• Business

    Fed’s preferred inflation measure shows signs of cooling

    Related media – Breaking news The Federal Reserve’s favored measure of inflation continues to show signs of cooling, accompanied by moderate consumer spending growth—welcome news for central bankers aiming to control rising prices and curb demand. In May, the personal consumption expenditures (PCE) index increased by 2.6% compared to the previous year, meeting economists’ expectations and slightly down from April’s 2.7% increase. Excluding the more volatile food and fuel prices, the “core” inflation measure also rose 2.6% year-over-year, down from 2.8% in April. On a monthly basis, inflation remained particularly mild, with overall prices showing no significant increase. The Federal…

  • Business

    Boeing in hot water again for sharing details of plane incident investigation

    Related media – Latest news Boeing is facing fresh criticism after a disclosure about a January incident involving a 737 Max plane. During a factory tour, a Boeing executive revealed details about the missing bolts that led to a panel detaching mid-flight. This information sharing angered the National Transportation Safety Board (NTSB), who called it a “blatant violation” of their investigation rules. The NTSB is investigating the incident and says Boeing isn’t allowed to discuss details or speculate on causes. As punishment, they’ll restrict Boeing’s access to investigation info and bar them from questioning others at an upcoming hearing. This…

  • Business

    Anthony O’Reilly, the flamboyant Irish tycoon who ran Heinz, has died at 88

    More news – Latest news Anthony J.F. O’Reilly, a charming, ambitious, Irish-born former president of the H.J. Heinz Company, who also owned newspapers, luxury brands, and trophy houses in France and the Bahamas, only to lose nearly everything in his eighth decade, died on 18 May in Dublin. He was 88 years old. The Irish Times and other Irish newspapers, citing a family spokesperson, said he died in hospital. No cause was given. From his earliest days, Mr. O’Reilly, known as Tony, showed an embarrassment about gifts. He was a top-flight rugby player while still a teenager: the “red-haired pin-up…

  • Business

    EU takes aim at Microsoft Teams bundling, saying it stifles competition

    Related media – Recent news The European Union (EU) is accusing Microsoft of foul play after regulators charged the tech giant with unfairly bundling its popular Teams video conferencing software with its Office suite. This practice, the EU says, gives Teams an unfair advantage over competitors like Zoom and Slack. The issue centers on how Microsoft packages Teams within its Office 365 and Microsoft 365 subscriptions, which include programs like Word, Excel, and Outlook. Regulators believe this bundling essentially forces companies to adopt Teams if they want those other widely used Microsoft programs. This, they argue, hurts competition by limiting…

  • Business

    Passenger restrained with duct tape during flight risks a fine

    Related media – Recent news An American Airlines passenger who kicked and spit at flight attendants and passengers and attempted to open the cabin door before being secured to a seat with duct tape is being sued by the Federal Aviation Administration for $81,950 , the largest fine ever issued by the agency for unruly behavior. The passenger, Heather Wells, 34, of San Antonio, was traveling first class from Dallas-Fort Worth International Airport in Texas to Charlotte Douglas International Airport in Charlotte, North Carolina, on July 7, 2021, when approximately an hour into the flight she ordered a Jack Daniel’s…

  • Business

    Biden proposes eliminating medical debt from credit reports

    More news – Latest news That has changed significantly in recent years, as the three national credit reporting agencies – TransUnion, Equifax and Experian – have eliminated much of that debt from credit reports. Over the past two years, they have stopped reporting debts under $500 and debts less than a year in collections. According to a recent study by the Urban Institute, these changes have erased medical debt from the credit reports of millions of Americans. The percentage of Americans with unpaid healthcare bills on their credit reports dropped from 12% in August 2022 to 5% in August 2023.…

  • Business

    Amazon fined nearly $6 million over warehouse labor quotas

    Related media – Recent news An Amazon spokesperson said in a statement that the company is appealing the sanctions and denied that the company used “fixed quotas.” Spokeswoman Maureen Lynch Vogel said “individual performance is evaluated over an extended period of time, relative to the performance of the entire site team” and that workers can “review their performance whenever they wish.” . California law also prohibits quotas that interfere with employees’ ability to take mandatory breaks or use the bathroom, or that prevent employers from following state health and safety laws. Experts said the law was among the first in…

  • Business

    UAW reaches agreement on pay and safety at electric vehicle battery plant

    Related media – Latest news GM and Ultium released statements saying they were pleased with the deal. The union has said it wants to use the Ultium Cells contract as a model to negotiate local deals at other battery plants that GM and its Detroit rivals are building. GM began production this year at a battery plant in Spring Hill, Tennessee, and has another under construction in Lansing, Michigan. Ford Motor plans two battery plants in Kentucky, one in Tennessee and one in Michigan. Stellantis, the maker of Chrysler, Jeep, Dodge and Ram vehicles, plans two battery plants in Indiana.…

  • Business

    Google CEO testifies in Ozy Media founder’s fraud trial

    Related media – Recent news At the center of the federal criminal trial is an incident in 2021 in which Mr. Watson’s deputy deceived Goldman Sachs employees on a fundraising call by posing as a YouTube executive. The revelation of the call precipitated Ozy’s downfall. Defense lawyers for Mr. Watson and Ozy blamed his deputy, Samir Rao, for the fake phone call and for misrepresenting Ozy’s financial data to potential investors. Ms. Frison said in her opening statement in May that Mr. Rao was “incompetent for the role he was filling.” Mr. Rao and Suzee Han, Ozy’s former chief of…

  • Business

    Spicy noodles and pickled fish: Chinese restaurants move to Hong Kong

    More news – Recent news In the Shek Tong Tsui area, where Return Home Hunan opened in May, many of the brightly colored restaurants – once mainstays of the neighborhood – had recently closed their doors. A restaurant that served cheap noodles and milk tea was gone, as was a restaurant where retirees gathered to eat dim sum and catch up on the day’s news. “The restaurant business is hard work,” said Roy Tse, the owner of a local restaurant that sold lunch rice dishes once popular among office workers in Hong Kong’s Taikoo Shing business district. There are fewer…