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Business news, market updates, and economic developments
Kellogg announced it will remove artificial colors from all its cereals by the end of 2025, a year earlier than planned. The company will use fruit- and vegetable-based juices for coloring and will also remove the artificial preservative BHT from certain cereals.
Key Facts
Kellogg plans to remove artificial colors from all cereals by the end of 2025, ahead of the original 2027 target.
Natural colors will come from fruit and vegetable juices to keep cereals like Froot Loops and Apple Jacks colorful.
Kellogg has invested in new equipment to support this change.
The company will also remove BHT, an artificial preservative, from some cereals.
Consumer demand for simpler, recognizable ingredients helped speed up the timeline.
Kellogg had already removed artificial dyes in countries like Canada.
Activists delivered 400,000 petition signatures in 2024 asking Kellogg to drop artificial dyes and BHT.
Retailers like Target and Walmart are also removing artificial colors from their cereal products.
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President Trump’s Treasury Secretary Scott Bessent said the U.S. economy is no longer "K-shaped," meaning lower-income workers are starting to see better wage gains. However, many economists disagree and say the gap between rich and poor in the economy is still large.
Key Facts
Scott Bessent said the K-shaped economy is over and the economy now looks like a "C," where lower wage earners are improving.
The K-shaped economy describes a split where wealthy households grow richer while poorer households struggle with slow income growth and rising prices.
A New York Fed report showed that since early 2023, higher-income households have kept retail spending up, while low-income households have spent less.
Some periods in 2023 and 2024 saw the lowest wage earners getting relatively higher wage growth compared to other groups.
Hilton CEO Christopher Nassetta also described the economy as "C-shaped" based on hotel occupancy trends shifting to more middle and lower-priced customers.
Federal Reserve Chair Jerome Powell stated in December that the K-shaped economy is real and that low- and moderate-income people are cutting back on spending.
Financial experts like Peter Orszag and Moody’s chief economist Mark Zandi say the K-shaped economy still exists and the economic divide remains significant.
The debate highlights different views on whether recent economic policies are helping lower-income Americans catch up to higher earners.
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Certificate of deposit (CD) interest rates have changed since last August but remain competitive, especially for longer-term CDs. While some short-term rates have fallen, others have stayed the same or increased, and rates may rise soon if the Federal Reserve hikes interest rates in September.
Key Facts
CD rates for short terms like 3 and 6 months are slightly lower than last August.
The 1-year CD rate stayed the same at 4.40%.
Longer-term CD rates (18 months or more) have increased compared to last year.
The Federal Reserve cut rates three times in late 2025, which some expected to lower CD rates more.
Inflation caused by the Iran war slowed the Federal Reserve’s rate changes.
A possible rate hike in September 2026 could push bank CD rates higher.
Banks can raise CD rates anytime, not only when the Federal Reserve acts.
CDs remain a useful savings tool for protecting money and earning interest in today’s economy.
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Multiple debt collectors can try to collect payment on the same debt, often because the debt has been transferred or sold to different agencies over time. However, usually only one collector has the legal right to collect at a time, so it is important to verify which company is authorized before making any payments.
Key Facts
Debts may be passed from one collection agency to another if the first is unsuccessful.
Debt buyers can purchase debts and then try to collect or hire another collector.
Sometimes, collection efforts overlap due to timing delays or outdated records.
It is uncommon and usually not allowed for two companies to legally collect the same debt simultaneously.
Consumers should request proof of debt (debt validation) to confirm who owns the debt.
Comparing account details can help identify if multiple collectors are contacting about the same debt or different debts.
Consumers have the right to dispute debts that cannot be verified or are claimed by unauthorized collectors.
Keeping records of communications and payments helps resolve disputes if multiple collectors claim the same debt.
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Mortgage rates in the U.S. have risen for the fifth straight week, reaching 6.69%, the highest level in over a year. Higher rates increase borrowing costs for homebuyers, which may slow down home sales.
Key Facts
The 30-year fixed mortgage rate rose to 6.69%, up slightly from 6.66% last week.
This is the highest mortgage rate since July 2025.
The 15-year fixed mortgage rate fell slightly to 6.01% from 6.04% last week.
Higher mortgage rates mean borrowers pay more each month, reducing their ability to buy homes.
U.S. home sales have slowed partly because of rising mortgage costs.
Mortgage rates track the 10-year Treasury yield, which was 4.65% on Thursday, up from 3.97% before the U.S.-Iran conflict began in February.
The war between the U.S. and Iran has increased inflation fears and crude oil prices, contributing to higher mortgage rates.
Despite recent drops in oil prices, bond yields remain high, keeping mortgage rates elevated.
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The Department of Homeland Security (DHS) is planning a rule change that would make some employers pay a $4,000 fee when renewing H-1B and L-1 work visas. This could cost big companies that use many of these visas millions of dollars in extra fees each year.
Key Facts
DHS wants to apply an existing $4,000 fee to H-1B and L-1 visa renewal petitions for certain employers.
This fee is not new nor increased but will apply in more cases due to a 2015 law update.
Employers with 50 or more U.S. employees, where over half have H-1B or L-1 visas, would have to pay this fee.
Companies like Amazon, Apple, Microsoft, Infosys, and Tata Consultancy Services could be affected.
For example, a company filing 1,000 H-1B visa extensions could pay an extra $4 million in government fees.
The H-1B visa allows U.S. employers to hire skilled foreign workers for specialized jobs requiring at least a bachelor's degree.
The L-1 visa lets multinational companies transfer executives or specialized staff to the U.S.
The final rule has not yet been published, so details and timing may still change.
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The article emphasizes that the United States needs to adopt an energy plan based on new ideas and technology instead of political beliefs. It warns that China might dominate the future energy market if America does not move quickly.
Key Facts
America needs a new energy strategy focused on innovation.
Innovation means using new ideas and technologies to produce and use energy more efficiently.
The current approach may be influenced too much by political views rather than practical solutions.
China is advancing in energy technologies and could control the future market.
Acting fast is important for the U.S. to stay competitive in energy.
Energy control relates to who leads in producing and selling energy resources and technologies.
The article suggests the U.S. risks losing global energy leadership without change.
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A new report from Bank of America shows that cities hosting the World Cup experienced increased spending from fans inside and outside the country. This rise in spending brought an economic benefit to the host cities.
Key Facts
Bank of America released a report on World Cup host cities.
These cities saw more money spent by fans during the event.
Spending came from both local (domestic) and visiting (international) fans.
The increased spending gave an economic boost to the host cities.
David Tinsley, a senior economist at Bank of America, provided details about the report.
The report highlights the financial impact of hosting the World Cup.
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The Powerball jackpot has grown to an estimated $856 million, making it the eighth largest jackpot in the game's history. The drawing is held three times a week, and tickets cost $2 each.
Key Facts
The current Powerball jackpot is $856 million.
This jackpot ranks as the eighth largest in Powerball history.
It is the biggest Powerball jackpot since a $1.817 billion prize won in Arkansas in December 2025.
Powerball tickets sell for $2 each.
Players choose five numbers from 1 to 69 and one Powerball number from 1 to 26.
Drawings take place every Monday, Wednesday, and Saturday.
Powerball is played in 45 U.S. states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands.
The odds of winning the jackpot are 1 in 292.2 million.
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Australia’s housing market is seeing falling home prices due to rising interest rates and new government tax changes on property investors. Experts predict the price drop will continue until around April next year before leveling off and slowly rising again.
Key Facts
The Reserve Bank of Australia has increased interest rates, making home loans more expensive.
Home prices have fallen by about 7.8% this year and are expected to keep declining until April next year.
Previous property downturns were often caused by interest rate hikes, crises, or policy changes.
The government recently changed tax rules for property investors, affecting market sentiment.
Price drops vary by city; Sydney and Melbourne could see declines around 10%, while smaller capitals may drop 2-4%.
Prices in Brisbane, Perth, Adelaide, and Hobart are expected to grow by 2026.
Interest rates are predicted to stay higher than pre-pandemic levels for some time.
Experts think the housing market may reach a new normal with slow or stagnant price growth, balancing affordability without a major crash.
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AJ Daulerio, former editor of Gawker, has maintained sobriety for 10 years and now focuses on recovery and building a media company called The Small Bow. His new work shares honest stories about addiction and aims to help others, while he balances business growth with his personal spiritual practices.
Key Facts
AJ Daulerio wakes up early to meditate, journal, and exercise daily as part of his recovery routine.
He leads recovery meetings online and attends therapy, support groups, and medical appointments regularly.
Daulerio has bipolar disorder and manages it with medication and therapy.
He celebrates 10 years of sobriety and has shifted from a controversial media figure to a thoughtful writer.
The Small Bow is a newsletter where Daulerio writes about addiction recovery and personal growth.
He hopes to expand The Small Bow into a larger media company providing guidance for people struggling with addiction.
Daulerio struggles to balance self-promotion needed for business success with keeping his ego and spiritual values in check.
The print media industry has been declining since the 2000s, making his business goals challenging.
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The UK government has approved Paramount’s $110 billion takeover of Warner Bros Discovery after Paramount agreed to protect UK-based content and maintain Channel 5’s public service role until 2034. The deal still faces a major legal challenge in the US, which could delay its completion.
Key Facts
UK Culture Secretary Lisa Nandy decided not to block Paramount’s acquisition of Warner Bros Discovery.
Paramount made concessions to protect UK content and keep Channel 5 as a public service broadcaster until 2034.
Channel 5 News will stay editorially independent and separate from other merged news outlets like CBS News and CNN International.
Paramount agreed to keep separate editorial identities for its UK TV services, including children’s programming, for five years.
The UK Competition and Markets Authority and the EU have already approved the deal.
Paramount CEO David Ellison’s influence will increase if the deal goes through, creating a large media company with brands like Superman, Batman, Top Gun, CNN, and TNT Sports.
A coalition of US state and writers’ unions is suing to block the deal over antitrust concerns.
The US court trial is scheduled for March 2027, delaying the deal’s completion and increasing costs for Paramount.
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The UK government has approved Paramount’s $81 billion purchase of Warner Bros. Discovery, deciding the deal does not reduce competition in the country. Paramount agreed to several legal promises to protect UK broadcasting and streaming services, helping clear this step toward completing the merger.
Key Facts
UK’s Competition and Markets Authority approved Paramount’s takeover of Warner Bros. Discovery.
The deal is worth $81 billion.
Britain’s Department for Digital, Culture, Media and Sport (DCMS) also decided not to block the merger.
Paramount made legally binding promises to keep UK TV and streaming services diverse and independent.
Paramount owns Channel 5 and localized Nickelodeon programming in the UK; Warner owns TNT Sports UK.
The companies agreed to keep editorial independence at Channel 5, separate from CBS and CNN.
They will not combine linear TV channels with on-demand services in the UK.
DCMS will monitor Paramount’s compliance yearly with these commitments.
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Job candidates are finding it harder to decide what to wear for interviews because many workplaces have become more casual after the pandemic. While suits are still common for some jobs, many companies now have relaxed dress codes, and candidates are advised to research a company’s culture before choosing their outfit.
Key Facts
Traditional suits are no longer the automatic choice for job interviews due to more casual work environments.
Virtual interviews and hybrid work have contributed to more relaxed dress codes.
Suits remain common for senior roles and certain fields like law and finance.
Candidates can check a company’s website or social media to learn about typical employee dress styles.
It is helpful to dress slightly more formally than current employees to make a good impression.
Feeling comfortable and confident in what you wear can improve interview performance.
Asking a recruiter or hiring manager about dress code is recommended if uncertain.
Casual dress codes are often linked to company culture described as innovative or young, while traditional companies usually expect formal dress.
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CBS Mornings Deals offers special discounts on various products that can improve daily life. Viewers can visit cbsdeals.com to see and buy these discounted items.
Key Facts
CBS Mornings Deals features products with exclusive discounts.
The items shown aim to improve everyday lifestyle.
Shoppers can find these deals on the website cbsdeals.com.
CBS earns commissions when people buy through this site.
The promotion is part of CBS News content.
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SpaceX is allowing employees to sell some of their company shares, which could give early workers a large amount of money. Many employees received stock options as part of their pay, and now they can turn those options into cash.
Key Facts
SpaceX has unlocked shares, meaning employees can now sell some of their stock.
Early employees were given stock options as part of their compensation.
Selling shares could result in a significant financial gain for these employees.
One example mentioned is a former employee using their earnings to renovate a brewery in Italy.
The event is recent, with the unlocking happening on a Thursday.
The news is covered by the BBC and focuses on the financial impact for SpaceX workers.
This share unlocking relates to a private company, not a public stock market listing.
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Debt collectors are generally not allowed to change the original date when a debt first became overdue to make the debt look newer, a practice called "re-aging." Laws like the Fair Credit Reporting Act protect consumers by ensuring debts are removed from credit reports after seven years and prevent collectors from making old debts seem legally collectible when they are not.
Key Facts
Re-aging means making an old debt appear newer to keep it longer on a credit report.
Laws forbid debt collectors from changing the original delinquency date of a debt.
The Fair Credit Reporting Act requires that negative information be removed from credit reports after seven years.
The Fair Debt Collection Practices Act bans collectors from pretending expired debts are still collectible.
Debt often changes owners, but this does not reset the debt’s age.
A common sign of re-aging is mismatched dates between the original creditor’s records and the current collector’s report.
Sometimes collectors claim recent payments that never happened to reset the debt’s timeline.
Violating these rules can lead to fines or legal penalties for debt collectors.
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The U.S. Bureau of Labor Statistics will release the July jobs report on August 7. Recent data shows little change in job growth, and experts are watching closely to see how the labor market is doing.
Key Facts
The July jobs report will be published on Friday, August 7.
The report is issued by the U.S. Bureau of Labor Statistics.
Recent economic data shows little movement in job growth.
Experts are analyzing these trends to understand the health of the job market.
CBS News business analyst Jill Schlesinger provides insights on what to expect.
The report will help indicate whether the U.S. labor market is improving, stable, or slowing down.
This information can influence business and economic decisions.
The coverage is sponsored by AT&T Business.
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Jill Schlesinger gave advice on investing during a time when the stock market is doing well. She appeared on the CBS Mornings show to share these tips.
Key Facts
The stock market is currently performing strongly.
Jill Schlesinger is an expert who shared investment advice.
The advice was given during a segment on CBS Mornings.
The tips aim to help people make good decisions while investing.
The information is available through CBS News and its app.
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EasyJet, a major European low-cost airline, has agreed to be bought by a US company called Apollo in a deal worth £5.7 billion. Another US company, Castlelake, had also tried to buy EasyJet but decided to stop competing.
Key Facts
EasyJet is one of the largest airlines in Europe.
It employs over 19,000 people.
The airline flies about 1,200 routes across 35 countries in Europe.
EasyJet was started in 1995 by Sir Stelios Haji-Ioannou.
The airline focuses on offering cheap flights from the UK to other parts of Europe.
Apollo, a US firm, will take over EasyJet for £5.7 billion.
Castlelake, another US company, withdrew from the bidding process.
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