Business

BlackRock CEO Larry Fink warned in his annual chairman's letter that wealth inequality could worsen if more people don't participate in financial markets to reap the benefits of investing.Fink said that the vast majority of wealth has flowed to people who own assets, as opposed to those who earned most of their income from working, and warned that artificial intelligence (AI) could exacerbate that trend."Since 1989, a dollar in the U.S. […]

Businessman Marcus Lemonis cast doubt on Florida Democrat Emily Gregory's claim that President Donald Trump played no role in her recent election upset, saying it was unrealistic to suggest voters weren’t talking about the president."I didn’t appreciate the disingenuous nature of it," Lemonis said during an appearance on "Varney & Co.," reacting to remarks Gregory made on MS Now's "Ana Cabrera Reports."Cabrera had asked the Florida Democrat, who flipped the […]

Mortgage rates spiked this week as the conflict in Iran continues to weigh on markets, mortgage buyer Freddie Mac said Thursday.Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage rose to 6.38% from last week's reading of 6.22%. The average rate on a 30-year loan was 6.65% a year ago."The housing market continues to show gradual improvements compared to a year […]

Wagner Spray Tech is recalling about 700,000 power steamers in the U.S., plus roughly 8,000 sold in Canada, after reports the products can overheat and cause burn injuries, according to federal safety regulators.The recall affects the company’s 905e Auto Steamer, 915e On-Demand Power Steamer and 925e Steam Machine Elite Steamer, which share the same base unit but come with different accessories, and were sold at major retailers including Home Depot, […]

President Donald Trump blasted two Supreme Court justices that he appointed as "bad for our country" after they sided with the majority in a ruling that undercut his tariff agenda.The criticism follows a Supreme Court decision last month that blocked his use of an emergency law to impose sweeping tariffs.By a 6–3 vote, the majority concluded that the law cited to justify the import duties "does not authorize the President […]

A class action lawsuit filed against Fanatics, the NFL, NBA, MLB, their respective players associations and OneTeam, which serves as the commercial vehicle for the players associations, was dismissed by a New York federal judge on all counts Monday. The court granted Fanatics’ motion to dismiss the lawsuit, which involved five plaintiffs — Robert Scaturo, Scott Bubnick, Joseph Davidov, Steven Mardakhaev and Jonathan Madar. The suit accused the group of conspiring to […]

Networks of foreign nationals may be linked to U.S. hospice fraud, Centers for Medicare & Medicaid Services Administrator Dr. Mehmet Oz warned Wednesday in a FOX Business special, pointing to one major city as a key area of concern."You have to ask yourself exactly how many people are actually dying in Los Angeles," Oz told host David Asman."[There are] almost 2,000 hospices in LA County. We believe half of them […]

A $6 million verdict against Meta and Google in a closely watched social media addiction trial may signal the start of a far broader legal threat for the tech giants.A Los Angeles jury on Wednesday found both companies liable for designing addictive platforms for young users, awarding $3 million in compensatory damages and another $3 million in punitive damages.Monte Mann, a business trial lawyer at Armstrong Teasdale, said appeals are […]

Meta is cutting roughly 700 jobs on Wednesday, a source familiar with the matter confirmed to FOX Business.The layoffs are expected to affect several key areas, including Reality Labs, Facebook, recruiting operations and sales, the source said.A spokesperson for the company said the layoffs are part of ongoing restructuring efforts, noting that the tech giant regularly adjusts its workforce to better align with its goals. META EYES MASSIVE 20% WORKFORCE CUT […]