Home sales rebound while prices continue to climb

After the housing market finally started cooling off a bit over the summer, sales rebounded in September. The tight inventory of homes, which had been improving earlier in the year, worsened again in September and prices continued to climb, according to a report from the National Association of Realtors. September saw a 7% monthly increase…MORE

Joe Biden’s Fed conundrum: Stick with Jerome Powell or let him go?

President Joe Biden faces a number of economic concerns, from supply chain disruptions to inflation. But the White House will soon need to tackle another major financial issue: whether or not to nominate Federal Reserve chairman Jerome Powell for a second term. Powell’s tenure as Fed chair is set to end in February, and a…MORE

Trump is going public by taking advantage of Wall Street’s blank-check boom

Former President Donald Trump is planning a return to Wall Street. Trump, whose companies have a long history of filing for bankruptcy, announced a deal Wednesday night to bring a new media company public through what’s known as a SPAC, or a Special Purpose Acquisition Corporation. Trump Media & Technology Group, chaired by Trump, said…MORE

Buying a home or refinancing? A 30-year mortgage may not be your best option

If you’re thinking of buying a home or refinancing one, a big question will be whether to get a 30-year mortgage or opt for a shorter term loan. Most people get a 30-year fixed rate mortgage, which offers lower monthly payments. But there are still some instances when it might make sense to consider a…MORE

Tesla’s ‘full self-driving’ rolls back its privacy protection of trip videos

Tesla owners can buy the company’s “full self-driving” software for $10,000, but they may have to pay with their privacy. As part of the wider rollout of Tesla’s “full self-driving” option, which began earlier this month, drivers may forfeit some privacy protections around location sharing and in-car recordings that they previously had, according to Tesla…MORE

WeWork is finally going public. A lot has changed

When WeWork’s plans for a blockbuster initial public offering imploded in 2019, the company became a poster child for the excesses of venture capital and startup culture in the post-2008 era. “What happened to WeWork is not just a failure of this particular set of individuals,” wrote Shira Ovide, a New York Times columnist who…MORE

Southwest’s service meltdown cost it $75 million

Southwest Airlines says that its recent service problems, which prompted it to cancel more than 2,000 flights over a four-day period, cost the airline $75 million. That’s just one of the headwinds facing the discount airline. Southwest warned Thursday that it believes revenue will take a $100 million hit this quarter from the lingering effects…MORE

Spanx, the shapewear brand, valued at $1.2 billion in Blackstone deal

Spanx, one of America’s most prominent shapewear companies, is now worth $1.2 billion after inking a deal with Blackstone. The private equity firm will take a majority stake in the brand, the two companies announced Wednesday. While they did not disclose how much Blackstone paid for its stake, the firms noted the eight-figure valuation in…MORE

The company behind Dove and Ben & Jerry’s is hiking prices

Unilever is hiking prices to cope with soaring supply chain costs and expects inflation to accelerate into next year. The owner of Dove and Ben & Jerry’s said Thursday that it increased prices by 4.1% in the third quarter to “offset rising commodity and other input costs.” The pricing action “is a step up from…MORE

Newsletter

Local Weather