each other’s largest markets for cars and parts, with over half of UK car exports going to the EU.
EU leaders and industry groups hope to negotiate changes to avoid harming the integrated UK-EU car industry.
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Kroger is buying the grocery and pharmacy company Giant Eagle in a deal worth $1.65 billion. Giant Eagle has nearly 200 supermarkets and 11 pharmacies in several states, and the purchase is expected to finish next year after regulatory approval.
Key Facts
Kroger will pay $1.25 billion in cash and take on about $400 million in Giant Eagle’s debts.
Giant Eagle operates 197 supermarkets and 11 pharmacies in Ohio, Pennsylvania, West Virginia, Maryland, and Indiana.
Kroger owns many stores under different names like Ralphs, King Soopers, Smith’s, and Fred Meyer.
Kroger’s CEO, Greg Foran, joined the company in February and used to work at Walmart.
Kroger and Giant Eagle may have to sell some stores to get approval from regulators.
Kroger’s stock price dropped nearly 3% before the market opened after the announcement.
The deal is expected to be completed next year.
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A frozen cookie dough product sold at Target stores in four Western U.S. states is being recalled because it may contain soy that is not listed on the label. The recall affects one lot of Bakr Brown Butter Chocolate Chunk cookie dough due to a packaging error that placed soy-containing S'mores dough in mislabeled bags.
Key Facts
The recalled item is Bakr Brown Butter Chocolate Chunk Ready to Bake Cookie Dough sold in 8-ounce blue pouches.
The recall applies only to packages with lot number 2606022.
The dough was sold in Target stores in Southern California, Southern Nevada, Arizona, and Utah starting June 11, 2026.
A packaging malfunction caused S’mores flavor dough (which contains soy) to be put into bags labeled as Brown Butter Chocolate Chunk.
Soy is a major allergen that can cause serious or life-threatening reactions in some people.
Consumers with the recalled lot number should not eat the dough and should return it for a refund.
No illnesses or allergic reactions have been reported so far.
Soy allergy symptoms can include rash, swelling, stomach pain, difficulty breathing, and in severe cases, anaphylaxis requiring emergency care.
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The European Union has introduced new rules to protect its steel industry and control the rise of small e-commerce parcels from China. These measures include a 3 euro customs fee on small packages and limits on steel imports to address the large trade imbalance with China.
Key Facts
The EU added a 3 euro customs duty on small packages valued under 150 euros, removing a previous exemption.
Around 90% of these small e-commerce packages come from Chinese companies like Temu and Shein.
In 2025, 5.9 billion small packages entered the EU, up from 1.4 billion in 2022.
Most packages were found to fail EU safety tests and raised environmental concerns due to excessive plastic use.
New steel import rules aim to protect EU jobs and steel plants from excess global steel production fueled by Chinese subsidies.
The EU’s trade deficit with China reached about 360 billion euros ($410 billion) in 2025 and is growing.
The 3 euro package fee may reduce small purchases but might not significantly change overall trade due to cheaper prices in China.
The US has already implemented a similar customs rule on small package imports.
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