Business News

(NEW YORK) -- The top financial officer in New York City on Thursday warned that artificial intelligence could put thousands of workers in the nation’s largest metropolis out of a job as soon as this year, while acknowledging that the ultimate impact of AI remains uncertain.The only sure thing, New York City Comptroller Mark Levin said in a new report: AI promises a “radical transformation” in the globe’s financial capital, influencing everything from wages to […]

(NEW YORK) -- U.S. Treasury yields soared in recent days as the Iran war stoked inflation fears, threatening to drive up borrowing costs for everything from mortgages to credit cards to auto loans.The yields on 30-year bonds – the amount paid to a bondholder annually – touched their highest point since 2007. Ten-year Treasury yields peaked at about 4.69% on Tuesday, marking a roughly three-quarter percentage point jump from the […]

A cargo ship remains anchored on May 16, 2026 in the Strait of Hormuz near Larak Island, Iran. (Majid Saeedi/Getty Images) (NEW YORK) -- Global oil prices on Wednesday fell to their lowest level since before the outbreak of the Iran war.Brent crude futures, the benchmark index for worldwide trading, dropped to $73.50 a barrel. That figure, which amounted to a nearly 5% decline on Wednesday, marked the lowest price since […]

(NEW YORK) -- A jury on Monday found that Elon Musk waited too long to bring claims accusing OpenAI, under Sam Altman’s leadership, of abandoning its public-benefit mission as it moved toward a for-profit structure.The nine-person advisory jury determined that the claims against OpenAI and Altman were barred due to the statute of limitations. Judge Yvonne Gonzalez Rogers accepted the determination and dismissed the claims.The three-week trial at a federal […]

(NEW YORK) -- Alan Greenspan, the longtime chairman of the Federal Reserve, has died, his wife confirmed. He was 100 years old."Alan passed away at our home this morning at the age of 100 from complications of Parkinson’s Disease,” Andrea Mitchell, his wife and a chief correspondent at NBC News, said in a statement published by the network on Monday.The economist is remembered for leading the American central bank amid […]

(NEW YORK) -- A global pandemic that put millions of Americans out of work within days. The highest inflation in four decades. An unprecedented federal criminal investigation.Fed Chair Jerome Powell faced a succession of crises over his 8-year tenure atop the central bank, which ends on Friday. Powell’s decisions along the way held stakes as concrete as the budgets of everyday Americans and as heady as the political independence of […]

(NEW YORK) -- The Dow Jones Industrial Average on Thursday closed above 50,000, shrugging off a renewed bout of inflation and an apparent impasse in negotiations over the Iran war.The rise in shares came as President Donald Trump visited Chinese President Xi Jinping in a high-stakes summit between the leaders of the world's two largest economies.The Dow closed up 370 points, or 0.7%, registering at 50,063.46. The Dow first topped 50,000 in […]

(WASHINGTON) -- The Senate voted Wednesday to confirm Federal Reserve chair nominee Kevin Warsh, clearing the way for Warsh to replace central bank head Jerome Powell when his term ends later this week.The Senate confirmed Warsh by a vote of 54 to 45. Sen. John Fetterman, D-Pa., was the lone Democrat to vote in favor of Warsh.The vote comes weeks after the Department of Justice moved to drop its criminal probe into Powell. […]

(NEW YORK) -- Inflation rose for a second consecutive month as the U.S.-Israeli war with Iran continued to send gasoline prices surging in April, government data on Tuesday showed. The inflation report matched economists' expectations.Prices rose 3.8% in April compared to a year earlier, marking an increase from a year-over-year inflation rate of 3.3% in the prior month. Annual inflation jumped to its highest level in three years, U.S. Bureau […]