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Business news, market updates, and economic developments
Afterpay continues to operate at a loss in Australia but has expanded its services to new areas, including event venues. The Buy Now Pay Later (BNPL) market in Australia has slowed down due to new regulations and competition from traditional credit cards, leading some companies to exit the market.
Key Facts
Afterpay has never made a profit in Australia and recently bought naming rights for a Sydney Olympic Park arena.
Australians spent much more with credit cards ($22 billion in 2025) than with BNPL services.
Spending growth on BNPL platforms slowed from $3 billion a year to $1.5 billion by 2025.
At least eight BNPL companies have left the Australian market since 2022, leaving four major players: Afterpay, PayPal, Klarna, and Zip.
New Australian laws in 2025 required BNPL companies to do credit checks and report accounts, slowing approval processes and reducing BNPL use.
Some BNPL customers face late payment fees, with Afterpay reporting a 2.9% rate of accounts three months overdue.
Businesses pay about 3% fees to BNPL companies per transaction, higher than credit and debit card fees.
Afterpay earned $625 million from merchant fees in 2025 but still had a $741 million pre-tax loss in Australia.
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A company founder shares a lesson about dealing with a government regulator. The founder explains that even if you cooperate, you might still be the focus of an investigation.
Key Facts
The article is about an investigation by the SEC (Securities and Exchange Commission).
The writer is a company founder.
The founder did not expect to be the target of the SEC investigation.
Cooperation with the regulator does not guarantee you are not being investigated.
The article highlights the challenges companies face when working with regulators.
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CBS News financial analyst Jill Schlesinger explains the best time to start receiving Social Security retirement benefits. She provides tips to help people save money by choosing when to claim these benefits.
Key Facts
Social Security offers retirement benefits to eligible individuals.
The timing of when you start claiming benefits can affect how much money you receive.
Claiming benefits earlier may result in smaller monthly payments.
Waiting longer to claim can increase the monthly benefit amount.
Jill Schlesinger is a financial analyst who provides advice on managing Social Security.
The segment is sponsored by AT&T Business.
This advice helps people plan their retirement finances better.
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Hershey won a lawsuit claiming its Reese's Halloween pumpkins were misleading because the candies do not have the pumpkin faces shown on the wrappers. The company is bringing back these treats without changing their smooth shapes and plans to release many new Halloween-themed products this year.
Key Facts
A 2024 lawsuit said Hershey’s Reese’s pumpkins were misleading because the candy lacked the pumpkin faces shown on the wrapper.
A judge dismissed the lawsuit in September 2025, allowing Hershey to keep selling the candies unchanged.
Reese's pumpkins will return to stores in 2026 with their original smooth, oval shape.
Hershey announced 20 new Halloween products hitting stores this week, marking their largest Halloween release.
Halloween celebrations now start earlier, with some consumers holding “summerween” events during summer months.
Halloween spending reached a record $13.1 billion in 2025.
About two-thirds of parents surveyed by Hershey had already bought Halloween candy by summer 2026.
Other Halloween items include Hershey’s cookies ’n’ creme fangs, vampire and witch-shaped KitKats, and Halloween-packaged popcorn and corn balls.
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The National Retail Federation says families will spend about $1,400 on average for college dorm room supplies this year. Experts offer tips to help families save money when buying these items.
Key Facts
Families and students will spend around $1,400 on dorm room essentials in 2024.
This spending estimate comes from the National Retail Federation.
Dorm room essentials include things like bedding, storage, and school supplies.
Money-saving tips are available to help reduce the cost of move-in shopping.
Smart shopping advice can include comparing prices, looking for sales, and buying multi-use items.
The information focuses on preparing for college move-in time.
The aim is to help families manage expenses during back-to-school shopping.
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Anthropic, an artificial intelligence company, is expected to go public with a value of around $2 trillion, which would make its stock market debut the largest ever. Investors believe its fast-growing sales and advanced AI technology justify this high value, despite challenges like government restrictions and competition.
Key Facts
Anthropic plans to start selling shares publicly in October with a valuation near $2 trillion.
The company’s revenue is expected to grow to $100-$120 billion by the end of 2026.
Its valuation is higher than SpaceX and surpasses OpenAI’s current valuation of $965 billion.
Investors have poured nearly $100 billion into Anthropic in 2026.
The Commerce Department temporarily banned Anthropic’s best AI models due to export controls in June.
Anthropic faces legal disputes with the US Department of Defense and concerns over being labeled a supply-chain risk.
The company’s main AI models cost more to use than some competitors, including OpenAI and cheaper Chinese alternatives.
Despite setbacks, Anthropic’s technology has improved and attracted business customers, helping it grow rapidly.
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A Powerball ticket sold at a gas station in Quincy, Illinois, won the $1 billion jackpot. The winning numbers were announced, and the winner has not been identified yet. The prize can be taken as yearly payments over 29 years or a one-time payment of $450.5 million.
Key Facts
The $1 billion Powerball jackpot was won by a ticket sold at a Hy-Vee gas station in Quincy, Illinois.
Quincy is about 100 miles west of Springfield, near the Missouri border.
The winning numbers were 4, 26, 66, 67, 69, with a Powerball number of 9.
The winner has not yet come forward publicly.
The jackpot can be collected as $1 billion over 29 years or a $450.5 million lump-sum payment.
This jackpot is the eighth largest in Powerball history.
Mega Millions, another lottery game, has also had a $1 billion jackpot winner.
The largest lottery jackpot ever was over $2 billion, won in California in 2022.
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A $1 billion Powerball lottery ticket sold in Quincy, Illinois, won the jackpot, ending a three-month period without a top winner. The winner can choose to get $1 billion paid over 29 years or take a lump sum of $450.5 million.
Key Facts
The winning ticket was sold at a Hy-Vee gas station in Quincy, Illinois.
The winning numbers were 4, 26, 66, 67, 69, and the Powerball number was 9.
It is not clear if the jackpot winner has claimed the prize yet.
The jackpot is the eighth-largest in Powerball history and the first since ticket sales started in the UK.
The jackpot prize can be received as an annuity over 29 years or as a smaller lump-sum payment.
Four other tickets across the US won $1 million by matching five numbers but missing the Powerball number.
More than 3 million tickets won smaller prizes in the same drawing.
The next Powerball jackpot starts at $20 million for the upcoming drawing.
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Whole Foods is recalling more products that contain jalapeño peppers because of concerns about salmonella, a type of bacteria that can cause food poisoning. This action follows earlier recalls of other products with the same peppers sold at various stores.
Key Facts
Whole Foods is recalling additional products made with jalapeño peppers.
The recall is due to possible contamination with salmonella.
Salmonella is a bacteria that can cause food illness.
Other products containing jalapeño peppers were previously recalled.
These previous recalls affected products sold at many different retailers.
The recalls aim to protect consumers from getting sick.
Whole Foods is cooperating with health officials during the recall process.
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Inflation in the U.S. eased to 3.4 percent in July, showing a small monthly price increase of 0.1 percent, which reduces immediate pressure for the Federal Reserve to raise interest rates. However, mortgage rates remain high, and any increases in these rates can significantly raise monthly housing costs, affecting affordability for many Americans.
Key Facts
Inflation fell to 3.4 percent in July with a 0.1 percent rise in the consumer price index (CPI).
The Federal Reserve is expected to keep interest rates high but may pause rate changes after recent weak jobs data.
Mortgage rates have risen, with the average 30-year fixed rate recently reaching 6.69 percent.
Housing costs make up about one-third (33.4%) of the average U.S. household expenses, while food accounts for around 13%.
Small increases in mortgage rates add hundreds of dollars to monthly payments and reduce the amount people can afford to borrow.
Elevated mortgage rates worsen the housing affordability crisis and limit home sales and refinancing.
Housing market activity is constrained because many homeowners keep mortgages secured at lower historic rates.
Inflation’s impact on mortgage costs is more significant than its effect on everyday items like groceries.
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A Powerball ticket sold in Illinois won a $1.04 billion jackpot, one of the largest prizes in the game's history. The winner can choose a full annuity payment over 30 years or a smaller lump-sum cash payment, both of which will be reduced by taxes.
Key Facts
The winning ticket was sold at a gas station in Quincy, Illinois.
The jackpot was $1.04 billion, the eighth largest in Powerball history and biggest in 2026 so far.
The numbers drawn were 4, 26, 66, 67, 69, and Powerball 9.
More than three million other tickets won smaller cash prizes by matching some numbers.
The winner can take the prize as 30 yearly payments increasing about 5% each year, or as a lump sum of $450.5 million.
Federal taxes take at least 24% of winnings upfront, with possibly more owed later; Illinois taxes lottery winnings at 4.95%.
Taking the lump sum after taxes could reduce the prize to about $283.8 million.
Illinois law lets big winners stay anonymous, so the winner’s identity is not public.
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Families are facing higher prices for children’s shoes as the new school year starts. Shoe costs have risen quickly, making it harder for parents to buy the right size shoes for fast-growing kids while sticking to their budgets.
Key Facts
Children’s shoe prices rose 3.2% in the first half of 2026, the fastest increase in 34 years except for recent pandemic years.
Parents are spending more time hunting for discounts or buying fewer shoes due to higher costs and other rising expenses like food and gas.
Kids often need new shoes every six to nine months because their feet grow quickly, especially between ages 7 to 10.
Some sneakers cost as much as $145 to $300, which is more than many families plan to spend.
Quality concerns arise as some parents feel shoe quality has declined even though prices are going up.
Parents are looking for versatile shoes and coupons from stores like DSW and Zappos to save money.
Exact shoe fit is important for kids’ foot health, making buying shoes more challenging than buying clothes.
Rising shoe prices add pressure to already tight family budgets during back-to-school shopping.
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Wholesale prices in the U.S. did not increase from June to July, showing a slowdown in inflation before it reaches consumers. The yearly rise in wholesale prices fell to 4.7% in July from 5.5% in June, helped by lower gas and food costs.
Key Facts
The Labor Department measures wholesale inflation using the producer price index (PPI).
The PPI increased by 4.7% in July compared to the same month last year.
This rise was smaller than June's 5.5% increase.
From June to July, wholesale prices stayed the same with no monthly increase.
The previous month saw a small 0.1% decrease in wholesale prices.
Lower gas prices helped reduce the inflation spike caused by tensions related to the Iran war.
Food prices also became less costly, contributing to the overall slowdown in wholesale inflation.
Slower wholesale inflation could lead to lower consumer inflation in the future.
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The Frasers Group, owned by Mike Ashley, has bought the luxury department store Harvey Nichols. The deal includes six stores, the online business, and international franchises, with stores continuing to operate under current licenses.
Key Facts
Frasers Group, owned by Mike Ashley, purchased Harvey Nichols.
Harvey Nichols has six stores, including its main one in Knightsbridge, London.
The deal includes the brand's online business and international franchise rights.
Harvey Nichols sells more than 800 premium and luxury brands and employs over 1,000 people.
The company warned it might have to close if it didn’t get new investment.
Harvey Nichols entered administration (a process to handle financial trouble) in June 2026.
Frasers Group plans to make changes to improve and strengthen the business.
Harvey Nichols’ CEO said the purchase is an important step for the company’s future growth.
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Wholesale prices in the U.S. did not rise from June to July, showing a slowdown in inflation partly due to falling gas and food costs. This slowdown may indicate that consumer inflation could decrease in the coming months, but wages have not kept up with price increases, affecting household budgets.
Key Facts
The producer price index (PPI), which tracks inflation before it reaches consumers, rose 4.7% in July compared to last year, down from a 5.5% increase in June.
Wholesale prices stayed flat from June to July, after a small 0.1% decrease the month before.
Core wholesale inflation, which excludes volatile food and energy costs, fell to 4.2% year-over-year in July, down from 4.7% in June.
Gas prices went down in early July but increased again later in the month and into August.
Consumer prices have increased faster than wages for four months, making it harder for many Americans to afford essentials like rent and utilities.
The Federal Reserve may decide not to raise interest rates in September because inflation is cooling and economic growth appears weak.
Job cuts in July suggest economic weakness, which could influence the Fed’s decision on interest rates.
The personal consumption expenditures (PCE) index, a key inflation measure watched by the Fed, will be released later in the month.
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Taylor Farms, a company that produces food, has been connected to two separate outbreaks involving its fresh produce. These outbreaks have raised concerns about the safety of the company's products.
Key Facts
Taylor Farms is a food producer that supplies fresh fruits and vegetables.
Two outbreaks have been linked to the produce supplied by Taylor Farms.
The outbreaks involve health issues related to consuming contaminated produce.
Authorities are investigating whether the two outbreaks are connected.
The company may need to recall some of its products to protect consumers.
Food safety is a key concern in the production and distribution of fresh produce.
Recalls happen when products are found to be unsafe to eat.
Keeping food safe requires careful handling from farm to table.
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A single Powerball ticket sold in Illinois won a $1.04 billion jackpot. A certified public accountant shared advice for the winner on how to handle the money.
Key Facts
The winning Powerball ticket was sold in Illinois.
The jackpot amount is $1.04 billion.
Only one ticket won the jackpot.
Dan Geltrude, a certified public accountant, gave tips for the winner.
The tips focused on managing the large sum responsibly.
The story was covered by CBS News.
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Bob Iger, who used to be the boss of Disney, and investor Josh Kushner have agreed to buy the Los Angeles Lakers basketball team. The deal is reported to be worth $12.5 billion, a record amount.
Key Facts
Bob Iger is the former CEO of Disney.
Josh Kushner is an investor and the brother of Jared Kushner, President Donald Trump's son-in-law.
They have agreed to buy the Los Angeles Lakers.
The purchase price is $12.5 billion.
This is a record amount for buying a sports team.
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The movie "Coyote vs. Acme," a mix of live action and cartoons starring Will Forte, was finished but canceled by Warner Bros. about three years ago. Now, an independent company called Ketchup Entertainment bought the rights and will release the film on August 28, 2026.
Key Facts
"Coyote vs. Acme" combines Looney Tunes cartoons with live action.
The film was based on a comedy column by Ian Frazier in The New Yorker.
Warner Bros. canceled the finished movie three years ago, along with two other films.
The studio decided to write off the $70 million production cost as a tax loss.
Will Forte stars as Wile E. Coyote’s lawyer in the movie.
After public criticism, Warner Bros. sold the movie rights for about $50 million.
Ketchup Entertainment, known for releasing Looney Tunes movies, will distribute the film.
The movie will be released on August 28, 2026.
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