The number of Bitcoin millionaires surged by 111% over the past year, with 85,000 people now holding over $1 million in BTC, according to Henley and Partners’ 2024 Crypto Wealth Report. The total number of cryptocurrency millionaires globally also rose to 172,300, a 95% increase. The report highlighted significant growth among the crypto wealthy, including a 79% rise in those holding over $100 million and … Continue reading Bitcoin millionaires surge 111% in a year amid crypto rally

Lawmakers are targeting “junk fees,” but restaurants are trying to avoid getting involved. Surcharges for credit card processing, gratuities, and inflation have become more common on restaurant bills. Last year, 15% of restaurant owners added these fees due to rising costs. Critics argue that these fees can surprise customers and increase their bills unexpectedly. The Biden administration is pushing to ban hidden and misleading fees … Continue reading Restaurants fight back against the FTC crackdown on ‘junk fees’ as diners balk at new charges

China’s Ministry of Commerce expressed strong opposition on Sunday to the U.S. decision to add multiple Chinese entities to its export control list due to their alleged support for Russia. The U.S. added 105 firms, including 42 Chinese companies, to the trade restriction list for activities ranging from supplying electronics to the Russian military to producing drones used in Russia’s invasion of Ukraine. China’s ministry … Continue reading China slams U.S. for adding firms to export control list, vows action

Freight trains in Canada could resume operations within days after the government intervened to force the country’s two major railroads, Canadian National and CPKC, into arbitration with their labor union. This move aims to prevent significant economic disruptions in both Canada and the U.S. due to a labor dispute that led to a lockout of workers. The union, representing 10,000 engineers, conductors, and dispatchers, criticized … Continue reading Canadian government forces rail lockout to end

The United States Postal Service (USPS) is considering cost-cutting measures that could slow down mail delivery for long-distance and rural areas, potentially adding an extra day to delivery times in these regions. However, customers within 50 miles of major processing centers would receive faster service. Postmaster General Louis DeJoy explained that this change is necessary to save the Postal Service, which has faced financial challenges … Continue reading USPS could slow service in certain areas as it seeks to cut costs

Federal Reserve Chair Jerome Powell indicated potential interest rate cuts ahead but did not specify the timing or extent during his keynote speech at the Fed’s annual Jackson Hole retreat. Powell emphasized that the direction for rate cuts is clear, but the pace will depend on incoming data and economic conditions. He highlighted progress in reducing inflation and stressed that the Fed will now focus … Continue reading Fed Chair Powell indicates interest rate cuts ahead

Amid uncertainty over Federal Reserve policy, the economy, and the U.S. presidential race, one clear priority on Wall Street is spending on artificial intelligence (AI). Companies are investing heavily in AI infrastructure and services, with Nvidia Corp. as a key beneficiary. Nvidia’s upcoming earnings report is expected to provide more insight into AI demand and could push its stock to new highs. Analysts believe the … Continue reading Nvidia Eyes Return to Record as AI Spending Bonanza Continues

A growing number of Americans are cutting back on spending due to persistent inflation, with 62% reporting that their purchasing power has decreased and 82% saying their money doesn’t stretch as far as it used to, according to a study by Empower. Rising prices for essentials like food, rent, and auto insurance are leading many to reach their spending limits, with 27% saying they won’t … Continue reading Americans are pulling back on spending as high prices persist

The U.S. economy added 818,000 fewer jobs than initially reported for the 12-month period ending in March 2024, according to the Labor Department’s latest revision. The Bureau of Labor Statistics’ adjustment shows job growth was nearly 30% lower than the previously reported 2.9 million, marking the largest downward revision since 2009. Despite the revision, job creation still exceeded 2 million during the period, though the … Continue reading Nonfarm payroll growth revised down by 818,000, Labor Department says

Kamala Harris’s presidential campaign is gaining momentum as expectations rise that the US Federal Reserve will start cutting interest rates by September. Economists predict a series of rate cuts throughout 2024, following signals from key Federal Reserve officials indicating readiness to ease borrowing costs due to a weakening jobs market. This development could relieve economic pressure ahead of the closely contested election between Harris and … Continue reading Federal Reserve ‘poised to begin cutting rates as early as September’

Harley-Davidson announced on Monday that it is ending its diversity, equity, and inclusion (DEI) initiatives, following pressure from anti-diversity critics on social media. The company, which has not had a DEI program since April 2024, stated it no longer enforces hiring quotas, supplier diversity goals, or participates in Human Rights Campaign scoring. Despite these changes, Harley-Davidson emphasized the importance of a diverse employee and customer … Continue reading Harley-Davidson is dropping DEI policies after pressure from diversity critics

General Motors is laying off over 1,000 salaried employees globally, including around 600 at its Detroit-area tech campus, as part of efforts to streamline its software and services division. The layoffs come after a leadership change earlier this year, following the departure of former Apple executive Mike Abbott. GM’s decision to cut jobs, which affects about 1.3% of its global salaried workforce, is aimed at … Continue reading GM lays off more than 1,000 salaried software and services employees

Adults across the U.S. are turning to lemonade stands, traditionally a children’s activity, as a way to supplement their income. People in their 20s and 30s are setting up stands at farmers markets, festivals, and concerts to pay off bills and debt. For instance, Malia Blake, 26, from Washington, D.C., started “Malia’s Main Squeeze” to tackle her $40,000 debt. She now earns $1,000 to $1,500 … Continue reading Adults Turn Childhood Lemonade Stands into Profitable Business Ventures

Canada’s two largest railroads, Canadian Pacific Kansas City (CPKC) and Canadian National, are beginning to shut down parts of their shipping networks due to an ongoing labor dispute with the Teamsters union, potentially leading to lockouts or strikes. Both railroads have halted shipments of hazardous materials and refrigerated products, and CPKC plans to stop all shipments originating in Canada or heading there from the U.S. … Continue reading Possible work stoppage at Canada’s two largest railroads could disrupt U.S. supply chain

Perdue Foods is recalling over 167,000 pounds of frozen chicken nuggets and tenders after customers reported finding metal wire embedded in the products. The recall affects specific lots of Perdue Breaded Chicken Tenders, Butcher Box Organic Chicken Breast Nuggets, and Perdue Simply Smart Organics Breaded Chicken Breast Nuggets. The U.S. Agriculture Department’s Food Safety and Inspection Service (FSIS) and Perdue identified the contamination as thin … Continue reading Perdue recalls 167,000 pounds of chicken nuggets, metal wire found in some packages

Walmart CEO Doug McMillon announced that prices for many groceries and items have fallen, but inflation remains stubborn in dry groceries and processed foods, such as soft drinks. Despite pressuring suppliers to lower prices, some are still pushing for cost increases, which Walmart is resisting. While Walmart’s overall inflation was flat, prices for dairy, eggs, sugar, and meat continued to rise, whereas items like pet … Continue reading Walmart says prices are coming down, except in one key area

This summer has seen a wave of job cuts across various industries, including tech, media, and automotive, with thousands of layoffs expected. Cisco announced plans to lay off 7% of its workforce as part of a restructuring effort, while Intel plans to cut 15,000 jobs to reduce costs by $10 billion by 2025. Paramount Global began slashing 15% of its U.S. workforce, primarily in marketing, … Continue reading Layoffs announced at multiple companies this summer

Stocks surged on Thursday as investor confidence grew following positive consumer and labor data that eased recession fears. The Dow Jones rose 554 points (1.39%) to 40,563.06, the S&P 500 gained 1.61% to 5,543.22, and the Nasdaq climbed 2.34% to 17,594.50. Strong retail sales and a drop in jobless claims boosted the market, which has rebounded from earlier August losses, CNBC has reported. The S&P … Continue reading Stocks close higher Thursday

Senate Majority Leader Chuck Schumer expressed optimism on Wednesday that the Senate could pass a bipartisan crypto regulation bill before the year’s end, offering renewed hope to the long-stalled industry. Speaking at a virtual fundraiser, “Crypto4Harris,” Schumer emphasized the possibility of passing legislation despite current political divisions. The event, supporting Vice President Kamala Harris’s presidential campaign, featured notable figures like billionaire Mark Cuban and senators … Continue reading Schumer says a crypto bill can pass Senate this year

The Bank of Japan (BOJ) is expected to take a more cautious approach to raising interest rates to avoid rapid yen appreciation following recent global market turmoil, according to Fitch Solutions’ BMI. The BOJ is now predicted to hike rates by only 25 basis points to 0.50% this year, down from a previously expected 50 bps increase. This cautious stance follows the unwinding of the … Continue reading Bank of Japan will take longer to hike rates given the yen’s rapid strengthening

Harvard economist Kenneth Rogoff expressed surprise at the high cost of groceries, despite his expertise in inflation. During an appearance on “Mornings with Maria,” Rogoff noted that while inflation is declining, prices continue to rise, which he finds difficult to accept. He emphasized that prices likely won’t decrease, even as inflation eases. Rogoff also commented on the Federal Reserve’s approach, predicting internal disagreements about the … Continue reading Harvard economist says food prices are leaving him in ‘state of shock’

Bank of America’s economists no longer predict a U.S. recession, CEO Brian Moynihan announced, saying the bank now expects modest economic growth of 1.5% to 2% over the next six quarters. This contrasts with last year’s forecast, which anticipated a recession. However, JPMorgan Chase economists have raised the likelihood of a recession this year to 35%, up from 25%, citing a slowdown in wage inflation … Continue reading Bank of America no longer predicting recession, CEO says

European stocks opened higher on Tuesday, with the Stoxx 600 index rising 0.4%, led by gains in financial services. This follows a mixed close on Monday, as investors focus on upcoming U.S. and U.K. inflation data. U.K. wage growth slowed to 5.4% year-on-year between April and June, the lowest in two years, while unemployment fell to 4.2%. The British pound strengthened against the U.S. dollar … Continue reading European stocks open higher; UK wage growth falls to two-year low

In July, consumers grew more optimistic about future inflation, according to a New York Federal Reserve report. The three-year inflation outlook dropped to a record low of 2.3%, though consumers still expect inflation to remain elevated in the short term. This report comes as investors anticipate potential interest rate cuts by the Federal Reserve. While inflation expectations for gas and food prices decreased slightly, concerns … Continue reading Inflation outlook hits record low in New York Fed survey

Stellantis, the parent company of Chrysler, is laying off up to 2,450 workers at its Warren Truck assembly plant near Detroit as it ends production of the Ram 1500 Classic truck. The layoffs, effective from October 8, will reduce the plant’s general assembly operations to one shift, although production of the Jeep Wagoneer will continue with two shifts. The company is shifting focus to the … Continue reading Stellantis to lay off up to 2,450 factory workers as classic Ram production ends