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Most Americans want the President and Congress to prioritize addressing the shortfall in Social Security and Medicare.

In a recent Transamerica Institute survey, nearly 62% of respondents said they want the shortfall in Social Security to be addressed, while about 51% prioritized finding a solution to Medicare funding gaps. These two issues ranked as Americans' two major concerns in ensuring retirement security.

The survey findings echo recent sentiment surrounding retirement savings and reliance on government-funded programs. While many younger generations know they must save for retirement on their own, older generations still tend to depend on Social Security or Medicare.

Funding gaps in Social Security and Medicare may be a growing concern for retirees and those nearing retirement, especially as employer-funded pension plans are increasingly being replaced by employee-funded options like  401(k)s.

Those retired or nearing retirement are most concerned about a Social Security funding shortfall. The survey found that 82% of the Silent Generation (those born between 1928 and 1945) and 81% of baby boomers (those born between 1946 and 1964) feel the Social Security funding shortfall is a priority compared to 50% of millennials (those born between 1981 and 1996). And 71% of retirees prioritized the Medicare shortfall versus 46% of those currently working.

Additionally, retirement is one of the biggest worries for Americans ahead of the U.S. presidential elections.

Social Security’s Old-Age and Survivors Insurance (OASI) Trust Fund—which provides benefits for retirees—is at risk of running short of funds in 2033. Unless Congress provides a fix before then, retirees will only receive 79% of their benefits starting in 2034.

Medicare’s Hospital Insurance Trust Fund (Medicare Part A) faces a similar risk. Beginning 2037, the hospital insurance trust fund will run dry and retirees will only receive 89% of their benefits.

If benefits for either program were cut, it would affect millions. In 2024, more than 50 million people received Social Security retirement benefits and more than 65 million participated in Medicare.

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The Federal Government has introduced tax exemptions on key energy products and infrastructure as well as fiscal incentives for the upstream and downstream oil and gas sector.

Mohammed Manga, Director, Information and Public Relations in Federal Ministry of Finance in a statement on Wednesday said the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun unveiled two major fiscal incentives aimed at revitalizing Nigeria’s oil and gas sector.

According to him, “The VAT Modification Order 2024 introduces exemptions on a range of key energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.

These measures are designed to lower the cost of living, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources.

The notice of tax incentives for deep offshore oil and gas production provides new tax reliefs for deep offshore projects.

This initiative is aimed at positioning Nigeria’s deep offshore basin as a premier destination for global oil and gas investments.

These reforms are part of a broader series of investment-driven policy initiatives championed by His Excellency, President Bola Ahmed Tinubu, in line with Policy Directives 40-42.

They reflect the administration’s strong commitment to fostering sustainable growth in the energy sector and enhancing Nigeria’s global competitiveness in oil and gas production.

With these bold initiatives, Nigeria is firmly on track to reclaim its position as a leader in the global oil and gas market. These fiscal incentives demonstrate the administration’s unwavering commitment to fostering sustainable growth, enhancing energy security, and driving economic prosperity for all Nigerians.”

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Fast-food value meals have been credited with helping get inflation-weary diners back into their favorite chains. 

But there’s a dark side, it appears—at least, if you’re a company that supplies those chains with potato products: Fewer fries are arriving with those orders.  

Lamb Weston Holdings (LW), which on Wednesday reported its latest financial results along with plans for a broad restructuring and a scaled-back outlook, said that its customers' restaurant traffic has been—and is expected to remain—under pressure. That sentiment has been echoed by other food suppliers lately, including Hunt’s ketchup owner ConAgra Brands (CAG) and spice giant McCormick (MKC). 

Lamb Weston Chief Executive Officer (CEO) Tom Werner said Wednesday that there was “early evidence” of improving restaurant traffic in the summer months, with customers responding to promotions and, perhaps, getting used to higher prices. Demand for fries isn’t dropping, Werner said, with the rate at which people add them to orders “steady” in the company’s key markets. 

But some promotional value-meal offers, Werner said, include french-fry portions that are smaller than consumers might have ordered before.

“We're obviously pleased with the growth in restaurant traffic, but it's important to note that many of these promotional meal deals have consumers trading down from a medium fry to a small fry,” Werner said on the earnings call, a transcript of which was made available by AlphaSense. ”So, while we benefit from improving traffic trends, consumers trading down in serving size acts as a partial headwinds for our volumes.”

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Clunky websites and complicated check-out systems are costing companies money, scaring away consumers already wary about their spending, according to a report from digital commerce firm Forter.

The firm’s 2024 Trust Premium Report found that a retailer’s digital experience, or how their checkout or return processes work online, can be key to growing sales and that retailers that don’t measure up are leaving money on the table. 

"The digital experience impacts trust more than retailers may think, whether with complicated check-outs, unfriendly policies, or other shopper friction," Forter CEO Michael Reitblat said.

Nearly four in five of the 2,000 U.S. and U.K. respondents Forter surveyed said they would abandon their online shopping carts if the check-out process is too cumbersome. Over one-fifth said they've given up on an online purchase because it would have required them to create an account.

This year's holiday shopping season could be a "stress test" for retailers, Forter said, with companies competing for sales to more cautious consumers with a growing preference for flexible payment options online.

About half of consumers surveyed said they plan to spend as much or more on holiday shopping this year compared to last year. Roughly half also said they plan to make use of buy-now-pay-later services.

“Retailers must focus on providing value and convenience, ensuring that their offerings meet the needs of cost-conscious shoppers,” the report said. “This means prioritizing clear communication of value, offering flexible payment options, and creating seamless online shopping experiences.”

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Singer Mr Eazi has renounced having any boss in the music industry after a fan asked him to show his support for Wizkid while he dragged Davido online

He reacted by telling the fan that the only boss he recognizes is Jesus Christ.

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Crypto index fund manager Bitwise on Wednesday filed an S-1 registration statement with the Securities and Exchange Commission (SEC) to launch a spot XRP exchange-traded fund (ETF) that would give investors direct exposure to Ripple Labs's XRP (XRPUSD) crypto token.

In the filing, Bitwise explicitly stated that XRP isn't a security—countering past SEC assertions—and emphasized that XRP operates on a decentralized ledger, which generally can enhance accountability, security, and accessibility. According to the filing, BNY Mellon will serve as the trust’s administrator and transfer agent, while Coinbase Custody will act as the custodian.

The filing comes at a time when the SEC is still in a legal dispute with Ripple over the classification of XRP as an unregistered security. The SEC has until Monday, Oct. 7, to appeal a 2023 federal court ruling that secondary sales of XRP through crypto exchanges aren't securities transactions.

According to Galaxy Digital's head of research, Alex Thorn, it would be surprising if the SEC doesn't appeal the decision. Such an appeal's success would make the chances of approval for this ETF proposal effectively zero, he posted Tuesday on the social media platform X.

Bitwise acknowledged the continuing litigation in its filing, noting that if XRP is deemed a security by the courts, it could force the liquidation of the proposed trust under certain conditions. In addition to this new filing for an XRP ETF, Bitwise has already launched spot bitcoin and ether ETFs in the U.S.

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