The richest 1% of people now own nearly 45% of all wealth, while 44% of humanity are living below the World Bank poverty line of $6.85 per day

Billionaire wealth skyrocketed in 2024 as the world’s richest individuals increasingly benefited from inheritance and well-placed connections, according to Oxfam’s latest annual inequality report. The combined wealth of the world’s billionaires rose from $13 trillion to $15 trillion in just one year, marking the second-largest annual increase

Elon Musk’s DOGE team will be arriving at NASA to review payments at the US space agency

NASA’s acting administrator, Janet Petro, said Wednesday that Elon Musk’s government efficiency panel would review the space agency’s spending and revealed that hundreds of employees had taken a government buyout offer. “We’re going to have DOGE come in. They’ll look—similar to what they’ve

Ford, $F, lost about $37,000 per EV sold in Q4 2024

Ford exceeded Q4 2024 expectations, posting $48.2 billion in revenue, up $2.2 billion compared to the same period last year. For the full year, Ford recorded $185 billion in revenue—its highest ever. Q4 2024 Results: * Revenue: $48.2 billion (vs. $43 billion expected) * Adjusted EPS: $0.39

Spain plans to cut workweek to improve work-life balance

In a move likely to stir debate over Mediterranean lifestyle stereotypes, Spain’s government has approved plans to shorten the workweek, reducing the cap on working hours from 40 to 37.5 starting next year, pending parliamentary approval. The initiative, framed as a victory for work-life balance, has already sparked

The New York Stock Exchange is launching an exchange in Texas

The New York Stock Exchange (NYSE) is expanding to Texas to meet the needs of companies drawn to the state’s pro-business environment. The NYSE announced Wednesday that its electronic exchange, NYSE Chicago, will reincorporate in Texas and be renamed NYSE Texas, giving companies the option to list their stocks

India will impose tax penalties of up to 70% on undisclosed crypto gains as part of new regulations under Section 158B of the Income Tax Act

Crypto traders in India may soon face hefty tax penalties on undisclosed gains following new amendments to the country’s tax laws. India’s Finance Minister, Nirmala Sitharaman, announced in the Union Budget 2025 that cryptocurrency profits will be included under Section 158B of the Income Tax Act, which governs

President Trump has just posted that he had a phone call with President Putin of Russia

U.S. President Donald Trump had a busy day on the phone Wednesday, holding lengthy conversations with Russian President Vladimir Putin and later with Ukrainian President Volodymyr Zelenskyy. Trump announced on social media that he and Putin agreed to work toward ending the war in Ukraine, saying they both want

House Republicans have released their budget resolution, and have proposed a $4 trillion debt limit increase

House Republicans unveiled a budget proposal on Wednesday that aligns with several of President Donald Trump’s key domestic priorities, paving the way for up to $4.5 trillion in tax cuts and a $4 trillion increase in the debt ceiling to ensure the U.S. can continue paying its

Robert F. Kennedy Jr. has had his health secretary nomination advanced by the US Senate

The U.S. Senate on Wednesday moved forward with President Donald Trump’s nomination of Robert F. Kennedy Jr. to lead the Department of Health and Human Services, setting the stage for a final confirmation vote in the coming days. The Senate voted 53-47 along party lines to end debate

The US Budget deficit has hit a record $840 billion (all time high) over the past four months, and the house Republicans have just proposed a $4 trillion debt limit increase in response

House Republicans unveiled a budget proposal on Wednesday that aligns with several of President Donald Trump’s key domestic priorities, paving the way for up to $4.5 trillion in tax cuts and a $4 trillion increase in the debt ceiling to ensure the U.S. can continue paying its

Republican Senators have proposed a new $1000 tax on all new electrical vehicles, no matter origin

U.S. Senate Republicans introduced two bills on Wednesday aiming to eliminate the $7,500 federal tax credit for electric vehicles (EVs) and impose a new $1,000 tax on EV purchases to fund road repairs. Led by Senator John Barrasso and backed by 14 other senators, including Senate Majority

Donald Trump has just said: I want the Department of Education to be closed immediately

U.S. President Donald Trump announced on Wednesday that he wants the federal Department of Education shut down immediately. Trump had previously said he would like to close the department through an executive order but acknowledged that he would need support from Congress and teachers' unions to fulfill this

US President Donald Trump has halted the enforcement of an anti-corruption law that allows the prosecution of Americans accused of bribing foreign officials

U.S. President Donald Trump has halted enforcement of a decades-old anti-corruption law that allows for the prosecution of Americans accused of bribing foreign officials. The Foreign Corrupt Practices Act (FCPA), in place for nearly 50 years, bars U.S. companies from offering bribes to foreign government officials to secure

41% of companies worldwide plan to reduce workforces by 2030 due to AI

Artificial intelligence is coming for your job. According to a World Economic Forum (WEF) survey released Wednesday, 41% of employers plan to reduce their workforce as AI takes over certain tasks. Among hundreds of large companies surveyed globally, 77% said they aim to reskill and upskill their current employees between

CPI comes in at 3%, est: 2.9%

Consumer prices surged in January, pushing inflation to 3% for the first time since June and further squeezing Americans with rising living costs. The Consumer Price Index (CPI) showed prices rose 0.5% from December — the fastest monthly increase since September 2023 — bringing the annual inflation rate to 3% for

Jerome Powell has just said: We would use quantitative easing only when rates are at zero, and we are not in a recession, with a strong economy

Federal Reserve Chairman Jerome Powell carefully avoided addressing the potential economic impact of President Donald Trump’s policies on Tuesday, while reiterating that the central bank is not rushing to reduce interest rates. When questioned about the possible effects of Trump’s import tariffs on the economy or inflation, Powell

White House Economic Adviser Hassett has said: Trump wants to fight inflation by increasing labor supply and lowering aggregate demand

White House Economic Adviser Hassett has said: Trump wants to fight inflation by increasing labor supply and lowering aggregate demand. Leaders in Europe and Canada have vowed to respond if Donald Trump moves forward with plans to impose tariffs on their steel and aluminum exports. European Commission President Ursula von

Elon Musk has suggested he and DOGE may audit the Federal Reserve

Billionaire Elon Musk suggested on Sunday that the Federal Reserve could be subject to increased scrutiny as his Department of Government Efficiency (DOGE) expands its audits of federal agencies and spending. In response to a post on X about his support for an audit of the Fed, Musk made it

New York City is shutting down all its live bird markets after discovering seven cases of avian flu

New York Governor Kathy Hochul ordered a temporary shutdown of live-poultry markets after bird flu cases were detected in New York City’s outer boroughs. The directive, signed by Hochul on Friday, mandates that all live-poultry markets close from February 7 to February 14 for a full disinfection process. Markets

Apple, AAPL, partners with Alibaba, BABA, to develop AI features for iPhone users in China

Apple (AAPL.O) is teaming up with Alibaba (9988.HK) to introduce artificial intelligence (AI) features for iPhone users in China, The Information reported Tuesday, citing a source with direct knowledge of the matter. This partnership could end months of uncertainty surrounding Apple’s AI strategy in China, where it

UnitedHealth has hired a defamation law firm to go after social media posts criticizing the company

Two months after UnitedHealthcare CEO Brian Thompson was killed, UnitedHealth Group has hired the defamation law firm Clare Locke to address what it claims are false and reckless social media posts, Bloomberg Law reported. Clare Locke, a Virginia-based firm, describes itself on its website as being “dedicated to litigating complex

Trump has asked for $500 billion in rare earths from Ukraine for continued support

US President Donald Trump suggested that Ukraine "may be Russian someday," casting doubt on the future independence of a nation that has fought against Moscow’s full-scale invasion for nearly three years with strong Western support. Trump spoke about his administration’s effort to end the conflict during

Gen Z are over having their work ethic questioned: ‘Most boomers don’t know what it’s like to work 40+ hours a week and still not be able to afford a house’

It’s no secret that Gen Z often gets labeled as “lazy.” From the Gen Z CEO defending working from bed to TikTok trends like quiet quitting and "lazy girl jobs," this generation has gained a reputation for doing the bare minimum at work. Their elders have taken

Donald Trump has said: We are going to take Gaza

President Donald Trump on Tuesday stood firm on his controversial proposal to relocate Palestinians from Gaza and transform the area into a luxury development zone, despite clear reservations from his guest, King Abdullah II of Jordan. Trump reiterated his belief that Palestinians should be relocated to "parcels" in

Ukraine Zelenskyy said Ukraine is prepared to offer territory swap with Russia

Ukraine is prepared to negotiate a territorial swap with Russia as part of potential peace talks, President Volodymyr Zelensky said in an interview published Tuesday, while stressing that Europe alone cannot sustain Kyiv’s war effort without U.S. support. Zelensky is scheduled to meet U.S. Vice President JD