In this article CTRN The cost of borrowing is getting more expensive for American households. With Wednesday’s 0.75-percentage-point interest rate hike, the Federal Reserve has raised benchmark short-term borrowing rates 225 basis points, or 2.25%, since March in an effort to curb unrelenting inflation. The federal funds rate, which is set by the U.S. central bank, is
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Imagine a worker who gets a raise and ends up paying in tax more than 50 percent of that raise. This is the case for a Canadian worker who earns CAD 48,124. With an increase in pay of CAD 822, he would face a 59 percent marginal tax rate. This Canadian worker will end up
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Coronavirus disease (COVID-19) treatment pill Paxlovid is seen in boxes, at Misericordia hospital in Grosseto, Italy, February 8, 2022. Jennifer Lorenzini | Reuters Pfizer’s second-quarter revenue and profit beat Wall Street expectations, driven by sales of its Covid-19 vaccine and its antiviral treatment Paxlovid. Pfizer booked $27.7 billion in revenue, a 47% increase over the
In this article ULCC JBLU SAVE A JetBlue airliner lands past a Spirit Airlines jet on taxi way at Fort Lauderdale Hollywood International Airport on Monday, April 25, 2022. (Joe Cavaretta/Sun Sentinel/Tribune News Service via Getty Images) Joe Cavaretta | Sun Sentinel | Getty Images JetBlue Airways has reached a $3.8 billion deal to buy
In this article JPM Dr. Charles Lim, Global Head of Quantum Communications and Cryptography, JP Morgan Chase Courtesy: JP Morgan Chase JPMorgan Chase has hired a Singapore-based quantum computing expert to be the bank’s global head for quantum communications and cryptography, according to a memo obtained by CNBC. Charles Lim, an assistant professor at the
AJ Watt | Getty Images As many Medicare beneficiaries know, having a doctor’s appointment via video on a laptop or tablet became standard when the pandemic hit. That method of delivering remote care — known as telehealth — to many retirees and most people in the over-65 crowd may have some staying power, at least
Top officials at the Federal Reserve were seeing inflation data come in very hot for months before policymakers moved to wind down monetary policies that were stimulating the economy. A chorus of analysts, economists and former policymakers have chimed in, saying that was a mistake. “The forward guidance, overall, slowed the response to the Fed
New Jersey’s proposed ban on the sale of menthol cigarettes (Assembly Bill 1989) would reduce excise and sales tax collections by as much as $243 million per year. And with the significant revenue loss, smoking rates are unlikely to decline. New Jersey lawmakers should look to the recent Massachusetts experiment to see what to expect
In this article F Ford CEO Jim Farley at the company’s Dearborn, Michigan, plant where it’s building the electric F-150 Lightning on April 26, 2022. CNBC | Michael Wayland Ford Motor Company said that its adjusted operating income more than tripled from a year ago, to $3.7 billion, as it was able to deliver more
In this article BBY Customers shop at a Best Buy store on August 24, 2021 in Chicago, Illinois. Scott Olson | Getty Images Best Buy on Wednesday cut its forecast for its fiscal year and second quarter, saying it has seen weaker demand for consumer electronics amid inflation. The consumer electronics retailer said it now
Self-driving tech start-up Pony.ai announced Thursday it plans to mass produce autonomous driving trucks with equipment manufacturing giant Sany Heavy Industry. Pony.ai BEIJING — Self-driving tech start-up Pony.ai announced Thursday it plans to mass produce autonomous driving trucks in China with equipment manufacturing giant Sany Heavy Industry. Annual production is set to reach about 10,000
MARK RALSTON | AFP | Getty Images The Mega Millions jackpot just won’t quit. After no ticket matched all six numbers drawn Tuesday night, the top prize has surged to $1.02 billion for Friday night’s drawing. It marks the fourth time a lottery jackpot has crossed the $1 billion mark. While the chance of a
And-one | Istock | Getty Images With credit card debt on the rise, as Americans’ budgets are squeezed from inflation and interest rates tick up, many people may be eager for ways to reduce their balances. One place they may look is to their retirement accounts — and specifically their 401(k) plan. Many people have
A “Sale Pending” sign outside a house in Discovery Bay, California, on Thursday, March 31, 2022. David Paul Morris | Bloomberg | Getty Images Signed contracts to purchase existing homes dropped 20% in June compared with the same month a year ago, the National Association of Realtors said Wednesday. That is the slowest pace since
In this article META Facebook parent Meta reported a steeper-than-expected drop in revenue, missed on earnings and issued a surprisingly weak forecast, pointing to a second consecutive decline in year-over-year sales. The shares dropped 3.8% in extended trading. Here’s how the company did: Earnings: $2.46 per share vs. $2.59 per share expected, according to Refinitiv
A Frontier Airlines airplane taxis past a Spirit Airlines aircraft at Indianapolis International Airport in Indianapolis, Indiana, on Monday, Feb. 7, 2022. Luke Sharrett | Bloomberg | Getty Images Spirit Airlines terminated its merger agreement with Frontier Airlines on Wednesday, months after rival suitor JetBlue Airways‘ all-cash bid threw the planned tie-up into disarray. Shareholders
Federal Reserve Chairman Jerome Powell said Wednesday he does not believe the U.S. economy is in a recession as the central bank raised rates further to fight inflation. “I do not think the U.S. is currently in a recession and the reason is there are too many areas of the economy that are performing too
When Kylie Jenner’s very brief flight on a private jet went viral last week, people were outraged — largely about the environmental impact of the trip. Jack Sweeney was unfazed. The 19-year-old whose Twitter account @CelebJets publicized Jenner’s trip has made a name for himself since January by publicly tracking the private jets of billionaires
The Good Brigade | DigitalVision | Getty Images As the Federal Reserve again raises interest rates to combat soaring inflation, some advisors are shifting clients’ investment portfolios. The central bank on Wednesday enacted its second consecutive three-quarters of a percentage point interest rate increase, aiming to curb rising prices without triggering a recession. The move