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House Advances Bill That Would Settle Penny Issue

Your cash total may soon become more clear if lawmakers have their way. The House approved Tuesday the Common Cents Act which will officially end the production of pennies and allow businesses to round up cash transactions by a nickel. Now the bill is headed to the Senate. According to the proposed rule, sums that end in 1, 2, 6 or 7 cents will be rounded down. Sums of 3, 4, 8 or 9 cents, however, will be rounded up. The penny coins that are already on the market would remain valid.
National Restaurant Association and others support a standard federal because of shortages in the 1 cent coin. This can expose businesses to legal liability. CBS News reports that if a business is unable to provide exact change when a cash customer pays, they may be liable for legal action. This bill also allows for the creation of “a more cost-effective nickel” as long as they continue to function in vending machine.
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Mississippi homeowners blame a noisy data center plant for sleepless nights. The mayor’s advice? “Consider selling.”

Jason Haley, 46, was wide awake at 4 am on Sunday.
Haley said that the suburban quiet he had become accustomed to during his 20 years as a Southaven resident had been replaced in recent months by an unending whirring sound, similar to a plane hovering above his house.
According to a June lawsuit against MZX and the subsidiary of Elon Musk, the plant that was powering the xAI data center in Haley’s area is the source of the noise. Haley, along with two Southaven locals who reside within one mile of the facility, claim that the “near constant” sound and vibrations have a negative impact on their physical and mental health.
A Gallup survey published in early this year found that the majority of Americans opposed local construction of data centers.
In other parts of the country there are similar disputes. For example, in Mount Pleasant in Wisconsin residents filed a suit this month alleging that a nearby data center is emitting “unreasonable noise and excessive sound” on their properties. And in Lowell in Massachusetts, a cooling centre for a large data center was causing “noise to disrupt neighbors’ sleep,” as per a April lawsuit.
According to a report by the United Nations, there are over 4,000 data centres in the U.S. Developers are building plants to power data centers. Sometimes, they do so without warning residents, like Haley.
Haley contacted Southaven mayor Darren Musselwhite via emails he sent to CBS News about the noise. He asked Musselwhite in an email he sent to CBS News last November to “drive through the neighborhood and listen to the high pitched noises.”
Musselwhite responded an hour later to Haley: “I’m aware of the sound and am working with xAI representatives on a resolution.” He replied to Haley in an email that day: “It’s a big problem.”
Haley emailed the mayor after another sleepless evening.
Anyone else that I could reach out to? Haley wrote Musselwhite. It’s nearly 4am and I hear it in my bed. At this moment, the roaring and high-pitched sound are both at their peak. I can hear my ears ringing. This is not a place I could live. “How was this approved?”
I don’t mind that it’s Elon’s Project
Just north of Southaven, which sits on the Mississippi-Tennessee border, xAI’s data center Colossus went online in Memphis in September 2024. It was branded by the company as “the world’s largest AI supercomputer.”
Musk announced in late July 2025 that a second data center (Colossus 2) would be opening soon.
Musselwhite announced that xAI would be expanding its data centers in Southaven and a long-dormant energy facility will now be revived.
Commenters flooded the post with praise and concern. Some praised the project, while others expressed concerns about its impact on the local environment.
Meanwhile, Haley started hearing sounds.
He said, “My initial thought was that someone is running a leaf blower all the time.”
In December the sound had become an everyday occurrence. The noise began to cause him headaches and sleeplessness, and eventually he fell into depression and hopelessness. He said the noise was unavoidable and that he tried to block it out by using earplugs or a fan to create white noise.
Haley started speaking out — in city council meetings, through Facebook, and on TikTok where he uploads videos showing him measuring noise using a soundmeter. Haley became a member of a coalition that raised awareness about xAI’s activities in the area.
He reluctantly accepts the “activist” title.
He said, “I have never done any activism and I’ve not kept up much with politics.” I’m a simple guy who has an issue with the noise and began speaking out to try and raise awareness.
Elon Musselwhite’s Project is not important to him. He emailed Musselwhite again about the noise in December. When I first complained about the sound in August, I had no idea who was responsible.
Musselwhite replied a few weeks later.
He said: “I told you at the meeting that you seemed to be an honest person.” I will offer you some uninvited advice, from an elder man. Be careful who you associate with so that you do not damage your credibility.
In January of this year, xAI expanded its footprint by opening a MACROHARDDR, a third Southaven data center. Musselwhite’s message was a response to residents such as Haley who continued their protest online and at city council meetings.
In a post on Facebook, Musk said that Southaven was being “attacked by those who oppose Elon because of his public political views.” “Beware the smokescreen that is radical politics,” he warned.
Musselwhite acknowledged the problem of noise in his email to Haley.
He wrote that “the noise issue was one of my top priorities, and I had detailed discussions with xAI as well as many other independent professionals in order to solve this.”
In the same email he gave Haley some more advice. “I understand they are looking for houses to house their employees. You may wish to sell your home.”
CBS News tried to contact Musselwhite multiple times, but did not get a response.
Sleepless nights, migraines and ringing in the ears
Haley said that moving is not his preference but is financially able to do it if so desired.
Not everyone is affected.
Taylor Logsdon, 31, bought her first home in Southaven a little more than a decade before. She began to build her life on it.
She said, “We love it here.” It was calm, peaceful and quiet. We didn’t need to worry anything.
She said that the sound was so loud that sometimes it shook her house. Logsdon is also a member of the Safe and Sound Coalition and has filed a lawsuit against xAI along with Haley and another Southaven resident. She said that the noise caused her migraines and anxiety.
Her children also complained of ringing. The family is now unable to sleep through the night.
She said that if she could move immediately, she would. However, she must save up money first before she is able to afford it.
All her children under 13 are struggling to stay awake in school.
She said, “One is always extra-angry — he has never been like that before, but he seems to be irritable all the way.” “I feel like I’m snappier too.”
Musselwhite stated in a Facebook posting from February that xAI had spent millions on a soundwall, berm, and evergreens to try to reduce the noise.
It still hasn’t worked. Logsdon stated that it hasn’t made a difference.
According to Dr. Samoon Ahmad of New York University, people who live in an area where “constant buzzing or humming” is heard report headaches and stress, as well as sleep problems.
According to a study conducted in 2023, environmental noise can cause adverse effects on cardiovascular diseases and mortality as well as hearing impairment, neurological disorders, and reproductive problems.
Ahmad explained that people think of irritation as an abstract concept. It’s not abstract because it actually has physiological implications.
To prevent negative health effects, the World Health Organization suggests that nighttime noise levels outside bedrooms should not exceed 40 decibels on average. Haley recorded sound levels of over 60 decibels from Southaven’s backyard as late as 10:30 p.m.
Musk’s Memphis
Musk’s increasing presence in Memphis attracted the attention of advocacy groups who raised concerns about health and environment.
CBS News reviewed a filing from the National Association for the Advancement of Colored People in which they claimed that the Southaven facility emits harmful pollutions at “significant” levels. Since then, the number of gas turbines has increased, and now stands at 59. NAACP also appealed the decision of the Mississippi Department of Environmental Quality to grant an air permit to the Southaven facility to run 41 methane-gas turbines permanently. A study by an independent group found that their operation will increase air pollution, in a region already experiencing disproportionately high asthma related emergency room visits.
CBS News has contacted xAI to get a comment.
According to the Mississippi Governor’s office, Musk’s company has contributed $20 billion to this area with its investment in Southaven’s latest data center. Tate Reeves. Governor Tate Reeves called the project “the biggest economic development in Mississippi history.”
Musk’s financial impact has extended far beyond data centers. According to an agreement CBS News obtained, MZX Tech gave over $1.3M to Southaven Police Department last February. It also offered Starlink at half price to those living in Memphis.
Logsdon is concerned about the health of her family and wonders why her city would “hurt a few” to reap the rewards.
Logsdon stated that “we were never a failed town.” It’s not as if our economy was bad here.
According to the U.S. Census Bureau, Southaven’s median household income in 2024 was over $70,000 — $20,000. This is $20,000 higher than the average for the state.
Logsdon will begin looking for a job this fall, so that she and her spouse can save up money to leave the factory. Her goal for now is to get a good night’s rest.
She said, “I want my family to be able to return back our old normal.” She said, “I want to be able sleep through the night and enjoy my yard, as well as go swimming.”

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Mortgage rates rise to 6.55%: Freddie Mac

Freddie Mac, a mortgage purchaser, said that rates for home loans rose to their highest levels in almost a year this past week.
Freddie Mac released its latest Primary Mortgage Market Survey on Thursday. The average rate for the benchmark 30-year Fixed Mortgage rose to 6.55%, the highest since August 2025, from the previous week’s reading, which was 6.49%.
A 30-year average loan rate was 6.75 percent a year earlier.
SILICON VALLEY ELITE SHIFT RECORD WEALTH TO BUILD FLORIDA’S NEW ‘TECH CAPITAL’
The median US home price is projected to reach $1 million by 2050, just as millennia are retiring.
Sam Khater, chief economist at Freddie Mac, said that the current backdrop for potential homebuyers has improved modestly. Housing affordability and inventory are both improving.
Rates on 15-year mortgages have increased to 5,93%, up from 5.82% last week.
The Federal Reserve, geopolitics and other factors can affect mortgage rates. Mortgage rates may not be directly impacted by Fed interest rate decisions but they are closely tied to the yield on the 10-year Treasury. As of Thursday, the 10-year Treasury yield was hovering around 4.57%.
Hannah Jones, Realtor.com’s senior economist said: “June CPI showed headline inflation settling at 3.5% while core inflation eased to 2.6%. Both are below expectations. This is a positive sign for those who watch interest rates.” The conflict in the Middle East erupted again this past week and pushed oil prices as well as Treasury yields up. Mortgage rates are likely to rise as long as the oil market remains volatile.
This surprising paint color could boost home sellers’ offers by thousands.
Mortgage rates and home prices have remained relatively stable, despite tighter inventory.
Realtor.com released an update mid-year to its housing market forecast 2026. It estimates that home price growth this year will slow down to 1,2%, which is slower than their original estimate for the year. This rate also falls below current inflation rates. This means that home prices are actually falling in inflation-adjusted real terms.

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Dallas Fed President Logan calls for ‘modestly’ higher interest rates

Lorie Logan of the Dallas Federal Reserve, claiming that the good news about inflation this week was not enough, demanded on Thursday “modestly higher” interest rates in order to defeat the battle which the central bank had been losing over the last five years.
Logan, a voting member of the Federal Open Market Committee that sets interest rates this year, insisted inflation was still a serious problem facing American households and that policymakers must take action. Logan’s call is more specific than other Fed officials who have said they prefer higher rates in the event that inflation metrics do not improve.
Logan, in remarks prepared for an address in Houston, said: “I believe that modestly higher rates of interest would balance out the risks and the outlook for FOMC dual mandate goals.” Every month that inflation is above target has put more pressure on Americans’ finances.
The Bureau of Labor Statistics announced some positive news earlier in the week: consumer prices fell 0.4% for June, which was the largest monthly drop since April 2020. Wholesale prices also dropped by 0.3%. The oil price decline benefited both measures, but costs for several key categories, including housing, were also lowered.
Logan added that the Fed still has work to be done to reach its inflation target of 2%. Although consumer prices fell by 3.5% in the month of February, wholesale costs rose 5.5%. Since early 2021, inflation has exceeded the target set by the central bank.
One month’s relief will not suffice. She said that it was time to complete the task of restoring stability in prices. In monetary policy, as in hockey you must skate to where the puck goes. Unfortunately, it does not seem that inflation will return to 2 percent in a sustainable way.
According to CME Group’s FedWatch, which tracks the Fed Funds Futures prices, the markets expect that the FOMC will raise the key overnight borrowing rates by one quarter of a percentage point in the second half of this year. This could happen as early as September but is more likely to occur as late as October.
The next meeting of the committee will be held on July 28-29. Traders have priced in only 12.3% chance that a rise is likely.
Logan referred to widely-cited indicators as well as alternatives measures, such as core price less housing in order to demonstrate that the Fed’s inflation target is still well above the current level of inflation despite the recent drop in energy prices.
She said that if inflation does not reach 2 percent by itself, at least there is a need for some restrictions in policy to get it to this level. If higher inflation is entrenched we would need to increase rates more quickly to get it back on target. This will cost the labor market. “Better modest restrictions now than severe restrictions later.”
Logan didn’t specify that she would be pushing for an increase in rates at the meeting this month or how high she believes they should go.

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Taco Bell acts, Chipotle monitors cyclosporiasis outbreak

Taco Bell, a popular chain of fast food restaurants in the United States, has taken precautionary measures to remove certain ingredients in some stores due to a rapidly spreading gastrointestinal disease called cyclosporiasis.
Taco Bell Corp. has “voluntarily and temporary removed” limited ingredients from select restaurants. Public health officials are yet to confirm a connection between Taco Bell, any particular ingredient, retailer, or restaurant.
One can’t but wonder what other restaurants could be affected by the cyclosporiasis outbreak. Chipotle shares dropped by nearly 5% in value on July 15th, despite the fact that the chain is not connected with the outbreak of cyclosporiasis.
Officials at Chipotle said that they do not believe their products are affected by cyclosporiasis. This is a deadly illness which can cause explosive diarrhea, as well as other symptoms.
Laurie Schalow said, “We’re aware of the Cyclospora investigations and, at this point, we do not believe that the ingredients we use are related,” in a Chipotle statement. We are closely monitoring the situation and will evaluate any new information that becomes available. Our highest priority is the health and safety our team and guests.
Experts said that food safety violations can quickly turn off consumers or investors to a restaurant brand.
Food safety is a priority issue for Americans, said Maria Helen Kalaitzandonakes. She’s an assistant professor at the Department of Agricultural and Consumer Economics of the University of Illinois Urbana-Champaign.
Chipotle shares drop Wednesday
Chipotle suffered a major financial blow ten years ago after several bouts of foodborne illnesses.
Researchers from the University of Illinois at Urbana-Champaign, Purdue University and University of Illinois have co-authored a 2024 article that tracks the financial impacts following these incidents.
This paper examined eight Chipotle outbreaks between 2015 and 2018. These included outbreaks that were contained in a single state as well as those that involved multiple states. This paper found that restaurants who have experienced a multi-state outbreak can be scrutinized more during subsequent outbreaks.
Foodborne illness outbreaks, and even outbreak rumors, can be expensive for restaurants, resulting in a reduction in brand trust, and sales, said Kalaitzandonakes who was the co-author of 2024. In addition to litigation, outbreaks can be costly.
The paper reported that about 60% of outbreaks are at restaurants. A vast 97% of outbreaks are contained in a single country, however, some media outlets pay attention to multi-state cases.
The paper reported that this is what happened to Chipotle. Chipotle’s outbreaks that were limited to one state attracted little media attention, and the financial impacts of these outbreaks did not exist until there was a widespread multi-state Chipotle epidemic. The paper stated that even single-state incidents resulted “in national media coverage with large financial impact” after this.
According to the Centers for Disease Control and Prevention, testing and other evidence suggests that cyclosporiasis in Michigan, Ohio West Virginia and Kentucky is likely related.

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American mall retailer warns it may close up to 15 more stores this year

Fossil Group will close 15 of its stores in 2015 as it continues to trim down the global footprint of this watch and accessory company. This is part of a larger turnaround plan that focuses on cost, profitability, and balance sheet strength.
Fossil executives said during their first quarter earnings call in Richardson, Texas that they had closed seven locations and expected to close up to fifteen by 2026. Fossil will have about 185 global stores by the end the year after the closures, according to Chief Financial Officer Randy Greben.
Fossil is cutting back on its stores as it tries to stabilize the business following years of sales pressure. Net sales for the first quarter were $224.8 millions, down from $233.3 billion a year ago. The net loss attributable solely to Fossil Group decreased to $810,000, down from $17.6million in the previous quarter. Operating income increased to $12 million while an operating loss was $6.7million.
THE BELOVED AMERICAN ICE CREAM CHAINS ARE SHUTTERING THOUSANDS OF STORES NATIONALLY
Fossil reported 193 locations worldwide on April 4th, down from the 220 stores it had a year ago. This is according to their latest quarterly report. Over that time, the company opened and closed one store, and now has 92 in North America, 47 in Europe, and 54 in Asia.
In recent years, the company has made more of a withdrawal from brick and mortar retail. Fossil stated in its filings that 49 retail outlets underperforming in fiscal 2025 were closed as part of its turnaround plan to refocus the company on core business and rightsize its cost structure.
Fossil’s turnaround plan included the reduction of corporate staff and the conversion of some smaller markets in international to distributor models. These moves, according to the company, helped them achieve savings of about $100,000,000 in sales and general costs in fiscal year 2025 as compared to fiscal year 2024.
Ticker Security Changed Last % FOSL GROUP INC. 4,00 -0.03
It is important to note that the company has not abandoned its stores. Fossil CEO Franco Fogliato informed investors that the company had “significantly scaled-back” its downsizing plans due to improved performance at full-price shops. Fossil’s 2026 strategy also includes slowing down the pace of closures, while maintaining a focus on profitability growth, improvements to operating models and shareholder value.
Fossil acknowledges the risks associated with physical retail. Fossil said in its annual report that the traffic at its retail stores is heavily dependent on the success and popularity of malls, shopping centers and other locations. Fossil said that a decline in mall traffic or closures of anchor stores, as well as a large number of malls it operates at could negatively impact its financial results.
Fossil products are distributed in 132 different countries by company owned subsidiaries as well as independent distributors. Fossil operated 111 outlets and 88 retail shops as of January 3, primarily selling its products under this brand.
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FOX Business contacted Fossil Group to get a comment.

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