Business news

• Fed delivers, stocks jump, Walmart, Target price wars

  23-08-2024 22:36 via foxbusiness.com
  
  Federal Reserve Chair Jerome Powell didn't disappoint… Wall Street loved it. Vice President Kamala Harris formally accepted the nomination for president at the DNC but her promise to raise corporate taxes isn't sitting well with everyone.Walmart and Target want your business, and they're cutting prices to get it.One CEO will add a 1,100+ mile super commute for his new job. All the bodies missing after the yacht tragedy off the coast of Italy have been recovered, including U.K. b
  
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• Trump's Bedminster golf club to host $1M fundraiser for Jan. 6 defendants

  23-08-2024 21:59 via foxbusiness.com
  
  A high-profile fundraiser to be held at former President Trump’s New Jersey golf club aims to raise over $1 million with the proceeds going directly to cover the legal fees of Jan. 6 Capitol protesters, FOX Business has learned.Dubbed the "J6 Awards Gala," the fundraiser is being held independently of Trump’s campaign, but event organizers tell FOX Business that the former president has been invited as a headline speaker. It will be held at his own Bedminster golf club on Sept. 5, an
  
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• The US added 818,000 fewer jobs this year than originally estimated

  23-08-2024 21:53 via foxbusiness.com
  
  The U.S. Bureau of Labor Statistics just reported that the U.S. added 818,000 fewer jobs over the last 12 months (through March) than they previously predicted. The -0.5% difference was reported in the preliminary estimate of the annual revision to the BLS employment series. Consumers won’t know the final numbers until February.The largest discrepancy occurred in the professional and business services sector, with the revision showing 358,000 fewer jobs than originally reported. The retail
  
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• Who is Mike Lynch, the British tech entrepreneur missing after yacht sank?

  23-08-2024 21:36 via foxbusiness.com
  
  The body of prominent U.K. tech tycoon Mike Lynch, once considered the "British Bill Gates," was recovered after the sinking of a superyacht off the coast of Italy, along with the other six victims. The news comes just months after the entrepreneur was acquitted on fraud charges by a San Francisco jury, ending more than a decade of legal battles stemming from the sale of his company to Hewlett-Packard in 2011.Lynch, 59, earned a PhD from Cambridge before co-founding software firm Autonomy i
  
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• AT&T launches smartwatch for kids to stay in touch with parents

  23-08-2024 21:03 via foxbusiness.com
  
  There is a growing conversation about whether cell phones should be banned in schools as school officials say they pose a distraction to students. But parents are arguing that they need to be able to contact their child for safety reasons."Society has always needed to figure out how to adapt to technological advancements, and really reap the benefits of those. I think that's what we're seeing now. We're seeing schools and policymakers and parents just do their best to try to figure out the right
  
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• DOJ targeting AI rental pricing software is misguided, conservatives warn

  23-08-2024 19:05 via foxbusiness.com
  
  The Department of Justice (DOJ) on Friday filed a lawsuit against a rental software company that offers an artificial intelligence (AI) tool for landlords to use in assessing rental market prices as they determine what to charge renters.The DOJ suit alleges that RealPage violated antitrust law by contracting with "competing landlords who agree to share with RealPage nonpublic, competitively sensitive information about their apartment rental rates and other lease terms to train and run RealPage's
  
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• Subway to slice footlong sandwich price, jumping into value meal wars

  23-08-2024 18:38 via foxbusiness.com
  
  Subway on Friday announced that it will temporarily cut the price of its footlong sandwiches through a deal, making it the latest chain to enter into the value meal wars.The company said participating restaurants across America will begin offering footlong sandwiches for $6.99 as part of a new deal that starts Monday.Other fast-food restaurants like McDonald’s, Taco Bell, Sonic, Burger King and Jimmy John’s have rolled out deals of their own in recent months.Subway’s footlong d
  
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• USPS could slow service in certain areas as it seeks to cut costs

  23-08-2024 18:16 via foxbusiness.com
  
  The United States Postal Service (USPS) is considering cost-cutting measures that could result in slower mail delivery for long-distance and rural services. If the proposed changes are implemented, which wouldn't happen until after the November election, customers within 50 miles of the Postal Service’s largest processing facilities would get faster delivery service, Postmaster General Louis DeJoy told The Washington Post. Those customers account for most of the mail and packages, he
  
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• Fed’s Powell: ‘The time has come’ for interest rate cuts

  23-08-2024 17:50 via foxbusiness.com
  
  Federal Reserve Chair Jerome Powell signaled Friday that interest rate cuts are coming soon."The time has come for policy to adjust," Powell said in his speech during the Kansas City Fed's symposium in Jackson Hole, Wyoming. "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.""Inflation is now much closer to our objective, with prices having risen 2.5% over the past 12 months," he said. "After a pau
  
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• Former Alaska Airlines pilot who tried to kill plane engines says he wants to fly again

  23-08-2024 17:29 via foxbusiness.com
  
  The former pilot who attempted to turn off the engines of a passenger airplane mid-flight hopes he can one day fly again.Joseph Emerson, 44, discussed the tragic lapse in reason that ruined his career, the emotional impact it had on his family and his outlook on the future in his most in-depth interview since the incident."It's 30 seconds of my life that I wish I could change, and I can’t," he told ABC News in an interview published Friday.PILOT ACCUSED OF TRYING TO CRASH PLANE SAYS HE WAS
  
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• Experts react to Harris' plan to tax unrealized capital gains: 'Voodoo economics'

  23-08-2024 17:28 via foxbusiness.com
  
  With multiple reports confirming speculation that Vice President Kamala Harris will back President Biden’s tax hike plan, reactions have started pouring in from prominent figures in political and economic circles."It would be devastating to the economy," former CKE Restaurants CEO Andy Puzder said Thursday on "The Evening Edit.""You're going to give up revenue, you're going to lose companies. We're going to lose business," he continued."You need to understand, a 25% increase in unrealized
  
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• Jolly Rancher Popsicle cases recalled over undeclared ingredient

  23-08-2024 17:04 via foxbusiness.com
  
  More than 130,000 cases of Popsicle Jolly Rancher Frozen Confection Pops are being recalled because they may contain an undeclared allergen.The single-serve popsicles marked for individual sale in the recalled cases "may contain milk, which is not listed as an ingredient on the label," Unilever said in a Food and Drug Administration (FDA) allergy alert and in a company press release.The flavor involved in the recall is "Green Apple Blue Raspberry Grape.""These products are typically sold through
  
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• Steelers, amid quarterback battle, have 3 most in-demand games of NFL season, data shows

  23-08-2024 15:00 via foxbusiness.com
  
  It is unknown who is going to be playing quarterback for the Pittsburgh Steelers at the moment, but that is not stopping fans from jumping at the opportunity to see them.The Steelers traded for Justin Fields after his former Chicago Bears got the rights to Caleb Williams — but shortly before that, they brought in Russell Wilson on a free agent deal.The two are battling it out for the starting job, and apparently, a lot of people want to see who will be under center in Week 1.CLICK HERE FOR
  
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• Teamsters union serves CN Rail with 72-hour strike notice as CPKC stoppage ongoing

  23-08-2024 14:11 via cbc.ca
  
  The Teamsters union has served Canadian National Railway with a 72-hour strike notice, hours after saying it was taking down picket lines and its workers were returning to the job. The strike notice was issued Friday morning just after 11 a.m.
  
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• Teamsters union serves CN Rail with 72-hour strike notice as CPKC stoppage continues

  23-08-2024 14:11 via cbc.ca
  
  The Teamsters union has served Canadian National Railway with a 72-hour strike notice, hours after saying it was taking down picket lines and workers were returning to the job. The strike notice was issued Friday morning just after 11 a.m.
  
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• Landlords offering 'sweeteners' like free parking as rental market slows: report

  23-08-2024 12:30 via foxbusiness.com
  
  As apartment rentals have slowed across the country, landlords have added "sweeteners" to get more tenants interested in renting their properties.A CNN report from last week detailed how landlords in some of the nation’s largest metro areas are adding in extras to entice prospective renters – like free parking or discounts on rent. "They’re throwing in a bunch of deals and perks to sweeten the pot," Zillow.com senior economist Orphe Divounguy told CNN.FORMER HOME DEPOT C.E
  
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• What net worth does one need to be rich in 2024? Here's what Americans think

  23-08-2024 12:00 via foxbusiness.com
  
  It takes more to be viewed as rich in the U.S. this year than it used to, according to new data.Charles Schwab's annual Modern Wealth Survey released this week found Americans now believe it takes a $2.5 million net worth on average to be considered wealthy in 2024, up from $2.2 million for the past two years. Older generations actually think $2.5 million isn't enough to be considered rich, with baby boomers saying on average that the threshold for wealth should be $2.8 million. Gen Xers sa
  
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• Historic PA tavern sees 'drastic' drop in foot traffic as people spend less

  23-08-2024 12:00 via foxbusiness.com
  
  Andrew Abruzzese who has owned a historic Pennsylvania tavern for three decades and is known for its affordable meals, is experiencing a significant decline in business as the economy has forced consumers to cut back on spending.The Pineville Tavern, a staple in Pineville since the 1700s, has weathered several challenges under Abruzzese's ownership including economic downturns such as The Great Recession, and the COVID pandemic that temporarily forced the tavern to halt operations. Despite
  
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• National Debt Tracker: American taxpayers (you) are now on the hook for $35,193,999,279,273.78 as of 8/22/24

  23-08-2024 03:06 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 — fell to $35,193,999,279,273.78 as of Thursday afternoon, according to the latest numbers published by the Treasury Department. That is down about $21.9 billion from the figure reported the previous day.By comparison, just four decades ago, the national deb
  
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• Postmedia begins takeover of parts of SaltWire Network

  23-08-2024 02:48 via cbc.ca
  
  Postmedia has started the process of taking over those parts of the insolvent SaltWire Network that it plans to keep running.
  
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• Canadian railroads shut down over labor dispute, threatening supply chains

  23-08-2024 00:53 via foxbusiness.com
  
  The two largest rail companies in Canada locked out nearly 10,000 unionized employees on Thursday after failed labor talks, leading to a freight stoppage projected to cost the economy hundreds of millions a day and threatening significant disruptions to the North American supply chain. Canadian National Railway (CN) and Canadian Pacific Kansas City (CPKC) both locked out workers represented by the Teamsters Canada Rail Conference (TCRC) after failing to reach an agreement with the union aft
  
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