The Federal Reserve reduced its main interest rate by a quarter point. This is the first rate cut of the year and might affect various loan rates. The Fed also hinted at more rate cuts later in the year.
Key Facts
The Federal Reserve lowered its benchmark interest rate by 0.25%.
This is the first time the Fed has cut rates this year.
The change may influence different loan rates, like those for mortgages and credit cards.
The Fed mentioned the possibility of two more rate cuts before the year ends.
Geoff Bennett interviewed Ron Insana about the rate cut and its implications.
Ron Insana is a CNBC contributor and writes a column called The Message of the Markets.
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The United States Federal Reserve has lowered interest rates by 0.25 percentage points, placing them in the range of 4.00 percent to 4.25 percent. This is a response to a slowing labor market and concerns about economic growth. The decision is part of the Fed's ongoing adjustments to shifting economic conditions.
Key Facts
The Federal Reserve cut interest rates by 0.25 percentage points.
Interest rates are now set between 4.00 percent and 4.25 percent.
The last rate cut was in December, by a similar amount.
Economic uncertainty and a slow labor market influenced this decision.
Inflation rates have slightly increased, contributing to the rate cut.
The Fed faces political pressure, but it aims to remain independent.
U.S. markets responded positively, with key indexes seeing gains.
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BetMGM is offering new users a special promotion where they can use a bonus code to receive two different types of bonuses. In certain states, users can bet $10 to receive $150 if they win, while in other states, they can get a $1,500 first bet offer. These promotions are aimed at attracting new players to the BetMGM Sportsbook.
Key Facts
BetMGM offers a $150 bonus for new users in Michigan, New Jersey, Pennsylvania, and West Virginia who bet $10 and win.
Users in other states can receive a $1,500 first bet offer, which refunds the initial bet in bonuses if it loses.
These promotions are available for a wide range of sports, including NFL and MLB.
To receive the bonus, users must create a new account and apply the bonus code NW150.
The NFL matchup between the Buffalo Bills and the Miami Dolphins is highlighted as an opportunity to use these bonuses.
Buffalo Bills are favored to win against the Miami Dolphins for the Thursday Night Football game.
Users need to make an initial deposit of at least $10 to qualify for the bonus.
Newsweek may earn an affiliate commission if users sign up through certain links provided in the article.
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The article describes a promotional offer from bet365, which provides new customers with a bonus for MLB and NFL games. By using the bonus code WEEK365, customers can place a $5 bet and receive a $200 bonus or opt for a $1,000 safety net. The article also notes ongoing sports events and betting odds.
Key Facts
Bet365 offers a promotion using the bonus code WEEK365 for new customers.
Customers can bet $5 to receive a $200 bonus or opt for a $1,000 first-bet safety net.
The $200 bonus is awarded regardless of the outcome of the $5 bet.
The offer is for users who are 21 years or older in eligible states.
The MLB regular season is coming to an end, and several teams are pushing for playoffs.
NFL Week 3 games offer same-game parlay boosts and specific betting odds.
The Dodgers have the best odds to win the World Series, followed by teams like the Phillies and Blue Jays.
The information confirmed by Newsweek states that conditions such as deposit requirements apply.
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The ongoing trade issues between the U.S. and China have affected the operations of Nvidia, a major American chip company. Despite these challenges, the demand for Nvidia's chips remains strong.
Key Facts
Nvidia is a large U.S. company that makes computer chips.
The U.S.-China trade war is a conflict over trade practices and policies between the U.S. and China.
This trade conflict has created problems for Nvidia as it operates in both countries.
Nvidia's chips are in high demand despite these trade tensions.
The company is navigating political and economic challenges due to this international trade conflict.
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Jerry Greenfield, the co-founder of Ben & Jerry's, has resigned from the company due to a disagreement with its parent company, Unilever. Greenfield's departure comes amid ongoing tensions over Ben & Jerry's independence and its ability to speak out on social and political issues. The conflict arises from the 2000 merger agreement, which aimed to preserve the ice cream brand's social mission.
Key Facts
Jerry Greenfield co-founded Ben & Jerry's, an ice cream brand known for its social and political activism.
Greenfield resigned after disputes with Unilever, which owns Ben & Jerry's since 2000.
Disagreements centered around the company's ability to address political and social issues.
Ben & Jerry's was originally given independence in its merger with Unilever to maintain its social mission.
The company accused Unilever of firing its CEO because of its activism.
Unilever's Magnum division, which includes Ben & Jerry's, expressed gratitude for Greenfield's contributions.
There are plans for Magnum to separate from Unilever in a process called a "demerger."
Tensions are linked to differing views on what aspects fall under social responsibility versus operational control.
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The soundtrack for "KPop Demon Hunters," a Netflix production, has climbed to the No. 1 spot on the Billboard 200 albums chart in its 12th week. This soundtrack pushed Sabrina Carpenter’s new album to the No. 2 position. Streaming and the release of a physical CD with bonus content helped the album reach the top.
Key Facts
"KPop Demon Hunters" soundtrack reached No. 1 on the Billboard 200 album chart in its 12th week.
The soundtrack replaced Sabrina Carpenter’s album "Man's Best Friend," which moved to No. 2.
The success is largely due to streaming and the release of a physical CD with bonus material.
Justin Bieber's album "SWAG" moved back into the top 10 after a deluxe reissue, reaching No. 4.
Other albums in the top 10 include sombr's "I Barely Know Her" and Taylor Swift's upcoming album.
On the singles chart, songs from "KPop Demon Hunters" and Justin Bieber's "Daisies" featured prominently.
Teddy Swims' "Lose Control" has ended its long 77-week run in the Hot 100 top 10.
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The article discusses Stephen Miran's testimony at a Senate hearing, where he emphasized a less mentioned part of the Federal Reserve's goals, focusing on keeping long-term interest rates moderate. This focus is different from the usual attention given to stable prices and maximum employment, which could affect how the Fed manages its policies.
Key Facts
Stephen Miran testified before the Senate Banking Committee about the Federal Reserve's goals.
He highlighted a third goal in the Fed's mandate: moderate long-term interest rates.
Traditionally, the Fed focuses on stable prices and maximum employment.
Long-term rates are important because they influence things like mortgage and corporate rates.
The Fed directly controls short-term interest rates, but its actions can influence long-term rates.
The Fed's balance sheet and regulatory decisions can impact long-term interest rates.
Michael Brown discussed the potential for the Fed to adopt more active policies for managing long-term rates.
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Some private student loans might become cheaper after the Federal Reserve reduced interest rates from 4.5% to 4.25%, marking the first cut since the previous year. This action primarily affects borrowers with private loans at variable rates, which fluctuate with market conditions. However, the impact of this rate cut may be minor for many Americans.
Key Facts
The Federal Reserve cut interest rates from 4.5% to 4.25%.
This is the first rate cut since December 2024.
An estimated 43 million Americans have student loan debt totaling $1.8 trillion.
Private student loans with variable rates may see interest decreases after the rate cut.
Variable interest rates change over time based on market conditions and the Federal Reserve's rates.
Fixed rates do not change, unlike variable rates which can fluctuate.
Borrowers need to check their loan terms to understand how rate changes affect them.
The Federal Reserve is responding to slow economic activity and inflation concerns.
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Tesla CEO Elon Musk bought $1 billion worth of Tesla shares, leading to a rise in the company's stock price. Tesla's board has proposed a new $1 trillion pay deal for Musk, tied to future goals for the company's growth in areas like self-driving cars and robotics. The pay package requires Musk to meet specific targets, such as increasing Tesla's market value and selling more autonomous vehicles and robots.
Key Facts
Elon Musk bought $1 billion worth of Tesla stock, which caused a 6% increase in share prices.
Musk's purchase marks his first open-market buy of Tesla shares since 2020.
Tesla's board offered Musk a $1 trillion pay package over the next 10 years.
The pay deal requires Tesla's market valuation to increase from about $1 trillion to $8.5 trillion.
Musk must meet targets like selling one million autonomous taxis and one million robots to earn the full package.
Musk's recent share purchase gives him just under 20% ownership of Tesla.
Musk initially joined Tesla in 2004 and later accepted a compensation package tied to performance goals.
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The Federal Reserve cut its main interest rate by a quarter of a percentage point, reducing it from 4.3% to 4.1%. This is the first rate cut during Donald Trump's presidency. The Fed plans more rate cuts to support the slowing job market.
Key Facts
The Federal Reserve lowered its key interest rate by 0.25%, changing it from 4.3% to 4.1%.
This is the first time the Federal Reserve has cut rates since December.
The Fed is considering two more rate cuts within the year due to concerns about the job market.
President Trump expressed that the Fed should lower rates more significantly.
The Fed noted risks to employment but mentioned inflation is slightly above their 2% goal.
Policy changes aim to lower borrowing costs for households and businesses.
The Fed plans for two more cuts in 2025 and one in 2026.
The decision for this rate cut faced one opposing vote from Stephen Miran, who wanted a larger reduction.
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Jerry Greenfield, co-founder of Ben & Jerry’s, is leaving after 47 years because he believes Unilever, the parent company, has limited the brand's ability to speak on social issues. Greenfield feels that the original agreements with Unilever, which allowed for social advocacy, are no longer respected. Despite these changes, Unilever plans to separate its ice cream business, including Ben & Jerry’s, into a new company called The Magnum Ice Cream Company.
Key Facts
Jerry Greenfield co-founded Ben & Jerry’s 47 years ago.
He is leaving because he believes Unilever has restricted the brand’s ability to advocate for social issues.
Unilever acquired Ben & Jerry’s in 2000 for $326 million.
Greenfield feels the original merger agreement ensured Ben & Jerry’s could speak out on social issues.
Unilever plans to create a new company, The Magnum Ice Cream Company, for its ice cream brands.
Ben & Jerry’s had a disagreement with Unilever regarding the removal of its CEO, David Stever.
Greenfield and co-founder Ben Cohen want Ben & Jerry’s to be independently owned again.
A spokesperson for Magnum expressed gratitude to Greenfield but disagreed with his views.
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Jared Kushner, former White House advisor and Donald Trump's son-in-law, has become a billionaire, according to Forbes. His increased net worth comes from successful real estate investments, funding from Middle Eastern sources, and his private equity firm, Affinity Partners. Kushner's firm has made significant investments, including a stake in an Israeli financial services company, leading to high returns.
Key Facts
Jared Kushner's net worth is now over $1 billion, up from $900 million in 2024.
His wealth increase is due to real estate investments, Middle Eastern funding, and success with Affinity Partners.
Affinity Partners invested $250 million in the Israeli firm Phoenix, producing large returns.
Kushner raised $4.6 billion for Affinity, with major contributions from the Qatari wealth fund and UAE business entities.
Affinity's current value is $215 million, an increase from $170 million last year.
Kushner holds a $560 million stake in the family real estate business, Kushner Companies.
Kushner's Florida home value has more than tripled since 2020.
Kushner is now part of Forbes' "three-comma-club," which includes his brother Josh and father-in-law Donald Trump.
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Gen Z's average credit score has decreased by three points since 2024, according to FICO, with 14.1 percent of this age group experiencing a 50-point drop. Factors like student loans, short credit histories, and economic challenges are contributing to these lower scores.
Key Facts
Gen Z includes people aged 18 to 29.
Average credit scores for Gen Z have fallen by three points since 2024.
14.1% of Gen Z consumers saw their credit scores drop by 50 points.
34% of Gen Z individuals have student loans, affecting their credit.
The national average credit score decreased from 718 in 2023 to 715 in 2024.
FICO will soon include "buy now, pay later" loan data in credit score calculations.
Economic factors like student debt, high interest rates, and inflation impact Gen Z's credit scores.
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The Federal Reserve is expected to lower its main interest rate by a quarter of a percent, bringing it to around 4.1%. Economists and investors are looking for signs of how many more cuts might come. The decision is influenced by slower job growth and ongoing inflation concerns.
Key Facts
The Federal Reserve is set to reduce its key interest rate by 0.25% to approximately 4.1%.
This would be the first rate cut in nine months.
Wall Street expects up to five rate cuts by mid-next year.
The job market has slowed, with a revised decrease of around 911,000 jobs since last year.
Inflation remains high, partly due to increased costs from tariffs, with a 2.9% price increase in August.
The Fed previously paused rate cuts due to strong job market data.
Future interest rate decisions will consider economic conditions, including potential recession indicators.
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Outback Steakhouse has introduced two new drinks, a cocktail called Platypus Punch and a nonalcoholic version called Puggle Splash, to attract more customers. The new offerings are part of a larger trend in the dining industry to create exciting menu options to draw in diners. This strategy aims to boost revenue by appealing to both alcohol consumers and those seeking alcohol-free choices.
Key Facts
Outback Steakhouse added two drinks to its menu: Platypus Punch (a cocktail) and Puggle Splash (a nonalcoholic drink).
Both drinks are limited-time offerings, meaning they are available only for a short period.
Platypus Punch contains vodka, mango, and lemonade, and features a tea egg that changes color.
Puggle Splash includes mango lemonade and blue tea, with no alcohol.
The chain also introduced a Three Cheese Spinach Dip served hot with chips.
Menu changes are a strategy to bring in more customers amid rising costs affecting consumer spending.
Other restaurant chains like Starbucks and Popeyes are also updating their menus to attract diners.
The new drink options aim to appeal to a wide audience, including those who prefer nonalcoholic beverages.
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The FDA has warned telehealth companies about promoting unofficial weight loss drugs without approval. Companies like Hims & Hers are asked to stop using misleading advertising for drugs that imitate prescription weight loss injections.
Key Facts
The FDA is targeting telehealth companies for advertising unofficial versions of prescription drugs.
This action is part of efforts to regulate pharmaceutical advertising.
Over 100 letters were sent to drugmakers and online prescribing companies.
Hims & Hers is a company named in the FDA's actions.
Hims & Hers promotes less expensive versions of popular obesity injections.
The FDA says these versions claim to use the same active ingredients as approved drugs like Wegovy and Ozempic.
The drugs in question come from specialty compounding pharmacies, which the FDA does not review.
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Primark, a discount fashion retailer, plans to expand in the U.S. by opening more stores. The company has been successful in the U.S. since launching in 2015 and now aims to have 60 stores by 2026. Primark recently revealed four new store locations and has plans for its first store in Manhattan next year.
Key Facts
Primark has signed leases for 18 new stores in the U.S., with four locations disclosed so far.
The disclosed locations include Mall of America in Minnesota, two locations in Florida, and one in Georgia.
Primark entered the U.S. market in 2015 and currently has 33 stores across 13 states.
The company is opening its first Manhattan store in Herald Square next year.
Primark aims to have 60 U.S. stores by 2026.
The retailer invested $90 million last year to grow its U.S. operations and launched its first U.S. brand campaign.
Primark is well-known in the UK with around 200 stores.
The company is concerned about potential tariff impacts but is committed to expanding in the U.S.
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The article discusses how the concept of the "girlboss" has transformed over time. Originally popular in the mid-2010s, this idea has shifted towards a new image that appeals more to Gen Z, focusing on authenticity and avoiding traditional hustle culture. Key figures now include celebrities and entrepreneurs who emphasize lifestyle and transparency.
Key Facts
The term "girlboss" gained popularity in the mid-2010s, embodying ambition and empowerment.
Key figures like Sophia Amoruso were central to this concept, promoting hustle as a path to success.
The "girlboss" image is not gone but has changed to fit Gen Z values, moving away from grinding work culture.
Celebrities like Hailey Bieber and Kendall Jenner use their fame to promote an aspirational lifestyle.
Entrepreneurs are focusing more on transparency and personal storytelling to connect with their audience.
New trends show Gen Z moving away from prioritizing work identity, with some embracing a "soft girl" aesthetic.
Data from 2024 showed a significant portion of the UK population not actively seeking employment, reflecting changing attitudes toward traditional work.
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Workers in the Jaguar Land Rover (JLR) supply chain have been advised to apply for government financial support due to reduced or no pay following a cyber attack. The cyber attack shut down JLR's computer systems, halting production and causing significant financial losses. The union, Unite, is asking the UK government for a support plan, while JLR aims to resume production as investigations continue.
Key Facts
JLR's supply chain is telling workers to apply for universal credit due to pay cuts from a cyber attack.
The attack shut down JLR’s IT networks, stopping car production.
The union, Unite, wants the UK government to create a furlough scheme like the one in Scotland.
JLR's production might not restart until late November.
The hack affects 104,000 jobs and costs JLR at least £50 million per week.
Small suppliers may struggle financially due to the extended business stoppage.
A criminal investigation into the cyber attack is ongoing.
An MP has asked for emergency government help similar to Covid-19 support.
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