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4 stories · Edition of 2026-07-12 · Curated by AI at Invalid Date

BUSINESS

Aldi Opens Manhattan Store With $4 Almond Butter

103d ago · Source: bbc

Aldi opened its first Manhattan store in July, offering a $4 jar of almond butter that retails for about $22 in neighboring neighborhoods, as part of a five‑year plan to add 800 U.S. locations. The 2,800‑store German discounter, which entered the United States in 1976, aims to capture urban shoppers in dense markets such as New York City.

The Manhattan location, situated in an underground parking lot beneath a luxury apartment complex, attracted a lunchtime crowd of city residents who highlighted the low price of the almond butter and other items. The store is one of 800 new Aldi outlets planned over five years, representing a significant expansion for a brand traditionally focused on suburban strip malls.

Aldi currently holds about 2.9% of the U.S. grocery market, compared with Walmart’s roughly 20%. Analysts say the discount model appeals to middle‑ and higher‑income households facing rising living costs, prompting a shift toward value‑focused shopping. Placer.ai research indicates Aldi is drawing shoppers with household incomes between $75,000 and $125,000, a demographic previously less represented in discount grocery stores.

The Manhattan store faces distinct challenges, including high real estate costs averaging $350 to $700 per square foot and logistical constraints that require nightly deliveries using specialized trucks and two‑driver teams to navigate tight city streets. Aldi’s U.S. chief commercial officer described the operation as a “logistical symphony.”

Industry analysts caution that Aldi’s growth may be limited by Walmart’s extensive resources, including substantial investment in technology, automation, and advertising, which together form a “money machine” compared with Aldi’s “single‑purpose” model. Nonetheless, Aldi’s focus on efficiency and private‑label products keeps overhead low, supporting its expansion strategy.

Shoppers such as Mary Porter expressed immediate financial relief, noting the convenience of purchasing low‑priced groceries after a subway ride. While some customers remain loyal to competitors like Trader Joe’s, Aldi’s entry into Manhattan signals a continued push to broaden its presence in the U.S. urban grocery market.

TOP STORY

US Launches Fresh Strikes After Iran Closes Strait of Hormuz

US Central Command said it conducted a third series of strikes this week against 140 Iranian military targets in the Strait of Hormuz region.

103d ago · Source: bbc · 1 min read

US Central Command said it conducted a third series of strikes this week against 140 Iranian military targets in the Strait of Hormuz region. The strikes hit missile and drone sites, communications networks and coastal surveillance locations after Iran attacked the MV GFS Galaxy, a Cyprus‑flagged vessel, damaging its engine room and leaving one crew member missing.

Iran’s Islamic Revolutionary Guard Corps announced it had closed the Strait of Hormuz indefinitely and warned that any US aggression would be met with a strong response. The IRGC said its response included strikes on the Prince Hassan Air Base in Jordan, which it said destroyed the base’s command centre and MQ‑9 drone hangars.

Within hours of the US strikes, Iranian‑aligned groups in the Gulf launched missiles and drones that were intercepted by the United Arab Emirates, Qatar, Kuwait and Bahrain. Earlier in the week, three commercial tankers were attacked in Omani waters, prompting a previous round of US strikes that killed 17 people and injured 115, according to Iranian officials.

US Secretary of Defense Pete Hegseth said Iran had made a choice that would have consequences. Iranian parliamentary speaker Mohammad Bagher Ghalibaf said the era of one‑sided deals was over. The Strait closure follows a public statement by Iran’s new supreme leader urging retaliation. Diplomatic talks are expected to continue despite the heightened tensions, and mediators are working to revive a stalled process. The long‑term effect on shipping and energy markets remains unclear.

BUSINESS

Trump Accounts Savings Scheme Launches for U.S. Children

103d ago · Source: bbc

The Trump Accounts savings program began this week with an opening bell ceremony in the Oval Office, offering a $1,000 initial deposit to children under 18 and permitting families to contribute up to $5,000 per year.

The initiative targets the cost‑of‑living concerns ahead of the November mid‑term elections and adds a new tax‑advantaged account to existing options such as IRAs and 529 plans.

The accounts are available nationwide to any U.S. resident under 18 with a valid Social Security number; parents can create an account by downloading the program’s app. Contributions may be made by parents, friends, employers or other family members, up to the annual limit. Funds must be invested in a low‑cost index fund selected for long‑term growth, grow tax‑free, and may be withdrawn without penalty after age 59 and a half or for qualified purposes such as higher education, a first home purchase, or a personal emergency. The White House said the program aims to broaden stock market participation among younger and lower‑income households, which it describes as historically uneven. Will McBride, chief economist at the Tax Foundation, said the enrollment process is complex and may limit participation to a minority of families, particularly those who are well‑informed and financially stable. Andy Blocker, head of policy at Edward Jones, said the $1,000 starter credit could lower the barrier for families with no existing savings. Adam Michel, director of tax policy studies at the Cato Institute, called the concept admirable but noted that many families might be better served by existing accounts and warned that early withdrawals could trigger taxes and penalties, potentially discouraging low‑income children from using the funds. Approximately six million families had signed up before the July 4 launch, representing a fraction of the eligible child population; the White House reported that the initial $1,000 subsidy had been deposited into more than half a million accounts, covering about half of the roughly 3.6 million children born in 2025. Projections estimate that the $1,000 seed could grow to $6,000 by age 18 based on historical S&P 500 returns, with higher contributions projecting larger balances.

The program’s ultimate impact remains uncertain as participation numbers and long‑term performance data are still being collected.

BUSINESS

Trump Children's Investment Accounts Projected to Yield About $6,000 by Age 18

103d ago · Source: washingtonpost

President Donald Trump announced a new investment account for children under 18 as part of the One Big Beautiful Bill, saying it would give the next generation a financial head start. The administration estimates the account will grow to about $6,000 by age 18 after a one‑time $1,000 government contribution.

Parents, guardians or other authorized individuals can open the account through TrumpAccounts.gov, the IRS online portal, or Form 4547.

The accounts are individual retirement accounts that may be invested in stocks, bonds or mutual funds.

Eligibility includes children born between Jan. 1, 2025, and Dec. 31, 2028.

Additional contributions are permitted up to $5,000 per year, but many families lack surplus cash to invest.

Financial data show that only 32 percent of families use dedicated college savings plans, and 54 percent are unaware of such programs, according to the Education Data Initiative.

Social media commentary revealed hesitation to use the accounts because of the Trump name, with some users saying they would accept the $1,000 but not make further contributions.

Families that opt in must install the Trump Accounts app on a phone, a requirement that has raised skepticism among some parents.

The account converts to a traditional IRA at age 18, which can affect eligibility for the Free Application for Federal Student Aid (FAFSA) if funds are withdrawn, as student income is counted at up to 50 percent of the amount.

Parent‑held assets such as 529 plans are assessed at a maximum rate of 5.64 percent, lower than the IRA assessment.

Funds cannot be accessed before age 59½ without a 10 percent penalty and income tax, except for qualified education, medical or first‑home expenses.

The program does not solve the fundamental issue of limited disposable income for low‑ and middle‑income families, and its long‑term impact on wealth accumulation is uncertain.