Business news

• Why are consumers pessimistic about the economy while inflation is cooling?

  31-10-2024 23:29 via foxbusiness.com
  
  Inflation hit the highest level in four decades a little more than two years ago, and while it has cooled substantially since then and the labor market has remained resilient despite high interest rates, American consumers are still feeling squeezed by it.The economy is the top issue for voters as they cast their ballots ahead of Election Day on Tuesday, and while pocketbook concerns are often at the forefront of voters' minds, that's particularly true in the wake of a historic inflationary
  
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• National Debt Tracker: American taxpayers (you) are now on the hook for $35,847,012,590,067.17 as of 10/31/24

  31-10-2024 22:22 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 $35,847,012,590,067.17 as of October 31st, according to the latest numbers published by the Treasury Department. That is down about $1.5 billion from the figure reported the previous day.By comparison, just four decades ago, the national debt hover
  
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• Russian court fines Google $2,000,000,000,000,000,000,000,000,000,000,000 for blocking YouTube content

  31-10-2024 22:18 via foxbusiness.com
  
  A Russian Court fined Menlo Park, California-based Google $2 decillion, which continues to grow each day over penalties for non-payment, for blocking content on YouTube, according to reports.Russian state news agency Tass reported that Google owes the Russian government the equivalent of $2 decillion, a 34-figure number.The world’s combined economy is estimated to be $110 trillion, a 15-figure number."Google was called by a Russian court to administrative liability under Art. 13.41 of the
  
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• Striking dockworkers shut down 2 Port of Montreal terminals

  31-10-2024 21:12 via cbc.ca
  
  The union began its latest strike at 11 a.m., affecting the two terminals operated by the company Termont. The latest strike involves up to 320 workers.
  
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• U.S. Senator Elizabeth Warren says TD executives were let off easy in money laundering settlement

  31-10-2024 20:47 via cbc.ca
  
  A U.S. senator is raising concerns that TB Bank Group executives did not face charges as part of the bank's settlement over its failure to detect large-scale money laundering.
  
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• Ford to pause production of F-150 Lightning pickup

  31-10-2024 20:41 via foxbusiness.com
  
  Ford on Thursday announced that it will temporarily pause production of its electric F-150 Lightning for several weeks amid sluggish consumer demand for EVs.The automaker plans to idle the Rouge Electric Vehicle Plant, which is located outside of Detroit and makes the F-150 Lightning, after the end of the shift on Nov. 15. Production will resume on Jan. 6.The plant currently operates on weekdays and, like Ford's other U.S. plants, already has a scheduled holiday week starting on Dec. 23."We
  
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• Philly DA moves to remand Musk back to local court, accuses lawyers of 'procedural stunt'

  31-10-2024 20:37 via foxbusiness.com
  
  Philadelphia’s top prosecutor filed an emergency motion Thursday to remand his case against Elon Musk from federal court to state court—seeking to halt what his office described as a procedural "stunt" by Musk's attorneys to delay a ruling and allow him to continue his $1 million daily giveaways through Election Day.The news comes after Philadelphia District Attorney Larry Krasner filed an injunction to halt the $1 million daily giveaways delivered by the Musk-backed America PAC earl
  
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• Chipotle brings back bigger portions after criticism from customers

  31-10-2024 20:29 via foxbusiness.com
  
  Chipotle said that it has been consistently offering "generous portions" in an effort to satisfy the customers who complained on social media that they were getting skimped on the size of their servings. Interim CEO Scott Boatwright told analysts on Tuesday that proof is on the company's social media platforms, where he said people are "posting big burritos, big bowls and really excited about portioning they're getting in the Chipotle brand." Boatwright said that it's a "reverse of wha
  
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• Disney alleges former employee manipulated Disney World menu allergen info

  31-10-2024 20:28 via foxbusiness.com
  
  A man fired by Disney is facing allegations that he tampered with restaurant menus through unauthorized access to menu technology Disney World used and engaged in denial-of-service attacks against a handful of employees.Those allegations were made in a court filing submitted to the U.S. District Court for the Middle District of Florida last week for a criminal complaint that claimed Michael Scheuer "manipulated the menus of restaurants owned and operated by Company A" by hacking into the servers
  
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• Biden-Harris Medicare cuts are harming seniors with coverage losses, premium hikes: former congresswoman

  31-10-2024 20:14 via foxbusiness.com
  
  Cuts to Medicare Advantage by the Biden-Harris administration could lead to fewer options and higher costs for 33 million seniors, former Rep. Ann Marie Buerkle, R-N.Y., warns. In an interview with FOX Business, the former New York congresswoman urged her fellow Republicans to formulate a "coherent health care agenda" that tackles issues like drug approval processes and billing transparency to avoid a socialized medicine model."And one of the pieces of that is to look at what's driving up t
  
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• Peloton names Ford exec, Apple Fitness+ founder Peter Stern as new CEO to drive turnaround

  31-10-2024 19:14 via foxbusiness.com
  
  Peloton on Thursday named Ford executive Peter Stern as its new CEO, tasking him with trying to turn around the beleaguered high-end fitness company.It's the company's third CEO in under three years. Stern, who currently serves as the president of Ford Integrated Services, will take over as CEO and join the company's board of directors in January. Jay Hoag, the chairman of Peloton's board, said Stern is "a seasoned strategist with a track record of driving sustainable growth through in
  
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• Trump Media shares plummet, costing former president more than $1 billion in net worth

  31-10-2024 18:16 via foxbusiness.com
  
  Trump Media & Technology Group shares reversed course this week after rallying for over a month, and the correction shed more than $1 billion from the net worth of former President Trump, the company's majority shareholder.The stock, which trades under the ticker DJT, plummeted 22% on Wednesday, marking its worst day ever. The declines continued on Thursday, and shares of the Truth Social parent company were halted twice in the morning due to volatility.Shares of DJT were down more than 13%
  
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• Starbucks to scrap extra charges for this drink ingredient

  31-10-2024 18:09 via foxbusiness.com
  
  Starbucks will soon ditch the fee it charges to customers who substitute non-dairy milk in drinks.The coffee giant said Wednesday that the extra fee for customers who swap dairy milk for soy milk, oat milk, almond milk and coconut milk will end on Nov. 7 at company-owned and operated locations in the U.S. and Canada.Starbucks' move to get rid of the upcharge will result in a 10% price drop for "almost half" of U.S. customers that customize their drinks with a dairy milk substitute.It said non-da
  
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• Mortgage rates rise for fifth straight week

  31-10-2024 17:13 via foxbusiness.com
  
  Mortgage rates continued their upward climb this week, leaving demand essentially flat in the stagnant housing market.Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage surged to 6.72% from last week's reading of 6.54%. The average rate on a 30-year loan was 7.76% a year ago."Increasing for the fifth consecutive week, mortgage rates reached their highest level since the beginning of August," said Sam K
  
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• Stuart Varney: Joe Biden could be Kamala Harris' October surprise

  31-10-2024 16:06 via foxbusiness.com
  
  During his "My Take," Thursday, "Varney & Co." host Stuart Varney argued that President Biden's repeated blunders and penchant for making news for all the wrong reasons could swing votes away from Vice President Kamala Harris and towards former President Donald Trump.STUART VARNEY: One of my colleagues here at Fox suggested that Joe Biden is Kamala Harris' October surprise. Could be.Biden is certainly the gift that keeps on giving to Donald Trump.THE FATAL FLAW IN KAMALA HARRIS' SPEECH,
  
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• Canadian economy flat in August, likely missed central bank's 3rd quarter growth forecast

  31-10-2024 15:47 via cbc.ca
  
  The Canadian economy was flat in August as high interest rates continued to weigh on consumers and businesses, while a preliminary estimate suggests it grew at an annualized rate of one per cent in the third quarter.
  
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• United Airlines passenger pummels another flier in ‘vicious,’ bloody attack: report

  31-10-2024 15:19 via foxbusiness.com
  
  A United Airlines passenger let out "blood-curdling screams" during a "vicious" attack by another flier on a San Francisco to Washington, D.C. flight this week, a witness says. The airline tells FOX Business that "Thanks to the quick action of our crew and customers, one passenger was restrained after becoming physically aggressive toward another customer" onboard United Flight 2247 on Monday. "He was just very violently and very aggressively just pummeling the guy who was in the windo
  
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• Fed's favored inflation gauge showed price growth continued to slow in September

  31-10-2024 14:53 via foxbusiness.com
  
  An inflation gauge closely watched by Federal Reserve policymakers continued to slow in September, as the pace of price growth trended closer to the Fed's target in September.The Commerce Department on Thursday reported that the personal consumption expenditures (PCE) index rose 0.2% in September and increased 2.1% year over year. Those figures were in line with estimates by economists polled by LSEG.Core PCE, which excludes volatile food and energy prices, rose 0.3% for the month and increased
  
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• AmEx, Chamber of Commerce Foundation team up on grants for small businesses hit by Hurricanes Helene, Milton

  31-10-2024 14:30 via foxbusiness.com
  
  American Express and the U.S. Chamber of Commerce Foundation are teaming up to provide funds for small businesses working to recover from Hurricanes Helene and Milton.The Small Business Hurricane Recovery Grant Program unveiled Thursday will dole out a total of $5 million worth of grants to small businesses hit hard by the devastating storms. American Express Corporate Affairs Officer Jennifer Skyler said in a statement that the company was "committed to providing small businesses in the re
  
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• Stock market expert compares 2024 election to tumultuous time when the challenger prevailed over incumbent

  31-10-2024 12:29 via foxbusiness.com
  
  Wall Street is becoming increasingly convinced former President Trump will emerge the victor from next week's long-anticipated election.Trump Media & Technology Group (DJT) shares continue to surge, making a comeback from a low in September, but what other signs point to that conclusion?CFRA Research chief investment strategist Sam Stovall weighed in on Tuesday, telling FOX Business' Charles Payne the feel of this election cycle is abnormal, reminiscent of another tumultuous time when the ch
  
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• Calgary's red-hot rental market may be cooling

  31-10-2024 12:00 via cbc.ca
  
  Data from Rentals.ca shows rents in Calgary have dipped for two months in a row, and some in the industry say the peak of the hot rental market may be in the rear-view mirror.
  
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• Price gap between new and used cars hits all-time high

  31-10-2024 11:00 via foxbusiness.com
  
  The gap between the new and used auto markets is wider than ever, new data from Edmunds shows.The car shopping guide's latest analysis released this week found the average price difference between new and used vehicles has topped $20,000 for the first time ever, with the average new vehicle selling for $47,542 in the third quarter, compared to $27,177 for a used car.Edmunds said used car prices fell 6.2% last quarter compared to a year ago, but the declines are not much of a relief for consumers
  
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• October jobs report to arrive days ahead of Election Day, Fed's rate cut decision

  31-10-2024 11:00 via foxbusiness.com
  
  The Labor Department is scheduled to release its jobs report for October on Friday, which will be the last major economic data release ahead of Election Day and the Federal Reserve's policy meeting next week.American voters and Fed policymakers will have the opportunity to analyze the state of play in the labor market and factor that into their respective decisions next week. Voters will determine whether control of government will be divided between, or unified under Democrats or Repu
  
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• MLB World Series: here is the company that makes the Commissioner's Trophy

  31-10-2024 11:00 via foxbusiness.com
  
  The Commissioner’s Trophy the Los Angeles Dodgers received for winning the 2024 World Series is produced by jeweler Tiffany & Co.The Dodgers were bestowed the trophy on October 30th, after the they came back from a 5-0 deficit, to win game five 7-6. The win secured the Dodgers their 8th World Series title, and their first since the COVID-shortened 2020 season.The highly-coveted Commissioner’s Trophy has a height of 24 inches.It is well-known for its 30 flags t
  
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• California restaurant owner potentially facing more closures

  31-10-2024 11:00 via foxbusiness.com
  
  A regenerative farmer and restaurateur who closed several of her California eateries is now facing the possibility of shutting down her remaining two locations.Mollie Engelhart, owner of Sage Regenerative Kitchen, said despite her continuous attempts to keep her restaurants afloat, they are "barely hanging on by a thread." "It doesn't feel like we can hold on because I've run out of assets to literally liquidate, to keep us above ground and above water," Engelhart told FOX Business. Engelha
  
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• Inside the terrifying, risky world of making indie horror movies

  31-10-2024 09:00 via cbc.ca
  
  Longtime horror fans are delighted to see murderous monsters enjoying broader mainstream acceptance. But filmmakers say success in the genre is hard to come by, and that creating nightmare-inspiring movies can itself be risky and scary.
  
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• Inside the financially risky world of making indie horror movies

  31-10-2024 09:00 via cbc.ca
  
  Longtime horror fans are delighted to see murderous monsters enjoying broader mainstream acceptance. But filmmakers say success in the genre is hard to come by, and that creating nightmare-inspiring movies can itself be risky and scary.
  
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• Are some rents in Canada part of a price-fixing scheme?

  31-10-2024 09:00 via cbc.ca
  
  One large Canadian landlord has stopped using software to help set rent prices after CBC News began an investigation. The software is called YieldStar, and it's under federal investigation in the United States and the subject of a lawsuit from the Department of Justice for collusion, price-fixing and artificially inflating American rents.
  
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