Business - Page 5

Morehouse Alumni Raise Funds for Real Estate Institute

Executives from the commercial real estate industry—many of them Morehouse College alumni— gathered with friends and colleagues at MetLife Stadium for the third consecutive year to raise funds for the Morehouse Real Estate Institute (MREI), an academic initiative launching this fall. The fundraiser took place during the HBCU NY Classic, where Morehouse faced off against Howard University in a celebration of Black excellence, tradition, and leadership. This year’s event brought the group’s total fundraising to approximately $75,000 since the inaugural gathering in 2022. These contributions, alongside anchor investments from Prologis and Dominium, will help endow the Institute and support its mission to

TransUnion Data Breach Exposes 4.4M U.S. Consumers’ Info

Written By Lexx Thornton One of the three major credit bureaus fell prey to a cyberattack that exposed personal data from more than 4.4 million U.S. consumers.  TransUnion confirmed the breach, which involved a third-party application, on Aug. 28. According to the agency, the attack occurred on July 28 and was discovered two days later.  In a statement, TransUnion said it had “quickly contained the issue, which did not involve our core credit database or include credit reports.”  It’s offering affected customers two years of free access to its myTrueIdentity credit monitoring service. The name of the application was not

Target Boycott Deepens as Foot Traffic Declines Nationwide

Written By Lexx Thornton Foot traffic at retailer Target continued to decline through late summer, reports Fortune, dashing hopes of a back-to-school season turnaround. The new CEO, a longtime company insider, has his work cut out for him.  In August, foot traffic fell 3.3% year over year for Target, with the week beginning August 25 (which included the long Labor Day weekend) dropping 4.6%, marking its worst weekly decline in seven weeks, according to data from Placer.ai. At Target rival Costco, foot traffic was up 5.2% YoY for August, while Walmart was slightly down 0.6%.  Target downplayed the impact of

Disney Faces $3.8B Loss Amid Jimmy Kimmel Suspension

Written By Lexx Thornton According to Culture Base, the company’s market value reportedly dropped by $3.87 billion overnight. While Disney has not officially confirmed the figures, multiple outlets have noted a decline in stock prices. The controversy stems from ABC’s decision to suspend Jimmy Kimmel Live! following the remarks Kimmel made about conservative commentator Charlie Kirk’s assassination.   The decision has fueled an intense online debate, with hashtags such as #BoycottDisney trending on X (formerly Twitter). Many social media users argue the suspension reflects an attack on free speech and comedy. Some subscribers have announced cancellations of Disney+, Hulu, and ABC,

US Dollar Inches Up Ahead of Fed Meet After Hitting 4-Year Low

Written By Lexx Thornton After witnessing a steep decline and falling to a four-year low against the Euro on Tuesday, the US Dollar rose marginally on Wednesday ahead of the US Federal Reserve Meeting.  The dollar index, which tracks the US currency against six major peers, rose 0.20 per cent to 96.84 after touching 96.554 on Tuesday. Despite this uptick, the index has dropped nearly 11 per cent so far this year, and investors anticipate further declines following its recent pause.  On the contrary, the Euro rose 0.5 percent to reach $1.827 on Tuesday, marking its strongest level since September

Federal Reserve cuts rates, signals two more by year-end

Written By Lexx Thornton The Federal Reserve on Wednesday approved a widely anticipated rate cut and signaled that two more are on the way before the end of the year as concerns intensified over the U.S. labor market.  In an 11-to-1 vote signaling less dissent than Wall Street had anticipated, the Federal Open Market Committee lowered its benchmark overnight lending rate by a quarter percentage point. The decision puts the overnight funds rate in a range between 4.00%-4.25%.  Newly-installed Governor Stephen Miran was the only policymaker voting against the quarter-point move, instead advocating for a half-point cut.  Governors Michelle Bowman

FinCEN Rule Targets Money Laundering in All-Cash Home Deals

Written by Lexx Thornton The U.S. Treasury Department’s financial crime-fighting arm has introduced a new rule aimed at cracking down on money laundering in all-cash home purchases, but everyday buyers shouldn’t be alarmed. The federal regulation, formally known as the “Anti-Money Laundering Regulations for Residential Real Estate Transfers,” requires mandatory reporting of all-cash residential real estate transactions involving trusts, estates, limited liability companies (LLCs), corporations, and partnerships to the Financial Crimes Enforcement Network (FinCEN).  The language of the rule makes it clear that it does not apply to property purchases in which the buyer is an individual. In other words,

Apple Launches iPhone 17 Series With Slim Air Model

Written By Lexx Thornton Apple on Tuesday unveiled the iPhone 17, a new series of iPhones equipped with longer-lasting batteries and higher-quality cameras, the company said.   The company also announced a first-ever iPhone model called the iPhone 17 Air, which boasts a slimmed-down design. Apple called the iPhone 17 Air the company’s “thinnest iPhone ever.”  In all, the company announced four new iPhone models: iPhone 17, iPhone 17 Air, iPhone Pro and iPhone 17 Pro Max. The iPhone 17 sells for $799, while the iPhone Air runs for $999. The iPhone Pro costs $1,099, and the iPhone Pro Max sells

Trump Ends $350M Minority College Grants, Cites Bias Concerns

Written by Lexx Thornton The Trump administration is ending several grant programs reserved for colleges that have large numbers of minority students, saying they amount to illegal discrimination by tying federal money to racial quotas.  In a shift upending decades of precedent, the Education Department said Wednesday it now believes it’s unconstitutional to award federal grants using eligibility requirements based on racial or ethnic enrollment levels. The agency said it’s holding back a total of $350 million in grants budgeted for this year and called on Congress to “reenvision” the programs for future years.  More than $250 million of that

U.S. Employers Brace for Biggest Health Benefit Cost Hike

Written By Lexx Thornton The United States has the most expensive health care in the developed world. Now it’s about to get even more expensive. Some 154 million people get health insurance through their employer, and many could see their paycheck deductions surge next year by 6% to 7% on average. Some will likely also see their out-of-pocket costs rise as employers pass along the spiking costs of care.  That’s because employers will be paying a lot more — almost 9% more per employee on average, for the same level of coverage — to provide health benefits for their workers.

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