ABC Business

Will the rich leave New York City after Mamdani takes office? Experts weigh in

Saturday, November 15 by ABC News

(NEW YORK) -- New York City Mayor-elect Zohran Mamdani, a democratic socialist who says he wants to hike taxes on the rich, set off alarm among some critics about a potential exodus of wealthy people bent on keeping their money out of government coffers.As... Read More.

Starbucks workers strike nationwide in ‘Red Cup rebellion,’ union says

Thursday, November 13 by ABC News

(NEW YORK) -- Starbucks baristas are set to walk off the job in dozens of U.S. cities on Thursday, aiming to galvanize public support and pressure the company on "Red Cup Day," the coffee giant's annual holiday promotion.More than 1,000 Starbucks workers will go... Read More.

Reopening government could avert recession, but risks remain, economists say

Tuesday, November 11 by ABC News

(WASHINGTON) -- The longest government shutdown in U.S. history could end as soon as Wednesday, ultimately putting hundreds of thousands of federal employees back to work, funding food stamps and smoothing out major travel disruptions.The reopening averts a recession that may have come to pass in the... Read More.

What to know about Trump’s promise of $2,000 tariff dividend payments

Monday, November 10 by ABC News

(NEW YORK) -- President Donald Trump over the weekend vowed to provide each American a $2,000 dividend to be distributed from what he said was tariff revenue."A dividend of at least $2000 a person (not including high income people!) will be paid to everyone,”... Read More.

Stocks rise after Senate moves to end government shutdown

Monday, November 10 by ABC News

(NEW YORK) -- Stocks rose in early trading on Monday after the Senate voted hours earlier to advance a potential deal on the government shutdown, which has weighed on economic output and cast uncertainty over markets for well over a month.The Dow Jones Industrial Average jumped... Read More.

Elon Musk awarded nearly $1 trillion pay package by Tesla shareholders

Thursday, November 6 by ABC News

Tesla shareholders awarded CEO Elon Musk a pay package on Thursday that could grant the tech entrepreneur nearly $1 trillion in compensation over the next decade.The pay package would make Musk the best-compensated CEO ever recorded. According to a securities filing in September, Musk... Read More.

Peloton voluntarily recalls over 800,000 bikes for potential seat post issue

Thursday, November 6 by ABC News

(NEW YORK) -- Exercise equipment company Peloton is voluntarily recalling approximately 833,000 exercise bikes due to a potential issue specific to the bike's seat post, the company announced Thursday.According to the company announcement, the recall affects "certain Original Series Bike+ models manufactured from December... Read More.

Travel chaos worsens amid government shutdown

Tuesday, November 4 by ABC News

(NEW YORK) -- Travelers with plans to fly amid the government shutdown are searching for refund policies related to flight delays or cancellations, as well as information on what resources are available to them if a booking is significantly impacted by the continued ripple... Read More.

Fed expected to cut interest rates, but less than Trump wants

Wednesday, October 29 by ABC News

(WASHINGTON) -- The Federal Reserve on Wednesday will set the level of its benchmark interest rate, adjusting a major policy lever for the first time since a government shutdown sharply restricted the release of gold-standard federal data about the economy.In a rare exception, the... Read More.

Amazon layoffs highlight impact of AI, some experts say: ‘Wake-up call’

Tuesday, October 28 by ABC News

(NEW YORK) -- Amazon is set to lay off thousands of corporate workers, despite billions in profits and lucrative lines of business spanning from e-commerce to cloud computing. The reason is artificial intelligence, the company said in a memo to employees on Tuesday."Some may... Read More.