Rite Aid, a major U.S. pharmacy chain, has filed for bankruptcy and obtained $3.45 billion in fresh financing as part of a restructuring plan to reduce debt and position the company for future growth. The plan includes closing 200 stores, reducing the workforce by 10%, and exploring the sale of its pharmacy benefit management business. The company is confident that the restructuring plan will help it “emerge as a stronger, more competitive organization.”
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President Joe Biden's 2024 re-election campaign has raised more than $71 million in the third quarter of 2023, nearly doubling the cash on hand of former President Donald Trump. The Biden campaign has $91 million on hand across its fundraising entities, and is actively fundraising to prepare for the 2024 election. Trump's campaign has raised $45.5 million in the third quarter.
Oil prices have surged in response to the looming Israeli ground assault on Gaza, with the Biden administration warning Israeli counterparts to show restraint and avoid mass civilian casualties. The US has also tightened sanctions on major crude-producing countries, further stoking market fears over a drop in supply as demand increases. President Biden has called Hamas' actions "pure evil" and urged all sides to de-escalate the situation and find a peaceful resolution to the conflict.
During Trump's civil fraud trial in New York, evidence was presented that the Trump Organization considered adding a "presidential premium" to certain assets to increase his net worth. This was after Forbes magazine revealed that Trump's Manhattan triplex was about a third of the size he had long claimed, and thus far less valuable. Trump's former attorney Michael Cohen has also testified that Trump had previously inflated his assets to lenders.
The Social Security Administration announced a 3.2% cost of living adjustment (COLA) for Social Security benefits in 2024, which is higher than the historical norm of 2.6%. This will result in an average monthly payment increase of $50 to $1,907, and is intended to help seniors and other beneficiaries keep up with the rising cost of living. However, experts warn that with inflation still far from pre-pandemic levels, recipients may be at risk of losing financial ground with the smaller adjustment.
Key takeaways: The FTC has proposed a new rule that would ban hidden and bogus fees that can cost consumers an extra $80 billion every…
Former Employee Testifies Against Crypto Trading Firm Co-Founder Sam Bankman-Fried in New York Court
Former Employee Testifies Against Crypto Trading Firm Co-Founder Sam Bankman-Fried in New York Court
Caroline Ellison, a former employee of the now-defunct crypto trading firm FTX, has testified against its co-founder Sam Bankman-Fried in a New York court. Ellison has pleaded guilty to fraud and money laundering charges, and is the only witness to the alleged crimes. Bankman-Fried has denied any wrongdoing, and the trial is expected to continue for several more weeks, with the outcome potentially setting a precedent for holding crypto executives accountable for their actions.
On October 6, 25,000 members of the United Auto Workers union went on strike after rejecting a proposed contract between the union and the Big Three automakers. The union is bargaining for wage increases, cost of living allowances, job security and pensions, and Mack Trucks workers went on strike after rejecting a proposed contract that included a 10% wage increase in the first year. UAW President Shawn Fain is determined to ensure that members receive the wages and benefits they deserve.