Mortgage interest rates just hit a level not seen since the year 2000. As a result, mortgage demand is now sitting near a 27-year low. Total mortgage application volume fell 1.3% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 25.5% lower than the same week […]
The U.S. air travel system is huge and complicated, and it could show significant signs of stress in the event of a federal government shutdown. As the hours tick by without any indication of progress on a new funding bill, it looks more and more likely that the government will shut down at 12:01 ET […]
Rite Aid, the third-largest U.S. drugstore chain, is reportedly preparing to seek bankruptcy protection and could close 400 to 500 stores. The Wall Street Journal reported Friday that Rite Aid was negotiating with creditors about a plan that would have it file for Chapter 11 bankruptcy protection and close about a quarter of its 2,100 locations. […]
If the federal government shuts down Sunday, numerous publicly funded agencies will stop work and their employees won’t be paid, but Social Security checks will still go out. Social Security is considered a mandatory program, and it isn’t funded by the shorter-term appropriations bills passed by Congress and signed by the president. That means its […]
Hyundai and Kia are recalling a combined 3.37 million vehicles in the United States due to the risk of engine fires, telling owners to park outside and away from structures until repairs are complete. The automakers say internal brake fluid leaks can cause an electrical short that could lead to a fire. The National Highway Traffic Safety […]
JPMorgan Chase has reached a $75 million settlement with the U.S. Virgin Islands over a lawsuit accusing the nation’s largest bank of facilitating Jeffrey Epstein’s sex-trafficking enterprise for 15 years, according to statements released by the bank and territory. The bank said the majority of the settlement — $55 million — will go toward local […]
Target said Tuesday that it will close nine stores in major cities across the country, citing violence, theft and organized retail crime. The company will close one store in New York City’s Harlem neighborhood, two locations in Seattle, three stores in the San Francisco-Oakland area and three more in Portland, Oregon. The discounter said it will […]
The ongoing United Auto Workers strike is expanding. UAW President Shawn Fain called for union members to strike at noon ET Friday at 38 General Motors and Stellantis facilities across 20 states. He said the strike call covers all of GM and Stellantis’ parts distribution facilities. The strike call notably excludes Ford, the third member […]
The U.S. Securities and Exchange Commission on Monday charged podcaster Matthew Motil in connection with an $11 million Ponzi scheme that allegedly defrauded more than 50 people. The agency said in a press release that Motil, host of ‘The Cash Flow King’ podcast, encouraged investors to buy promissory notes that he said were backed by […]
Novaform ComfortGrande and DreamAway mattresses sold exclusively at Costco are being recalled, with the U.S. Consumer Product Safety Commission saying they may have been exposed to mold during manufacturing. The CPSC said that around 48,000 mattresses are being recalled by their manufacturer, FXI. The recall covers Novaform ComfortGrande 14-inch and Novaform DreamAway 8-inch mattresses, which […]