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Andy Alfaro/Modesto Bee/TNS

Gas keeps costing more. Would an emergency oil supply help cut prices?

Business / Business News /

WASHINGTON — California gasoline prices are soaring again — up more than a dollar over the last month — and the latest big congressional idea for relief involves creating an emergency oil supply that Washington would tap when prices soar.

It’s called the Economic Petroleum Reserve. Experts, however, aren’t enthusiastic, and the plan ...Read more

How Hurricane Ian and other disasters are becoming a growing source of inequality – even among the middle class

Business / Business News /

Friendswood, Texas, is the type of community that one might think of as a “best case scenario” when it comes to recovering from a disaster.

It is a small tight-knit town with well-resourced residents and a strong social infrastructure of local institutions that provided a huge outpouring of support in the immediate aftermath of ...Read more

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Americans have recession fatigue -- and it's keeping them from preparing for the next downturn

Business / Business News /

When Pasha Grozdov found out his friend’s Manhattan landlord was raising the rent on her one-bedroom apartment from $4,100 to a crushing $6,000 a month, there was only one way he could think to react: with a joke.

“Let’s cancel the economy,” he responded.

Iced coffees in hand, Grozdov and his friend were on an early morning stroll ...Read more

Spencer Platt/Getty Images North America/TNS

Survey: Analysts foresee 12% rise in stock market over next 12 months

Business / Business News /

The stock market has had a tumultuous 2022 so far, with major indices such as the S&P 500 and the Nasdaq Composite in bear market territory. But according to market professionals surveyed in Bankrate’s Third-Quarter Market Mavens survey, the outlook for stocks should improve over the coming year. The group of experts foresees a 12% increase in...Read more

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Popularity of cryptocurrency plummets among millennials in 2022

Business / Business News /

The popularity of cryptocurrencies such as Bitcoin has plummeted in 2022, particularly among their most fervent supporters – millennial investors – according to a recent Bankrate survey. Americans of all ages have seen their comfort level with cryptocurrency sink sharply over the last year, as these digital currencies have plunged in value ...Read more

Dreamstime/TNS/TNS

Britain's hard lessons from handing elder care over to private equity

Business / Business News /

LONDON — A little over a decade ago, Four Seasons Health Care was among the largest long-term care home companies in Britain, operating 500 sites with 20,000 residents and more than 60 specialist centers. Domestic and global private equity investors had supercharged the company’s growth, betting that the rising needs of aging Britons would ...Read more

Dreamstime/Dreamstime/TNS

Think retirement is out of reach? Here's what you need to know

Business / Business News /

The pandemic caused tectonic shifts in the job market as workers young and old quit and searched for something better — in their work or in their life. According to the Pew Research Center, a little more than half of adults ages 55 and older had ditched the grind by late 2021, compared with 48% in the months before the first case of COVID-19 ...Read more

Can most Californians even afford to retire?

Business / Business News /

Steven Johnson spent 19 years as a minimum wage laborer for a Los Angeles moving company, lifting heavy furniture and suffering three hernias along the way.

For the last decade, the 61-year-old has worked as a waiter and as a cook in fast-paced kitchens.

Now arthritis has swollen his knees. "I tried to tough it out, icing myself down," Johnson...Read more

S&P 500 closes quarter at lowest in two years: Markets wrap

Business / Business News /

U.S. stocks suffered their worst monthly rout since March 2020 after markets were repeatedly pummeled by the Federal Reserve’s resolve to keep raising interest rates until inflation is under control.

The S&P 500 closed a volatile session lower. The index posted its third straight quarter of losses for the first time since 2009. U.S. ...Read more

John J. Kim/Chicago Tribune/TNS

Michael Hiltzik: Did the pandemic finally give working Americans power over their employers? Not really

Business / Business News /

Labor advocates have been feeling their oats lately, what with a surge of successful union organizing drives at Starbucks stores, the hint of union interest at Amazon warehouses, higher minimum wage standards in cities and states across the country, and a nudge up of average wages across the board.

These trends have inspired some to proclaim ...Read more

Native Americans' decadeslong struggle for control over sacred lands is making progress

Business / Business News /

Who should manage public land that is sacred to Native Americans?

That is the question that the United States government and some states hope recent policy changes will address by giving Indigenous people greater input into managing such land. Co-management, as the policy is called, might alleviate the friction that emerges when ...Read more

GM DESIGN/Chevrolet/TNS

GM EV1: A revolutionary antique that's still the car of the future

Business / Business News /

It cost as much as a Mercedes, could only travel 79 miles, and was both the hero and villain of Hollywood. Only 10 years after it rolled into driveways, almost all were crushed. One remains operational … and its parked at The Smithsonian. A qualified antique, it’s still the car of the future.

On Earth Day in 1990, General Motors Chairman ...Read more

Carolina Cabral/TNS/TNS

Legal battle over Miami bank allegedly controlled by Venezuela intensifies

Business / Business News /

The legal battle over the control of a Miami bank alleged to have been secretly run by the Venezuelan government is heating up, following the efforts of its original owner to take back the reins of the bank’s Curaçao-based parent company.

The original owner, Venezuelan-American businessman Juan Santaella, had previously sued members of ...Read more

Pool/Getty Images/New York Daily News/TNS

Ten things Elon Musk's texts reveal about the Twitter deal

Business / Business News /

A new trove of text messages between Elon Musk and Twitter Inc. executives, close friends, potential investors and Silicon Valley bros sheds light on how a $44 billion deal by the world’s richest person to buy the social media company came about — and ended up in court.

The texts show who wanted to be part of the buyout and reveal the ...Read more

Work-from-home or return to the office? A rift is emerging among US workers

Business / Business News /

Tensions are brewing at work between employees who have returned to the office and those who’ve continued to work from home, according to a survey of U.S. workers.

Almost three-quarters of respondents said companies should pay in-office employees more than their work-from-home colleagues, and two-thirds are concerned that managers view full-...Read more

Allen J. Schaben/Los Angeles Times/TNS

A $50,000 electric bill? The cost of cooling LA's biggest houses in a heat wave

Business / Business News /

Cooling off a 1,500-square-foot bungalow in a heat wave is expensive enough. But how big are the bills for the ever-larger mega-mansions crowning our hills?

Granted, those who can afford a $50-million home likely aren't sweating a bloated electric bill, nor perhaps the carbon footprint, but experts say the cost of keeping a mansion cool can run...Read more

Cadillac/Cadillac/TNS

Auto review: 2023 Cadillac Escalade-V is a fun, fast, luxurious rig

Business / Business News /

This is not a vehicle that goes quietly into the night, but would you expect that of the 2023 Cadillac Escalade-V? This is the high-performance rendition of Cadillac’s biggest beats, its inner demon writ large as a full-size, full-on luxury, high-performance, body-on-frame SUV.

In another era, this would have been an Eldorado powered by an 8....Read more

Trump properties aren't the only ones to see wild valuations – putting a price on real estate isn't straightforward

Business / Business News /

On the lower tip of Manhattan there is a prime piece of real estate, the price of which is somewhat up for debate.

To the owners, the Trump Organization, 40 Wall Street is worth an eye-watering US$735 million, or at least it was in 2015. Others disagree, pointing to an appraisal that year by a real estate firm that priced it at $540 ...Read more

DREW PHILLIPS/TNS

Auto review: Hot hatch Hyundai Kona N-line is more show than go

Business / Business News /

BMW makes an M-azing, M-asterful M3 sports sedan with gobs of horsepower, tires made from Superglue and a taut suspension. It’ll also cost you an M-azing 80 grand. For those who don’t need the full magilla, there’s the BMW M-line which offers M3-like style but without the nuclear power plant under the hood. M style without the M-egaprice. ...Read more

Paul Brady/Dreamstime/TNS

The Week Ahead: Looking for signs of softening

Business / Business News /

The Federal Reserve building in Washington, D.C. is encased in rock. It’s Creole marble from Georgia. The stone is considered relatively soft, which makes it easier to cut. The marble strikes a majestic image of stability and resoluteness just blocks from the Potomac River.

The central bank’s fortitude will be tested in the months ahead. ...Read more