Business News

(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 […]

(LOS ANGELES) -- A Chevron gas station in Los Angeles elicited headlines in recent weeks for charging an eye-popping $8.71 a gallon, becoming an emblem for the spike in fuel costs set off by the Iran war.Sky-high gas prices nationwide owe primarily to a historic oil shock that followed Iran’s effective closure of the Strait of Hormuz. But a lesser-known contributor helps account for just how high prices have gotten, […]

In this photo illustration, the PayPal logo is displayed on the screen of a smart tablet. (Sheldon Cooper/SOPA Images/LightRocket via Getty Images) (WASHINGTON) -- PayPal has agreed to waive $30 million in processing fees in order to resolve a federal investigation into an investment program that sought to boost Black and minority-owned businesses, the Justice Department announced Tuesday.The probe is just one of a number launched under the Trump Justice […]

(WASHINGTON) -- The Federal Reserve is set to announce its latest decision on interest rates on Wednesday as the central bank weathers the highest inflation in three years.The announcement will mark the first possible adjustment of the benchmark interest rate since Trump nominee Kevin Warsh began his four-year term as Fed chair last month.The policy move is also set to arrive at a moment of flux for the nation’s economy, […]

(NEW YORK) -- An inflation report on Tuesday will provide a fresh gauge of prices as the Iran war ratchets up costs for gasoline, airfares and other expenses.Economists expect consumer prices to have risen 3.8% in April, when a surge in gasoline costs took hold weeks into the war, which would mark a significant acceleration from 3.3% in the previous month.As recently as February, inflation stood at 2.4%, clocking in […]

(NEW YORK) -- Oil prices on Monday fell to their lowest level since March after U.S. officials announced an agreement between the United States and Iran.West Texas Intermediate futures price, the benchmark index for U.S. trading, registered at about $80.40. That figure, which amounted to a 5% drop on Monday, marked the lowest price since March 5, just a week after the outbreak of the Iran war.Stock prices, meanwhile, climbed on hopes […]

(NEW YORK) -- Consumer sentiment improved in June for the first time since the outbreak of the Iran war as gasoline prices eased in recent weeks, but shopper attitudes remained near their worst level on record, University of Michigan survey data on Friday showed. The reading exceeded economists' expectations.The survey snapped three consecutive months of dampening consumer sentiment, recovering from an all-time low in May, data showed. The University of Michigan has conducted the […]

(NEW YORK) -- Hiring slowed in April as a rise in fuel prices hammered shoppers weeks into the war with Iran, U.S. government data on Friday showed.The U.S. added 115,000 jobs in April, according to the report, which marked a cooldown from 178,000 jobs added in March. The reading for April exceeded economists' expectations.The unemployment rate held steady at 4.3% in April, the Bureau of Labor Statistics (BLS) said. Unemployment […]