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We had packed lunches every day for 10 years and retired at 40

We had packed lunches every day for 10 years and retired at 40

June 29, 2026 • BBC Business

Summary

Alan and Katie Donegan saved money by living very frugally, such as bringing packed lunches and avoiding takeaways, which helped them retire early, at ages 40 and 35. They invested heavily and reached one million pounds in savings, allowing them to stop working and gain financial freedom. This approach is part of a growing movement called FIRE (Financially Independent, Retire Early), where people save intensely to retire sooner than usual retirement ages.

Key Facts

  • Alan and Katie Donegan avoided spending on heating by wearing layers and using hot water bottles in winter.
  • They saved about £40,000 over 10 years by always bringing packed lunches instead of buying food.
  • Alan worked in landscaping then started a coaching business; Katie was an actuary in finance.
  • They retired early after accumulating £1 million in savings through strict budgeting and investing.
  • FIRE stands for Financially Independent, Retire Early, a movement that encourages extreme saving to retire young.
  • Nearly a million people follow FIRE discussions on Reddit, showing its growing popularity.
  • Average retirement ages in the UK and US are rising, currently around 65 for men and 64 for women.
  • Some people, like Amy Minkley, retired early by working abroad in lower-cost countries and living simply.
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BBC Business BBC Top Stories
Crypto firms operating in UK to be subject to sweeping new rules

Crypto firms operating in UK to be subject to sweeping new rules

June 29, 2026 • Guardian World

Summary

The UK’s Financial Conduct Authority (FCA) will introduce new rules next October to regulate crypto companies operating in the country. These firms must prove they have enough financial backup to handle market problems and conduct yearly tests on their ability to survive economic shocks.

Key Facts

  • Crypto firms in the UK must meet capital requirements, meaning they need financial reserves to cover risky assets.
  • They will perform annual stress tests to show they can handle big market drops, based on their own risk assessments.
  • The rules apply the same basic principles used in regulating other financial services.
  • Some crypto assets like stablecoins will have lower capital requirements after industry feedback.
  • The FCA aims to reduce bad business practices and protect consumers, though investing in crypto still carries risks.
  • Crypto companies will report their stress test results to the FCA every year.
  • The new regulations provide clearer guidance, responding to calls for better crypto oversight.
  • Experts warn consumers should still be careful as regulation helps reduce but does not eliminate risks.
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Guardian World
Carl Rinsch sentenced to 2.5 years in prison for defrauding Netflix

Carl Rinsch sentenced to 2.5 years in prison for defrauding Netflix

June 29, 2026 • CBS News

Summary

Carl Rinsch was sentenced to 2.5 years in prison for illegally using $11 million from Netflix meant for a sci-fi series. He spent much of the money on luxury items instead of completing the show and now faces additional financial penalties and supervised release.

Key Facts

  • Carl Rinsch was convicted of wire fraud linked to Netflix funding for a show called "White Horse."
  • Netflix initially paid about $44 million, then gave another $11 million after Rinsch claimed he needed more money.
  • Instead of finishing the series, Rinsch transferred the $11 million to a personal account and spent it on luxury cars, watches, clothes, and mattresses.
  • He also made risky investments, losing about half of the money, and put some into cryptocurrency.
  • Rinsch pleaded mental health issues affected his decisions and apologized for the harm caused.
  • Prosecutors asked for a 5-year sentence; the judge sentenced him to 2.5 years plus three years of supervised release and financial restitution.
  • Actor Keanu Reeves supported Rinsch, asking the court for leniency.
  • U.S. Attorney Jay Clayton said the sentence sends a message that fraud will not be tolerated.
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CBS News
New defence secretary wins another £1.5bn to boost drone spending

New defence secretary wins another £1.5bn to boost drone spending

June 29, 2026 • Guardian World

Summary

The UK’s new defence secretary, Dan Jarvis, has secured an extra £1.5 billion to fund the country’s defence investment plan, mainly to increase spending on drones. This additional money will help close a major funding gap and supports projects aimed at deterring threats from Russia and Iran.

Key Facts

  • Dan Jarvis persuaded Chancellor Rachel Reeves to provide more than the previously promised £13.5 billion.
  • The defence budget gap was reduced by £15 billion after negotiations.
  • Drone spending will increase from £4 billion to £5 billion over the next four years.
  • Some of the extra funds came from cuts of at least 1% in other government departments’ capital budgets.
  • The plan includes buying uncrewed speedboats to help detect hostile drones in the Strait of Hormuz.
  • The defence investment plan covers many projects, including frigates and nuclear submarines.
  • The UK aims to spend 3.5% of its GDP on defence by 2035, up from the current 2.6%.
  • The plan is expected to create jobs and support British defence suppliers.
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Guardian World
Gen Z More Likely Than Boomers to Support Brands Celebrating America 250

Gen Z More Likely Than Boomers to Support Brands Celebrating America 250

June 29, 2026 • Newsweek

Summary

A new survey shows younger Americans, especially Gen Z, are more likely than older generations to support brands that celebrate America’s 250th anniversary in 2026. Many big companies, including Amazon, Walmart, and Coca-Cola, are sponsoring the national celebration called America250, which organizes events and programs to mark the milestone.

Key Facts

  • America250 is a nonpartisan group appointed by Congress to lead the U.S. 250th anniversary celebrations in 2026.
  • The organization works with many companies, such as Coca‑Cola, Walmart, Amazon, Oracle, FedEx, and JPMorgan Chase, who sponsor and promote the event.
  • A survey of over 3,400 U.S. adults found 68% are somewhat or very likely to support brands involved in America250.
  • 73% of Gen Z respondents said they would support these brands, compared to 58% of Baby Boomers (born 1946-1964).
  • Men show slightly higher support (71%) than women (64%) for patriotic brands linked to the celebration.
  • Most adults (58%) said they are unlikely to attend sporting events marking the anniversary, though 25% of adults 18-29 expressed interest.
  • About 40% might buy sports team apparel commemorating the 250th anniversary, with NHL fans showing the highest interest.
  • America250 includes around 60 official sponsors, many of which have ties to sports marketing.
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Newsweek
WATCH: Saks exits bankruptcy with $500M financing and luxury-focused pivot

WATCH: Saks exits bankruptcy with $500M financing and luxury-focused pivot

June 29, 2026 • ABC News

Summary

Saks Global has finished its bankruptcy process after receiving $500 million in new funding. The company will focus more on selling luxury goods and improving customer service while closing some stores and reducing staff.

Key Facts

  • Saks Global exited bankruptcy with $500 million in new financing.
  • The company plans to shift its focus towards luxury retail and better service.
  • Some Saks stores will be closed as part of the restructuring.
  • Saks will reduce its workforce to cut costs.
  • The changes aim to strengthen Saks' position in the luxury market.
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ABC News
High-street slot machines and casinos could face £460m tax rise under Burnham

High-street slot machines and casinos could face £460m tax rise under Burnham

June 29, 2026 • Guardian World

Summary

If Andy Burnham becomes prime minister, he may push to raise taxes on slot machine shops and casinos by up to £460 million. This proposal targets physical gambling venues called adult gaming centres (AGCs), which have grown quickly, especially in poorer areas. The idea has public support but faces opposition from the gambling industry.

Key Facts

  • Andy Burnham, a potential future prime minister, wants to increase taxes on physical slot machine venues (AGCs).
  • AGCs are known as “slot sheds” and have expanded mainly in economically poor locations.
  • Online casinos were taxed more in a recent budget, but physical slot machines were not.
  • A thinktank called the Social Market Foundation found 43% of people support higher taxes on AGCs.
  • Doubling the tax rate on certain £2 slot machines could raise an extra £275 million to £458 million annually.
  • This tax increase would also affect casinos and big companies like Admiral and Merkur.
  • Gambling industry groups warn that higher taxes could cause job losses and push players to illegal gambling.
  • Burnham also wants local authorities to have more power to stop new gambling venues from opening.
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Guardian World
Hollywood director gets two and a half years in prison for defrauding Netflix

Hollywood director gets two and a half years in prison for defrauding Netflix

June 29, 2026 • BBC US

Summary

Hollywood director Carl Erik Rinsch was sentenced to two and a half years in prison for defrauding Netflix of $11 million. He used money meant for a sci-fi show on personal luxury items and risky investments, and also faces fines and supervised release.

Key Facts

  • Carl Erik Rinsch, a 48-year-old director, was convicted of fraud and money laundering.
  • Netflix gave him about $55 million to produce a sci-fi series called White Horse.
  • Rinsch misused $11 million of that money for cars, cryptocurrency, and expensive goods.
  • He lost half of that $11 million through investments within months.
  • Rinsch was sentenced to 2.5 years in prison, 3 years of supervised release, $11 million in forfeitures, and a $700 fine.
  • Netflix executives testified that Rinsch failed to deliver the agreed single season of the series.
  • Rinsch claimed he thought the money was meant to keep the show going during the pandemic.
  • Friends said Rinsch showed erratic behavior, including unusual beliefs about predicting natural disasters.
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BBC US BBC Top Stories BBC Business
PBM lobby goes on the offensive

PBM lobby goes on the offensive

June 29, 2026 • The Hill

Summary

The main pharmacy benefit manager (PBM) lobbying group in the U.S. has increased its efforts to influence lawmakers. This move comes after Congress approved new rules changing how PBMs operate, following years of blame from drug companies about high medicine prices.

Key Facts

  • The top PBM lobbying group is actively advocating for its industry.
  • Congress passed a law last winter that changes PBM regulations.
  • Pharmaceutical companies had blamed PBMs for raising drug prices.
  • PBMs manage prescription drug benefits for health plans and negotiate prices.
  • The new law aims to overhaul the PBM business to address drug cost concerns.
  • The PBM lobby is responding to challenges from both Congress and drug makers.
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The Hill
US renewable boom passes key milestone in April

US renewable boom passes key milestone in April

June 29, 2026 • Ars Technica

Summary

In April 2026, the United States generated more electricity from solar power than from coal for the first time when including small rooftop solar installations. While utility-scale solar alone did not surpass coal, the combined total from all solar sources edged ahead as coal use continued to decline.

Key Facts

  • April 2026 data shows solar electricity production surpassed coal electricity production in the US for the first time.
  • Small-scale solar, such as rooftop panels, accounts for a large part of solar energy and is mostly used where it is produced rather than sent to the power grid.
  • Coal generated about 40 terawatt-hours (TWh) of electricity in April 2026, utility-scale solar produced 31 TWh, and small-scale solar contributed nearly 10 TWh.
  • Solar power grew over 20% compared to the previous year, though it still only provided about 9.4% of grid power in April versus coal’s 12%.
  • Combining all renewable sources including solar, wind, and hydroelectric power produced 117 TWh, almost three times coal’s output.
  • Coal use is declining despite government efforts to support it, while solar remains the cheapest way to add new electricity capacity in most of the US.
  • Longer daylight in April and new solar installations completed late in the previous year help boost solar production.
  • Solar is expected to maintain or increase its lead over coal during the summer months in coming years.
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Ars Technica
3 critical mistakes every saver should avoid this July

3 critical mistakes every saver should avoid this July

June 29, 2026 • CBS News

Summary

This article explains three important mistakes savers should avoid in July due to current economic conditions like rising inflation and possible changes in interest rates. It advises savers to carefully compare offers, pay attention to key dates like government reports and Federal Reserve meetings, and avoid quickly locking in the first high interest rate they find.

Key Facts

  • Inflation is increasing again, and there may be future hikes in interest rates.
  • Traditional savings accounts often have very low interest rates, around 0.38%.
  • Savers should not rush to accept the first high-rate certificate of deposit (CD) offer they see.
  • Important dates to watch in July include the inflation report release on July 14 and the Federal Reserve meeting on July 28-29.
  • Banks may raise savings rates after these dates, creating better opportunities.
  • Interest rates can vary among banks—some may raise rates, others may not.
  • Comparing rates from multiple banks can help savers find the best option.
  • Being patient and informed can improve savings returns in the current economic environment.
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CBS News
South Korea bets big on AI with nearly a trillion dollars in investment

South Korea bets big on AI with nearly a trillion dollars in investment

June 29, 2026 • France24

Summary

South Korea plans to invest nearly one trillion dollars in artificial intelligence by 2029. This is part of a major effort to grow its technology and business sectors.

Key Facts

  • South Korea will invest about one trillion dollars in AI technology by the year 2029.
  • The investment aims to boost the country's technology industry and economy.
  • Samsung workers avoided a strike by agreeing to bonuses linked to increased AI profits.
  • South Korean ministries have blocked access to a Chinese AI tool, DeepSeek, on military devices.
  • Other business news includes Comcast planning to make NBCUniversal a separate, public company.
  • France is introducing a new law targeting online shopping platforms like Shein, Temu, and AliExpress.
  • The article mentions global trade and infrastructure issues alongside South Korea’s AI plans.
  • The focus is on economic and technological developments in the Asia-Pacific region.
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France24
Here's Where Gas Prices Are Falling Fastest Amid Iran War Negotiations

Here's Where Gas Prices Are Falling Fastest Amid Iran War Negotiations

June 29, 2026 • Newsweek

Summary

Gas prices in the United States are falling as tensions between the U.S. and Iran ease, leading to lower crude oil costs. The average price for a gallon of regular gasoline is now about $3.86, with some states experiencing bigger drops than others.

Key Facts

  • The national average gas price has dropped below $4 per gallon, currently around $3.86.
  • Gas prices vary by state due to differences in taxes, demand, and proximity to refineries.
  • Western states like Washington, California, and Oregon saw the largest recent price decreases (15-17 cents).
  • Southern and some Midwest states such as Texas, Oklahoma, and Mississippi have lower prices but smaller recent declines.
  • Prices remain roughly 60 cents higher than last year’s Independence Day prices.
  • Nearly 72.2 million Americans are expected to travel at least 50 miles during the July Fourth week.
  • The drop in gas prices follows negotiations between the U.S. and Iran and increased shipping through the Strait of Hormuz.
  • Gasoline prices typically follow crude oil prices with a delay of 4 to 6 weeks.
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Newsweek
The spritz drink replacing Aperol

The spritz drink replacing Aperol

June 29, 2026 • Axios

Summary

The Hugo spritz, a pale green cocktail made with Prosecco, elderflower liqueur, soda water, mint, and lime, is becoming a popular summer drink in the U.S. Searches for how to make a Hugo spritz have increased sharply, and it is outselling the traditional Aperol spritz in many states.

Key Facts

  • The Hugo spritz is made with Prosecco, elderflower liqueur, soda water, mint, and lime.
  • Searches for "how to make a hugo spritz at home" rose by 2,200% in the last month.
  • In over a dozen U.S. states, the Hugo spritz was searched more than the Aperol spritz.
  • Linden Pride, owner of Dante cocktail bar in New York City, said the Hugo spritz is very popular.
  • The Hugo spritz is also a top seller at Dante bars in Beverly Hills and London.
  • Other drinks gaining search interest include Sancerre, chilled red wine, Hōjicha (a roasted green tea), horchata (a traditional drink made from rice or nuts), and the Viennese "einspänner" coffee drink.
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Axios
EU sets up three months of talks with China over €360bn trade deficit

EU sets up three months of talks with China over €360bn trade deficit

June 29, 2026 • Guardian World

Summary

The European Union and China have agreed to start three months of talks to address the EU’s large trade deficit with China, which is about €360 billion a year. They aim to find solutions to balance trade and avoid a trade war before their next meeting in Beijing in October.

Key Facts

  • The EU runs a €360 billion annual trade deficit with China, meaning it imports much more from China than it exports.
  • The EU and China issued their first joint statement in seven years to begin formal trade consultations.
  • Talks focus on rebalancing trade, export controls (including rare earth metals), intellectual property rights, and World Trade Organization reforms.
  • Both sides will use a joint monitoring system to watch for sudden changes in trade that could trigger political discussions.
  • The EU’s trade commissioner, Maroš Šefčovič, hopes these talks will produce real results before the October meeting in Beijing.
  • The EU imposed tariffs on electric vehicles this year, but those tariffs have not stopped imports from rising.
  • Industry groups warn that Chinese imports threaten European factories that depend on components from China.
  • The EU is considering other measures like quotas on hybrids and chemicals to protect its industries.
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Guardian World Guardian Business
How much interest can an $80,000 CD account earn now?

How much interest can an $80,000 CD account earn now?

June 29, 2026 • CBS News

Summary

A certificate of deposit (CD) account can offer a safe way to earn interest on $80,000 with rates currently around 4%. The amount earned depends on how long the money is kept in the account, with longer terms providing more interest but less access to the funds.

Key Facts

  • CD interest rates today range from about 3.95% to 4.20% depending on the term and lender.
  • Interest earnings for $80,000 in a CD vary from hundreds to over $18,000 depending on the length of the CD term.
  • Shorter CDs (3 to 6 months) pay a few hundred to a couple thousand dollars in interest.
  • Longer CDs (3 to 5 years) can pay over $10,000 and up to $18,271 in interest.
  • Early withdrawal from a CD account usually results in penalties that reduce the earned interest.
  • CDs offer fixed interest rates, meaning the amount earned is guaranteed if the funds stay until maturity.
  • High-yield savings accounts offer similar interest rates but allow easier access to the money.
  • Choosing the right CD term depends on personal financial needs and willingness to lock up the funds.
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CBS News
Should you negotiate with debt collectors? 6 tips to improve your chances

Should you negotiate with debt collectors? 6 tips to improve your chances

June 29, 2026 • CBS News

Summary

This article explains how people struggling with debt can negotiate with debt collectors to potentially pay less than they owe. It offers practical tips to help borrowers handle negotiations wisely and improve their chances of reaching a good settlement.

Key Facts

  • Many people face increasing debt due to high borrowing costs and inflation.
  • About half of surveyed people lose sleep because of money worries.
  • Debt collectors might accept less than the full amount to get paid sooner.
  • Before negotiating, you should confirm the debt is valid by requesting a written validation letter.
  • Knowing if the collector is the original creditor or a debt buyer affects negotiation tactics.
  • Debt collectors prefer a one-time lump-sum payment over installment plans.
  • Settlements often reduce the debt by 30% to 50%.
  • Staying calm and persistent during negotiations helps improve results.
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CBS News
Home equity loan vs. HELOC: Which option is right for your credit card payoff plan?

Home equity loan vs. HELOC: Which option is right for your credit card payoff plan?

June 29, 2026 • CBS News

Summary

Homeowners can use the value built up in their homes, called home equity, to pay off expensive credit card debt. Two main borrowing options are home equity loans, which have fixed payments, and home equity lines of credit (HELOCs), which work like credit cards with variable rates and flexible borrowing amounts.

Key Facts

  • Credit card interest rates are high, averaging over 21%, making balances hard to reduce.
  • Many homeowners have increased their home equity due to rising home prices in recent years.
  • A home equity loan gives a lump sum with a fixed rate and fixed monthly payments.
  • This loan is good if you want payment certainty and your debt amount is stable.
  • A HELOC works like a credit line, letting you borrow as needed with a variable interest rate.
  • HELOCs offer more borrowing flexibility and are better if your debt repayment plan may change.
  • Fixed rates from home equity loans protect against rising interest costs if rates go up in the future.
  • Using home equity borrowing can help consolidate credit card debt potentially at a lower interest rate.
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CBS News
Kalshi sues Illinois over new tax on prediction market sports bets

Kalshi sues Illinois over new tax on prediction market sports bets

June 29, 2026 • Ars Technica

Summary

Kalshi, a large prediction market platform for sports bets, sued the state of Illinois to stop new laws that would tax and regulate it like a regular sports betting company. Kalshi argues that only the federal government, through the Commodity Futures Trading Commission (CFTC), has the authority to regulate its business nationwide.

Key Facts

  • Illinois passed a law imposing new taxes on sports bets made through prediction markets like Kalshi.
  • Starting July 1, Kalshi would owe 1.75% tax on the first $5 million in sports wagers annually, then 3.5% on additional wagers.
  • Illinois requires Kalshi to get a state license costing $15 million for the first four years and $1 million annually after.
  • Kalshi filed a lawsuit against Illinois officials, saying the regulations and taxes are too costly and burdensome.
  • Kalshi says Illinois is wrongly treating it like a traditional sports betting company, while it believes the CFTC has sole authority over prediction markets.
  • The company claims that following Illinois law would force it to restrict users in Illinois, conflicting with federal rules requiring equal access nationwide.
  • Illinois aims to regulate prediction markets more tightly after a record $1.5 billion in legal sports betting losses in 2025.
  • Meta is considering launching a similar sports betting platform, which increases Illinois’ urgency on regulation.
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Ars Technica
Here's how much interest a $25,000 long-term CD will earn if opened this July

Here's how much interest a $25,000 long-term CD will earn if opened this July

June 29, 2026 • CBS News

Summary

A $25,000 long-term certificate of deposit (CD) opened in July can earn a fixed amount of interest depending on the term length. Current top interest rates range from about 4.15% to 4.30%, offering guaranteed returns over periods from 18 months to 10 years.

Key Facts

  • A CD is a savings account with a fixed interest rate and fixed term.
  • Interest rates on CDs do not change once you open the account.
  • For a $25,000 deposit in July, interest earned ranges from about $1,591 (18 months) to $13,087 (10 years).
  • Example rates: 18-month CD at 4.20%, 2-year at 4.16%, 3-year at 4.15%, 5-year at 4.20%, 10-year at 4.30%.
  • The Federal Reserve has kept interest rates steady during the first half of 2026.
  • Savers should pick the best rate now because if interest rates rise later, the CD rate will not increase.
  • CDs can be a good option for people who want a low-risk, guaranteed return on money they can leave untouched.
  • Online marketplaces make it easy to compare CD rates and terms from different banks.
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CBS News