Hurricane Otis, a category 5 storm, hit Mexico's resort city of Acapulco on Wednesday, leaving at least 27 dead and causing major damage. The government has unveiled a $3.4 billion recovery plan to help the city rebuild, including tax breaks and financial assistance for affected families. Images of the destruction show buildings and homes damaged, streets flooded, and trees and debris scattered across the city, with the government providing food, water, and medical care to those affected.
Posts published in “Financial”
Key takeaways: The CBO report has revealed that the bill would be a net loss for the government, decreasing revenue by $26 billion and increasing…
Donald Trump Jr., Ivanka Trump and Eric Trump are set to appear in court this week to testify in the civil fraud trial against their father, former President Donald Trump, and the Trump Organization. New York Attorney General Letitia James has claimed that the Trump children were aware of and knowingly participated in a scheme to inflate the value of the Trump Organization's assets. Senior legal analyst Elie Honig explains that the Trump children could be "damned if they do and damned if they don't" when it comes to taking the Fifth Amendment. The $250 million civil fraud trial is set to begin Monday and could have major implications for the Trump family and the Trump Organization.
The Education Department has released a new plan to provide debt relief to four groups of borrowers with federal student loans, estimated to be up to 12 million people. The proposal is open for public comment and will be finalized after a period of review, with details on implementation and when it will take effect yet to be released.
Key takeaways: The UAW’s strategy of negotiating and striking at all three automakers simultaneously appears to have paid off. The agreement between the UAW and…
After six weeks of striking, the United Auto Workers (UAW) and General Motors (GM) have reached a tentative agreement on a new labor contract, featuring a 25% wage increase across a four-and-a-half year deal with cost of living adjustments. The agreement still needs ratification from the union's national council and a majority of members, and if approved, employees will return to work at some point in November. The strike has cost GM an estimated $2 billion in lost profits and has affected more than 50,000 workers.
This Halloween season, candy and gum prices have risen 13%, more than double the 6% increase in all grocery prices. This marks the second year in a row of double-digit inflation in the candy aisle. Small business owner Jessica Weathers expressed her frustration with the rising prices, and shoppers are advised to be mindful of their budget when buying candy.
The United Auto Workers (UAW) union has reached a tentative contract agreement with Stellantis, the union announced Saturday, edging closer to ending a 6-week strike that has dented Detroit's Big 3 automakers and idled thousands of their employees. The agreement includes a $9,000 ratification bonus, a 3% wage increase in the first and third years of the contract, and a 4% lump-sum bonus in the second and fourth years. UAW President Shawn Fain said the strike “is working” but “we’re not there yet.” General Motors is the only remaining automaker without a contract with the union.