Amid inflation, businesses are cutting services and quality. It’s called skimpflation, and you may not even notice it’s happening.Products on shelves are getting quantifiably smaller, yet you’re paying the same price: a practice known as ‘shrinkflation’. But in addition to shrinking products, businesses are also cutting back on the quality and availability of their services, […]
Category: Business
Largest health care strike in US history begins
More than 75,000 healthcare workers began a strike Wednesday morning at 6 a.m. and will continue until Friday morning, making it the largest healthcare strike in American history. The Coalition of Kaiser Permanente Unions, representing healthcare workers and support staff for one of the largest not-for-profit medical systems, announced last week that it would strike […]
Venice to charge tourist entry fee to city in 2024
Every day, Federica Chiuch, a Venetian resident and professional tour guide, takes visitors around Venice’s landmarks. When she gets to Saint Mark’s Square, home to Venice’s cathedral and former government palace, she finds it hard to find a quiet spot to stop. “Between May and October, the square is always overcrowded,” she explained. “It’s hard […]
Business owners: “please stop using credit cards”
Whenever someone uses a credit card to buy a scoop of mango ice cream at one of Victor Garcia’s shops in Texas, the financial system takes a bite. Credit card fees gobbled up more than $25,000 of Garcia’s sales last year. He’s now posted signs at his two shops near Fort Worth urging customers to […]
‘Shrinkflation’ becoming a commonplace trend
If you’ve noticed you’re getting less for more while you shop, it’s not just you. ‘Shrinkflation’ – reducing a product’s size or quantity while keeping its price stable – is rampant. As the global economy grapples with issues including rising raw material costs, supply chain backlogs and higher post-pandemic labourer wages, consumers are bearing the […]
America is facing a savings apocalypse disaster
A drop in savings among Americans and a record amount of credit-card debt could spell disaster for the country’s economy should a recession hit the U.S. in the coming months or next year, according to experts. Recent data from the U.S. Bureau of Economic Analysis shows the country’s personal savings rate has remained historically low […]
UAW strike begins for Ford, GM; what’s next?
Staff at three of America’s biggest carmakers have gone on strike in an unprecedented co-ordinated action. More than 10,000 workers are participating in the walkout, which targets three plants owned by General Motors (GM), Ford and Stellantis. The firms and the United Auto Workers union (UAW) are fighting over terms of new labour agreements. The […]
Inflation accelerates again because of gas prices
Inflation re-accelerated for a second straight month in August, reversing previous declines in prices as consumers continued to grapple with the rising cost of everyday goods. The Labor Department said Wednesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.6% in August from […]
Has the death knell rung for In-Person shopping?
The Covid-19 pandemic boosted the popularity of online shopping as people were stuck at home. However, coming out of lockdown, the shopping experience has changed, inspiring a new round of debate over whether brick-and-mortar stores can survive in the digital age. “Going to the store … is a battle that leaves consumers feeling defeated,” largely […]
Boomers to blame for current housing market
The current housing market has defied expectations of a downturn in real estate prices caused by this year’s surging mortgage rates. Instead, prices and demand have remained strong, confounding experts and stymying many first-time homebuyers. The reason? “Blame the boomers,” according to one Wall Street economist. It may seem paradoxical, acknowledged Barclays senior economist Jonathan […]
Robots pour drinks in Vegas as AI takes over
Walk any direction in Las Vegas and it’s easy to find machines doing human work. Check-in kiosks have replaced people at the front desk of hotels. Text-bots now make restaurant recommendations instead of a concierge. Robots can serve food, and behind the bar, machines are pouring out drinks. Automation and technology replacing jobs has long […]
Biden approved green firm has deep ties to China
A California-based energy company the Biden administration greenlit for a Michigan electric vehicle battery plant project has considerable ties to the Chinese Communist Party — a revelation national security experts and Republicans warn is deeply alarming. Gotion Inc. plans to invest $2.4 billion in two EV battery plants in Big Rapids, Michigan with the support […]