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 […]
Category: Business
‘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 […]
Gas prices soar under Biden administration
Gas prices remain high across the country despite slower demand and weaker inflation, an issue that could become critical for President Joe Biden ahead of the 2024 election, analysts have told Newsweek. When Biden took office in January 2021, gas prices were an average of $2.4 per gallon across the country, according to historical data […]
Remote work is getting harder to come by
Back in 2020, when schools were still virtual and city dwellers were living their lives in masks, Jamie Dimon emerged as one of the earliest critics of remote work. “There’s a huge value to working together in terms of collaboration and creativity and training the younger people,” the CEO of JPMorgan Chase told MSNBC in […]
Downtown San Francisco is a “Retail Hellhole”
Retail giant Nordstrom’s flagship store in a San Francisco mall permanently closed this week, marking the latest store to fall as the city grapples with a glaring exodus of brick-and-mortar shops. The cause of the closure, according to a mall spokeswoman, included “unsafe conditions for customers, retailers, and employees, coupled with the fact that these […]