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Stock market would crash under Harris’ tax plan, billionaire hedge fund manager warns
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Stock market would crash under Harris’ tax plan, billionaire hedge fund manager warns

By Kristen Altus  | Fox Business A potential Trump nominee for U.S. Treasury secretary, who also happens to be a billionaire hedge fund manager, has explained how Vice President Kamala Harris’ tax plan could send markets into a quick plunge. "In the early parts of her campaign, she was supportive of the tax on unrealized gain[s]. And if that was implemented, I think it would be devastating for the markets and cause a market crash," Paulson & Co. President and founder John Paulson said on "Cavuto: Coast to Coast," Monday. "Harris says she wants to raise taxes on capital gains from 20% to 28%. The corporate tax rate, she wants to go from 21% to 28%, Paulson added. "But the one big one, she wants to tax unrealized gains." READ THE FULL STORY AT FOX BUSINESS
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Manufacturing sector sheds 78K jobs in last three months
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Manufacturing sector sheds 78K jobs in last three months

By  Eric Revell | Fox Business The manufacturing sector continued to shed jobs in October, bringing its tally of job losses to 78,000 over the past three months. The Labor Department's Bureau of Labor Statistics on Friday released its jobs report for October, which found that the manufacturing sector lost 46,000 jobs last month, according to the agency's preliminary analysis. That followed a loss of 6,000 jobs in September, which is also a preliminary figure, as well as a decline of 26,000 jobs in August. READ THE FULL STORY AT FOX BUSINESS
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Wendy’s to close 140 restaurants by the end of the year
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Wendy’s to close 140 restaurants by the end of the year

By Daniella Genovese  | Fox Business Fast food giant Wendy's is shuttering 140 underperforming locations through the end of 2024 as it looks to improve its "restaurant footprint and overall system health."  To counter the closures, though, the Ohio-based company is working to replace many of these units with "new restaurants at better locations with significantly improved sales and profitability," Wendy's CEO Kirk Tanner told analysts on its third quarter earnings call.  The company thoroughly reviewed individual restaurants to ensure they meet sales expectations and are profitable enough to support growth, and said that the locations closing are "outdated and in underperforming areas," with operating margins far below the system average, Tanner said. READ THE FULL STORY A...
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US economy grew 2.8% in the third quarter, slower than expected
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US economy grew 2.8% in the third quarter, slower than expected

By Eric Revell  | Fox Business The U.S. economy grew slightly slower than expected in the third-quarter amid easing inflation and strong consumer spending. The Commerce Department's Bureau of Economic Analysis released its advance estimate for third-quarter gross domestic product (GDP), which found the U.S. economy grew at an annual rate of 2.8% in the third-quarter, which runs from July through September. Economists surveyed by LSEG had expected the economy to grow at a 3% rate in the quarter. The report also finalized second-quarter growth at 3%. Consumer spending, which accounts for about two-thirds of GDP, was up 3.7% in the third-quarter and accelerated from 2.8% in the second-quarter.  READ THE FULL STORY AT FOX BUSINESS
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Trump pledges tax credit for family caregivers at NYC rally
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Trump pledges tax credit for family caregivers at NYC rally

By Pilar Arias  | Fox Business Former President Donald Trump announced during a New York City campaign rally on Sunday that, if elected, he would support granting a tax credit for family caregivers. "I'm announcing a new policy today, that I will support a tax credit for family caregivers who take care of a parent or loved one," Trump said during the event at Madison Square Garden. "It's about time that they were recognized, right?" This is not the first time elder care has come up as a priority. During July's Republican National Convention, policy documents referenced Trump's promises to strengthen Medicare and focus on at-home care for the elderly, USA Today reported. Trump campaign spokesperson Karoline Leavitt told the newspaper that, if elected, Trump "will take car...
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Denny’s to close 150 restaurant locations
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Denny’s to close 150 restaurant locations

 By Aislinn Murphy   | Fox Business Denny’s Corporation will close 150 of its Denny's restaurants. The company, which owns the Denny’s and Keke’s Breakfast Cafe chains, said those Denny’s locations will close by the end of 2025. Dozens of those 150 restaurants will close this year, according to an investor day presentation published Tuesday by the company. Other domestic Denny’s locations will undergo "rehabilitation" through various strategies, including their potential acquisition by "stronger operators," according to the investor day presentation. READ THE FULL STORY AT FOX BUSINESS
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Boeing strike costliest in economic damage so far in 2024
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Boeing strike costliest in economic damage so far in 2024

By Breck Dumas | Fox Business The ongoing strike by Boeing's union machinists could end this week, but not before racking up more economic damage than any other work stoppage in the U.S. so far this year, according to estimates. Boeing and the union, the International Association of Machinists and Aerospace Workers Local 751, reached a tentative agreement Saturday. The striking workers will vote Wednesday on whether to take the latest offer, which includes a 35% pay hike over four years, a new incentive plan and a $7,000 ratification bonus. But even if the workers agree to accept the deal – which is not guaranteed – the impact could extend far beyond its current price tag, according to Anderson Economic Group (AEG) principal and CEO Patrick Anderson. "If they ratify the contrac...
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CVS workers strike at 7 California locations seeking better pay, health care
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CVS workers strike at 7 California locations seeking better pay, health care

By Brooke Stephenson | Fox Business Workers at seven CVS pharmacies in Southern California are now on strike, as they demand better pay and health care and to call out what they describe as the company engaging in bad-faith contract bargaining. The strike began Friday and continued through the weekend, affecting four stores in Los Angeles and three others in Orange County. Striking workers outside a Los Angeles location told customers on Saturday not to cross the picket lines, according to The Associated Press. Melissa Acosta, a pharmacy technician who is on the contract bargaining committee, claimed the company was "intimidating workers, observing them, getting in the way of them speaking to union representatives," the outlet reported. Despite the strike, the affected CVS...
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Major paint company to lay off 1,800 workers, close facilities in cost reduction program
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Major paint company to lay off 1,800 workers, close facilities in cost reduction program

By Daniella Genovese  | Fox Business PPG — a global manufacturer of paints, coatings, and specialty materials — is laying off nearly 2,000 workers as it trims operation costs and sells off a chunk of its architectural business. The cuts will impact about 1,800 positions, primarily in the U.S. and Europe. PPG didn't disclose when the layoffs would occur. The Pittsburgh-based company said it is part of a comprehensive cost reduction program focused on reducing structural costs primarily in Europe and in certain other global businesses, along with other corporate costs. The program also includes various facility closures. READ THE FULL STORY AT FOX BUSINESS
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Mortgage rates higher for third straight week, with 30-year at 6.44%, market survey finds
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Mortgage rates higher for third straight week, with 30-year at 6.44%, market survey finds

By Breck Dumas  | Fox Business Mortgage rates continued their upward climb this week, further hindering demand in the housing market amid elevated rates and high home prices. Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage surged to 6.44% from last week's reading of 6.32%. The average rate on a 30-year loan was 7.63% a year ago. "The 30-year fixed-rate mortgage increased for the third consecutive week, moving closer to 6.5%," said Sam Khater, Freddie Mac’s chief economist.  READ THE FULL STORY AT FOX BUSINESS
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