Category: Business

House Votes To Approve $1.1 Trillion Spending Bill

A bipartisan $1.1 trillion spending bill that will keep the federal government running through September was approved Wednesday by the House. The bill does not include any funding for President Trump’s proposed wall along the U.S. border with Mexico, secures funding for Planned Parenthood, and adds $15 billion to the military’s budget. The National Endowment…

Trump Won’t Pull U.S. Out of NAFTA

President Donald Trump has announced that he will not pull the U.S. out of the North American Free Trade Agreement, despite numerous promises to do so. Trump informed the leaders of Mexico and Canada of his decision Wednesday, and the White House later confirmed that the president had “agreed not to terminate NAFTA at this…

Factory For Ivanka’s Line Pays $62/Week

A factory in China linked to Ivanka Trump’s clothing line has come under fire for making workers endure nearly 60-hour work weeks for just over $62 a week, The Washington Post reported Tuesday. The findings were revealed in an audit of the factory conducted by the Washington-based Fair Labor Association in October and published Monday.…

Trump To Propose Cutting Corporate Tax Rate To 15 Percent

On Wednesday, President Trump will announce his plan to overhaul the tax code, including his proposal to cut the corporate tax rate from 35 percent to 15 percent, White House officials told The Washington Post on Monday. Independent analysts have estimated a cut this severe could cost the federal government $2.4 trillion over 10 years,…

President Trump to Sign ‘Buy American, Hire American’ Order

President Donald Trump will sign an executive order Tuesday calling for the end of America’s lottery system for H-1B work visas in favor of a merit-based system, Axios reports. The “Buy American, Hire American” order will look to scrap the existing visa application system, which enters applicants into a lottery for limited number of visas.…

Economy Created Just 98,000 Jobs In March, Missing Expectations

The U.S. economy added just 98,000 non-farm jobs in March, falling significantly short of the 185,000 new jobs economists polled by MarketWatch had predicted. Despite the weak gains, the unemployment rate fell to 4.5 percent from 4.7 percent, hitting the lowest level in nearly a decade. The Labor Department’s Friday report also cut the estimate…

Obama Policies Created 235,000 Jobs Last Month

Nonfarm employers added a seasonally adjusted 235,000 jobs in February, above economists’ expectations for a 197,000 gain. Employers added a revised 238,000 in January for the best back-to-back performance since June and July 2016. One area of strength those two months: construction jobs. Over the past three months, total job growth has averaged 209,000. That…

J.C. Penney To Close Up To 140 Stores, Offer Buyouts

J.C. Penney plans to close up to 140 stores and offer buyouts to 6,000 workers as the department-store industry sags in competition with online sellers and nimble niche retailers. The company said Friday that it would shutter 13% to 14% of its stores, representing about 5% of its annual sales, and two distribution centers. The…

Report: DOW Hits 20,000 For The First Time Ever

U.S. equities rose on Wednesday after a series of executive orders from President Donald Trump increased bullish sentiment on Wall Street. “Traders have been waiting for more details on infrastructure spending and now they have it in a very clear format,” said Naeem Aslam, chief market analyst at Think Markets. “There is nothing bigger than…

Lady Liberty Will Be Depicted In Coin As A Black Woman

Lady Liberty will be portrayed as an African American for the first time in U.S. history, the U.S. Mint announced Thursday. The $100, 24-karat gold coin, which will be inscribed with “1792” for the year of the Mint’s establishment and “2017” marking its 225th anniversary, is expected to be released in April. Though Lady Liberty…

Yahoo To Be Renamed Altaba, CEO Mayer To Resign [VIDEO]

Yahoo CEO Marissa Mayer will leave the company’s board after the proposed sale of the internet pioneer’s core web properties to Verizon, according to a filing Monday. Five other directors also will go. The move was not a surprise, as the new company will essentially be an investment company holding the remaining Yahoo assets, which…

Jobs Report: Payroll Employment Rises By 156,000 In December

U.S. employers added 156,000 jobs in December, capping a year of slower but solid hiring. The report is the last major snapshot of the economy President-elect Donald Trump will inherit from President Barack Obama. The Labor Department says the unemployment rate ticked up to 4.7 percent from a nine-year low of 4.6 percent. Hourly pay…

Run-DMC Sues WalMart, Amazon for $50M

Seminal rap group Run-DMC has filed a $50 million lawsuit that accuses WalMart, Amazon, and other stores of selling items using its trademarked name and logo without permission. Darryl “DMC” McDaniels is listed as the suit’s plaintiff. The lawsuit claims the retailers mentioned in the filing have not only improperly profited from such sales but…

Lockheed Drops as Trump Tweets F-35 Costs Are ‘Out of Control’

Lockheed Martin Corp. shares drop after President-elect Donald Trump tweeted that costs for the F-35 fighter-jet program, the Pentagon’s most expensive weapons system, are “out of control.” “Billions of dollars can and will be saved on military (and other) purchases after January 20th,” the Monday post continued, referring to inauguration day. The tweet followed similar…

Amazon Go Store Is Checkout Free [VIDEO]

Amazon is testing a grocery store model in Seattle that works without checkout lines. Called Amazon Go, shoppers scan their Amazon app when they enter the store, and then sensors register items that shoppers pick up and automatically charge them to the Amazon app. If a shopper puts the item back they aren’t charged. The…

Sanders: Carrier Just Showed Corporations How To Beat Trump [VIDEO]

President-elect Donald Trump will reportedly announce a deal with United Technologies, the corporation that owns Carrier, that keeps less than 1,000 of the 2,100 jobs in America that were previously scheduled to be transferred to Mexico. Let’s be clear: It is not good enough to save some of these jobs. Trump made a promise that…

Unemployment Rate Drops To 4.6 Percent, A 9-Year Low

The Labor Department reported Friday that the U.S. economy added a healthy 178,000 jobs in November, roughly in line with forecasts. Economists surveyed by Reuters had predicted 175,000 new nonfarm jobs; those surveyed by Bloomberg had forecast 180,000. The gains, an improvement over October, nudged the unemployment rate down to 4.6 percent, a nine-year low,…

Black Friday Online Shopping Sales On Thanksgiving Top $1 Billion

Americans got an early start to Black Friday shopping this year, spending $1.15 billion on online shopping by 5 p.m. ET on Thanksgiving, Adobe Digital Index revealed. That marked a nearly 14 percent increase from last year, as more U.S. consumers avoid showing up to stores in favor of snagging deals online and as Black…

Google Cracks Down on Fake News Sites

Google will ban fake news sites from using its advertising software, The Wall Street Journal reports. The move will prohibit the placement of Google’s AdSense ads “on pages that misrepresent, misstate, or conceal information about the publisher, the publisher’s content, or the primary purpose,” the company told the Journal. Websites that published deliberately false news…

Market Turmoil Eases At Opening

The markets opened Wednesday morning to minimal losses, after Dow futures nosedived Tuesday night amid Donald Trump’s unexpected victory over Hillary Clinton in the U.S. presidential election. The Dow Jones was down 25.55 points, or 0.14 percent, and the S&P 500 was down 10.84 points, or 0.51 percent. The Guardian reported the rally is being…

Stock Markets Plummet as Race Tighter Than Expected

Stock futures took a plunge on Tuesday evening as the outcome of the 2016 presidential race became much less clear than previously expected. The Dow futures market cratered by 500 points during the first few hours of returns, CNBC reported. According to the financial network, “investors moved into bonds and stocks cratered” as traders began…

Florida Votes to Legalize Medical Marijuana

Florida has voted to legalize medicinal marijuana for people with cancer, epilepsy, glaucoma, AIDS, PTSD, amyotrophic lateral sclerosis, Crohn’s disease, Parkinson’s, multiple sclerosis, and similar diseases. Florida previously allowed medical marijuana for a narrow group of patients with cancer and severe spasms. “This is a major tipping point: With Florida’s decision, a majority of states…

U.S. Economy Adds A Solid 161,000 Jobs In October

The U.S. economy added 161,000 non-farm jobs in October, according to the jobs report released Friday. The gains fell just short of the 175,000 increase predicted by economists surveyed by MarketWatch. Hiring figures from the two prior months also were adjusted slightly higher than initially reported. Together, the figures added to recent upbeat data supporting…

GE Reached $30 Billion Deal With Baker Hughes [VIDEO]

General Electric Co (GE.N), banking on a recovery in oil prices, said on Monday it would merge its oil and gas business with No. 3 oilfield services provider Baker Hughes Inc (BHI.N). GE will own 62.5 percent of the new company, which will have combined revenue of $32 billion, while Baker Hughes shareholders will own…

U.S. Economy Surges To Strongest GDP Growth In 2 years

The U.S. economy surged in the third quarter, with gross domestic product growing at an annualized rate of 2.9 percent, the Commerce Department reported Friday. By comparison, GDP growth in the previous three quarters was 1.4 percent, 0.6 percent, and 0.9 percent. The growth in this latest quarter was the best since the third quarter…

Gunshots in Pipeline Riot, 141 Arrested

A long-running dispute over an oil pipeline turned violent overnight in North Dakota as hundreds of armed state and local police and members of the National Guard battled into the early hours of Friday to evict hundreds of protesters from private land in the path of the proposed Dakota Access line. The peaceful protest quickly…

New Report: AT&T Spying on Americans [VIDEO]

An AT&T system meant to assist the Drug Enforcement Administration (DEA) by searching through the company’s millions of stored phone records was used to help a broad array of government agencies on cases from Medicaid fraud to murder, according to a new report Tuesday. Law enforcement officials pay the telecommunications giant from $100,000 to $1…

Cuban on Trump’s brand is “done” and “over” has ‘Bad Stigma’ [VIDEO]

Mark Cuban: There’s a ‘stigma’ attached to Trump’s brand. It’s ‘done’ Mark Cuban said Donald Trump’s reputation and brand are damaged. “There’s just a stigma attached to his brand now,” Cuban said on CNBC’s “Power Lunch.” When CNBC asked the owner of the NBA’s Dallas Mavericks about the state of Trump’s brand, Cuban responded that…

Samsung Halts Production of Galaxy Note 7 [VIDEO]

Samsung has now completely halted production of the Galaxy Note 7, after another spate of fires and explosions were reported involving replacement models the company issued to customers. On Monday, Samsung initially told buyers to stop using the smartphones and to turn them off while it looked into the safety concerns; early Tuesday, that notice…