Business News

Americans’ refusal to keep paying higher prices may be dealing a final blow to US inflation spike

WASHINGTON (AP) — The great inflation spike of the past three years is nearly spent — and economists credit American consumers for helping slay it. Some of America’s largest companies say their customers are increasingly seeking cheaper alternative products and services, searching for bargains or just avoiding items they deem too expensive. Consumers aren’t cutting back enough to cause an economic downturn. Rather, the economy appears to be returning to pre-pandemic norms, when most companies felt they couldn’t raise prices much without losing business. A more price-sensitive consumer helps explain why inflation has appeared to be steadily falling toward the Federal Reserve’s 2% target, ending a period of painfully high prices that strained people’s budgets and darkened their outlooks on the economy.

Donald Trump is returning to X for a live interview with the platform’s owner, Elon Musk

Donald Trump is returning — at least for one night — to X, the platform from which he was banned for nearly two years following the Jan. 6, 2021, storming of the U.S. Capitol. Trump and Elon Musk, X’s owner, are slated to have a live conversation Monday night that the tech titan says will be “unscripted with no limits on subject matter.” Musk endorsed Trump’s candidacy two days after the former president was wounded during an attempted assassination at a Pennsylvania rally last month. Shortly after buying Twitter and rebranding it as X, he reinstated Trump to the platform.

Mini farm animals are adorable. There’s also a growing demand for them

NEW YORK (AP) — Americans are showing more interest in owning miniature cows, miniature goats, miniature donkeys and other diminutive farm animals. The trend is driven by hobby farmers looking for easy-to-manage livestock and homesteaders who like the idea of having a petite pig or a scaled-down sheep as a pet. Animal breeders say sales of pint-sized farm animals have grown since the COVID-19 pandemic, when more people started raising backyard chickens for fun and fresh eggs. Like chickens, mini farm animals appeal to beginners without much land who want to taste a rugged, agrarian lifestyle. To be sure, raising these miniature animals come with a learning curve.

How to get relief from unexpectedly high medical bills

NEW YORK (AP) — Unexpectedly high medical bills are common in the United States, but there are ways to get relief. According to the Consumer Financial Protection Bureau, one in five Americans are affected by outstanding medical debt. The total cost is $88 billion. Laws governing hospital charity care require that non-profit hospitals lower or write off bills for low-income households. The organization Dollar For can help advocate for patients, and many states have free consumer assistance programs as well.

Google and Selena Gomez partner to fund teen mental health in the classroom

The unprecedented mental health crisis for children in the United States often surfaces where they spend much of their days: school. With that in mind, Google’s philanthropic arm is directly financing high school wellbeing projects on a classroom crowdfunding platform. Google.org flash funded Monday all mental health-related listings on DonorsChoose, an online charity where members help purchase supplies requested by public school teachers. With $10 million in new gifts and the help of actress Selena Gomez, the Silicon Valley giant hopes to center mindfulness as an educational goal at the start of the academic calendar. Experts say increased attention has not translated to more philanthropic money toward mental health.

Blink Fitness, an affordable gym operator owned by Equinox, files for Chapter 11 bankruptcy

NEW YORK (AP) — Gym operator Blink Fitness has filed for Chapter 11 bankruptcy protection. Blink, an Equinox-owned chain with more than 100 locations, says it’s filing for bankruptcy to help facilitate a sale of the business. The New York-based company added that it’s gyms remain open and anticipates “limited impact on day-to-day operations” through the process. Blink also says it received a commitment for $21 million in new financing, pending court approval. Employees wages and vendor payments are expected to continue without interruption. Founded in 2011, Blink has long billed itself as an affordable gym “for every body.” Membership plans today range from about $15 to $39 per month, competitive with rates from larger rivals like Planet Fitness and LA Fitness.

From Paris to Los Angeles: How the city is preparing for the 2028 Olympics

LOS ANGELES (AP) — As the Olympics close in Paris, Los Angeles has now taken the torch. The city will become the third to host the games three times. The last was in 1984, when Los Angeles was as much a star as Olympians Carl Lewis and Mary Lou Retton. Olympic organizers will take advantage of a recent building boom in the city. The nearly new SoFi stadium will host an opening ceremony that will also incorporate the century-old Memorial Coliseum. The region has much more public transportation than it did in ’84, but is looking to build much more by 2028.

Stock market today: Wall Street holds relatively steady ahead of big tests coming later in the week

NEW YORK (AP) — Wall Street is holding relatively steady, as markets around the world stabilize following a wild week. The S&P 500 was down 0.1% in Monday afternoon trading. The Dow Jones Industrial Average slipped 176 points, and the Nasdaq composite gained 0.2%. European and Asian markets were also relatively quiet. That’s a notable turn after last week kicked off with the worst day for Japanese stocks since 1987, only to give way to the best day since 2022 for U.S. stocks. The value of the Japanese yen eased, providing some relief. Highly anticipated updates on U.S. inflation and retail sales are coming later in the week.

Pfizer CEO on moving beyond COVID vaccines to become a leader in cancer and obesity treatments

WASHINGTON (AP) — Pfizer’s CEO Albert Bourla is trying to reposition the global pharmaceutical giant for a post-pandemic world. Two years ago, Pfizer recorded an unprecedented $100 billion in annual sales from its COVID-19 vaccine and antiviral Paxlovid. Lofty expectations for continuing sales of vaccines and antivirals have fallen flat, forcing the company to lay off staff and cut costs. Bourla spoke with The Associated Press about the company’s new focus on specialty cancer drugs and obesity treatments.

The US government wants to make it easier for you to click the ‘unsubscribe’ button

WASHINGTON (AP) — In the name of consumer protection, a slew of U.S. federal agencies are working to make it easier for Americans to click the unsubscribe button for unwanted memberships and recurring payment services. A broad new government initiative, dubbed “Time Is Money,” will impact industries spanning from healthcare, fitness memberships, media subscriptions, education and many more. Monday’s announcement includes new FCC efforts to consider imposing requirements on communications companies that would make it as easy to cancel a subscription or service as it was to sign up for one.