Business news

• Reddit's public debut could mean big bucks for OpenAI CEO Sam Altman

  23-02-2024 23:45 via foxbusiness.com
  
  Reddit will make its much-anticipated debut on the New York Stock Exchange in March, and its initial public offering filed this week shows OpenAI CEO Sam Altman stands to make a fortune from the social media platform going public.Reddit's prospectus shows Altman is the third-largest shareholder in the company, owning 4.5% of its Class A shares and 9.3% of Class B shares, amounting to 9.2% voting power ahead of the IPO.Altman has a long history with Reddit. He invested in the company while he was
  
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• LARRY KUDLOW: If the Biden admin had a backbone, they could inflict some serious financial damage on Putin

  23-02-2024 23:39 via foxbusiness.com
  
  If anybody thinks the new Biden sanctions on Russia are going to have some crippling financial effect, or cause some real wartime pain, think again. What Russia understands is money and oil and these new Biden sanctions, just like the old ones, will not do any serious damage to the Putin war machine. An investigative report by the Wall Street Journal shows how a mysterious trader from Azerbaijan assembled a secret global trading network that has allowed Russia to sell their oil to places li
  
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• US national debt tracker for Feb. 23, 2024: See what American taxpayers (you) owe in real time

  23-02-2024 22:37 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 $34,332,006,626,320.48 as of Thursday afternoon, according to the latest numbers published by the Treasury Department. That is up about $34 billion from the $34,297,767,975,339.20 figure reported the previous day.By comparison, just four decades ago, t
  
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• Swing state residents reap benefits of Biden student loan handout

  23-02-2024 22:12 via foxbusiness.com
  
  More than 25,000 borrowers in six key swing states are set to have over $200 million in student loan debt canceled thanks to President Biden.The Biden-Harris administration on Friday released a state-by-state breakdown of the nearly 153,000 borrowers who will benefit from the latest round of loan cancelation under the Saving on a Valuable Education (SAVE) plan. "When we talk about fixing a broken student loan system, this is what we’re talking about," said U.S. Secretary of Education
  
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• Oscar nominees to go home with ‘Everyone Wins’ gift bags with a six-figure valuation: Peek inside

  23-02-2024 22:05 via foxbusiness.com
  
  The 2024 Academy Awards will be held on Sunday, March 10, in Los Angeles as stars from this past year’s biggest films hope for a gold statue. The "Everyone Wins" nominee gift bags will be given to all nominees on the special night — including Carey Mulligan, Sterling K. Brown, Mark Ruffalo and more. The brand behind the iconic swag bag is Distinctive Assets, a Los Angeles-based entertainment marketing company that has been putting together items for stars for decades.G
  
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• Law professor fears cyberattacks will 'increase, continue' in wake of pharmacy, AT&T outages

  23-02-2024 22:00 via foxbusiness.com
  
  Thursday’s flurry of outage worries was just the beginning of what one law professor cautioned as impending threats on infrastructure and national security."The main concern that I'm seeing is these cyberattacks continue to increase, and the government is just going to try and pass the buck," NetChoice Vice President, general counsel and internet law professor Carl Szabo said on "FOX & Friends" Friday."Less than 0.05% of cyberattacks get prosecuted. That means 99%, 99% of cyberattacks
  
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• BP manager's husband pleads guilty to insider trading, listened in on wife's work calls

  23-02-2024 21:55 via foxbusiness.com
  
  The husband of a former BP manager is facing possible prison time and a divorce after admitting to profiting from stock trades he made based on information he had gleaned from his wife's calls while she had been working from home for the energy giant.Tyler Loudon, 42, pleaded guilty to securities fraud in Houston federal court and has agreed to hand over the $1.7 million in ill-gotten gains he raked in, the U.S. Attorney's Office for the Southern District of Texas announced Thursday.Authorities
  
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• A step-by-step guide on filing your taxes without a CPA

  23-02-2024 21:18 via foxbusiness.com
  
  When it comes time to file your taxes, you pretty much have two roads you can go down. If you don't want to go through the hassle of doing your taxes yourself and don't mind dishing out extra cash, you can pay an accountant to take care of the process for you.The second option is to file your taxes yourself. You can do this by mail or through electronic software. There is one other option that lies slightly in between the two, and that is filing on your own electronically but paying a small fee
  
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• Nvidia CEO is $9.6B richer as AI chipmaker's stock soars

  23-02-2024 21:03 via foxbusiness.com
  
  Nvidia CEO Jensen Huang's net worth jumped by $9.6 billion on Thursday as the AI chipmaker's stock surged after reporting stronger-than-expected quarterly results. Huang's overall net worth is estimated at $69.2 billion, according to Bloomberg's Billionaires Index.Nvidia reported Wednesday that it had generated fourth-quarter revenues of $22.1 billion, marking a 265% increase from the prior year. Its net income rose by 769% year over year.NVIDIA'S STOCK SOARS AFTER AI BOOM LIFTS REVENUE 265
  
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• Mortgage rates creep toward 7%, straining homebuyer affordability: Freddie Mac

  23-02-2024 20:51 via foxbusiness.com
  
  After weeks of holding steady, mortgage rates crept higher this week, closing in on 7% for the 30-year mortgage, according to Freddie Mac.The average 30-year fixed-rate mortgage was 6.9% for the week ending Feb. 22, according to Freddie Mac's latest Primary Mortgage Market Survey. That's a big jump from the previous week when it averaged 6.77%. A year ago, the 30-year fixed-rate mortgage averaged 6.5%. The average rate for a 15-year mortgage was 6.29%, up from 6.12% last week and up fr
  
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• Stuart Varney: Democrats’ first instinct is to ‘throttle’ AI despite its enormous impact

  23-02-2024 20:40 via foxbusiness.com
  
  During his "My Take," "Varney & Co." host Stuart Varney discussed the revolution of artificial intelligence and why Democrats may be trying to quell the technology’s strides, arguing the party’s 'first instinct is to throttle it.STUART VARNEY: The numbers are stunning: Nvidia's value went up $277 billion just on Thursday. Imagine that. A gain of more than a quarter trillion dollars in one 6/12-hour trading session. It is artificial intelligence that has ignited the stoc
  
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• Nvidia nabs $2T valuation, S&P and Dow hit records with Nasdaq close behind

  23-02-2024 20:35 via foxbusiness.com
  
  Nvidia has investors cheering the AI boom, which in turn is helping U.S. stocks rise to fresh record highs. The S&P 500 and Dow Jones Industrial Average hit new records on Friday while the Nasdaq Composite closed just shy of an all-time high. The tech-heavy Nasdaq flirted with its first record close since November 2021.Nvidia wowed investors this week after posting revenue that rose 265% from the prior year. The chipmaker, which has been coined the "MVP" of AI, cemented its lead in
  
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• Taylor Swift 'superfan' adviser for hire at popular museum

  23-02-2024 20:15 via foxbusiness.com
  
  The "Taylor Swift effect" has seemingly reached London’s Victoria and Albert Museum.The art and design museum is looking to hire a Taylor Swift fan who knows the pop star and her fandom all too well in an advisory capacity.Its search for a Swift "superfan advisor" comes as the pop star is riding a wave of success over the past year. She embarked on a world tour that grossed an eye-popping $1.04 billion in 12 months, released a concert film about her Eras Tour that set records of its own an
  
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• After weeks of rising prices, gas prices remained steady last week: AAA

  23-02-2024 19:26 via foxbusiness.com
  
  After a sharp spike upwards last week, the average national gas price held steady this week at $3.27, a AAA report found.Demand for gas also held steady, according to information from the Energy Information Administration. It remained flat at 8.2 million barrels per day.Gas prices were stagnant after an announcement that the BP-Whiting refinery in Indiana would reopen soon. The refinery has been closed since early February due to a power outage."Old man winter is shuffling toward the exit, and w
  
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• Drivers want embedded insurance options when they buy a car: survey

  23-02-2024 17:55 via foxbusiness.com
  
  A majority of drivers said that integrating the auto insurance process with car buying would make car ownership less of a hassle, a recent survey said. The annual cost of ownership has risen by over 13% from last year, with the average consumer spending roughly $1,000 a month, according to the Polly survey. While the cost of financing a car has increased in the current high-interest rate environment, drivers also have to deal with the rise in the price of insurance. For most buyer
  
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• Toyota recalls 280,000 pickups, SUVs over transmission issue

  23-02-2024 17:21 via foxbusiness.com
  
  Toyota is recalling 280,000 pickups and SUVs in the U.S. over a transmission issue that could cause the vehicle to keep moving even when it is in neutral. The company said Wednesday that "certain parts of the transmission may not immediately disengage when the vehicle is shifted to the neutral position." This can cause the power to continue to be transferred to the wheels and "allow the vehicle to inadvertently creep forward at a low speed when it is on a flat surface and no brakes are
  
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• Surging home insurance costs could force families to leave these 10 states

  23-02-2024 16:34 via foxbusiness.com
  
  The astronomic rise in mortgage rates and spike in home prices over the past year has pushed a key tenet of the American dream out of reach for millions of families. Now, there is another obstacle to homeownership: higher home insurance premiums.The average cost of home insurance for a $300,000 property in the U.S. surged 12% in 2023 to roughly $1,770 per year, according to a new report published by Insurify, an insurance comparison website headquartered in Massachusetts.However, home insur
  
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• Making $150K is considered 'lower middle class' in these high-cost US cities

  23-02-2024 16:00 via foxbusiness.com
  
  The power of a six-figure (or more) salary is seemingly fading depending on where you live, bumping some U.S. earners into a "lower middle class" status."In America’s most expensive cities, the bar has definitely been raised to be considered ‘middle class,’" GOBankingRates lead content data researcher Andrew Murray told Fox News Digital. "To escape the lower middle class, you’ll need to earn as much as $150,000, which is substantially higher than what it used to be."In so
  
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• Canadian scallop quota valued at $200M sells to 3 Nova Scotia companies

  23-02-2024 11:00 via cbc.ca
  
  In a blockbuster seafood deal, St. John's-based Ocean Choice International has sold its Canadian offshore scallop quota — worth an estimated $200 million — to three Nova Scotia companies.
  
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• What's behind rising food costs in Canada's North? Questions emerge over how retailer sets prices

  23-02-2024 10:00 via cbc.ca
  
  Questions are emerging about whether one retail chain in Canada’s North is unfairly profiting from food inflation, a joint investigation by CBC’s The Fifth Estate and APTN Investigates has found. An ex-employee of the North West Company is questioning pricing increases that she says she found hard to justify.
  
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• Lynx Air to cease operations Monday, obtains creditor protection

  23-02-2024 02:49 via cbc.ca
  
  The low-cost airline, based in Calgary, says it will cease operations at 12:01 a.m. on Feb. 26, though flights will continue until that time.
  
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• Vice Media to halt publishing to namesake site, cut 'several hundred' jobs in restructuring

  23-02-2024 01:52 via cbc.ca
  
  The head of Vice Media Group has informed employees that the company will stop publishing content on Vice.com and will be cutting several hundred positions.
  
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