Business - Page 7

NYC Cancels $135M in Medical Debt for 75K Residents

Written By Lexx Thornton New York City Mayor Eric Adams today announced that his administration has already helped cancel nearly $135 million in medical debt for over 75,000 New Yorkers. Last year, Mayor Adams launched a pioneering program that — through an $18 million investment by the city over three years — will relieve some or all of the medical debt for 500,000 working-class New Yorkers on a one-time basis, totaling over $2 billion in eliminated debt.   In addition, Mayor Adams today celebrated the opening of eight new ‘NYC Financial Empowerment Centers’ run by the New York City Department of

Washington Leads U.S. in 2025 Cryptocurrency Adoption

Written By Lexx Thornton A new analysis of the latest IRS data reveals that over 2.78 million Americans are actively participating in cryptocurrencies, with Bitcoin estimated to account for roughly 75% of all user engagement. While the IRS did not begin tracking general crypto involvement in tax filings until 2020, data compiled by SmartAsset now offers clear insight into which states have the highest rates of adoption.  The analysis indicates that the trend of cryptocurrency adoption is strongest in the Western United States. Washington state leads the nation, maintaining the highest rate for three consecutive years. As of the 2022

U.S. Raises Federal Minimum Wage to $10.50 an Hour

Written By Lexx Thornton In a significant economic shift for millions of American workers, the U.S. government has officially declared a substantial increase to the federal minimum wage, raising it to $10.50 per hour, effective November 2, 2025.  This long-awaited adjustment, which represents the first change to the federal minimum wage since 2009, is nearly a 45% increase from the previous rate. The decision was driven by escalating inflation, the rising cost of living, and high labor demand across various sectors.  The primary goal of the increase is to ensure that workers are paid a living wage, enabling them to

Aliko Dangote Hits $30B Net Worth Milestone in 2025

Written By Lexx Thornton Nigerian business mogul Aliko Dangote, Africa’s richest man, has achieved a new financial milestone, with his net worth climbing to $30 billion as of October 23. The figure marks a significant $2.16 billion gain since the start of the year, according to data from Bloomberg’s Billionaires Index and Business Insider.  Dangote’s fortune saw a rapid surge in recent weeks, growing by an estimated $430 million to push him past the coveted $30 billion threshold. This ascent is primarily fueled by strategic expansion across his massive industrial empire, particularly in cement and oil refining.  The latest financial

UPS Cuts 48,000 Jobs in Major 2025 Cost-Cutting Overhaul

Written By Lexx Thornton United Parcel Service (UPS) has implemented one of the largest single-year job reductions by a U.S. company since the pandemic, cutting approximately 48,000 jobs this year as the package giant executes a sweeping strategy to contain costs and boost its lagging stock price.  The Atlanta-based delivery behemoth disclosed the massive downsizing on Tuesday while reporting third-quarter earnings that managed to beat Wall Street expectations. UPS shares subsequently jumped nearly 9% in afternoon trading.  The total job cuts far exceeded previously disclosed targets and account for nearly 10% of the half a million people the company employed

Troops May Miss Paychecks as Shutdown Drags On

Written By Lexx Thornton Active-duty military personnel will stop receiving pay by November 15th if Congress and the White House fail to reach an agreement to end the government shutdown, Treasury Secretary Scott Bessent warned.  The nearly four-week-long shutdown has already furloughed approximately 750,000 federal workers and forced hundreds of thousands of others to work without pay. To ensure the roughly 1.3 million active service members continued to receive their checks, the Trump administration resorted to exceptional measures.  This involved moving existing Pentagon funds and taking the unusual step of accepting a $130 million donation from a private donor to

Moody’s Warns: 22 States Face High Recession Risk

Written By Lexx Thornton While official data paints a picture of robust national growth, a closer look at the American economy reveals widespread weakness, with nearly a third of states at high risk of recession, according to Moody’s Analytics Chief Economist Mark Zandi.  The current economic landscape is marked by a sharp divergence: the national Gross Domestic Product (GDP) continues to grow at a healthy pace, but the recovery is unevenly distributed.  Mark Zandi’s recent analysis highlights this geographic disparity:  Recession Risk: A startling 22 states and Washington, D.C.—representing almost one-third of the nation’s total economic output (GDP)—are either already

U.S. Debt Hits Record $38 Trillion Amid Government Shutdown

Written by Lexx Thornton In the midst of a federal government shutdown, the U.S. government’s gross national debt surpassed $38 trillion on Wednesday — a record high that underscores how fast America’s debt is piling up.  What’s particularly alarming is that this is the fastest the country has ever added a trillion dollars in debt outside of the COVID-19 era — the U.S. crossed $37 trillion just two months ago in August.  According to the latest report from the U.S. Department of the Treasury, which tracks the nation’s daily fiscal status, this milestone marks a sharp acceleration in borrowing.  Economist

Trump pardons convicted founder of crypto exchange Binance

By Steve Kopack and Katherine Doyle  President Donald Trump signed a pardon Wednesday for convicted crypto executive Changpeng Zhao, who founded the Binance crypto exchange, White House press secretary Karoline Leavitt said in a statement.  “President Trump exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency,” Leavitt said. “In their desire to punish the cryptocurrency industry, the Biden Administration pursued Mr. Zhao despite no allegations of fraud or identifiable victims.”   Zhao was sentenced to four months in prison after he reached a deal with the Justice

Google Invests $150K to Empower Virginia HBCU Scholars

An investment has been made to support scholars at Virginia-based Historically Black Colleges and Universities (HBCUs). $150K Boost According to 13News Now, Google Data Centers’ Community Development and Engagement team has invested $150,000 in the Virginia Humanities HBCU Scholars Fellowship, which supports HBCU-affiliated writers, community scholars, faculty members, and doctoral candidates. This is accomplished through funding, academic publishing, and peer support networks, access to the University of Virginia’s library systems and archives at the Library of Virginia, among other avenues, per information on the fellowship’s website. The fellowship backs individuals whose work spotlights the state’s history, considers marginalized stories, and explores South Atlantic themes. “It’s

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