After a highly volatile summer, the stock market is right back in correction territory. That makes it a good time to remind yourself that market corrections are an inevitable part of investing. They tend to take people by surprise, but the truth is that corrections happen fairly regularly. While that may sound intimidating, here’s the […]
A Chicago state senator has pleaded not guilty to charges of lying to the FBI and seeking a bribe to oppose legislation that would have required a statewide evaluation of red-light camera systems. Sen. Emil Jones III, the latest public official implicated in the bribery scheme, entered the plea by telephone Friday before U.S. District Judge Andrea Wood. Gov. J.B. Pritzker on Thursday called for Jones to resign his seat, one day after Jones stepped down from his unpaid post as deputy leader for the Senate Democrats and his $11,000-per-year committee chair position at the request of Senate President Don Harmon.
Italian voters cast ballots on Sunday in an election that has been billed as crucial as Europe reels from the repercussions of war in Ukraine. Soaring energy costs mean many Italian families and businesses are struggling to stay afloat. Opinion polls indicate Giorgia Meloni's far-right Brothers of Italy party could be the biggest vote-getter, just ahead of the center-left Democratic Party of former Premier Enrico Letta. But a solid campaign alliance linking Meloni to her conservative allies gives her the advantage in determining who governs. Meloni would be Italy's first far-right premier and first female one in the post-war period. But experts say this Italian election could also set another record — one for the lowest-ever turnout.
A growing number of businesses including grocery stores and gas stations are temporarily closing across Puerto Rico as power outages caused by Hurricane Fiona drag on in the U.S. territory, sparking concern about the availability of fuel and basic goods. Handwritten signs warning of closures have been popping up more frequently, eliciting sighs and groans from customers on an island where 62% of 1.47 million clients still do not have power more than four days after the storm hit. Puerto Rico’s Department of Consumer Affairs says there is no shortage of fuel, but rather a disruption to the system as a result of flooding, landslides and an island-wide power outage caused by Fiona.
Florida Highway Patrol troopers who arrived at a crash scene in Pensacola this summer found a 23-year-old Navy officer dead at the wheel with neck wounds that initially looked like a possible shooting. A trooper later messaged the U.S. National Highway Traffic Safety Administration that injuries were from the deployment of an air bag in the 2006 Ford Ranger pickup. The NHTSA is investigating and hasn’t made a final determination yet. But the family of Hayden Jones Jr. says there’s ample evidence the death was caused by an exploding Takata air bag. Ford says it notified the owner that the vehicle was under a recall notice, but the family says Jones never received one.
The British pound has went on its biggest one-day drop in 2 1/2 years after the U.K.’s new government outlined plans to cut taxes and boost spending. It's sparked concerns that increased public borrowing will worsen the nation’s cost-of-living crisis. The British currency plunged over 3% on Friday. Treasury chief Kwasi Kwarteng announced sweeping tax cuts that he said would boost economic growth and generate increased revenue, without introducing corresponding spending reductions. He also said previously announced plans to cap soaring energy bills for homes and businesses would be financed through borrowing. Critics attacked the plan for favoring business interests over working people and failing to provide any figures on its impact on government fiscal targets.
Maryland Attorney General Brian Frosh has announced a settlement with a property management company owned by the family of former President Donald Trump’s son-in-law, Jared Kushner. Frosh announced Friday that Westminster Management has agreed to pay a $3.25 million civil penalty and restitution to settle a 2019 lawsuit in Maryland. The settlement addresses charges that Westminster and the property owners violated the Consumer Protection Act by charging tenants illegal fees and by failing to maintain the properties. Westminster is not admitting wrongdoing under the settlement. Kushner company chief operating officer Peter Febo says Westminster is pleased to have settled this litigation with no admission of liability or wrongdoing.
As sports betting has swept across the country, internet casino games have grown much more slowly. But the online casino market has tremendous potential for growth and expansion, according to participants in a major casino conference. Speaking Friday at the East Coast Gaming Congress in Atlantic City, executives of online gambling companies said the rapid growth of sports betting provides a ready-made infrastructure and regulatory apparatus for online casino games. So far, it's legal in only six states: New Jersey, Pennsylvania, Michigan, West Virginia, Delaware and Connecticut. But panelists predicted additional states could soon adopt internet gambling, including Indiana, Illinois, Iowa and New York.
One unexpected bright spot of the COVID-19 pandemic was the expansion of state stabilization funds—also known as rainy day funds—driven largel…
Firmspace compiled a list of 10 unconventional perks employers are beginning to offer, with a focus on those benefiting remote workers.
Officials say building construction has begun at the future site of a factory where Ford and a South Korean company have joined forces to build electric trucks and batteries in rural west Tennessee. Ford Motor Co. said it has broken ground on the construction of steel structures in Stanton, Tennessee, located about 50 miles northeast of Memphis. Last year, Ford announced a $5.6 billion project to build electric F-Series pickups at the 3,600-acre parcel of land known as the Memphis Regional Megasite. The project, called BlueOval City, is a joint venture with SK Innovation, which will build battery factories at the Tennessee site and in Glendale, Kentucky.
The markets are still heading lower two days after the Federal Reserve delivered its fifth consecutive rate hike this year. As of midday Friday, the three leading equity indexes are all down more than 1.5%, following more losses overnight in Asia and Europe. The S&P 500 and the Nasdaq Composite are off more than 1.7%, […]
Top allies of ex-President Donald Trump are creating a new super PAC that's expected to serve as the main vehicle for his midterm spending and could become a key part of his campaign infrastructure if he moves forward with a 2024 White House run. The MAGA Inc. group will supersede Trump’s existing super political action committee. Paperwork for the new group was filed Friday. The buildout comes as the Republican former president is under mounting legal pressure on multiple fronts, including a Department of Justice criminal investigation into how documents with classified markings ended up at his Florida home. Trump officials won't say how much he intends to spend on his midterm efforts.
Executive directors of the Inter-American Development Bank have voted unanimously to recommend firing a former Trump official as president of the Washington-based institution. The action follows an investigation that found Mauricio Claver-Carone violated ethics rules by favoring a top aide with whom he had a romantic relationship. A person familiar with the vote said the decision to recommend ousting Claver-Carone came in a closed-door meeting Thursday. The Associated Press obtained a confidential report by a law firm hired by the bank's board triggered by an anonymous complaint of misconduct against Claver-Carone. Investigators say it is reasonable to conclude the relationship existed since at least 2019, when both held senior positions on the National Security Council.
The U.S. is outlining its goals for a new trade deal with Australia, Japan, South Korea and nine other nations meant to signal the country's commitment to working with the Indo-Pacific region at a time of growing Chinese clout. The Office of the U.S. Trade Representative on Friday released its negotiating aims for the Indo-Pacific Economic Framework, a deal with the 12 nations launched in May. Among them, the U.S. wants the Indo-Pacific countries to improve their labor and environmental standards and ensure their markets remain open to competition, while also taking steps to ease supply-chain backlogs at border crossings.
The Treasury Department says it will allow American tech firms to expand their business in Iran to boost internet access for the Iranian people. The Iranian government cut most internet access for its 80 million citizens during a crackdown on demonstrators protesting the death of 22-year-old Mahsa Amini in the custody of Iran’s morality police. The morality police detained Amini last week, saying she didn’t properly cover her hair with the Islamic headscarf, which is mandatory for Iranian women. She collapsed at a police station and died three days later.
U.S. Sen. Raphael Warnock is urging the U.S. Treasury secretary to use “flexibility” in defining how automakers and consumers qualify for a revised tax credit for Americans buying electric vehicles. The Democratic senator from Georgia sent a letter Friday to Treasury Secretary Janet Yellen raising concerns that the tax credit President Joe Biden signed into law last month could place some automakers at a competitive disadvantage. They include Hyundai, whose EVs would no longer qualify for the credits of up to $7,500 until the company opens its first U.S. electric vehicle plant in Georgia. That's not expected until 2025. Congress revised the credit so that it only applies to electric vehicles assembled in North America.
Denmark’s government says a temporary ban on mink breeding will expire Jan. 1, allowing mink production to resume in the country but at a ”significantly reduced” level compared to before the coronavirus pandemic. The government nearly two years ago ordered a cull of millions of minks and banned mink farming to minimize the risk of the small mammals retransmitting the virus. The Environment and Food Ministry said Friday that health officials now think “there is a limited risk to public health by resuming significantly reduced mink production and by introducing infection prevention measures.” The government says breeders will be required to implement procedures for handling COVID-19 in their herds.
The decision to claim Social Security shouldn't be taken lightly.
Youth activists have staged a coordinated ‘global climate strike’ to highlight their fears about the effects of global warming and demand more aid for poor countries hit by wild weather. Protesters took to the streets in Jakarta, Tokyo, Rome and Berlin Friday carrying banners and posters with slogans such as “We are worried about the climate crisis” and “It’s not too late.” The demonstrations were organized by the Fridays for Future youth movement that took its cue from activist Greta Thunberg, who began protesting alone outside the Swedish parliament in 2018. Thousands of people attended the rally in Berlin, which featured calls for the German government to establish a 100-billion-euro (dollar) fund for tackling climate change.
Whether you’re asking someone out on a date, requesting a raise or applying for a new credit card, no one likes to be rejected. Yet rejection is something that nearly 21% of credit card applicants experienced in 2021 according to the Federal Reserve. On a brighter note (at least where credit cards are concerned), certain […]
Spain’s Socialist-led coalition government is planning a temporary higher tax rate on the richest 1% of the country from next year. That is in addition to its windfall taxes on large energy companies and banks. Socialist Prime Minister Pedro Sánchez said Friday the change is meant to help fund the welfare state amid hardship brought by higher prices for energy and food. The annual inflation rate climbed to 10.5% in Spain last month. The government says the tax hike targets only millionaires. It says the exact increase and scope of the tax measure are still being worked out.