Americans’ credit card debt rose by $21 billion in the second quarter, reaching $1.26 trillion, according to the Federal Reserve Bank of New York. The total is just below the record $1.28 trillion reached late last year, as consumers continue dealing with higher prices and strong spending. Credit card delinquency rates have also increased, with the share of balances more than 90 days overdue rising … Continue reading Credit card debt rises to $1.26 trillion, nearing all-time record

Ford announced Wednesday that it will increase U.S. production of Lincoln vehicles beginning in 2030 and phase out imports from China. The company expects the move to create thousands of direct and indirect jobs in the United States. Ford currently builds the Lincoln Navigator and Aviator in Kentucky and Chicago, while the Nautilus has been imported from China since 2023. The decision comes as Ford … Continue reading Ford says it’s increasing Lincoln production in the U.S. in 2030

Cisco reported stronger-than-expected quarterly earnings and revenue guidance, but its shares fell in after-hours trading Wednesday. The company forecast quarterly revenue of $18 billion to $18.2 billion, well above analysts’ average estimate of $16.8 billion. Cisco’s revenue rose 18% to $17.8 billion, while net income jumped 51% to $3.9 billion. The company is benefiting from growing demand for AI infrastructure, with major technology companies placing … Continue reading Cisco’s stock drops despite earnings, revenue beat

U.S. inflation eased in July, with consumer prices rising just 0.1% for the month, according to the Bureau of Labor Statistics. Core inflation, which excludes food and energy, increased 0.2%, while the annual inflation rate fell to 3.4%. The moderate data reduced expectations that the Federal Reserve will raise interest rates at its September meeting, with markets putting the odds of a hike at about … Continue reading Consumer prices rose 0.1% in July, as expected, putting the annual rate at 3.4%

Target has appointed Chandhu Nair as its first-ever chief artificial intelligence officer as the retailer expands its use of AI. Nair will oversee efforts to coordinate AI across the company, including improving inventory management and speeding up business decisions. Target also named Purvi Shah as its senior vice president of user experience. The company has already invested in AI tools such as Target Trend Brain … Continue reading Target appoints its first chief AI officer as big retailers bet on AI

General Motors has established a multibillion-dollar parts purchasing deal to protect its cash reserves and reduce the risk of future supply chain disruptions. The agreement, worth up to $4.5 billion, involves Procura Auto Parts and financing from a group of banks led by JPMorgan Chase and Banco Santander. The arrangement allows Procura to prepay suppliers for critical parts, while GM agrees to repay the costs … Continue reading GM reaches up to $4.5 billion parts deal designed to avoid supply chain troubles

Toyota is recalling about 655,000 Camry vehicles worldwide because a display problem can cause safety indicators and warnings to fail during startup. More than 508,000 of the affected vehicles are 2025-2026 Camry Hybrids sold in the United States. The problem can disable turn signals, hazard lights, seat belt reminders and other warnings, potentially increasing the risk of crashes. Toyota will notify affected owners beginning September … Continue reading Toyota recalls 655K Camrys over display error that may deactivate turn signals