Business news

• Canada Post workers go on strike, disrupting deliveries

  15-11-2024 06:15 via cbc.ca
  
  The Canadian Union of Postal Workers (CUPW) says approximately 55,000 workers in its urban and rural bargaining units are on strike. Both the union and Canada Post say progress in negotiations has been slow, leaving businesses and consumers to fret as busy shopping and holiday periods loom.
  
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• Automatic deposits, payments delayed at credit unions across Prairies due to network outage

  15-11-2024 20:49 via cbc.ca
  
  A network outage affecting credit unions across the Canadian Prairies on Friday has delayed automatic deposits and payments.
  
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• With Canada Post strike underway, small business owners scramble to make other arrangements

  15-11-2024 18:37 via cbc.ca
  
  The Canadian Federation of Independent Business says about 80 per cent of small businesses in Canada rely on Canada Post for shipping goods or for invoicing or receiving payments.
  
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• Canadian home sales rose 30% in October from a year ago

  15-11-2024 16:38 via cbc.ca
  
  The Canadian Real Estate Association says the number of homes sold in October rose 30 per cent compared with a year ago, marking a shift from the market's holding pattern that the association has previously described.
  
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• Canada Post workers go on strike, negotiations still underway

  15-11-2024 06:15 via cbc.ca
  
  The Canadian Union of Postal Workers (CUPW) says approximately 55,000 workers in its urban and rural bargaining units are on strike. Both the union and Canada Post say progress in negotiations has been slow, leaving businesses and consumers to fret as busy shopping and holiday periods loom.
  
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• Canada Post workers go on strike, disrupting deliveries ahead of holiday season

  15-11-2024 06:15 via cbc.ca
  
  The Canadian Union of Postal Workers (CUPW) says approximately 55,000 workers in its urban and rural bargaining units are on strike. Both the union and Canada Post say progress in negotiations has been slow, leaving businesses and consumers to fret as busy shopping and holiday periods loom.
  
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• Video shows cruise ship severely tilting due to unexpected wind gust

  15-11-2024 00:08 via foxbusiness.com
  
  Royal Caribbean cruise guests reportedly felt their ship tilt during some bad weather last week.The ship experienced the bout of bad weather near Tenerife, Spain, Nov. 7, causing it to tilt to what passenger Dan So said felt like a "45-degree-angle" at one point, according to Kennedy News & Media. Media reports identified the vessel as Royal Caribbean’s Explorer of the Seas. The company has been operating the 1,020-foot vessel over two decades.Speaking to Kennedy News & Media,
  
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• LARRY KUDLOW: President-elect Trump is making good on his promises

  14-11-2024 23:53 via foxbusiness.com
  
  Promises made, promises kept — that's the subject of "The Riff.""Promises made, promises kept" was one of the key themes of President Trump's victory speech, and when you look at his Cabinet appointments thus far, it's very clear he is making good on one major promise — to shake up the Washington, D.C., establishment. This seems especially the case with his nominations of Pete Hegseth for Defense and Matt Gaetz for Justice. Everybody is saying how controversial these names are,
  
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• Person in bear costume attacks luxury cars in insurance scam, California insurers say

  14-11-2024 23:51 via foxbusiness.com
  
  Four Los Angeles residents stand accused of defrauding insurance companies when they claimed a bear broke into their luxury cars and damaged vehicles, but investigators determined the wild animal was a human in costume. In what was aptly dubbed "Operation Bear Claw," the California Insurance Department said Ruben Tamrazian, 26, of Glendale; Ararat Chirkinian, 39, of Glendale; Vahe Muradkhanyan, 32, of Glendale; and Alfiya Zuckerman, 39, of Valley Village, are all facing charges of insurance
  
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• Luxury retail meets repurposed shipping containers in traveling pop-up shop featuring high-end brands

  14-11-2024 23:37 via foxbusiness.com
  
  The luxury retail shopping experience is evolving across the southeastern U.S. beyond archetypal laminated glass and heavy door frames with repurposed shipping containers that offer a traveling excursion to buyers.Bal Harbour Shops, an open-air mall near Miami, Florida, is redefining how consumers experience the lap of luxury. The nearly 60-year-old company has taken to the open road and set up shop for weeks at a time to provide consumers with an innovative day trip in parts of Florida, North C
  
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• National Debt Tracker: American taxpayers (you) are now on the hook for $35,950,262,427,779.69 as of 11/14/24

  14-11-2024 23:30 via foxbusiness.com
  
  The U.S. national debt is climbing at a rapid pace and has shown no signs of slowing down, despite the growing criticism of massive levels of government spending.The national debt — which measures what the U.S. owes its creditors — fell to $35,950,262,427,779.69 as of November 14th, according to the latest numbers published by the Treasury Department. That is down about $13.5 billion from the figure reported the previous day.By comparison, just four decades ago, the national debt hov
  
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• Advance Auto Parts closing hundreds of locations following sluggish performance

  14-11-2024 22:51 via foxbusiness.com
  
  Advance Auto Parts on Thursday announced that it is planning to close more than 700 locations in the U.S. as it looks to improve its financial performance amid sluggish consumer demand.The company announced it plans to close 523 corporate stores as well as 204 independently-owned locations and four distribution centers by the middle of 2025. It also flagged that it will reduce its headcount, but didn't provide details.That news comes as it revealed its quarterly earnings on Thursday, which showe
  
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• Musk and Ramaswamy's DOGE opens hiring on X

  14-11-2024 22:02 via foxbusiness.com
  
  The Department of Government Efficiency (DOGE), which President-elect Trump put Elon Musk and Vivek Ramaswamy in charge of, announced on Thursday that it is opening up hiring to interested candidates.DOGE wrote in a post on Musk-owned X that those who want to work on its cost-cutting push should send their résumés via direct message on X. To send a DM to the DOGE account, users are currently required to be verified, which entails at least an $8-per-month premium X subscri
  
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• 18 states sue SEC over 'unconstitutional overreach' of digital assets

  14-11-2024 21:28 via foxbusiness.com
  
  Exclusive: The legal woes are piling up for Wall Street’s top cop.On Thursday afternoon, 18 states filed to sue the Securities and Exchange Commission and its five commissioners accusing them of unconstitutional overreach and unfair persecution of the $3 trillion cryptocurrency industry under the leadership of agency chief Gary Gensler, FOX Business has learned.Led by Kentucky Attorney General Russell Coleman, the lawsuit was jointly filed in a Kentucky district court in partnership with 1
  
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• Chipotle shareholder sues company after portion sizes go viral

  14-11-2024 21:25 via foxbusiness.com
  
  A Chipotle shareholder is suing the company, claiming they faced "significant losses" due to the alleged portion-size reductions that caused a frenzy over social media. On Monday, a proposed class-action lawsuit was filed on behalf of Michael Stradford, who claimed that the company had "understated how difficult it would be to compete" within the highly competitive industry as it "provided customers with highly inconsistent (and in the view of some customers, lacking) portion sizes." "
  
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• Trump announces Jamie Dimon will not be in his administration

  14-11-2024 21:16 via foxbusiness.com
  
  President-elect Trump on Thursday announced that JPMorgan Chase chairman and CEO Jamie Dimon will not be serving in his upcoming administration, ending speculation that Dimon could potentially be picked to serve as Treasury secretary."I respect Jamie Dimon, of JPMorgan Chase, greatly, but he will not be invited to be a part of the Trump Administration," Trump wrote in a post on his Truth Social platform. "I thank Jamie for his outstanding service to our Country!"FOX Business has reached out to J
  
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• McDonald's E. coli outbreak expands to 104 cases

  14-11-2024 19:29 via foxbusiness.com
  
  The number of people that became ill from an E. coli outbreak linked to raw onions served on McDonald's Quarter Pounders weeks ago has climbed, but there no longer appears to be any food safety concerns at the fast-food giant's restaurants, according to the U.S. Food and Drug Administration (FDA).The FDA said in an update Wednesday that 104 confirmed cases of the E. coli O157:H7 strain have now been identified across 14 states, and hospitalizations have climbed to 34. Four victims have developed
  
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• O'Leary crushes theory that Polymarket CEO home raid was 'political retribution': The rules are 'transparent'

  14-11-2024 19:21 via foxbusiness.com
  
  Polymarket CEO Shayne Coplan's future is currently in jeopardy after the FBI raided the 26-year-old's SoHo apartment.The FBI search came early Wednesday morning on the heels of the betting platform having predicted former President Trump's victory over Vice President Kamala Harris. A spokesperson for Polymarket called the move "obvious political retribution" against the company for "providing a market that correctly called the 2024 presidential election."FBI REPORTEDLY RAIDS POLYMARKET CEO'
  
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• Verizon sues Jersey Shore town to install 5G poles along beach with 'overwhelming opposition' from residents

  14-11-2024 19:16 via foxbusiness.com
  
  Verizon Wireless is suing a New Jersey town in order to install 5G utility poles along a popular stretch of the Jersey Shore amid fierce opposition from residents.The telecommunications giant is accusing the Borough of Spring Lake of an "unreasonable delay and effective denial" of Verizon's application for consent to install six 5G small cell utility poles along Ocean Avenue in a lawsuit filed in the U.S. District Court for the District of New Jersey on Nov. 8."The proposed [small wireless facil
  
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• The Onion wins auction to acquire InfoWars, will turn it into parody site

  14-11-2024 19:15 via foxbusiness.com
  
  In a bizarre twist on Thursday, the progressive satirical site The Onion announced it had won control of the far-right site InfoWars through a bankruptcy auction with the help of the families of victims of the Sandy Hook Elementary School shooting.The Onion, known for its humorous fake news stories on politics, sports and culture, will reintroduce the site as a parody of itself and mock "weird Internet personalities" like Alex Jones – InfoWars' founder who lost a $1.4 billion defamation su
  
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• Mortgage rates fall slightly, ending 6-week climb

  14-11-2024 18:19 via foxbusiness.com
  
  Mortgage rates barely moved this week after marching higher for the past month and a half, while purchase demand remains stalled in the stagnant housing market.Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage ticked down to 6.78% from last week's reading of 6.79%. The average rate on a 30-year loan was 7.44% a year ago."After a six-week climb, rates have leveled off, but overall affordability continu
  
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• State leaders urged to divest pension funds from China: watchdog

  14-11-2024 18:00 via foxbusiness.com
  
  FIRST ON FOX: Michael Lucci, CEO of State Armor – a global security watchdog group – issued a cautionary letter to governors and state fiscal leaders, urging them to reconsider investments in China-based companies due to heightened geopolitical risks and the likelihood of increased U.S. restrictions."In addition, the Chinese Communist Party’s (CCP’s) extensive control over companies prevents fiduciaries from accurately assessing China-based investments," Lucci wrote. "Ind
  
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• Tesla issues sixth recall this year for Cybertrucks

  14-11-2024 17:58 via foxbusiness.com
  
  Tesla is recalling 2,431 Cybertrucks over a potential issue with their drive inverters.The driver inverters in the recalled Cybertrucks may contain a "fault" that could "cause a loss of drive power to the wheels," the National Highway Traffic Safety Administration (NHTSA) said.The agency said it could "increase the risk of a crash."It is the sixth recall for the model in about a year."No warning occurs prior to the loss of propulsion," Tesla said on its website. "However, when the driver loses t
  
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• Pennsylvania House introduces bill to implement a strategic bitcoin reserve

  14-11-2024 17:45 via foxbusiness.com
  
  Exclusive: President-elect Donald Trump’s proposal to create a national bitcoin reserve is gaining traction across the country as several states are now weighing plans to implement their own cryptocurrency reserves, FOX Business has learned.The prospect of Trump’s return to the White House has sparked Pennsylvania lawmakers to introduce legislation that would enable the state’s treasury to hold the world’s largest digital asset on its balance sheet as part of a broader mo
  
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• Capri terminates Tapestry merger citing regulatory hurdles

  14-11-2024 17:45 via foxbusiness.com
  
  The luxury fashion brand merger between Capri and Tapestry is officially off, as the two companies announced Thursday that they will abandon the merger because they were unlikely to gain regulatory approval.The proposed $8.5 billion merger was first announced in August 2023 but has faced scrutiny from the Federal Trade Commission (FTC), which sued to block the deal earlier this year over concerns it would undermine competition in the luxury handbag and accessories space. In late Octobe
  
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• Lowe's to give $2.5M to small businesses hammered by Hurricane Helene

  14-11-2024 17:39 via foxbusiness.com
  
  Lowe’s plans to provide millions in financial support to small businesses in North Carolina that were hit hard by Hurricane Helene, helping them recover during the holiday season after federal relief temporarily dried up.The $2.5 million fund will provide grants directly to small businesses in the state. It will also provide support to local business development organizations in advancing their work to help businesses navigate disaster relief aid. The fund is part of the company's $12 mill
  
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• Will October's inflation increase slow the pace of interest rate cuts?

  14-11-2024 17:14 via foxbusiness.com
  
  Inflation increased to 2.6% in October, rising modestly from the previous month, according to the Consumer Price Index (CPI) released by the Bureau of Labor Statistics (BLS).In October, inflation was above the annual inflation rate of 2.4% in September, and it increased 0.2% on a monthly basis, according to BLS. The cost of housing was the most significant contributor to the monthly increase in October, accounting for over half of the rise of the monthly all-items index. The price of food also i
  
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• Stuart Varney: Trump loyalty is paramount to the MAGA movement

  14-11-2024 17:02 via foxbusiness.com
  
  During his "My Take" on Thursday, "Varney & Co." host Stuart Varney discussed the value President-elect Trump places on loyalty to his agenda as he rounds out the Cabinet for his second term in the White House.STUART VARNEY: There is a common thread running through all the picks for Donald Trump's administration. Loyalty to Donald Trump.This is very different from the last Trump presidency. Back then, there was no unified vision of government.WHAT TRUMP'S RETURN TO THE WHITE HOUSE MEANS FOR
  
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• Where was inflation the highest in October? Northeast and Midwest cities near the top

  14-11-2024 12:00 via foxbusiness.com
  
  Americans around the country are experiencing vastly different inflation rates depending on where they live in the U.S., with the latest inflation data showing that consumers in the Northeast and Midwest are facing more inflation than their peers around the country.The Labor Department released its inflation report for October on Wednesday which found that the consumer price index (CPI) — a broad measure of how much everyday goods like gasoline, groceries and rent cost — wa
  
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• What Trump's return to the White House means for the financial services sector

  14-11-2024 12:00 via foxbusiness.com
  
  President-elect Trump's return to the White House will no doubt bring significant changes to the financial services industry as he rolls back many of the Biden administration's policies. While some of Trump's agenda will be familiar from his first term, he added some planks to his platform during the last campaign that have already begun to reshape parts of the sector.Erin Bryan, a partner at law firm Dorsey & Whitney and former in-house senior corporate counsel for one of the largest b
  
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