Business news

• Trump proposes 15% corporation tax to 'Save America's Auto Industry,' threatens 1,000% tariffs on imports

  10-10-2024 23:32 via foxbusiness.com
  
  Former President Trump on Thursday spoke at the Detroit Economic Club, where he announced a new plan to supercharge America’s auto industry and warned he could slap up to 1,000% tariffs on foreign-imported vehicles if he's elected to a second term in office.  The plan, dubbed the "Build It in America Plan," consists of a corporate tax rate of 15% for companies that choose to make their products in the U.S. as well as tax credits for research and development and fully tax-deductible in
  
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• Google's Nobel prize winners stir debate over AI and company's research dominance

  10-10-2024 23:16 via cbc.ca
  
  The award this week of Nobel prizes in chemistry and physics to a small number of artificial intelligence pioneers affiliated with Google has stirred debate over the company's research dominance and how breakthroughs in computer science ought to be recognized.
  
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• Income inequality in Canada rises to the highest level ever recorded: Statistics Canada

  10-10-2024 22:42 via cbc.ca
  
  Income inequality in Canada has hit the highest level ever recorded as wealth becomes increasingly concentrated in fewer hands, says Canada’s statistics agency.
  
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• Disney, Universal eye Friday reopening after Hurricane Milton

  10-10-2024 22:39 via foxbusiness.com
  
  Walt Disney World Resort and Universal Orlando are planning to restart operations at their Florida theme parks on Friday, now that Hurricane Milton has passed.The hurricane roared across Central Florida, where both theme parks are located, overnight after making landfall late Wednesday evening near Siesta Key.Ahead of the storm, both Disney World and Universal Orlando had shut down their parks and other attractions starting Wednesday afternoon, as FOX Business reported at the time. The comp
  
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• 9.9 million pounds of ready-to-eat meat, poultry recalled over listeria concerns

  10-10-2024 21:11 via foxbusiness.com
  
  A recall of almost 10 million pounds of BrucePac ready-to-eat meat and poultry products is underway.The possibility of Listeria monocytogenes contamination prompted the Oklahoma-based company’s recall of the 9,986,245 total pounds of various products, the Food Safety and Inspection Service (FSIS) said in a Wednesday alert published to its website.It also posted about the BrucePac recall on its verified X page.The FSIS said food adulterated with that bacteria can cause an infection called l
  
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• O'Leary dismisses concerns over Florida hurricanes' impact on booming real estate

  10-10-2024 21:00 via foxbusiness.com
  
  Back-to-back destructive hurricanes crossing over the Sunshine State are not enough to cast a shadow on its housing market, according to Kevin O’Leary."I live in Florida… Listen, we have lived with bad weather forever. This is hurricane season. This is a particularly bad hurricane season. But what drives Florida is great policy on tax, great business regulatory environments," the "Shark Tank" star and O’Leary Ventures chairman said Thursday on "Varney & Co." on the heels o
  
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• What food items saw the largest price hikes and declines in September?

  10-10-2024 20:49 via foxbusiness.com
  
  American consumers are continuing to face elevated inflation despite the pace of price growth slowing, with grocery price growth continuing to strain household budgets.The Labor Department on Thursday released the September consumer price index (CPI) — a broad measure of how much everyday goods like gasoline, groceries and rent cost — which showed prices were up 2.4% from a year ago and 0.2% compared with August.Food prices increased 0.4% last month compared with August and are
  
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• Hurricane Milton leaves thousands of Florida gas stations without fuel

  10-10-2024 20:33 via foxbusiness.com
  
  Nearly 2,000 gas stations throughout Florida are out of fuel less than a day after Hurricane Milton slammed the state as a Category 3 storm. According to GasBuddy data, about 25% of the nearly 8,000 stations in the state are out of gasoline.  As of Thursday morning, Tampa and St. Petersburg have the highest concentrated outages at nearly 63%, followed by Sarasota at about 44%, according to GasBuddy data. About 37% of stations in Fort Myers and Naples and 36.5% of stations in Gaine
  
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• High winds, flooding from Hurricane Milton cause massive damage in Florida

  10-10-2024 20:21 via foxbusiness.com
  
  Hurricane Milton wreaked massive amounts of damage with its high winds and flooding as it roared through central Florida overnight.Damage assessments in various parts of the state affected by the hurricane began Thursday morning, but it could be some time before the full extent of Milton’s economic damage becomes clear.Florida CFO and State Fire Marshal Jimmy Patronis predicted ahead of Milton’s arrival that the state could potentially face "somewhere north of $10 [billion], maybe $2
  
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• US unemployment claims spike in wake of Hurricane Helene

  10-10-2024 20:02 via foxbusiness.com
  
  The number of Americans filing for unemployment rose much more than expected last week, to the highest in 14 months, driven up in part by the impact of Hurricane Helene.Economists say Hurricane Milton, which tore through Florida overnight, will likely have further impact on the jobs market in the short term.Initial claims for state unemployment benefits increased 33,000 last week to a seasonally adjusted 258,000 for the week ended Oct. 5, the Labor Department said on Thursday.INFLATION RISES 2.4
  
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• Inflation sees the lowest annual rise since 2021

  10-10-2024 19:34 via foxbusiness.com
  
  The Consumer Price Index (CPI), the main measure of inflation, increased 0.2% in September, a similar increase consumers saw in August and July, the Bureau of Labor Statistics reported.Over the last 12 months, the index increased 2.4%, the lowest yearly increase since February 2021. A rise in food and shelter costs made up 75% of the total increase in September. The shelter index rose by 0.2% in September while the food index increased by 0.4%.Rising auto insurance premiums, medical care costs a
  
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• TD fined $3B US by U.S. regulators

  10-10-2024 19:30 via cbc.ca
  
  TD Bank is facing fines totalling about $3.09 billion US from U.S. regulators in connection with failures of its anti-money-laundering safeguards.
  
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• TD Bank fined a combined $3B US after pleading guilty in historic U.S. money-laundering case

  10-10-2024 19:30 via cbc.ca
  
  Toronto-Dominion Bank is facing fines totalling about $3.09 billion US from U.S. regulators after pleading guilty to multiple charges, including conspiracy to violate the Bank Secrecy Act and commit money laundering.
  
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• TD Bank fined $3B US after pleading guilty in historic U.S. money-laundering case

  10-10-2024 19:30 via cbc.ca
  
  Toronto-Dominion Bank is facing fines totalling about $3.09 billion US from U.S. regulators after pleading guilty to multiple charges, including conspiracy to violate the Bank Secrecy Act and commit money laundering.
  
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• Trudeau applauds Thailand for legalizing gay marriage during ASEAN summit

  10-10-2024 18:11 via cbc.ca
  
  Prime Minister Justin Trudeau congratulated the prime minister of Thailand during a bilateral meeting for her country's recent legalization of same-sex marriage.
  
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• Air Canada pilots vote in favour of new contract, eliminating risk of strike

  10-10-2024 18:01 via cbc.ca
  
  Air Canada pilots have voted to ratify a new four-year labour deal with the country's largest carrier, the union said on Thursday, eliminating the risk of a work stoppage, despite concerns by some members about pay for entry-level aviators.
  
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• Stuart Varney: Biden-Harris want critics to 'shut up' about their hurricane response

  10-10-2024 17:55 via foxbusiness.com
  
  During his "My Take" on Thursday, "Varney & Co." host Stuart Varney reacted to Sen. JD Vance, R-Ohio, slamming the Biden-Harris administration's response to Hurricane Helene and for funneling FEMA relief money to help shelter migrants.STUART VARNEY: Donald Trump's pick for vice president, JD Vance, told the Biden-Harris team to "get its act together" with the hurricanes.In a fact-filled commentary in The Wall Street Journal, Vance was critical. He pointed out that Biden, Harris and Mayorkas
  
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• U.S. inflation reaches lowest point since February 2021, but price pressures persist

  10-10-2024 17:28 via cbc.ca
  
  Inflation in the United States dropped last month to 2.4 per cent, its lowest point since it first began surging more than three years ago, adding to a spate of encouraging economic news in the closing weeks of the presidential race.
  
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• Ratan Tata, former chairman of Indian conglomerate Tata Group, has died at age 86

  10-10-2024 14:58 via cbc.ca
  
  Thousands of people paid their last respects on Thursday to Ratan Tata, former chairman of Indian conglomerate Tata Group. The veteran industrialist, hailed by Indian Prime Minister Narendra Modi as a visionary business leader, died at a Mumbai hospital on Wednesday night. He was 86.
  
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• Alberta making it harder for foreign companies to invest in energy infrastructure, lawyers say

  10-10-2024 13:00 via cbc.ca
  
  The Alberta government is making it tougher for foreign companies to invest in energy infrastructure, which legal experts say is having an impact on the amount of investment in the province.
  
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• Was Bitcoin's mysterious creator a Canadian? A new HBO documentary says yes (maybe)

  10-10-2024 01:33 via cbc.ca
  
  A new HBO documentary is suggesting the long-debated identity of the mysterious creator of Bitcoin, known only as Satoshi Nakamoto, could be Canadian software developer Peter Todd. But Todd has called the theory "ludicrous," leaving the mystery far from settled.
  
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