By Alice Seeley The Labor Department (DOL) reported that 4.5 million Americans quit their jobs in March. This number increased from 4.4 million in February and beat the previous record reached in November 2021. The data from DOL revealed that many Americans quit their jobs in the hope of better salaries, working conditions, and more flexible work hours. [...]
By Alice Seeley The Consumer Financial Protection Bureau (CFPB) ordered Bank of America Corp., the second-largest bank in the U.S., to pay a $10 million civil penalty for processing garnishments against customer bank accounts that violated state laws. The U.S. consumer watchdog also ordered Bank of America to repay the fees that the lender charged customers when garnishing wages. [...]
By Alice Seeley Spirit Airlines has rejected JetBlue Airlines' $33-per-share takeover offer, claiming the deal had little chance of regulatory approval. In a letter addressed to JetBlue, Spirit Airline executives stated they had determined that JetBlue's acquisition offer would be unlikely to secure regulatory approval as long as that airline's recently announced partnership with American Airlines was in effect. [...]
By Alice Seeley On April 28, The Food and Drug Administration (FDA) issued a long-awaited proposal to ban menthol cigarettes and flavored cigars. The ban would prohibit the sale of menthol cigarettes and all flavored cigars. The FDA said it is considering exemptions on a case-by-case basis for certain products, such as heated-tobacco devices or cigarettes with very low [...]
By Alice Seeley On April 28, the Commerce Department reported that the U.S. gross domestic product annual rate fell by 1.4% in the first quarter of 2022, mainly due to disruptions in supply chain management. This is a sharp reversal from the 6.9% annual growth rate in the fourth quarter of 2021 and comes less than a week before the Federal [...]
By Alice Seeley On April 28, the Biden administration asked Congress for $33 billion in funding to respond to the Russian invasion of Ukraine. This is more than double the $14 billion in support for Ukraine authorized so far, according to senior administration officials. This request is the largest single funding proposal of the war in Ukraine. President Joe Biden emphasized [...]
By Alice Seeley On April 25, the Food and Drug Administration announced that Lakeside Refrigerated Services is recalling more than 60 tons of ground beef products that may be contaminated with E. coli. The beef products recalled were produced from Feb. 1 through April 8 and sold under brands including Thomas Farms, Nature's Reserve, Marketside Butcher, Weis, and Tajima. All of the products [...]
By Alice Seeley Price pressure on commercial fleets, large and small, continued this week as the nationwide average for diesel fuel increased from $5.11 to $5.16 per gallon, with the highest price in California at $6.223 a gallon, according to the U.S. Energy Information Administration. The price increase follows a 2.9-cent jump during the week ending April 18. This is the [...]
By Alice Seeley Orders at U.S. factories for durable goods meant to last at least three years, such as computers and cars, rose by 0.8% to a seasonally adjusted $275 billion in March, the Commerce Department reported on April 26. This increase matched the estimate by economists polled by the Wall Street Journal. The rise comes after a 1.7% decline in February. The report stated that [...]
By Alice Seeley After losing 200,000 subscribers in the first three months of 2022 and having its stock plummet more than 30%, Netflix is proactively combating further financial instability, canceling several in-development projects. Netflix has noticed a gradual downturn in its financial expansion over the past 12 months. The company's 9.8% year-on-year growth, according to its Q1 2022 shareholders' letter, [...]
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