The Federal Reserve Bank of New York recently reported that Americans now owe a record $1.14 trillion on their credit cards. This staggering amount reflects an average balance per consumer of $6,329, which is a 4.8% increase compared to the previous year. Additionally, credit card delinquency rates are on the rise, with roughly 9.1% of
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Maryland’s Democratic Gov. Wes Moore highlighted that Vice President Kamala Harris would prioritize small business growth and large industry competition in shaping her own antitrust and regulatory policy if she were to become the president. According to Moore, Harris believes in supporting small businesses and making it easier for them to grow, along with facilitating
In a recent announcement, John Schulman, co-founder of OpenAI, revealed his decision to leave the Microsoft-backed company and join Anthropic, an artificial intelligence startup funded by Amazon. This move marks a significant shift in the landscape of AI alignment research, especially in light of recent developments at OpenAI. John Schulman’s departure from OpenAI comes less
The recent massive outage experienced by Delta Air Lines last month resulted in thousands of flight cancellations, causing CEO Ed Bastian to inform CNBC’s “Squawk Box” that the company incurred about $500 million in losses, including customer compensation. Despite the significant impact of the outage, Delta allegedly rejected onsite assistance from CrowdStrike, the cybersecurity company
Recently, Walgreens made headlines with its announcement to close a significant number of its 8,600 U.S. stores due to profitability concerns. This move reflects a broader trend of weakness in the retail pharmacy industry, with CVS also closing stores and Rite Aid filing for bankruptcy. According to Neil Saunders, retail managing director at GlobalData, the
Defense Secretary Lloyd Austin made a significant decision on Friday regarding the controversial plea deal for the three men accused of planning the 9/11 attacks. In a press release, the Defense Department announced that Secretary Austin had reserved for himself the authority to enter into pre-trial agreements with the accused in the 9/11 military commission
The Paris heatwave during the 2024 Olympics has not spared any athlete, including U.S. gymnastics superstar Simone Biles. In a recent Instagram post, Biles expressed her frustration about the unbearable heat, explaining that the lack of air conditioning on the bus coupled with the scorching temperatures made it difficult for her to maintain her appearance.
As the Federal Reserve contemplates the possibility of reducing interest rates, various experts in the field have differing opinions on the timing and necessity of such actions. While some, like Claudia Sahm, the chief economist at New Century Advisors, advocate for a gradual reduction in interest rates to prevent a potential economic downturn, others, like
Donald Trump is gearing up to face reporters’ questions at the National Association of Black Journalists Annual Convention in Chicago, where he will address the key issues facing the Black community. This move comes as he revamps his presidential campaign to potentially compete against Vice President Kamala Harris in the upcoming election. Trump’s appearance is
Microsoft is set to release its fiscal fourth-quarter earnings report, with analysts predicting impressive figures on both earnings per share and revenue. The company is expected to show revenue growth of around 15% from the previous year, reaching $64.39 billion. Cloud Computing Growth One of the areas where Microsoft is projected to see the strongest