Category: Economy (Page 1 of 376)

Biden Now Orders Review on How Gunman Got Close to Trump

Biden now orders a review on how the gunman got close to Trump after a Pennsylvania rally almost witnessed a presidential tragedy.

Donald Trump arrived on Sunday in Milwaukee, Wisconsin where he will be formally nominated as the Republican presidential candidate later this week after surviving an assassination attempt that has aggravated an already bitter U.S. political divide.

President Joe Biden, a Democrat, has now ordered a review of how a 20-year-old man with an AR-15-style rifle got close enough to shoot at Trump from a rooftop on Saturday, reports Reuters.

Trump, as a former president, has lifetime protection by the U.S. Secret Service.

Trump, 78, was holding a campaign rally in Butler, Pennsylvania – a key state in the Nov. 5 election – when shots rang out, hitting his right ear and leaving his face streaked with blood.

The crowd behind the former president was in shock, with supporters confused about whether to protect the candidate or not, per evidence from the video footage.

Wall Street Journal – Trump Shooting Footage.

His campaign said he was doing well.

“That reality is just setting in,” Trump told the Washington Examiner on Sunday.

“I rarely look away from the crowd. Had I not done that in that moment, well, we would not be talking today, would we?”

Sadly, one person in the crowd was killed and two others wounded before Secret Service agents fatally shot the suspect.

Both Trump and Biden on Sunday sought calm and unity.

Trump is due to accept his party’s formal nomination at the Republican National Convention with a speech on Thursday.

He pumped his fist in the air several times as he descended the stairs from his plane after arriving in Milwaukee.

“This is a chance to bring the whole country, even the whole world, together.

The speech will be a lot different, a lot different than it would’ve been two days ago,” Trump told the Washington Examiner.

Biden delivered a televised address from the Oval Office in the White House on Sunday.

“There is no place in America for this kind of violence, for any violence ever. Period. No exceptions.

We can’t allow this violence to be normalized,” he said.

“The political rhetoric in this country has gotten very heated.

It’s time to cool it down.”

Biden and Trump spoke to each other on Saturday night after the shooting.

First Lady Jill Biden also spoke with former First Lady Melania Trump on Sunday afternoon, said a White House official.

There are many speculations floating online about how the gunman was allowed to get so close to Trump.

What are your thoughts? Leave a comment below.

Also Read: Retirees Will Now Receive More Money For Social Security

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Market News Today - Biden Now Orders Review on How Gunman Got Close to Trump.
Market News Today – Biden Now Orders Review on How Gunman Got Close to Trump.

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An Unexpected Company is Now Laying Off in Nebraska

An unexpected company is now laying off in Nebraska according to a Worker Adjustment and Retraining Notification (WARN) notice.

Wellpath has announced that it will be laying off a total of 64 employees in Omaha.

The company issued the announcement in a letter to its employees.

“We are writing to give you notice that due to a change in contract, there will be a total closure of Wellpath healthcare operations at the location below.

All Wellpath employees assigned to this location will be separated as a result between August 31, 2024 and September 14, 2024, and the separation is expected to be permanent.

Wellpath was just notified of the contract change and thus pursuant to the unforeseeable business circumstance exception may be unable to provide impacted employees with the full 60 days’ notice,” the company said.

Affected employees are expected to be separated from employment beginning between August 31, 2024 and September 14, 2024.

There are no bumping rights for the affected employees, that is, employees will not be able to displace more junior employees out of their job positions as a result of this separation.

According to the letter, all Wellpath employees at this Nebraska site will be impacted.

Below is a list of other businesses who have laid off employees in Nebraska this year:

  • Global Industries, Inc. 100 job cuts on 6/4.
  • Bimbo Bakeries USA Inc. 165 job cuts on 5/10.
  • Garner Industries. 63 job cuts on 5/6.
  • Student Transportation of America (STA), Inc. 243 job cuts on 3/22.
  • Cardinal Health. 5 job cuts on 1/9.

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Also Read: Retirees Will Now Receive More Money For Social Security

Other Economy News Today

Market News Today - An Unexpected Company is Now Laying Off in Nebraska.
Market News Today – An Unexpected Company is Now Laying Off in Nebraska.

Applications for unemployment benefits now surge to new highs, a sign that the white-hot labor market is starting to cool off.

First-time applications for unemployment benefits rose last week to 231,000, the highest level since August, per CNN.

Thursday’s data also showed that the number of continuing claims, or applications from people who have filed for unemployment for at least one week, was 1.78 million.

That’s an increase of 17,000 from the prior week, according to the Bureau of Labor Statistics.

The latest numbers come less than a week after the monthly jobs report showed the US economy added just 175,000 positions in April, less than economists expected and a steep drop-off from prior months.

US employers have now added an average of 245,500 jobs per month, versus 2023’s 251,000-per-month average.

Still, hiring remains strong. Although the unemployment rate ticked up to 3.9% last month, it’s the 27th consecutive month that the jobless rate has held under 4%, matching a streak last seen in the late 1960s.

Weekly jobless claims data tends to be volatile but, while one week’s worth of data “does not a trend make,” said Chris Rupkey, chief economist at Fwdbonds.

“We can no longer be sure that calm seas lie ahead for the US economy if today’s weekly jobless claims are any indication.”

Company layoffs are picking up, hinting at caution on the part of companies as they weigh the outlook for the second half of the year,” he wrote in a note Thursday.

The Federal Reserve has been battling inflation by raising its key lending rate in the hopes of slowing the economy.

While the labor market has so far resisted those efforts, remaining white hot for the past 18 months despite 11 rate hikes from the central bank, Fed Chair Jerome Powell said last week that demand has “cooled from its extremely high level of a couple of years ago.”

Ian Shepherdson at Pantheon Economics said in a note Thursday: “We’d need to see at least a month of elevated readings to convince us that the trend really has turned.”

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Also Read: A Giant Company Now Announces Unexpected Layoffs in Virginia

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Market News Today - An Unexpected Company is Now Laying Off in Nebraska.
Market News Today – An Unexpected Company is Now Laying Off in Nebraska.

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A Beloved Retailer’s Bankruptcy Now Turns Into Painful Liquidation

A beloved retailer’s bankruptcy has now turned into painful liquidation as a way to generate cash flow in their going-out-of-business sales.

Bob’s Stores has been a New England favorite with the company mixing in sports apparel as well as discount clothing.

This beloved retailer was driven towards bankruptcy, along many other retail stores, thanks to the global pandemic.

The Covid pandemic had caused many retailers to suffer due to less customers, lack of funds, as well as acquiring too much debt and Bob’s Stores is no exception.

The pandemic had forced many retailers to close up shop, limit the amount of customers, or to operate with many restrictions.

Bob’s Stores bankruptcy filing was unexpected although it did proceed with corporate layoffs as well as the closure of a distribution facility, with its sister store being completely unaffected by the filing.

Bob’s Stores will close all of its Bob’s locations and liquidate all inventory, as part of the Chapter 11 restructuring petition filed on June 18, 2024,” the company said.

Despite making swift and aggressive changes to the company’s structure and operations, Bob’s Stores was unable to secure the finances needed to maintain operations.” 

In its bankruptcy, Bob’s Stores has cited to have 369 creditors with assets between $50 million and $100 million with an equal amount in liabilities.

Bob’s Stores began their going-out-of-business sales on June 28, with discounts of 30% to 70%. 

This event marks a final opportunity for loyal customers to take advantage of massive savings on everything in store,” the company said in a news release. 

Top-selling items from the most popular brands will be discounted and will sell out very quickly.”

Customers are encouraged to visit their nearest Bob’s location early to take full advantage of the best selection of discounted merchandise before it sells out.” 

Bob’s Stores had stated, during these final hours, that all sales will be final and no returns will be available to its customers.

All Bob’s Stores chains have now officially closed for good (July 14), reports The Street.

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Also Read: Another Mall Clothing Retailer Now At High Risk of Bankruptcy

Other Economy News Today

Market News Today - A Beloved Retailer's Bankruptcy Now Turns Into Painful Liquidation.
Market News Today – A Beloved Retailer’s Bankruptcy Now Turns Into Painful Liquidation.

A massive rental company with 34k locations now shuts down its operations after filing for bankruptcy and 22 years in business.

Users of movie rental company Redbox were left saddened after it was announced that it would be shutting down operations.

The announcement comes after the rental company’s parent company, Chicken Soup for the Soul Entertainment, filed for Chapter 11 bankruptcy.

According to court documents obtained by the Washington Post, the Connecticut-based company claimed to be one billion dollars in debt.

As a result, Redbox, which was a staple of many grocery stores including Walgreens, and CVS will be shuttered.

Many fans took to social media to express how upset they were with the loss.

“I knew it was coming, sadly,” UltraVada wrote in a post on X, formerly Twitter.

“It was inevitable,” a second person mourned.

“I knew this would happen when I heard they filed for Bankruptcy but its still sad to hear. I have a lot of fun memories of Redbox,” a third person lamented.

“I still don’t think this will be or ever be the end of physical media as we do still get remasters of some movies in 4k/Bluray.”

One person revealed that they had forgotten the rental service had existed.

Some users were not surprised by the announcement.

“Not surprised since nobody really rents videos anymore with the rise of streaming and what not,” one user admitted.

“Also kinda remember getting into a feud with them on here.”

One user also pointed out that the last remaining Blockbuster, located in Bend, Oregon, managed to outlive Redbox.

Redbox was acquired by Chicken Soup for the Soul Entertainment (CSSE) in 2022 and became one of the company’s flagship video-on-demand streaming services.

At its peak, CSSE operated more than 20,000 DVD rental kiosks across the country.

The company’s filing means that the company’s more than 1,000 employees will be laid off, per The Wall Street Journal.

It was also reported by Deadline that many employees at CSSE hadn’t received their paychecks and had medical benefits cut in late June.

Also Read: This Massive Mall Retailer Is Now Closing In California

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Market News Today - A Beloved Retailer's Bankruptcy Now Turns Into Painful Liquidation.
Market News Today – A Beloved Retailer’s Bankruptcy Now Turns Into Painful Liquidation.

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A Massive Restaurant Now Plans New Way Out Of Bankruptcy

A massive restaurant now plans new way out of bankruptcy with its creditors aligning behind a debt-for-equity deal that limits disruptions.

The casual-dining seafood chain Red Lobster and its creditors are aligning behind a debt-for-equity deal, enabling it to continue operating without the disruptions involved with a sale of its assets.

This includes the need to transfer hundreds of liquor licenses to a new company. 

Brad Sandler, a bankruptcy attorney who is representing the unsecured creditors’ committee in the case, has said that the process can take months, and Red Lobster restaurants would be unable to sell alcohol during that time.

This in turn would still lead to some loss within the company’s profits.

These transitional costs across the 550 locations can climb into millions of dollars.

If they do a reorganization, because of all the regulatory issues that you won’t have to deal with, I think there’s substantially less disruption, and disruption is always expensive,” Sandler said. 

This final decision will depend on who purchases the Orlando-based restaurant that had filed for a Chapter 11 bankruptcy this past May with up to $300 million in debt.

This price for the chain has been set by stalking-horse bidder Fortress Investment Group, with other parties having until July 18 to make an offer.

Red Lobster had blamed inflation, leases, as well as poor management for its struggles and its financial failing.

The restaurant had closed over 100 locations days before the Chapter 11 bankruptcy filing and is expected to close more if it is unable to renegotiate its current leases.

We’re all working to not only maximize value but to ensure that Red Lobster continues as a well-capitalized, successful go-forward business with the maximum footprint,” Sandler said.

This process is still ongoing, and it will be up to the buyer to see it through, reports Restaurant Business.

For more bankruptcy news and updates like this, opt-in for push notifications.

Also Read: Another Mall Clothing Retailer Now At High Risk of Bankruptcy

Other Economy News Today

Market News Today - A Massive Restaurant Now Plans New Way Out Of Bankruptcy.
Market News Today – A Massive Restaurant Now Plans New Way Out Of Bankruptcy.

A massive rental company with 34k locations now shuts down its operations after filing for bankruptcy and 22 years in business.

Users of movie rental company Redbox were left saddened after it was announced that it would be shutting down operations.

The announcement comes after the rental company’s parent company, Chicken Soup for the Soul Entertainment, filed for Chapter 11 bankruptcy.

According to court documents obtained by the Washington Post, the Connecticut-based company claimed to be one billion dollars in debt.

As a result, Redbox, which was a staple of many grocery stores including Walgreens, and CVS will be shuttered.

Many fans took to social media to express how upset they were with the loss.

“I knew it was coming, sadly,” UltraVada wrote in a post on X, formerly Twitter.

“It was inevitable,” a second person mourned.

“I knew this would happen when I heard they filed for Bankruptcy but its still sad to hear. I have a lot of fun memories of Redbox,” a third person lamented.

“I still don’t think this will be or ever be the end of physical media as we do still get remasters of some movies in 4k/Bluray.”

One person revealed that they had forgotten the rental service had existed.

Some users were not surprised by the announcement.

“Not surprised since nobody really rents videos anymore with the rise of streaming and what not,” one user admitted.

“Also kinda remember getting into a feud with them on here.”

One user also pointed out that the last remaining Blockbuster, located in Bend, Oregon, managed to outlive Redbox.

Redbox was acquired by Chicken Soup for the Soul Entertainment (CSSE) in 2022 and became one of the company’s flagship video-on-demand streaming services.

At its peak, CSSE operated more than 20,000 DVD rental kiosks across the country.

The company’s filing means that the company’s more than 1,000 employees will be laid off, per The Wall Street Journal.

It was also reported by Deadline that many employees at CSSE hadn’t received their paychecks and had medical benefits cut in late June.

Also Read: This Massive Mall Retailer Is Now Closing In California

Market News Published Daily 📰

Market News Today - A Massive Restaurant Now Plans New Way Out Of Bankruptcy.
Market News Today – A Massive Restaurant Now Plans New Way Out Of Bankruptcy.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Our readers can now donate $3 per month to support independent journalism.

For daily news and updates on your favorite stories, opt-in for push notifications.

Follow Frank Nez on X (Twitter)Instagram, or Facebook.


Support Independent Journalism ✍🏻

Support independent journalism for just $3 per month!

Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.

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