Business news

• TikTok says US ban is inevitable unless law requiring divestment is blocked

  20-06-2024 22:59 via foxbusiness.com
  
  Social media platform TikTok on Thursday called for a federal court to strike down the law that requires its China-based parent company ByteDance to divest the app or face a ban in January, arguing the federal government refused to engage in settlement negotiations after 2022.President Biden signed the bipartisan legislation into law in April, which gives ByteDance until Jan. 19 to divest TikTok's U.S. assets or face a ban on the short video app used by 170 million Americans.Congress and the Whi
  
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• Most student loan borrowers will struggle to pay at some point: survey

  20-06-2024 22:51 via foxbusiness.com
  
  Only 33% of student loan holders have been making regular payments since they started up again in October – and about half are looking to use an income-driven repayment plan or are seeking outright forgiveness, according to a Civic Science survey.Student loan payments picked up again last October after a 42-month payment and interest accrual pause. After a more than three-year pause, many Americans have had to make significant adjustments to their household budgets to afford their student
  
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• McDonald's $5 meal deal: Here's what you get

  20-06-2024 22:24 via foxbusiness.com
  
  McDonald’s on Thursday outlined what its upcoming $5 meal deal will contain.Under the meal deal, customers will get their pick of one of two sandwich options — a McDouble or a McChicken — plus small fries, four-piece McNuggets and a small soda as accompaniments.It will debut on participating restaurants’ menus in the U.S. on Tuesday and be available for a "limited time" only, according to McDonald’s.FAST-FOOD RESTAURANT SALES SLUMP AS MORE PEOPLE EAT AT HOMEThe comp
  
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• CDK's ongoing cyber outage hits car dealers in Canada, U.S. for 2nd day

  20-06-2024 21:54 via cbc.ca
  
  A cyber outage at retail technology and software provider CDK entered its second consecutive day on Thursday, impacting automobile dealers in Canada and the U.S., the affected companies said on Thursday.
  
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• Sen. Cruz introduces bill to make tips exempt from federal income taxes

  20-06-2024 21:46 via foxbusiness.com
  
  EXCLUSIVE: Sen. Ted Cruz, R-Texas, on Thursday introduced legislation that would exempt tips from the federal income tax.The text of the "No Tax on Tips Act" was obtained exclusively by FOX Business, days after the Texas Republican announced his plans to file it this week on "Sunday Morning Futures." The bill is co-sponsored by fellow Republican Sens. Steve Daines of Montana, Rick Scott of Florida and Kevin Cramer of North Dakota."American workers in dozens of industries depend on tipped wages t
  
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• Disney faces lawsuit over canceled employee relocation plan

  20-06-2024 21:18 via foxbusiness.com
  
  Disney's cancellation of a planned Florida campus that left some California-based employees slated for relocation in the lurch last year has the entertainment giant facing a lawsuit.Disney announced in 2021 that it would relocate certain California-based employees who support theme parks and resorts to Florida, where they would work at a $1 billion office park development at Lake Nona near Orlando. The proposed class action lawsuit, filed by creative director George Fong and Vice President
  
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• This week's personal loan rates fall for 3-year loans, jump up for 5-year loans

  20-06-2024 21:08 via foxbusiness.com
  
  Borrowers with good credit seeking personal loans during the past seven days prequalified for rates that were lower for 3-year loans and higher for 5-year loans when compared to fixed-rate loans for the seven days before.For borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender between June 13 and June 19:Personal loans have become a popular way to consolidate debt and pay off credit card debt and other loans. They can also be used to cover unexpected
  
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• Limited Too, early 2000s mall favorite of preteens, teases a comeback

  20-06-2024 20:38 via foxbusiness.com
  
  Limited Too, a tween clothing retailer known for its bright, funky style, has reemerged on social media with an announcement of a comeback.In a series of Instagram posts tied to the brand, photos of jeans, sweatshirts, and jackets with the memorable logo are shown.The posts appeared to capture the hearts of many millennials and Gen Z-ers who once wore the graphic T-shirts and accessories. 'MICRO SHORTS' FROM WOMEN'S FASHION BRAND BEWILDER SHOPPERSLimited Too shared its first post on June 2,
  
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• Supreme Court rejects challenge that could preemptively ban a wealth tax

  20-06-2024 19:45 via foxbusiness.com
  
  The Supreme Court on Thursday rejected a challenge to the constitutionality of a Trump-era tax on foreign income, in a case that held sweeping ramifications for the entirety of the U.S. tax code.The justices voted 7-2 to uphold the tax, although Justice Brett Kavanaugh in the majority opinion said the decision had no bearing on a potential wealth tax."Nothing in this opinion should be read to authorize any hypothetical congressional effort to tax both an entity and its shareholders or partners o
  
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• Medical debt may come off credit reports soon, helping Americans qualify for more financial products

  20-06-2024 19:26 via foxbusiness.com
  
  Medical bills may soon be removed from many credit reports. The Consumer Financial Protection Bureau (CFPB) just proposed a rule that would eliminate medical debt from credit reports in an attempt to prevent debt collectors from using the reporting system to get people to pay.The rule also intends to create higher levels of privacy for individuals with medical debt and increase the number of loan approvals. In the past, credit reporting companies could share medical debt with lenders, who would
  
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• Stuart Varney: American voters are not intimidated by 'climate warriors'

  20-06-2024 19:01 via foxbusiness.com
  
  During his "My Take" on Thursday, "Varney & Co." host Stuart Varney reacted to Stonehenge being desecrated by climate vandals, arguing this kind of activism will not intimidate "angry" American voters.STUART VARNEY: Stonehenge in Southern England is 4,500 years old. It's an engineering marvel. Nobody knows how they moved those 13-ton blocks of stone in place. CLIMATE ACTIVISTS SPRAY STONEHENGE WITH ORANGE POWDER, DEMANDING END TO FOSSIL FUELS IN UKOn the summer solstice, the sun ri
  
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• Engine fire on Boeing 737 forces emergency landing in India

  20-06-2024 13:56 via foxbusiness.com
  
  Passengers on a flight reacted in horror when the plane's engine caught fire, forcing an emergency landing in India.The Boeing 737 plane, operated by Malaysia Airlines, caught fire shortly after taking off from Hyderabad, India, just after midnight on Thursday. The aircraft made an emergency landing minutes later with 138 passengers aboard, according to Viral Press.Video captured by a passenger in a window seat shows sparks and flames streaking from the CFM International jet engine. Flight
  
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• Red state sues tech giant IBM over diversity 'quotas'

  20-06-2024 13:30 via foxbusiness.com
  
  FIRST ON FOX: The state of Missouri has filed a lawsuit against the technology giant International Business Machines Corporation (IBM) for unlawful practices in allegedly requiring racial and gender quotas in its hiring and promotion structures for employees. Missouri Republican Attorney General Andrew Bailey on Thursday filed suit against the company, alleging that such practices are a violation of the Missouri Human Rights Act. "It has come to my attention that IBM has adopted an unl
  
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• Why we're adding far fewer jobs than the White House claims

  20-06-2024 13:00 via foxbusiness.com
  
  Most Americans are so dissatisfied with the economy that they believe the nation is already in recession. Yet the Biden administration often cites robust job growth as proof that the economy is in great shape. New data from the Federal Reserve Bank of Philadelphia throws cold water on that claim, however. It shows recent job growth has been 80% less than previously estimated.Each month, the Bureau of Labor Statistics (BLS) produces an estimate for the numb
  
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• The Bank of Canada's growing list of worries

  20-06-2024 10:00 via cbc.ca
  
  The Canadian economy is awash in contradictions. Progress has been made in the fight against inflation. The economy has dodged a recession. But unemployment is rising, consumer spending is expected to slow further and the Bank of Canada has a laundry list of things it's worried about.
  
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• WestJet mechanics' strike averted, airline and union say

  20-06-2024 08:08 via cbc.ca
  
  The union representing WestJet mechanics has withdrawn a strike notice and will resume talks with the airline, the airline's president says.
  
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