Business news

• Apple iPhone sales in China plummet 24% as Huawei smartphone sales surge

  05-03-2024 23:12 via foxbusiness.com
  
  Apple is having a rough start to the year for its iPhone sales in China, where sales were down 24% year-over-year in the first six weeks, according to a new report from research firm Counterpoint.The analysts said the drop can mostly be attributed to stiff competition in the market, especially from China's Huaweii, which saw sales of its smartphones surge 64% over the same period compared to a year ago."Primarily, [Apple] faced stiff competition at the high end from a resurgent Huawei while gett
  
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• California GOP calls for investigation into Newsom’s ties to Panera franchisee exempt from minimum wage law

  05-03-2024 22:19 via foxbusiness.com
  
  California Republican lawmakers are calling on Attorney General Rob Bonta to investigate Gov. Gavin Newsom’s ties to a billionaire Panera Bread franchisee and the restaurant’s exemption from the state’s $20 minimum wage. The Democratic governor had pushed for the exemption, which allows restaurants baking and selling bread as a standalone item to continue paying the current rate of $16 to its employees. That means Greg Flynn, a longtime donor to Newsom, stands to save hund
  
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• Target launches new paid membership program

  05-03-2024 21:44 via foxbusiness.com
  
  Target is launching a paid membership program next month in a bid to boost revenue and market share as consumers remain cautious about spending.  The new program, called Target Circle 360, will effectively compete with Amazon's Prime and Walmart Plus. Target added several upgrades to the existing Circle program and Circle credit card.With Target 360, members will get free two-day shipping and the ability to deliver it to their door, or someone else's. They will also get same-day delivery fr
  
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• TikTok faces ban in bipartisan bill if ByteDance doesn't divest ownership

  05-03-2024 21:39 via foxbusiness.com
  
  House lawmakers on Tuesday introduced a new bipartisan bill that would ban TikTok if its China-based parent company ByteDance doesn't divest its stake in the social media platform.The Protecting Americans from Foreign Adversary Controlled Applications Act would require that TikTok be divested from ByteDance or other China-based companies within 180 days or else it would be banned from U.S. app stores and web hosting services. The bill was introduced by Reps. Mike Gallagher, R-Wis., and Raja
  
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• Russia, China team up against the US dollar with planned blockchain payment system

  05-03-2024 21:26 via foxbusiness.com
  
  The BRICS bloc of countries led by China and Russia are moving ahead with their efforts to move away from the U.S. dollar with an announcement that they plan to create a payment system based on blockchain. The five-nation BRICS group, which also consists of Brazil, India and South Africa, will work on creating a payment system based on blockchain and digital technologies, Kremlin aide Yury Ushakov said in an interview with Russian agency TASS late Monday."We believe that creating an indepen
  
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• Bezos knocks Musk out of No. 1 spot on Bloomberg billionaires ranking

  05-03-2024 20:51 via foxbusiness.com
  
  Jeff Bezos on Monday beat out Elon Musk as the wealthiest billionaire.That’s according to Bloomberg and its Billionaires Index, which now has the Amazon founder and his estimated $200.3 billion personal fortune sitting in the top spot.Musk’s $197.7 billion net worth, much of which stems from his Tesla holdings, was roughly $2.6 billion lower than his fellow billionaire as of late Monday afternoon, the outlet reported.Bloomberg tied it to Tesla’s stock performance, including a 7
  
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• Financial watchdog Fintrac hit by cyberattack, says classified systems not involved

  05-03-2024 20:50 via cbc.ca
  
  Canada's financial intelligence agency says it has been hit by a cyberattack.
  
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• Blue collar town rocked as nation's oldest gun manufacturer flees for red state: 'Can't erase history'

  05-03-2024 20:50 via foxbusiness.com
  
  America’s oldest gun manufacturer, Remington, is officially closing its plant in New York this month and moving to Georgia after more than 200 years in the Empire State. "Ilion is Remington. Remington is Ilion," Ilion, New York, Mayor John Stephens told Fox News Digital in a Zoom interview ahead of the plant’s closure. The phrase and sentiment is one the mayor has repeated over the course of his time in office and before, even as an icebreaker while he was in college introd
  
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• Stuart Varney: AOC is getting a taste of what Democrats have been dishing out for decades

  05-03-2024 20:35 via foxbusiness.com
  
  During his "My Take," Tuesday, "Varney & Co." host Stuart Varney reacted to Rep. Alexandria Ocasio-Cortez being harassed by pro-Palestinian protesters, arguing the New York congresswoman got a taste of her own medicine for making her hypocrisy glaringly obvious.STUART VARNEY: Forgive me for being gleeful. I don't like to see politicians harassed in the street, but I can't help but enjoy this.PRO-PALESTINIAN PROTESTERS ACCOST AOC OUTSIDE MOVIE THEATER, DEMAND SHE CALL ISRAEL-HAMAS WAR A
  
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• Puff, puff, pay: Business offers competitive salary to smoke weed as a cannabis connoisseur

  05-03-2024 20:30 via foxbusiness.com
  
  Stoners, rejoice! If you've ever been fired for failing a drug test – or maybe your ambitions are as high as you want to be – this new role might be the one for you.The "Ultimate Stoners Dream Job" is an idea conjured up by DaySavers, a smoking accessories company, that is looking for eligible candidates who not only love to smoke weed, but also have an affinity for graphic design, videography, social media and other creative skills.According to a webpage detailing the role, "one ful
  
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• North Carolina's insurance rates hike denied, rates in other states still rising

  05-03-2024 20:30 via foxbusiness.com
  
  The North Carolina Insurance Commissioner recently denied a proposal from insurance companies that would raise homeowners insurance rates across the state by an average 42.2%.The rate increase would have raised rates by 4.3% in some of the lower population areas and up to 99.4% in the more populous beach areas."I haven’t seen the evidence to justify such a drastic rate increase on North Carolina consumers," North Carolina Insurance Commissioner Mike Causey said in a statement."The Departme
  
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• Google Gemini using ‘invisible’ commands to define ‘toxicity’ and shape the online world: Digital expert

  05-03-2024 20:17 via foxbusiness.com
  
  A digital consultant who combed through files on Google Gemini warned that the artificial intelligence (AI) model has baked-in bias resulting from parameters that define "toxicity" and determine what information it chooses to keep "invisible."On December 12, Ruby Media Group CEO Kris Ruby posted an ominous tweet that said, "I just broke the most important AI censorship story in the world right now. Let's see if anyone understands. Hint: Gemini.""The Gemini release has a ton of data in it. It is
  
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• Whole Foods opening smaller-format stores in some US markets

  05-03-2024 20:04 via foxbusiness.com
  
  Amazon-owned Whole Foods is launching smaller-format stores across the U.S. to expand its reach in dense metropolitan areas.  The new format, called Whole Foods Market Daily Shop, will range between 7,000 to 14,000 square feet, about a quarter to half the footprint of an average 40,000-square-foot Whole Foods Market store, the grocer announced on Tuesday.The stores will not replace the traditional Whole Foods Market store format. Rather, it is an opportunity for the grocer to better ca
  
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• Homebuyers need to make 80% more than in 2020 to comfortably afford a home

  05-03-2024 19:22 via foxbusiness.com
  
  Homebuyers now need to earn more than $106,000 to comfortably afford a home, according to a recent report from Zillow. That is a $47,000, or 80%, increase in income from 2020. However, wages have not kept up, with median income only rising 23% during that same time, according to Zillow. The real estate firm noted that the only major metros where a typical home is affordable for a household that is making $106,000 are Pittsburgh, St. Louis and Detroit.As a result, buyers are often getti
  
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• Facebook, Instagram service restored after widespread outages

  05-03-2024 19:11 via foxbusiness.com
  
  Facebook, Instagram and other Meta-owned social media platforms were affected by widespread outages on Tuesday morning, but the company says the issues have now been resolved.Meta spokesperson Andy Stone confirmed the problems in a post on X, writing, "We're aware people are having trouble accessing our services. We are working on this now."Messenger and Threads users also reported outages.Outage monitoring site DownDetector showed the spike in outage reports for Meta services began around 10:00
  
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• Royal Caribbean worker accused of placing hidden camera in family cabin's bathroom

  05-03-2024 19:06 via foxbusiness.com
  
  A Royal Caribbean cruise ship worker has been taken into custody in Florida after allegedly hiding a camera inside the bathroom of a cabin that was being occupied by a mother and her two daughters, reports say. Arvin Mirasol, 34, is now facing six counts of video voyeurism and one federal count of possession and production of child pornography following his arrest Sunday at Port Everglades in Fort Lauderdale, Florida. He has since been fired by Royal Caribbean. An arrest report from th
  
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• Banking industry erupts over Biden admin's new rule on credit card late fees: 'Should not be allowed'

  05-03-2024 18:54 via foxbusiness.com
  
  Banking and credit card companies have started reacting to a new Biden administration rule that puts an $8 ceiling on credit card late fees."Today’s flawed final rule will not only reduce competition and increase the cost of credit, but will also result in more late payments, higher debt, lower credit scores and reduced credit access for those who need it most," American Bankers Association President and CEO Rob Nichols said in a press release provided to Fox News Digital."This rule should
  
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• Musk trolls Zuckerberg's Meta as Facebook, Instagram see widespread outages

  05-03-2024 18:43 via foxbusiness.com
  
  As Meta’s Facebook, Instagram and other social platforms appeared to experience a wide-scale outage on Tuesday morning, X owner Elon Musk took to his platform to remind users that its servers are still working.Musk trolled Mark Zuckerberg’s social media giant in a short post on X after a Meta spokesperson had to resort to using X to update users about the issues with accessing Meta’s services."If you’re reading this post, it’s because our servers are working," Musk
  
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• Credit card balances surge past trillion dollar mark as Americans struggle to build savings

  05-03-2024 18:17 via foxbusiness.com
  
  Credit card balances hit a new benchmark in the fourth quarter of 2023, with balances topping the $1 trillion mark for the first time, according to a recent TransUnion report.Balances increased by 13% over the previous year across all risk tiers, led by subprime, which grew 32% to $105 billion, the report said. Even as interest rates soared, the average balance grew to $6,360. The Federal Reserve has raised interest rates 11 times since 2022 to lower sky-high inflation to a 2% target r
  
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• Musk rips purported eco-terrorists for suspected arson at Tesla Gigafactory: 'Extremely dumb'

  05-03-2024 18:09 via foxbusiness.com
  
  Tesla CEO Elon Musk slammed a suspected arson attack on his Gigafactory near Berlin as "extremely dumb" after far-left activists claimed responsibility.German authorities said a fire brigade responded Tuesday after an electricity pylon close to the facility was set ablaze, knocking out power and forcing production to stop. The head of Tesla's factory – Musk's first in Europe – told Reuters power is expected to be down for several days and confirmed the site was evacuated. A purp
  
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• Equifax says mortgage-holders in B.C., Ontario, increasingly missed payments during Q4

  05-03-2024 18:05 via cbc.ca
  
  Consumers in Ontario and B.C. increasingly missed payments on mortgages and credit cards in the fourth quarter of 2023, Equifax Canada said. Financially stressed homeowners in those provinces are also increasingly missing credit payments, the agency said, a trend primarily driven by homeowners who are 36 and younger.
  
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• Meta working to recover Facebook, Instagram after outage hits hundreds of thousands of users

  05-03-2024 17:42 via cbc.ca
  
  Meta Platforms-owned Facebook and Instagram were down for hundreds of thousands of users across the globe on Tuesday, according to outage tracking website Downdetector.com.
  
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• Meta says Facebook, Instagram issues resolved after outage hits hundreds of thousands of users

  05-03-2024 17:42 via cbc.ca
  
  Meta Platforms-owned Facebook and Instagram were down for hundreds of thousands of users across the globe on Tuesday, according to outage tracking website Downdetector.com.
  
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• Facebook, Instagram outage hits hundreds of thousands of users

  05-03-2024 17:42 via cbc.ca
  
  Meta Platforms-owned Facebook and Instagram were down for hundreds of thousands of users across the globe on Tuesday, according to outage tracking website Downdetector.com.
  
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• Credit card late fees capped at $8 under new Biden admin rule

  05-03-2024 17:31 via foxbusiness.com
  
  The Biden administration on Tuesday finalized a new rule to cap all credit card late fees at $8, a move that is expected to elicit fierce pushback from industry giants. The Consumer Financial Protection Bureau estimates the new regulation will save American families more than $10 billion in late fees annually by reducing the typical late fee of about $32. That amounts to an average saving of roughly $220 per year for the 45 million people who are charged late fees. The rule applies to
  
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• Bitcoin surpasses $69,000, hits all-time high

  05-03-2024 17:24 via foxbusiness.com
  
  Bitcoin reached a new all-time high on Tuesday, before easing back, after the Securities and Exchange Commission approved the first spot bitcoin ETF earlier this year, making the digital asset more accessible to investors.The largest cryptocurrency by market value traded above $69,000, surpassing the previous record set in November 2021. Bitcoin is up over 30% this year, outpacing the S&P 500's nearly 6% rise. Sentiment for the cryptocurrency reignited after the SEC approved the first s
  
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• 2024 Just for Laughs Montreal comedy festival cancelled, company seeks creditor protection

  05-03-2024 17:03 via cbc.ca
  
  In a news release sent Tuesday, organizers said they plan to “maintain JPR’s operations, albeit in a scaled-down format” as they restructure the event.
  
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• 2024 Just for Laughs comedy festival cancelled, company seeks creditor protection

  05-03-2024 17:03 via cbc.ca
  
  In a news release sent Tuesday, organizers said they plan to “maintain JPR’s operations, albeit in a scaled-down format” as they restructure the event.
  
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• Some doctor’s offices are charging patients for administrative tasks: Here's why

  05-03-2024 15:35 via foxbusiness.com
  
  Physicians are facing increasing demands for administrative tasks that are taking more time away from patient care. They say it's also hurting their bottom line.Some are now charging for services like answering patient emails asking for medical advice or filling out extra paperwork to compensate for their time and recoup costs lost from in-person visits, medical experts tell FOX Business.Typically, doctors charge what's known as a concierge fee for the privilege of accessing medical care in this
  
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• Today's mortgage rates hold steady for 30-year terms | March 5, 2024

  05-03-2024 15:15 via foxbusiness.com
  
  The interest rate on a 30-year fixed-rate mortgage is 6.875% as of March 5, which is unchanged from yesterday.  With mortgage rates changing daily, it’s a good idea to check today’s rate before applying for a loan. It’s also important to compare different lenders’ current interest rates, terms, and fees to ensure you get the best deal. Rates last updated on March 5, 2024. Rates are based on the assumptions shown here. Actual rates may vary. Credible, a personal
  
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• Twitter's former CEO, CFO add to 'staggering' number of suits Musk, X face over nonpayment

  05-03-2024 14:55 via cbc.ca
  
  Former senior executives of Twitter are suing Elon Musk and X Corp., saying they are entitled to a total of more than $128 million US in unpaid severance payments.
  
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• Target's earnings surge despite holiday sales dip, sees sales recovery in 2024

  05-03-2024 14:01 via foxbusiness.com
  
  Target on Tuesday reported higher holiday-quarter earnings on a smaller-than-expected sales decline and predicted that annual comparable sales would come in largely above Wall Street expectations, sending its shares up as much as 11% in premarket trading.The mass merchandiser is banking on same-day services, product launches and a new membership program to boost spending at its stores.Target reported adjusted earnings of $2.98 per share in the fourth quarter, compared to $1.89 per share in the s
  
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• Economic woes dominate Americans' worries on Super Tuesday

  05-03-2024 12:00 via foxbusiness.com
  
  Voters are headed to the polls on the biggest primary election day of the 2024 cycle with one issue in particular at the top of their minds: the state of the U.S. economy. About one-third of Americans think that economic problems are the most important issue facing the country today, according to a monthly poll published by Gallup. That includes 12% of voters who are worried about the economy in general and 11% who identified the high cost of living and ongoing inflation crisis as the top p
  
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• Sen Cotton unveils bill to stop car rental companies from forcing EVs on customers

  05-03-2024 10:00 via foxbusiness.com
  
  FIRST ON FOX: Sen. Tom Cotton, R-Ark., plans to introduce a bill on Tuesday aimed at barring car rental companies from forcing customers to rent electric vehicles without them explicitly requesting one. The Requiring EV Notification and Transparency Act of 2024 or RENT Act, would require rental companies to only provide customers with electric vehicles if they request them. It would further dictate that customers have the right to terminate their contract with the companies if they are give
  
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• Fake websites for real companies are scamming Canadian consumers and businesses

  05-03-2024 10:00 via cbc.ca
  
  Companies and anti-fraud professionals are warning consumers to watch for fake listings on search engines that redirect people to fraudulent versions of familiar companies and brands.
  
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