Business news

• Nvidia's earnings beat Wall Street's estimates as AI momentum continues

  28-08-2024 23:58 via foxbusiness.com
  
  Artificial intelligence giant Nvidia released its latest second-quarter earnings report on Wednesday, which beat analysts' estimates as the company's AI-driven momentum continued.Wall Street expected Nvidia's earnings per share to come in at $0.64, up 137.5% from last year, while its revenue was estimated to be $28.7 billion, up 112.5% from last year, according to LSEG data. Its earnings per share came in at $0.68, while revenue was $30.04 billion.Nvidia's data center revenue, its largest operat
  
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• National Debt Tracker: American taxpayers (you) are now on the hook for $35,289,492,003,154.99 as of 8/28/24

  28-08-2024 23:44 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 — rose to $35,289,492,003,154.99 as of August 27th, according to the latest numbers published by the Treasury Department. That is up about $64.3 billion from the figure reported the previous day.By comparison, just four decades ago, the national debt hovered
  
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• French prosecutors charge Telegram CEO Pavel Durov after his release from custody

  28-08-2024 23:10 via foxbusiness.com
  
  French prosecutors on Wednesday handed preliminary charges to Telegram CEO Pavel Durov, alleging that he allowed criminal activity on the controversial messaging app.The charges came hours after Durov was released from custody following his arrest at Le Bourget airport outside Paris over the weekend as part of a sweeping investigation opened earlier this year. Investigative judges also ordered the 39-year-old to pay 5 million euros bail and to report to a police station twice a week, prosec
  
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• Harvard hires former UPenn president who resigned after controversial antisemitism testimony

  28-08-2024 23:07 via foxbusiness.com
  
  Former University of Pennsylvania President Liz Magill, who resigned after her controversial testimony to Congress about antisemitism on campus last year, has now been picked up by Harvard, another Ivy League institution that saw its leader eventually step down after speaking at the same hearing.Magill has taken a position as a visiting senior fellow at Harvard Law School's Center on the Legal Profession this fall semester, according to her updated curriculum vitae (CV), obtained by UPenn's stud
  
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• Local journalism in Atlantic Canada in trouble as company known to 'slash and burn' buys dozens of newspapers

  28-08-2024 22:02 via cbc.ca
  
  If you want to understand the struggling local news landscape, look no further than Atlantic Canada, where a takeover has kept the region's largest newspaper publisher in operation but still leaves local journalism in a tenuous state. 
  
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• Another exit: Foot Locker to relocate headquarters from New York to Florida

  28-08-2024 21:40 via foxbusiness.com
  
  Foot Locker is relocating its headquarters to Florida from New York. The footwear retailer said Wednesday the city of St. Petersburg will become its new corporate headquarters come late 2025. Foot Locker said it was seeking to "further build on the Company’s meaningful presence in St. Petersburg and to enable increased collaboration among teams across banners and functions, while also reducing costs."The retailer already has a "very meaningful commercial and executive team presen
  
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• SCOTUS denies Biden admin request to allow temporary enforcement of student loan handout

  28-08-2024 21:14 via foxbusiness.com
  
  The Supreme Court of the United States (SCOTUS) denied the Biden administration’s request to lift a block on the Saving on a Valuable Education (SAVE) plan, which is designed to ease the burden of student loan debt for millions of borrowers.A federal appeals court in Missouri blocked the entire SAVE program from being enforced while litigation over the merits continues in the lower courts. The Department of Justice, which is part of the Biden administration, most recently asked the high co
  
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• Attorney accuses CA lawmakers of 'window dressing' bill granting home loans to migrants: 'Magnet' for illegals

  28-08-2024 20:28 via foxbusiness.com
  
  Experts from multiple sectors are sounding the alarm on California's recently passed bill that would give home loans to illegal migrants.Civil rights attorney Leo Terrell and real estate expert Grant Cardone weighed in on the bill during an appearance Wednesday on "Varney & Co.," revealing how the state's policy is another "gimmick" from Democrats, according to Cardone."It's window dressing, but it sends a message to illegals: 'Come to California, we're going to take care of you.' It makes n
  
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• Flair Airlines says it's offering flights for a loonie. Experts say it needs to get real

  28-08-2024 19:50 via cbc.ca
  
  Ultra low-cost Flair Airlines says it has launched a $1 base airfare deal for passengers flying back to Canada from sun destinations – but some experts are skeptical of whether the airline can sustain the promo.
  
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• Judge acquits CPKC of contempt of court in ruling tied to long work hours

  28-08-2024 19:33 via cbc.ca
  
  A Federal Court of Appeal judge has acquitted Canadian Pacific Kansas City Ltd. of contempt of court related to excessively long hours worked by employees.
  
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• Dick's Sporting Goods hit by cyberattack

  28-08-2024 19:11 via foxbusiness.com
  
  Dick's Sporting Goods on Wednesday said that it was the victim of a cyberattack, according to a Securities and Exchange Commission (SEC) filing. The sporting goods chain said in a regulatory filing that on Aug. 21 it "discovered unauthorized third-party access to its information systems, including portions of its systems containing certain confidential information." MASSACHUSETTS REVEALS CAUSE OF 911 OUTAGEThe company said it immediately "activated its cybersecurity response plan and e
  
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• Lego swapping oil in its bricks for more expensive renewable plastic

  28-08-2024 18:58 via foxbusiness.com
  
  Lego says it is on track to achieve its goal of replacing the oil in its bricks entirely with renewable plastics by 2032, after inking deals with major producers that can provide fossil-free materials for the long term.But the move means a major increase in manufacturing costs.The Danish toymaker said Wednesday that it plans to gradually swap out the oil-based plastics in its bricks with certified renewable resin, which is 70% more expensive than the raw plastic typically used to make the colorf
  
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• Buffett's Berkshire hits $1 trillion market cap, first non-tech firm to do so

  28-08-2024 18:41 via foxbusiness.com
  
  The market value of Warren Buffett's Berkshire Hathaway hit $1 trillion for the first time on Wednesday, as the conglomerate became the first non-technology company in the U.S. to reach that threshold.Buffett's firm joined six other firms in the exclusive $1 trillion market cap club, including Apple, Nvidia, Microsoft, Google parent Alphabet, Amazon and Facebook parent Meta.Berkshire Hathaway has outpaced the benchmark S&P 500 index so far this year, as the company's stock has increased over
  
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• Airline CEO wants airports to cap passengers at 2 alcoholic drinks to limit on-board disruptions

  28-08-2024 18:17 via foxbusiness.com
  
  Ryanair CEO Michael O’Leary said airports should institute a two-drink limit on alcoholic beverages for flyers.O’Leary believes that airports need to limit "the amount of alcohol that can be sold to any passenger to two alcoholic drinks" to help reduce instances of airline passengers becoming disruptive on flights, according to the Independent."In the same way that you have to show your boarding pass when you go through Duty Free to buy cigarettes or alcohol, we believe you should sh
  
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• Stuart Varney: Kamala Harris' rapid reinvention is an exercise in deception

  28-08-2024 18:00 via foxbusiness.com
  
  During his "My Take" on Wednesday, "Varney & Co." host Stuart Varney discussed whether voters will accept Kamala Harris rejecting her own policies after the Democrat nominee reversed her position on EV mandates and Trump's border wall project.STUART VARNEY: We are watching something unique in American politics. The rapid reinvention of a presidential candidate. The policies Kamala Harris supported just five weeks ago are gone, repudiated. We've never seen anything like this before. 
  
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• Grocery chain joins Walmart, CVS, others in ending cigarettes sales

  28-08-2024 17:40 via foxbusiness.com
  
  If you want to buy a pack of cigarettes, you won't find them at Stop & Shop. The grocer announced this week that it plans to stop selling cigarettes and tobacco products at all of its 360 stores across the Northeast by Aug. 31 "as a part of the brand’s commitment to community wellness." "From our team of registered dietitians that serve our customers at no cost to our trained and trusted pharmacy associates, Stop & Shop aims to support the health and well-being of the nei
  
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• Private student loan interest rates rise for 5- and 10-year terms

  28-08-2024 17:35 via foxbusiness.com
  
  During the week of Aug. 19, 2024, average private student loan rates increased for borrowers with credit scores of 720 or higher who used the Credible marketplace to take out 5-year variable-rate loans and 10-year fixed-rate loans.Through Credible, you can compare private student loan rates from multiple lenders.For 10-year fixed private student loans, interest rates rose by 0.26 percentage points, while 5-year variable student loan interest spiked by 0.68 percentage points.Borrowers with good c
  
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• USAA thinking of their members with new activations for 2024 NFL season

  28-08-2024 16:16 via foxbusiness.com
  
  As the new NFL season is around the corner, USAA, the league's official "Salute to Service" partner, is excited about all the new activations they have in store for their members and fans alike. USAA's new CMO Francesco Lagutaine shared that excitement with FOX Business while breaking down what military members and football fans can expect to see from the organization during another highly anticipated NFL season. Of course, one of those activations from the marketing team at USAA is mo
  
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• Car insurance premiums could skyrocket 50% in some states this year

  28-08-2024 14:53 via foxbusiness.com
  
  Car prices are finally on the down swing, but drivers are facing a new financial hurdle: surging auto insurance premiums.A new report published by Insurify, an insurance comparison shopping site, shows the average U.S. rate for full auto insurance surged to $2,329 in the first half of 2024. That marks a 15% increase from 2023 and a stunning 48% spike when compared with 2021.By the end of 2024, the cost of coverage is expected to rise even further, to $2,469, according to the report.The problem i
  
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• Los Angeles' iconic Langer's Deli may shutter as crime, homelessness ravages neighborhood: 'It's not safe'

  28-08-2024 13:00 via foxbusiness.com
  
  The iconic Langer’s Deli in downtown Los Angeles is considering closing its doors after 76 years as rising crime and homelessness in the area continues to plague local residents and businessowners."It's not safe," Norm Langer, who owns the famed establishment, told FOX 11. "It's too many needles. Too much fentanyl. Too much drugs."PROGRESSIVE CALIFORNIA MAYORS BACK EFFORT TO AMEND CRIME LAWS AMID 'RAMPANT' DRUGS AND THEFTMacArthur Park, which sits just outside the restaurant, is reportedly
  
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• Australians now have the legal right to disconnect from work. But how effective will it be?

  28-08-2024 10:00 via cbc.ca
  
  Experts say most right-to-disconnect laws put pressure on companies to clarify policies on work-life balance. But their effectiveness depends on other factors, like what recourse employees have in reporting violations of the law, or even the work culture of the country where the law exists.
  
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