Business News

(WASHINGTON) -- Consumer sentiment dropped in September close to the lowest level ever recorded in the 74-year history of the University of Michigan's monthly survey, fresh data on Friday showed.Shopper attitudes soured as a monthlong bout of inflation squeezed consumers and an underlying oil supply shock showed little sign of imminent resolution.The final reading of the University of Michigan index registered at 48.1 in September, marking the second-lowest final reading […]

(NEW YORK) -- Kelsey Benson said she was laid off from a job in sales earlier this month, leaving her without health insurance at a time when price hikes are weighing on the rest of her budget.The monthly out-of-pocket cost of Benson’s name-brand medication for attention deficit hyperactivity disorder jumped from $120 to $500, she said. That sudden expense came at a time she was already struggling with rising rent […]

(NEW YORK) -- A key long-term Treasury rate hit its highest level in nearly two decades earlier this month, even before the Federal Reserve raised benchmark borrowing costs.The Fed hiked interest rates a quarter of a percentage point in an effort to battle back a monthslong surge of inflation. The rise in borrowing costs pushed up rates for loans like credit cards and mortgages, threatening to worsen a budget crunch […]

(Getty Images stock photo) (NEW YORK) -- Converse has discontinued an advertisement following public backlash last week over what critics said appeared to be Ku Klux Klan symbolism and lynching in the shoe and apparel company's ad campaign.One of the images in the ad showed the bottom half of a person wearing a white, calf-length skirt-like garment that some critics said resembled a KKK robe, while holding a pair of […]

(NEW YORK) -- Toys R Us is planning a major expansion in the U.S. with the addition of 120 new standalone stores by the end of 2026.The toy retailer, which currently has 40 standalone stores and Toys R Us shops inside Macy's stores across the country, announced the strategic move, which is being carried out in partnership with Go! Retail Group, on Thursday."This is a major moment for [Toys R […]

Warren Buffett attends 'Becoming Warren Buffett' World Premiere at The Museum of Modern Art on Jan. 19, 2017, in New York City. (Jamie McCarthy/Getty Images) (NEW YORK ) -- Warren Buffett has stepped down as chairman of Berkshire Hathaway, the company announced in a statement published early on Friday, having served in the role since 1970.Buffett, 96, is now chairman emeritus of the company and will remain a director, Berkshire […]

(NEW YORK) -- The average price for a gallon of diesel was still hovering around a record-high of $6.43 as of Friday morning, according to the latest data published by GasBuddy.The historic increase in the price of diesel comes amid continued disruption in the Strait of Hormuz -- sparked by the U.S.-Israeli attack on Iran in February -- and Russia's ongoing invasion of Ukraine, which in recent years has seen […]

(NEW YORK) -- The parents of a 23-year-old woman who was struck and killed after her Uber driver left her along a Southern California freeway are speaking out after being awarded $40 million in an arbitration against Uber and the driver.Carol Normandin and Ken Parker, the parents of Emily Normandin-Parker, sat down exclusively with "Good Morning America" in an interview aired on Thursday to discuss their daughter's death and the arbitration award.Asked […]

(WASHINGTON) -- The Federal Reserve raised interest rates on Wednesday in an effort to battle back a monthslong surge of inflation set off by the Iran war. The move marks the central bank's first rate increase since July 2023.The central bank hiked its benchmark rate a quarter of a percentage point, putting interest rates at a level between 3.75% and 4%.That figure marks a significant drop from a recent peak attained in 2023, […]