Business news

• LARRY KUDLOW: Trump will have significant ammunition on the economy

  17-05-2024 23:42 via foxbusiness.com
  
  With a little more than five weeks to go before the first Trump-Biden debate, virtually all the polls show the most important issues are the economy and immigration. In a recent Bloomberg-Morning Consult poll, Donald Trump was up 15 points over Joe Biden on the economy, 51 to 36%. On immigration, Trump was up 20 points, 52 to 32%. Important flag here: This is just seven swing states, but, in some sense, that may be all that matters for this election. Head-to-head for the big seven, by the w
  
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• Dow closes above 40,000 for first time

  17-05-2024 23:16 via foxbusiness.com
  
  The Dow Jones Industrial Average closed above 40,000 for the first time ever on Friday after hitting the milestone the day before. Investors celebrated solid earnings and a slight easing of consumer inflation last month. It marks the third 1,000 point milestone of 2024.The Dow has gained 6% this year and a strong quarter from the nation's largest retailer, Walmart, helped propel gains on Thursday. It closed above 30,000 on Nov. 24, 2020. Investors are also betting inflation may cool enough for t
  
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• National Debt Tracker: American taxpayers (you) are now on the hook for $34,552,930,923,742.92 as of 5/17/24

  17-05-2024 22:58 via foxbusiness.com
  
  The U.S. national debt is climbing at a rapid pace and has shown no signs of slowing down, despite the growing criticism of massive levels of government spending.The national debt — which measures what the U.S. owes its creditors — declined to $34,552,930,923,742.92 as of Wednesday afternoon, according to the latest numbers published by the Treasury Department. That is down about $18.1 billion from the $34,534,845,450,747.16 figure reported the previous day.By comparison, just four d
  
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• Beatles legend Paul McCartney named Britain's first billionaire musician

  17-05-2024 22:21 via foxbusiness.com
  
  Paul McCartney is Britain's first billionaire musician – and the first billionaire Beatle. According to The Sunday Times' annual Rich List, McCartney and his wife, Nancy Shevell's, net worth sits at one billion pounds ($1.27 billion). Paul's 2023 Got Back tour and Beyoncé covering The Beatles' "Blackbird" on her "Cowboy Carter" album contributed to his rise in revenue, according to the outlet.The Beatles also released "Now And Then" in November and it skyrocketed to the top of
  
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• Minister suggests Canada is considering tariffs on Chinese EVs following U.S. move

  17-05-2024 20:57 via cbc.ca
  
  Canada’s industry minister says Ottawa is “considering all measures” after the U.S. announced it would be hiking tariffs on Chinese electric vehicles and other related goods.
  
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• Frontier Airlines eliminates change fees as Biden admin cracks down on transparent pricing

  17-05-2024 20:53 via foxbusiness.com
  
  Frontier Airlines is eliminating change fees and says it will be more transparent with pricing as it works to comply with the Biden administration's mandate that U.S. carriers disclose all fees.The discount carrier announced on Friday that there won't be any change or cancellation fees for any cabin including economy, premium and business class. It's one of a handful of changes the carrier implemented in what CEO Barry Biffle claims is a "new era for Frontier – one with transparency i
  
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• Under Armour to lay off employees as part of restructuring plan

  17-05-2024 19:29 via foxbusiness.com
  
  Under Armour Inc. is initiating a restructuring plan to turn around its mounting losses. Founder Kevin Plank, who was brought back as CEO last month after stepping down at the end of 2019, told analysts that he is working on cost management and implementing necessary strategies to grow the brand. This includes an undisclosed number of layoffs. The company said it plans to take a charge of between $7 million and $15 million in employee severance and benefits costs.FOX Business reached o
  
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• Prices at the pump dropped four cents this week due to low oil costs

  17-05-2024 19:27 via foxbusiness.com
  
  Gas prices continued their downward descent, dropping by four cents to $3.60 per gallon, AAA’s weekly prices report found. This week’s average is still seven cents more than it was this time last year.Lackluster demand from drivers contributed to the drop in gas prices. Demand rose just slightly from 8.79 to 8.87 million barrels per day last week, data from the Energy Information Administration (EIA) showed. On top of a small jump in demand, lower oil prices are making gas cheaper at
  
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• East Palestine resident says whistleblower is 'tip of the iceberg' for disaster response 'cover-up'

  17-05-2024 19:02 via foxbusiness.com
  
  East Palestine, Ohio, residents are expressing frustration after learning that the emergency response to the toxic train derailment last year was riddled with mistakes."We're just hanging in there. It's all we can do," East Palestine local Linda Murphy said on "The Bottom Line" Thursday.The Environmental Protection Agency (EPA) is disputing whistleblower claims of mistakes and "no confidence" in early data collected from the site where a Norfolk-Southern train hauling caustic materials derailed
  
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• UMass Dartmouth graduation speaker gives each student $1,000

  17-05-2024 19:01 via foxbusiness.com
  
  A commencement speaker surprised graduates at the University of Massachusetts Dartmouth this week by giving them each $1,000 cash in envelopes — but with a catch. Robert Hale, Jr., the founder of Quincy-based Granite Telecommunications, told students that "each graduate who crossed the stage" on Thursday "would receive one $500 envelope to keep as a gift" while the second $500 envelope is intended to be given to "someone in need or a charity or cause close to them," the university sai
  
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• Fed Chairman Powell tests positive for COVID-19

  17-05-2024 18:59 via foxbusiness.com
  
  Federal Reserve Chair Jerome Powell tested positive for COVID-19 on Thursday and is currently working from home, a Fed spokesperson said in an emailed statement."Chair Powell tested positive for COVID-19 late yesterday and is experiencing symptoms." He is working from home and staying away from others, the statement said, as per guidance from the U.S. Centers for Disease Control and Prevention.The announcement follows a trip to Europe this week in which Powell, 71, appeared on Tuesday on stage a
  
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• Quebec to force gas stations to report their prices. Will it lower fuel costs?

  17-05-2024 18:35 via cbc.ca
  
  Quebec will abolish a floor on gas prices and institue a price registry to try to improve the competitiveness of the fuel market.
  
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• Canadian Taylor Swift fans are flying to Europe for cheaper concert tickets

  17-05-2024 10:00 via cbc.ca
  
  Canadian fans are tallying up the cost of a flight, hotel and ticket, and are finding that travelling to Europe to see Taylor Swift in concert may be better bang for their buck than seeing the show on Canadian soil.
  
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• NFL legend Drew Brees talks 'unbelievable' opportunity to join Sports Illustrated Tickets as investor

  17-05-2024 02:05 via foxbusiness.com
  
  Sports Illustrated Tickets, a fan-first primary and secondary ticketing marketplace, has added a legendary NFL quarterback to its group of investors. Drew Brees, a Super Bowl MVP and the best quarterback in New Orleans Saints history, was announced Thursday as Sports Illustrated Tickets latest investor. And it comes as the full 2024-25 NFL schedule was released for all 32 teams in the league Wednesday night. Brees spoke with Fox Business Digital about why he believes in Sports Illustra
  
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• National Debt Tracker: American taxpayers (you) are now on the hook for $34,534,845,450,747.16 as of 5/16/24

  17-05-2024 01:51 via foxbusiness.com
  
  The U.S. national debt is climbing at a rapid pace and has shown no signs of slowing down, despite the growing criticism of massive levels of government spending.The national debt — which measures what the U.S. owes its creditors — declined to $34,534,845,450,747.16 as of Wednesday afternoon, according to the latest numbers published by the Treasury Department. That is down about $37.7 billion from the $34,572,509,369,831.78 figure reported the previous day.By comparison, just four d
  
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• Business leaders pressed NYC Mayor Adams to disperse Columbia protesters: report

  17-05-2024 01:33 via foxbusiness.com
  
  A group of wealthy business owners and investors pressed New York City Mayor Eric Adams to disperse anti-Israel protesters at Columbia University in the city, according to a report by the Washington Post.Business leaders urged Adams to use his influence with Columbia's president and board of trustees to get permission to send police to the campus and disperse the protesters. Those protests, which have been criticized as being antisemitic and raising security concerns, have prompted the universit
  
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• LARRY KUDLOW: Trump has Biden on the run

  17-05-2024 00:58 via foxbusiness.com
  
  Let me circle back to President Trump's rally on the beach in Wildwood, New Jersey, last Saturday. I believe this was an historic event. Just doing some homework, the only political rally on record here in America larger than Trump’s in Wildwood was Franklin Delano Roosevelt’s in Sea Girt, New Jersey, in 1932, where 120,000 people turned out. That was 92 years ago — I wasn't even born then! — and was the handwriting on the wall for a massive victory for FDR.&nbs
  
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• Former Facebook and Nike DEI manager sentenced to 5 years in prison for fraud scheme

  17-05-2024 00:32 via foxbusiness.com
  
  A former diversity program manager for Facebook and Nike who admitted to stealing $5 million through kickback schemes she orchestrated at the companies is headed to federal prison for her crimes.The U.S. Attorney's Office for the Northern District of Georgia announced this week that Barbara Furlow-Smiles, 38, was sentenced to five years and three months behind bars for her fraud scheme and ordered to pay restitution of $4,981,783.58 to Meta-owned Facebook and $121,054.50 to Nike."Furlow-Smiles s
  
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• Researchers say they've built an AI-powered sarcasm detector

  17-05-2024 00:10 via foxbusiness.com
  
  A team of university researchers in the Netherlands says they've developed an artificial intelligence (AI) platform that can recognize sarcasm, according to a new report.The Guardian reported on Thursday that the research was presented at a meeting of the Acoustical Society of America and the Canadian Acoustical Association in Ottawa, Canada, on Thursday. At the event, Ph.D. student Xiyuan Gao said the research team used video clips and other text and audio content from American sitcoms like "Fr
  
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