US gas tops  a gallon as Iran conflict drives sharp rise in fuel costs

U.S. gasoline prices on Monday topped $4 a gallon nationwide, adding pressure to household budgets as oil markets surge in response to the lingering Iran conflict. Data from GasBuddy showed the national average price for regular gasoline at $4.018 per gallon, with mid-grade at $4.541 and premium at $4.904. AAA…

JPMorgan Chase launches American Dream Initiative to boost small businesses

JPMorgan Chase on Tuesday announced the launch of its American Dream Initiative (ADI), which will invest in communities around the U.S. through several focus areas, including one focused on driving the growth of small businesses and entrepreneurship. The ADI aims to support small businesses by expanding their access to capital, providing…

Einstein Bros. Bagels cream cheese cups recalled over undeclared almonds

Nearly 150 cases of an Einstein Bros. Bagels’ cream cheese flavor have been recalled over the potential presence of undeclared almonds that could pose a life-threatening allergic reaction risk for people with almond allergies. Wisconsin-based Schreiber Foods issued a voluntary recall last week of cases of Einstein’s Honey Almond Cream…

Powell warns new energy supply shock threatens to push inflation higher

Federal Reserve Chair Jerome Powell said that the U.S. economy is facing a supply shock from the disruption of Middle East oil supplies after previous shocks like the COVID-19 pandemic and tariffs pushed prices higher. Powell spoke to an economics class at Harvard University on Monday and said that the series…

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BlackRock CEO Larry Fink warns AI could worsen wealth inequality

BlackRock CEO Larry Fink warned in his annual chairman’s letter that wealth inequality could worsen if more people don’t participate in financial markets to reap the benefits of investing. Fink said that the vast majority of wealth has flowed to people who own assets, as…

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Fortnite maker lays off over 1,000 employees, citing engagement decline

The Fortnite craze might have reached its crescendo. Epic Games announced layoffs of 1,000 employees Tuesday, citing declining Fortnite engagement.”We’ve had challenges delivering consistent Fortnite magic with every season,” CEO Tim Sweeney admitted in a memo to staff. “Today we’re laying off over 1000 Epic employees,” the memo began. “I’m…

United Airlines warns airfares could rise up to 20% on high fuel costs

United Airlines is warning that airfares could rise up to 20% if the cost of jet fuel remains elevated for longer due to the spike in oil prices amid the war in Iran. United CEO Scott Kirby said in an interview on Bloomberg TV on Tuesday that the airline anticipates consumer…

BlackRock’s Larry Fink proposes Social Security reform to diversify investments

BlackRock CEO Larry Fink said in his annual chairman’s letter that Trump Accounts could provide a “very significant” boost in jump-starting savings and investment by younger Americans. Fink noted that Americans are struggling to save money for emergencies in addition to funding retirement plans, and explained that early wealth-building accounts for…

Valero oil refinery explosion in Texas prompts shelter in place

Residents of a Texas city were urged to shelter in place following an explosion and fire at a Valero oil refinery that sent massive plumes of smoke billowing into the air.  The incident happened Monday at Valero’s Port Arthur Refinery, which is located about 90 miles east of Houston and…

Home heating oil businesses struggle to navigate volatile market

LONDONDERRY, NH – Home heating oil firms are facing mounting cost pressures as rising crude and diesel prices tied to Middle East tensions squeeze margins and disrupt operations across New England. The recent spike follows a cold winter that boosted demand for heating oil, leaving both consumers and suppliers exposed…

Trader Joe’s frozen fried rice recalled over glass shards in 43 states

A nationwide recall has expanded to include close to 10 million pounds of frozen vegetable fried rice sold at Trader Joe’s stores in dozens of states, according to the U.S. Department of Agriculture (USDA) Food Safety and Inspection Service. Ajinomoto Foods North America Inc. announced a recall of 9,885,240 pounds…

Bank of America touts company’s legacy over 250 years of American independence

Bank of America CEO Brian Moynihan on Monday sent a letter to shareholders along with the firm’s annual report that detailed the bank’s history and its role in America’s growth as the nation prepares to celebrate the 250th anniversary of the country’s founding. Moynihan noted that Bank of America’s oldest…

United Airlines cuts about 5% of flights as Iran war spikes fuel costs

United Airlines is slashing flights as soaring fuel prices tied to the Iran war hit U.S. carriers, becoming the first major U.S. airline to announce a cut to capacity after weeks of industry warnings. United CEO Scott Kirby said in a staff memo released Friday that the airline will cut…

Fed’s Bowman says she’s penciled in 3 rate cuts before the end of 2026

Federal Reserve Vice Chair for Supervision Michelle Bowman said on Friday that she’s penciled in multiple rate cuts before the end of the year. “I’m still concerned about the job market,” Bowman, considered one of the more hawkish members of the Federal Open Market Committee, said during an interview on…

FDA recalls 90,000 bottles of children’s ibuprofen over foreign substance

Nearly 90,000 bottles of children’s ibuprofen have been recalled over the potential presence of a foreign substance, according to the Food and Drug Administration. Strides Pharma, Inc., headquartered in India, recalled about 89,592 bottles of its 100-milligram Children’s Ibuprofen Oral Suspension, the FDA said. The affected product was manufactured for Taro…