U.S. renters see chance of owning a home at record low, survey shows
Amid elevated prices, high mortgage rates and difficulty saving money for a down payment, only about four in 10 renters think that they will be able to buy a home.
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National accounting firm accused of fraud affecting more than 1,500 SEC filings
One of the nation’s most prolific auditors, BF Borgers faces permanent suspension from practicing as accountants before the SEC and a total of $14 million in fines.
Obesity drug rivals aim to unseat Zepbound, Ozempic
Eli Lilly and Novo are leading now, but there are multiple drug candidates waiting in the wings that could disrupt that duopoly in the future.
U.S. consumer sentiment falls as inflation expectations climb
The figures highlight the toll stubborn price pressures, along with higher borrowing costs, are taking on consumers.
Supreme Court backs suits over discriminatory job transfers
The justices unanimously ruled Wednesday that people suing under the main federal job-bias law don’t have to show a transfer caused them a significant disadvantage.
Retail sales surge as Americans buy despite higher prices
Americans boosted spending at a hotter-than-expected pace in March, underscoring how shoppers remain resilient despite inflationary pressures and other economic challenges.
Visa, Mastercard reach $30 billion swipe-fee deal with merchants
In recent years, merchants have grown increasingly vocal about their opposition to credit card fees, which typically amount to about 2% of a purchase and totaled more than $100 billion last year.
Summer gasoline pump prices set to hit $4 a gallon
Futures and pump prices have been boosted the past few weeks by the transition to summer-grade gasoline and as inventories shrink to the lowest level since December.
Cocoa prices soar, top copper for first time
Poor harvests on the back of bad weather and crop disease at West African growers, where most of the world’s cocoa is grown, and little sign of production relief elsewhere have left the industry in a bind.
Big grocery stores profited from pandemic more than smaller rivals, FTC says
The report, which collected information confidentially from retail giants Amazon.com Inc. and Walmart Inc. as well as chains like Kroger Co., concluded the largest grocery stores gained a competitive advantage over small competitors.
Target starts paid membership program to compete with Amazon, Walmart
The new program, Target Circle 360, launches April 7 at a promotional rate of $49 a year through May 18, when it rises to $99 for members without a Target credit or debit card.
UPDATE: Macy’s to close 150 stores over 3 years as it fights takeover bid
Macy’s Inc., which did not release a list of stores it will shutter, also said it will expand its higher end Bloomingdale’s and Bluemercury chains.
Meta, IBM create industrywide AI alliance to share technology
The group also will look to increase the number of open source AI models—rather than the proprietary systems favored by some companies—develop new hardware and team up with academic researchers.
Economists lower recession forecasts to 40% on U.S. job growth expectations
While forecasters largely expect the U.S. economy to lose some steam after a blockbuster 2023, a still-robust labor market and receding inflation continue to support mostly solid household demand.
Google rolls out updated AI model capable of handling longer text, video
Google and its rivals have spent billions to ramp up their capabilities in generative AI and are keen to attract corporate clients to show their investments are paying off.
U.S. small-business optimism index sees biggest drop since end of 2022
The share of owners planning to boost employment dropped to the lowest level since May 2020.
Commercial-property loans coming due in U.S. jump to $929 billion
Nearly 20% of outstanding debt on US commercial and multifamily real estate will mature this year, requiring refinancing or property sales.
Big Pharma targeting smaller companies, with megadeals now out of favor
Indianapolis-based Eli Lilly and Co. and Switzerland-based Novartis were the most active acquirers in the past 12 months, with seven and six deals respectively, according to data compiled by Bloomberg.
Housing affordability near record low hits Black buyers particularly hard
Almost half of Black home buyers in 2022 were first-time buyers, and newcomers haven’t benefited from the rising home equity that could help defray swelling sale prices and lending costs.
Salesforce to cut about 700 workers, adding to tech layoff flood
Other tech companies, such as Microsoft Corp., Alphabet Inc.’s Google and Amazon.com Inc., also signaled layoffs this month.