IKEA annual sales slumped 5% as consumers pull back on furniture purchases amid a weak housing market, according to an earnings report released Thursday. The Swedish home decor retailer has slashed prices and committed itself to making more price cuts in the future in an effort to win back cash-strapped customers. Ingka Group, which owns … Read more
The World Trade Organization has raised its outlook for global goods trade this year slightly, but cautions that increasing geopolitical tensions and uncertainty over economic policy pose “substantial” risks to its forecast GENEVA — The World Trade Organization raised its outlook for global goods trade this year slightly, but cautioned Thursday that increasing geopolitical tensions … Read more
More than 100 members of Congress have called for the US government to “suspend” an influential study about the health risks of alcohol – as beer, wine and liquor makers raised concerns that a panel doing the research is staffed by anti-alcohol activists. In a letter this week, US lawmakers including New York Reps. Nicole Malliotakis and … Read more
She blames greedy companies for price-gouging. He blames the Biden administration’s economic policies. Kamala Harris and Donald Trump agree on one thing: Tapping into sour consumer sentiment about high grocery prices is one way to court voters. Bacon prices have been a particular focus for Trump. He mentioned them in his Sept. 10 debate with … Read more
NEW YORK — Tens of millions of older Americans will see an increase in benefits this January when a new cost-of-living adjustment is added to Social Security payments. The 2.5% raise is intended to help meet higher prices for food, fuel, and other goods and services. The average recipient will see an increase of about … Read more
NEW YORK — Thousands of flights in and out of the U.S. have been canceled this week as Hurricane Milton barreled into the Gulf of Mexico and plowed across Florida — causing many airports in the storm’s path to close their doors. And airlines across the country grounded flights as a result. There were more … Read more
Dozens of tornadoes spawned by Hurricane Milton caught many Floridians by surprise as they braced for heavy rain, strong winds and especially storm surges. Violent twisters were seen crossing highways, ripping off roofs and downing trees and power lines. There have been 38 preliminary eyewitness reports of tornadoes since Wednesday night, according to the National … Read more
SPRUCE PINE, N.C. — One of the two companies that manufacture high-purity quartz used for making semiconductors and other high-tech products from mines in a western North Carolina community severely damaged by Hurricane Helene is operating again. Sibelco announced on Thursday that production has restarted at its mining and processing operations in Spruce Pine, located … Read more
ORLANDO, Fla. — Florida theme parks including Walt Disney World, Universal Orlando and SeaWorld planned to reopen Friday after an assessment of the effects of Hurricane Milton. Disney World said in a statement that its theme parks, Disney Springs, and possibly other areas will be open. The parks said some Halloween special events won’t be … Read more
Two House GOP committee chairs have accused Federal Trade Commission Chairperson Lina Khan of overstepping the limit of her powers and wasting taxpayer dollars in the process. Judiciary Committee Chairman Jim Jordan (R-Ohio) and House Committee on Energy and Commerce Chairwoman Cathy McMorris Rodgers (R-Wash.) sent a letter to Khan Thursday saying they were investigating … Read more