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Business news, market updates, and economic developments
Bob Iger, former CEO of Disney, and businessman Josh Kushner are buying the Los Angeles Lakers basketball team for $12.5 billion. The sale still needs approval from the NBA, and the Lakers will start a new chapter after star player LeBron James recently left the team.
Key Facts
Bob Iger and Josh Kushner plan to buy the Los Angeles Lakers for $12.5 billion.
The purchase must be approved by the NBA Board of Governors.
Mark Walter owned the majority stake of the Lakers before this deal, buying it in 2025.
Bob Iger was Disney’s CEO until early 2026 and re-joined Kushner’s investment firm Thrive Capital this year.
Josh Kushner is the founder of Thrive Capital and is related to President Donald Trump’s family.
Iger and Kushner expressed respect for the former and current Lakers owners, Jerry Buss and Jeanie Buss.
The Lakers will start their new season on October 21, 2026, without LeBron James, who left for the Philadelphia 76ers.
The team is based in Los Angeles and is considered an iconic sports franchise globally.
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A survey by scheduling software company Deputy found that many hourly workers feel only "ok" about their jobs. Researchers say this low level of satisfaction can make workers less productive, a situation they call "rusting out."
Key Facts
The survey focused on hourly workers.
One in seven hourly workers reported feeling just "ok" about their jobs.
Feeling "ok" about work may lead to lower performance.
The term "rusting out" is used to describe this growing worker dissatisfaction.
The survey was conducted by the company Deputy, which makes scheduling software.
The report was shared by CBS News on their MoneyWatch segment.
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A luxury estate near San Francisco sold for a record $70 million to a buyer from the artificial intelligence (AI) industry. This sale highlights the growing wealth driven by AI companies that is pushing home prices very high in the Bay Area.
Key Facts
The estate, called "Villa de Verano," is located in Hillsborough, just south of San Francisco.
It sold for $70 million, doubling the previous record price in the town.
The buyer is a man involved in the AI industry.
The property includes six bedrooms, a gym, theater, spa, aquarium, pool, garden, amphitheater, guest house, and seven sports courts.
The estate was initially listed at $88 million and stayed on the market for less than five months.
AI companies like OpenAI and Anthropic recently announced plans to go public, creating many new multimillionaires.
Home prices in the area are rising quickly, with Median prices up 8.5% in San Mateo County and over 20% in San Francisco County.
Real estate agents report more ultra-rich buyers from AI and other industries using private, off-market deals.
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Whole Foods is recalling certain jalapeño products because they might have salmonella, a bacteria that can cause illness. The products were sold in several U.S. states and came from a supplier in Mexico linked to the outbreak.
Key Facts
Whole Foods recalled salsas, guacamole, pico de gallo, and other prepared foods with jalapeños.
The recall affects products with "Best Before" or "Best By" dates between August 7-14.
The jalapeños came from Coast Citrus Distributors in Mexico, identified as the source of salmonella.
Products were sold in 12 states, including Texas, Illinois, Michigan, and Ohio.
No illnesses have been reported linked to these specific Whole Foods products yet.
Other brands like Chipotle and Qdoba also recalled jalapeño products from the same supplier.
The FDA and CDC are monitoring the situation and said the recall reduces current risk.
Customers are advised to throw away recalled products and contact Whole Foods for a refund.
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Property investing in Australia has slowed down but is not broken, according to recent reports. Commonwealth Bank made a large profit due to strong mortgage demand, despite fewer new loan applications from property investors after government tax changes and interest rate hikes.
Key Facts
Commonwealth Bank reported an $11 billion profit, largely from mortgage lending.
Property investors took out $45 billion in loans in the second half of 2025 and $37 billion in early 2026.
Interest rates were raised three times by the Reserve Bank, and the government changed tax rules on property, reducing some investment benefits.
Since the new tax changes, investor loan applications dropped 28%, while loans for home buyers fell 9%.
The drop in investor loans aligns with government goals to cool the property market and help first-time buyers.
Commonwealth Bank says the worst part of the loan decline was over by June 2026, with signs of improvement expected in 2027.
Despite the slowdown, thousands of Australians still buy investment properties, and rents are increasing but slower than inflation.
Experts say rising interest rates and economic factors affect the housing market more than tax changes alone.
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Treasury Secretary Scott Bessent said in an interview that the U.S. economy is no longer divided into fast-growing and slow-growing parts, a situation called "K-shaped." This term refers to the widening gap between wealthy and less wealthy people during economic recovery. He made this statement while many Americans still face money problems.
Key Facts
Scott Bessent is the U.S. Treasury Secretary.
He spoke about the economy on August 4 during a CNBC interview.
The "K-shaped" economy means some people get richer while others struggle more.
Bessent said the K-shaped economy is now over.
Many Americans still worry about how much things cost.
The term "K-shaped" is used to explain economic differences between income groups.
This statement suggests the economic gap might be closing or improving.
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Gasoline prices in the U.S. have stayed around $4 per gallon during late summer, which is higher than usual for this time of year. The ongoing war involving Iran has created uncertainty that is keeping fuel prices elevated.
Key Facts
U.S. gas prices are about $4 per gallon in late summer.
These prices are higher than typical for this period.
The war involving Iran is causing uncertainty in oil markets.
Oil analysts say this uncertainty is keeping prices from dropping.
Consumers are paying more at the pump than in previous late summers.
The situation with Iran’s conflict affects global oil supply and prices.
Market experts continue to watch the war’s developments closely.
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Pennsylvania passed a new law that reverses a 2025 state Supreme Court decision about who owns mineral rights under certain state lands. These rights allow holders to extract natural resources like gas and coal. The law affects potential earnings from up to one million acres of state forests and parks, which are important sources of money for state conservation agencies.
Key Facts
Mineral rights give owners the ability to extract resources like coal, oil, and gas from underground land.
A group of families, led by the Proctor family trust, won a 2025 Supreme Court case affirming their ownership of mineral rights under state game lands.
The Pennsylvania legislature passed Act 27, reversing the Supreme Court ruling within about a year.
The law could impact up to one million acres of state park and forest lands.
Natural gas royalties from these lands provide almost half of the Pennsylvania Game Commission’s funding, about $100 million annually.
The Department of Conservation and Natural Resources earns a similar amount from gas drilling on state lands.
The state’s natural gas industry, including companies like EQT and groups like the Marcellus Shale Coalition, support the new law.
Critics say the legislation transfers valuable private property rights to the government without clear public benefit.
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Diageo, the company that owns brands like Guinness, Smirnoff, and Johnnie Walker, is trying to improve its business after recent profits dropped and its stock price fell. They hired Sir Dave Lewis to lead a plan that aims to save $1 billion in the next three years and help the company grow again.
Key Facts
Diageo owns over 200 drink brands worldwide including Guinness, Smirnoff, and Johnnie Walker.
The company has faced financial challenges with falling profits and a weaker share price.
British businessman Sir Dave Lewis has been appointed to manage Diageo’s turnaround.
Sir Dave Lewis is nicknamed "Drastic Dave" for cutting costs at other companies.
The company plans to save $1 billion over three years through this reset.
Diageo faces challenges from consumers drinking less alcohol.
Some customers are choosing local brands over global ones.
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A chocolate bar made entirely from British ingredients was created for the first time since 1932. The cocoa was grown and processed at the University of Reading’s International Cocoa Quarantine Centre in Berkshire to mark the university’s 100th anniversary.
Key Facts
The Reading 100 Chocolate Bar is made 100% from British ingredients, including cocoa grown in Berkshire.
This is the first fully British chocolate bar since 1932, when Rowntrees made one for Princess Elizabeth.
The cocoa plants come from the University of Reading’s quarantine centre, which houses over 300 types of cocoa to study and protect them.
Graduate student Maha Khan harvested, fermented, dried, roasted, and processed the cocoa to make the chocolate bar.
The UK's chocolate market is worth £10.4 billion but depends almost entirely on imported cocoa.
Josh Kushner and Bob Iger plan to buy the Los Angeles Lakers basketball team in a deal valued at $12.5 billion, which would be a record price for an NBA team. The purchase is awaiting approval from the NBA board of governors and further financial checks.
Key Facts
The deal to buy the Lakers is worth $12.5 billion, higher than the previous $10 billion valuation.
Billionaire Mark Walter owns the majority stake in the Lakers and also owns the LA Dodgers baseball team.
Walter’s financial activities are currently under federal investigation.
Bob Iger is the former CEO of Disney and has strong NBA connections through ESPN sports broadcasts.
Josh Kushner is a venture capitalist and founder of Thrive Capital, with an estimated personal wealth of $5 billion.
Both buyers have expressed a commitment to continuing the Lakers’ legacy and competing at a high level.
The deal ends previous plans by Kushner and Iger to create a new NBA team in Las Vegas.
The Lakers are changing after LeBron James left the team recently to join the Philadelphia 76ers.
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A federal appeals court confirmed a rule from the Federal Railroad Administration requiring some trains to have at least two crew members. Several railroad companies and industry groups had challenged this rule but lost the legal case.
Key Facts
The Federal Railroad Administration (FRA) set a rule mandating at least two crew members on certain trains.
Six railroad companies, including Union Pacific and BNSF, contested this rule.
Two trade groups, the Association of American Railroads and the American Short Line and Regional Railroad Association, also opposed the rule.
A federal appeals court reviewed the challenge and upheld the FRA’s rule.
The rule aims to ensure safety on trains by requiring a minimum crew size.
Union Pacific Railroad is owned by Berkshire Hathaway.
The court’s decision means the two-person crew requirement remains in effect.
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Credit card balances in the United States rose by $21 billion in the second quarter of 2026, reaching a total of $1.26 trillion. With high interest rates around 22%, many borrowers face growing debt, but some may qualify for credit card debt forgiveness programs to reduce what they owe.
Key Facts
Credit card debt increased by $21 billion in Q2 2026, reaching $1.26 trillion total.
Credit card interest rates are about 22% with daily compounding after grace periods.
Inflation and higher borrowing costs have made credit card debt harder to manage.
Debt forgiveness, or debt settlement, can reduce credit card balances by 30% to 50%.
Generally, borrowers must owe $7,500 or more to qualify for forgiveness programs.
Being overdue on payments (60 to 120 days late) can improve chances to get debt forgiven.
Creditors require proof of financial hardship, such as job loss or illness, to approve forgiveness.
Large debts above six figures might require other solutions like bankruptcy instead of forgiveness.
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The Plaquemines LNG export terminal in Louisiana is seeking to more than double in size through a fast-tracked approval process under an energy emergency declared by President Donald Trump. This expedited process shortens environmental reviews and public comment periods, raising concerns about harm to local wetlands and coastal land already threatened by erosion.
Key Facts
The Plaquemines LNG terminal opened less than two years ago near New Orleans.
The expansion could increase the terminal’s size from about 590 acres to 1,220 acres, making it the largest LNG export terminal in North America.
The U.S. Army Corps of Engineers is fast-tracking permits by cutting the public comment period from 30 days to 10 days.
The expansion could damage up to 470 acres of wetlands and water areas in Plaquemines Parish.
Louisiana’s coast has lost nearly 2,000 square miles of land since the early 1900s due to erosion and sea level rise.
The Trump administration declared a national energy emergency last year to speed up energy project permits.
Over 600 projects nationwide could benefit from the faster permitting under this emergency declaration.
More than 30 LNG export terminals are currently being built or planned in the U.S., with several located in Louisiana.
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The Federal Trade Commission (FTC) will pay over $23.8 million to more than 640,000 Grubhub users. These payments will go to diners and drivers affected by a previous issue.
Key Facts
The total payout is more than $23.8 million.
Payments will be sent as checks or PayPal deposits.
About 640,038 Grubhub users will receive money.
Both customers (diners) and delivery workers (drivers) will get payments.
The FTC is managing the distribution of these funds.
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Montana State University opened a new Wool Lab to help bring back the local wool industry. The lab will teach students and help sheep ranchers improve wool production and make it more profitable in Montana.
Key Facts
The Wool Lab is located at Montana State University and opened in July 2026.
It cost about $10 million, funded by government money and private donations.
The lab provides hands-on learning with sheep and focuses on improving wool quality and production.
Montana’s wool industry has declined over decades, with wool production falling by two-thirds and sheep farms halving in 30 years.
The U.S. sheep herd has shrunk by 90% in 80 years due to higher costs, drought, and more lamb imports.
Synthetic fabrics, made from fossil fuels, have replaced much of wool’s market share.
The lab also shares space with state veterinary and agriculture testing labs.
The Wool Lab aims to educate new generations and support a comeback for natural fibers like wool.
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Paramount Skydance is thinking about selling CNN to help solve a legal challenge against its planned $110 billion merger with Warner Bros. Discovery. Twelve states, led by California, are suing to block the merger, saying it could reduce competition in the entertainment industry.
Key Facts
Paramount Skydance wants to merge with Warner Bros. Discovery in a deal worth $110 billion.
Twelve states, including California, filed a lawsuit to stop the merger over antitrust concerns.
Paramount’s chief legal officer, Makan Delrahim, said selling CNN is one option to help deal with the lawsuit.
Delrahim worked as an antitrust official during President Donald Trump’s first term.
The merger has raised questions about CNN’s editorial independence with new ownership linked to Larry Ellison, a Trump ally.
CBS News, also owned by Paramount Skydance, made changes under new leadership that some say shifted its political stance.
Paramount has hinted it might move parts of its operations out of California if the lawsuit continues.
The Writers Guild of America opposes the merger and criticized Paramount’s threat to leave California as an attempt to avoid legal enforcement.
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Inflation has recently decreased but remains above the Federal Reserve's target of 2%, so many Americans are looking for ways to protect their savings. Three types of savings accounts—high-yield savings accounts, money market accounts, and certificates of deposit (CDs)—offer interest rates higher than current inflation, helping money grow despite rising prices.
Key Facts
Inflation rate in July was 3.4%, down from over 4% in May.
Core inflation, which excludes food and energy, fell slightly from 2.6% to 2.5%.
Traditional savings accounts have very low interest rates around 0.38%, which do not keep up with inflation.
High-yield savings accounts now offer interest rates above 4%, beating inflation while allowing easy access to funds.
Money market accounts pay about 3.9% interest, have check-writing abilities, and may increase rates if the Federal Reserve raises rates again.
Certificates of deposit (CDs) offer fixed rates up to about 4.4%, providing predictable earnings but require funds to stay locked in until maturity.
CDs have penalties for early withdrawal, so they are best for money you don’t need to access quickly.
These three account types can help protect savings from losing value due to inflation.
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Beverly Hills has approved the construction of The Millennium Residences, a 34-story residential tower set to become the tallest building in the city. The project will include 211 homes, with 32 affordable units, and aims to start building in 2027 to help address California’s housing shortage.
Key Facts
The Millennium Residences will be 418 feet tall and have 34 stories.
It will be located at 8300 Wilshire Boulevard in Beverly Hills.
The building will provide 211 new homes, including 32 affordable units.
The project was approved under California’s Assembly Bill 2011, which allows faster approval for housing projects that meet certain local rules.
Construction is planned to begin in 2027.
The development will require demolishing an existing mini-mall and businesses on the site.
Some local residents expressed concern about losing the mini-mall's shops and services.
The developer aims to include commercial space on the ground floor for restaurants and shops.
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The U.S. Treasury Department ended a rule that required American businesses and individuals to report information about who really owns them to a government office called FinCEN. The Treasury first suggested removing this rule in March 2025 and made it official on Tuesday.
Key Facts
The Treasury Department repealed a reporting rule for U.S. companies and individuals.
The rule required reporting beneficial ownership, meaning the real people who own or control a company.
This information had to be sent to the Financial Crimes Enforcement Network (FinCEN), a government agency that fights financial crimes.
The repeal was first proposed in March 2025.
The final decision was published in the Federal Register on Tuesday.
The change removes the obligation for businesses and individuals to provide ownership details to FinCEN.
The repeal affects rules introduced during President Biden’s administration.
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