Nobel Economics Prize Awarded to Daron Acemoglu, Simon Johnson and James Robinson

New York Times - Oct 14, 2024

Daron Acemoglu, Simon Johnson and James Robinson shared the award for their work on explaining the gaps in prosperity between nations.

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Oct 14, 2024

FDA will reconsider decision barring copycat versions of Lilly weight loss drug

The Food and Drug Administration (FDA) said it will reconsider its decision to remove Eli Lilly’s blockbuster weight loss and diabetes drug from its official shortage list and allow compounding pharmacies to continue selling their own versions. A federal court in Texas on Friday granted the FDA’s unopposed motion to stay litigation over the drug’s...

Oct 14, 2024

Johnson calls Kids Online Safety Act 'very problematic'

House Speaker Mike Johnson (R-La.) recently revealed he likes the concept of the Kids Online Safety Act (KOSA), though the details of the Senate-passed version are “very problematic,” underscoring the uncertain future the bill faces in the lower chamber. “I love the principle, but the details of that are very problematic,” Johnson told Punchbowl News...

Oct 14, 2024

Apple accused of restricting workers' Slack, social media use

The National Labor Relations Board (NLRB) filed a complaint against Apple on Thursday, accusing the iPhone maker of improperly restricting workers’ use of Slack and other social media. The agency alleges that Apple fired an employee for advocating for workplace changes on Slack and maintained unlawful rules about acceptable uses of the platform, according to...

Oct 14, 2024

Nobel Economics Prize Awarded to Daron Acemoglu, Simon Johnson and James Robinson

Daron Acemoglu, Simon Johnson and James Robinson shared the award for their work on explaining the gaps in prosperity between nations.

Oct 14, 2024

Tom Donohue, former longtime Chamber CEO, dies

Tom Donohue, who led the U.S. Chamber of Commerce for more than two decades before retiring in 2021, has died, the business lobbying giant announced Monday. The Chamber represents big business in Washington, spending more money than anyone else on federal lobbying and operating out of an ornate building opposite the White House. When Donohue...

Oct 14, 2024

Economists expect higher inflation, deficits, interest rates under Trump than Harris: Poll

Economists expect higher inflation, national deficits and interest rates under former President Trump’s proposed agenda than under policies proposed by Vice President Harris, a new survey by The Wall Street Journal finds. In the survey conducted Oct. 4-8, 68 percent of respondents said they think inflation would rise faster under a second Trump term than...

Oct 14, 2024

Bath & Body Works apologizes for candle designed with what looked like KKK hoods

Bath & Body Works apologized for selling a winter-themed candle that came under scrutiny for label imagery that drew comparisons to Ku Klux Klan hoods, according to multiple reports. The candle, called “Snowed In,” includes a label image of a paper snowflake, whose side-by-side diamond shapes each have a pointed top and two holes cut out, resembling openings for a person's eyes. Bath...

Oct 14, 2024

How Kamala Harris’s Economic Plan Has Been Shaped by Business Leaders

The vice president has repeatedly incorporated suggestions from business executives into her economic agenda.

Oct 14, 2024

SpaceX catches Starship rocket booster on Texas launchpad

SpaceX caught a rocket booster on its Texas launchpad as it returned to Earth on Sunday. The chopstick-like arms of the tower, called Mechazilla, grabbed the descending 232-foot booster after a seven-minute flight. SpaceX’s CEO, tech billionaire Elon Musk, seemed to revel in the catching of the booster, writing on the social platform X that a large “step towards making...

Oct 12, 2024

How schools are tackling misinformation as false claims about hurricanes, election run wild

Schools face challenges teaching children how to identify and handle misinformation without getting political, especially in recent days as false claims swirl surrounding the recent hurricanes and the upcoming election. Some schools opt for a single, annual school-wide assembly on the subject, but others provided teachers with professional development courses so they can incorporate...

Oct 12, 2024

Led by Believers in the City’s Future, Detroit Is on the Rebound

Once the largest city in the U.S. to declare bankruptcy, this Midwestern metropolis is now thriving. But some obstacles still remain.

Oct 12, 2024

7-Eleven to close over 400 'underperforming' locations in North America

The company cited slow sales, declining traffic, inflationary pressures, and a decrease in cigarette purchases among the reasons why some stores are closing.

Oct 12, 2024

Key disaster loan program 'quickly exhausting' funds after hurricanes

Officials are warning a key federal program that provides disaster loans to businesses and homeowners is running critically low on funds in the aftermath of back-to-back hurricanes, increasing the pressure on Congress to return to Washington. The Small Business Administration (SBA) has roughly $50 million left for new disaster loans, and the agency says it...

Oct 11, 2024

Boeing to cut 17,000 workers amid strike

Boeing plans to cut 10 percent of its workforce, or about 17,000 workers, CEO Kelly Ortberg announced Friday. The airplane maker also said that deliveries of its 777X planes will be delayed until 2026 and that it will be discontinuing production of its 767 Freighters in 2027. “Our business is in a difficult position, and...

Oct 11, 2024

IRS extends tax filing deadline for hurricane victims

Victims of hurricanes Helene and Milton can expect various forms of tax relief, including an extension to file taxes and help with emergency retirement plan withdrawals, the Internal Revenue Service (IRS) told taxpayers Friday. Residents of hurricane-affected states who got extensions for their 2023 returns can now file as late as May 1, which is...

Oct 11, 2024

House Democrats press tech leaders to curb hurricane misinformation

A group of House Democrats representing areas affected by hurricanes Helene and Milton are calling on the leaders of major technology companies to do more to combat the flurry of misinformation online about the extreme weather. In a letter sent Friday, Reps. Deborah Ross (N.C.), Kathy Castor (Fla.), Nikema Williams (Ga.) and Wiley Nickel (N.C.)...

Oct 11, 2024

What to know about the 2025 Social Security cost-of-living adjustment

The Social Security Administration this week announced a 2.5 percent cost-of-living adjustment (COLA) for this year, a more modest increase in the national retirement and benefits plan that reflects easing inflation in the economy. Last year, the increase was 3.2 percent. In 2022, the increase was 8.7 percent, and in 2021 the increase was 5.9...

Oct 11, 2024

Trump campaign, Musk coordinated to stop hacked material on X: Report

Former President Trump’s campaign worked with Elon Musk’s X to prevent links to hacked campaign materials from circulating on the social media platform last month, according to The New York Times. After independent journalist Ken Klippenstein shared a link to the materials allegedly obtained in an Iranian hack of the Trump campaign, X suspended his account...

Oct 11, 2024

As Hurricanes Persist, Soaring Insurance Costs Hit Commercial Real Estate

Struggling landlords and developers are seeking leeway on coverage from their lenders — mostly in vain.

Oct 11, 2024

Trump Blames Immigrant Surge for Housing Crisis. Most Economists Disagree.

The former president often implies that deportations will bring down housing costs. Reality is more complicated.

Oct 11, 2024

How Mizzou Football Is Benefiting From State N.I.L. Laws

A state law allowing high schoolers to earn from endorsements, if they commit to attending a public university in Missouri, has helped Mizzou attract blue-chip players.

Oct 11, 2024

As Amazon tells staff to return to office, new survey says hybrid workers aren't working

From January 2025, Amazon wants its workers back in the office five days a week. In early 2023, the company's CEO Andy Jassy reconsidered Amazon’s remote-first pandemic stance, stating “we should go back to being in the office together the majority of the time (at least three days per week).” Now, Jassy has released a...

Oct 11, 2024

State treasurers back Harris based on her small business proposal

A group of more than two dozen state treasurers backed Vice President Harris for president on Friday because of her proposal to expand tax relief for Americans starting a small business. In a letter obtained by The Hill, state treasurers from Nevada, Colorado, Oregon and several other states endorsed Harris, touting especially the part of...

Oct 11, 2024

Jamie Dimon: 'Treacherous' geopolitical conditions getting worse

JPMorgan Chase CEO Jamie Dimon on Friday warned about potential risks in the future for the economy, citing the war in Ukraine and Israel's war against Hamas and Hezbollah. “There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the course of history,”...

Oct 11, 2024

Musk unveils long-awaited robotaxi

Tesla CEO Elon Musk unveiled the electric vehicle (EV) company’s long-awaited robotaxi Thursday night, showing off a fleet of sleek self-driving cars with no steering wheels or pedals. The Cybercab is expected to be in production before 2027 and to cost less than $30,000, Musk said at the highly choreographed "We, Robot” event at Warner...

Oct 11, 2024

Lawmakers press FTC chair for federal price gouging ban

A group comprised predominantly of Democrats pressed Federal Trade Commission (FTC) Chair Lina Khan this week for more information on how a federal price gouging ban could help “hold bad actors accountable” in the event of major disasters such as Hurricane Helene. Sen. Elizabeth Warren (D-Mass.) and Rep. Hank Johnson (D-Ga.) led 11 lawmakers in...

Oct 11, 2024

Senators press Commerce Department to boost transparency about CHIPS Act contracts

A group of senators are urging the Commerce Department to be more transparent regarding the terms of agreements made under the CHIPS and Science Act, arguing the agency must ensure the U.S. semiconductor industry is “safe and sustainable.” In a letter Friday to Commerce Secretary Gina Raimondo, Sens. Ed Markey (D-Mass.), Elizabeth Warren (D-Mass.) and...

Oct 10, 2024

5 things to know about the TD Bank scandal

Toronto-Dominion Bank, commonly referred to as TD Bank, is facing unprecedented fines and penalties from U.S. officials after allegedly failing to stop hundreds of millions of dollars in drug money laundering. The bank agreed to pay more than $3 billion to various U.S. agencies and limit its growth until officials say TD Bank has done...

Oct 10, 2024

Amazon Could Be Forced to Treat Drivers as Employees

Amazon’s delivery system depends on third-party companies. But labor regulators have challenged that model, possibly opening the way for unionization.

Oct 10, 2024

OpenAI sees continued attempts to use AI models for election interference

OpenAI has seen continued attempts by cybercriminals to use its artificial intelligence (AI) models for fake content aimed at interfering with this year’s elections, the ChatGPT maker said in a new report. According to OpenAI’s report, released Wednesday, the AI developer discovered and disrupted more than 20 operations this year that tried to influence the election...

Oct 10, 2024

Microsoft unveils health care AI tools

Microsoft unveiled several new artificial intelligence (AI) tools on Thursday aiming to support health care organizations through medical imaging models, health care agent services and an AI-driven workflow solution for nurses. The announcement detailed how each tool will improve workflow for busy health care professionals. The AI imaging tool, developed in collaboration with partners like Providence and Paige.ai, enables...

Oct 10, 2024

TD Bank to pay $3B, face growth cap over money laundering violations

Toronto-Dominion Bank, commonly referred to as TD Bank, pleaded guilty Thursday to violating federal anti-money laundering and bank transparency laws, agreeing to pay more than $3 billion and limit its future growth. TD Bank, which is based in Canada, will pay billions of dollars in fines and penalties to several federal agencies, including the Federal...

Oct 10, 2024

Trump pledges to nix double taxation for Americans abroad

New to the list of former President Trump’s campaign tax proposals is a plan to end double taxation for Americans living overseas. “I support ending the double taxation of overseas Americans,” Trump said in a statement shared Thursday with The Hill. Americans living abroad can have tax obligations both to the U.S. and to the...

Oct 10, 2024

Social Security announces 2.5 percent cost-of-living adjustment for 2025

Social Security recipients will see a 2.5 percent bump as part of their cost-of-living adjustment (COLA) for 2025. The increase announced on Thursday marks the smallest in years and is in line with experts’ expectations as inflation has eased some. Millions of recipients saw their biggest increase at 8.7 percent last year following decades-high inflation during...

Oct 10, 2024

Global Trade Grows but Remains Vulnerable to War and Geopolitics

New reports from the World Trade Organization and a Washington think tank showed how robust global trade could quickly be derailed by violence.

Oct 10, 2024

Annual inflation rate drops to 2.4 percent, lowest since February 2021

Consumer prices rose slightly in September as the Federal Reserve prepared to cut interest rates and ease off the brakes of the U.S. economy. The consumer price index, a closely watched gauge of inflation, rose 0.2 percent in September and 2.4 percent over the previous 12 months, the Bureau of Labor Statistics announced Thursday. The...

Oct 10, 2024

Post-Milton gas in Florida will be a challenge: GasBuddy founder

63% of gas stations in the Tampa area are out of gas, and it could be weeks before they're resupplied.

Oct 10, 2024

AI tracker charts growth in deepfakes ahead of election

The German Marshall Fund has launched a tool to track deepfakes created by artificial intelligence (AI) that are targeting elections and circulating in the U.S. and across the globe. The tool comes in a historic year for elections. More than half the globe has or will hold elections in 2024, a detail that collides with...

Oct 9, 2024

Greene takes fire for remarks about weather

Rep. Marjorie Taylor Greene (R-Ga.) has again thrown herself at the center of controversy over her embrace of claims that the government and humans are “controlling” the severe weather as Hurricane Milton barrels toward Florida. In the wake of widespread devastation from Hurricane Helene, the Georgia Republican has shared various conspiracy theories online suggesting the government is in...

Oct 9, 2024

Mortgage applications drop 5.1 percent as rates rise despite Fed cuts

Mortgage applications dipped earlier this month as rates have been on the rise following a strong September jobs report. Recent data from the Mortgage Bankers Association’s (MBA) Weekly Applications Survey showed mortgage applications saw a 5.1 percent drop in the first week of October. “In the wake of stronger economic data last week, including the...

Nobel Economics Prize Awarded to Daron Acemoglu, Simon Johnson and James Robinson

More News

FDA will reconsider decision barring copycat versions of Lilly weight loss drug

Johnson calls Kids Online Safety Act 'very problematic'

Apple accused of restricting workers' Slack, social media use

Nobel Economics Prize Awarded to Daron Acemoglu, Simon Johnson and James Robinson

Tom Donohue, former longtime Chamber CEO, dies

Economists expect higher inflation, deficits, interest rates under Trump than Harris: Poll

Bath & Body Works apologizes for candle designed with what looked like KKK hoods

How Kamala Harris’s Economic Plan Has Been Shaped by Business Leaders

SpaceX catches Starship rocket booster on Texas launchpad

How schools are tackling misinformation as false claims about hurricanes, election run wild

Led by Believers in the City’s Future, Detroit Is on the Rebound

7-Eleven to close over 400 'underperforming' locations in North America

Key disaster loan program 'quickly exhausting' funds after hurricanes

Boeing to cut 17,000 workers amid strike

IRS extends tax filing deadline for hurricane victims

House Democrats press tech leaders to curb hurricane misinformation

What to know about the 2025 Social Security cost-of-living adjustment

Trump campaign, Musk coordinated to stop hacked material on X: Report

As Hurricanes Persist, Soaring Insurance Costs Hit Commercial Real Estate

Trump Blames Immigrant Surge for Housing Crisis. Most Economists Disagree.

How Mizzou Football Is Benefiting From State N.I.L. Laws

As Amazon tells staff to return to office, new survey says hybrid workers aren't working

State treasurers back Harris based on her small business proposal

Jamie Dimon: 'Treacherous' geopolitical conditions getting worse

Musk unveils long-awaited robotaxi

Lawmakers press FTC chair for federal price gouging ban

Senators press Commerce Department to boost transparency about CHIPS Act contracts

5 things to know about the TD Bank scandal

Amazon Could Be Forced to Treat Drivers as Employees

OpenAI sees continued attempts to use AI models for election interference

Microsoft unveils health care AI tools

TD Bank to pay $3B, face growth cap over money laundering violations

Trump pledges to nix double taxation for Americans abroad

Social Security announces 2.5 percent cost-of-living adjustment for 2025

Global Trade Grows but Remains Vulnerable to War and Geopolitics

Annual inflation rate drops to 2.4 percent, lowest since February 2021

Post-Milton gas in Florida will be a challenge: GasBuddy founder

AI tracker charts growth in deepfakes ahead of election

Greene takes fire for remarks about weather

Mortgage applications drop 5.1 percent as rates rise despite Fed cuts

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