Today’s News
Fed minutes: Most officials supported additional rate cuts, but not in December
WASHINGTON (AP) — A majority of Federal Reserve policymakers expressed support in late October for further interest rate cuts, though not all committed to making the reduction at their next meeting in December, according to meeting minutes released last week. At the same time, many officials said “it would likely be appropriate” to keep rates “unchanged for the rest of the year,” a sign of strong divisions among policymakers about the central bank’s next steps. [...]
Walmart sales, profit increase in latest quarter
NEW YORK (AP) — Walmart delivered another standout quarter, posting strong sales and profits that surpassed Wall Street expectations. With other retailers dialing back projections, the nation’s largest retailer last week raised its financial outlook after its strong third quarter, setting itself up for a strong holiday shopping season. Walmart Inc., based in Bentonville, Ark., also said that it will be transferring the listing of its common stock to the tech-heavy Nasdaq from the New [...]
GE Appliances awards $150M in contracts to U.S. suppliers
LOUISVILLE, Ky. (AP) — GE Appliances last week touted wide-ranging ripple effects from shifting production from China to Kentucky as it announced more than $150 million in new contracts awarded to United States-based suppliers. The supplier contracts range in value from $330,000 to $41 million, span 10 states and cover crucial segments of the supplier chain for the appliance maker’s washer and dryer production, from plastics and castings to steel and aluminum, the company said. [...]
Nvidia earnings beat analysts’ forcecasts
SAN FRANCISCO (AP) — Nvidia’s sales of the computing chips powering the artificial intelligence craze surged beyond the lofty bar set by stock market analysts in a performance that may ease recent jitters about a Big Tech boom turning into a bust that topples the world’s most valuable company. The results announced last week provided a pulse check on the frenzied spending on AI technology that has been fueling both the stock market and much [...]
Verizon cutting more than 13,000 jobs to ‘reorient’
NEW YORK (AP) — Verizon is laying off more than 13,000 employees, as the telecommunications giant says it must “reorient” its entire company. The jobs cuts began last week, per a staff memo from Verizon CEO Dan Schulman. In the letter, which was seen by The Associated Press, Schulman noted that Verizon’s current cost structure limits the company’s ability to invest, pointing particularly to customer experiences. “We must reorient our entire company around delivering for [...]
Warner Music, Udio settle copyright battle, ink deal
LONDON (AP) — Warner Music Group resolved its copyright battle with Udio and signed a deal to work with the AI music startup on a new song creation service that will allow users to remix tunes by established artists. It’s the second agreement between a major record label and Udio, a chatbot-style song generation tool. The deals underline how AI is shaking up the music industry. AI-generated music has been flooding streaming services amid the [...]
Study: Global luxury shoppers are spurning high-end brands
MILAN (AP) — Global sales of personal luxury goods are forecast to contract for the second straight year, as well-heeled shoppers rebel against extravagant price hikes on ho-hum offerings and global turmoil shakes confidence, according to a new study by the Bain & Co. consultancy. Sales of high-end apparel, footwear and handbags are expected to drop 2 percent to $412 billion this year from $420.9 billion in 2024, Bain said in its semiannual market update [...]
Central Ohio home sales increased 9.5 percent in October
Local home sales rose 9.5 percent in October, with 2,781 homes sold, according to statistics from Columbus Realtors. Home prices and the number of homes for sale also continued to increase. The average price for a home sold in the Columbus region last month was $373,797, which is 3.3 percent higher than in October 2024, according to Columbus Realtors. The average sale price is up 3 percent this year at $377,121. The number of homes [...]
Employers added 119,000 jobs in September
WASHINGTON (AP) — Employers added 119,000 jobs in September, the federal government said, issuing a key economic report that had been delayed for seven weeks by the government shutdown. The unemployment rate rose to 4.4 percent in September, the highest since October 2021 and up from 4.3 percent in August, the Labor Department said last week. The unemployment rate rose partly because 470,000 people entered the labor market — either working or looking for work [...]
Legal News
Meta prevails in historic FTC antitrust case
SAN FRANCISCO (AP) — Meta has prevailed over an existential challenge to its business that could have forced the tech giant to spin off Instagram [...]
Judge approves opioid settlement for Purdue Pharma and Sackler family members
A federal bankruptcy court judge earlier this week formally approved OxyContin maker Purdue Pharma’s plan to settle thousands of lawsuits over the harms of opioids. [...]
Judge set to OK Purdue Pharma settlement deal
A judge last week said that he planned to approve a deal for OxyContin maker Purdue Pharma and members of the Sackler family who own [...]
Business News
FlyDubai orders 75 Boeing aircraft
DUBAI, United Arab Emirates (AP) — FlyDubai, the lower-cost sister carrier of Emirates, said it ordered 75 additional Boeing 737 MAX aircraft in a deal [...]
Target’s profit falls 19 percent in latest quarter; retailer vows to invest in stores
NEW YORK (AP) — Target’s third-quarter profit fell as the retailer struggles to lure shoppers. The Minneapolis company earlier this week said that it expects [...]
Past due balances to utility companies are increasing
WASHINGTON (AP) — A growing number of people are falling behind on paying their bills to keep on the lights and heat their homes, according [...]
Real Estate
White House’s 50-year mortgage plan comes with a number of possible drawbacks
NEW YORK (AP) — The White House says it is considering backing a 50-year mortgage to help alleviate the home affordability crisis in the country. [...]
Army Corps OKs reroute of pipeline
MADISON, Wis. (AP) — The U.S. Army Corps of Engineers has approved energy company Enbridge’s plans to reroute an aging oil pipeline around a northern [...]
JPMorgan Chase unveils 60-story HQ
NEW YORK (AP) — JPMorgan Chase unveiled its new 60-story headquarters to the public this week, one of the first major office buildings to be [...]
Politics
Court pauses California’s climate-related risk statute
SACRAMENTO, Calif. (AP) — A U.S. appeals court has paused a California law set to take effect in January requiring large companies to report every [...]
Education Dept. takes step toward shutting down
WASHINGTON (AP) — The U.S. Education Department is handing off some of its biggest grant programs to other federal agencies as the Trump administration accelerates [...]
Settlement gives NPR $36M in funds to operate public radio
WASHINGTON (AP) — National Public Radio will receive approximately $36 million in grant money to operate the nation’s public radio interconnection system under the terms [...]