Mortgage rates have climbed for the second straight week, despite the Federal Reserve delivering its first interest rate cut in nearly a year, underscoring that a range of factors influence borrowing costs. Freddie Mac reported Thursday that the average rate on the benchmark 30-year fixed mortgage rose to 6.34%, up…
Cracker Barrel is ending its partnership with Prophet, the consulting firm behind its failed rebrand. The chain faced intense backlash after unveiling a new logo and redesigned stores that longtime fans said stripped away what they loved most about the brand.Cracker Barrel’s restaurants, long known for their kitschy Americana décor,…
Occidental Petroleum will sell its chemicals arm OxyChem to Warren Buffett’s Berkshire Hathaway for $9.7 billion, the company said on Thursday, marking its biggest divestment yet to slash debt after years of costly acquisitions. Shares of the U.S. oil and gas producer, however, fell more than 6% in morning trading.…
President Donald Trump’s effort to remove a member of the Federal Reserve’s Board of Governors comes amid his push to reshape the composition of the central bank’s panel that makes interest rate decisions. Trump attempted to fire Fed Governor Lisa Cook for cause this summer, accusing her of mortgage fraud and marking…
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A listeria outbreak affecting certain recalled prepared meals sold at Trader Joe’s and Walmart has led to four deaths as well…
Boeing is reportedly developing a new single-aisle airplane that will eventually replace its 737 Max aircraft, which has faced a…
A listeria outbreak affecting certain recalled frozen meals sold at Trader Joe’s and Walmart has led to four deaths as well…
German aviation group Lufthansa is cutting 4,000 administrative jobs over the next five years as it seeks to raise profitability…
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Car shoppers are facing affordability challenges in the market for new vehicles despite average down payments dipping to nearly the lowest level in four years, according to a new report. An analysis by Edmunds found that the average down payment for new car purchases fell to…
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Some of the world’s wealthiest investors are using exchange-traded funds to access commodities, cryptocurrency and artificial intelligence. “We tend to find when clients want broad exposure, they want a SMA (separately managed account). For thematic, hedge or risk it tends to be an ETF,” said Meena Flynn, co-head of global…
U.S. airlines and aviation groups are warning Congress that a government shutdown at midnight would disrupt air travel, jeopardize safety and stall efforts to modernize the nation’s air traffic control system. The warning came in a letter from the Modern Skies Coalition — which includes Airlines for America, the trade…
The U.S. economy is at an inflection point as the Federal Reserve cut interest rates for the first time this month amid indications that the labor market is weakening despite inflation remaining above the Fed’s 2% target. Uncertainty is higher amid the Trump administration’s changes to trade policy and tariffs along with…
Video game maker Electronic Arts – known for The Sims, Madden NFL, Plants vs. Zombies and more – is going private in a deal valued at roughly $55 billion. Saudi Arabia’s Public Investment Fund, private equity firm Silver Lake and Jared Kushner’s Affinity Partners will acquire EA in the all-cash…
Video game maker Electronic Arts – known for The Sims, Maddel NFL, Plants vs. Zombies and more – could be going private soon with a valuation of roughly $50 billion. The possible deal, first reported by The Wall Street Journal, would mark the largest ever leveraged buyout in history. A…
Americans are paying more for their coffee as prices for the caffeinated commodity are near record levels due to global production headwinds and higher costs from imported coffee exposed to tariffs. The most recent edition of the consumer price index (CPI) released by the Bureau of Labor Statistics showed that coffee…
Business has reportedly been booming for American Hat Company – a Texas-based cowboy hat manufacturer – since the 2018 launch of the hit Western TV series “Yellowstone.” Founded in 1915 and headquartered in Bowie, Texas, the company specializes in handmade felt and straw cowboy hats offered in a range of…
The Federal Reserve’s preferred inflation gauge showed that inflationary pressures remained elevated in August, as policymakers seek to balance the need to restore price stability against a weakening labor market following last week’s interest rate cut. The Commerce Department on Friday reported that the personal consumption expenditures (PCE) index rose 0.3% in…
Amazon is set to pay a historic $2.5 billion settlement after it was accused of enrolling customers in Prime subscriptions without their consent and making it hard to cancel. The Federal Trade Commission (FTC) announced the settlement on Thursday and said that Amazon will pay a $1 billion civil penalty,…
Mortgage rates rose this week for the first time since mid-July, mortgage buyer Freddie Mac said Thursday. Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage rose to 6.3% from last week’s reading of 6.26%. The average rate on a 30-year…
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