Business News

(NEW YORK) -- General Motors is "very serious about making Cadillac a premium brand again," Michael Simcoe -- the company's senior vice president of global design -- told ABC News in an interview about the "engineering and design tour de force" that is the new Celestiq.The interview below has been edited for clarity.Q: A huge trend in the industry now is customization, coachbuilding, bespoke vehicles. Why is Cadillac going in […]

(NEW YORK) -- Shares of Netflix climbed about 9% in early trading on Friday after a strong earnings report propelled by hit shows like "Nobody Wants This" and "The Perfect Couple."The company added about 5 million subscribers over a three-month period ending in September, which marked a roughly 40% decline from the same period one year prior.Even so, the subscriber gains contributed to revenue totaling nearly $10 billion, in part due to the growth […]

(WASHINGTON) -- Former President Donald Trump has proposed tariffs as the solution for a host of perceived ills: the decline of U.S. manufacturing, the arrival of undocumented immigrants and the costs of childcare, among others."To me, the most beautiful word in the dictionary is 'tariff,'" Trump said this week during an appearance at the Economic Club of Chicago.On the campaign trail, Trump has rarely mentioned the threat of a potential […]

Tim Boyle/Getty Images (NEW YORK) -- 7-Eleven will close more than 400 of its "underperforming stores" across the U.S. and Canada in an effort to reduce costs and bolster earnings before the end of the year.Seven & I Holdings, the Tokyo-based parent company of the convenience store chain, announced the news during an earnings call last week, saying 444 stores will be shuttered due to the cumulative factors of inflation, […]

(NEW YORK) -- Boeing will reduce the size of its total workforce by 10% over the coming months, CEO Kelly Ortberg said in a letter to employees on Friday.That amounts to around 17,000 jobs, based on the company's December 2023 total workforce numbers.Ortberg said due to the workforce reductions, Boeing would not proceed with the next cycle of furloughs.Ortberg also said the 777X program would be delayed until 2026, the […]

(NEW YORK) -- Inflation has loomed over the U.S. economy like a movie villain, haunting grocery store trips and gas runs. While costs remain much higher than they were a few years ago, those rapid price increases have mostly vanished.Inflation stands at its lowest level in more than three years, hovering right near the Federal Reserve’s target rate of 2%, U.S. Bureau of Labor Statistics data this week showed.Not long […]

(TAMPA, Fla.) -- Hurricane Milton left widespread gasoline shortages across Florida after it made landfall on Wednesday night and cut across the state. The damage exacerbated fuel outages that began before the storm arrived, as millions fled from its path.Nearly a quarter of the roughly 7,900 gas stations in the state have run dry, petroleum data firm GasBuddy reported Thursday. Oil Price Information Service, or OPIS, another company that tracks […]

(NEW YORK) -- An escalation of conflicts in the Middle East in recent weeks has triggered a sharp increase in oil prices, raising uncertainty about where costs will head in the final weeks before Election Day.Oil prices surged about 13% over an 11-day stretch ending on Monday. Prices fell markedly on Tuesday, however, as nearly a week passed without the onset of a widely anticipated Israeli counterattack on Iran.The rise […]

(NEW YORK) -- U.S. hiring surged in September, blowing past economist expectations and rebuking concern about weakness in the labor market. The fresh report marks one of the last major pieces of economic data before the presidential election.Employers hired 254,000 workers last month, far exceeding economist expectations of 150,000 jobs added, U.S. Bureau of Labor Statistics data showed. The unemployment rate ticked down to 4.1%.Weaker-than-expected jobs data in both July […]