Category: fbn

National Debt Tracker: American taxpayers (you) are now on the hook for $34,861,321,658,685.01 as of 7/11/24

The U.S. national debt is climbing at a rapid pace and has shown no signs of slowing down, despite the growing criticism of massive levels of government spending. The national debt — which measures what the U.S. owes its creditors — fell to $34,861,321,658,685.01 as of Thursday afternoon, according to the latest numbers published by the Treasury Department. That is down about $23 billion from…

Police in Italy seize $1M worth of ‘oily substance’ falsely marketed as ‘extra virgin olive oil’

In an effort to curb fraudsters, Italian authorities have recently nailed some suspects who were creating faulty olive oil to sell for profit. With search warrants, police searched 18 garages and warehouses, finding 71 tons of an “oily substance” marketed as “extra virgin olive oil” in cans and tanks in the Puglia region, according to a recent press release issued by the Carabinieri, an Italian…

Kamala Harris moves ahead of Biden as predicted Democratic nominee in betting markets

Vice President Kamala Harris surpassed President Biden as the candidate most likely to become the Democratic Party’s 2024 nominee in betting markets on Thursday, as pressure mounts for Biden to drop out of the race against former President Trump. PredictIt’s traders give Harris a 44% chance of leading the Democrats’ presidential ticket this fall, while Biden’s chances fell to 38%. On Wednesday, Biden led Harris…

Uber expands boat services in Europe this summer

Uber is broadening its services this summer, launching a new way for visitors to travel around Europe. The ride-share service has announced they will be offering boat services in Ibiza, Venice, Athens, Paris, Corfu and Santorini. The concept allows users to book private yacht excursions or order boats as a taxi service through the Uber app.  NEW YORK TO ROLL OUT SMALL SHAMPOO BOTTLE BAN…

Inflation unexpectedly falls to 3% in June

Inflation cooled more than expected in June, a welcome sign for the Federal Reserve even as prices remained uncomfortably high for millions of Americans. The Labor Department on Thursday said that the consumer price index (CPI), a broad measure of how much everyday goods like gasoline, groceries and rent cost, dropped 0.1% in June from the previous month. Prices remain up 3% from the same…

Costco hiking membership fees for first time in 7 years

It will soon cost more to be a part of the club. On Wednesday, Costco Wholesale announced plans to increase annual membership fees by $5 to $10 in the U.S. and Canada, effective Sept. 1. It is the first time in seven years the retail giant has done so. The annual fee, last raised in June 2017, would increase by $5 to $65 for “gold…

US Olympic breakdancer Sunny Choi talks blooming partnership with wellness brand

Sunny Choi is about to enter a summer of firsts. It will be the first time she has represented the United States in the Olympics and the first time breakdancing, better known as breaking, will be an Olympic sport. CLICK HERE FOR MORE SPORTS COVERAGE ON FOXBUSINESS.COM As she builds momentum heading into the Paris Games, Choi partnered with Blume, a health and wellness company…

Crypto leaders meet with Biden adviser, lawmakers to address regulatory tensions

Heavy hitters from the $2 trillion cryptocurrency industry met with a senior White House official in Washington D.C. on Wednesday to voice their frustration about the Biden administration’s regulatory crackdown on the industry and whether their fraught relationship can be mended. The event was held at the Willard hotel, located within walking distance of the White House. It was hosted by a pair of prominent Democrats,…

Texas residents turn to Whataburger app to track power outages amid Hurricane Beryl devastation

As Texans grapple with Hurricane Beryl, many have found an unexpected way to decipher where the lights are still on.  Some residents appear to be turning to the Whataburger app to track power outages in the Lone Star State. The fast-food restaurant chain’s app shows its over 700 locations across the state, pinpointing whether the locations are open or closed. OVER 2M TEXANS OUT OF…

Mortgage refinance falls again, despite homeowners sitting on $17T in equity

American homeowners are sitting on a record $17 trillion in equity, yet the rapid rise in mortgage rates over the past two years has prevented many of them from tapping their equity in order to refinance. Data published Wednesday by the Mortgage Bankers Association (MBA) shows that demand for refinancing slid 2% last week as mortgage rates remain near a two-decade high. Refinance applications remain…

Kaulig Companies Championship excited for charitable efforts just as much as PGA Tour Champions golf this week

The PGA Tour Champions, the men’s professional senior golf tour for players age 50 and older, has five majors on its schedule each year compared to the regular Tour’s four.  The fourth of five for the season comes this weekend in Akron, Ohio at Firestone Country Club – an event that is not just about world-class golf.  The Senior Players Championship is now the Kaulig…

Inflation expected to slow again in June, but high prices are still crushing Americans

A closely watched inflation report due Thursday is expected to show that price pressures within the economy continued to ease in June. Economists expect the consumer price index, which measures a range of goods that includes gasoline, health care, groceries and rent, to show that prices rose 3.1% in June, down from the 3.3% reading recorded the previous month. On a monthly basis, inflation is…

Billionaire investor Bill Ackman starts fundraising for new US fund

Hedge fund manager Bill Ackman kicked off fundraising for a new U.S.-listed closed-end fund on Tuesday, an effort people familiar with the matter say could bring in as much as $20 billion, more than double his assets under management, some of that from retail investors. Last month, Ackman sold 10% of his firm, Pershing Square Capital Management, which has posted mostly strong double digit returns…

Over 2,000 pounds of frozen chicken products recalled over listeria concerns: USDA

The U.S. Department of Agriculture (USDA) recently announced that some frozen ready-to-eat chicken products are being recalled over listeria-related concerns. In a press release published on Friday, the USDA explained that the Canada-based importer Al Safa US LLC is recalling over 2,000 pounds of chicken kebabs and patties. Officials are concerned that the food items may contain the bacteria Listeria monocytogenes, which causes listeriosis. The…

Economic optimism rises as U.S. job market adds 206,000 jobs

The U.S. job market is slowly stabilizing, as shown by the 206,000 jobs added in June, according to the Bureau of Labor Statistics. The industries driving this growth include government, health care, social assistance and construction. Although more jobs were added, unemployment did increase, but barely, to 4.1%. Last month, the unemployment rate sat at 4%, so the increase was minimal month to month. The…

Biden’s Cabinet has not discussed invoking 25th Amendment, Yellen says

Treasury Secretary Janet Yellen on Tuesday said there has been no discussion among Cabinet members of invoking the 25th Amendment in the wake of a politically disastrous debate that reignited concerns about President Biden’s age and mental acuity.  Asked while she was testifying before the House Financial Services Committee whether Cabinet members have talked about invoking the 25th Amendment of the U.S. Constitution, Yellen said:…

Over 2M Texans out of power Tuesday after Beryl tears through the state

More than 2 million homes and businesses across Texas were left without power Tuesday morning after Beryl slammed into the state as a Category 1 hurricane. As of 8 a.m. ET Tuesday, about 2,315,753 electrical customers in Texas were in the dark, according to PowerOutage.us. Meanwhile, there are still more than 26,000 outages in Louisiana and more than 15,000 in Arkansas, according to the outage…

Tire falls off United Airlines plane during takeoff at LAX, 2nd time in months

For the second time in less than three months, a United Airlines flight has lost a part during takeoff from a California-based airport. Around 7 a.m. on Monday, United Airlines flight 1001 was flying from Los Angeles International Airport (LAX) to Denver when a wheel fell off during takeoff. The wheel was recovered, and airline officials confirmed that there were no injuries reported to anyone…

LEGO unveils nearly 1,500-piece ‘JAWS’ brick set, recreating showdown with shark

LEGO introduced a new plastic brick set last week, in honor of the 1975 blockbuster movie “JAWS,” which features several main characters, the Orca boat, and the movie’s antagonist — a great white shark. The nearly 1,500-piece set was unveiled last Thursday, July 4. As part of the unveiling, LEGO, in partnership with Universal Products & Experiences, created the first ever summer “brick-buster” mini film,…

Job scams surged 118% in 2023 due to AI, watchdog group warns

The rise of artificial intelligence (AI) contributed to a surge in job scams last year, according to a recent report by an identity theft watchdog group. The Identity Theft Resource Center (ITRC) found that reports of job scams increased by 118% in 2023 compared to the prior year. That occurred even as the number of overall scams reported to the ITRC fell by 18%. “Identity…

Americans’ confidence in higher education drops 21 points since 2015

Americans’ confidence in higher education has been steadily eroding for several years, and fresh data shows the trend is ongoing amid rising concerns over political agendas being pushed on campuses and whether the cost of a college degree is worth it. New results from a poll conducted by Gallup and the Lumina Foundation released Monday show only 36% of U.S. adults have a great deal…

WWE touts historic numbers for Money in the Bank premium live event

WWE said it made history with its Money in the Bank premium live event at the Scotiabank Arena in Toronto over the weekend. The company said Monday that Money in the Bank set a new gate record in Canada as well as made historic marks in viewership, merchandise sales and social media impressions. CLICK HERE FOR MORE SPORTS COVERAGE ON FOXBUSINESS.COM WWE said Money in…

Commission finds COVID pandemic caused $18 trillion in economic damage to US

A new report by the Heritage Foundation’s Nonpartisan Commission on China and COVID-19 found that the COVID pandemic caused $18 trillion in economic losses to the U.S. and placed blame for the outbreak on the Chinese government. FOX Business exclusively viewed an advance copy of the report, which estimated that as of December 2023, the pandemic’s total economic cost in the U.S. topped $18 trillion…

Former Home Depot CEO clears the smoke from Biden’s ‘deceptively correct’ jobs report

Economic experts are sounding the alarm on the Biden administration’s “deceptively correct” June jobs report, warning Americans that the labor market is not as “bright or rosy” as Democrats want voters to think. “I call that number, Cheryl, deceptively correct. As you pointed out, every month it gets adjusted. So the 206,000 jobs, again, Steve [Moore] is right. The second-largest employer last year was the…

Labor market nearing pre-pandemic conditions, Fed report says

The Federal Reserve said Friday in a report to Congress that the U.S. labor market is back in the “tight but not overheated” situation it was in before the COVID pandemic threw the economy into disarray. The report noted that the job market “continued to rebalance over the first half of this year,” and added: “Labor demand has eased, as many job openings have declined…

Hacker accessed OpenAI’s internal AI details in 2023 breach: report

OpenAI was reportedly breached last year by a hacker who accessed the company’s internal discussions about details of its artificial intelligence (AI) technologies. A report on Thursday by the New York Times citing two people familiar with the incident said a hacker accessed an online forum where OpenAI employees talked about its latest technologies. However, the breach didn’t result in the hacker accessing systems where…

Tesla investors turn stock around; Robotaxi buzz heats up

Tesla shares are now positive for the year as downbeat investors change their tune on the outlook for Elon Musk’s electric vehicle maker with its highly anticipated Robotaxi on deck.  The stock on Friday wrapped its longest winning streak since June 13, 2023, when it rose for 13 straight trading days, as tracked by Dow Jones Market Data Group, closing at $251.52 per share. The…

Musk looks to end Twitter lawsuit, suggests late disclosure was a mistake

Billionaire Elon Musk is looking to dismiss a lawsuit brought by former Twitter shareholders who said he took too long to reveal his ownership stake in the social media company before he moved to buy Twitter and take the company private. Musk told a Manhattan federal court in a filing late Wednesday that “all indications” show his delay in making the disclosure, which was required…

4 ways Americans use credit cards to purchase and plan for the future

Credit cards are a ubiquitous part of American finances as individuals seek ways to gain financially for the present and future. Regardless of age or income, credit card use is customary in the United States. In 2023, 82% of US adults had a credit card, according to the Board of Governors of the Federal Reserve System.  Some people use credit cards and pay off the…

Costco rival changes key perk policy, but it could backfire

Sam’s Club Plus members have about six weeks left to use a coveted perk, and they are letting the wholesale giant know they are not happy about losing it. Effective August 19, Plus members will only get free shipping on orders from Sam’s Club’s website or app on “qualifying orders of $50 or more,” the company announced via email on June 19.  For those who…