Business - Page 3

Widespread Verizon outage resolved after prompting emergency alerts in Washington, New York City

By Steve Kopack and Brian Cheung Verizon said Wednesday night that its wireless service was back online after having suffered an outage affecting cellular data and voice services for much of the day. A spokesperson for the company said shortly after 10 p.m. ET that the outage was resolved. “If customers are still having an issue, we encourage them to restart their devices to reconnect to the network,” the spokesperson sad in a statement. The spokesperson apologized for the outage and said customers would be given account credits, and that details would be shared with customers directly. The nation’s largest wireless carrier had

Saks Global files for bankruptcy

By Josh Cradduck and Reuters The company that owns the iconic luxury retailer Saks Fifth Avenue filed for bankruptcy late Tuesday. The move comes after Saks Global struggled with debt it took on to buy rival Neiman Marcus, lagging department store sales and a rising online market. It’s one of the largest retail collapses since the Covid-19 pandemic, and casts further doubt over the future of luxury fashion. The retailer, which also owns Bergdorf Goodman, said early Wednesday its stores would remain open for now after it finalized a $1.75 billion financing package and appointed a new CEO. The court process is meant to give

The sale of a north Louisiana company has led to $250 Million in Bonuses for hundreds of workers

By Lexx Thornton The sale of a north Louisiana company has led to some life-changing bonuses for hundreds of workers. Graham Walker, the outgoing CEO of Fibrebond, made sure that about 15% of the proceeds from the sale of his family’s company would go to their 540 full-time employees, according to The Wall Street Journal.  The bonuses came out to about $443,000 each – paid out over the next 5 years if the employees stay with the Minden, Louisiana, company.  Walker’s father, Claud Walker, started Fibrebond in 1982. The company has been through many changes over the decades and found

Holiday Travelers Expected to Save as Gas Prices Drop to $2.79 Christmas Day

By: Amanda Macias  As Americans travel to spend the holidays with loved ones, lower and steadier gas prices are shaping up to be an early Christmas gift after years of sticker shock.  GasBuddy projects the national average gas price on Christmas Day will hover around $2.79 a gallon, down from $3 a year ago, saving drivers more than half a billion dollars over the holiday week.  The projected 2025 price puts Christmas gas costs roughly in line with where they were before the COVID-19 pandemic upended energy markets.  “Provided there are no surprises, holiday travelers should see pump prices that

Ford recalls nearly 273,000 vehicles over rollaway risk

By Mary Cunningham Ford Motor is recalling nearly 273,000 vehicles due to an issue with the parking function that could cause cars to roll away, increasing the risk of a crash, according to the National Highway Traffic Safety Administration (NHTSA). The recall affects certain F-150 Lightning BEV pickup trucks with model years 2022-2026; Mustang Mach-E cars with model years 2024-2026; and Maverick pickups with model years 2025-2026. The integrated parking module in those vehicles may fail to lock into park when drivers shift into that gear, NHTSA said in a notice. Ford plans to issue letters notifying owners of the issue

Mature Markets Push Global Debt to Record Near $346 Trillion

By Rodrigo Campos  Developed markets led a borrowing push that lifted global debt to nearly $346 trillion at the end of the third quarter, while a pending ruling on the legality of U.S. tariffs could force even more U.S. issuance, a banking trade group said.  The Institute of International Finance said total debt reached $345.7 trillion by the end of September, equivalent to about 310% of global GDP, a relatively steady ratio since mid-2022. A softer U.S. greenback helped inflate the value of most local-currency liabilities when translated into dollar terms.  “Most of the overall rise came from mature markets,

Rep. Dan Goldman Introduces New Tax On Wealthiest Americans Generating An Estimated $276 Billion In Revenue

Written By Lexx Thornton Congressman Dan Goldman (NY-10) today introduced the Redistribution of Billions by Instituting New High-Income Obligations on Overlooked Debt(ROBINHOOD) Act, a new federal tax on the ultra-wealthy designed to address one of the most glaring failures in the current tax code: the ability of the uber-wealthy to access enormous amounts of money tax-free while paying staggeringly low effective tax rates.  Rep. Goldman’s ROBINHOOD Act would address this tax avoidance strategy by imposing a 20% excise tax on loans and lines of credit backed by capital assets. By making the ultra-wealthy pay their fair share, conservative estimates suggest

PayPal Applies to Form Bank that Can Offer Small Business Loans and Savings Accounts

By: Jordan Novet  PayPal said Monday that it has applied for approval to form PayPal Bank, which would be able to offer loans to small businesses.  “Establishing PayPal Bank will strengthen our business and improve our efficiency, enabling us to better support small business growth and economic opportunities across the U.S.,” PayPal CEO Alex Chriss said in a statement.  The U.S. Federal Deposit Insurance Corporation will review an application proposing the establishment of PayPal Bank, along with Utah’s Department of Financial Institutions, PayPal said.  The company, which owns popular payment app Venmo, hopes to also offer interest-bearing savings accounts to

Credit Giants Under Fire Equifax and Experian Sued Over Report Errors and ‘Sham’ Disputes

Written by Lexx Thornton The two largest credit reporting agencies, Equifax and Experian, are facing significant legal action from consumers and federal regulators over allegations that they systemically place inaccurate information on credit reports and then fail to properly investigate and correct those errors when consumers file a dispute.  The core of the issue revolves around alleged violations of the Fair Credit Reporting Act (FCRA), which legally obligates these agencies to ensure maximum possible accuracy and conduct a reasonable investigation into any information disputed by a consumer.  Recent lawsuits and regulatory actions, most notably from the Consumer Financial Protection Bureau

Michigan House Blocks Funding for Flint Water Crisis Programs

by Lexx Thornton The Michigan House has voted to block $8.3 million in funding allocated for Flint water crisis programs.  Republican House Speaker Matt Hall described the funding for the aftermath of the Flint water crisis as part of the waste that House Republicans aimed to cut from slush funds.  “The Flint drinking water emergency is over,” Hall said. “Even Gov. Whitmer has acknowledged that, but they continue to want to fund it and squirrel away money for it. That isn’t happening.”  The cuts affect support services for Flint students, including psychologists, nurses, social workers, and counselors. Additionally, funding for

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