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Glen Stubbe/Minneapolis Star Tribune/TNS

Interest rates could stay high 'indefinitely,' says Minneapolis Fed president Kashkari

Business / Business News /

The Federal Reserve has made no secret of its plan to keep interest rates higher as it seeks to tame inflation coming out of the COVID-19 pandemic, but it's now looking like rates could stay higher for much longer than anticipated.

Despite the Fed's efforts to pump the brakes on the U.S. economy by holding interest rates at 5.25% to 5.5% since ...Read more

Dean Musgrove/Los Angeles Daily News/TNS

Bill advances in Sacramento to make social media pay for harm to California kids

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Social media platforms may be held financially liable for harm caused to California’s minors thanks to a bill authored by Assemblymember Josh Lowenthal, D-Long Beach.

AB 3172 would impose financial liabilities on large social media companies if a court finds that they knowingly offered products or design features that resulted in harm to ...Read more

Lionel Bonaventure/Getty Images of North America/TNS

OpenAI forms safety and security committee as concerns mount about AI

Business / Business News /

ChatGPT creator OpenAI on Tuesday said it formed a safety and security committee to evaluate the company's processes and safeguards as concerns mount over the use of rapidly developing artificial intelligence technology.

The committee is expected to take 90 days to finish its evaluation. After that, it will present the company's full board with...Read more

Gina Ferazzi/Los Angeles Times/TNS

Building warehouses comes with the promise of jobs. Here's what those positions look like

Business / Business News /

As the warehousing industry in Philadelphia expanded and development boomed, so, too, did warehouse employment.

The most plentiful jobs, at the entry level, are often physically demanding. "It's a wear and tear on your body. It's a job that's on your feet, all day, moving," said H. Patrick Clancy, president and CEO of Philadelphia Works, a ...Read more

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Federal ammunition owner gets sweetened offer from Czech company, rejects latest from US investors

Business / Business News /

Vista Outdoor said Tuesday that the Czech company CSG Group has raised its bid for its ammunition brands, including Federal, by $50 million.

The Anoka, Minnesota-based Vista also said it rejected a revised offer from MNC Capital Partners to take the whole company private, despite continued pressure from conservative politicians to sell the ...Read more

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In a first, Cuba's private business owners will be able to use US banks, Treasury says

Business / Business News /

The Biden administration will finally allow Cuban independent entrepreneurs to open bank accounts in the United States remotely from the island, among other measures to support the private sector in Cuba that were halted for months due to objections from Congress.

Senior administration officials told reporters on Tuesday that the Treasury ...Read more

After year of culture wars, bosses are talking less about ESG

Business / Business News /

ESG was near the top of just about every top executive’s talking points just a few years ago.

Now, tired of drawing flak from activists on either side of the political spectrum, many CEOs have decided to bottle it up — particularly in the U.S.

Bloomberg scrutinized transcripts of financial presentations by the 100 biggest European and ...Read more

Hemp beverage brewers fear Illinois hemp ban will end fledgling industry

Business / Business News /

Just after popping the lid off a new market, hemp beverage makers fear a proposal to ban intoxicating hemp products in Illinois would end their new business.

The proposed ban by lawmakers is meant to rein in a wild west of hemp products that includes knockoff and mislabeled edibles and vapes that are sold without age limits or regulations. But...Read more

As more Californians fall behind in making debt payments, one group stands out

Business / Business News /

Stubbornly high inflation and interest rates are taking an increasing toll in California as the state experiences rising unemployment and slowing wage gains. And those feeling it the hardest: the largest and perhaps most budget-minded generation of them all.

Millennials, those roughly 28 to 43 years old, are generally thought to be more averse ...Read more

All aboard the Auto Train: Amtrak takes riders, cars from Sanford, Florida, to D.C.

Business / Business News /

For all the fabled glory and hype surrounding the idea of a great American road trip, there are practical concerns to contend with — from the stress of battling traffic to bathroom stops and breakdowns.

One of Amtrak’s non-stop routes aims to satisfy the needs of snowbirds and tourists looking to save hundreds of miles of driving and the ...Read more

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Motormouth: How many miles does truck need?

Business / Business News /

Q: I have a 2016 Ford F-350 single wheel rear axle that I bought for towing my camper. I also have a company car that I drive daily. My F-350 only has 40,000 miles on it so it is a weekend driver and I usually drive it on Fridays just to put miles on it. Does this damage the motor? I have heard pros and cons to both. I’d appreciate your input....Read more

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Memorial Day air travel boom highlights thriving jet fuel demand

Business / Business News /

Roshni Sharma is one of the many American travelers opting against the traditional road trip this Memorial Day weekend and choosing instead to fly.

The 27-year-old nurse from Alexandria, Virginia, typically drives to her parents’ house in Pennsylvania for Memorial Day, but this year she and her husband are flying to Austin, Texas, to visit a ...Read more

Andrew Harnik/Getty Images North America/TNS

TSA screened nearly 3 million passengers at US airports on Friday – busiest day on record

Business / Business News /

NEW YORK — Nearly 3 million airline travelers passed through security checkpoints at airports across the United States on Friday, setting a new record for the highest number of passengers screened in a single day, the Transportation Security Administration said.

The history-making day, part of Memorial Day weekend travel plans, surpassed by ...Read more

Memorial Day air travel boom highlights thriving jet fuel demand

Business / Business News /

Roshni Sharma is one of the many American travelers opting against the traditional road trip this Memorial Day weekend and choosing instead to fly.

The 27-year-old nurse from Alexandria, Virginia, typically drives to her parents’ house in Pennsylvania for Memorial Day, but this year she and her husband are flying to Austin, Texas, to visit a ...Read more

California hotel strike nears end as union reaches more tentative deals with holdouts

Business / Business News /

The almost 10-month-old strike that initially involved roughly 60 hotels and more than 15,000 workers in Los Angeles and Orange counties is nearing its end.

In late April, the powerful hospitality union Unite Here Local 11 announced it had reached tentative contract agreements with 12 Southern California hotels. And on Friday, Unite Here ...Read more

Biden extends tariff exemptions on some imports from China

Business / Business News /

President Joe Biden plans to extend tariff exemptions on hundreds of products from China for two weeks as a transition period before reimposing duties on some of them, and will continue exclusions for some others until the middle of next year, the office of the U.S. Trade Representative said.

The exemptions were set to expire at the end of this...Read more

Andrew Caballero-Reynolds/AFP/Getty Images North America/TNS

UAW asks NLRB to reject Mercedes vote results, order new election

Business / Business News /

The United Auto Workers asked federal officials Friday to reject the results of last week's failed Mercedes-Benz unionization vote and order a new election.

The Detroit-based union wants the National Labor Relations Board to void the organizing election the union lost last week at the Mercedes complex in Vance, Alabama — a vote that delivered...Read more

With new Charter Spectrum distribution deal, Paramount breathes a sigh of relief

Business / Business News /

Paramount Global and Charter Communications have agreed to a new distribution deal for Paramount's CBS network and cable channels, easing a concern that had threatened to complicate the media company's sale talks.

The last three-year contract covering CBS and Paramount's 25 cable networks expired April 30, but the two sides continued ...Read more

Andrew Caballero-Reynolds/AFP/Getty Images North America/TNS

UAW asks NLRB to reject Mercedes vote results, order new election

Business / Business News /

The United Auto Workers is asking federal officials to reject the results of last week's failed Mercedes-Benz unionization vote and order a new election.

The Detroit union wants the National Labor Relations Board to void the organizing election the union lost at the Mercedes Vance, Alabama, plant and order a new election on the grounds that the...Read more

Tyger Williams/The Philadelphia Inquirer/TNS

'A cheeseburger at this point is a luxury': Why the all-American staple costs more this summer

Business / Business News /

Amber Lee has a hard time stomaching the ground beef section at her local Wegmans.

Lee eats beef. She just can't bring herself to pay for it.

"A cheeseburger at this point is a luxury," said Lee, 36, a mother of two from Downingtown, Pennsylvania.

As beef prices have surged, Lee, a part-time mental health counselor, and her husband, a UPS ...Read more