The CEOs of S&P 500 companies earned an average of $18.3 million last year — an increase of 18.2% and more than double the U.S. inflation rate, according to a new report from the AFL-CIO labor union. The union’s annual report on executive compensation, which has become a benchmark for rising …
Read More »Demand for mortgages is dropping and so are interest rates
House hunters are seeing a bright spot in the market this month, as mortgage rates have dropped slightly and the amount of homes available for purchase has increased. Housing inventory, the industry’s term for the number of homes for sale, grew 29% compared to a year ago, according to data from …
Read More »Delta drops rebooking fees ahead of “potentially challenging” July 4 weekend
Delta Air Lines says it is expecting “operational challenges” during the July Fourth weekend, as flight delays and cancellations surge across the U.S. The airline is preparing for a level of travel “not seen since before the pandemic,” according to a message to customers posted on Delta’s website. In anticipation of delays, the airline …
Read More »U.S. has 40% chance of tumbling into recession next year, Wall Street analysts say
The U.S. has a 40% chance of entering a recession in 2023, Wall Street analysts say, noting that the odds of a downturn happening this year are low. In a client note, Bank of America Global Research also criticized the Federal Reserve for failing to move earlier to raise interest …
Read More »The IRS is sending millions of tax payment letters this month. Don’t ignore them.
The IRS this month will send millions of letters to taxpayers whom it believes underpaid the tax agency. It’s important to pay attention to this letter — called a CP14 — because ignoring it could lead to penalties, according to Jackson Hewitt chief tax information officer Mark Steber. The IRS …
Read More »Klarna faces backlash after CEO shares names of laid
Klarna Bank is playing defense after its CEO stirred controversy by publishing on LinkedIn the names of hundreds of employees the lender had recently laid off. The financial technology company said last week that it would cut about 10% of its roughly 5,000 workers to trim costs after a loss of $487 …
Read More »S&P 500 fends off a bear market at the end of another brutal week
Stocks clawed back losses on Friday, with the S&P 500 fending off a brief entry into bear market territory, its first in 20 years. The S&P closed up one point, or 0.01%, to 3,901, while the Dow Jones Industrial Average rose 9 points, or 0.03%, to 31,262. The tech-heavy Nasdaq …
Read More »California minimum wage will rise to $15.50 in 2023
California’s minimum wage will jump to $15.50 per hour next year, an increase triggered by soaring inflation that will benefit about 3 million workers in the state. The increase is required by a state law passed in 2016. But it comes at a good time for Democrats in the nation’s …
Read More »Feds tell Frontier Communications to stop lying about internet speeds
Frontier Communications must stop lying to consumers and charging them high-speed prices for slow internet service, the Federal Trade Commission said Thursday. Under a proposed order by the agency and two California law enforcement agencies, the Norwalk, Connecticut-based internet service provider will be prohibited from misleading consumers about its slow …
Read More »If Twitter goes private under Elon Musk, how will it change and what could it do?
If Elon Musk and Twitter get their way, the company will soon be privately held and under the billionaire’s control. The most obvious immediate change would be Twitter’s stock being taken off the New York Stock Exchange. But the company would also likely be freed from having to give regular updates about …
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