Business - Page 9

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

Michelle Obama Gives $2.5M to Empower Girls Worldwide

Written By Lexx Thornton In celebration of International Day of the Girl, former First Lady and founder of The Obama Foundation’s Girls Opportunity Alliance, Michelle Obama, announced a significant new commitment to support organizations dedicated to educating and empowering adolescent girls worldwide.  The Girls Opportunity Alliance will provide a total of $2.5 million to 54 organizations across 28 countries. This funding supports grassroots groups that offer essential services like scholarships, mentorship, and after-school programming, helping girls break down barriers and achieve their potential. These organizations join the 11 Chicago-based groups that received $500,000 earlier this year.  In a video released

AWS Outage Disrupts Global Internet, Services Restored

Written by Lexx Thornton On Monday afternoon, Amazon Web Services (AWS) finally confirmed it had resolved a massive cloud hosting outage that had caused widespread disruption for millions of internet users globally.  The event, which Reuters called “global turmoil,” was reportedly the worst outage since last year’s CrowdStrike incident. As the world’s largest cloud provider, AWS is, as ZDNet put it, the “backbone of much of the Internet.” The disruption affected more than 28 AWS services, leading to an estimated loss of billions in damages, according to one analyst’s estimate for CNN.  The impact was immediate and extensive:  Popular services

J&J Ordered to Pay $966M in Talc Cancer Verdict

Written By Lexx Thornton A Los Angeles jury has ordered Johnson & Johnson (J&J) to pay $966 million to the family of a woman who died from mesothelioma, delivering one of the largest verdicts to date in the ongoing litigation over the company’s talc products. The jury found J&J liable after the family of Mae Moore, a California resident who passed away in 2021 at age 88, claimed that the company’s talc-based baby powder contained asbestos fibers which caused her rare cancer, mesothelioma.  The verdict, announced late Monday, included a massive $950 million in punitive damages—intended to punish the company—in

AI Boom Drives Surge in U.S. Electricity Prices

Written By Lexx Thornton For homeowners across the US, the monthly electricity bill has become a source of sticker shock. Lindsey Martin, a registered nurse in Kentucky, shared her surprise on TikTok after her bill jumped from a mere $150 just a few years ago to a staggering $372 in August. Martin’s experience is far from isolated; it reflects a significant and growing national trend.  According to data from the US Energy Information Administration (EIA), the average price of residential electricity has increased by 13% since 2022. Experts predict that retail electricity costs will continue to outpace the general rate

Government Shutdown Deepens Strain on Military Families

Written by Lexx Thornton The ongoing federal government shutdown, now surpassing a week, is exacting a heavy human and economic toll that reaches far beyond the political squabbling in Washington. As Democrats and Republicans remain locked in a stalemate—debating everything from health insurance subsidies to immigration policies—the immediate victims are the nation’s civil servants and, crucially, our uniformed military personnel and their families. Furthermore, the crisis is generating significant hidden costs that erode taxpayer money and damage government efficiency.  The shutdown has left roughly 75,000 federal workers and untold numbers of military service members and their families in a severe

NBC News Cuts DEI Teams Amid Industry Diversity Rollback

Written By Lexx Thornton NBC News has recently confirmed the elimination of its dedicated editorial teams behind identity-focused verticals—NBC BLK, NBC Asian America, NBC Latino, and NBC OUT—as part of a layoff round that is impacting roughly 150 employees. While the network cites the need to streamline operations and integrate coverage ahead of a corporate separation, the move is widely seen by critics as a significant setback in mainstream media’s commitment to Diversity, Equity, and Inclusion (DEI).  The decision at NBC News is not isolated; it reflects a broader contraction in corporate America’s DEI commitments, which has serious implications for

California Creates First Reparations Agency in U.S.

Written By Lexx Thornton The California Legislative Black Caucus (CLBC) today announced a historic victory with the signing of Senate Bill 518 (Weber Pierson), which creates the nation’s first permanent state agency dedicated to advancing reparations: the Bureau for Descendants of American Slavery.  With Governor Gavin Newsom’s signature, California moves beyond simply acknowledging historic injustices and begins to build lasting, institutional pathways toward economic parity and repair for descendants of American slavery.  SB 518 establishes the new Bureau, which is charged with several core functions critical to the process of repair, including:  Confirming the descent of slavery.  Conducting public education

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