ABC Business

Inflation hits highest level since 2023, as the Iran war pushes up prices

Wednesday, June 10 by ABC News

(NEW YORK) -- Inflation jumped for a third consecutive month as the Iran war continued to drive up prices in May, surpassing 4% for the first time in three years. The reading matched economists' expectations.Prices rose 4.2% in May compared to a year... Read More.

OpenAI, company behind ChatGPT, files for IPO

Tuesday, June 9 by ABC News

(NEW YORK) -- OpenAI, the artificial-intelligence company behind ChatGPT, announced Monday night it had filed confidentially for an initial public offering (IPO), setting up the firm to raise fresh funds as it competes with deep-pocketed tech giants in the fast-growing AI industry.In a post... Read More.

Air Canada pilot arrested for flying without proper license

Tuesday, June 9 by ABC News

(TORONTO) -- An Air Canada pilot was arrested Monday after a probe discovered he had been allegedly flying hundreds of flights for at least 17 years without a proper license.Canadian police officials outlined Geoffrey Wall's alleged fraud, which they said, "read like a movie... Read More.

Hiring blows past expectations, accelerating in May despite Iran war

Friday, June 5 by ABC News

(NEW YORK) -- Hiring blew past expectations in May, registering at a blockbuster clip despite a continued rise in inflation set off by the Iran War.The U.S. added 172,000 jobs in May, according to the report, which marked an acceleration from 115,000 jobs added... Read More.

Gas prices are falling despite the Iran war’s impact. Will it last?

Thursday, June 4 by ABC News

(NEW YORKI) --Drivers stung by high gas prices have enjoyed some welcome relief over the last couple of weeks, even as the impact of the Iran war continues to choke off oil supply.The national average price of a gallon of gas stood at $4.26... Read More.

Trump admin sent $20.6B in tariff refunds so far: Court filing

Thursday, May 28 by ABC News

(NEW YORK) -- A court filing shows how businesses are getting money back from the U.S. government after the Supreme Court ruled many of President Donald Trump's tariffs were illegal.The Trump administration has sent out $20.6 billion in tariff refunds so far, according to... Read More.

Artificial intelligence could potentially eliminate thousands of jobs in New York City, city official says

Friday, May 22 by ABC News

(NEW YORK) -- The top financial officer in New York City on Thursday warned that artificial intelligence could put thousands of workers in the nation's largest metropolis out of a job as soon as this year, while acknowledging that the ultimate impact... Read More.

What rising bond yields mean for mortgages and credit card rates

Thursday, May 21 by ABC News

(NEW YORK) -- U.S. Treasury yields soared in recent days as the Iran war stoked inflation fears, threatening to drive up borrowing costs for everything from mortgages to credit cards to auto loans.The yields on 30-year bonds - the amount paid to a bondholder... Read More.

Court dismisses Elon Musk’s case against Sam Altman and OpenAI

Monday, May 18 by ABC News

(NEW YORK) -- A jury on Monday found that Elon Musk waited too long to bring claims accusing OpenAI, under Sam Altman's leadership, of abandoning its public-benefit mission as it moved toward a for-profit structure.The nine-person advisory jury determined that the claims against OpenAI... Read More.

Takeaways from Fed Chair Jerome Powell’s tenure as he steps down

Friday, May 15 by ABC News

(NEW YORK) -- A global pandemic that put millions of Americans out of work within days. The highest inflation in four decades. An unprecedented federal criminal investigation.Fed Chair Jerome Powell faced a succession of crises over his 8-year tenure atop the central bank, which... Read More.