Category: fox-business/markets/economy

LARRY KUDLOW: Joe Biden is a hopeless open border man

With all the hoopla reporting of the presidential visits to the Texas border, I haven’t seen any specific references to two very important laws passed by Congress and signed by other presidents that will go a long way toward solving Joe Biden’s catastrophic open border policy, and the roughly 10 million illegals who have entered our country.  First, is section 212(f) of the Immigration and…

Hackers behind UnitedHealth Group cyberattack reportedly identified

Hackers that allegedly caused the UnitedHealth Group cyberattack reportedly posted on the dark web that they stole personal data and the records of “millions” of patients. In a now-deleted post, the Blackcat ransomware group – also known as ALPHV or Noberus – said it stole several terabytes of data from UnitedHealth, which includes medical insurance and health data, Reuters reported, citing screenshots of the post….

Biden administration to review national security, privacy and remote sabotage risks from Chinese ‘smart cars’

The Biden administration has announced that it will launch a government probe into “smart cars” made in China that can gather data about Americans and even be disabled remotely.  “The probe could lead to new regulations aimed at preventing China from using sophisticated technology in electric cars and other so-called connected vehicles to track drivers and their personal information,” AP News reported Thursday. “Officials are…

Fed’s favorite inflation gauge rose 0.3% in January

An inflation measure closely watched by the Federal Reserve rose again in January as high prices continued to weigh on millions of Americans. The personal consumption expenditures (PCE) index showed that consumer prices rose 0.3% from the previous month, according to the Labor Department. On an annual basis, prices climbed 2.4% – down slightly from the 2.6% reading recorded the previous month. The figures were…

Q4 GDP revised down slightly – here’s what that means for interest rates

The second estimate for real gross domestic product (GDP) in the fourth quarter of 2023 was revised slightly downward, partly driven by less private inventory investment than was initially estimated, according to the Bureau of Economic Analysis (BEA).  Real GDP increased at an annual rate of 3.2% for the October-through-December period after rising 4.9% in the third quarter of 2023, according to the BEA’s advance estimate released Wednesday.   The…

Hot sauce boom driven by healthy eating

 Fortune Business Insights says the hot sauce market is projected to grow over $2 billion by 2030, and it’s because more people are stepping outside the box when it comes to healthy eating. Darren Tompkins owns Headlock Hotsauce in Houston. He says he started the business as a pandemic hobby, and it’s grown tremendously, alongside the hot sauce market boom. THESE ARE THE HOT SAUCE BRANDS AMERICANS…

Regal parent says this heightened movie theater experience will bring people back

Movie theater chains are revitalizing how consumers watch movies on the big screen to recapture lost revenue after the pandemic. Cineworld Group, which emerged from bankruptcy last year, is making the movie experience even more immersive by expanding its use of 4DX, which incorporates on-screen visuals with synchronized motion seats and environmental effects like vibration, water, wind, lightning and scents.  The technology was developed in…

US national debt tracker for Feb. 28, 2024: See what American taxpayers (you) owe in real time

The U.S. national debt is climbing at an astronomical pace and has shown no signs of slowing down despite the heightened scrutiny on government spending. The national debt — which measures what the U.S. owes its creditors — increased to $34,405,200,371,310.35 as of Tuesday afternoon, according to the latest numbers published by the Treasury Department. That is up about $28.9 billion from the $34,376,317,052,037.23 figure…

FAA gives Boeing 90 days to develop plan to address ‘quality-control’ issues

The Federal Aviation Administration (FAA) announced Wednesday that it is giving Boeing 90 days to develop a comprehensive action plan that will address “systemic quality-control issues.”  FAA Administrator Mike Whitaker said the airplane manufacturer – still reeling from an incident involving a Max 9 jet that lost a door plug mid-flight earlier this year – “must commit to real and profound improvements.”  Whitaker informed top…

US fourth-quarter economic growth revised slightly lower

The U.S. economy grew at a solid clip in the fourth quarter amid strong consumer spending, the government confirmed on Wednesday, but it appears to have lost some speed early in the new year. Gross domestic product increased at a 3.2% annualized rate last quarter, revised slightly down from the previously reported 3.3% pace, the Commerce Department’s Bureau of Economic Analysis said in its second…

Mega Millions jackpot rises to $607M ahead of Friday drawing, marking eighth largest prize in game history

The Mega Millions jackpot now sits at an estimated $607 million after no tickets matched the winning numbers during Tuesday night’s drawing. The winning numbers drawn Tuesday night were 6, 18, 26, 27 and 49 with a Mega ball of 4. The Megaplier was 3X. While no one claimed the big bucks, one lucky player in Florida matched all five white balls to win the…

Consumers resort to ‘creative’ strategies to stretch food budgets as grocery prices continue to increase

Consumers are trying out different strategies to stretch their food budgets, a new report shows, as prices continue to rise at grocery stores and restaurants across the country. Inflation may be gradually cooling since it reached record highs in 2022, but the average American is still shelling out a lot more money for everyday necessities than they were even one year ago. According to the…

US national debt tracker for Feb. 27, 2024: See what American taxpayers (you) owe in real time

The U.S. national debt is climbing at an astronomical pace and has shown no signs of slowing down despite the heightened scrutiny on government spending. The national debt — which measures what the U.S. owes its creditors — increased to $34,376,317,052,037.23 as of Monday afternoon, according to the latest numbers published by the Treasury Department. That is up about $8.1 billion from the $34,368,198,372,899.16 figure…

Kellogg CEO faces criticism for suggesting consumers eat cereal for dinner

WK Kellogg CEO Gary Pilnick is suggesting that consumers dealing with the high cost of food eat cereal for dinner. His message is landing him in hot water.  “We gotta reach the consumer where they are, so we’re advertising about cereal for dinner,” Pilnick said last week during an interview with CNBC.  He said the message is “landing really well” with consumers, who are spending…

More Americans taking Ozempic will boost the US economy, Goldman says

More widespread use of powerful weight-loss drugs like Ozempic in the U.S. could boost the economy in the coming years, according to Goldman Sachs strategists.  The bank estimates that weight-loss drugs, called GLP-1 agonists, could increase the nation’s gross domestic product by an extra 1% over the next decade, the equivalent of about $360 billion per year.  The thinking behind Goldman’s forecast is that poor…

Walmart’s 3-for-1 stock split: What to know

Walmart’s three-for-one stock split is effective Monday, easing the barrier for employees and investors to buy shares.  The world’s biggest retailer and the largest U.S. employer said the stock split is part of its “ongoing review of optimal trading and spread levels and its desire for its associates to feel that purchasing shares is easily within reach.”  Walmart CEO Doug McMillon said in a statement…

Keep applying for ‘reach jobs,’ say experts, as you might actually land one of them

Every person seeking a job has read a description of an opportunity that sounded like the career of a lifetime. No matter what field the job is in — everything from social media to marketing to law to business to education to advertising to tech and artificial intelligence — the best positions can seem elusive and swoon-worthy.  And while you may think that applying to…

Nvidia nabs $2T valuation, S&P and Dow hit records with Nasdaq close behind

Nvidia has investors cheering the AI boom, which in turn is helping U.S. stocks rise to fresh record highs.  The S&P 500 and Dow Jones Industrial Average hit new records on Friday while the Nasdaq Composite is just shy of its all-time high.  The tech-heavy Nasdaq is looking at its first record close since November 2021 and needs to finish at 16,057.44 to hit that level. …

San Francisco hardware store requires customers to shop with an employee escort to stop shoplifting

A store in San Francisco is reportedly requiring customers to shop with an employee escort in a bid to stop theft.  “It’s pretty bad,” Sam Black, manager of Fredericksen Hardware & Paint in San Francisco told KRON4. “I mean, the dollar amounts are pretty significant, and with the tools and now we’re getting snatch-and-grabs when they take whole displays, so it’s getting kind of dangerous…

US national debt tracker for Feb. 22, 2024: See what American taxpayers (you) owe in real time

The U.S. national debt is climbing at an astronomical pace and has shown no signs of slowing down despite the heightened scrutiny on government spending. The national debt — which measures what the U.S. owes its creditors — increased to $34,297,767,975,339.20 as of Wednesday afternoon, according to the latest numbers published by the Treasury Department. That is down about $7.4 billion from the $34,305,120,631,653.51 figure…

Marc Lore’s food startup aims to take bite out of Uber Eats, DoorDash

Serial entrepreneur Marc Lore is sprinting from one hour-long meeting to the next, with board members and countless investors, as he dedicates over 100 hours a week to building a company that he believes can disrupt an industry now dominated by the likes of Uber Eats and DoorDash.  If you asked Lore, who solidified his reputation as an influential player by selling one business to…

Your job offer has been rescinded. Now what do you do?

Imagine that you nailed the interviews, your references checked out, you negotiated your salary and you were extended a job offer — but then, a few days later, you received the unfortunate news that your job offer has been rescinded.  Many people don’t have to imagine this. It’s happened to them.  While the experience can be frustrating and disappointing, there are smart ways to handle…

Florida, Texas rank as top destinations for relocating businesses

The exodus from high-tax states accelerated over the past decade as Republican-controlled states saw an influx of businesses.   Texas and Florida led the nation between 2010 and 2019 in attracting businesses relocating from other parts of the country, according to a new report published by the Federal Reserve Bank of Dallas.  More than 25,000 establishments relocated to Texas during that period, bringing more than…

US steel worker sounds off as WV tin plant shuts its doors, putting 900 jobs on the line: ‘Total travesty’

A West Virginia steelworkers’ union president is livid over the International Trade Commission’s decision against tariffs on foreign tin imports, a verdict that could shutter the doors of a mill in the Mountain State and put nearly 1,000 jobs at risk. “This is a total travesty. It’s totally un-American to me. It’s one of the most un-American decisions that has ever been made that’s going…

Interest costs on US national debt set to exceed defense spending this year

The rapid increase in interest rates over the past year could cause some collateral damage to the U.S. government’s finances.  That is because as interest rates rise, the federal government’s borrowing costs on its $34.24 trillion in debt will also increase. Interest payments on the national debt are the fastest-growing part of the federal budget – and are poised to leapfrog both Medicare and defense…

Worried about losing your job? Financial backup plan is essential, say experts

With daily reports in the media about companies laying off employees and small business owners struggling to make their payrolls, millions of Americans are going to sleep each night worried they may lose their jobs.  Although the reality of these difficult economic conditions exists, excessive worrying about the prospect of being downsized isn’t an effective way to handle the possibility, experts say.  To be better…

Fed’s Barr says regulators more aggressive with banks, focused on interest rate risk

The Federal Reserve’s top supervisory official said Friday that bank regulators are flagging problems at banks at a higher rate over the past year and are conducting additional exams at firms facing large unrealized losses. Federal Reserve Vice Chair for Supervision Michael Barr added that bank examiners are “closely focused” on how firms are managing commercial real estate risk as that sector faces post-pandemic pressure….

US dollar to remain world’s reserve currency, Fed’s Waller says

Federal Reserve Governor Christopher Waller outlined the case for the world continuing to use the U.S. dollar as the primary reserve currency for international trade in remarks on Thursday. “Recent commentary warning of a possible decline in the status of the U.S. dollar raises concerns about the effects of sanctions against Russia, U.S. political dysfunction, the rise of digital assets, and China’s efforts to bolster…

Choco Tacos returning this summer after partnership between Taco Bell, Salt & Straw

Taco Bell and Salt & Straw ice cream have partnered up to bring back Klondike’s Choco Taco, less than two years after the treat was discontinued. Salt & Straw co-founder and head ice cream maker Tyler Malek revealed the collaboration at Taco Bell’s Live Más Live event earlier this month.  The Choco Taco, which Klondike discontinued after 40 years in July 2022, is expected to…

US national debt tracker for Feb. 16, 2024: See what American taxpayers (you) owe in real time

The U.S. national debt is climbing at an astronomical pace and has shown no signs of slowing down despite the heightened scrutiny on government spending. The national debt — which measures what the U.S. owes its creditors — increased to $34,266,061,012,653.21 as of Thursday afternoon, according to the latest numbers published by the Treasury Department. That is up about $20.74 billion from the $34,245,315,231,752.02 figure…

Newsbreakforum