Business news

• Falling Hong Kong markets another example of hardline failure: Don Pittis

  12-11-2019 10:00 via cbc.ca
  
  A sharp decline in Hong Kong markets from growing violence is the latest reminder that taking a hard line often makes things worse.
  
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• Canada unexpectedly added 90,000 jobs in April, though unemployment stayed flat at 6.1%

  10-05-2024 14:50 via cbc.ca
  
  The Canadian economy gained 90,000 jobs in April, much higher than many economists predicted. However, the unemployment rate stayed the same as the month prior according to the latest numbers from Statistics Canada.
  
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• Canada added 90,000 jobs in April, as unemployment stayed flat at 6.1%

  10-05-2024 14:50 via cbc.ca
  
  The Canadian economy gained 90,000 jobs in April, while the unemployment rate stayed the same as the month prior, according to the latest numbers from Statistics Canada.
  
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• LARRY KUDLOW: Democrats are trying to spend and borrow to buy the election

  10-05-2024 00:45 via foxbusiness.com
  
  You would think that with consumer prices up nearly 20% since Joe Biden took office and with a Consumer Price Index snapback in recent months to nearly 5% annually — way above the Fed's 2% target — that Joe Biden, who's in a heap of trouble on the inflation issue to begin with, would want to do something to curb inflation and maybe somehow salvage the election. If you thought that, you would be totally wrong. Biden has no such intention. By the way, Biden is the guy who jus
  
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• People have chosen lower-cost items they buy online: report

  10-05-2024 00:12 via foxbusiness.com
  
  Shoppers have been trading down in online purchases.That was what Adobe Analytics said Thursday in a report that also showed online spending in the fourth-month period spanning January to April hit $331.6 billion in what represented a 7% year-over-year increase.Its data indicated goods on the lower-cost end in categories like personal care, electronics, apparel, home/garden, furniture/bedding and grocery have been increasingly favored by online shoppers.Adobe said its findings about trade-downs
  
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• 'Star Wars' fan in Massachusetts wins $5.37M lottery jackpot on May the 4th

  09-05-2024 22:39 via foxbusiness.com
  
  A Northborough, Massachusetts, resident has won $5.37 million after playing the lottery on May 4, the unofficial "Star Wars Day."James Jorgensen was elated to win the big money prize from the Massachusetts State Lottery’s Megabucks game, and even more thrilled because of the date's cultural significance."The best thing is I’m a huge ‘Star Wars’ fan, so I was all decked out in a ‘Star Wars’ hat and ‘Star Wars’ shirt, and I won on May 4th which is an
  
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• Legendary investor says he would give Bidenomics 'an F'

  09-05-2024 22:30 via foxbusiness.com
  
  A famous investor is giving the Biden administration's economic policies a failing grade.Duquesne Family Office CEO Stan Druckenmiller appeared Tuesday on CNBC’s "Squawk Box" to discuss Fed policy."Ugh, Bidenomics," Druckenmiller scoffed. "If I was a professor, I’d give them an F.""Basically, they misdiagnosed COVID and thought we were going into a depression. The Fed did, too. I worried about it, too, in early days. The Fed eventually pivoted, better late than never. Treasury is sti
  
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• Business groups walk back claim about share of Canadians hit by capital gains changes

  09-05-2024 22:29 via cbc.ca
  
  Prominent business groups are backtracking on their claim that one in five Canadians would be affected by the federal government's proposed changes to capital gains taxation.
  
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• Gen Z lean on credit more than millennials did and racking up more debt

  09-05-2024 22:03 via foxbusiness.com
  
  The latest crop of young adults in the U.S. is leaning more on credit than the generation before, and experts expect the problem to get worse before it gets better as elevated inflation continues to rage.A new report from TransUnion released Wednesday shows Gen Z adults, ages 22 to 24, are opening up more credit cards, racking up more debt and have a higher rate of delinquencies than their millennial counterparts did at the same age range a decade ago.The report, "Solving for Gen Z," found 84% o
  
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• Patriots' owner Robert Kraft sells NYC apartment for $22.5 million

  09-05-2024 21:58 via foxbusiness.com
  
  Robert Kraft recently offloaded his luxury New York City apartment, and according to the Wall Street Journal, it went for a pretty penny.The billionaire Kraft Group CEO and New England Patriots owner received $22.5 million from a buyer for the apartment he has owned in the Plaza Hotel for 17 years, the outlet reported. The Plaza, which contains both hotel rooms and condos, has long been a famous building in the Big Apple. The property underwent a $450 million restoration in the 2000s.The un
  
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• Ascension Health, nation's largest Catholic hospital chain, victim of cyberattack disrupting operations

  09-05-2024 21:45 via foxbusiness.com
  
  The nation's largest chain of Catholic hospitals responded Wednesday to a cyberattack that has interrupted operations and patient care.Ascension Health said it had "detected unusual activity" on its network systems and was investigating. "Our care teams are trained for these kinds of disruptions and have initiated procedures to ensure patient care delivery continues to be safe and as minimally impacted as possible," the health care provider said in a news release. "There has been a disrupti
  
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• US blocks some Intel, Qualcomm exports to China over Beijing's objections

  09-05-2024 21:41 via foxbusiness.com
  
  The U.S. on Tuesday revoked some of Intel and Qualcomm's licenses to export to China over national security concerns, a move that the Chinese government complained was unnecessary and excessive.Intel didn't disclose the name of the Chinese customer, although Reuters reported Tuesday that the U.S. revoked licenses that had previously allowed companies like Intel and Qualcomm to ship chips used in laptops and handsets to sanctioned Chinese telecommunications equipment maker Huawei.The development
  
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• Americans are drinking less; non-alcoholic brands are saturating shelves: report

  09-05-2024 21:13 via foxbusiness.com
  
  More Americans are making lifestyle changes, consuming fewer alcoholic beverages and switching to non-alcoholic brands that resemble booze-filled cans and bottles.Consumers are choosing an alcohol-free lifestyle either part-time or all of the time, and 41% of consumers surveyed say they intend on drinking even less in 2024, according to a report published by NC Solutions.Regarding the survey, 1,000 Americans 21 years of age and older were questioned on their current drinking habits and future pl
  
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• Apple gets crushing backlash to its 'gross' iPad ad from celebrities and artists

  09-05-2024 20:29 via cbc.ca
  
  The spot went viral as critics denounced its message. Some found it particularly hard to stomach the imagery of big tech crushing creative tools as artists grapple with the threats posed by artificial intelligence.
  
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• Euro stock ETFs jump after Bank of England rate talk

  09-05-2024 20:27 via foxbusiness.com
  
  Investors flocked to exchange-traded funds that track European stocks after the Bank of England dangled a carrot on the timing of future rate cuts while making no change at Thursday’s meeting. "We need to see more evidence that inflation will stay low before we can cut interest rates, but I am optimistic things are moving in the right direction," said Bank of England President Andrew Bailey. The iShares MSCI Eurozone ETF jumped, hovering at the highest level since June 2008,
  
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• Boeing jet skids off runway, injuring at least 10

  09-05-2024 20:16 via foxbusiness.com
  
  A Boeing 737 skidded off a runway at an airport in Senegal’s capital, injuring at least 11 people and grounding all operations while crew assisted with an evacuation of the aircraft.The Air Senegal flight operated by TransAir was set to take off from the Blaise Diagne airport in the country’s capital of Dakar and fly to the city of Bamako in Mali on Thursday around midnight when the plane "came off the runway during its take-off phase," Senegal Transport Minister El Malick Ndiaye tol
  
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• Man risks losing finger in viral Tesla Cybertruck 'frunk' sensor test video

  09-05-2024 20:12 via foxbusiness.com
  
  A Southeastern man used fruits and vegetables to test out how well his Tesla Cybertruck's front trunk, better known as a "frunk," detected obstructions while closing before he decided to test out post-software update sensitivity with his limbs. "Right now, it's not very safe," Jeremy Judkins says as he starts his now-viral video. He shows a cucumber, carrot and banana all being sliced in half by the side of the frunk during closure. An eggplant is harmed, but does not endure the same disfig
  
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• Sriracha shortage coming? Company pauses production until after Labor Day

  09-05-2024 20:11 via foxbusiness.com
  
  Fans of sriracha sauce may find themselves scrambling — again — to get a hold of the spicy condiment.Huy Fong Foods, a leading sriracha maker in California, is warning that a shortage is on the horizon, and it's placing the blame on jalapeño chili peppers. The company told wholesale buyers in a letter this week that it has to halt production because the peppers aren't red enough.This marks the third year in a row that the leading sriracha maker said supply disruptions are
  
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• Home insurance premiums soar 55% – here's how you can mitigate rising costs

  09-05-2024 19:21 via foxbusiness.com
  
  Homeowner insurance premiums have increased by 55% in the last four years as losses build and insurers struggle to recoup costs, according to a recent report.In 2023 alone, insurance rates jumped 19%, the Guaranteed Rate Insurance report said. Prices are forecasted to keep rising as the increased frequency of natural disasters builds and inflation impacts home replacement costs. Those living in Florida, Texas and California have been hardest hit by the increased costs and non
  
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• Mortgage rates tick down to 7.09%

  09-05-2024 18:21 via foxbusiness.com
  
  Mortgage rates dipped slightly this week for the first time since March, but remain above 7% as a home affordability crisis maintains its grip on the housing market.Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage declined to 7.09% this week from 7.22% last week. The average rate on a 30-year loan was 6.35% a year ago.GET FOX BUSINESS ON THE GO BY CLICKING HEREThe average rate on the 15-year fixed mo
  
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• Biden claims inflation was 9% when he took office – it was 1.4%

  09-05-2024 18:01 via foxbusiness.com
  
  President Biden claimed on Wednesday that inflation was at 9% when he entered the White House in January 2021, when, in fact, the consumer price index (CPI) was at a mere 1.4% at the time."No president has had the run we’ve had in terms of creating jobs and bringing down inflation," Biden told CNN's Erin Burnett in an interview. "It was 9% when I came to office – 9%."It’s a notion Biden has alluded to before. In April, the president said: "Look, we have dramatically reduced inf
  
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• This week's personal loan rates drop for 3- and 5-year terms

  09-05-2024 18:00 via foxbusiness.com
  
  Borrowers with good credit seeking personal loans during the past seven days prequalified for rates that were lower for 3- and 5-year loans when compared to fixed-rate loans for the seven days before.For borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender between May 2 and May 8:Personal loans have become a popular way to consolidate debt and pay off credit card debt and other loans. They can also be used to cover unexpected and emergency expenses l
  
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• Stuart Varney: Biden is protecting Hamas and punishing Israel

  09-05-2024 17:53 via foxbusiness.com
  
  During his "My Take" on Thursday, "Varney & Co." host Stuart Varney reacted to President Biden vowing to withhold weapons from Israel if Israeli Prime Minister Benjamin Netanyahu moves forward with his invasion of Rafah, a Hamas stronghold in Gaza, arguing the move is an astounding reversal of decades-long policy.STUART VARNEY: The president has bowed to the wishes of Hamas. He has suspended arms sales to Israel. This is an astonishing reversal of decades-long policy. BIDEN VOWS TO
  
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• Elon Musk's Neuralink implant experiences temporary problem

  09-05-2024 17:39 via foxbusiness.com
  
  Elon Musk's startup Neuralink announced Wednesday that the first human implant temporarily encountered a problem in the weeks following the surgery. The company in January implanted its brain-computer interface (BCI) into Noland Arbaugh for the first time as part of a study to see if quadriplegic patients are able to control a computer or mobile device with their mind.Wednesday marked more than 100 days since the surgery. Since then, Arbaugh has been able to use the system for various appli
  
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• GM ending production of Chevrolet Malibu

  09-05-2024 17:14 via foxbusiness.com
  
  General Motors will cease production of its iconic Chevrolet Malibu sedan. The move comes as the Detroit-based automaker plans to revamp the Kansas facility where it makes the Malibu so that it can produce the upcoming electric Chevrolet Bolt model there."To facilitate the installation of tooling and other plant modifications… GM will end production of the Chevrolet Malibu in November 2024 and pause production of the Cadillac XT4 after January 2025," a GM spokesperson told FOX Busine
  
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• Billionaire tech CEO calls wokeness the 'central risk' to America

  09-05-2024 17:02 via foxbusiness.com
  
  Billionaire Palantir CEO Alex Karp recently described wokeness as the main threat to his tech company and America overall. The outspoken executive made the statement during a recent earnings call, noting that his company, which specializes in making software for data collection, had seen strong growth in the latest period because it champions Western values while other companies and institutions have suffered for embracing progressive ideology."I think the central risk to Palantir and Ameri
  
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• Trump confidant and real estate investor says Newsom's California, New York economies are a 'disaster'

  09-05-2024 17:01 via foxbusiness.com
  
  Steve Witkoff, a real estate investor and longtime friend of Donald Trump, has seen the ins and outs of the former president’s re-election campaign. In an exclusive FOX Business interview on Thursday, Trump’s confidant claimed two blue states could be in "trouble" without adequate leadership."There's a big problem in this country. California, it's a disaster for New York as well," the Witkoff Group chairman and CEO told Maria Bartiromo on "Mornings with Maria." "California's in troub
  
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• Social Security fund gains extra year of solvency – benefits will begin to be reduced in 2035

  09-05-2024 16:58 via foxbusiness.com
  
  Social Security benefits are still projected to start running out, but a recent report released by the Treasury said benefits may not need to be cut until 2035, one year later than previously forecast. Trustees said that the Social Security trust funds will begin to run out of money by 2035 and senior citizens can expect their benefits to be reduced by 17% unless Congress takes steps to shore up the program. Increased wage growth and low unemployment are why the trust funds gained
  
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• Today's 15-year mortgage rates rise, while 30-year terms hold steady | May 9, 2024

  09-05-2024 15:27 via foxbusiness.com
  
  The interest rate on a 30-year fixed-rate mortgage is 6.990% as of May 9, which is unchanged from yesterday. Additionally, the interest rate on a 15-year fixed-rate mortgage is 6.250%, which is 0.125 percentage points higher than yesterday. With mortgage rates changing daily, it’s a good idea to check today’s rate before applying for a loan. It’s also important to compare different lenders’ current interest rates, terms, and fees to ensure you get the best deal. 
  
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• Fed Chairman Powell finds lowering rates too easy to swallow

  09-05-2024 14:00 via foxbusiness.com
  
  Federal Reserve Chair Jerome Powell has been so eager to take credit for engineering an economic soft landing that he’s now made one much harder to achieve. His prediction this week that the next move in interest rates is likely to be down, rather than up, perpetuates his mistake. A little more restraint in recent months would have served the Fed chair, and the economy, much better. The Marshmallow Test is a psychological experiment designed to measure delayed gratification in childre
  
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