Business news

• Hamm Steps Down as CEO of Company He Founded 52 Years Ago

  11-12-2019 23:51
  
  (Bloomberg) -- Billionaire wildcatter Harold Hamm is stepping down as chief executive officer of Continental Resources Inc. and will become executive chairman of the shale-oil producer he founded over five decades ago.Board member William Berry will take over as CEO at the start of next year, according to a statement released Wednesday. Jack Stark, currently president of Continental, will become chief operating officer.Hamm, who famously wrote his ex-wife a check for almost $1 billion to settle
  
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• London Drugs reopens phone lines and Canada Post outlets

  02-05-2024 20:35 via cbc.ca
  
  London Drugs says its phone lines are working again, days after being taken offline in response to a cybersecurity incident, while Canada Post offices inside its stores are also up and running again.
  
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• Miami TSA finds bag of snakes hidden in passenger's pants

  02-05-2024 18:41
  
  A passenger has been busted at Miami International Airport for trying to get onto an airplane with a bag of snakes in their pants. The TSA shared images of the reptiles on X, writing that officers in Florida "detected this bag of snakes hidden in a passenger’s pants at a checkpoint" on Friday. It added that U.S. Customs and Border Protection and Miami-Dade police were called in to assist and the snakes were "turned over to the Florida Fish and Wildlife Conservation Commission."&n
  
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• Fed holds interest rates higher for even longer as inflation remains high

  02-05-2024 18:18
  
  The Federal Reserve said that a lack of progress in bringing inflation down over the last few months is why it is holding interest rates where they are for now.On Wednesday, the central bank announced it would maintain the federal funds rate range at 5.25% to 5.5%, where rates have held steady since July. Fed officials have said in past meetings that they anticipated rate cuts for 2024 but need more confidence that inflation is heading toward the 2% target rate. Federal Reserve Chair J
  
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• Mortgage rates jump again to 7.22%

  02-05-2024 18:04
  
  Mortgage rates climbed again this week, exacerbating the home affordability crisis that is stifling 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 jumped to 7.22% this week from 7.17% last week. The average rate on a 30-year loan was 6.39% a year ago.GET FOX BUSINESS ON THE GO BY CLICKING HEREThe average rate on the 15-year fixed mortgage rose to 6.47% from 6.44% last week. One y
  
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• Derek Jeter, Serena Williams, other all-star athletes join Cincoro Tequila founders, including Michael Jordan

  02-05-2024 17:46
  
  Cincoro Tequila announced Wednesday that the brand, co-founded by Michael Jordan, welcomed all-star athletes such as Derek Jeter, Serena Williams, Dustin Johnson, Keegan Bradley and Michael Strahan as co-owners.The luxury tequila company also revealed new 375 mL bottles of blanco, reposado and añejo expressions to their portfolio of spirits."Being part of Cincoro isn't just about business – it's about championing a legacy of greatness," Williams said through a press release to FOX B
  
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• Peloton CEO steps down as fitness company announces 15% cut to global workforce

  02-05-2024 17:40 via cbc.ca
  
  Peloton CEO Barry McCarthy is stepping down, the company said on Thursday, as it announced a 15 per cent cut to its global workforce due to a post-pandemic slump in demand for its connected fitness equipment.
  
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• April jobs report expected to show a 'cooling' labor market

  02-05-2024 17:39
  
  The April jobs report is expected to show the U.S. labor market cooled last month but that hiring remained solid even in the face of high interest rates and chronic inflation.The Labor Department's April payroll report, due at 8:30 a.m. ET Friday, is projected to show that hiring increased by 243,000 last month and that the unemployment rate held steady at 3.9%, according to a median estimate by LSEG economists.That would mark a decrease from the 303,000 gain in March, but it remains above the a
  
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• Today's 30-year mortgage rates rise while 15-year mortgage rates drop | May 2, 2024

  02-05-2024 16:53
  
  The interest rate on a 30-year fixed-rate mortgage is 7.375% as of May 2, which is 0.250 percentage points higher than yesterday. Additionally, the interest rate on a 15-year fixed-rate mortgage is 6.500%, which is 0.125 percentage points lower 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 b
  
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• 'Belligerent' United Airlines passenger ordered to pay $20K to carrier, TSA says

  02-05-2024 16:23
  
  A United Airlines' passenger is being forced to pony up tens of thousands of dollars after being fined for his "belligerent, threatening, and intimidating" behavior during a flight in March. Alexander Michael Dominic MacDonald, 30, was sentenced for interfering with a flight crew during a United flight that diverted to Bangor International Airport in Maine on March 1. The flight was traveling from London to Newark, New Jersey. MacDonald, who is from Chelmsford, England, pleaded gu
  
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• 'We are getting closer' to cutting interest rates, Bank of Canada governor tells MPs

  02-05-2024 16:17 via cbc.ca
  
  The Bank of Canada is getting closer to cutting interest rates as inflation shows signs of coming down and staying down, the central bank's governor, Tiff Macklem, told MPs Thursday.
  
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• Tight job market has a friend in the Fed

  02-05-2024 15:40
  
  The U.S. job market is humming along and there are signs this may continue for the rest of the year, even if the pace moderates. "Seventy-two percent of CEOs [are] saying that they expect to modestly or significantly increase their workforce over the next 12 months," KPMG U.S. Chair and CEO Paul Knopp told FOX Business following the firm’s April CEO Outlook Pulse Survey of 100 U.S. CEOs of large companies. "If you look at the economy, though, for more of a macro level, what
  
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• China, TikTok role in anti-Israel college protests is ‘an act of war,’ expert says

  02-05-2024 15:28
  
  China may be playing a significant role in the anti-Israel protests by using TikTok to foment division on college campuses.Gordon Chang, a senior fellow at the Gatestone Institute and vocal critic of the Communist Party of China, said the adversary’s actions are an "act of war" as it uses the "curation algorithm of TikTok" to instigate protests."We know of the Hamas videos on that platform [TikTok] – 96.5% of them support the terrorist group. And this echoes what China did in 2020,"
  
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• Peloton CEO to step down, company will cut 15% of global workforce

  02-05-2024 14:53
  
  Peloton CEO Barry McCarthy is stepping down from the beleaguered high-end fitness company after just more than two years in the role, the company announced Thursday. His departure comes as the company is planning to cut about 15% of its global workforce, or about 400 employees, to lower costs. Karen Boone, who is the current Peloton chair, and Chris Bruzzo, a Peloton director, will serve as interim co-CEOs while the board conducts a search for McCarthy's permanent replacement. HYA
  
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• Kevin O'Leary warns student protesters are 'trashing' job chances by fighting police, vandalizing school

  02-05-2024 14:51
  
  "Shark Tank" host and business leader Kevin O'Leary explained that student protesters should be concerned about their job prospects in an interview, Wednesday. "If you‘re burning down something, or taking a flag down, or fighting with police — I‘m sorry, you‘re trashing your personal brand," O'Leary said of students caught on camera protesting. O'Leary explained that like most corporations, he hires a firm to check into the background of potential hires. "U
  
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• Disney World attraction to feature paintings of veterans by George W. Bush

  02-05-2024 13:17
  
  An exhibit featuring the artwork of former President George W. Bush is set to open at Walt Disney World on June 9, the company announced in a press release on Wednesday, May 1. "Portraits of Courage: A Commander's Tribute to America's Warriors" will be on display at The American Adventure pavilion at EPCOT, said The Walt Disney Company. It will be on display for 12 months. EPCOT, a theme park at Walt Disney World Resort in Orlando, Florida, was the second of the resort's four main them
  
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• What do higher-for-longer interest rates mean for your money?

  02-05-2024 12:00
  
  The Federal Reserve signaled at the conclusion of its two-day meeting on Wednesday that interest rates will remain elevated for some time, bringing to an end the era of ultra-cheap money.Americans will be forced to adapt to a new normal where savers benefit from higher rates, but borrowers face steeper debt payments on everything from credit cards to mortgages to student loans."The timing of when the Federal Reserve begins to cut interest rates is up in the air – and in an indefinite holdi
  
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• Kevin Hart, Ferrari, others enlisted by Airbnb in marketing tactic to boost demand

  02-05-2024 12:00
  
  Airbnb is launching a new category of experiences hosted by major names in the entertainment and sports industry as part of a new marketing stunt aimed at attracting both a younger audience and international tourists. Starting May 1, Airbnb's website will include category called Icons, where guests can apply to stay in 11 unique homes, many of which are paired with experiences, ranging from sleeping in an exact replica of Disney-Pixar's "UP house," spending the night in the Ferrari Museum,
  
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• Delays and government errors: How college financial aid became such a hot mess

  02-05-2024 12:00
  
  New and returning college students' timelines for applying for federal financial aid and receiving their award offers have been thrown off this year after the botched rollout of a new application form – with the leadership of the office in charge set to change this summer.College students and their families have been in limbo after issues with the implementation of a new FAFSA application form have caused delays in financial aid offers that have left many uncertain of what they'll receive
  
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• Max to offer paid-sharing in password-sharing crackdown

  02-05-2024 11:30
  
  Warner Bros. Discovery will reportedly implement paid-sharing on Max as it gets stricter later this year about subscribers letting other people use their accounts.Bloomberg reported this week that Warner Bros. Discovery will roll out an option for members to pay for "extra members" streaming with their Max subscriptions to have their own username and password as part of its upcoming effort to curb account-sharing. The outlet cited people "familiar with the company’s plan."If implemented, t
  
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• Flagship Jewish university sees record enrollment as anti-Israel protests rock elite US campuses

  02-05-2024 11:30
  
  The antisemitism that has surfaced on U.S. college campuses since Israel was attacked by Hamas terrorists in October has sent Jewish students and faculty fleeing. Now, America's — and the world's — flagship Jewish institution, Yeshiva University, is bursting at the seams.Yeshiva recently hit record-high enrollment, with transfer applications up 53%. The school had to lease an additional residence building to accommodate the surge in new students this semester, and more housing accomm
  
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• Gisele Bündchen’s former $17M townhouse for sale as model battles paparazzi in new Florida neighborhood

  02-05-2024 10:54
  
  Gisele Bündchen's former home is officially on the market for $16.9 million.Built in 1851, the New York City townhouse boasts four stories, in addition to a fully finished basement with high ceilings.The outside of the home still features the original brick from when it was first built, with the front entrance leading to the second floor, or the parlor floor. The parlor floor features a secondary kitchen, a spacious dining room and a sitting room, as well as big windows, which look out to a
  
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• Can a Toronto-based ride-hailing startup compete with Uber and Lyft?

  02-05-2024 10:00 via cbc.ca
  
  A new ride-hailing app promising fair pay to drivers is launching today, starting in the Toronto area, to take on Uber and Lyft. The company believes it will attract drivers by paying them 100 per cent of fares and charging only a membership fee to work for the service.
  
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• Can a Canadian ride-hailing startup compete with Uber and Lyft?

  02-05-2024 10:00 via cbc.ca
  
  A new ride-hailing app promising fair pay to drivers is launching today, starting in the Toronto area, to take on Uber and Lyft. The company believes it will attract drivers by paying them 100 per cent of fares and charging only a membership fee to work for the service.
  
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• Newspapers sue OpenAI for copyright infringement over AI training

  02-05-2024 02:27
  
  A group of newspapers, including the New York Daily News and Chicago Tribune, sued Microsoft and OpenAI in New York federal court on Tuesday, accusing them of misusing reporters' work to train their generative artificial-intelligence systems.The eight newspapers, owned by investment firm Alden Global Capital's MediaNews Group, said in the lawsuit that the companies unlawfully copied millions of their articles to train AI products, including Microsoft's Copilot and OpenAI's ChatGPT.The complaint
  
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• National Debt Tracker: American taxpayers (you) are now on the hook for $34,616,994,016,250.88 as of 5/1/24

  02-05-2024 02:00
  
  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 $34,616,994,016,250.88 as of Tuesday afternoon, according to the latest numbers published by the Treasury Department. That is up about $54 billion from the $34,562,760,121,518.06 figure reported the previous day.By comparison, just four decades ago
  
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• LARRY KUDLOW: Joe Biden's appeasement has failed

  02-05-2024 00:31
  
  The first thing I want to say is hats off to the New York Police Department. In less than two hours, they cleared Columbia University's Hamilton Hall, getting the protesters out with no violence and seemingly no problems. No one will forget the pictures of the Emergency Service Unit going up a ramp and climbing through the windows of Hamilton Hall. There were about 100 of them, and it was a breathtakingly wonderful sight to behold. Why? Because at that moment, any sane person watching
  
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• Reality stars Kim Zolciak and Kroy Biermann's Georgia mansion receives foreclosure date

  02-05-2024 00:25
  
  Kim Zolciak and Kroy Biermann are facing foreclosure on their multimillion-dollar Georgia mansion once again, according to documents obtained by Fox News Digital.A Fulton County judge recently ruled the court "intends to initiate a non-judicial foreclosure proceeding on or after May 3, 2024" in a petition for an injunction initially filed in October by Truist Bank.The former "Real Housewives of Atlanta" star and Biermann, a former NFL player, have been embroiled in a year-long divorce battle aft
  
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• Buyers are taking on riskier adjustable rate mortgages as affordability worsens

  02-05-2024 00:11
  
  Homebuyers in the U.S. are turning to riskier adjustable rate mortgages (ARMs) as high interest rates make it less affordable for purchasers locking in new fixed rate mortgages, according to a new report.The Mortgage Bankers Association's Market Composite Index, which measures loan application volume, found that the share of activity involving ARMs increased to 7.8% of total mortgage applications."One notable trend is that the ARM share has reached its highest level for the year at 7.8 percent,"
  
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• North Carolina man wins huge lottery jackpot after sister dreams he won

  02-05-2024 00:02
  
  A North Carolina man is celebrating after he won over $800,000 in the lottery — and after his sister dreamed he won big. David Atwell, of Kannapolis, North Carolina, won $837,187 in the Cash 5 jackpot drawn on Saturday, April 27. Earlier, his sister had a dream that he'd come into wealth, he told the North Carolina Education Lottery's website.MICHIGAN MAN STOPS FOR BURGER, WINS $200,000 LOTTERY PRIZE"In her dream I found a bunch of gold," he said."I guess dreams do come true."&nb
  
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