Business news

• LARRY KUDLOW: The needle hasn't moved for Biden

  10-05-2024 23:47 via foxbusiness.com
  
  Bad News Biden. It's been a rough week for the president. My hunch is he can look forward to even rougher weeks in the months ahead. His decision to embargo arms to Israel is incredibly unpopular. That is, outside the Bernie Sanders wing of the Democratic Party. Almost 80% of Americans want Israel to destroy Hamas as fast as possible. Another untruth on the economy is he claimed he inherited a 9% inflation rate. Actually, Donald Trump handed over a 1.4% inflation rate and Joe Biden&nbs
  
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• OpenAI to announce a search engine to rival Google: report

  10-05-2024 23:07 via foxbusiness.com
  
  Google is the king among search engines, but OpenAI is reportedly looking to launch an AI-powered search engine to rival the platform where "google" became a verb. The announcement, first reported by Bloomberg, says OpenAI plans to announce its artificial intelligence-powered search product Monday, according to two sources familiar with the matterThe announcement could be timed a day before Tuesday's start of Google's annual I/O conference, where the tech giant is expected to unveil a slew
  
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• Former NFL owner Dan Snyder in line for sizable tax benefit as charity he donated mansion to intends to sell

  10-05-2024 22:45 via foxbusiness.com
  
  Former Washington Commanders owner Daniel Snyder stopped trying to sell his Maryland mansion. He instead decided to donate the property, which overlooks the Potomac River, to the American Cancer Society.Snyder initially listed the property for sale in February 2023 with an asking price of $49 million, according to The Washington Post. But the property sat on the market for more than a year. He purchased the home in 2001, and it was the billionaire's primary residence for almost two decades. 
  
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• Mercedes pumps the brakes on EV goals after profits drop

  10-05-2024 22:17 via foxbusiness.com
  
  Mercedes-Benz reiterated this week that it will continue to produce gas-powered vehicles well into the next decade, acknowledging its goal for producing nothing but electric vehicles is not going as well as the company hoped, amid a decline in profits."We want a CO2-neutral fleet by 2039," CEO Ola Källenius said in prepared remarks to shareholders at the automaker's general meeting on Wednesday. "However, the transformation might take longer than expected."Källenius said Mercedes will
  
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• Gas prices dip as Memorial Day weekend nears: AAA

  10-05-2024 20:45 via foxbusiness.com
  
  Drivers got a break at the pump this week as fuel prices dropped just ahead of the official start of the summer driving season, according to the latest AAA report. The national average cost for a gallon of gas declined to $3.64, a slight three-cent decrease from the previous week. The drop comes as oil prices dropped below $80 a barrel and demand for gas held steady.AAA said slack demand, rising supply and falling oil prices could push pump prices lower into Memorial Day weekend,
  
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• US regulators investigate credit card rewards 'bait and switch' schemes

  10-05-2024 19:45 via foxbusiness.com
  
  Federal officials on Thursday announced that they are investigating "bait and switch" schemes associated with credit card rewards and travel programs.   The Consumer Financial Protection Bureau (CFPB) analyzed "several hundred consumer complaints" that are related to the administration of credit card rewards programs. In its analysis, the agency said it identified four recurring issues that resulted in consumers either not receiving the rewards they were promised, facing unexpected pro
  
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• English woman drops out of college, starts business as dressmaker with unique flair

  10-05-2024 19:45 via foxbusiness.com
  
  A woman with an eye for design is using her abilities to make unique dresses for a specific type of customer. Scarlett Hawkes, 28, is from Liverpool, England. She dropped out of college because she felt she wasn’t being taught what she wanted to learn. Hawkes said she’s been sewing since she was 14 years old and went to college to study womenswear before eventually dropping out, said SWNS, the British news service.FLORIDA-BASED ‘BUSIEST MERMAID IN THE WORLD’ IS
  
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• Inflation reduces buying power as $100 goes a lot less far these days

  10-05-2024 19:27 via foxbusiness.com
  
  The amount of household staples Americans can buy for a $100 bill has been eroded by nearly one third over the past five years, according to data pointing to the pressure consumers are facing due to the compounding effects of high inflation.NielsenIQ's 2024 Consumer Outlook shows the cost of fast-moving consumer goods (FMCG) including groceries and other necessities like toiletries has soared by 31% since 2019, and indicates the problem will get worse, as wage growth is expected to lag behind th
  
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• Dave Portnoy unloads on anti-Israel college protesters: 'I wouldn't hire any of these activists'

  10-05-2024 19:21 via foxbusiness.com
  
  After taking aim at Ivy League administrators, Barstool Sports president and founder Dave Portnoy is now turning to anti-Israel agitators."I wouldn't hire any of these activists," Portnoy said Friday on "Varney & Co." "I've been doing Barstool for 20 years, and these protests I've been through, Occupy Wall Street, if you remember, Black Lives Matter, #MeToo, now Israel… you have serial protesters who, in a lot of these cases on college campuses, don't even care about the cause."But th
  
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• Middle schoolers get taste of stock market, investing through financial literacy class

  10-05-2024 19:10 via foxbusiness.com
  
  A middle school teacher in Brooklyn, New York, is helping his students learn about the stock market and investing through a financial literacy class.Raymond Tran, who teaches at IS 281, told FOX Business’ Gerri Willis that his students are gaining financial literacy skills by playing the "Stock Market Game." "In there, students break up into groups. They have $100,000 in virtual money to buy stocks, bonds and mutual funds," he explained.CLICK HERE TO READ MORE ON FOX BUSINESSThe "Stoc
  
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• Aldi cutting prices on hundreds of items to fight 'stubborn inflation'

  10-05-2024 17:44 via foxbusiness.com
  
  Discount grocer Aldi announced it is cutting prices on hundreds of items to help consumers contending with "stubborn inflation." The grocery chain, with over 2,000 locations nationwide, is passing along $100 million in savings by slashing prices on more than 250 items through Labor Day. The company said the announcement is building on its previous promise in May 2023 that it would help shoppers save more than $60 million by reducing product prices. WHY ARE GROCERIES STILL SO EXPEN
  
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• Canada unexpectedly added 90,000 jobs in April, though unemployment stayed flat at 6.1%

  10-05-2024 14:50 via cbc.ca
  
  The Canadian economy gained 90,000 jobs in April, much higher than many economists predicted. However, the unemployment rate stayed the same as the month prior according to the latest numbers from Statistics Canada.
  
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• Canada added 90,000 jobs in April, as unemployment stayed flat at 6.1%

  10-05-2024 14:50 via cbc.ca
  
  The Canadian economy gained 90,000 jobs in April, while the unemployment rate stayed the same as the month prior, according to the latest numbers from Statistics Canada.
  
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• LARRY KUDLOW: Democrats are trying to spend and borrow to buy the election

  10-05-2024 00:45 via foxbusiness.com
  
  You would think that with consumer prices up nearly 20% since Joe Biden took office and with a Consumer Price Index snapback in recent months to nearly 5% annually — way above the Fed's 2% target — that Joe Biden, who's in a heap of trouble on the inflation issue to begin with, would want to do something to curb inflation and maybe somehow salvage the election. If you thought that, you would be totally wrong. Biden has no such intention. By the way, Biden is the guy who jus
  
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• People have chosen lower-cost items they buy online: report

  10-05-2024 00:12 via foxbusiness.com
  
  Shoppers have been trading down in online purchases.That was what Adobe Analytics said Thursday in a report that also showed online spending in the fourth-month period spanning January to April hit $331.6 billion in what represented a 7% year-over-year increase.Its data indicated goods on the lower-cost end in categories like personal care, electronics, apparel, home/garden, furniture/bedding and grocery have been increasingly favored by online shoppers.Adobe said its findings about trade-downs
  
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