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Business news, market updates, and economic developments
Americans now owe over a trillion dollars in credit card debt, which has increased by 60% in the last five years. Higher interest rates are making it harder for people to pay off their debts, leading to more late credit card payments.
Key Facts
Total credit card debt in the U.S. is more than one trillion dollars.
Credit card debt has grown by 60% compared to five years ago.
Rising interest rates increase the cost of carrying credit card debt.
Higher costs make it harder for people to pay down what they owe.
Late or missed credit card payments, called delinquencies, are increasing.
The article was explained by economics correspondent Paul Solman.
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Credit card debt in the U.S. rose to $1.26 trillion in the second quarter of 2026, approaching the highest level ever recorded. This increase is linked to strong consumer spending and higher prices for essentials like groceries and gas.
Key Facts
Credit card debt increased by $21 billion in the second quarter of 2026.
The total outstanding credit card debt is near the record of $1.28 trillion set in late 2025.
Rising prices for everyday items and strong consumer spending help push credit card balances higher.
The share of credit card balances over 90 days late rose from 7.6% in mid-2022 to 12.8% in early 2026.
Higher late payments are partly due to older debts rather than new missed payments.
Auto loan debt reached a record $1.71 trillion, while student debt and mortgage debt went down.
Total household debt in the U.S. is $18.8 trillion, including mortgages, auto loans, student loans, credit card debt, and home equity lines of credit.
The data comes from the New York Federal Reserve, using credit report information from Equifax.
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Trump Media & Technology Group is selling fast access to President Trump's social media posts on Truth Social through a data service called Truth API, charging up to $100,000 a month. The company hopes this new product will help increase revenue after struggling financially, but the service has raised concerns about fairness and ethics.
Key Facts
Trump Media sells faster access to Truth Social posts via an API to customers, mainly trading firms, for $60,000 to $100,000 per month.
The API provides quick access to posts from President Trump and other top accounts before they appear publicly on the platform.
The service could give investors a small advantage in reacting to market-moving news like tariffs or foreign policy updates from the president.
Trump Media’s CEO said they are talking with cloud firms, AI companies, and news outlets about buying access and plan to offer it to regular investors.
The company has never made a profit and saw its losses increase to $238 million in the second quarter, partly due to falling crypto asset values.
Trump Media also invests in crypto and is merging with a fusion energy firm to diversify its business.
Ethical questions arise over selling faster access to presidential posts that could influence financial markets.
A U.S. senator has proposed a bill to ban special paid access to government officials' social media accounts for market-related information.
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California’s high-speed rail project may run out of money by December 2027 unless it borrows billions to continue. The rail authority has cut its train order in half and delayed buying trains, risking federal funding and increasing costs.
Key Facts
The rail project could run out of funding by December 2027 without new financing.
The project faces a $9.5 billion funding gap over five years.
Borrowing to cover this gap could cost an extra $3.6 billion to $6.6 billion in interest.
The authority cut the train order from six trainsets to three, with options for 19 more but no guarantees.
The deadline to buy trains has been delayed to February 2030.
The authority may use a lease-purchase plan instead of outright buying the trains.
Federal "Buy America" rules, which require trains to be made in the U.S., were removed from the initial train order.
The rail authority missed deadlines tied to $4 billion in federal funding and dropped its lawsuit against the previous administration.
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Hims & Hers Health announced plans to start selling compounded peptides. The company is working on creating high-quality peptides made in the U.S., offering expert advice and regular blood tests to customers.
Key Facts
Hims & Hers Health plans to sell compounded peptides.
Peptides will be made in the United States.
The company aims to provide expert clinical guidance with the peptides.
Regular blood testing will be part of the service to monitor customers’ health.
The announcement was made during the company’s Monday earnings call.
Andrew Dudum, the CEO, shared these details during the call.
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U.S. stock markets fell slightly after recently reaching record highs, while oil prices moved up and down because of uncertainty about the war with Iran and its effect on oil supply. The S&P 500, Dow Jones, and Nasdaq all dropped, and Brent crude oil prices briefly rose above $90 before settling lower.
Key Facts
The S&P 500 index dropped by 0.3%, continuing a small decline after reaching an all-time high on Friday.
The Dow Jones Industrial Average fell by 184 points, or 0.3%.
The Nasdaq composite index decreased by 0.6%.
Brent crude oil prices jumped above $90 per barrel in the morning.
Later, Brent prices fell back below $87 before closing at $88.91.
The price of Brent crude oil increased by 1.4% compared to the previous day.
Oil price changes are linked to uncertainty about when the war with Iran will allow the free flow of crude oil again.
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The Australian Coalition plans to reduce net overseas migration to under 180,000 per year and drastically simplify the national housing construction code. The goal is to increase housing supply and make it easier to build affordable homes. The government says it will streamline the code soon, focusing on modernizing building rules.
Key Facts
The Coalition wants to cut net overseas migration to below 180,000 annually by reducing family and student visas.
Net overseas migration counts people entering Australia minus those leaving and is currently set at 185,000 per year.
The Coalition aims to reduce migration to address a shortfall of 130,000 homes over four years.
Shadow housing minister Andrew Bragg proposes cutting the 2,000-page construction code down to 80 pages for simpler building standards.
The government has frozen the current construction code for four years and plans a new streamlined version later this year.
Treasurer Jim Chalmers says the housing market’s recent slowdown is due to multiple reasons, not just tax changes.
The Commonwealth Bank reported an $11 billion profit, helped by strong home and business lending despite a weak housing market.
Personal loan repayments are becoming harder for some Australians, but home loan and credit card arrears remain low.
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Sales of used homes in the U.S. dropped by 1.7% in July compared to June, mainly because home prices and mortgage rates are very high. Despite the drop, sales were slightly higher than last year, but homes remain very expensive and hard to find.
Key Facts
Existing home sales fell 1.7% in July to a seasonally adjusted annual rate of 4.06 million units.
The median price of existing homes rose 2% from last year to $434,100 in July.
Mortgage rates for a 30-year fixed loan reached 6.69%, the highest in over a year.
Home prices have increased every year for 37 months in a row.
The number of homes for sale in July was 1.54 million, below the pre-pandemic typical 2 million.
At July's sales pace, there is about a 4.6-month supply of homes, less than the 5-6 months considered balanced.
First-time buyers made up 29% of home sales in July, lower than the usual 40%.
The Northeast region saw prices rise 5.2% year-over-year due to low home inventory.
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A federal safety agency released a report on a deadly explosion in August 2025 at the Clairton Coke Works steel plant in Pennsylvania. The explosion killed two workers and injured 11 others while flushing a gas valve, and the report recommends new safety procedures to prevent similar accidents.
Key Facts
The blast happened at U.S. Steel’s Clairton Coke Works near Pittsburgh.
Two workers died and 11 others were injured, including contractors.
The explosion occurred during a routine maintenance task involving flushing a gas valve with pressurized water.
The gas valve ruptured, releasing flammable coke oven gas.
The Chemical Safety Board found that U.S. Steel had no formal, written procedure for flushing gas valves safely.
OSHA fined U.S. Steel $118,214 and issued 10 safety citations due to incomplete and outdated safety practices.
The valve that failed was over 70 years old and made of brittle cast iron, a material not recommended for flammable gas systems.
The report suggested relocating buildings away from coke oven gas piping to reduce injury risk in case of future incidents.
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John Pye, co-founder of the auction company John Pye & Sons, has died at the age of 95. He helped grow a small business started in 1968 into a leading auction company with locations across the UK and Spain.
Key Facts
John Pye and his wife Ann started the company in 1968 called Furniture & General Auctions in Nottingham.
The business began with a horse and cart and focused on house clearances and business asset sales.
It became John Pye & Sons Limited in 1990 and moved to larger offices near Notts County's stadium.
The company bought the old Star Brewery site in New Basford in 1995 to expand.
In 2007, it switched from live auctions to online 24-hour timed auctions.
John Pye & Sons now has auction centers in Derby, Birmingham, Bo'ness, Margam, and Zaragoza, Spain.
The company said John Pye had a big impact on his colleagues and the local community.
The firm and family expressed thanks for the support after his passing.
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The Treasury Department and IRS have set rules for employer programs that let parents put pre-tax money into Trump accounts for their children. These accounts are a way to save money on taxes while investing for children’s futures, and employers may also contribute or match some of the money.
Key Facts
The Treasury and IRS released new guidelines for employer-sponsored contributions to Trump accounts.
Trump accounts are tax-deferred investment accounts for children.
Parents can contribute money directly from their paychecks before taxes are taken out.
Employers may also add money or match some of the parents’ contributions.
The announcement was made on a Tuesday.
This program aims to help families save for children’s futures through employer and parental contributions.
The rules include the process employers and parents must follow for contributions.
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Paramount CEO David Ellison may move the company’s headquarters out of California if the state continues to block its merger with Warner Bros Discovery and does not start settlement talks by October. California Attorney General Rob Bonta is leading a lawsuit to stop the merger, arguing it would reduce competition and harm the film industry.
Key Facts
Paramount plans to merge with Warner Bros Discovery in a deal worth $110 billion.
California is suing to block the merger, saying it would give the new company too much control over films and cable TV.
Paramount CEO David Ellison threatened to move the company out of California if talks do not begin by October 1.
Potential new headquarters states include Tennessee, Texas, or Georgia, which are not part of the lawsuit.
The merger has raised concerns about fewer opportunities for diverse stories in films and higher prices for consumers.
Ellison argues the lawsuit is about control over news outlets like CNN, not just market competition.
Paramount owns CBS News, Paramount Pictures, and recently consolidated with Skydance and Warner Bros Discovery.
California Attorney General Rob Bonta leads a coalition of 12 states opposing the merger on antitrust grounds.
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Used electric vehicle (EV) prices in the U.S. have risen by over 5% since February, despite more cars being available from leases ending. Sales of used EVs increased by about 20% year over year, with many buyers interested in models priced between $25,000 and $30,000.
Key Facts
Used EV supply is growing due to more ex-lease vehicles entering the market.
Prices for used EVs have increased by over 5% since February, partly influenced by geopolitical events.
Used EV sales were up by 25% year over year by May but slowed slightly in June, resulting in about a 20% overall increase.
Used EVs spend less time on dealer lots (38 days) compared to new EVs (81 days).
There are over 9,000 used EVs priced between $25,000 and $30,000 available nationwide.
Popular models in this price range include Chevrolet Blazer EV, Chevrolet Equinox EV, Ford Mustang Mach-E, Hyundai Ioniq 5, Kia EV6, and Tesla models.
Some models, like the Hyundai Ioniq 5 and Kia EV6, are recommended despite past reliability concerns because of extended warranties.
Less common models in this range include the Nissan Ariya, Volkswagen ID.4, Honda Prologue, Toyota bZ4x, Subaru Solterra, and Polestar 2 sedan.
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A new survey shows many hourly workers feel unchallenged and less productive at their jobs, a condition called "rusting out." This happens when employees feel underused, leading to lower motivation and job performance, even though they still show up and do their work.
Key Facts
The survey was done by Deputy, a company that makes scheduling software.
About 15% of workers said they feel just "OK" about their jobs, which signals a risk of rusting out.
"Rusting out" means feeling like you are not using your skills fully, similar to a tool that gets rusty if unused.
This feeling is different from burnout, which is more about exhaustion and visible disengagement.
Workers who are rusting out still perform their tasks but lose interest and purpose in their work.
One cause of rusting out is managers not supporting employee growth and development.
Rusting out can harm business performance because workers are not motivated to do their best.
The study focused on hourly workers in fields like hospitality, retail, and healthcare.
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Putting $75,000 into a one-year certificate of deposit (CD) at 4.40% interest will earn about $225 more than putting the same amount in a high-yield savings account at 4.10% interest over one year. However, a savings account’s interest rate can change over time, possibly increasing if the Federal Reserve raises rates, while a CD rate stays fixed for the term.
Key Facts
A one-year CD at 4.40% interest on $75,000 will earn about $3,300 in interest.
A high-yield savings account at 4.10% interest on $75,000 will earn about $3,075 in interest over one year.
The CD will earn $225 more than the high-yield savings account if rates stay the same.
High-yield savings accounts have variable rates that can change with market conditions.
The Federal Reserve might raise interest rates in September, which could increase savings account rates.
CDs have fixed rates that remain the same until the term ends, regardless of market changes.
Splitting money between CDs and savings accounts can balance the benefits of fixed and variable rates.
Traditional savings accounts earn much less interest, about 0.38%, which offers minimal growth.
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Richard Tice, deputy leader of the Reform party, has threatened legal action against the Guardian newspaper to force it to reveal its sources in reports about his and Nigel Farage’s financial dealings. The Guardian reported that some transactions were referred to the National Crime Agency due to money laundering concerns. Several experts and public figures criticized Tice’s legal threats as an attempt to intimidate journalists and block investigations into political funding.
Key Facts
Richard Tice sent a legal letter to the Guardian demanding disclosure of sources linked to reporting on his financial transactions.
The financial activities of Tice and Reform UK leader Nigel Farage have been investigated by the Guardian and referred to the National Crime Agency.
The Guardian uncovered secret donations: £1 million via Tice’s fundraising vehicle and £5 million to Farage before he announced his 2024 election run.
Banks reported some transactions to authorities over fears of money laundering.
Tice and Farage are suing the National Crime Agency, claiming leaks came from inside the agency.
Experts argue protected sources are essential for investigative journalism and that legal threats threaten press freedom.
The Guardian vows to defend its sources and continue reporting on political funding and financial transparency.
Former political figures and anti-corruption campaigners urge reforms to prevent wealthy individuals from using the law to block media scrutiny.
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The Food and Drug Administration (FDA) released a report about a recall of lettuce contaminated with the parasite Cyclospora. The report shows that less than 2.5% of the recalled lettuce from Taylor Farms went to Taco Bell, while most was sold to Walmart and other buyers.
Key Facts
Taylor Farms recalled 236,192 cases of lettuce due to Cyclospora contamination.
Only about 5,900 cases (less than 2.5%) went to Taco Bell’s parent company, Yum.
Walmart, under the Marketside brand, received 109,476 cases, which is over 46% of the recalled lettuce.
Taylor Farms’ own brand got 68,897 cases, about 29%.
Other recipients included Cross Valley Farms (8%), Sysco (4.9%), Markon (3.15%), Subway (3.4%), and Jack in the Box (2.2%).
Taylor Farms delayed recall and was not clear about the full distribution of the contaminated lettuce.
The FDA report provided more detailed information than Taylor Farms did in its recall notice.
The Centers for Disease Control and Prevention (CDC) specifically warned people not to eat shredded iceberg lettuce at Taco Bell in certain states due to cases linked to the chain.
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College move-in day is becoming more expensive for families as they prepare for students going back to campus. Many families face higher costs for items and services needed during this time.
Key Facts
College students are returning to campus for the new school year.
Move-in day costs for families are rising.
Families spend money on various items and services related to moving in.
The article highlights financial challenges linked to college preparation.
No specific prices or reasons for cost increases are detailed in the article excerpt.
The information is relevant to families with students attending college.
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A new skyscraper project called Georgia + Abbott has been approved by Vancouver city council. The project will include Western Canada's tallest tower at 1,033 feet, with a hotel, public spaces, housing, and Indigenous art features.
Key Facts
The Georgia + Abbott development will have a 1,033-foot hotel tower with a "forest in the sky" green space at the top.
It will be Vancouver’s first supertall building and the tallest tower in Western Canada.
The project covers over three million square feet across three connected sites in downtown Vancouver.
City council approval included rezoning a parking lot into social housing with a child-care center and Indigenous art gallery.
The development will create 1,783 homes, including market-rate, rental, and 237 social housing units.
The design was inspired by British Columbia’s rare glass-sea-sponge reefs, which influenced the building’s structure.
The project is expected to boost public spaces, transit connections, tourism, jobs, and investment.
Construction is expected to start after around five years of design work, permits, and technical studies.
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Apple TV is considering bidding for the US broadcast rights to golf’s Open Championship after its current deal with NBC ends in 2028. This move is part of Apple’s growing interest in sports broadcasting, competing with other streaming services like Netflix and Amazon.
Key Facts
Apple TV has had early talks with the golf organization R&A about bidding for US rights to the Open Championship.
NBC currently holds the US rights for the Open until 2028, shared with media company Versant and the Golf Channel.
Other streaming platforms like Netflix and Amazon may also bid for the Open rights.
Apple’s first big sports deal, a $2.5 billion 10-year contract for Major League Soccer, ended early due to low viewership.
Apple has a current five-year, $750 million exclusive US deal for Formula One racing rights.
The R&A values its relationship with NBC and Versant but is open to new bids as the US media rights cycle approaches.
Apple is committed to investing in sports broadcasting and is actively seeking new sports content rights.
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