Business

Grocery Prices: Trump Predicts Improvements in Affordability 'Very Soon,' Despite Existing Challenges

By Joshua Howard / Dec 16, 2024

President-elect Donald Trump has expressed optimism that the financial burden of grocery shopping will soon be alleviated for Americans. "They will be able to afford their groceries very soon," he proclaimed on Thursday, just before participating in the opening bell ceremony at the New York Stock Exchange, where he was celebrated as Time's "Person of the Year." According to the Consumer Price Index data released earlier this week, Americans paid 22% more for groceries last month compared to January 2021 when Trump left office. Moreover, a comparison with February 2020, prior to the pandemic, reveals that Americans are paying 27% more for groceries in November.

Business

Rising Food Prices: What's Behind the Surge?

By Michael Brown / Dec 16, 2024

On the eve of Thanksgiving, a tale of two grocery stores unfolded across the American landscape. In one, the shelves stood bare, devoid of the eggs that are a staple in the feasts of celebration. In another, an hour and a half north in Richfield, eggs could be found, but they came with a price tag swollen by 40%, a stark reminder of the economic winds that have been blowing through the nation.

Business

Business Leaders Wanted Biden's Chief Business Regulator Out. Their Wish Is About to Be Granted.

By Jessica Lee / Dec 16, 2024

In the halls of power where the fate of corporations is decided, a new chapter is being written with the name of Andrew Ferguson at its forefront. As the Federal Trade Commission (FTC) stands at a crossroads, with the formidable Lina Khan's tenure coming to an end, Ferguson is poised to take the helm, a move that has sent ripples of anticipation and trepidation through corporate America.

Business

TikTok Ban Not Delayed: What You Need to Know

By Laura Wilson / Dec 16, 2024

In the digital age, where information flows as freely as the currents of the internet, the fate of TikTok, a platform that has captivated the attention of millions, hangs in the balance. The clock is ticking towards a potential ban set for January 19th, a date that could mark the end of an era for the video-sharing giant in the United States. As TikTok gears up for another legal challenge, the DC Circuit Court of Appeals has dismissed a request for a temporary halt to the ban, deeming such a suspension "unjustified." This sets the stage for the Supreme Court to potentially settle the future of the platform, a decision that will resonate far beyond the digital realm and into the hearts and minds of its users.

Business

McKinsey to Pay $650 Million to Settle US Criminal Opioid Investigation

By Olivia Reed / Dec 16, 2024

McKinsey & Co has consented to a settlement of $650 million to address allegations stemming from a US Department of Justice inquiry into the consulting firm's advisory role to Purdue Pharma, the manufacturer of the opioid OxyContin. The company has entered into a five-year deferred prosecution agreement, filed in federal court in Abingdon, Virginia, to resolve criminal charges related to the marketing of addictive painkillers, which have been linked to the devastating opioid crisis in the United States.

Business

Canadian Official Threatens to Cut Off Energy Supply to the US

By Sarah Davis / Dec 16, 2024

In the geopolitical chessboard of North America, a new tension is brewing as Canada contemplates a bold move in response to President-elect Donald Trump's proposed tariffs. The threat, issued by Ontario Premier Doug Ford, is not of military might or diplomatic sanctions, but of an energy embargo, a strategic withdrawal of a vital resource that binds the economies of the United States and Canada in a delicate embrace.

Business

Partial Implementation of 1099-K Tax Rule Change for Business Transactions via Payment Apps and Online Marketplaces

By Emily Johnson / Dec 16, 2024

Attention to all freelancers, independent contractors, entrepreneurs, property renters, or hobbyists who occasionally sell their creations: Starting from January, if you receive business income through payment apps or online marketplaces such as Venmo, CashApp, Airbnb, and Etsy, you may begin to receive 1099-K tax forms from these platforms. You might receive more of these forms than you are accustomed to, particularly if you have never before received one from these platforms. This trend is expected to continue and intensify by 2025 and beyond. Here's why this is happening and what you need to know before filing your 2024 taxes next year.

Business

Kennedy's Lawyer Asks FDA to Revoke Polio Vaccine Approval

By Olivia Reed / Dec 16, 2024

In the twilight of 2022, a peculiar paradox unfolded within the corridors of American politics and public health. President-elect Donald Trump, a figure often lauded for his business acumen and deal-making prowess, extolled the polio vaccine as the "greatest thing," a triumph of medical science that has saved millions from the clutches of a debilitating disease. Yet, in the same breath, a lawyer affiliated with Trump's chosen steward of the nation's health, Robert F. Kennedy Jr., petitioned the FDA to revoke approval of the very vaccine that has been a cornerstone of global public health for decades.

Business

The Ghost of RFK Jr Haunts Investors Over a Former Vaccine Prodigy

By Michael Brown / Dec 16, 2024

In the maelstrom of the global health crisis, financial markets embarked on a frenzied quest to identify and invest in companies that could not only survive but thrive amidst the unprecedented challenges. The early victors of this tumultuous period reaped substantial rewards, particularly those catering to the work-from-home (WFH) trend, such as Zoom and Peloton, and vaccine developers like Pfizer and Moderna. However, the journey back to a semblance of normalcy has been fraught with turbulence for these stocks, with Moderna arguably facing one of the most volatile trajectories.

Business

Google Challenges Apple with an XR Headset

By Eric Ward / Dec 16, 2024

Tech giants Google and Samsung are gearing up to enter the competitive landscape of wearable headsets. In a strategic alliance, the two companies are set to unveil a mixed-reality headset designed to rival Apple's Vision Pro and Meta's Quest 3. This collaboration will see Samsung take the lead in manufacturing the headset, which will be driven by an innovative Android operating system, thus challenging Meta's market dominance. Although the release date is targeted for 2025, the pricing details have yet to be disclosed. Industry analysts anticipate that Samsung may aim to offer a more affordable option compared to Apple's steep $3,499 price point for the Vision Pro, with Meta's Quest 3 currently retailing at $500.

Business

Matt Gaetz Joins One America News as an Anchor

By Thomas Roberts / Dec 11, 2024

In the ever-evolving landscape of American politics, the transformation of public figures is a common occurrence. However, few transitions have been as intriguing as that of Matt Gaetz, a former congressman from Florida, who is set to join One America News Network (OAN) as an anchor starting in January. This shift, announced by the network, marks a significant milestone in Gaetz's career and the trajectory of OAN, a far-right news outlet that has positioned itself as a staunch advocate for conservative principles.

Business

GM Halts Its Autonomous Robotaxi Initiative

By Daniel Scott / Dec 11, 2024

General Motors (GM) has announced a strategic shift, discontinuing its pursuit of autonomous taxi fleets and refocusing on driver-assistance technologies that necessitate human intervention. The company cited the extensive time and resources required to scale the autonomous taxi business, along with an increasingly competitive market, as the primary reasons for this decision. In a statement, GM highlighted the challenges of scaling the business and the growing competition in the autonomous taxi sector.

Business

Is the Fear of Increased Tariffs Causing You to Stockpile Goods?

By Samuel Cooper / Dec 11, 2024

As the inauguration of President-elect Donald Trump approaches, the economic landscape is poised for a significant shift. With the promise of new tariffs on the horizon, the air is thick with anticipation and uncertainty. The proposed tariffs—25% on imports from Mexico and Canada, an additional 10% on goods from China, and a range of 10% to 20% on products from all other countries—have the potential to reshape the way Americans shop and spend.

Business

Walgreens' Stock Soars Amid Reports of Potential Privatization

By Grace Cox / Dec 11, 2024

Rumors are circulating that Walgreens Boots Alliance is in talks with Sycamore Partners to privatize the company, a move that has caused its stock to surge nearly 20% on Tuesday. According to a report by The Wall Street Journal, negotiations between the struggling drugstore chain and the private equity firm are underway, with the potential deal expected to be finalized in the early part of the next year. Walgreens Boots Alliance has declined to comment on these speculations, stating that they do not engage with rumors or conjecture. The specifics of the potential agreement are still being finalized.

Business

Macy's Faces Major Challenges but Might Be Sitting on a Gold Mine

By Sophia Lewis / Dec 11, 2024

Activist investment firm Barington Capital and private equity firm Thor Equities have proposed a radical restructuring of Macy's, arguing that the company would be more financially valuable if it ceased operations and liquidated its assets. This assertion is based on their belief that Macy's real estate holdings are worth more than the company itself, a situation they deem unsustainable as it obscures the true worth of Macy's. They contend that Macy's stock has become so unappealing due to the company's struggles that its market value is less than the value of its individual components. The proposed solution is to dismantle the company and unlock the value of its assets.

Business

Boeing Resumes Production After Month-Long Strike That Halted Operations at Two Major Plants

By Megan Clark / Dec 11, 2024

The Resumption of Boeing's Production: A Journey Through Turbulence

Business

Majority of US Workers Satisfied with Their Jobs, Yet Nearly One-Third Unhappy with Pay

By Joshua Howard / Dec 11, 2024

A recent survey conducted by the Pew Research Center, which polled nearly 5,400 employed adults in the United States, has shed light on the sentiments of American workers towards their jobs. The study, released on a Tuesday, revealed that a significant majority of respondents—88%—expressed a degree of satisfaction with their employment, with 50% claiming to be very satisfied and 38% somewhat satisfied. Among different demographic groups, white workers emerged as the most content, with 55% reporting high levels of job satisfaction. This figure was notably lower among Hispanic (44%), Black (43%), and English-speaking Asian workers (42%). Age also played a role, with the 65 and older cohort reporting the highest satisfaction at 67%, followed by those aged 50-64 at 56%. Middle and upper-income earners were slightly more likely to report being very satisfied, as were 42% of lower-income individuals.

Business

Taco Bell Dives into the Coffee Culture: Introducing the Live Más Café

By Eric Ward / Dec 11, 2024

In the fast-paced world of quick-service restaurants, innovation is the key to staying ahead of the curve. Taco Bell, a brand synonymous with tacos and Mexican-inspired fare, has taken a bold step outside its comfort zone with the launch of the Live Más Café in San Diego. This new concept signals a strategic shift for the brand, as it enters the competitive realm of specialty beverages, a market long dominated by industry giants like Starbucks and Dunkin’, as well as rapidly expanding chains such as Dutch Bros, Swig, and Scooter’s Coffee.

Business

Global Airline Revenue to Surpass $1 Trillion for the First Time in History

By Olivia Reed / Dec 11, 2024

The global aviation sector is on track to generate a staggering $1 trillion in revenue in the upcoming year, with passenger volumes projected to reach a record-breaking 5 billion, according to a recent announcement by the International Air Transport Association (IATA). The organization also anticipates a significant surge in the average profit per passenger for airlines, which is expected to rise to approximately $7 in the next year, a marked increase from the mere $2.25 seen 18 months prior. This year's per-passenger profit is forecasted to be $6.40. These figures signify a remarkable recovery for an industry that, due to the pandemic, experienced three consecutive years of losses from 2020 to 2022, totaling nearly $187 billion. The robust demand for travel, which has seen a strong rebound following the easing of Covid-related travel restrictions, has swiftly restored profitability within the airline industry and has enabled some carriers to command higher ticket prices.

Business

The Case for Donald Trump's Tariffs

By Emily Johnson / Dec 11, 2024

President-elect Donald Trump regards tariffs as a powerful tool, one that can be strategically deployed to exert pressure on both allies and adversaries, addressing a range of issues from drug smuggling and unauthorized border crossings to challenges to the US dollar's supremacy. Trump, who once proclaimed himself "Tariff Man" and recently hailed import taxes as "the greatest invention ever," embraces a high-stakes, high-reward approach that aims to maximize leverage over other countries, compelling them to engage in negotiations. There is an argument to be made for employing tariffs as a formidable bargaining tool, albeit one that carries the risk of increasing consumer prices for those already burdened by the high cost of living. With the United States importing approximately $3 trillion worth of goods annually, the prospect of tariffs can wield significant influence over nations whose economies would collapse without access to the American market, should Trump impose a 100% tariff on their exports.

Business

Rupert Murdoch's Attempt to Alter Family Trust Fails

By Elizabeth Taylor / Dec 11, 2024

A Nevada commissioner has made a decisive ruling that prevents Rupert Murdoch from altering his family trust to vest control of his media empire in his preferred successor. This decision followed confidential testimonies from various Murdoch family members earlier this year. The commissioner, Edmund J. Gorman Jr., issued a verdict over the weekend, with a 96-page document that, according to an insider, severely criticized both Rupert Murdoch and his son Lachlan Murdoch for their conduct. Gorman accused them of acting in "bad faith," a factor that could influence any potential appeals.

Business

Hershey's Shares Soar After Report of Mondelez Acquisition Offer

By Daniel Scott / Dec 11, 2024

Mondelez International, the confectionery giant behind iconic brands such as Oreo and Cadbury, is reportedly in the early stages of considering a takeover bid for its competitor, Hershey Company. This potential merger could result in the formation of one of the world's largest confectionery empires. According to a Bloomberg report, preliminary discussions between the two companies have already sent Hershey's stock soaring by nearly 15% during midday trading on Monday. Mondelez, which is larger in terms of market capitalization, has allegedly initiated these discussions, although it's important to note that there is no guarantee that these talks will culminate in a definitive agreement. Both Mondelez and Hershey have chosen to remain tight-lipped about the matter, with Mondelez stating that it does not engage with "market rumors and speculation," and Hershey echoing a similar sentiment.

Business

American Airlines Selects Citi as Exclusive Credit Card Partner, Ends Partnership with Barclays

By Daniel Scott / Dec 6, 2024

In the ever-evolving financial landscape of the aviation industry, a significant milestone has been reached as American Airlines finalizes a highly anticipated credit card partnership with Citigroup, signifying the end of its collaboration with Barclays. This strategic move marks a new chapter in the airline's financial endeavors, with the potential to reshape its revenue streams and strengthen its position in the competitive world of air travel.

Business

JetBlue Eliminates Additional Unprofitable Routes and Adjusts European Flights

By Olivia Reed / Dec 6, 2024

JetBlue Airways has announced a strategic shift in its operations, aiming to streamline its flight routes and enhance profitability. In a recent communication to its staff, the airline detailed its plans to eliminate certain unprofitable flights, reallocate aircraft equipped with its premium business class, Mint, and adjust its European service offerings. These moves are part of JetBlue's broader efforts to achieve consistent profitability and reduce operational costs.

Business

Dollar General Trials Same-Day Delivery in Pursuit of Competing with Walmart

By Amanda Phillips / Dec 6, 2024

Dollar General, a prominent discount retailer, is venturing into same-day delivery services in an effort to compete more effectively against industry giants like Walmart. During a recent earnings call, the company's CEO, Todd Vasos, revealed that they had initiated a trial of this delivery service in September, which is now accessible at approximately 75 of their stores. The service is facilitated through an unnamed third-party provider. Vasos emphasized that the company is committed to delivering goods in a manner that aligns with their strategic vision, stating, "We've always said here, 'We're going to do delivery our way when it's time,' and we believe it's time." He also indicated that the company anticipates expanding this service to thousands of stores in the future.

Business

Ulta Beauty Stock Jumps as Retailer Exceeds Earnings Expectations Amidst Demand Concerns

By Megan Clark / Dec 6, 2024

On Thursday, the beauty retailer reported better-than-anticipated results for its fiscal third quarter, surpassing Wall Street's expectations. This performance alleviated concerns regarding increased competition and a potential decline in demand for cosmetics and skincare products.

Business

Lululemon Shares Soar as Overseas Expansion Compensates for Waning Domestic Revenue

By William Miller / Dec 6, 2024

Despite a slowing U.S. economy, the athletic wear retailer has experienced significant growth internationally, resulting in a 9% increase in sales compared to the previous year. On Thursday, the yoga wear company not only surpassed Wall Street's financial expectations but also expressed satisfaction with the initial performance of the holiday season. However, during a discussion with financial analysts, CEO Calvin McDonald adopted a reserved stance regarding the company's projections for the fourth quarter. He stated, "While we are optimistic about the holiday season's start, we still face substantial sales weeks ahead. Considering the abbreviated holiday shopping season, we remain cautious in our planning for the fourth quarter."

Business

Powell Indicates Robust US Economy Allows Fed to Exercise 'Caution' on Interest Rate Cuts

By Noah Bell / Dec 6, 2024

Federal Reserve Chairman Jerome Powell indicated on Wednesday that the robust state of the US economy allows the central bank to exercise caution when it comes to rate reductions. "The US economy is in excellent condition, and there's no reason to believe this won't persist," Powell stated at an event organized by The New York Times. "The encouraging news is that we have the luxury to be somewhat more prudent" regarding decisions on interest rate adjustments, the Fed chief remarked. His comments arrive as the Fed is anticipated to lower interest rates for the third time this year later this month. The central bank initiated a reduction in borrowing costs in September following a slowdown in inflation and a cooling of the job market. However, despite the Fed's actions, borrowing has not become significantly cheaper. This is because interest rates for the majority of loans, including mortgages and credit cards, are tied to the yield on the 10-year US Treasury note. That yield surged last month to its highest level since the summer and has only slightly declined this week.

Business

What to Anticipate from Friday's Employment Report: A Substantial Recovery from October's Dismal Numbers

By James Moore / Dec 6, 2024

As autumn transitions into winter, the labor market's performance in October was marred by the impact of two successive hurricanes and a significant labor dispute, resulting in a meager job increase of merely 12,000 positions. This figure is a stark contrast to the robust expectations for November, with economists forecasting a substantial surge to the tune of 17 times the previous month's gains. The Bureau of Labor Statistics is poised to unveil the November employment figures at 8:30 am ET on Friday, and the consensus anticipates a marked recovery from the anomalies of October.

Business

Amazon Allegedly Halted Express Deliveries to 2 Predominantly Black ZIP Codes in Washington, D.C.

By Emily Johnson / Dec 6, 2024

On Wednesday, the District of Columbia initiated legal action against Amazon, claiming that the corporation covertly ceased to offer its swiftest delivery options to residents of two predominantly African American neighborhoods, despite continuing to charge for a membership that includes this benefit. The lawsuit, lodged in the District of Columbia Superior Court, focuses on Amazon's Prime subscription, which entails an annual fee of $139 or a monthly charge of $14.99 for expedited shipping services, including one-day, two-day, and same-day deliveries, in addition to other perks.

Business

Chrysler Sells Only Minivans; Iconic Brand's Future in Jeopardy

By Joshua Howard / Dec 6, 2024

Once a titan in the American automotive landscape, Chrysler was synonymous with innovation and success, its name gracing one of the world's tallest structures and its presence felt through a vast network of factories and dealerships across the United States. However, the term "once" is pivotal in this context. The company has experienced a precipitous decline, with the once-esteemed brand now a mere shadow of its former glory, clinging to existence and facing an uncertain future.

Business

If Trump Initiates a Trade War with Mexico and Canada, Where Will Americans Source Their Goods?

By Christopher Harris / Dec 6, 2024

With President-elect Donald Trump seemingly intent on initiating a trade conflict with the United States' three largest trade partners—Mexico, China, and Canada—the potential financial burden on American consumers could be mitigated if businesses opt to shift their operations away from these nations. However, the question arises: where might they relocate?

Business

Cyber Monday Becomes the Largest Online Shopping Day in US History

By Jessica Lee / Dec 4, 2024

On a single Monday evening, American shoppers spent an astonishing $15.8 million every minute, culminating in a two-hour shopping marathon that shattered previous records. The five-day shopping bonanza that spanned from Thanksgiving to Cyber Monday saw consumers parting with a staggering $13.3 billion, marking a 7.3% increase from the year prior, as reported by Adobe Analytics. Despite ongoing inflation concerns, the allure of holiday season discounts has propelled spending to new heights. Over the Thanksgiving holiday weekend, a record-breaking $41.1 billion was spent, surpassing the previous year's figures.

Business

Elon Musk's Net Worth Can Still Soar by Billions Despite Rejected Pay Package

By Amanda Phillips / Dec 4, 2024

Despite not securing the $101 billion windfall he had hoped for, Elon Musk remains one of the wealthiest individuals globally and is on track to amass even greater wealth in the future. Recently, Delaware Chancery Court Chancellor Kathaleen McCormick dismissed a 2018 compensation plan from Tesla that would have granted him the right to purchase 304 million shares at the remarkably low price of $23.34 per share, a fraction of the stock's current market value of over $350 per share. McCormick stated that even though 84% of non-Musk shareholders, including his brother Kimbal, had approved the options package following her initial rejection, such a generous compensation for the CEO was unjust to shareholders, and her previous ruling stands. In response, Musk labeled McCormick as "a radical far-left activist disguised as a judge." However, there's no need to start a fundraising campaign for Musk, as he is already among the world's richest, if not the richest, even without the错失的 billion-dollar package.

Business

What Does the Future of Pizza Hut Look Like?

By Lily Simpson / Dec 4, 2024

Pizza Hut is embracing a new era of dining with a restaurant revamp that brings the pizza-making process into the spotlight. The company has introduced a fresh design concept, placing a pizza preparation area at the heart of the eatery, offering patrons a front-row view of their pizzas being crafted. This innovative approach is part of a broader transformation at a revamped Pizza Hut location in Plano, Texas, as the brand navigates the challenges of lagging sales and mounting competition.

Business

Trump Reiterates Commitment to Halt Controversial Takeover by Japanese Firm at US Steel

By Laura Wilson / Dec 4, 2024

President-elect Donald Trump has reiterated his stance to thwart a $15 billion acquisition of U.S. Steel by a Japanese corporation once he assumes the presidency, asserting that the former titan of American industry can regain its footing independently. In a statement on his Truth Social platform, Trump declared, "We will revitalize U.S. Steel through strategic tax incentives and tariffs, ensuring its strength and greatness. As President, I will prevent this acquisition from proceeding. Buyer Beware!!"

Business

Why Your Employer Might Love for You to Quit

By Benjamin Evans / Dec 4, 2024

Employers are well aware that their success hinges on their ability to attract and retain top talent. However, there are instances where they might prefer certain employees to leave voluntarily, rather than just the underperformers they would typically dismiss. Instead of passively hoping for their departure, some employers resort to creating conditions that, while perfectly legal, encourage employees to resign.

Business

Wall Street Skeptical of Trump's Deportation Threats and Musk's Spending Cut Assertions

By Joshua Howard / Dec 4, 2024

The incoming President, Donald Trump, has pledged to deport millions of undocumented immigrants, a move that would constitute the most extensive deportation initiative in U.S. history. However, financial experts on Wall Street are skeptical that the scale of the immigration enforcement will match the grand promises made during Trump's campaign. A recent Goldman Sachs survey indicates that only a small fraction, 6%, of investors anticipate that net immigration—calculated as the balance between arrivals and departures—will become negative under Trump's tenure. This suggests that the financial sector is wagering on the likelihood that the number of individuals entering the U.S. will surpass those being deported, despite the stringent measures promised by Trump. This outlook could be a relief to business owners who have expressed concerns that mass deportations, as repeatedly threatened by Trump, would lead to labor shortages and increased costs for consumers.

Business

Cargill: America's Largest Private Firm Announces Thousands of Layoffs

By Sophia Lewis / Dec 4, 2024

Minnesota-based food production colossus, Cargill, is implementing a workforce reduction of approximately 5% due to a decline in food commodity prices. Recognized by Forbes as the largest privately-owned company in the United States, Cargill also holds the title of the world's leading trader in agricultural commodities. In a recent statement, the corporation disclosed that these adjustments are in alignment with a "long-term strategy" that was initiated earlier this year. Cargill plays a pivotal role in the ingredients sector, acting as a distributor of grains, meats, and other agricultural products on a global scale. The company experienced significant profits during the pandemic era, largely due to inflation and geopolitical tensions that caused food prices to fluctuate wildly. However, the current trend shows a decrease in grocery prices.

Business

Enron Resurrected in an Elaborate Prank

By Natalie Campbell / Dec 4, 2024

Unanticipated and unwelcome, a brand notorious for its association with corporate malfeasance has seemingly risen from the ashes, more than two decades after its infamous downfall. Yes, you heard it right: Enron is making a comeback, albeit in a peculiar fashion. To summarize succinctly: An apparel company has acquired the Enron trademark and seems to be leveraging it to promote merchandise for the creator of the tongue-in-cheek conspiracy theory "Birds Aren't Real." No, this is not a joke.