A top Federal Reserve official warned Friday that the central bank risks prematurely declaring victory over inflation with its vote for a jumbo interest rate cut. Fed Governor Michelle Bowman was the sole dissented voice on the Federal Open Market Committee in its 11-1 decision to slash rate by 50 basis points instead of a … Read more
Getty Images A long-running measure of how consumers feel about their finances and the economy has fallen sharply, raising concerns that the government’s warning that the Budget will be “painful” has shaken people’s confidence. GfK’s Consumer Confidence Barometer has tumbled further into negative territory since the end of August. The index had been recovering after … Read more
America’s Three Mile Island energy plant, the site of the worst nuclear accident in US history, is preparing to reopen as Microsoft looks for ways to satisfy its growing energy needs. The tech giant said it had signed a 20-year deal to purchase power from the Pennsylvania plant, which would reopen in 2028 after improvements. … Read more
Getty Images Thousands of people have lost their jobs after the UK operations of the international construction giant ISG collapsed into administration. Some 2,200 workers have been made redundant with immediate effect, joint administrators EY said in a statement on Friday. The business, owned by the US firm Cathexis, had been struggling financially for some … Read more
A hedge fund mogul who helped oust former Yahoo CEO Marissa Mayer is being sued by his own mother in an ugly dispute over unpaid debts, The Post has learned. Jason Ader — CEO of Spring Owl Asset Management — was sued last month by his 81-year-old mom after he defaulted on a $13 million … Read more
NAIROBI, Kenya — NAIROBI, Kenya (AP) — Facebook ’s parent company Meta on Friday lost its appeal in a Kenyan labor court that ruled the company could be sued in Kenya over the mass sacking of content moderators. The court had earlier ruled that Kenyan courts had jurisdiction over the matter, but Meta challenged the … Read more
The federal government is suing some big pharmacy benefit managers over a system of drug rebates that regulators say has made the price of insulin soar for diabetic patients. Three companies that process about 80% of prescriptions in the United States — Caremark, Express Scripts and OptumRx — have engaged in anticompetitive practices that spur … Read more
JetBlue announced Thursday it will open its first-ever airport lounges at its main hubs in New York and Boston as the carrier ratchets up luxury amenities to compete against its bigger rivals. Slated to debut late next year, the first will be an 8,000 square-foot lounge at John F. Kennedy International Airport, followed by an … Read more
The three largest US asset managers cut their support for so-called ESG proposals by shareholders during the last voting season amid Republican pushback against the controversial investing policy, according to a report. BlackRock, State Street and Vanguard — which collectively own about 20% of the shares of all companies in the S&P 500, giving them … Read more
The Port of New York and New Jersey is preparing for a complete work stoppage by unionized dockworkers on the East Coast and the Gulf Coast who handle nearly half of the nation’s shipping cargo — creating a possible supply chain crisis that roiled the economy after the COVID pandemic. The International Longshoremen’s Association union, … Read more