Stocks deepened their late August skid with more losses Tuesday, as Wall Street grapples with the prospect that high interest rates are here to stay until the Federal Reserve brings inflation down. The S&P 500 fell 44 points, or 1.1%, to close at 3,986, bringing its loss in the past three days …
Read More »California Gov. Gavin Newsom on Friday proposed extending the life of the state’s last operating nuclear power plant by at least five to 10 years to maintain reliable power supplies in the climate change era. A draft bill obtained by The Associated Press and which Newsom’s office confirmed said the …
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In the best of times, restaurant owners operate on thin margins. Now, rising costs are making it even harder for independent eateries to survive. Jenna Petersiel, owner of Chilmark Tavern on the island of Martha’s Vineyard in Massachusetts, spoke with CBS MoneyWatch about how she keeps her business afloat. This …
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Some of the nation’s most popular eateries — both large and small — are hiking their prices, passing higher supply costs onto customers. McDonald’s, Outback Steakhouse, Starbucks and Wendy’s have raised menu prices this year as inflation maintains its tight grip on the U.S. economy. Chipotle joined them on Tuesday …
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Netflix shed almost 1 million subscribers during the spring amid tougher competition and soaring inflation that’s squeezing household budgets, heightening the urgency behind the video streaming service’s effort to launch a cheaper option with commercial interruptions. The April-June contraction of 970,000 accounts, announced Tuesday as part of Netflix’s second-quarter earnings …
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American Airlines is offering pilots raises of nearly 17% by the end of 2024, a sign that the airline is trying to ameliorate the staffing shortages that have plagued the industry. CEO Robert Isom said Thursday that the proposal would boost pilot wages at American to the levels detailed in …
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More than a quarter of the nearly 800 abortion clinics in the U.S. would quickly shut down if the Supreme Court overturns Roe v. Wade, according to newly released research. The nation’s highest court is expected to issue a decision by the end of the month on whether to upend …
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Tesla CEO Elon Musk wants to slash jobs at the electric carmaker based on a “super bad feeling” he has about the economy, Reuters reported Friday. Musk said he needs to cut about 10% of his workforce in an email sent to company executives, according to the Reuters report. …
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Walmart is apologizing for a new flavor of the retailer’s branded ice cream called “Juneteenth,” which is sparking criticism that the company is trying to cash in on the holiday commemorating the end of slavery in the U.S. In a statement to CBS MoneyWatch, Walmart said it is reviewing its …
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Bus drivers, subway conductors and religious and charitable organizations nationwide were among the victims when fraud sped up the downfall of private investment funds once worth $11 billion, causing a loss of $5 billion for investors, authorities said Tuesday. Additional details were expected to be released at a news conference …
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