A dockworkers strike that has idled more than a dozen of the largest ports across the Eastern US threatens to reignite food inflation in the coming weeks, and could create a shortage of toys and Christmas trees just as the holiday season gets underway. Some 45,000 members of the International Longshoremen’s Association walked off the … Read more
BlackRock CEO Larry Fink said on Tuesday investors are wrong if they think the Fed will make massive interest rate cuts later this year because the billionaire money man believes the US economy will continue to grow. Fink dismissed market predictions that rates will be slashed further through the end of year after Chairman Jerome … Read more
SEA GIRT, N.J. — The federal government gave a key approval Tuesday to an offshore wind farm in New Jersey, even as residents in the town where its power cable would come ashore worry it could go through underground toxic waste that’s still being cleaned up. The U.S. Bureau of Ocean Energy Management approved Atlantic … Read more
CVS Health announced that it will cut 2,900 jobs as part of a cost-cutting plan. The layoffs will mostly affect corporate positions, a CVS spokesperson told Fox Business. More than 300,000 people work for CVS across its segments, according to its website. The cuts represent 1% of the company’s workforce. The job cuts will not affect … Read more
OMAHA, Neb. — Warren Buffett’s Berkshire Hathaway is buying the rest of its utility unit from the estate of a longtime board member who died three years ago, but it’s not clear exactly how much it will pay for that 8% stake in the massive utility business. Berkshire Hathaway Energy said in a regulatory filing … Read more
NEW YORK — The 2024 class of the John D. and Catherine T. MacArthur Foundation fellows includes more writers, artists and storytellers than in years past, though the so-called “genius grants” list also includes multiple scientists. The interdisciplinary awards announced Tuesday come with a $800,000 grant over five years that the 22 recipients — including … Read more
NEW YORK — The holidays are the busiest time of year for many small retailers and other businesses. But the holidays this year could be particularly challenging. Although inflation has retreated, small businesses are still dealing with high costs and consumers have been tightening the purse strings, too. And a longshoreman strike that kicked off … Read more
Beachbody will slash a third of its workforce and overhaul its business model as part of a restructuring that seeks to cut tens of millions of dollars. The Southern California-based fitness and nutrition company announced on Monday that it would transition from its direct sales multi-level marketing structure to a single-level affiliate program that is … Read more
PARIS — In his inaugural address to parliament, the new French Prime Minister Michel Barnier warned Tuesday that “colossal” and spiraling debts are a “sword of Damocles” hanging over the finances of the European Union’s second-largest economy and announced belt-tightening and more taxes to reverse the trend. Tuesday’s opening of parliament and Barnier’s address kicked … Read more
WICHITA, Kan. — Mail delivery has been suspended in a neighborhood in Kansas after two men assaulted a postal carrier who used pepper spray to stop large dogs from chasing him. Residents of the 41 affected addresses in Wichita now have to pick up their mail at the nearest post office, said Paul Shade, a … Read more