Business

Ex-Fed insider: A full-blown recession is ‘almost certainly’ coming

The problem is that the Fed began its quest to tame inflation late, leaving the central bank little choice other than to slam the brakes on the economy by drastically raising interest rates. “Almost certainly there will be a full-blown recession. If we’re not in one yet, I think we will be in the next …

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COVID-19 Test Expiration Dates Aren’t as Trustworthy as They Seem on the Box

For the most up-to-date news and information about the coronavirus pandemic, visit the WHO and CDC websites. Have you ordered all 16 free COVID-19 tests from the federal government? If not, now is the time to do so. The Omicron BA.5 subvariant has driven a summer increase in cases, and ordering your at-home test kits …

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Devon Energy, Diamondback Beat Earnings Views Late

Marathon Petroleum (MPC) beat earnings predictions Tuesday after shale producers Devon Energy (DVN) and Diamondback Energy (FANG) did the same Monday evening. All three companies booked losses during market trading Monday as crude oil tumbled. DVN and FANG stock edged lower overnight. MPC stock increased early Tuesday. X MPC, DVN and FANG are the first …

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Stephen King going to bat for U.S. gov’t in case against book publishing mega-merger

WASHINGTON, Aug 1 (Reuters) – The U.S. Justice Department asked a federal judge on Monday to block a $2.2 billion merger of two of the “Big Five” book publishers, Penguin Random House and Simon & Schuster, in a trial that is expected to feature testimony from horror writer Stephen King. “It’s real money for real …

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Federal Reserve Bank of Minneapolis CEO says inflation is ‘very concerning’ and ‘spreading out’ across economy

Rep. Kevin Brady discusses how Biden is still denying that the U.S. has entered a recession on ‘Fox Business Tonight.’ The Federal Reserve Bank of Minneapolis CEO and President Neel Kashkari said Sunday that the current state of inflation is “very concerning” and “spreading out more broadly across the economy.”  “It’s very concerning. We keep …

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ExxonMobil and Chevron shatter profit records after global oil price surge

ExxonMobil and Chevron smashed profit records in the second quarter as the surging energy prices that followed Russia’s invasion of Ukraine delivered a windfall for the US oil supermajors. The huge earnings come as consumers reel from sky-high fuel costs that have helped drive inflation to levels not seen in decades across the US and …

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US economy shrinks in second quarter, signaling unofficial start of recession

The US economy shrank again in the last three months, unofficially signaling the start of a recession. The commerce department announced Thursday that gross domestic product (GDP) – a broad measure of the price of goods and services – decreased at an annual rate of 0.9% in the second quarter after falling at an annual …

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DOJ: Buffett company discriminated against Black homebuyers

NEW YORK (AP) — A Pennsylvania mortgage company owned by billionaire businessman Warren Buffett’s Berkshire Hathaway discriminated against potential Black and Latino homebuyers in Philadelphia, New Jersey and Delaware, the Department of Justice said Wednesday, in what is being called the second-largest redlining settlement in history. Trident Mortgage Co., a division of Berkshire’s HomeServices of …

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