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Business news, market updates, and economic developments
Emmitt Smith, former Dallas Cowboys running back, is being sued by a Native American investment company called Kituwah LLC. They claim Smith and his business partners misused a $2.5 million loan meant to fund a Texas wind farm project and did not meet the project’s promises.
Key Facts
Kituwah LLC loaned $2.5 million to a company linked to Emmitt Smith for a wind farm project called Project Exodus in Texas.
The lawsuit claims the loan money was used to pay back another investor, not for the wind farm.
Smith and his partner David Mosley are accused of misrepresenting efforts to get a U.S. Department of Energy loan.
Kituwah says the loan has accumulated about $600,000 in interest.
The wind farm project was supposed to start operating by December 2024, but there was little evidence of progress.
Kituwah expected repayment within months after giving the funds on September 1, 2023.
The lawsuit alleges Smith and his partners failed to meet government funding requirements and stopped responding to requests.
Emmitt Smith is a well-known football player who spent most of his career with the Dallas Cowboys and holds the NFL rushing record.
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Millions of Americans traveling for Labor Day will pay more for gas and plane tickets. These price increases are linked to disruptions caused by the conflict involving Iran and other global issues.
Key Facts
Many Americans are traveling during the Labor Day weekend.
Gas prices are higher than usual during this time.
Airfare, or the cost of plane tickets, has also increased.
The price rises are connected to conflicts involving Iran.
Other global conflicts are also contributing to the disruptions.
Disruptions affect how fuel and flights are priced and available.
This information comes from CBS News and their transportation correspondent.
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U.S. employers added 162,000 jobs in August, which is more than twice what experts expected. This strong job growth could influence future interest rate decisions by the Federal Reserve.
Key Facts
In August, the U.S. job market grew by 162,000 jobs.
Economists had predicted fewer than half that number of new jobs.
The report shows stronger-than-expected employment growth.
Job growth numbers can affect how the Federal Reserve sets interest rates.
Interest rates influence borrowing costs for businesses and consumers.
The news was reported by CBS News business producer Emily Pandise.
The report was covered through CBS News’s app and website.
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The U.S. economy created 162,000 new jobs in August, which was more than experts expected. This strong job growth may lead the Federal Reserve to raise interest rates soon to control inflation.
Key Facts
The U.S. added 162,000 jobs in August.
The job numbers were higher than what experts predicted.
The unemployment rate data was included but not specified here.
Strong job growth could influence the Federal Reserve's decision on interest rates.
Interest rate hikes are used to help reduce inflation by making borrowing more expensive.
The job report is part of the regular monthly economic updates.
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Mortgage rates for 30-year fixed loans have been rising and may soon exceed 7%, according to experts. This increase is mainly due to problems in the bond market caused by inflation fears, higher energy prices, and growing U.S. government debt.
Key Facts
The average 30-year fixed mortgage rate is currently 6.71%, the highest in 13 months.
Mortgage rates last hit 7% in January 2025.
Rising mortgage rates are linked to increases in the 10-year Treasury yield, which went from 4.08% to 4.77% in six months.
Inflation above the Federal Reserve’s 2% target is pushing investors to demand higher returns, increasing borrowing costs.
The Federal Reserve may raise its benchmark interest rate soon to combat inflation.
Some borrowers are already seeing mortgage rate offers above 7%.
Higher rates could reduce home buyer competition and possibly lower home prices.
Experts expect mortgage rates to stay high or keep rising in the near future.
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Illinois set new records in tourism last year, with visitors spending over $50 billion, leading to more than $88 billion in total economic impact. The tourism boost also generated nearly $5 billion in state and local taxes and supported various state projects and outdoor recreation.
Key Facts
About 115 million tourists visited Illinois last year, both from inside and outside the U.S.
Visitors spent $50.2 billion in Illinois, a 3.5% increase from the previous year.
Total economic impact from tourism was over $88 billion.
Tourism generated nearly $5 billion in direct state and local tax revenue.
Illinois collected $372 million in hotel taxes from visitors.
The state’s tourism campaign led to 2.8 million more trips and $904 million additional spending.
The state gave $3.3 million in grants to support tourism projects like the Route 66 centennial and Illinois America 250 campaign.
Outdoor activities like hiking, cycling, and wine tasting attract visitors, especially in southern Illinois.
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A 3-year certificate of deposit (CD) with $40,000 can earn around 4.35% to 4.50% interest if kept until it matures. This means savers could earn between $5,450 and $5,647 in interest by the end of the term, which is higher than the rates from earlier this year.
Key Facts
A CD locks your money for a set period, here 3 years, with a fixed interest rate.
Current 3-year CD rates are about 4.35% to 4.50%.
On $40,000, this rate can earn between $5,450 and $5,647 in interest over 3 years.
These rates are higher than rates in July (4.15%) and June (around 4.00%) of 2024.
Interest rates on CDs may rise if the Federal Reserve increases its rates in mid-September 2024.
Picking the best bank rate is important before committing money to a CD.
Withdrawing money early from a CD usually involves penalties that reduce earnings.
CDs are considered a safe investment because the interest rate is fixed and protects against market changes.
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The U.S. Department of Justice is widening its investigation into the cost of beef. The probe now includes eight major grocery store chains, including Publix and Walmart, to examine beef prices.
Key Facts
The Department of Justice is investigating beef prices in the U.S.
The investigation now covers eight of the largest grocery stores in the country.
Publix and Walmart are among the grocers being examined.
The focus is on whether beef prices are affordable for consumers.
The investigation seeks to ensure fair competition and pricing in the meat market.
This is part of a broader look at food prices affecting American shoppers.
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Gasoline prices are expected to be the highest ever during the Labor Day weekend, with prices over $4 per gallon. This increase, combined with higher costs for airfare and beef, is raising travel and food expenses for many Americans.
Key Facts
Labor Day gas prices are predicted to break the previous record set in 2012.
The national average gas price in August was $4.07 per gallon, higher than last year’s record.
Diesel fuel prices also reached a new high, affecting many industries.
A growing number of Americans, 79%, believe gas prices are rising, up from 38% six months ago.
Airfare for popular Labor Day destinations is about 20% more expensive than last year.
Around 17 million travelers are expected at U.S. airports over Labor Day week.
Ground beef prices are up 10% from last year, costing $6.89 per pound in July.
Higher energy and food costs may affect household budgets and political discussions leading up to the midterm elections.
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This article explains the current monthly payments on a $25,000 home equity loan. It compares payment amounts based on different interest rates and loan terms to help homeowners understand their borrowing costs in 2026.
Key Facts
As of September 2026, the average interest rate on home equity loans is 8.14%.
For a $25,000 loan at 8.14%, monthly payments are about $305 for a 10-year term or $241 for a 15-year term.
In April 2026, when rates were lower at 6.95%, monthly payments were $290 (10 years) and $224 (15 years).
January 2026 rates were close to current levels, with payments around $305 and $240 respectively.
Home equity loan payments are fixed unless the loan is refinanced, offering predictable monthly costs.
Using a home equity loan (fixed interest) instead of a HELOC (variable interest) can help with budgeting.
Borrowing smaller amounts is safer because it is easier to repay without risking the home.
It may be beneficial to apply for loans before expected Federal Reserve interest rate hikes to avoid higher rates.
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A new Federal Reserve report shows that data centers are becoming a major contributor to economic growth in the United States. These facilities help boost manufacturing, construction, and job creation, driven by the rise of artificial intelligence and cloud computing, despite some community concerns about their environmental impact.
Key Facts
The Federal Reserve's Beige Book reports a strong rise in data center projects across many U.S. regions.
Data centers have increased demand for construction and manufacturing jobs.
The Bureau of Labor Statistics said the economy added 162,000 jobs in August, surpassing expectations, partly due to the data center sector.
Hiring in construction and facilities related to data centers is up 46% this year.
Data centers need large amounts of electricity and water, raising environmental and community concerns.
Major tech companies like Meta, Microsoft, Amazon, and Google are expanding their data center operations.
Public opposition to data centers near homes increased recently, according to polls.
Despite opposition, data centers remain vital to growth areas like AI and cloud services.
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New inflation data to be released on September 11 will give a strong indication of the 2027 Social Security cost-of-living adjustment (COLA). The official COLA announcement will come on October 14, with current estimates around a 3.6% increase, which is higher than the 2.8% increase received in 2026.
Key Facts
Social Security COLA helps more than 70 million beneficiaries keep up with inflation.
The COLA is based on inflation data from July, August, and September, specifically from a measure called the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
The August inflation numbers releasing on September 11 are the second-to-last data needed to finalize the 2027 COLA.
Current forecasts by The Senior Citizens League estimate the 2027 COLA at about 3.6%.
A 3.6% COLA would raise the average monthly Social Security benefit from $2,086 to about $2,161 before Medicare costs.
Higher COLA numbers usually mean inflation is rising, so the increase may mostly cover higher costs rather than improve retirees’ financial well-being.
Energy prices affect the COLA because they impact inflation but may stabilize with cheaper winter fuel.
The final 2027 COLA will be announced by the Social Security Administration on October 14.
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Hollywood’s summer box office earnings rose to $4.61 billion between May and August 2026, the best in a decade and a 26% increase from 2025. This growth was driven by popular films, new directors attracting audiences, and resurgence in diverse movie offerings after years of pandemic disruptions.
Key Facts
Summer 2026 box office revenue in the U.S. reached $4.61 billion.
This is the highest summer total since 2013, but still below pre-pandemic attendance levels.
Ticket sales increased by 26.1% compared to summer 2025.
Popular franchises like Spider-Man and Toy Story helped drive sales.
Newcomers and low-budget films such as “Obsession” became surprise hits.
Younger audiences, especially Gen-Z, have been attending theaters more often.
Well-known directors like Christopher Nolan attracted large audiences.
The movie industry faces ongoing changes including company mergers and the impact of generative AI.
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Global government bond markets have become unstable, with rising interest rates on US and other countries’ government debt. This is partly due to high US debt levels, inflation worries from renewed Middle East conflicts, and increased borrowing by large tech companies.
Key Facts
The interest rate on 10-year US government bonds reached 4.8%, the highest in years, and 30-year bond yields hit their highest since 2008.
US government debt has exceeded $40 trillion, with annual deficits expected to be about 6% of GDP for some time.
Markets are reassessing the US fiscal situation and doubt that current policies adequately address the rising debt.
Renewed conflict between the US and Iran has pushed oil prices above $90 per barrel, increasing inflation concerns.
Higher inflation expectations lead investors to expect more interest rate hikes from central banks like the Federal Reserve and the European Central Bank.
Japan and the UK are expected to raise interest rates to counter inflation, ending Japan’s long period of very low rates.
Large US tech companies are borrowing heavily, issuing $135 billion in debt this year, which affects how much other government debt the market can handle.
Climate change and geopolitical instability are causing more frequent inflation shocks, influencing borrowing costs worldwide.
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Many Americans expect to rely on money inherited from their parents or relatives to support their retirement. However, experts warn that depending on this inheritance can be risky because the timing and amount are uncertain due to factors like health costs, taxes, and family changes.
Key Facts
A survey by LendingTree found that 81% of people expecting an inheritance count on it at least somewhat for retirement funds.
About 33% of Americans under 65 expect to receive an inheritance or financial gift in the future.
Higher earners and parents with young children are more likely to expect an inheritance: 53% and 46% respectively.
Only 43% of Americans aged 65 and older plan to leave an inheritance or financial gift.
Many heirs have not clearly discussed details of the inheritance; 16% have not talked about it at all.
LendingTree estimates that $17.2 trillion could be passed down from older homeowners between 2026 and 2045.
The Federal Reserve reports only 35% of non-retirees feel their retirement savings are on track for 2025.
Financial experts warn that counting on inheritance is risky due to unpredictable events like lawsuits, medical expenses, or changes in family situations.
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ABC News' Sam Champion shared a video showing highlights from the new Great Tides Waterpark. This waterpark is located on Norwegian Cruise Line’s private island called Great Stirrup Cay.
Key Facts
The Great Tides Waterpark is new and located on Great Stirrup Cay.
Great Stirrup Cay is a private island owned by Norwegian Cruise Line.
ABC News correspondent Sam Champion provided an exclusive look at the waterpark.
The video was shared on the "Good Morning America" (GMA) show.
The waterpark is part of the offerings to passengers on Norwegian Cruise Line cruises.
The article content mainly promotes the waterpark experience.
The news is connected to travel and tourism involving cruise ships.
No additional details about waterpark features or opening dates are provided in the excerpt.
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A court ruled in favor of Elon Musk’s X company by blocking Operation Bluebird from using the "Twitter" name for a new app. However, the court did not stop Operation Bluebird from using the “tweet” term or the bird logo, as it found X likely abandoned those marks.
Key Facts
Chief Judge Colm Connolly ruled that X (formerly Twitter) had not fully given up the Twitter name.
X’s app listing in the Apple App Store says, “Welcome to X (formerly known as Twitter),” supporting X’s claim to the Twitter name.
Survey evidence showed Twitter is still a well-known brand, helping X’s case.
The court blocked Operation Bluebird from using the Twitter name until the court case is finished.
X’s claims to the “tweet” word and bird logo failed because evidence showed X intended to stop using them.
Musk publicly said he planned to remove the Twitter brand and bird logo.
Old webpages and inactive social media accounts showing the bird logo or “tweet” were from the previous Twitter era and not current use.
X’s legal team failed to prove intentional continued use of the bird logo or “tweet” mark during the rebranding.
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The U.S. job market showed stronger growth in August than expected, with employers adding 162,000 jobs. Revisions to previous months also showed more growth, suggesting the labor market remains stable despite economic challenges.
Key Facts
August saw the largest job gain since March with 162,000 new jobs added.
The unemployment rate stayed steady at 4.1%.
June and July job numbers were revised up by a total of 55,000 jobs.
Government education jobs increased by 42,000 in August, reversing a July decline.
Bars and restaurants added 59,000 jobs in August, despite the World Cup ending in July.
Manufacturing employment rose by 16,000 jobs, continuing a trend from late last year.
The information sector lost 23,000 jobs in August and 115,000 over the past year.
Labor force participation increased to 61.6% after a drop in previous months, but remains below last year’s level.
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The article discusses the use of tariffs by President Donald Trump on Canada and clarifies that the phrase "up to 50 percent" does not mean the tariff will always be exactly 50 percent. Tariffs are taxes on imports and can vary depending on specific trade rules and conditions.
Key Facts
President Donald Trump imposed tariffs on Canadian goods.
The term "up to 50 percent" means the tariff could be any amount from zero to 50 percent, not always the top rate.
Tariffs are taxes charged on products brought into the country.
These tariffs affect trade between the United States and Canada.
The exact tariff rate depends on the rules set by the government or trade agreements.
The article aims to clear up confusion about how high tariffs actually are.
Tariffs can influence prices for businesses and consumers.
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