Business

People who use their cars for work will be able to deduct more money per mile on their taxes in the new year. The Internal Revenue Service (IRS) announced this week that the standard mileage rate for business driving will increase by 2.5 cents per mile. Additionally, vehicles used for medical purposes will decrease by half a cent, which the agency said reflects "updated cost data and annual inflation adjustments." The standard […]

President Donald Trump on Monday launched a renewed attack on Federal Reserve Chair Jerome Powell, accusing Powell of "gross incompetence" and threatening to sue him over the costly renovation of the central bank's headquarters.Trump spoke at a Mar-a-Lago press conference alongside Israeli Prime Minister Benjamin Netanyahu and slammed Fed Chair Powell as a "fool." Powell, who was appointed as Fed chair by Trump in 2017 and was reappointed by then-President Joe Biden […]

During the Cold War, the U.S. and the Soviet Union competed across nearly every arena, including space. The rivalry shifted dramatically on Oct. 4, 1957, when the U.S.S.R. launched Sputnik, the world’s first artificial satellite, officially ushering in the Space Age. Nearly 70 years later, the U.S. is facing a new technological race over fusion energy, and one CEO is warning Washington could be headed for another "Sputnik moment" as China […]

Saks could be the next department store to seek relief in bankruptcy court amid growing liquidity challenges.Saks Global Enterprises, the parent corporation of Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, and Bergdorf Goodman, is weighing a Chapter 11 bankruptcy filing as they contend with mounting debt, people familiar with the matter told Bloomberg. This decision comes as the retailer is facing a more than $100 million debt payment due […]

Renting still offers significant monthly savings over buying in most of the country, but an economist says the long-standing affordability gap is gradually starting to close.Realtor.com senior economist Joel Berner told FOX Business that renting is still significantly more affordable than buying a starter home in 49 of the 50 largest metros across the U.S., with Pittsburgh being the lone exception. This hasn't changed since Realtor.com issued its June 2025 […]

American workers at the bottom end of the pay scale are set to see the minimum wage rise in 19 states effective on New Year's Day, while three other states are also planning minimum wage increases later in 2026.While 20 states opt to leave their minimum wage at the federal minimum of $7.25 an hour, the majority of states have set higher minimums which may be periodically adjusted to account for inflation […]

Grass-fed ground beef that was distributed to six states has been recalled over possible E. coli contamination, according to the U.S. Department of Agriculture’s Food Safety and Inspection Service.The recall by Mountain West Food Group, LLC, based in Idaho, affects more than 2,800 pounds of raw 90/10 ground beef that may be contaminated with E. coli O26, the department announced on Saturday.The "Forward Farms Grass-Fed Ground Beef" items packed in […]

Two jets narrowly avoided a collision while departing Houston’s Bush Intercontinental Airport earlier this month, prompting a federal investigation.A Volaris Airlines flight bound for El Salvador made an unauthorized right turn into the path of a United Express flight headed to Jackson, Mississippi, according to the Federal Aviation Administration (FAA). Air traffic control instructed Volaris Flight 4321 to turn left after departing Houston Intercontinental Airport on Dec. 18, but instead, the […]

U.S. homebuyers have been flocking to a fast-growing city situated within South Carolina's Blue Ridge Mountains, according to data from the Census Bureau.The population in Greenville, which has become a regional business and manufacturing hub, increased from about 70,720 at the 2020 Census to an estimated 74,371 in 2024, which is roughly a 4.1% rise in four years, according to Census Bureau estimates. This uptick comes despite the fact that there […]