The Commerce Department has revised down its growth rate in the fourth quarter of 2022 to 2.7 percent. Its previous estimate was 2.9 percent, which was still down from the 3.2 percent growth rate from July through September, suggesting that economic growth is slowing but remains steady.
FED MINUTES UPDATE
The minutes from the latest Federal Reserve FOMC meeting shows officials acknowledging that inflation is coming down but not enough to reverse course on more interest rate hikes.
SHRINKING MORTGAGE FEES
The Biden administration is lowering insurance premiums for borrowers who take out loans insured by the Federal Housing Administration. The move will save an estimated 850,000 homeowners an average of $800 on home financing costs. The annual premium will drop from 0.85 percent to 0.55 percent.
BILL GATES BUYS HEINEKEN STAKE
Bill Gates has purchased a $902 million stake in Heineken, according to the Netherlands Financial Markets Authority. He bought the shares, which represent 3.8 percent share of the company's value, from Mexico's FEMSA. Gates bought 6.65 million shares in an individual capacity, and Bill & Melinda Gates Foundation Trust bought 4.18 million shares.
TESLA STAYING IN CALIFORNIA
Elon Musk says Tesla is staying in California for the foreseeable future. The electric vehicle maker will make the Golden State its global engineering home, while its corporate headquarters will remain in Texas. Tesla's plant in Fremont, California, will increase production this year to more than 600,000 vehicles.
MERCEDES BENZ-GOOGLE PARTNERSHIP
Mercedes-Benz and Google have announced a long-term partnership to bring supercomputers into automobiles. The automaker will use Google technology to develop a branded navigation experience based on in-car data and Google's Maps platform. The deal essentially gives Mercedes-Benz access to the latest Google geospatial technology.
Dave Long, CEO and Co-Founder of Orangetheory Fitness joins Cheddar to chat trends in the industry for 2024. He updates us on the company's plans to expand and what the state of the economy has meant for business.
One of the world's largest renewable energy developers will be getting hundreds of wind turbines from General Electric spinoff GE Vernova as part of a record equipment order and long-term service deal.
A moon landing attempt by a private US company appears doomed because of a fuel leak on the newly launched spacecraft. Astrobotic Technology managed to orient the lander toward the sun Monday so its solar panel could capture sunlight and charge its onboard battery.
Treasury Secretary Janet Yellen has announced that 100,000 businesses have signed up for a new database that collects ownership information intended to help unmask shell company owners. Yellen says the database will send the message that “the United States is not a haven for dirty money.”
A new version of the federal student aid application known as the FAFSA is available for the 2024-2025 school year, but only on a limited basis as the U.S. Department of Education works on a redesign meant to make it easier to apply.
A steep budget deficit caused by plummeting tax revenues and escalating school voucher costs will be in focus Monday as Democratic Gov. Katie Hobbs and the Republican-controlled Arizona Legislature return for a new session at the state Capitol.
The first U.S. lunar lander in more than 50 years is on its way to the moon. The private lander from Astrobotic Technology blasted off Monday from Cape Canaveral, Florida, catching a ride on United Launch Alliance's brand new rocket Vulcan.
Global prices for food commodities like grain and vegetable oil fell last year from record highs in 2022, when Russia’s war in Ukraine, drought and other factors helped worsen hunger worldwide, the U.N. Food and Agriculture Organization said Friday.
Wall Street is drifting higher after reports showed the job market remains solid, but key parts of the economy still don’t look like they’re overheating.
