Business - Page 4

Kevin Hassett Warns Shutdown Costs $15B Weekly to Economy

Written By Lexx Thornton National Economic Council Director Kevin Hassett warned Monday that the government shutdown could cost the U.S. economy approximately $15 billion a week. In an interview on CNBC’s “Squawk Box,” Hassett cited an internal White House report suggesting the shutdown could have serious economic consequences if it continues for too long.  “My friends over at the Council of Economic Advisers gave me a report at the end of the week that said that it costs the U.S. GDP [gross domestic product] about $15 billion a week for a shutdown, or about a tenth of a percent of

Rite Aid Closes All Stores After Second Bankruptcy

Written By Lexx Thornton Pharmacy chain Rite Aid closed all of its locations after filing for bankruptcy twice in less than two years. The retailer posted a brief announcement on its website. “All Rite Aid stores have now closed,” the site states. “We thank our loyal customers for their many years of support.”   The website offers former customers access to their pharmacy and immunization history, as well as assistance in finding pharmacies to which their prescriptions have been transferred. The drugstore chain operated in the U.S. for more than 60 years. The company had opportunities to merge with Walgreens in

Trump May Appear on 2026 U.S. Semiquincentennial Coin

Written by Lexx Thornton A portrait of President Donald Trump may be featured on a commemorative $1 coin issued by the United States Mint in honor of America’s 250th birthday in 2026, according to first drafts of the images confirmed by the US Treasury.  “No fake news here,” US Treasurer Brandon Beach posted on Xhttps://nam11.safelinks.protection.outlook.com/?url=https://x.com/TreasurerBeach/status/1974156375891804229&data=05|02|david.goldman@cnn.com|57fe5a7ae5684e30400208de02c19de7|0eb48825e8714459bc72d0ecd68f1f39|0|0|638951227788384732|Unknown|TWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ==|0|||&sdata=FutsG5cLyx3FqeC/pmaYP5dAGTXiKy9cFAPGtA2GIk8=&reserved=0in response to images of the coin on X. “These first drafts honoring America’s 250th Birthday and @POTUS are real. Looking forward to sharing more soon, once the obstructionist shutdown of the United States government is over.”  The draft images show Trump’s side profile on the

Amazon to Refund Prime Members in $2.5B FTC Settlement

Written By Lexx Thornton Amazon will soon have to refund some Prime members as part of a $2.5 billion settlement with the Federal Trade Commission – $1.5 billion of which will be returned directly to customers. It’s the FTC’s largest-ever settlement and the second-highest refund award in history.  The FTC said in a statement Thursday that Amazon “used sophisticated subscription traps” to trick online shoppers into enrolling in the company’s Prime services. It wrapped up a two-year dispute over the e-commerce giant allegedly manipulating consumers into signing up and then making it difficult for subscribers to cancel.  The FTC estimated

YouTube Settles Trump Lawsuit With $24.5 Million Payout

Written By Lexx Thornton YouTube agreed to pay $24.5 million to settle a lawsuit filed by President Donald Trump after he was suspended by social media platforms following the January 6, 2021, insurrection.  This makes Alphabet-owned YouTube the last of the three Big Tech social media companies sued by Trump — which included Meta and then Twitter, now called X — to settle over his removal from their platforms.  YouTube will pay $22 million to settle the claims made by Trump to the nonprofit Trust for the National Mall, which is “dedicated to restoring, preserving, and elevating the National Mall,

Atlanta Airport Loses $37M FAA Grant Over DEI Dispute

Written by Lexx Thornton Hartsfield-Jackson Atlanta International Airport has reportedly forfeited more than $37 million in federal grant funding this summer after refusing to accept new terms tied to diversity, equity, and inclusion (DEI) programs, according to The Atlanta Journal-Constitution. The money was part of a larger $57 million package from the Federal Aviation Administration intended for restroom upgrades, taxiway repairs, and sustainability projects. While the city still qualifies for future funding, this year’s allocation has been lost.   The city has said the airport can pursue other financing options without disrupting passengers or service providers. Officials emphasized that federal money

Trump Admin Pulls $8M CPS Grant Over Equity, Trans Policies

Written By Lexx Thornton The Trump administration told Chicago Public Schools on Tuesday that it will cancel a grant after the school district failed to abolish the Black Student Success Plan, as the U.S. Department of Education’s Office of Civil Rights demanded.  CPS also refused to comply with the federal government’s second demand, that it issue a statement barring transgender students from using bathrooms or competing in sports that coincide with their gender identity.  Craig Trainor, the education department’s acting assistant secretary for civil rights, emailed CPS that “the school district fails to address the harms befalling CPS students while

Starbucks to Cut Jobs, Close 500 Stores in $1B Restructure

Written By Lexx Thornton Starbucks announced a $1 billion restructuring plan Thursday that involves closing some of its North American coffeehouses and laying off more workers as it moves ahead with its “Back to Starbucks” transformation under CEO Brian Niccol.  The number of company-operated stores in North America will decline by about 1% in fiscal 2025, accounting for both openings and closures, the company said in a Securities and Exchange Commission filing. That figure translates to roughly 500 gross closures, according to TD Cowen estimates.  Approximately 900 nonretail employees will be laid off on Friday, Starbucks said. Starbucks estimates that

Trump Seeks Billions in Fees from TikTok U.S. Deal

By Bobby Allyn, David Folkenflik The Trump administration recently approached a coalition of U.S. investors set to take over TikTok’s U.S. operations with an ask: Will the group make a payment to the federal government “in the low billions,” according to a person with direct knowledge of the talks. The response from the investors, which includes tech mogul Larry Ellison, the Murdochs and venture capital heavyweight Andreessen Horowitz, was an unequivocal yes. “Not a single member balked,” said the person, who was not authorized to speak publicly. “They see it as something of a finders’ fee.” Welcome to President Trump’s new business

New Home Sales Surge 20.5% in August Despite High Rates

Written by Lexx Thornton Sales of newly built homes rose a much larger-than-expected 20.5% in August compared with July to the highest level since January 2022, according to the U.S. Census. It is also the largest one-month gain since August 2022. Sales were 15.4% higher than in August 2024.  This count is based on people out shopping in August and signing deals, when the average rate on the 30-year fixed mortgage was higher than it is today. That rate started in August at 6.63%, according to Mortgage News Daily, and didn’t really move much during the month.  The sharp decline

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