just business

Just Business


M&M’s bows to political pressure but these 5 brands embrace the divide

M&M’s is turning some strange backlash over the footwear choices of their animated mascots into opportunity. Earlier this week, the brand announced it ditched its now-divisive spokescandies in favor of actress Maya Rudolph, who is already making some changes to the famous treat. M&M’s decision appears to show it bowing to backlash for being too […]

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US economy grew 2.1% in 2022, bouncing back from negative first half

The U.S. economy grew 2.1% in 2022, despite widespread fears the country was heading toward a recession. That’s according to the latest gross domestic product data from the Bureau of Economic Analysis out Thursday. In the fourth quarter of 2022, the advanced estimate shows a growth of 2.9%, slightly above analysts’ expectations for the quarter. […]

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The ‘greenhushing’ era? Political climate has companies staying quiet on climate

Greenwashing is a term that’s been around since the 1980s, coined to describe companies that mislead or lie about environmental achievements. But 2023 may be the year of “greenhushing,” where companies start staying quiet about climate goals and progress. A recent report by South Pole said that nearly a quarter of surveyed global climate leaders […]

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Debt ceiling drama a ‘farce’ since US can’t legally default: economist

Congress is at a familiar crossroads in 2023. Since 1960, elected representatives have acted on the debt ceiling 78 times to avoid default. As the U.S. breaches its current $31.4 trillion ceiling, the Treasury Department is taking “extraordinary measures” to avoid default. Those measures will help stave off decision-making time until June, but Congress theoretically […]

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The trillion-dollar coin: A gimmick or a real solution to the debt crisis?

Could the nation’s debt crisis be solved by a single coin? Every day the U.S. gets closer to defaulting on its debt, the calls grow louder for a trillion-dollar solution. In true fashion, The Simpsons got close to foreshadowing this exact scenario in a 1998 episode titled, “The Trouble With Trillions,” in which former President […]

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Goodbye hybrid work: 5 signs 2023 is the year of return to office

Before the COVID-19 pandemic, only 8% of employees worked exclusively remote, but that jumped to 39% by early 2022, according to a survey from Gallup. But the days of rolling out of bed and making yourself presentable from the waist up could be coming to an end this year. Yes, it might be time to […]

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More and more people aren’t paying their car loans. Is a crisis coming?

Used vehicle prices are finally starting to normalize after skyrocketing in 2021, but that does nothing for existing borrowers who are showing signs of being in trouble. The number of borrowers who are at least 60 days late on making their car payment has gone up 26.7% from a year ago, according to Cox Automotive […]

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FTX finds $5.5B in liquid assets, SBF again claims company is solvent

The trial for one of the biggest fraud cases in more than a decade is still nearly nine months away. Still, it seems nearly every day new information is uncovered about FTX, the collapsed cryptocurrency exchange. FTX has $5.5 billion in liquid assets This week, FTX reported to creditors that it has recovered $5.5 billion […]

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‘Eggflation’ gives producers record profits while internet mocks outrageous prices

For some, there’s nothing left to do but crack up over the price of eggs (if you’re not crying in the grocery aisle). The internet is exploding with egg memes mocking how expensive this everyday diet fixture has become. The average price of a dozen eggs is now $4.25, well more than double what it […]

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Mortgage rates are finally falling, but the average family still can’t afford a home

While mortgage rates have fallen considerably from November’s recent high, buying a home is still far out of reach for most Americans. In fact, for six out of the last seven months, a family earning the median income would not qualify for a median-priced home, according to the latest data from the National Association of […]

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DoNotPay’s AI robot lawyer wants to argue your case in court

Imagine this: You’re in a courtroom accused of breaking the law. Your future rests on your legal defense. But you didn’t hire an attorney who spent years in school studying the law and many more practicing it. You’re trusting a robot to win your case. That could be the future, according to Joshua Browder, the […]

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Color-changing BMW, flying cars top list of 5 best CES 2023 innovations

Each year tech companies big and small descend on Las Vegas for CES. The cutting-edge products they unveil on the show floor can mold the future of tech or go nowhere at all. Here are some of the most interesting innovations out of CES 2023 in this week’s Five for Friday. #5: AtmosGear Electric Skates […]

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Deflation in December: Consumer prices fall for first time since 2020

For the first time since 2020, the U.S. saw deflation in consumer prices for the month. Overall consumer prices in December declined 0.1% from November, according to the latest Bureau of Labor Statistics (BLS) report. Annual consumer inflation rose 6.5% from a year ago, down from November’s 7.1% increase and significantly below June’s 9.1% peak. […]

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Jerome Powell insists Fed will not become a ‘climate policymaker’

Don’t expect the Federal Reserve to wade into the climate change fray. Fed Chair Jerome Powell made clear Tuesday that the banking system does not have a significant role in the space. “We are not, and will not be, a ‘climate policymaker,’” Powell said. “We should ‘stick to our knitting’ and not wander off to […]

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House Republican vote to strip IRS funding could cost country $114 billion

House Republicans voted Monday night to strip the Internal Revenue Service of $72 billion in funds secured by the 2022 Inflation Reduction Act. House Speaker Kevin McCarthy, R-Calif., characterized one of his first legislative moves as a “promise kept.” “I guess I question why they made the promise in the first place,” said Marc Goldwein, […]

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Deere will allow farmers to repair own equipment after years of debate

Tractor giant Deere & Co. and the American Farm Bureau Federation reached an agreement that gives farmers the right to repair their own farm equipment or take it to an independent technician. It’s a move that should save farmers time and money and marks a significant settlement in the “right to repair.” When it comes […]

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December jobs report shows signs of a slowdown but labor market remains tight

The year 2022 has turned out to be one of the best years for job growth in modern U.S. history. December’s jobs report released Friday by the Bureau of Labor Statistics (BLS) showed another month of the economy beating job growth expectations, but did signal a slowdown in that growth. The U.S. economy added 223,000 […]

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5 ‘outrageous’ 2023 predictions: Billionaire energy group, gold to $3,000

A new year means making resolutions that likely won’t stick, along with making fantastic predictions that will likely never come true. The latter is exactly what Denmark-based Saxo Bank does each year. We have the most outrageous predictions for 2023 in this week’s Five For Friday.  #5: Country bans meat production The global agenda to […]

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Amazon, Salesforce announce major layoffs, blame excessive pandemic hiring

Big Tech continues its big jobs shedding in 2023 as two major players announce deep cuts to start the year. Amazon is axing 18,000 corporate employees, nearly double previous estimates, while Salesforce announced a 10% staff reduction impacting 8,000 workers. Both companies cite the current economy and over-hiring the past few years as factors. Amazon’s […]

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Fed shows resolve in interest rate hikes but market still sees pivot in 2023

Minutes from the Federal Reserve’s latest meeting show officials worried the market could undermine the Fed’s efforts to bring down prices. Despite rumblings of a Fed pivot, the minutes revealed the committee’s resolve in bringing down inflation, including officials’ consensus on keeping interest rates high through 2023. “Participants noted that, because monetary policy worked importantly […]

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FTX founder Sam Bankman-Fried pleads not guilty to slew of criminal charges

Disgraced cryptocurrency exchange founder Sam Bankman-Fried pleaded not guilty to a host of criminal charges Tuesday in federal court. The former FTX CEO has been living under house arrest at his parents’ after controversially securing his $250 million bail. Bankman-Fried is charged with illegally funneling funds from FTX customer deposits to prop up his hedge […]

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China’s new Foreign Minister Qin Gang praises US in string of tweets

A series of tweets from China’s new foreign minister seem to signal a possible softening in China-U.S. relations. Qin Gang, a trusted aide to leader Xi Jinping and outgoing Chinese ambassador to the U.S., offered enthusiastic praise of the U.S. on Tuesday. “Going forward, I will continue to care about and support the growth of […]

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Musk’s Twitter takeover tops 5 biggest business stories of 2022

The last 12 months have been a rollercoaster for business and economic news. Unfortunately, most of us are entering 2023 with a lot less fortune. Here are the biggest stories that dominated 2022 headlines in this week’s Five for Friday. #5: FTX Scandal Cryptocurrency was already facing turmoil amid the long crypto winter. Then, the […]

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Philadelphia Fed claims government overestimated job growth by +1 million

Did the U.S. government overestimate job growth by more than 1 million jobs this spring? That’s the claim after the Philadelphia Federal Reserve Bank released a December report, which makes early revisions to Bureau of Labor Statistics data for the second quarter of 2022. “In the aggregate, 10,500 net new jobs were added during the […]

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You’ve got mail? Here are 5 companies you probably didn’t know still exist

We’ve all had a moment like this. You’re in a dentist office waiting room. You reach for the stack of magazines on the table and think to yourself, “Wait, Reader’s Digest still exists?” We’re taking a look at some of the companies you may not realize are still hanging on in this week’s Five for […]

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FTX’s Bankman-Fried released on $250M bail, coworkers plead guilty

A judge ruled FTX founder Sam Bankman-Fried could be released on $250 million bail and put under house arrest at his parents’ California home while he awaits trial in New York City on eight federal criminal charges. As Bankman-Fried fights the charges against him, some of his coworkers have already pleaded guilty to fraud charges […]

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IRS failed to perform required audits of Trump’s tax returns

For years, Americans couldn’t escape hearing about former President Donald Trump’s tax returns and why, despite years of precedence, he refused to release them. Trump repeatedly cited it was because he was being audited, but a House committee report reveals the IRS actually failed to audit him as president when it was required. According to […]

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Biden falsely claims inflation in major economies ‘rising in double digits’

U.S. inflation surprised below expectations in November, slowing for the fifth straight month to a 7.1% annual rate. But when President Joe Biden took to the podium to celebrate the feat, he made a claim that didn’t stack up against statistics. “In a world where inflation is rising in double digits in many major economies […]

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Elizabeth Warren drills Tesla board over Musk’s Twitter moves, legal conflicts

While Twitter users who participated in a straw poll overwhelmingly support Elon Musk stepping down as CEO, it may be too late for Musk’s golden goose, Tesla. On Sunday, Sen. Elizabeth Warren, D-Mass., sent a letter to the chair of Tesla’s board raising questions about possible legal failures by Musk and the board since Musk’s […]

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Electric Ford F-150 wins major award as these 5 iconic vehicles go EV

Electric vehicles have been getting a lot of attention in recent years with analysts believing half of U.S. car sales will be EVs by 2030. Ford’s F-150 Lightning just won the 2023 MotorTrend Truck of the Year, becoming the second EV to do so. The F-Series isn’t the only legacy model being electrified. Here are […]

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FTC swings big against Microsoft, Meta, but may have a losing strategy

The federal government is cranking up the heat on Big Tech as the Federal Trade Commission takes on two major antitrust cases. The commission just voted 3-1 to sue Microsoft to block its $69 billion acquisition of Call of Duty maker Activision Blizzard. At the same time, it’s in court against Meta, Facebook’s parent company, […]

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Fed moderates December interest rate hike but signals it’s still climbing

The Federal Reserve hiked its benchmark interest rate by 50 basis points Wednesday, marking the seventh hike of the year in the committee’s efforts to battle inflation. The federal funds target rate is now between 4.25% and 4.5%, the highest it has been since the start of 2008. The less aggressive half-point rise in December […]

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FTX founder Bankman-Fried charged in US, new CEO calls him ‘unsophisticated’

FTX founder Sam Bankman-Fried is facing charges from multiple U.S. agencies after getting arrested Monday night in the Bahamas. Once considered crypto’s white knight, Bankman-Fried’s arrest and charges come one month after his cryptocurrency exchange filed for bankruptcy following a spectacular collapse. The Securities and Exchange Commission on Tuesday charged the fallen CEO in “orchestrating […]

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Inflation cools more than expected, consumer prices rise 7.1% for year

While overall prices are still running hot, consumer inflation slowed to 7.1% in November, providing a better-than-expected result ahead of the Federal Reserve’s 2-day meeting. The Bureau of Labor Statistics data released Tuesday beat the 7.3% economists expected and was significantly down from October’s 7.7% report. In fact, November’s rise is the smallest 12-month increase […]

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5 jobs ChatGPT, the AI taking the internet by storm, could replace

Artificial intelligence is used in everything from virtual assistants to creating works of art. The latest trend taking social media by storm is OpenAI’s ChatGPT, which can generate human-like text based on input from a user. The sophisticated chatbot can understand and respond to a wide range of topics. It’s so advanced some worry it […]

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China’s COVID reopening will drag on growth, could cause 1 million deaths

Three years in, people in China are finally feeling freedom from the country’s most rigorous COVID-19 protocols. But some worry that freedom is sending COVID-19 cases surging, putting pressure on subpar health care systems with the potential to stall growth. What then happens to the world’s second largest economy? For the first time, people in […]

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Meta facing scrutiny from FTC, EU and oversight board

Meta is finding itself in multiple crosshairs at the same time this week. Facebook’s parent company is facing challenges from the U.S. government, European Union and its own oversight board. Meta vs. the FTC In a huge antitrust case Thursday, the Federal Trade Commission will try to convince a judge to block Meta’s $400 million […]

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Biden touts CHIPS Act success with $40B Arizona semiconductor investment

On Tuesday, President Joe Biden touched down in Arizona to tout a $40 billion investment by one of the world’s largest makers of semiconductors. Taiwan Semiconductor Manufacturing Company (TSMC) is opening a second chip plant in the state, upping its recent Arizona investment of $12 billion. According to TSMC, the $40 billion commitment is the […]

Watch 1:21

Apple losing appetite for China, plans to move some production elsewhere

The violent protests that shook the largest iPhone factory in the world have apparently changed Apple’s appetite for China. According to a Wall Street Journal report, the company is speeding up plans to shift some production out of the country that dominates its supply chain. Apple is reportedly telling suppliers to plan for assembly in […]

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Nevada’s hot streak: Gambling revenue tops $1 billion for 20 straight months

Nevada gambling revenue topped $1 billion for the 20th consecutive month in October, bringing in $1.28 billion in “gaming wins,” according to the Nevada Gaming Control Board. The Silver State’s hot streak has it on pace to break the annual gambling revenue record set last year. October’s gambling revenue total is 4.8% higher than a […]

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Ronaldo, Messi among World Cup’s top-paid soccer stars but not No. 1

The best soccer players in the world make more than the top athlete in any other sport. Their salaries and endorsement deals eclipse the biggest names in basketball, American football or even boxing. Now, the best of the best are on display at the World Cup in Qatar. Here are the highest paid footballers in […]

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Rail strike impacts effectively start this weekend as Congress rushes to avert

Congress appears poised to back President Joe Biden in thwarting a potential holiday rail strike that could cost the U.S. economy $2 billion per day. But the deadline on impacts of a looming strike is barreling down the stretch quicker than some may realize. “While the actual deadline of the railroads being shut down is […]

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China protests mark rebellion unseen in decades, direct challenge to Xi

After nearly three years of unrelenting COVID-19 measures, a growing number of people in China have had enough. A deadly fire in the Xinjiang region this past week fueled the outrage, where many believe a COVID-19 lockdown delayed emergency response. Ten people died in the apartment blaze, unable to escape. Now protests are sparking up […]

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Bankman-Fried, Holmes not the only infamous billionaires to get busted

Stepping into the limelight as the next up-and-coming billionaire brings a lavish lifestyle and a lot of media attention. But is being called the next Warren Buffett or Bill Gates a compliment or something else? Some wonder if being compared to the Oracle of Omaha in print is a curse, similar to the Sports Illustrated […]

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Violent protests in China rock world’s largest iPhone factory

Workers clashed with police at the world’s biggest iPhone production plant amid protests over compensation and COVID-19 restrictions on Wednesday. Videos on social media authenticated by the Associated Press showed authorities beating employees at the Foxconn facility in Zhengzhou, China.  One of the videos circulating online show dozens of riot police officers storming the factory […]

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Biden administration reverses Trump-era rule on ESG retirement investments

The Labor Department is clearing a path for people to consider climate change and other environmental, social and governance factors when choosing retirement plans. The move reverses a Trump-era ruling that restricted financial firms to only consider how investments perform when determining what plans it would offer participants. ESG funds purportedly screens companies for positive […]

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FTX books a ‘complete failure’, investors did ‘little homework’ with billions owed

Embattled and bankrupt, cryptocurrency exchange FTX said it owes its top 50 creditors more than $3 billion. The largest single lender is out around $226 million, according to a court filing. As FTX and founder Sam Bankman-Fried continue the fall from grace, contagion is spreading. Almost immediately following the fallout, Solana DeFi lost almost $700 […]

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From ‘right leader’ to fired in 5 months: Why Disney ousted Chapek for Iger

In a stunning shakeup Sunday night, Disney gave CEO Bob Chapek the boot and brought back his popular predecessor, Bob Iger, to steer the ship. It’s a shocking reversal from less than five months earlier when Disney called Chapek the “right leader at the right time.” Disney’s 15-year CEO Iger had handpicked Chapek, who was […]

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Americans will bet record $1.8 billion on 2022 FIFA World Cup: gambling authority

Americans are expected to bet a record $1.8 billion for the 2022 FIFA World Cup, making it, “the most bet-upon soccer event ever in the U.S.,” according to the American Gaming Association. The gambling authority predicts more than 20 million Americans plan to place bets throughout the month of play. Worldwide, gamblers wagered around $160 […]

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Tom Brady, Shaquille O’Neal, 9 other celebs sued in FTX class action

Nearly a dozen high profile celebrities are named defendants in a class action lawsuit against the failed cryptocurrency exchange FTX. Tom Brady, Stephen Curry and Shaquille O’Neal headline a list of playmakers who endorsed the platform through various campaigns. The lawsuit loops in 11 celebrities and the Golden State Warriors with FTX founder Sam Bankman-Fried, […]

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From World Cup stadium to housing, 5 ways to repurpose shipping containers

The COVID-19 pandemic created an unprecedented shipping crunch with consumption off the charts. But now the industry is left with an excess of shipping containers as demand for goods falls. Container depots are filling with the empty vessels, raising questions about what to do with these giant steel boxes. Here are some creative ways shipping […]

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Retail results a mixed bag before hottest shopping week of year

It’s the most critical time of the year for retail stores but Target isn’t feeling the holiday cheer. The company’s huge miss in earnings in the third quarter sent shares tumbling more than 16% Wednesday morning and forecast more doom for the company’s holiday season. Target said shoppers were increasingly feeling the impact of inflation […]

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FTX catastrophe could be turning point for cryptocurrency regulation

The collapse of cryptocurrency exchange FTX is unprecedented, and in some ways, unbelievable. As the firm seeks bankruptcy protection, at least $1 billion in customer funds is missing, according to a Reuters report. A bankruptcy court filing revealed debtors have been in contact with the U.S. attorney’s office, the Securities and Exchange Commission, the Commodity Futures […]

Watch 7:16

China’s Alibaba keeps sales results secret from Super Bowl of shopping days

China’s Singles’ Day is the Super Bowl of all shopping days, putting Black Friday and Cyber Monday to shame. It has fallen on Nov. 11 of every year dating back to 2009, but how last week’s extravaganza went is a mystery. For the first time in the event’s 14-year history, e-commerce giant Alibaba failed to […]

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How FTX went from crypto giant to bankrupt and under investigation

Embattled cryptocurrency exchange FTX filed for bankruptcy protection Friday after a week of catastrophic hits to the platform. The company also announced that Founder and Chief Executive Officer Sam Bankman-Fried, known as SBF, is stepping down. The collapse of FTX this week has rippled through the entire cryptocurrency realm, tanking coin values. Bitcoin’s value dropped […]

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Inflation eased more than expected, consumer prices increase 7.7% on year

Inflation is easing as consumer prices in October rose 7.7% from a year ago, the lowest annual gain since January 2022. The increase recorded by the Bureau of Labor Statistics was below analyst expectations of 7.9%. Monthly prices also fell below expectations, up 0.4% compared to 0.6% expected. Annual core inflation, which strips out food […]

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Meta executes major layoffs as worries grow over another dot-com crash

Tech stocks have had a terrible, horrible, no good, very bad year. Take Meta, which announced Wednesday it is laying off 13% of its staff, or more than 11,000 employees. The company’s stock is down about 70% in 2022 amid declining sales and profit and rising expenses. And while Meta’s year may be exceptionally bad […]

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5 things to do if you win the $1.5B Powerball jackpot

The big lottery jackpot is well over $1 billion, but the odds of winning the big one are 1 in 292 million for the Powerball and 1 in 302 million for Mega Millions. But what does it hurt to spend a few dollars on a dream? Contrary to popular belief, if you do win, you […]

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The economy is voters’ top issue. Here’s how it’s changed since the 2020 election.

The fact that the economy is the top issue for voters this election comes as no surprise. The rise in consumer prices and the Federal Reserve’s efforts to fight inflation spare no American. While hot button issues usually divide the political aisle, 79% of respondents in a Pew Research survey list the economy as being […]

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Fed spikes interest rate again by 0.75% but hints at slowing pace

The Federal Reserve on Wednesday hiked its benchmark interest rate by 75 basis point for the fourth straight meeting, sending the target rate to a range of 3.75%-4%, its highest since the beginning of 2008. The aggressive rate hike was expected in the Fed’s battle to bring down inflation, which in 2022 is at its […]

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Free bird: Elon Musk owns Twitter after 6 long months. Here’s what’s next.

Elon Musk wasted no time putting his stamp on his new social media company this week, moving in everything including the kitchen sink and firing top executives at Twitter. Thursday was Twitter’s last day as a publicly traded company; on Friday, Twitter’s stock went dark. As the $44 billion transaction closed Thursday, Musk fired Chief […]

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Adidas dumps Kanye West and 5 other celebrity brand deals that went bust

Adidas has parted ways with Kanye West, now known as Ye, over recent antisemitic remarks. The brand said it will cost it $246 million dollars this year as it loses out on highly lucrative Yeezy-branded products. West has been dropped by several other partners – including Gap – amid the backlash, dropping him from the […]

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Why the Fed’s favorite inflation gauge is much lower than better known CPI

Inflation is synonymous with the consumer price index, which comes out less than two weeks after the end of each month. But there’s more than one way to measure inflation, and CPI is not the Federal Reserve‘s favorite one. When Fed Chair Jerome Powell says “My colleagues and I are strongly committed to bringing inflation […]

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GDP report: US economy grew 2.6% in Q3 but recession still top of mind

After starting the year with two consecutive quarters of negative economic growth, the U.S. economy has turned it around in the third quarter. Real gross domestic product increased at an annual rate of 2.6%, according to the advanced estimate by the Bureau of Economic Analysis. The positive growth follows the second quarter’s 0.6% contraction and […]

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Big Tech delivers economic warnings as Microsoft, Google profits decline

Big Tech dragged down the stock market Wednesday morning after disappointing earnings from two tech giants. Significant profit declines by Microsoft and Alphabet, Google’s parent company, had tech stocks diving down as a warning of what’s to come. After the closing bell, Meta’s earnings release only further fueled losses. Microsoft’s net income fell 14% in […]

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Foreign investors dump Chinese stocks as Xi Jinping tightens power grip

International investors are fleeing China as President Xi Jinping tightens his power grip on the country. After securing a precedent-breaking third term as head of China’s communist party, Xi shored up his dominance by stacking the Politburo Standing Committee with loyalists. The Politburo is China’s top governing body and analysts say the sea of allies […]

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Elon Musk ‘overpaying’ to take Twitter private, these 5 went private too

When a company hits Wall Street by initial public offering (IPO), it is usually seen as a sign of strength. But sometimes, firms go the opposite direction by taking the company private again. SpaceX and Tesla CEO Elon Musk plans to take Twitter private as part of his $44 billion acquisition of the company. Musk […]

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Does the US need a digital dollar? Fight drags on, other countries advance

For thousands of years, humans have used physical money to pay for goods and services. But in a time where people can answer an international call from a watch, do they really need that wad of cash? Or is it time for a digital dollar? In the U.S. and around the world, there’s growing movement […]

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Lebron James’ son Bronny signs with Nike plus these 5 athletes cash in on NIL

College athletes are now able to cash in on their name, image and likeness (NIL) after the NCAA drafted new rules last year in response to a Supreme Court decision. National, regional and local brands are all paying big money for collegiate sports stars to promote their wares. Just this week, Nike signed its first […]

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Wrong direction: Inflation still breaking records, core prices at 4-decade high

September consumer prices soared higher than expected, rising 0.4% on the month, the fastest pace since June. Overall annual inflation hit 8.2% in September, a hair lower than August’s 8.3% but a tick higher than the 8.1% economists expected. Months ago, food and energy was blamed for much of inflation, but September’s figures from the […]

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Holiday deals in October? Amazon, Target, Walmart hope you’ll take the bait

The holiday creep is coming even earlier this year. It may only be October, but retailers are jumping in on the too-early holiday deals, featuring Black Friday discounts more than six weeks before the famous shopping day. The push is sparked in part by Amazon Prime’s new Early Access sale, where the company says Prime […]

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World Bank President David Malpass rejects calls to resign over climate flub

World Bank President David Malpass found himself in the international hot seat after botching his answer responding to allegations he’s a climate denier. During New York City’s Climate Week in September, Malpass dodged a New York Times reporter’s repeated questions regarding the human impact on climate change. “Do you accept the scientific consensus that the […]

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US adds 263,000 jobs in September as unemployment lowers to 3.5%

U.S. job growth slowed in September but still beat some economists’ expectations. The U.S. added 263,000 jobs for the month, down from August’s 315,000 nonfarm payroll gain and the lowest monthly gain since April 2021. But at the same time, unemployment unexpectedly ticked back down to 3.5%, matching a 5-decade low last seen in July. […]

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Five times the Kardashian-Jenner clan got in legal trouble over promotions

The Kardashian-Jenner family is the biggest influencer collective in the world. Kris, Kim, Kylie, Kourtney, Khloe and Kendall have more than 1.2 billion followers combined. A profile that large allows the clan to make highly lucrative deals to promote pretty much anything, and we have the promos that landed them in legal hot water in this […]

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Fed has no plan to cut rates next year despite market and global pressure

Multiple voices out of the Federal Reserve this week have made clear the central bank has no plans to cut rates next year, despite markets pricing it in. San Francisco Fed President Mary Daly is among those cautioning against a Fed pivot in policy. “I see us as raising to a level that we believe […]

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How rising anti-ESG crusader Ramaswamy is shaking up corporate America

He’s anti-woke, anti-ESG and he’s hoping to shake up the corporate world. Activist investor Vivek Ramaswamy is putting money behind his mission to counter so-called “woke capitalism” with two new asset management funds backed by some big players. This year Ramaswamy launched Strive Asset Management, a conservative counter to funds like BlackRock. Backed by billionaires […]

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Elon Musk agrees to buy Twitter at original $44 billion price

Elon Musk has agreed to buy Twitter for his original offer price of $54.20 per share. The offer puts an end to the 6-month saga that was heading for a contentious courtroom battle. According to a filing with the Securities and Exchange Commission, Musk’s legal team said they “intend to proceed to closing of the […]

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If OPEC+ cuts oil production, Russia stands to benefit from higher prices

A powerful alliance of some of the world’s largest oil producers is considering a major cut in production, which some analysts say could push oil prices back up toward $100 a barrel. The news already sent Brent crude, the global benchmark, up 5% Monday morning. OPEC and OPEC+ members are set to meet in person […]

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Five Wall Street trends screeching to a halt in the bear market

The Dow Jones, S&P 500 and Nasdaq are all in a bear market, which is when an index falls 20% or more from a recent high. Wall Street had record returns last year but a troubled economy and high consumer prices have taken a toll on markets so far in 2022. We have the formerly […]

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Dow, S&P 500, Nasdaq in bear market with global recession highly probable

The three bears have officially arrived. At Monday’s market close, the Dow Jones Industrial Average officially joined the S&P 500 and Nasdaq composite in a bear market, with all three indexes down more than 20% from January’s highs. The Dow closed down 20.48% while the S&P was down 23.79%. The Nasdaq has fallen 31.76% since […]

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Pound plunges to record low against dollar as markets weigh tax cuts, spending

The British pound took a beating Monday, reaching a record low against the U.S. dollar. The plunge came as markets reacted to the new U.K. government’s plan to deliver the biggest tax cuts in 50 years while simultaneously boosting spending. “High tax rates damage Britain’s competitiveness,” U.K.’s new finance minister Kwasi Kwarteng said Friday when […]

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Dow dives into bear market territory as recession fears roil stock market

The Dow Jones Industrial Average tumbled into bear market territory mid-trading day Friday, at one point down roughly 600 points. At its lowest point, the stock index fell 20% from its recent high before closing down more than 19%, avoiding a bear market close. Stocks have taken a beating this week amid rising interest rates, […]

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Move over Bezos and Zuckerberg, these 5 billionaires are moving up the ranks

The world’s billionaires added a significant amount of money to their stockpiles during the COVID-19 pandemic. In fact, the 10 wealthiest people in the world doubled their net worth in the first two years. Now, billionaires are seeing their fortunes take a hit. Facebook founder Mark Zuckerberg has lost more than half his net worth […]

Watch 2:13

Meta sued for tracking Facebook users in workaround to Apple’s privacy features

Two Facebook users are suing parent-company Meta, claiming the company is tracking and collecting their data across the web without consent. The proposed class-action lawsuit says the social media company is evading Apple’s 2021 privacy policy and violating state and federal laws. Apple first introduced App Tracking Transparency (ATT) in 2021 with a pop-up that […]

Watch 1:06

Fed hikes interest rates by another 0.75% while downgrading GDP forecast

The Federal Reserve hiked interest rates by 75 basis points for the third straight meeting after inflation numbers came in hotter than expected for August. The federal funds rate boost is in line with Wall Street’s expectations as Chair Jerome Powell has promised to keep forging ahead until they are “very confident” inflation is coming […]

Watch 1:27

Why high food prices will persist even when inflation eases elsewhere

As the old saying goes, the cure for high prices is high prices. But that line won’t work for food prices at the grocery store, which in August marked the highest 12-month surge since 1979. Groceries are up 13.5% on the year, driven by spikes in the price of eggs (39.8%), chicken (16.6%), cereal (16.4%) […]

Watch 8:17

Food inflation is surging. But politics may influence your view of how much.

August’s disappointing, market-crashing inflation numbers provided consumers little relief when it comes to the cost of living. As energy cools, food is proving to be one of the most persistent and painful parts of inflation that families can’t avoid. Food at home is up 13.5% on the year, the largest 12-month increase since 1979. Even […]

Watch 1:37

Visa, Mastercard, Amex will track gun purchases. But who decides what’s suspicious?

Credit card companies will now use a new code to identify gun store purchases. But how the financial industry plans to use those four digits to prevent mass shootings and who decides what is considered suspicious activity are just two of many questions surrounding the new development. On Friday, the International Organization for Standardization voted […]

Watch 2:01

August inflation rate slides to 8.3%, falling for second straight month

The annual inflation rate cooled for the second straight month, reaching 8.3% in August after peaking at 9.1% in June. Consumer prices continued to see relief in energy, helping drive down the annual rate, according to the Bureau of Labor Statistics report. Monthly consumer prices rose 0.1 % from July to August. Gas prices continued […]

Watch 1:20

A railroad strike could cost $2 billion each day and send food prices soaring

The U.S. is barreling toward a railroad strike this week that could cost the economy $2 billion a day and send food prices soaring even higher. Labor unions and freight railroads worked through the weekend trying to reach a contract but have yet to come to terms. Both sides have until Friday before workers are […]

Watch 1:32

Five sectors facing layoffs amid economic uncertainty and high inflation

Concerns about the state of the economy come with worries about job security. In fact, half of companies are expecting to cut staff according to a PwC survey of more than 700 executives. The same survey found many executives are also planning hiring freezes and even rescinding job offers. But many companies have already trimmed […]

Watch 2:26

Unemployment may need to be higher than Fed predicts to fight inflation

The battle to bring down inflation may be more painful than the Federal Reserve has let on. A new economic paper presented at a Brookings conference Thursday predicts inflation will remain well above target unless unemployment rises by more than the Fed projects. The Fed has previously said it expects unemployment will hit 4.1% by […]

Watch 1:17

Germany recession is unavoidable amid energy crisis: Deutsche Bank CEO

Recession in Germany is unavoidable amid Russia’s war in Ukraine and the energy shortage that has followed, Deutsche Bank CEO Christian Sewing warned Wednesday. But his words of caution stretched beyond the country’s relationship with Russia, noting its dependence on China must also be examined. “Russia’s war against Ukraine has destroyed a number of certainties […]

Watch 1:06

CVS beats out Amazon in $8 billion Signify Health acquisition

CVS scored big with its $8 billion acquisition of Signify Health, a tech platform that coordinates in-home healthcare services, beating out challengers like Amazon in a bidding war. The deal moves the drugstore giant away from your neighborhood pharmacy and into your home. “This acquisition will enhance our connection to consumers in the home and […]

Watch 1:10

Fast food workers could make $22 per hour if California bill signed into law

The California legislature passed a bill this week that would allow a state council to set wages and worker conditions across the entire fast food industry. If signed into law, it would be a rare example of “sectoral bargaining” in the U.S., where parties bargain at an industrywide level versus with one business or location. […]

Watch 1:14

Honda, LG join for $4.4B EV battery plant in US in move away from China

The electric vehicle battery market is getting a boost in the U.S. with increasing pressure to get manufacturing out of China. On Monday, Japanese carmaker Honda and South Korea’s LG Energy announced a $4.4 billion deal to build a battery plant stateside, with mass production expected to start in 2025. The lithium-ion batteries will be […]

Watch 1:10

Powell warns of ‘pain to households and businesses’ in bringing down inflation

In a widely anticipated address in Jackson Hole, Wyoming, Federal Reserve Chair Jerome Powell remained hawkish in his resolve to restrict inflation, sending markets tumbling Friday morning. Powell noted that history “cautions strongly against prematurely loosening policy.” His speech at the Jackson Hole Economic Symposium was notably briefer than previous years, as the globe faces […]

Watch 1:23

Battle of the retail giants: 5 ways Walmart is competing with Amazon

Amazon is the undisputed champion of e-commerce but the king of brick-and-mortar sales is taking huge steps to challenge that dominance. We have the ways Walmart is competing to replace Amazon in this week’s Five for Friday. #5: Exclusive memberships Nothing sets the e-commerce giant apart from the competition more than Amazon Prime. Walmart is […]

Watch 2:14

Student loan relief will increase inflation, wipe out Inflation Reduction Act benefits

Economists expect President Joe Biden’s sweeping student debt relief action will add fuel to the inflationary fire already facing the nation. On Wednesday, the president announced plans to cancel between $10,000 and $20,000 in student loan debt for borrowers earning less than $125,000 a year. The White House estimates roughly 43 million Americans will qualify […]

Watch 1:46

Biden’s student loan cancellation will be ‘all for naught’ without systemic solutions

With the swipe of a pen, President Joe Biden is wiping away student debt for millions of Americans, with a hefty price tag of around $300 billion for the American people. But already, experts are questioning the long-term impact of this historic moment. “When you provide one-time loan forgiveness to all borrowers, what do we […]

Watch 1:38

Biden’s student loan decision down to wire, leaving millions in the dark

With just one week before student loan payments theoretically start up again for 45 million people, the Biden administration has so far left both borrowers and loan servicers in the dark. After nearly two-and-a-half years of a payment pause, the looming August 31 deadline has both parties scrambling for answers and time. “The fact that […]

Watch 1:30

Whistleblower: Twitter riddled with security problems, execs lying to board

Twitter is reportedly rife with security problems, failing to protect user data and lying about it to the company’s board and federal regulators. Those are the accusations in a damning whistleblower report by Twitter’s former security chief, according to documents obtained first by CNN and The Washington Post. Peiter “Mudge” Zatko is a renowned hacker […]

Watch 1:58

Amazon’s Signify Health bid marks latest attempt to expand into healthcare

First, it took on books. Then, it disrupted the retail industry. Now Amazon is setting its sights on the healthcare industry. The world’s largest online retailer is putting its hat in the ring to buy Signify Health, a healthcare platform that uses analytics and technology to coordinate in-home healthcare services. Amazon.com, Inc., known for e-commerce, […]

Watch 1:40

After four Fed rate hikes, we have ways to benefit from rising interest rates

The Federal Reserve raised interest rates four times in 2022, with experts anticipating more on the way. The benchmark lending rate is now 2.25-2.5% after starting the year near zero. Following years of easy money, Americans will have a tough road ahead as the nation teeters on the edge of a recession. There is a […]

Watch 2:20

Investors underestimating Fed’s resolve to bring down inflation, insider says

Despite signs of an economic downturn, inflation is persisting in some of the hardest-to-avoid categories for consumers, like food and housing. The Federal Reserve is expected to continue hiking its interest rate to restrictive territory until inflation comes down significantly, according to minutes of its July session released Wednesday. While July inflation stabilized month over […]

Watch 6:36

Walmart is attracting higher-income families in the fight against inflation

If you want a window into the health and habits of the American consumer, look no further than Walmart. On Tuesday, the retail giant surprised investors and analysts by beating expectations for earnings and revenue, just three weeks after cutting profit expectations. Walmart has reported seeing a significant shift in spending habits with Americans moving […]

Watch 1:14

China’s surprisingly sluggish growth in July drags down global economy

China’s sluggish economy is dragging down the global economy with it. U.S. stocks fell Monday morning after troubling growth numbers from the world’s No. 2 economy. Commodities also fell, with Brent crude and West Texas Intermediate crude both down more than 5% to start the day. The safe haven U.S. dollar, meanwhile, rose amid fears […]

Watch 1:10

Is Novavax Trump’s Solyndra? $1.6B in taxpayer funds, just 2,500 vaccinated

Former President Donald Trump’s Operation Warp Speed got a lot of praise for getting COVID-19 vaccines developed and into arms in under a year. But it’s not one big success story. Take Novavax, the company that got $1.6 billion in taxpayer funds in July 2020. “That [award] can get us to as many as 100 […]

Watch 2:13

Netflix makes games? Five gaming investments that have yet to pay off

The video game industry experienced a massive boom during the COVID-19 pandemic, but then Americans spent 13% less on gaming in the second quarter of this year from the same period a year ago and more time outside. Consumer spending has also been taking a hit amid worries about the state of the economy. Still, […]

Watch 2:46

Consumer prices stay flat in July, annual inflation cools to 8.5%

Inflation decelerated in July to 8.5% year over year following June’s peak of 9.1%, according to the Bureau of Labor Statistics report out Wednesday. A dip in energy prices helped cool the consumer price index, which has hovered at four-decade highs all year. Overall consumer prices were flat for the month of July from June, […]

Watch 1:25

Most electric vehicles will not qualify for $7,500 tax credit

Most electric vehicles would not qualify for $7,500 federal tax credits included in Democrats’ sweeping economic bill due to restrictions over manufacturing and materials. The revelation has a major automotive group sounding the alarm, saying the credits will derail manufacturers’ efforts to have EVs make up half of their sales by 2030. The Alliance for […]

Watch 6:00

Reports: Democrats’ Inflation Reduction Act will not reduce inflation soon

Senate Democrats are celebrating the passage of the Inflation Reduction Act, a legislative win for the Biden administration made possible by a Sunday vote of 51 to 50 along party lines. Vice President Kamala Harris acted as the tie-breaking vote. But does the sweeping economic bill actually reduce inflation, like its name suggests? Some economic […]

Watch 1:20

Stephen King testifies and Google could get sued in biggest antitrust news

The country’s most powerful companies will make many efforts to dominate their industries, but for the sake of competition, some tactics are off limits. When major firms push too hard, they often end up in court. We have some of the biggest stories in antitrust in this week’s Five For Friday. #5: Simon & Schuster […]

Watch 2:40

As cattle ranchers sell off herds to combat drought, effects will last years

Cattle ranchers are increasingly selling off their herds, including breeding stock, as widespread drought and heat waves challenge operations. The impacts of the summer conditions could have long-lasting effects on beef prices, which are already high. In June, a heatwave in Kansas killed thousands of cattle, overwhelming producers, who disposed many of the carcasses in […]

Watch 5:45

3 things we’ve learned from earnings season, from Big Oil to Big Tech

The economy has technically been shrinking all year, but what about Wall Street? After the busiest business week of the summer, now more than half of the country’s largest companies have reported second quarter earnings. Here’s what we have learned from them so far. #1: Big Oil strikes gold The two largest U.S. oil companies, […]

Watch 2:52

Recession or not, here’s why Americans feel like the economy is going downhill

Last week, we learned the U.S. economy likely shrank for the second consecutive quarter as the advanced government estimate of gross domestic product came in at -0.9%. Now, the country has been thrust into a politically-heated debate: Are we in a recession? The Biden administration and political appointees say no. “That doesn’t sound like a […]

Watch 3:15

5 recession-proof industries that can weather an economic downturn

There’s a lot of talk about a recession out there considering the economy just notched its second consecutive quarter of contraction. The nation’s largest retailer Walmart is already sounding the alarm that its profit outlook for this year isn’t looking great. But some companies actually thrive during a downturn, so here are some recession-proof sectors […]

Watch 2:16

GDP is negative for second consecutive quarter, economy shrinks 0.9%

The U.S. economy shrank for the second straight quarter, stoking recession fears. Government data showed Thursday that the country’s gross domestic product contracted by 0.9% in the second quarter, following a 1.6% contraction the first quarter of the year. Traditionally, people think of a recession as two consecutive quarters of negative growth, which is what […]

Watch 1:30

What recession? Fed forges ahead with jumbo interest rate hike

The Federal Reserve Wednesday announced its fourth interest rate hike in as many months as the central bank tries to rein in 4-decade high inflation. Following its July meeting, the committee voted to raise the benchmark rate by another 0.75%, identical to the supersized hike in June, which hadn’t been done before that since 1994. […]

Watch 1:36

China is trying to steal Fed info and recruit employees: Senate report

China is trying to infiltrate the U.S. Federal Reserve and steal information and influence, according to a senior Senate Republican. In a report released Tuesday, Ohio Sen. Rob Portman, ranking member of the Senate Committee on Homeland Security, said China has been targeting the central bank since at least 2013. The 48-page report, based on […]

Watch 1:44

Wheat prices spike after Russia attacks Odesa, shaking confidence in export deal

Wheat prices jumped Monday morning after Russia’s weekend attack on the major Ukrainian port of Odesa. The missile strikes penetrated doubt in a UN-backed deal reached Friday to resume Ukraine grain exports, which have been piling up since Russia’s invasion, contributing to a global food crisis. On the day of the deal, wheat futures had […]

Watch :58

5 reasons weddings are more expensive than ever this year

Wedding season is in full swing and this year especially, there’s a good chance you’ve received at least one save-the-date in the mail. Whether you are involved in the planning or simply attending a loved one’s nuptials, it’s going to cost you more than previous years. Weddings are a $58 billion per year industry, and […]

Watch 2:18

Think a recession is 2 consecutive quarters of negative growth? Think again.

Government data shows the U.S. economy shrank the first six months of 2022. With slowing growth, a bear market and ever-tightening Federal Reserve monetary policies, recession warning signs are flashing in many areas of the economy. Current conditions have experts debating whether the U.S. is heading toward a recession or is already in one. At […]

Watch 3:11

Elon Musk might pay Twitter $1 billion breakup fee. Here’s the most expensive.

Twitter has filed a lawsuit against Elon Musk in an effort to force the world’s richest man to honor his agreement to purchase the social media site. Musk is attempting to terminate the $44 billion deal last week amid concerns about bots and spam accounts on the site. If Twitter doesn’t win its argument, there […]

Watch 2:19

Investors predict supersized interest rate hike by Fed after red-hot inflation

The U.S. hasn’t seen inflation this high since 1981, raising the possibility the Federal Reserve may do something it hasn’t done since then to tame it: That is to raise its benchmark interest rate by a full percentage point at one time. The possibility is being penciled in after June’s 9.1% consumer price report. Atlanta […]

Watch 1:33

June CPI report: 9.1% increase in prices over last year, core CPI at 5.9%

According to the Labor Department’s Consumer Price Index (CPI) report for the month of June, prices increased on both a monthly and annual basis, by 1.3% and 9.1%, respectively. As seen in previous months, year-to-year inflation set another 40+-year high in June, going all the way back to 1981. The record inflation continues to be […]

Watch 1:06

London’s Heathrow Airport latest to ask airlines to stop selling summer tickets

London’s Heathrow Airport is asking airlines to stop selling tickets for the rest of the summer after failing to keep up with unprecedented travel growth. The airport also plans to cap travelers at 100,000 per day, leading to potential cancelations for booked travelers. In an open letter to passengers, Heathrow CEO John Holland-Kaye said the […]

Watch 1:17

Twitter shares sink ahead of legal fight after Elon Musk abandons buyout

Twitter shares sank 6% at Monday’s market open as investors reacted to Elon Musk backing out of his deal to buy the company. Twitter’s board plans to sue the eccentric billionaire to hold him to his $44 billion takeover deal he made three months ago. On April 25, when Twitter accepted the deal, shares closed […]

Watch 1:12

Inflation, oil, stocks lead 5 signs of imminent recession

We’re hearing more and more that the U.S. is on the verge of a recession, which is traditionally seen as two consecutive quarters of economic contraction, or a decline in gross domestic product. Officially, the National Bureau of Economic Research, which makes the final call, says it is “a significant decline in economic activity that […]

Watch 2:17

Expert: ‘Very bad idea’ for Biden to ban oil exports to lower gas prices

While decreasing gas demand has prices below June’s record highs, the cost per gallon is still at levels never seen before this year. Despite President Joe Biden’s efforts to paint the problem as “Putin’s price hike,” the political pressure is on the Biden administration to lower domestic prices, though most of its ideas are being […]

Watch 7:11

Oil price slump is good for gas prices but driven by recession fears

Americans have been desperate for relief in gas prices but after a precipitous drop in crude oil prices Tuesday, analysts didn’t cheer. That’s because oil’s worst trading day in months was driven by fears of an impending recession and demand destruction. On Tuesday, West Texas Intermediate crude traded under $100 per barrel for the first […]

Watch 1:09

Weakening euro hits 20-year low against dollar over recession fears, energy crisis

The euro is dangerously close to reaching parity with the dollar, where $1 would buy €1. As of Tuesday afternoon, the euro had shed around 1.6% against the dollar to under $1.03, its lowest mark in 20 years, according to FactSet. On the bright side, a weakening euro means it is the perfect time for […]

Watch 1:10

Fireworks, airlines and oil companies to profit most over Fourth of July

Rampant inflation has Americans spending more than ever before over the 4th of July holiday and that means big money for corporations. Here’s who’s making the most profit off the festivities in this week’s Five for Friday. #5: Airlines Getting away is what summer is all about and that’s why airlines stand to make some […]

Watch 2:19

Stock market skids to worst start of the year since 1970, S&P down 21%

The stock market notched its worst start to the year in more than 50 years with the S&P 500 closing down 21% over the past six months. The skid marks the poorest first-half performance from the index since 1970. The S&P 500 ended June 30 at 3,785, more than a thousand points lower than the […]

Watch 1:04

When companies should speak up or stay silent on hot button issues

One would think that winning a case for law clients in the highest court in the land would grant the attorneys a few pats on the back at work. Instead, the two attorneys behind June’s Second Amendment victory at the Supreme Court were shown the door. Kirkland and Ellis, the world’s highest-grossing law firm, told […]

Watch 7:14

Oil giant UAE looks to be dual threat with massive clean energy investments

When it comes to the Persian Gulf and energy, oil is the obvious product: The region is home to more than half of the world’s oil reserves. But at least one nation there is looking to become a dual threat. According to the Wall Street Journal, the United Arab Emirates is “emerging as one of […]

Watch 1:35

Pending home sales see surprise increase in May amid wider market cooldown

Signs were starting to point to a slowing housing market, but in a surprise swing, pending home sales increased in May, snapping a six-month skid. According to the National Association of Realtors, the pending homes sales index ticked up 0.7% in May from April when economists had expected a 4% contraction. “The definitive unsustainable blip,” […]

Watch 1:01

Trump Media, Buzzfeed, Beachbody top list of biggest SPAC busts

Using special purpose acquisition companies (SPACs) to take firms public was all the rage on Wall Street in 2020 and 2021. The stock market was booming and SPAC mergers represented a fast-tracked way to circumvent the traditional IPO process. By early 2021, critics started warning that the SPAC bubble was about to burst. Instead, the […]

Watch 2:19

Kellogg spinning off iconic cereal business, splitting into 3 companies

Iconic breakfast brand Kellogg’s will soon go by a new name. The company on Tuesday announced plans to split into three independent public companies to represent cereal, snacking and plant-based products. “These businesses all have significant standalone potential, and an enhanced focus will enable them to better direct their resources toward their distinct strategic priorities,” […]

Watch 1:07

Meta blames Apple iPhone tracking pop up for $10 billion blow

Are those targeted ads in your Facebook feed a little less creepy these days? You can thank Apple for that. It’s been a year since the iPhone maker introduced a pop-up requiring apps to ask its users if they consent to being tracked across the web. With about 75% of users selecting “Ask App Not […]

Watch 2:56

Leadership change marks latest shakeup at Starbucks

The departure of North American President Rossann Williams is just the latest leadership shakeup at Starbucks. The company announced Friday the executive, who played a key role in anti-union efforts the past year, would be replaced by Asia Pacific President Sara Trilling. Meanwhile, Starbucks is still searching for its next CEO, which interim chief Howard […]

Watch 1:15

From golf to MLB, how these 5 pro sports act as monopolies

When we think about monopolies, Big Tech comes to mind. Or maybe that board game that has started many family conflicts. But it’s competitive sports leagues that seem to be guilty of the most anti-competitive business practices. The recent suspension of a group of PGA golfers is just the tip of the iceberg. Here are […]

Watch 3:07

Beauty giant Revlon files for bankruptcy, struggles to compete with influencers

Talk about a financial makeover: Revlon has filed for Chapter 11 bankruptcy. The beauty giant backed by billionaire Ron Perelman found itself caked with a debt load it couldn’t handle after COVID-19 and market competition struggles. Bankruptcy will allow Revlon to restructure its $3.7 billion debt and access $575 million in financing from its existing […]

Watch 1:03

Quantitative tightening is ‘uncertain’ Fed method to cool inflation

For just the second time in modern history, the Federal Reserve started quantitative tightening in June to draw down its unprecedented $9 trillion balance sheet. The central bank’s assets on hand have more than doubled since the start of the pandemic. “I would just stress how uncertain the effect is of shrinking the balance sheet,” […]

Watch 3:10

Federal Reserve makes largest interest rate hike in 28 years to tackle inflation

The Federal Reserve on Wednesday announced a move it hasn’t made in decades: Raising its benchmark interest rate by three-quarters of a percentage point, effectively doubling the bank borrowing rate to 1.5%-1.75%. The last time the Fed exercised this large of a one-time hike was in 1994 in an effort to get ahead of inflation. […]

Watch 1:29

Wholesale prices rise 10.8% in May, Wall Street braces for hawkish Fed

In one more sign inflation isn’t budging, wholesale prices surged 10.8% in May from a year ago, near a record annual pace. The producer price index measures inflation before it reaches consumers. Consumer prices were also hot in May, rising 8.6% over the year, a fresh 40-year high. As for wholesale goods, the Bureau of […]

Watch 1:07

‘More pain in our future’ as gas prices top $5 per gallon: GasBuddy economist

For the first time ever, the national average price of gas surpassed $5 per gallon, according to gas price trackers GasBuddy and American Automobile Association. As of Monday, the price hovered around $5.01, AAA reported. After the price of a gallon of gas surged nearly $2 in the past year, though, experts warn we haven’t […]

Watch 4:34

Inflation still climbing: Prices rise 8.6% in May, the fastest rate in 40 years

Consumer prices in May proved inflation still has a stranglehold on the country, rising 8.6% from one year ago — the fastest pace in 40 years. May’s data exceeds expectations with analysts believing prices had peaked in March at 8.5% before falling to 8.3% in April, but rising energy and food prices continue to burden […]

Watch 1:21

Popcorn, pilot and lifeguard shortages weigh on summer fun

It’s summertime, which means it’s time to put on those shades, get outside and crank up the boombox (that’s an old-school device for playing music) for fun in the sun. But beware, supply chain issues and a lack of workers could rain on that parade. Here are some of the biggest shortages this summer in […]

Watch 2:13

Walmart-owned Sam’s Club to deploy self-driving delivery trucks in Texas

Autonomous vehicle startup Gatik announced this week it will start delivering paper goods like toilet paper and Dixie products to 34 Walmart-owned Sam’s Club locations in the Dallas-Forth Worth area. The company said its self-driving trucks will help double the number of weekly runs between Georgia-Pacific fulfillment centers and the warehouse chain from 1-2 per […]

Watch 1:39

Janet Yellen answers to Congress after admitting ‘I was wrong’ about inflation

Treasury Secretary Janet Yellen is facing Congress one week after her headlining confession on cable news, admitting, “I was wrong [in 2021] about the path that inflation would take.” While her committee appearances in front of the Senate on Tuesday and House on Wednesday are to go over the president’s budget proposal, there’s something more […]

Watch 1:26

Why Amazon stock is the cheapest it’s been in more than a decade

Amazon’s stock got a lot more affordable Monday after a 20-1 stock split sent shares to their lowest price since 2010. It’s the first time the trillion-dollar company has split shares this millennium. In turning one share into 20, the price of a share went from $2,447 to $122.35, but buzz over the split had […]

Watch 1:13

Shakira, Justin Timberlake among biggest artists to sell catalogs

The COVID-19 pandemic gave rise to a number of trends across the entertainment industry. We saw live performances from home, big budget Hollywood blockbusters hitting streaming services at the same time as theaters, and it seems like everyone has a podcast. But one that may have the biggest lasting effect: Prolific musicians selling the rights […]

Watch 2:18

Good news for home buyers: Real estate market shows signs of cooling

The tides are changing in the housing market, which has been solidly seller-friendly for the past couple of years. Now, homeowners are seeing a smaller window to cash in on market gains while prospective home buyers are already bowing out over heated prices and rising mortgage rates. On Thursday, Redfin advised prospective sellers to list […]

Watch 1:09

Tesla CEO Elon Musk declares war on ‘work from home’

The world’s richest man is not a fan of work from home and now he’s given his executive staff an ultimatum: Return to the office or find another job. Tesla CEO Elon Musk reportedly sent the demand in a leaked email to his executive staff Tuesday. The email, which has circulated online, reads, “Anyone who […]

Watch 1:09

Vegas, Austin, Boise top most overvalued housing markets

The housing market has been red hot over the last two years and prices are at all-time highs. With mortgage rates climbing, sales are starting to plunge and the housing bubble alarm is going off. Here are the most overvalued housing markets in this week’s Five For Friday. #5: Atlanta Homes in Atlanta are fetching a […]

Watch 2:19

Apple hiking retail pay amid inflation pressures and union threats

Apple retail workers are getting a big pay boost as the company announced plans to raise wages by 10% or more this year, bringing the starting pay for retail workers to at least $22 an hour. The tech company is reckoning with the worst inflation in decades, a historically tight labor market and fighting union […]

Watch 1:20

Gas prices hit another record ahead of Memorial Day, oil supply draining

Gas prices hit another national record of $4.59 per gallon Wednesday as Americans filled up ahead of Memorial Day weekend, the official start of the summer driving season. At the same time, oil prices pushed higher as the country’s stockpiles drain. The U.S. Energy Information Administration said Wednesday that commercial crude oil inventory is down […]

Watch :58

Snap gives rare warning as social media stocks wipe out billions in one day

Snap Inc. shares sank 40% Tuesday morning after warning it would miss its own revenue and earnings targets, dragging the entire social media industry with it. The correction came just one month after the social media company had set those targets. “Since we issued guidance on April 21, 2022, the macroeconomic environment has deteriorated further […]

Watch 1:11

Experts say stagflation is upon us. Here’s what that looks like.

With persistent inflation at its highest level in 40 years and warnings of an economic slowdown, experts are sounding the alarm over an economic calamity. We’re not talking about recession but rather stagflation — a phenomenon that concerns economists and central banks alike. Definition Stagflation is an economic event where rising prices meet a slowing […]

Watch 2:04

Recession risk “very, very high” while markets continue selling off

Leading financial experts are starting to say the “R” word more frequently, warning that the risk of a recession in the next two years is increasing. In an interview with CBS Face the Nation, Goldman Sachs Senior Chairman Lloyd Blankfein categorized the risk factor as “very, very high.” A recession occurs when the country sees […]

Watch 1:07

Gas, care among 5 return-to-office costs rising amid record inflation

President Joe Biden told Americans during his March 2022 State of the Union address, “It’s time for Americans to get back to work to fill our great downtowns again with people.” Easy for him to say — he works from home. For the rest of Americans returning to office life, there’s a bit of sticker […]

Watch 2:02

Controversial stablecoin Terra, LUNA tank as Bitcoin dips below $26k

Bitcoin and other cryptocurrencies tumbled Thursday amid a massive sell-off in the space, triggered by a risk-off and collapse of stablecoins. Based on estimates from CoinMarketCap, about $200 billion in wealth was wiped from the cryptosphere in 24 hours. Bitcoin dipped below $26,000 Thursday morning before recovering some, down about 11% over the 24-hour period. […]

Watch 1:13

Will Disney CEO Bob Chapek’s Florida fumble cost him his job?

After just two years on the job, Disney CEO Bob Chapek is already in the hot seat after stumbles over Florida’s controversial Parental Rights in Education law, dubbed by critics as the “Don’t Say Gay” legislation. Now, new reports indicate entertainment insiders are questioning whether Chapek can hold onto the Disney magic and his job when his […]

Watch 2:55

Inflation finally peaked: Annual consumer prices rose 8.3% in April

The country is getting the first concrete sign that runaway inflation has peaked. The Labor Department announced Wednesday that consumer prices rose 8.3% in April from a year ago, which is still one of the highest readings in four decades but slightly below the March peak of 8.5%. Monthly growth dramatically cooled to 0.3% in […]

Watch 1:27

Gas prices reach all-time high, fueling inflation concerns

Gas prices hit a new all-time high Tuesday just two months after the last national record was set. According to AAA, the national gas average for May 10 is $4.37 per gallon, the highest ever recorded. Drivers are now paying $1.40 more per gallon than one year ago. Drivers with diesel vehicles are feeling even […]

Watch :59

Goodbye gains: Retail day traders wipe out all pandemic wins

While pretty much no one is a winner in this stock market, there’s potentially a biggest loser: Retail day traders. The meme-stock phenomenon is seeing serious red this year after remarkable pandemic gains. Crowd-sourced pumps in stocks like GameStop and AMC made these amateur investors rich during the pandemic, but Morgan Stanley estimates they’ve now wiped […]

Watch 1:04

Microsoft, Twitter in Lina Khan’s crosshairs in FTC’s Big Tech crackdown

The biggest tech deal in history is at risk over increased scrutiny by antitrust enforcers within the Federal Trade Commission, led by a 33-year-old legal scholar and prominent Big Tech critic. Chair Lina Khan has in her crosshairs Microsoft’s $68.7 billion acquisition of Activision Blizzard, and it’s not her only target. The agency is also […]

Watch 2:19

From TikTok to gas hacks: 5 money saving tips to fight inflation

Inflation is on a tear, markets are volatile and consumer dollars aren’t going as far as they once did. It sounds like a perfect time for some valuable penny-pinching tips in this week’s Five For Friday. #1: Cash stuffing Popular video-sharing app TikTok has turned the old-school “cash envelope system” on its head. “Cash stuffing” […]

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Fed’s historic interest rate hike aims to cool inflation, could crash economy

The Federal Reserve announced Wednesday it’s hiking its benchmark interest rate by 50 basis points, the second hike in two months and the largest one-time hike since the year 2000. With inflation now running at a 40-year high after two years of pandemic-driven monetary policy, the Fed is trying to tamp down without triggering a […]

Watch 1:46

Americans scramble to invest in I bonds as inflation breaks records

There’s little to gain from towering inflation, but the Series I Bond is one silver lining. With the cost of living up 8.5% from one year ago, any money making less than that return is a losing investment. But the I bond is a virtually risk-free investment that now pays nearly 10% interest. Definition A […]

Watch 1:47

Europe considers ban on Russian oil by end of year

The European Union wants to ban Russian oil by year’s end, but one of its own is standing in the way. Hungary’s government has said it is ready to veto any E.U. proposal to sanction Russian oil over the war against Ukraine, citing the damage a ban would do to its own economy. Hungary has […]

Watch 1:11

Should Twitter follow Tesla, Oracle in corporate charge to Texas?

The ink isn’t even dry on Elon Musk’s deal with Twitter, but Texas Gov. Greg Abbott (R) is already asking the billionaire to relocate the social media company from San Francisco. In fact, ditching The Golden State for The Lone Star State is looking like a trend. Check out the biggest companies that have already […]

Watch 2:19

EU: Russia is ‘blackmailing’ after cutting off gas to Poland, Bulgaria

Russia just escalated its war against the West, cutting off gas supplies to two European nations that refused to pay for exports in rubles. On Wednesday, Russian energy company Gazprom made good on a threat to shut off the natural gas valves to Poland and Bulgaria. Facing crippling sanctions, Russian President Vladimir Putin recently demanded […]

Watch 1:06

3 ways Elon Musk hopes to change Twitter

Now that Twitter has accepted Elon Musk’s unsolicited bid to buy the social media giant for $44 billion, speculation is growing over what changes Musk will make to the platform. Here are three things Musk has alluded to through various interviews, statements and tweets. #1: Defeat the spam bots This one seems like a universally […]

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Investors turning to ‘safe haven’ assets like gold, cryptocurrency amid volatility

When it comes to the stock market, there have been a lot of “worsts” in 2022, from the worst January since 2009 to the worst quarterly decline in two years. Now, with interest rates skyrocketing, inflation at a 40-year high and experts predicting increasing likelihood of recession in the next two years, investors are looking […]

Watch 2:19

Twitter accepts Elon Musk’s ‘best and final’ offer to buy

Elon Musk will buy Twitter in a cash deal valued at $44 billion, the social media company announced Monday afternoon. Twitter shareholders will be paid $54.20 per share when the transaction closes, which represents Musk’s “best and final offer” made less than two weeks ago. “Twitter needs to be transformed as a private company,” Musk […]

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Survey: Wages rise at 70% of US companies, most pass on costs

A record 70% of U.S. firms reported paying higher wages the first quarter of 2022, according to a survey by the National Association for Business Economics. The April result represents the highest share of respondents in the survey’s 40-year history. It’s also the seventh consecutive survey where the number of respondents reporting higher wages increased. […]

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Are NFTs already over? 5 reasons the market is cooling

It’s been just a few months since the record-setting non-fungible token sale at nearly $100 million. But here are five signs the NFT hype is already crashing in this week’s Five For Friday. #5: NFT searches are down According to Google Trends, searches have more than halved since the peak in January. And to think, there was […]

Watch 2:17

Twitter popped a poison pill. Here are 3 other companies that did, too.

Twitter’s board of directors voted to take a poison pill to try to prevent Elon Musk from executing a hostile takeover. Also called a shareholders-rights plan, a company engages in a poison pill strategy by diluting the value of the hostile party’s shares by flooding the market with new, discounted stock. The practice became widely […]

Watch 1:07

What’s a poison pill and why is Twitter biting down?

After Elon Musk made an above-market-value bid to buy Twitter, the company’s board of directors indicated it would rather swallow a poison pill than let Musk take over. On Friday, Twitter’s board announced it unanimously adopted a shareholders-rights plan, also known as a poison pill, after Musk’s unsolicited offer. What’s a poison pill? A poison […]

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Renters are flocking to these 5 cities as housing costs skyrocket

Millennials moved all over the country during the pandemic, leading to massive home price increases in places you wouldn’t normally expect. Now the frenzy is spilling into the rental market with record-low inventories and no signs of give. With renters leaving big cities for greener pastures, here are the most popular destinations in this week’s […]

Watch 2:11

Elon Musk bear hugs Twitter with $43 billion buyout bid

Elon Musk is all in on Twitter, offering roughly $43 billion to buy out the public company and take it private. The world’s richest man already owns 9.2% of Twitter and is the company’s largest shareholder. According to an SEC filing, Musk would pay $54.20 per share, which is an 18% premium over Wednesday’s share […]

Watch 1:06

As inflation hits 21st century high, is now anything like ‘The Great Inflation’?

Olivia Newton-John’s “Physical” was atop of the Billboard 100 chart. “Neighbors,” starring John Belushi, was No. 1 at the box office. And Ronald Reagan was wrapping up his first year as president. It was December 1981–the last time inflation was as high as it today. Consumer prices in March 2022 rose 8.5% on an annual […]

Watch 1:27

8.5% inflation sets new 40-year high. But here’s the good news.

Consumer prices in March climbed to a new 4-decade high of 8.5%, according to a Labor Department report economists described as “nasty” and “ugly.” U.S. inflation was last this high in December 1981. Just between February and March 2022, prices went up 1.2% across the board, a dramatic spike considering February’s inflation rate of 7.9% […]

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Why buy land in a virtual world? Inside the metaverse real estate frenzy

Developers and speculators are treating parts of the internet’s metaverse as if it were dusty Manhattan in the 1800s. Investors are buying pricey parcels of virtual “land” with a dream that one day masses of people and businesses will want a piece of the action. So far, metaverse action and interaction is light, but that’s […]

Watch 3:06

Elon Musk will not join Twitter’s board. Now what?

Elon Musk is apparently not on board with serving on Twitter’s board of directors, declining the seat the morning his appointment was supposed to take effect. Twitter’s stock price fluctuated throughout Monday’s trading day as investors learned the company’s largest shareholder backed out of the board. Still, the stock remained markedly higher than before Musk took […]

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5 things harder than getting into Harvard

Universities are reporting record-low acceptance rates across the board this spring, and Ivy League schools are no exception. At the top of the heap, Harvard just announced it accepted 3.19% of its applicants for the class of 2026, a record low for the Crimson Ivy amid record-high applicants. But in the real world, lots of […]

Watch 2:19

JetBlue makes unsolicited proposal to buy Spirit, threatening Frontier merger

JetBlue Airways is trying to break up pending nuptials between fellow low-fare airlines Frontier and Spirit, offering to buy Spirit in a $3.6 billion all-cash deal. In a direct challenge to its rival, JetBlue said the proposal is a 37% premium over Frontier’s merger offer of cash and stock. Frontier and Spirit airlines announced plans […]

Watch 1:07

Twitter gives Elon Musk board seat. Is an edit button next?

Elon Musk now has a seat at Twitter’s table. The company announced Tuesday it will appoint the world’s richest man to its board, one day after the world learned Musk bought 9.2% of the social media company. The stock purchase makes Musk, who’s often critical of Twitter, the company’s largest shareholder. Twitter CEO Parag Agrawal […]

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Spare some change? Businesses are desperate for your coins

Businesses are desperate for people to dig through that piggy bank, couch cushion and center console to get those forgotten-about coins back into circulation. Apparently, the country is missing its pocket change, driven largely by a push for cashless transactions during the pandemic.  Trade groups representing banks, grocers, retailers and truck stops asked the Treasury […]

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5 mind-blowing money figures behind March Madness

The biggest three weeks in sports are coming to a climax this weekend. As big as the Final Four is for fans, March Madness is also big for business. From the NCAA to the schools to advertisers and gamblers, the money behind this tournament will surprise even the biggest ballers. You may never look at […]

Watch 2:19

Cryptocurrency thieves nab $600 million in blockchain attack linked to Axie Infinity

Hackers reportedly stole over $600 million from a blockchain network this past week in one of the biggest hack attacks in the cryptosphere to date. Thieves targeted Ronin Network, the blockchain behind Axie Infinity, a popular online game with roughly 2.5 million monthly users. Ronin Network said on March 23, 2022, hackers took 173,600 Ether […]

Watch 1:09

From private jets to super yachts: The hunt for 5 Russian oligarch ‘toys’

There’s a saying making the rounds these days in Russian oligarch sanction news: “Freezing is easy, seizing is hard.” The U.S., E.U. and U.K. have all levied sanctions against some of Russian President Vladimir Putin’s closest and richest allies over the Ukraine invasion. “We’re joining with our European allies to find and seize their yachts, […]

Watch 2:49

Hunger games: Ultra-fast delivery startups race to be last one standing

With a multi-billion-dollar industry up for grabs, ultra-fast delivery wars are breaking out on city streets. But it’s expensive getting into these hunger games, and U.S. companies have yet to deliver profits. The industry is full of casualties, like New-York-based startup 1520, which didn’t even last a year, shutting down at the end of 2021. […]

Watch 2:54

Russia to resume stock trading after record closure over Ukraine invasion

After a record-long closure, Russia is preparing to reopen some stock trading Thursday. It’s been nearly a month since Russia’s stock market abruptly shut down over the country’s invasion of Ukraine. On February 24, the first day Russia started its attack, stocks tumbled 33% in one day, erasing $189 billion in shareholder wealth. Now, on […]

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Tesla opens new German factory as Musk teases ‘master plan’

Tesla finally cut the ribbon on its Germany-based gigafactory Tuesday, presenting 30 customers with the first European-made Teslas in the world. With Giga Berlin officially a go, Tesla hopes to better flood the European market, which has so far been supplied by factories in the U.S. and China (where COVID-19 continues to disrupt its Shanghai […]

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Boeing 737 plane crashes in southern China with 132 on board

A Boeing 737 passenger plane crashed Monday in China with 132 people on board. The number of deaths or injuries were not immediately known as firefighters and rescuers rushed to the crash site on the fiery mountainside in the southern province of Guangxi. The China Eastern flight lost contact around 2:15 p.m. while flying around […]

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Can Russia keep paying its debts and avoid default? It’s complicated.

Russia claims to have made good on $117 million in interest payments due this week on two dollar-based bonds. But its status over sanctions could put those or future payments in limbo and risk Russia defaulting on foreign debt for the first time in more than a century. The foreign currency reserves Russia has to pay […]

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Chipotle, toilet paper makers bringing ‘shrinkflation’ to shoppers

The days of bigger candy bars and mega toilet paper rolls are gone. With record inflation comes “shrinkflation,” the term used when companies give you less product for the same price. Instead of more obviously passing on higher prices to customers in the sticker price, companies sneakily trim product quantities, hoping consumers won’t notice. But […]

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