Business News

After hurricanes, the business of rebuilding lives means navigating the insurance claims process

Now that the threat of Hurricanes Helene and Milton has receded, millions of homeowners and business-owners across Florida and the Southeastern U.S. are faced with traversing the often long and laborious process of using insurance to rebuild their lives. Immediately after disasters like these, property insurance is likely not top of mind as people secure their safety and basic needs, but insurance claims are part of the process of resetting. Many buy the policies in hope they can help protect them when disaster strikes. But oftentimes insurance doesn’t cover what the policy holder thinks it does — or thinks it should.

Walgreens to close 1,200 US stores as chain attempts to steady operations at home

Walgreens plans to close about 1,200 locations over the next three years as the drugstore chain seeks to turnaround its struggling U.S. business. The company said Tuesday that about 500 store closures will happen in its current fiscal year and should immediately help adjusted earnings and free cash flow. Walgreens leaders said in late June that they were finalizing a turnaround plan for its U.S. business, and that push could result in the closing of hundreds of underperforming stores. The company has been struggling for years with tight reimbursement for the prescriptions it sells as well as other challenges.

How the tiny Caribbean island of Anguilla has turned the AI boom into a digital gold mine

The artificial intelligence boom is providing an unusual windfall for Anguilla, a tiny island in the Caribbean. ChatGPT’s debut nearly two years ago sent companies scrambling to acquire websites that end in .ai, which are controlled by Anguilla. Government revenue from web domain fees quadrupled last year to $32 million fuelled by the surging interest in AI. To help keep up with explosive growth, Anguilla said Tuesday it’s signing a deal with a U.S. company, Identity Digital, to help manage the domain registrations. The company said it will protect web users against online scammers trying to take advantage of the hype around artificial intelligence.

Biden admin to provide $750 million to North Carolina-based Wolfspeed for advanced computer chips

WASHINGTON (AP) — The Biden-Harris administration announced plans to provide up to $750 million in direct funding to Wolfspeed, with the money supporting its new silicon carbide factory in North Carolina that makes the wafers used in advanced computer chips and its factory in Marcy, New York. The new Wolfspeed facility in Siler City could be a critical symbol in this year’s election, as it opened earlier this year in a swing state county that is undergoing rapid economic expansion in large part due to incentives provided by the Biden-Harris administration.

Troubled Boeing signals it may raise up to $25 billion to shore up finances

Boeing is moving toward raising up to $25 billion to shore up its troubled financial position. The company signaled Tuesday that it could raise that much money by issuing new stock or debt over the next three years. Boeing is also entering into a new $10 billion credit agreement with leading U.S. banks. Boeing has lost more than $25 billion since the start of 2019, and now it’s under pressure from a strike by union machinists who make the company’s airplanes. Last week, new CEO Kelly Ortberg said Boeing will cut about 10% of its workforce – that’s around 17,000 jobs.

Ahead of the presidential election, small biz owners are growing more uncertain about the economy

NEW YORK (AP) — Small business owners are growing more uncertain about the economy ahead of the presidential election and are reining in spending, according to a new survey. The National Federation of Independent Business optimism index edged up 0.3 points in September to 91.5. But the uncertainty index rose 11 points to 103, the highest ever recorded. As they face uncertainty, small business owners are spending less. The net percent of owners reporting inventory gains fell four points to a net negative 13%, the lowest reading since June 2020. And about half of owners surveyed reported capital outlays in the last six months, a decline from August.

Why you shouldn’t store your money in payment apps

NEW YORK (AP) — More and more people are using payment apps to send and receive money. As use has grown in recent years, the Consumer Finance Protection Bureau and Consumer Reports have issued guidance on best practices to avoid pitfalls consumers may not expect. For instance, funds stored on Venmo or Cash App typically lack the deposit insurance you’d get from a bank, except in certain cases. You’re also losing out on interest you could be earning from a savings account when you keep money in these apps.

US retail trade group expects holiday season sales to grow more slowly

NEW YORK (AP) — The largest retail trade group in the United States says it expects consumers to spend more during the upcoming holiday season but the growth in sales to be slower than last year due to concerns over persistent inflation and prices. The National Retail Federation said Tuesday that its 2024 forecast indicates shoppers will make $979.5 billion to $989 billion worth of purchases in November and December. That would represent a 2.5%-3.5% increase over the same two-month period a year ago. However, sales during the 2023 holiday shopping season were 3.9% higher than in 2022. The group makes its calculations based on government figures. The numbers exclude sales at automobile dealers, gasoline stations and restaurants.

Members of Congress call on companies to retain DEI programs as court cases grind on

NEW YORK (AP) — A group of Democrats in Congress is appealing to the largest U.S. companies to hold onto their diversity, equity and inclusion programs. The 49 House members shared their views in a letter emailed on Tuesday to the leaders of the Fortune 1000. The move follows several major corporations, including Ford, John Deere and Harley-Davidson, saying in recent months that they would end or curtail their DEI initiatives. Such programs typically are intended as a counterweight to discriminatory practices. But critics argue that policies which single out participants based on factors such as race, gender and sexual orientation are unfair and the same opportunities should be afforded to everyone.