Business

Americans May Need to Prepare for Stagflation Due to Trump's Tariffs

By Eric Ward / Dec 19, 2024

Jamie Dimon, the CEO of JPMorgan Chase, the largest bank in the United States, and often dubbed the 'Wall Street President,' has been vocal throughout the past year about the heightened risk of the US facing a 1970s-style stagflation, characterized by stagnant economic growth coupled with surging inflation. "Considering the extraordinary amount of fiscal and monetary stimulus over the last half-decade, it's hard to dismiss the potential for stagflation," Dimon remarked at a conference in May. However, his forecast has been met with skepticism from many prominent economic figures, including Federal Reserve Chairman Jerome Powell, who stated in May, "I don't see the stagflation scenario unfolding." This was prior to Donald Trump's election victory. Now, with Trump's presidency on the horizon, Americans might need to prepare for stagflation, a phenomenon the country hasn't witnessed in over fifty years, potentially triggered by tariffs.

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 Lost Spark: Nike, Starbucks, and Boeing's Quest for Renewed Success

By Emily Johnson / Oct 28, 2024

Three iconic American companies—Starbucks, Nike, and Boeing—are currently facing a shared challenge. Each has recently appointed a new CEO tasked with revitalizing the company and restoring its brand to its former prominence. The journey ahead is fraught with difficulties, as events this week have underscored.

Business

Extreme Fortune: Man in North Carolina Wins $1 Million Lottery with $20 Bill Found on the Ground

By Noah Bell / Oct 28, 2024

Fortune smiled upon a North Carolina resident when he stumbled upon a $20 bill in a convenience store parking lot, leading to a life-changing event. Jerry Hicks, an experienced master carpenter hailing from Banner Elk, made an unexpected discovery that would soon turn into a million-dollar windfall. In a twist of fate, Hicks decided to invest his found money into an Extreme Cash scratch-off lottery ticket, which ultimately resulted in a staggering $1 million prize.

Business

Consumers Hit Their Tipping Point, Causing Retailers to Close Stores at an Alarming Rate

By Michael Brown / Oct 28, 2024

A wave of store closures has hit the retail industry, with Family Dollar announcing the closure of 677 locations, Walgreens 259, Big Lots 360, and LL Flooring shutting down completely. According to Coresight Research, the number of store closures has already surpassed last year's total, reaching 6,189 closures so far this year. This trend is expected to continue, potentially making 2024 the year with the highest number of closures since the pandemic's onset in 2020.

Business

Americans' Economic Outlook Improves Following the Fed's Substantial Interest Rate Cut

By David Anderson / Oct 28, 2024

Improvements in the American economic outlook this month can be attributed to a reduction in interest rates. The latest consumer sentiment survey from the University of Michigan, unveiled on Friday, indicated a rise in economic optimism for the third month in a row, reaching its peak since April. Additionally, long-term inflation expectations have slightly decreased. Joanne Hsu, the director of the Surveys of Consumers at the University of Michigan, stated, "The increase in sentiment this month is largely due to slight enhancements in purchasing conditions for durable goods, partly as a result of reduced interest rates." The Federal Reserve's decision to lower interest rates by a significant half percentage point last month marked the first such reduction in over four years, a move partly prompted by the stabilization of inflation. Lower borrowing costs make it more affordable for consumers to acquire durable goods such as home appliances, vehicles, and furniture, which are typically financed through credit.

Business

Costco Issues Recall for Salmon Products Due to Listeria Contamination Fears

By Samuel Cooper / Oct 28, 2024

Costco has announced a voluntary recall of its Kirkland Signature Smoked Salmon products due to potential contamination with Listeria monocytogenes. This bacterium is known to contaminate various food items and can lead to a serious infection called listeriosis, which is notably the third most common cause of mortality from foodborne diseases in the United States. The US Centers for Disease Control and Prevention (CDC) have indicated that Listeria can proliferate in food processing environments, posing a risk to public health.

Business

Union Members Reject Deal with Boeing, Prolonging Strike

By Eric Ward / Oct 24, 2024

Following a vote on Wednesday, the strike involving 33,000 employees at Boeing will persist as the union members have rejected the company's proposal. The International Association of Machinists (IAM) members voted against the deal with a 64% majority, according to an announcement by the union. Although this was a closer margin compared to the 95% who previously dismissed an offer, it still fell short of the necessary simple majority to conclude the strike. Jon Holden, the president of the largest IAM local at Boeing and its lead negotiator, stated, "Our members are worth more. They have made their voices heard, and we will return to negotiations to strive for what they deserve." Boeing has not yet provided a response to the voting outcome.

Business

Target Announces Price Reductions on 2,000 Items in Preparation for the Holiday Shopping Season

By Rebecca Stewart / Oct 23, 2024

Target is implementing significant price reductions on over 2,000 products, marking the retailer's second initiative this year to lower costs for customers. This move is aimed at drawing in consumers who are feeling the pinch of inflation as the holiday shopping season approaches. The price reduction has already begun on various items, encompassing home essentials, beauty items, groceries, drinks, and toys. In an official statement, Target explained that it "regularly reviews and adjusts its pricing to maintain competitiveness across different markets," with the promotional pricing set to last through December.

Business

GM's Earnings Approach Record High a Year After Claiming Inability to Meet Worker Pay Demands

By Benjamin Evans / Oct 23, 2024

General Motors has announced significantly better-than-anticipated third-quarter earnings, along with a forecast indicating that the company is poised to achieve record earnings in 2024, a mere twelve months after a protracted and costly strike by United Auto Workers union members.

Business

Mental Health Workers Strike Against Kaiser Permanente in Southern California

By Emma Thompson / Oct 23, 2024

On Monday, over 2,000 unionized mental health professionals in Southern California initiated a strike against Kaiser Permanente, following unsuccessful negotiations for a new labor contract. The National Union of Healthcare Workers (NUHW), which advocates for 19,000 healthcare employees across California and Hawaii, including 4,700 mental health specialists, demonstrated outside Kaiser's premises in Los Angeles, San Diego, Anaheim, and Fontana. Their demands included salary raises, pension restoration, and enhanced staffing levels. In anticipation of the strike, the union highlighted its 10-week strike in Northern California last year, which led to improved wages, better working conditions, enhanced patient care, and mitigated rapid staff turnover. The striking union members in Southern California assert that their demands align with the benefits Kaiser has granted to the majority of its employees. Josh Garcia, a Kaiser psychologist based in San Diego, stated in a press release from the NUHW, "Without a strike, our colleagues will continue to depart, and our patients will keep grappling with a system that is underfunded and understaffed, failing to meet their needs."

Business

BuyBuy Baby to Close All Stores – Once More

By Benjamin Evans / Oct 23, 2024

BuyBuy Baby, the once-thriving baby products retailer, is facing a significant change as it prepares to close its doors once more. In a strategic move to adapt to the evolving market landscape, the company has decided to transition to an online-only business model. This decision comes as a result of careful consideration and extensive feedback from its loyal customer base and valued partners. By the close of this year, all ten of its remaining physical locations will cease operations, marking the end of an era for the brand.

Business

IMF: The Global Fight Against Inflation 'Largely Won'

By Emma Thompson / Oct 23, 2024

The International Monetary Fund (IMF) has announced a positive outlook on global inflation, stating that it has largely been subdued worldwide. This optimistic assessment comes in contrast to the organization's previous cautionary stance just three months ago, when it warned that the fight against inflation had reached a standstill. The IMF's latest World Economic Outlook report indicates that in most regions, inflation rates are now close to the targets set by central banks, marking a significant achievement without the occurrence of a global recession.

Business

New FAA Regulations Bring Electric 'Air Taxis' Closer to Becoming a Reality

By James Moore / Oct 23, 2024

The Federal Aviation Administration (FAA) has unveiled groundbreaking regulations that are poised to pave the way for the introduction of innovative, electric-powered "air taxis" – vehicles that are a hybrid of helicopters and airplanes – into the nation's airspace. In a significant step forward for this burgeoning industry, which is attracting substantial investment with visions of a future reminiscent of the flying cars depicted in "The Jetsons," the FAA has released an extensive 880-page document detailing the special regulations for these new aircraft designs.

Business

Walmart Challenges CVS with 30-Minute Prescription Delivery Service

By Natalie Campbell / Oct 23, 2024

Walmart, a major player in the retail industry, is making a significant move that could further challenge the traditional drug store market in the United States. The company is introducing a new service that promises to deliver prescriptions to customers' doorsteps within a remarkable 30 minutes. This initiative is part of Walmart's broader strategy to offer a one-stop shopping experience, allowing customers to have their medications and groceries delivered together in a single order.

Business

McDonald's Stock Drops Following CDC's Link of E. Coli Outbreak to Quarter Pounders

By William Miller / Oct 23, 2024

On Tuesday, McDonald's stock prices plummeted during after-hours trading following an announcement by the Centers for Disease Control and Prevention (CDC) regarding an E. coli outbreak traced to McDonald's Quarter Pounder burgers.

Business

31-Year-Old Relocates to Wyoming with Spouse to Operate Motel Projected to Earn $412,000 in 2024: 'I Absolutely Love It Here'

By Emma Thompson / Oct 23, 2024

By the year 2017, the bond between Chris and Roxanna Harwood had traversed a well-worn path. Their journey began through mutual acquaintances, progressed to cohabitation in a communal setting, weathered the challenges of long-distance, and navigated relocations for educational and professional pursuits. Eventually, they found themselves signing a lease for a new home in Loveland, Colorado, marking a significant milestone in their shared life. However, the course of their relationship was about to take an unexpected and profound turn.

Business

Fed's Outlook Boosts Dollar to 2-1/2 Month High; Yen Faces Pressure

By Amanda Phillips / Oct 23, 2024

On Wednesday, the U.S. dollar reached a peak not seen in over two and a half months, as investors shifted their expectations towards a more gradual reduction in interest rates. Meanwhile, the yen continued to face downward pressure due to the strengthening dollar and rising U.S. Treasury yields, which pushed it to a three-month low.

Business

Girl Scout Fees May Triple, Leaving Many Families Unable to Afford Membership

By Laura Wilson / Oct 21, 2024

The Girl Scouts of the USA is contemplating a significant change in its financial structure as it prepares for a vote on membership fee adjustments. For the first time in nearly a decade, the National Council, consisting of 900 delegates, will convene on Saturday to decide on the proposed increase in annual dues. The current proposal suggests a substantial leap from the existing $25 to $85 per scout, marking a 240% increase.

Business

Kmart Customers Say Goodbye to the Final Store of a Formerly Cherished Retail 'Staple'

By George Bailey / Oct 21, 2024

On a Wednesday afternoon, Shahlise Cherry and Deborah Arnone embarked on a nostalgic journey, revisiting a past that had significantly influenced American retail. Their destination was the final full-scale Kmart store in mainland United States, located in Bridgehampton, New York, which was scheduled to close permanently on Sunday. As they roamed the aisles, their shopping cart filled with end-of-stock deals such as a coffee maker and a bowl set—items they hadn't initially sought but couldn't resist at a 70% discount off the regular price. Cherry admitted it had been a while since her last visit, despite being a frequent customer in the past. "It fell off my radar for so long," she remarked. "They didn't stock many of the things I needed anymore."

Business

The Difficulty for Young Americans to Find Jobs: Blame 'The Great Stay'

By Sophia Lewis / Oct 21, 2024

Over the past 24 months, Kirsten Staple has diligently submitted over 500 job applications. Initially, she focused on positions aligned with her 2022 Bachelor's degree in Psychology from the University of Texas at San Antonio. Despite her efforts, she has yet to secure employment. Staple's struggle underscores the complex predicament faced by many young Americans attempting to launch their professional journeys, even amidst a robust U.S. economy. While unemployment rates remain historically low, and businesses continue to recruit new talent, the number of job vacancies has surpassed pre-pandemic levels, as indicated by government statistics that are closely monitored by economists and policymakers to gauge the state of the labor market.

Business

A Pivotal Driver of America's Economic Strength Gained Momentum Last Month

By William Miller / Oct 21, 2024

US consumer spending has once again demonstrated its pivotal role in propelling the nation's economic growth. According to recent government data released on Thursday, retail sales in the United States experienced a 0.4% increase in September compared to the previous month. This robust growth significantly outpaced the modest 0.1% rise observed in August and aligned with the expectations of economists as surveyed by FactSet. The positive economic indicators were met with enthusiasm on Wall Street, with the Dow Jones Industrial Average surging by more than 145 points at the opening bell, and other major stock indices also registering gains in the early trading session.