Simone Del Rosario
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GDP is negative for second consecutive quarter, economy shrinks 0.9%
The U.S. economy shrank for the second straight quarter, stoking recession fears. Government data showed Thursday that the country’s gross domestic product contracted by 0.9% in the second quarter, following a 1.6% contraction the first quarter of the year. Traditionally, people think of a recession as two consecutive quarters of negative growth, which is what… -
What recession? Fed forges ahead with jumbo interest rate hike
The Federal Reserve Wednesday announced its fourth interest rate hike in as many months as the central bank tries to rein in 4-decade high inflation. Following its July meeting, the committee voted to raise the benchmark rate by another 0.75%, identical to the supersized hike in June, which hadn’t been done before that since 1994.… -
China is trying to steal Fed info and recruit employees: Senate report
China is trying to infiltrate the U.S. Federal Reserve and steal information and influence, according to a senior Senate Republican. In a report released Tuesday, Ohio Sen. Rob Portman, ranking member of the Senate Committee on Homeland Security, said China has been targeting the central bank since at least 2013. The 48-page report, based on… -
Wheat prices spike after Russia attacks Odesa, shaking confidence in export deal
Wheat prices jumped Monday morning after Russia’s weekend attack on the major Ukrainian port of Odesa. The missile strikes penetrated doubt in a UN-backed deal reached Friday to resume Ukraine grain exports, which have been piling up since Russia’s invasion, contributing to a global food crisis. On the day of the deal, wheat futures had… -
5 reasons weddings are more expensive than ever this year
Wedding season is in full swing and this year especially, there’s a good chance you’ve received at least one save-the-date in the mail. Whether you are involved in the planning or simply attending a loved one’s nuptials, it’s going to cost you more than previous years. Weddings are a $58 billion per year industry, and… -
Think a recession is 2 consecutive quarters of negative growth? Think again.
Government data shows the U.S. economy shrank the first six months of 2022. With slowing growth, a bear market and ever-tightening Federal Reserve monetary policies, recession warning signs are flashing in many areas of the economy. Current conditions have experts debating whether the U.S. is heading toward a recession or is already in one. At… -
Elon Musk might pay Twitter $1 billion breakup fee. Here’s the most expensive.
Twitter has filed a lawsuit against Elon Musk in an effort to force the world’s richest man to honor his agreement to purchase the social media site. Musk is attempting to terminate the $44 billion deal last week amid concerns about bots and spam accounts on the site. If Twitter doesn’t win its argument, there… -
Investors predict supersized interest rate hike by Fed after red-hot inflation
The U.S. hasn’t seen inflation this high since 1981, raising the possibility the Federal Reserve may do something it hasn’t done since then to tame it: That is to raise its benchmark interest rate by a full percentage point at one time. The possibility is being penciled in after June’s 9.1% consumer price report. Atlanta… -
June CPI report: 9.1% increase in prices over last year, core CPI at 5.9%
According to the Labor Department’s Consumer Price Index (CPI) report for the month of June, prices increased on both a monthly and annual basis, by 1.3% and 9.1%, respectively. As seen in previous months, year-to-year inflation set another 40+-year high in June, going all the way back to 1981. The record inflation continues to be… -
London’s Heathrow Airport latest to ask airlines to stop selling summer tickets
London’s Heathrow Airport is asking airlines to stop selling tickets for the rest of the summer after failing to keep up with unprecedented travel growth. The airport also plans to cap travelers at 100,000 per day, leading to potential cancelations for booked travelers. In an open letter to passengers, Heathrow CEO John Holland-Kaye said the… -
Twitter shares sink ahead of legal fight after Elon Musk abandons buyout
Twitter shares sank 6% at Monday’s market open as investors reacted to Elon Musk backing out of his deal to buy the company. Twitter’s board plans to sue the eccentric billionaire to hold him to his $44 billion takeover deal he made three months ago. On April 25, when Twitter accepted the deal, shares closed… -
Inflation, oil, stocks lead 5 signs of imminent recession
We’re hearing more and more that the U.S. is on the verge of a recession, which is traditionally seen as two consecutive quarters of economic contraction, or a decline in gross domestic product. Officially, the National Bureau of Economic Research, which makes the final call, says it is “a significant decline in economic activity that… -
Expert: ‘Very bad idea’ for Biden to ban oil exports to lower gas prices
While decreasing gas demand has prices below June’s record highs, the cost per gallon is still at levels never seen before this year. Despite President Joe Biden’s efforts to paint the problem as “Putin’s price hike,” the political pressure is on the Biden administration to lower domestic prices, though most of its ideas are being…
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Court says schools don’t have to inform parents if child changes pronouns
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Utah set to become first state to ban fluoride in public water systems
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MLB testing robot umpires in spring training: How will they work?
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Musk’s Starlink gets FAA contract raising conflict of interest concerns
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White House can continue restricting AP’s press privileges, judge rules
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