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Former Abercrombie CEO Mike Jeffries was arrested in sex trafficking case

File: Mike Jeffries, then CEO of Abercrombie & Fitch in 2005. Michael Loccisano | FilmMagic | Getty Images Former Abercrombie & Fitch CEO Mike Jeffries was arrested in Florida and faces sex trafficking charges, a spokesman for federal prosecutors in Brooklyn, New York, told CNBC on Tuesday. Two Jeffries associates, Matthew Smith of West Palm […]

By Andrew Jack

October 22, 2024October 22, 2024

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Flight 5 includes a booster capture attempt

SpaceX launched its fifth test flight of its Starship rocket on Sunday, pulling off a dramatic first catch with the rocket's launch vehicle system more than 20 stories high. Elon Musk's company launched Starship at 8:25 a.m. ET from its Starbase facility near Brownsville, Texas. The rocket's “Super Heavy” carrier landed dramatically on the arms […]

By Andrew Jack

October 13, 2024October 13, 2024

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The supply of blockbuster weight loss drugs has been affected by the trade halt

A Zepbound injection pen from Eli Lilly & Co., March 28, 2024. Bloomberg | Bloomberg | Getty Images As a port strike that stretched from New England to Texas halted nearly half of all trade to the U.S., customs data shows critical medical equipment and drug components for the booming, expensive weight loss and diabetes […]

By Andrew Jack

October 1, 2024October 1, 2024

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Strike in the ports on the east coast, work stoppage by the ILA union leads to billions in losses in trade

Shipping containers pile up in the Port of Newark on September 30, 2024, as seen from New York City. A massive strike to close ports on the East and Gulf Coasts began at midnight, while members of the International Longshoremen's Association continue to make pay and other demands to the United States Maritime Alliance, which […]

By Andrew Jack

October 1, 2024October 1, 2024

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Boeing sweetens wage proposal with “best and final” offer

Striking Boeing workers hold a rally outside the Boeing factory in Portland, Oregon, on September 19, 2024. Jordan Gale | AFP | Getty Images Boeing The company sweetened its wage offer on Monday, saying it was the “best and last” proposal for its more than 30,000 machinists as the strike that has halted much of […]

By Andrew Jack

September 23, 2024September 23, 2024

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The Fed expects to cut interest rates by another half a percentage point before the end of the year

Federal Reserve Chairman Jerome Powell speaks during a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy on July 31, 2024 in Washington, USA. Kevin Mohatt | Reuters The Federal Reserve has forecast a further half-percentage point rate cut by the end of 2024, and the central bank […]

By Andrew Jack

September 19, 2024September 19, 2024

News

Weekly mortgage demand rises as interest rates fall to two-year low

A house with a “Sold” sign from a real estate company in North Patchogue, New York. Steve Post | Newsday | Getty Images Mortgage rates fell again last week, and expectations that they could fall even further caused demand for mortgage loans, especially for refinancing, to suddenly skyrocket. The Federal Reserve is expected to make […]

By Andrew Jack

September 18, 2024September 18, 2024

News

Fed cuts key interest rate by half a percentage point

WASHINGTON – The U.S. Federal Reserve on Wednesday decided on its first interest rate cut since the beginning of the Covid pandemic, lowering the key interest rate by half a percentage point to prevent a slowdown in the labor market. In view of the declining employment situation and falling inflation, the Federal Open Market Committee […]

By Andrew Jack

September 18, 2024September 18, 2024

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Boeing furloughs “large number” of its employees in wake of strike

Workers with strike signs outside the Boeing Co. manufacturing facility during a strike in Everett, Washington, U.S., on Friday, Sept. 13, 2024. M. Scott Brauer | Bloomberg | Boeing will temporarily furlough thousands of executives, managers and other employees in the U.S., citing the ongoing machinists' strike, as the company struggles to maintain its liquidity, […]

By Andrew Jack

September 18, 2024September 18, 2024

News

The Fed's biggest interest rate meeting in years will take place on Wednesday. Here's what you can expect

Federal Reserve Chairman Jerome Powell answers a question from a reporter during a press conference following a meeting of the Federal Open Market Committee at the William McChesney Martin Jr. Federal Reserve Board Building in Washington, DC, on July 31, 2024. Andrew Harnik | Despite all the hype surrounding them, Federal Reserve meetings are usually […]

By Andrew Jack

September 18, 2024September 18, 2024