Business Headlines
Trump trusted more than Biden on inflation, a top issue for voters, poll shows
Morry Gash-Pool/Getty Images(NEW YORK) -- U.S. adults trust former President Donald Trump over President Joe Biden on the issue of inflation by a double-digit margin, according to a new ABC News/Ipsos poll this month, which found that price increases remain a top concern for voters, with less than six months to go until Election Day.In all, 85% of poll participants said inflation is an important issue, making it the second-highest priority among adults surveyed. The top priority, the economy, also relates to individuals' perceptions of price increases.On each of those issues, the economy and inflation, adults surveyed by ABC News/Ipsos said they trusted Trump over Biden by a margin of 14 percentage points.Price increases have slowed significantly from a recent ... Read More
Mercedes-Benz workers in Alabama vote against joining UAW, a blow to union’s expansion in the South
Beata Zawrzel/NurPhoto via Getty Images(TUSCALOOSA, Ala.) -- Thousands of Mercedes-Benz workers in Alabama voted against joining the United Auto Workers (UAW) on Friday, delivering a significant defeat for the union one month after it prevailed at a Volkswagen facility in nearby Tennessee.Workers at a Mercedes-Benz plant near Tuscaloosa, Alabama cast ballots against joining the union by a margin of 2,642 to 2,045, or 56% to 44%, the National Labor Relations Board said.The result hinders the UAW's momentum as it seeks to organize additional plants throughout the South, where it has struggled for decades to gain a foothold.Analysts expected a difficult contest at the Alabama Mercedes-Benz facility because the company conducted an anti-union campaign, whereas officials at Volkswagen had remained neutral ... Read More
Dow Jones Industrial Average hits 40,000 for the 1st time
Spencer Platt/Getty Images(NEW YORK) -- The Dow Jones Industrial Average crossed 40,000 for the first time in history on Thursday.This is a significant and symbolic milestone for the index that tracks 30 of the most valuable publicly traded companies in the U.S.The Dow is now up about 6% so far this year.The recent rally in the Dow, S&P 500 and Nasdaq has been fueled by data showing inflation is cooling, which would allow the Federal Reserve to begin its long-awaited interest rate cuts.Inflation data released on Wednesday showed that price increases slowed slightly from the annual rate recorded in the previous month, ending a surge of inflation that stretches back to the beginning of 2024.In recent months, the Fed had ... Read More
New inflation data could signal cheaper grocery prices, more discounts, expert says
Kinga Krzeminska/Getty Images(NEW YORK) -- As Americans continue to experience sticker shock with volatile food costs, a slight ease of inflation last month could provide relief for consumers' wallets -- particularly at the grocery store.Food prices rose at a much slower pace than overall inflation since the same time last month, the Department of Labor shared Wednesday in the latest consumer price index findings.The food at home index -- food purchased at grocery stores -- declined by 0.2%, while the food away from home index -- everything from takeout to dining at restaurants -- rose 0.3% over the month, according to the Department of Labor.Dr. Michael Swanson, Wells Fargo's Chief Agriculture Economist, told ABC News that this is the first ... Read More
Walgreens announces it will sell generic version of over-the-counter Narcan
RiverNorthPhotography/Getty Images(NEW YORK) -- Walgreens Boots Alliance announced Wednesday that it plans to sell its own generic version of the overdose reversal drug Narcan.Narcan is given as a nasal spray and the active ingredient in the medication -- naloxone -- can quickly restore breathing if someone is experiencing an opioid overdose and if it is administered in time.In March 2023, the U.S. Food and Drug Administration approved Narcan to be distributed without a prescription -- a milestone advocates have said will make it easier to save lives amid the country's ongoing opioid epidemic.The nasal spray became available in fall 2023 at pharmacies, drugstores and grocery stores as well as online retailers with a suggested price of $44.99 for a two-dose ... Read More
Red Lobster closes multiple locations as company prepares to file for bankruptcy
In this undated file photo, a Red Lobster Restaurant is shown. (Jeff Greenberg/UIG via Getty Images)(NEW YORK) -- Red Lobster has abruptly closed at least 99 locations across the country with restaurants shutting their doors in at least 27 states.Tagex Brands, a company that handles restaurant liquidation auctions, told ABC News that Red Lobster recently contacted them to auction off items from 52 locations that will be closing.The popular seafood restaurant chain began eyeing Chapter 11 to consolidate debts last month. The Wall Street Journal reported Tuesday that the company is now expected to file for bankruptcy "as early as next week," according to people familiar with the matter.The decision comes just months after a major investor blamed Red Lobster's ... Read More
Inflation cooled slightly in April, ending monthslong surge in prices
Bloomberg Creative/Getty Images(WASHINGTON) -- Consumer prices rose 3.4% in April compared to a year ago, slowing slightly from the previous month and offering a welcome sign for the Federal Reserve in its yearslong inflation fight. The fresh data matched economists' expectations.After falling dramatically over the course of last year, inflation had accelerated in recent months. Recalcitrant prices forced the Fed to postpone highly anticipated interest rate cuts, leaving borrowing rates high for everything from credit cards to mortgages.Price increases have slowed significantly from a peak of about 9%, but inflation still stands more than a percentage point higher than the Federal Reserve's target rate of 2%.The latest finding indicated a mild cooldown from the 3.5% annual inflation rate recorded in ... Read More
Mercedes-Benz workers in Alabama are voting to join the UAW. Here’s what’s at stake for workers nationwide.
Mercedes-Benz logo see on a Mercedes-Benz vehicle in Edmonton, on October 26, 2023, in Edmonton, Alberta, Canada. (Artur Widak/NurPhoto via Getty Images)(NEW YORK) -- Thousands of Mercedes-Benz workers in Alabama are voting on a union this week, marking a major test for the United Auto Workers just one month after a watershed victory in nearby Tennessee.The UAW faces a more difficult contest this time around because Mercedes-Benz has carried out an anti-union campaign, attempting to dissuade workers and tilt the outcome, experts told ABC News.A victory would hold significant implications, redoubling the unionâs momentum as it seeks to organize a slew of additional plants throughout the South, where auto workers have struggled to gain a foothold for decades, they said.A ... Read More
Cream cheese recalled over salmonella concerns sold at Aldi, Hy-Vee
FDA(NEW YORK) -- Aldi and Hy-Vee shoppers, check your refrigerator for cream cheese products that have been recalled due to possible salmonella contamination.Details of Aldi, Schreiber Foods, and Hy-Vee cream cheese recalls"In cooperation with Schreiber Foods, Inc., and out of an abundance of caution, ALDI Inc., recalls its Happy Farms Whipped Cream Cheese Spread, Chive & Onion Cream Cheese Spread, Cream Cheese Spread, and Strawberry Cream Cheese Spread products," the company said in a statement on May 9.Aldi did not state in the recall announcement if there have been any reported illnesses linked to the recalled cream cheese products.A representative for Aldi and Schreiber Foods did not immediately respond to ABC News' request for comment.On May 6, Hy-Vee, Inc., an ... Read More
‘It’s a real thing’: Drivers and passengers report motion sickness in EVs
A driver is seen inside of a Tesla Model Y car during its presentation at the Automobile Club, Sept. 5, 2020, in Budapest, Hungary. (Attila Kisbenedek/AFP via Getty Images)(NEW YORK) -- An oft-touted advantage of owning an electric vehicle is one-pedal driving, when drivers can slow down a vehicle simply by lifting off the throttle.But as more Americans swap their gas-powered cars and trucks for an EV, some are also realizing there are drawbacks to the one-pedal lifestyle."It can cause some people to get sick," John Voelcker, a former editor of Green Car Reports and a contributing editor at Car and Driver, told ABC News. "Strong regenerative braking, which recaptures max energy, can cause motion sickness. There is a learning ... Read More
OpenAI announces new version of AI language model that fuels ChatGPT
Silas Stein/picture alliance via Getty Images(NEW YORK) -- OpenAI announced a desktop version of its conversation bot ChatGPT on Monday as well as the latest iteration of the AI language model that fuels the chatbot.The fresh model offers improved speed and interactive capability when compared with the company's previous model GPT-4, OpenAI Chief Technology Mira Murati said at an event livestreamed by the company.Known as GPT-4o, the latest version eliminates lag time in the response from ChatGPT and allows users to interrupt the conversation bot with a new query that in turn elicits a modified response, Murati said. The improved capacity, Murati added, functions in response to text, audio and visual prompts."We're looking at the future of our interaction between ... Read More
McDonald’s may consider $5 value meal as food prices continue to soar
Justin Sullivan/Getty Images(NEW YORK) -- McDonald's could soon be lowering prices and possibly launching a new value meal to its menus.The Golden Arches currently offer some individual items on its $1, $2, $3 menu, but it may be rolling out a new value meal with a McChicken or McDouble, fries and a drink for just $5, as Bloomberg first reported.Knowing that consumers have grown tired of sticker shock on food, Chief Executive Officer Chris Kempczinski said McDonaldâs would look to be "laser-focused on affordability." He was spoking on the company's first quarter earnings call late last month, after profits fell short of expectations.People fed up with soaring prices have taken to social media to sound off about how much they're ... Read More
Home prices are soaring. Is this another bubble?
Thomas Northcut/Getty Images/STOCK(NEW YORK) -- Roughly 15 years after a housing bubble triggered the worst U.S. financial disaster since the Great Depression, some observers are voicing concern that the industry has fallen into another bubble.Home prices are soaring, despite high mortgage rates that in theory should crimp demand and push down prices.The share of U.S. homeowners under serious financial strain, meanwhile, jumped slightly at the outset of this year when compared with the final months of 2023, real estate data-firm ATTOM found in a report this week.Despite these trends, experts who spoke with ABC News largely rejected fears of a housing bubble.The frothy prices and the strain they place on prospective homebuyers are a cause for concern, they said, but ... Read More
Target will only sell Pride Month collection in some stores after backlash in 2023
Target has announced that it will only sell their Pride Month collection in select stores after suffering a backlash and boycott last year during the 2023 Pride season. -- Target(NEW YORK) -- Target has announced that it will only sell their Pride Month collection in select stores after suffering a backlash and boycott last year during the 2023 Pride season.The company says that instead of offering their Pride Month collection merchandise across all stores, they will be âoffering a collection of products including adult apparel and home and food and beverage items, curated based on consumer feedback. The collection will be available on Target.com and in select stores, based on historical sales performance,â the company said in a statement on ... Read More
Student loan rates set to reach 16-year high: ‘It’s a shock’
Justin Sullivan/Getty Images(NEW YORK) -- The borrowing cost for student loans is poised to reach a 16-year high.The interest rate on a federal undergraduate student loan is expected to climb to 6.5% in July, which would mark its highest level since 2008, financial-aid expert Mark Kantrowitz told ABC News. The current interest rate of a new student loan is 5.5%.The borrowing rate for student loans is set by adding a fixed amount of 2.05 percentage points to the yield on the 10-year Treasury bond, which is determined annually at a May auction. At the auction on Wednesday, 10-year Treasury bonds were sold at a 4.48% yield.The yield for 10-year Treasury bonds, in turn, closely tracks the benchmark interest rate set ... Read More
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