Business - Page 18

Microsoft to Lay Off 9,000 Workers Amid Restructuring

Microsoft said Wednesday that it will lay off about 9,000 employees. The move will affect less than 4% of its global workforce across different teams, geographies and levels of experience, a person familiar with the matter told CNBC. The announcement comes on the second day of Microsoft’s 2026 fiscal year. Executives at the Redmond, Washington-based company typically unveil reorganizations at the time of the new fiscal year. “We continue to implement organizational changes necessary to best position the company and teams for success in a dynamic marketplace,” a Microsoft spokesperson said in an email. Microsoft has held several rounds of layoffs

JCSU Placed on Probation Over Financial Oversight Issues

Written By Lexx Thornton Johnson C. Smith University (JCSU), a private HBCU in Charlotte, has been placed on probationfor financial responsibility concerns by its accrediting agency. This action raises questions about the school’s fiscal stability but stops short of removing its accreditation. The Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) issued the probationary sanction on June 12, citing ongoing failures to meet financial oversight and compliance standards. The decision follows a review of asecond monitoring report initiated in2023. The university remains fully accredited during this period. Probation for good cause is the most serious sanction short of

Gen Z Sets $600K Salary Goal in New Financial Success Study

Written By Lexx Thornton The study reveals that younger generations, particularly Gen Z, have set ambitious financial goals. Gen Z respondents believe that an annual salary of approximately $600,000 is necessary to achieve financial success, a figure that is nearly nine times the national average. In contrast, older generations, such as baby boomers, have more modest income expectations.However, all generations have a big gap between how they define success and the reality of the national average. Let’s take a look at how each generation defines a successful income and the reality for each cohort: Gen Z (born between 1997 and

Millions Face Wage Garnishment Over Student Loan Defaults

Written By Lexx Thornton Nearly 2 million student loan borrowers are at risk of having their wages garnished by the government this summer, according to TransUnion.  The credit-reporting company found that roughly six million federal student loan borrowers were 90 days or more past due between February and April, making them delinquent. Approximately one-third of them, or 2 million borrowers, could default in July.   Data shows a sharp increase in the number of delinquent borrowers following the end of a pandemic-era reprieve on student debt payments. Borrowers fall into default when they fail to make a loan payment for 270

HBCU Research at Risk Amid DEI Grant Cancellations

Written By Lexx Thornton Days after President Trump’s administration began to cancel thousands of diversity- and equity-related grants, Tennessee State University’s Quincy Quick found himself in a virtual meeting with other vice presidents of research from around the country trying to make sense of their new reality.   In less than three years, Quick helped raise $100 million in research grants, launch an AI research center, and bring Tennessee State significantly closer to becoming the second historically Black college and university to receive Research I status. But many of those grants focused on serving Black students and Black communities, a core

Social Security, Medicare Funds May Run Dry by 2033

Written by Lexx Thornton The trust funds for Social Security and Medicaid will run out of money in as little as 8 years, a shorter time frame than previously estimated. The Social Security fund will run dry in 2033, unless Congress combines the program’s old-age and disability funds, in which case insolvency would arrive in 2034, the report found. A finding last year predicted Social Security would become insolvent in 2035 or 2036.   Medicare’s hospital insurance fund is expected to run out of money in 2033. “Social Security and Medicare are vital programs that support tens of millions of Americans

McDonald’s Faces Boycott Over DEI Rollback Decision

By Curtis Bunn McDonald’s faces a national boycott in response to its January announcement that it would dial back some of its diversity equity and inclusion programs for employees. The grassroots progressive group The People’s Union USA, has called for an “economic blackout” of the fast-food giant starting Tuesday. The group also helped organize boycotts of other major retailers this year, including Target and Walmart, for their retreat on DEI policies. Earlier this year, Mickey D’s announced it would end its practice of aiming for specific diversity goals in senior leadership ranks. Additionally, the company stopped a program that urged its suppliers to implement diversity training

FICO to Add Buy Now, Pay Later Loans to Credit Scores

Written by Lexx Thornton How well—or how poorly—Americans manage their Buy Now, Pay Later loans may soon be reflected in their credit scores. FICO plans to launch a suite of credit scores later this year that incorporate BNPL data, providing lenders a window into what’s been a big blind spot: consumers’ repayment behavior on these increasingly popular installment loans. BNPL loans can serve as an alternative to credit cards and are used by consumers who are seeking more flexible payment options, who want to overcome a tight financial spot, or who are looking to smooth out some bigger transactions to

Red Lobster Revamps Menu With Fan Favorites & $5 Deals

Written by Lexx Thornton News of the revamped menu comes after a series of changes at Red Lobster. In May 2024, Red Lobster applied for bankruptcy and months later was bought out by RL Investor Holdings LLC. Adamolekun was then brought in as Red Lobster’s new CEO. “With our new backers, we have a comprehensive and long-term investment plan — including a commitment of more than $60 million in new funding — that will help to reinvigorate the iconic brand while keeping the best of its history,” Adamolekun said in a Sept. 5   A successful menu revamp can increase foot

What WW3 With Iran Could Cost the U.S. and the World

Written By Lexx Thornton Estimating the cost of a hypothetical World War III (WW3) to the United States is a complex and multifaceted process that depends heavily on the scale, duration, weapons used (e.g.,conventional vs. nuclear), geographic spread, and economic consequences.If World War III were to involve the U.S. and Iran as the primary adversaries, the scope and cost would be dramatically lower than a global or nuclear world war—but still devastating, depending on the escalation and involvement of allies. Let’s think hypothetically and see what possible costs would come along with World War III. IfIran acquires or uses nuclear

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