Business news

• A wedding party had their suitcases ransacked. They want Sunwing to take responsibility

  16-02-2024 23:25 via cbc.ca
  
  Travelling with 40 wedding guests from Ocho Rios, Jamaica, an Ontario couple says that nearly half the group had expensive gadgets, fragrances and clothing stolen from their suitcases, and that the lining of their suitcases was left in tatters.
  
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• US national debt tracker for Feb. 16, 2024: See what American taxpayers (you) owe in real time

  16-02-2024 22:21 via foxbusiness.com
  
  The U.S. national debt is climbing at an astronomical pace and has shown no signs of slowing down despite the heightened scrutiny on government spending.The national debt — which measures what the U.S. owes its creditors — increased to $34,266,061,012,653.21 as of Thursday afternoon, according to the latest numbers published by the Treasury Department. That is up about $20.74 billion from the $34,245,315,231,752.02 figure reported the previous day.By comparison, just four decades ago
  
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• First Paramount, now Apple. Warren Buffett's Berkshire sells shares of tech giant

  16-02-2024 21:59 via foxbusiness.com
  
  Berkshire Hathaway dumped a small portion of its Apple shares.That selloff, which involved just over 10 million shares, accompanied the Warren Buffett-helmed conglomerate shrinking its holdings in Paramount Global by 32% and making other portfolio adjustments in the fourth quarter.Even with the cut, Berkshire Hathaway’s stake in Apple, at over 905.5 million shares, remained massive, a Wednesday filing with the Securities and Exchange Commission (SEC) showed. It equated to about $174.3 bill
  
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• Gas prices jolted up by 12 cents as Indiana oil refinery remains closed: AAA

  16-02-2024 21:57 via foxbusiness.com
  
  Gas prices saw the highest spike in months. Prices averaged $3.27 this past week, jumping by 12 cents since the week before, AAA's report found.The current national average gas price is a hefty 21 cents more than this time last month but is 14 cents lower than a year ago.Prices shifted significantly due to the shutdown of BP-Whiting, an oil refinery in Indiana. The company has been shut down for over two weeks thanks to a power outage. The company processes about 435,000 barrels per day, so this
  
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• Ford CEO says company will 'think carefully' about where it builds vehicles after UAW strike

  16-02-2024 21:21 via foxbusiness.com
  
  Ford's top boss, CEO Jim Farley, said Thursday that the company will "think carefully" about where it builds future vehicles following the United Auto Workers (UAW) strike. The strike came with a heavy price for the Detroit automaker. For one, the company's Kentucky Truck Plant in Louisville was the first to shut down when thousands of UAW union members walked off the job. It was a major play in the UAW's strike last fall against Detroit's Big Three automakers — Ford, Genera
  
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• Woman walked though unmanned checkpoint, took American Airlines flight without ticket: report

  16-02-2024 20:16 via foxbusiness.com
  
  A woman was reportedly able to travel on a domestic flight from Tennessee to California without a boarding pass. The Transportation Security Administration (TSA) confirmed to reporters the severe breach in airline security happened earlier this month."TSA is reviewing the circumstances of this matter but can confirm that the traveler in question was physically screened, along with their carry-on items, without incident at the Nashville International Airport security checkpoint on February 7
  
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• Dole recalls some salad kits over potential listeria contamination

  16-02-2024 19:09 via foxbusiness.com
  
  Dole Fresh Vegetables is recalling certain salad kits over concerns that they may be contaminated with potentially harmful bacteria.The California-based company is pulling a limited number of Dole-branded and private-label salad kits from the market because they were processed on the same line as the cheese that has been recalled from manufacturer Rizo-Lopez Foods, according to a recall notice posted by the Food and Drug Administration (FDA). Dole said salad kits sold under its brand name a
  
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• US Department of Education supports colleges and students amid FAFSA delays

  16-02-2024 18:48 via foxbusiness.com
  
  The U.S. Department of Education is stepping in to help colleges process forms faster after the fix to the new Free Application for Federal Student Aid (FAFSA) form threatened to delay the timeline for awards.More than 4 million FAFSA applications have been submitted since the new form was launched on Dec. 30. However, student aid calculations for the latest forms were based on three-year-old tables that did not accurately reflect the current high inflation environment. The FAFSA Simpl
  
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• Treasury deals blow to Elizabeth Warren’s anti-crypto crusade

  16-02-2024 18:44 via foxbusiness.com
  
  Sen. Elizabeth Warren’s anti-crypto crusade suffered a serious blow during a House Financial Services Committee oversight hearing this week, FOX Business has learned.While escaping the attention of most of the media, crypto industry insiders were buzzing following testimony from a top official in the Treasury Department’s Terrorism and Financial Intelligence office that debunked Warren’s past claims that cryptocurrency is chiefly responsible for funding Middle East terrorist ou
  
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• Housing starts unexpectedly plummet to lowest level in five months

  16-02-2024 18:10 via foxbusiness.com
  
  New U.S. home construction dropped in January to the lowest level in five months, underscoring the ongoing challenges facing the housing market. Housing starts tumbled 14.8% last month to an annual rate of 1.33 million units, according to new U.S. Department of Commerce data released Friday. That is well below Refinitiv economists' forecast for a pace of 1.46 million units.It marked the lowest level for housing starts since August 2023, and the biggest one-month drop in construction since t
  
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• Winner of Florida $36M Mega Millions jackpot never claimed it

  16-02-2024 18:03 via foxbusiness.com
  
  The luck of a $36 million Mega Millions jackpot winner ran out earlier this week after not claiming their winnings.The eight-figure grand prize, won with a lottery ticket from a Publix in Jacksonville, Florida, expired once the midnight deadline on Sunday passed without the claimant coming forward, the Florida Lottery confirmed to FOX Business. Mega Millions and the Florida Lottery both urged people in Florida who used the Publix to play the lottery to take another look at their tickets pri
  
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• Ontario electronics retailer Factory Direct to liquidate stores

  16-02-2024 17:43 via cbc.ca
  
  Court documents show the discount electronics and home goods retailer wanted to close its 14 stores in the province because it has found the business is "no longer viable."
  
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• Mortgage interest rates jumped up this week, along with prices: Freddie Mac

  16-02-2024 17:14 via foxbusiness.com
  
  Prospective homebuyers will need to wait a little longer for interest rates below 6%. The average mortgage interest rate for 30-year, fixed-rate mortgages rose to 6.77% this week, Freddie Mac reported.Last week’s average was 6.64%, and a year ago, 30-year mortgages averaged even lower at 6.32%.The average interest rate for 15-year mortgages also rose this week to 6.12%. This is up from last week when rates were finally below 6% at 5.90%. This week’s average is also up compared to thi
  
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• OpenAI unveils Sora, a tool that uses AI to generate videos from written prompts

  16-02-2024 17:12 via cbc.ca
  
  The maker of ChatGPT on Thursday unveiled its next leap into generative artificial intelligence with a tool that instantly makes short videos in response to written commands.
  
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• Gen Z is choosing Texas as their new home over any other state

  16-02-2024 17:00 via foxbusiness.com
  
  The Lone Star State has become anything but lonely in the post-COVID era – but there’s one generation in particular that’s set their sights on Texas living.A recent analysis from housing platform Zillow using data from the U.S. Census Bureau's 2022 American Community Survey (ACS) found that Texas "far and away" gained the most Gen Z movers year-over-year."Texas offers job opportunities and relative affordability. Many parts of Texas have been successful [in] building a lot of n
  
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• FanDuel, DraftKings both see huge Super Bowl betting totals

  16-02-2024 16:43 via foxbusiness.com
  
  Super Bowl LVIII was great for ratings, averaging a record 123.7 million viewers, according to Nielsen. It also appeared to be a notable one for major betting companies.FanDuel said it ended up fielding a handle of over $307 million from over 14 million Super Bowl bets. That, the company said, was a "new high."Over 2.5 million active users made those wagers, according to FanDuel.Meanwhile, fellow betting company DraftKings said on Thursday that it had over 2.4 million customers wagering on the b
  
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• Nike cutting 1,600 jobs to cut costs

  16-02-2024 16:21 via foxbusiness.com
  
  Nike is laying off 2% of its corporate workforce as it contends with weaker consumer spending. 'The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger," Nike said in a statement to FOX Business. Starting Friday, more than 1,600 positions will be cut as the company tries to increase its investment in high-priority areas such as running, wome
  
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• Trump's Truth Social media deal clears SEC hurdle worth millions

  16-02-2024 00:25 via foxbusiness.com
  
  Former President Donald Trump's media company, which operates his Truth Social site, has received approval for the merger with a purpose acquisition company called Digital World Acquisition Corp., that would make the website a publicly traded entity and yield millions of dollars. DWAC said the U.S. Securities & Exchange Commission signed off on its registration statement and that the shareholder vote date would be announced within two days to vote on the merger, according to an SEC fili
  
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• Ford, GM CEOs open to partnerships to compete with China

  16-02-2024 00:09 via foxbusiness.com
  
  The CEOs of leading U.S. automakers Ford and GM signaled Thursday they’re open to considering partnerships to lower the cost of electric vehicle technology to compete with low-cost Chinese EVs looking to the U.S. and European markets."If there’s ways that we can partner with others, especially on technologies that are not consumer-facing, and be more efficient with R&D as well as capital, we’re all in," GM CEO Mary Barra told investors at a conference sponsored by Wolfe Res
  
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