Business

When Swedish automaker Volvo opened its proving ground in Kiruna, Sweden, 30 years ago, the mission was clear: “Making sure that our products are truly fit for the harshest of winter conditions.” The remote location was ideal. Kiruna, situated about 90 miles north of the Arctic Circle, historically has long, cold winters and snow cover […]

(WASHINGTON) — Economists say the uncertainty from President Donald Trump’s tariff threats and mass layoffs of government workers are starting to have a “chilling” effect on the U.S. economy. “It’s a very difficult business environment, because they can’t plan for what their cost structure is going to be,” said Rachel Ziemba, an adjunct senior fellow […]

(NEW YORK) — Consumer confidence plummeted in February, indicating worry about the direction of the U.S. economy under President Donald Trump. A gauge of consumer confidence registered its largest monthly drop since August 2021, the nonpartisan Conference Board said on Tuesday. Meanwhile, the share of consumers who expect a recession within the next year surged to a nine-month high, the […]

Adam Gault/Getty Images (NEW YORK) — Americans’ household debt — including credit cards, mortgages, auto loans and student loans — is at a new all-time high $18.04 trillion, according to a report released Thursday by the Federal Reserve Bank of New York. Overall debt grew by $93 billion in the last three months of 2024 — and […]

(NEW YORK) — While Elon Musk has vaulted into a powerful role overhauling government agencies and upending Washington, the world’s richest person has suffered a $106 billion drop in wealth due to steep decline in shares of his Tesla electric car company. Tesla’s stock price has plummeted 30% from its all-time high in December, including […]

(NEW YORK) — While Elon Musk has vaulted into a powerful role overhauling government agencies and upending Washington, the world’s richest person has suffered a $106 billion drop in wealth due to steep decline in shares of his Tesla electric car company. Tesla’s stock price has plummeted 30% from its all-time high in December, including […]

(NEW YORK) — Consumer prices rose 3% in January compared to a year ago, ticking up from the previous month and posing an obstacle for Trump administration tariff policies that many economists expect to raise some prices, government data on Wednesday showed. The inflation reading came in higher than economists had predicted. The fresh data […]

(NEW YORK) — An Elon Musk ally hired to overhaul the U.S. Department of Treasury has a lengthy record of undertaking hardline reforms in the private sector that demoralized staff and made them fear for their jobs, according to interviews with several former employees at his tech firm. Tom Krause, the CEO of Silicon Valley-based […]

(NEW YORK) — Quiksilver, Billabong, and Volcom, known for their surf and skate products, are closing stores in the United States. The parent company of the brick-and-mortar stores, Liberated Brands, filed voluntary Chapter 11 bankruptcy on Sunday, which will result in over 100 retail locations across the country being shuttered, according to a filing. The […]

(WASHINGTON) — Housing prices are soaring twice as fast as overall inflation. The average rate on a 30-year mortgage topped 7% in January for the first time since last spring. Observers as disparate as J.P. Morgan and the left-leaning nonprofit Center for American Progress have declared a “housing affordability crisis.” The cost crunch could last longer or even worsen, however, […]