Business news

• National Debt Tracker: American taxpayers (you) are now on the hook for $35,743,513,547,464.87 as of 10/17/24

  17-10-2024 23:00 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 $35,743,513,547,464.87 as of October 17th, according to the latest numbers published by the Treasury Department. That is down about $7.7 billion from the figure reported the previous day.By comparison, just four decades ago, the national debt hover
  
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• Ferrari unveils new supercar with $3.9 million price tag

  17-10-2024 21:47 via foxbusiness.com
  
  High-performance carmaker Ferrari unveiled its first new supercar in more than a decade on Thursday, and it is already sold out.The Italian luxury sports car manufacturer introduced the F80, which incorporates features from Endurance motor competitions and Formula 1. Ferrari said it will only produce 799 of the special-edition models, and each has already been spoken for, despite the $3.9 million base price.The F80 features a six-cylinder, three-liter full-hybrid engine totaling 1,200 horsepower
  
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• Meta fires staff who abused $25 meal vouchers: report

  17-10-2024 20:50 via foxbusiness.com
  
  Tech giant Meta reportedly fired roughly two dozen staffers based in Los Angeles for abusing the company's $25 meal vouchers to purchase non-food household items.The Financial Times reported that Meta fired the workers last week after the company discovered that the workers were abusing its food credit system by using the funds to buy other household items, ranging from acne pads and wine glasses to laundry detergent.According to the report, Meta staff are given daily allowances of $20 for
  
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• NBA star's tequila brand unveils platinum chrome-finished, limited-edition bottle for $149.99

  17-10-2024 20:35 via foxbusiness.com
  
  Cincoro, a tequila brand co-founded by decorated basketball star Michael Jordan and four other NBA elites, revealed its latest expression in September while celebrating the five-year anniversary of the celebrity-owned brand.A-listers including country music star Eric Church, DJ Khaled and Cincoro co-owners Derek Jeter and Serena Williams, among others, attended the suave New York City bash, which included French Petrossian caviar. Añejo Cristalino, a limited-edited tequila expression, was
  
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• Major paint company to lay off 1,800 workers, close facilities

  17-10-2024 20:27 via foxbusiness.com
  
  PPG — a global manufacturer of paints, coatings, and specialty materials — is laying off nearly 2,000 workers as it trims operation costs and sells off a chunk of its architectural business.The cuts will impact about 1,800 positions, primarily in the U.S. and Europe. PPG didn't disclose when the layoffs would occur.The Pittsburgh-based company said it is part of a comprehensive cost reduction program focused on reducing structural costs primarily in Europe and in certain other global
  
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• Stuart Varney: Kamala Harris' Fox News interview was 'very revealing'

  17-10-2024 20:03 via foxbusiness.com
  
  During his "My Take" on Thursday, "Varney & Co." host Stuart Varney reacted to Vice President Kamala Harris' first-ever Fox News interview with Bret Baier, arguing her refusal to answer questions, coupled with her attacks on Trump, say a lot about the state of her campaign.STUART VARNEY: With three weeks to go to the election, Kamala Harris finally sat down for a "real" interview. She is down in the polls. She has lost momentum. She needed to get back in the game. KAMALA HARRIS ASS
  
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• Alabama woman arrested, son kicked off cruise ship after alleged assault on older passenger

  17-10-2024 19:45 via foxbusiness.com
  
  An Alabama mother and son are accused of assaulting an elderly passenger on an MSC cruise ship before the son was booted off the ship in Jamaica, according to a report.The pair, 49-year-old Kelli Lyn Ryan of Huntsville, and her son, Dylan Ryan, were reportedly captured on surveillance video striking a 65-year-old victim multiple times on Oct. 6 on an MSC cruise that departed from Miami, Local10 reported. An arrest report obtained by the outlet said Kelli Lyn Ryan was onboard MSC's Seascape
  
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• Luxury king Bernard Arnault's net worth takes multibillion-dollar hit after LVMH shares fall

  17-10-2024 19:32 via foxbusiness.com
  
  LVMH CEO Bernard Arnault took another multibillion-dollar hit to his net worth this week, after the company reported its first quarterly decline in sales since the COVID-19 pandemic.LVMH Moet Hennessy Louis Vuitton, the company he has run for decades as CEO, saw its shares plummet 7% on Tuesday after it reported a 3% drop in sales, costing Arnault nearly $10 billion in a single day, according to Fortune.The French company is the corporate parent of luxury brands including Louis Vuitton, Dom Peri
  
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• Mortgage rates march higher for third straight week

  17-10-2024 18:07 via foxbusiness.com
  
  Mortgage rates continued their upward climb this week, further hindering demand in the housing market amid elevated rates and high home prices.Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage surged to 6.44% from last week's reading of 6.32%. The average rate on a 30-year loan was 7.63% a year ago."The 30-year fixed-rate mortgage increased for the third consecutive week, moving closer to 6.5%," said
  
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• California oil refinery announces closure after Newsom signs more regulations

  17-10-2024 17:34 via foxbusiness.com
  
  The oil company Phillips 66 announced Wednesday that it is closing its Los Angeles-area refinery by the end of 2025, pointing to concerns about the future market. The announcement comes days after California Gov. Gavin Newsom signed a new law on Monday that will set new regulations on the oil industry in the Golden State. "With the long-term sustainability of our Los Angeles Refinery uncertain and affected by market dynamics, we are working with leading land development firms to evalua
  
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• Biden rolls out $4.5B more in student loan handouts for over 60,000 public workers

  17-10-2024 17:28 via foxbusiness.com
  
  The Biden-Harris administration on Thursday announced another round of student loan handouts, removing $4.5 billion in debt for more than 60,000 borrowers who work in public service.The Department of Education said in a news release the relief came about from "significant fixes" to the Public Service Loan Forgiveness (PSLF) Program. The action brings the total loan forgiveness approved by President Biden to more than $175 billion for 4.8 million Americans, including $74 billion for more than one
  
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• Tennessee CEO fled Helene while some workers who were ordered to stay later drowned, lawsuit alleges

  17-10-2024 17:26 via foxbusiness.com
  
  The family of a man killed as a result of Hurricane Helene floodwaters in Tennessee has filed a wrongful death lawsuit, alleging his employer "chose greed over the safety of its workers."Johnny Peterson, 55, was among the Impact Plastics employees who died on Sept. 27 after Helene's flooding hit the small, rural town of Erwin in eastern Tennessee.Surviving employees said they were not told they could leave until the factory lost power, and their cars had already been overtaken by water. "Th
  
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• Retail sales show solid increase in September

  17-10-2024 16:46 via foxbusiness.com
  
  Retail sales increased more than expected in September as the U.S. economy continued to show signs of growth in the third quarter.The Commerce Department's Census Bureau said that retail sales rose 0.4% last month after an unrevised gain of 0.1% in August. Economists polled by LSEG had forecast that retail sales would rise 0.3%. Estimates ranged from no change to an increase of 0.8%.Retail sales excluding automobiles, gasoline, building materials and food services rose 0.5% in September aft
  
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