Business news

• 7-Eleven parent company facing possible acquisition

  20-08-2024 23:31 via foxbusiness.com
  
  Alimentation Couche-Tard is looking to acquire another major convenience store player in Seven & i, owners of the popular 7-Eleven convenience store chain.The Canadian company, whose brands include Couche-Tard, Circle K and Ingo, "recently" sent a "friendly-nonbinding proposal" to Japan-based Seven & i, Couche-Tard revealed in a press release Monday.Seven & i has a swath of convenience stores and supermarkets and other businesses under its umbrella, including 7-Eleven. It has about 8
  
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• Skip the Dishes, parent company laying off hundreds of employees in Canada

  20-08-2024 21:25 via cbc.ca
  
  About 800 Canadian employees are being laid off by Skip the Dishes and its parent company.
  
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• Alaska Air, Hawaiian Airlines merger clears DOJ hurdle. Will it benefit flyers?

  20-08-2024 21:19 via foxbusiness.com
  
  Hawaiian Airlines and Alaska Airlines are the latest U.S. carriers seeking to merge. The airlines cleared a regulatory hurdle with the Justice Department and are now waiting for approval from the Transportation Department of an interim exemption application. JetBlue and Spirit had similar intentions to do so, but those plans fell through earlier this year after a federal judge blocked the $3.8 billion deal due to antitrust concerns.ALASKA AIRLINES AND HAWAIIAN AIRLINES MERGER CLEARS RE
  
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• Kamala Harris wants 3 million new houses built — is it feasible?

  20-08-2024 21:11 via foxbusiness.com
  
  Vice President Kamala Harris is vowing to address the U.S. housing shortage with a plan she says will result in the construction of three million new housing units over four years if she wins the presidency.While most economists agree the lack of inventory is contributing to the housing affordability crisis, not all experts are sold on the feasibility of the proposal.Under Harris' housing plan – which was included in her broader economic agenda rolled out last week – the Democratic p
  
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• Former Home Depot CEO on Fed officials warning over jobs data: ‘About time’ the government ‘got honest’

  20-08-2024 20:55 via foxbusiness.com
  
  Home Depot’s former CEO is calling for the government to tell the truth, as Federal Reserve governors are warning about U.S. jobs data being inflated.During an appearance on "The Evening Edit," Monday, Bob Nardelli suggested that the country’s jobs data is "woefully overstated," arguing that it's "about time" the government "got honest." "You and I watch this very closely every month," Nardelli told host Elizabeth MacDonald in response to Federal Reserve Governors Michelle Bowma
  
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• Tesla Semi battery fire in California rages at 1,000 degrees, spews toxic fumes, shuts down interstate

  20-08-2024 19:36 via foxbusiness.com
  
  A Tesla Semi crashed in Northern California on Monday, triggering a hazardous materials incident after the battery ignited and sparked a raging fire that spewed toxic fumes, authorities said.Interstate 80 near Colfax was closed in both directions after Tesla's electric big rig model crashed into trees off the shoulder of the roadway at around 3:15 a.m. Monday, California Highway Patrol (CHP) said. Officials said the semi driver walked away from the crash and was taken to a hospital.The Tesl
  
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• Chicago faces inflation rate that is among the highest in the country

  20-08-2024 19:29 via foxbusiness.com
  
  As Democrats gather in Chicago for their national convention, the Windy City is still grappling with inflation that is notably higher than the national average.The Labor Department reported last month that the consumer price index, a broad measure of how much everyday goods like gasoline, groceries and rent cost, rose 0.2% in July and remains up 2.9% from the same time last year. But the pace of inflation is much faster in certain parts of the country – including Chicago.Consumer pric
  
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• List of most and least affordable metros to raise kids reveals one state parents should avoid: Report

  20-08-2024 18:50 via foxbusiness.com
  
  An analysis of America’s 100 most populous metropolitan areas has revealed the most and least affordable areas to raise children—with one state where parents may struggle to make ends meet.Creditnews Research analyzed "living wages for dual-income households with children and without. They then compared how much these households would need to earn to cover expenses.The study found that the mean annual cost of raising a child across the United States’s 100 most populous metros i
  
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• Varney: Is hating Trump enough to carry Harris to the presidency?

  20-08-2024 17:53 via foxbusiness.com
  
  During his "My Take," Tuesday, "Varney & Co." host Stuart Varney discussed President Biden's farewell speech at the DNC and whether Kamala Harris' "all government, all the time" message will be enough to defeat Donald Trump.STUART VARNEY: He spoke for 52 minutes. His speech went way past midnight. He teared up. He said, "I gave my best to you." The crowd chanted "thank you, Joe." Then, he was gone. BIDEN GOES OFF SCRIPT AND THROWS A LIFELINE TO TERROR SUPPORTERS DURING DNC SPEECHAs
  
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• Trump says he 'certainly would' give Elon Musk a job in his administration

  20-08-2024 17:08 via foxbusiness.com
  
  Republican presidential nominee Donald Trump said that he would give tech billionaire Elon Musk a key role in a future administration.Trump was asked by a Reuters reporter whether he would name Musk as an advisor if he wins the November presidential election."He’s a very smart guy. I certainly would, if he would do it, I certainly would," Trump responded. "He’s a brilliant guy."X CLOSES BRAZILIAN OFFICE AFTER JUDGE THREATENS ARRESTS OVER CENSORSHIP ORDERSMusk acknowledged the shout-o
  
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• Value of gold bar hits $1 million for first time ever

  20-08-2024 16:49 via foxbusiness.com
  
  For the first time ever, a single gold bar is worth $1 million, thanks to a surge in prices.Gold bars weighing 400 troy ounces hit the million-dollar mark after the price of the precious metal climbed above $2,500 per troy ounce. However, not all gold bars weigh 400 ounces.The recent highs are a first for the precious metal.Spot gold was up about 1% to $2,563 per ounce as of 10:45 a.m. ET, surpassing a previous record hit on Friday. London's gold price benchmark hit an all-time high of $2,521.55
  
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• Alaska Airlines and Hawaiian Airlines merger clears regulatory hurdle, will now be reviewed by DOT

  20-08-2024 16:25 via foxbusiness.com
  
  Alaska Airlines and Hawaiian Airlines just took one step closer to a merger, according to statements sent out on Monday.The deal cleared a regulatory obstacle when "the time period for the U.S. Department of Justice to complete its regulatory investigation of the proposed combination of Alaska Airlines and Hawaiian Airlines under the HSR Act" expired, Alaska Airlines said in a statement on its website. The announcement boosted shares of Hawaiian by nearly 9% in premarket trade on Tuesday, w
  
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• Canada's inflation rate dips to 2.5% in July, lowest since March 2021

  20-08-2024 14:46 via cbc.ca
  
  Canada's annual inflation rate slowed to 2.5 per cent in July  — down from 2.7 per cent in June, Statistics Canada said Tuesday.
  
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• Canada's inflation rate dips to 2.5% in July

  20-08-2024 14:46 via cbc.ca
  
  Canada's annual inflation rate slowed to 2.5 per cent in July  — down from 2.7 per cent in June, Statistics Canada said Tuesday.
  
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• Morgan Stanley International chairman, wife and 4 others still missing after luxury yacht sinks off Sicily

  20-08-2024 14:43 via foxbusiness.com
  
  Rescuers are still searching for six missing people after a luxury superyacht sank off the coast of Italy on Monday morning. Among them, two Americans, British tech entrepreneur Mike Lynch and Morgan Stanley International chairman Jonathan Bloomer.The 184-foot British-flagged Bayesian carrying foreign tourists capsized and sank off Sicily in bad weather. One man's body was found and 15 people were rescued, including a 1-year-old girl, authorities said.The Italian coast guard said the sailboat ov
  
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• Small Hawaii airline grounds flights amid safety inspection

  20-08-2024 13:20 via foxbusiness.com
  
  A small Hawaii airline had to ground a portion of its fleet over the weekend after a routine maintenance check found inconsistencies in the servicing of one plane’s landing gear.Mokulele Airlines told customers in a letter on Saturday that the grounding would last from Aug. 17 to at least Aug. 20 as it works to address the findings.A portion of the airline’s letter read: "during our routine maintenance procedures, we identified potential discrepancies in the documentation of a recent
  
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• 'The Big Shrink': Americans are pulling back on spending as high prices persist

  20-08-2024 12:00 via foxbusiness.com
  
  A growing number of Americans are pumping the brakes on spending as they continue to face elevated prices for everyday necessities like food, rent and auto insurance.New findings published by Empower show that 62% of Americans feel their purchasing power and income in relation to prices is decreasing due to persistent inflation. Another 82% said their money does not go as far as it used to. Additionally, 79% of respondents noted that many household goods like cereal and chips are dwindling in te
  
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• Student loan handouts having little to no impact on borrowers' financial struggles: Report

  20-08-2024 12:00 via foxbusiness.com
  
  Student loan forgiveness hasn't helped a swath of borrowers who say they're still in a tight spot financially, according to a recent Wall Street Journal report.The article, published Saturday, says that, of the more than 900,000 borrowers who have had their loans forgiven either entirely or in part through the Public Service Loan Forgiveness plan – along with two million more receiving the same payoff through other programs – many borrowers are still navigating other debts or dealing
  
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• Spanx founder Sara Blakely takes aim at the shoe industry

  20-08-2024 12:00 via foxbusiness.com
  
  Sara Blakely, the creator of shapewear brand Spanx, is getting into the shoe industry. She is introducting a new brand called Sneex, according to Axios and other reports.The business executive hinted in a handful of social media posts over the past week that she had a new product poised to make its official debut on Tuesday. Sneex said on its website that it focuses on a "luxury hybrid stiletto" that blends together sneakers and high heels. FOX Business reached out to Sneex for comment
  
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• California continues to lose residents to Arizona, Nevada

  20-08-2024 12:00 via foxbusiness.com
  
  Election swing states, Arizona and Nevada, have seen an influx of new residents, particularly from California, according to Redfin. "People are moving to Arizona and Nevada primarily for the lower cost of living and plethora of job opportunities," Redfin Chief Economist Daryl Fairweather told FOX Business. The trend of people moving from more expensive coastal cities, such as New York or San Francisco, to more affordable states isn't new. Redfin Senior Economist Elijah de la Campa attr
  
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• Billionaire Illinois Gov. JB Pritzker in spotlight as Chicago hosts DNC

  20-08-2024 10:16 via foxbusiness.com
  
  The Democratic National Convention is in full swing in Chicago, bringing the city and Illinois Gov. J.B. Pritzker into the national spotlight after he successfully campaigned for the Windy City to host the gathering.Pritzker, 59, is one of 11 billionaire heirs from a powerful Chicago family that Forbes ranked as the sixth-wealthiest in America in 2024, with a combined estimated net worth of $41.6 billion.The Pritzker family amassed a considerable amount of its wealth through the growth of the Hy
  
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• Would you buy an affordable EV made in China?

  20-08-2024 10:00 via cbc.ca
  
  As the federal government mulls whether to impose tariffs on Chinese electric vehicles, some Canadians say they would jump at the chance to buy a cheaper EV manufactured in that country.
  
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• Disney reverses course citing 'unique circumstances,' waives right to arbitration in widower's lawsuit

  20-08-2024 04:02 via foxbusiness.com
  
  Disney is now waiving its right to arbitration in response to a lawsuit against the entertainment giant and Disney Springs' independently-owned restaurant Raglan Road. Previously, Disney said a lawsuit following the death of a New York doctor from an allergic reaction should be tossed out because her widower signed up for a Disney+ account years earlier, according to court papers."At Disney, we strive to put humanity above all other considerations. With such unique circumstances as the ones
  
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• U.S. military announces $20M US grant to build cobalt refinery in Ontario

  20-08-2024 01:15 via cbc.ca
  
  The Pentagon on Tuesday announced a $20 million US grant to create a cobalt refinery in northern Ontario's Temiskaming Shores, with Canada contributing almost $5 million Cdn of its own to the project.
  
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