Remember earlier this fall when the country came within hours of a nationwide rail strike? We could soon see a repeat of that scenario. The nation’s freight rail companies and some of their workers have yet to settle on a new contract after three years of negotiations. You could be forgiven for thinking — Wait, […]
Category: Business
Musk does not rule out Twitter bankruptcy
Elon Musk’s tenure at Twitter got even bumpier on Thursday, as he reportedly told employees during an emergency all-hands meeting that he can’t rule out the company filing for bankruptcy in the next year. Musk made the announcement during the all-hands meeting after an employee asked about the company’s current run rate, according to both […]
US Credit Card Debt is a $1 Trillion Problem
Americans could hold nearly $1 trillion in collective credit card debt before the end of the year, thanks to inflationary rises in everyday costs and interest rates. For the second quarter of 2022, Americans’ credit card debt rose 13 percent from the same period last year to $887 billion, according to the Federal Reserve Bank […]
Facebook/Meta to make huge job cuts
Facebook’s parent company Meta is reportedly planning to begin large-scale lay-offs this week that will affect thousands of employees. US media reported at the weekend that the job cuts could be announced as early as Wednesday. During Meta’s disappointing third quarter results, chief executive Mark Zuckerberg said staffing might fall. “In 2023, we’re going to […]
US diesel crunch means ‘stock up on food’
A shortage of diesel in the US has set alarm bells ringing for many experts, who are flagging higher prices for goods and risks to food supply as truckers pay more for fuel. Inventories of diesel have sunk far below emergency levels, and EIA data showed US had only 25 days’ supply of diesel left […]
Musk to end Half of Twitter Jobs to Cut Costs
Elon Musk plans to eliminate about 3,700 jobs at Twitter Inc., or half of the social media company’s workforce, in a bid to drive down costs following his $44 billion acquisition, according to people with knowledge of the matter. Twitter’s new owner aims to inform affected staffers Friday, said the people, who requested anonymity discussing […]
Fed is poised for another jumbo interest rate hike
The Federal Reserve is expected to order another big boost in interest rates Wednesday, as questions bubble up about how much higher borrowing costs will have to go before stubborn inflation starts to come down. The central bank has already raised its benchmark interest rate by 3 percentage points since March, and it’s expected to […]
Inflation Timebomb Poised to Explode Just Before the Holidays
After two difficult years for the global economy and in the midst of an energy crisis fueled by the Russian invasion of Ukraine, U.S. diesel inventories are currently “unacceptably low,” National Economic Council Director Brian Deese said on Bloomberg TV last week. This supply crunch is raising concerns among analysts and energy experts of an […]
Left meltdown over Musk Twitter takeover
Billionaire industrialist Elon Musk took over Twitter Thursday night and immediately fired several top executives, sending shockwaves throughout the social media platform. CEO Parag Agrawal, CFO Ned Segal and head of legal policy, trust, and safety Vijaya Gadde were all fired after Musk had accused them of misleading him and investors over the number of […]
Lucrative stock trades made by US officials in preparation for Covid-19
Dozens of federal officials made lucrative stock and mutual fund trades in early 2020 as the government was preparing for the onslaught of Covid-19, according to a Wall Street Journal investigation. In January of that year, while the public was broadly unaware of the scale and severity of the threat posed by the virus, US […]
Small gunmakers find a lucrative niche
Two friends from high school had just gone into business selling guns in New York when the Sandy Hook Elementary School massacre prompted state lawmakers there and elsewhere to try to ban so-called assault rifles. For Edward Newman and Peter Morrisey and their company, Dark Storm Industries, the crackdown brought new opportunities. Neither man had […]
US emergency oil stockpile is at a 38-year low
Presidents don’t have magic wands to make inflation disappear. But they do have a powerful tool that can help ease the pain of high gas prices: The Strategic Petroleum Reserve. More than any of his predecessors, President Joe Biden has aggressively leaned on this emergency oil stockpile to knock down the high pump prices that […]