Business News

(NEW YORK) -- New York City Mayor-elect Zohran Mamdani, a democratic socialist who says he wants to hike taxes on the rich, set off alarm among some critics about a potential exodus of wealthy people bent on keeping their money out of government coffers.As the warning goes, a tax increase at the top could drive away affluent New Yorkers and undercut revenue meant to fund proposals like universal child care, […]

(NEW YORK) -- Oil prices jumped about 3% after President Donald Trump this week threatened to blockade all sanctioned oil tankers traveling in and out of Venezuela.Venezuela, which has the largest known oil reserves in the world, exports hundreds of thousands of barrels of oil each day.The threatened blockade risks a reduction of global oil supply and an amplification of geopolitical uncertainty -- both of which could further push up […]

(NEW YORK) -- Starbucks baristas are set to walk off the job in dozens of U.S. cities on Thursday, aiming to galvanize public support and pressure the company on “Red Cup Day,” the coffee giant's annual holiday promotion.More than 1,000 Starbucks workers will go on strike at about 65 stores scattered across states as far-flung as California, Texas and Pennsylvania, Starbucks Workers United (SWU), the union representing the workers, told […]

(WASHINGTON) -- An inflation report to be released on Thursday will offer a look at price increases for the first time in nearly two months, after the 43-day government shutdown impaired data collection.The fresh data is set to arrive amid an uptick of inflation over recent months that has coincided with a flurry of tariffs issued by President Donald Trump. Economists expect that acceleration of price increases to have continued […]

In this photo illustration a man holds a iPhone, that shows Netflix, Warner Bros and Paramount streaming apps on his phone screen on December 9, 2025 in Bristol, England. (Anna Barclay/Getty Images) (NEW YORK) -- The board at Warner Bros. Discovery Inc. said early on Wednesday that its members had unanimously recommended that shareholders reject Paramount Skydance’s bid for the company in favor of Netflix’s earlier bid."Following a careful evaluation […]

(WASHINGTON) -- The longest government shutdown in U.S. history could end as soon as Wednesday, ultimately putting hundreds of thousands of federal employees back to work, funding food stamps and smoothing out major travel disruptions.The reopening averts a recession that may have come to pass in the event of a prolonged shutdown lasting weeks or months longer, analysts told ABC News.A return of federal-worker backpay and the resumption of SNAP benefits, meanwhile, is set to undo […]

(NEW YORK) -- Stocks closed markedly higher on Monday after the Senate voted hours earlier to advance a potential deal on the government shutdown, which has weighed on economic output and cast uncertainty over markets for well over a month.The Dow Jones Industrial Average closed up 380 points, or 0.8%, while the S&P 500 climbed 1.5%. The tech-heavy Nasdaq increased 2.2%.Lawmakers in a rare Sunday session cleared a key hurdle toward potentially reopening the government by […]

(NEW YORK) -- President Donald Trump over the weekend vowed to provide each American a $2,000 dividend to be distributed from what he said was tariff revenue."A dividend of at least $2000 a person (not including high income people!) will be paid to everyone,” the president wrote on social media Sunday, in part.Within hours, however, Treasury Secretary Scott Bessent cast doubt on the plan, saying the payout could merely refer […]

Tesla shareholders awarded CEO Elon Musk a pay package on Thursday that could grant the tech entrepreneur nearly $1 trillion in compensation over the next decade.The pay package would make Musk the best-compensated CEO ever recorded. According to a securities filing in September, Musk would rake in roughly $900 billion over the duration of the agreement.The full compensation would only be delivered if Musk vaults the company from its present […]