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[ad_1] It could soon get harder for student-loan borrowers to get affordable monthly payments.Congress passed President Donald Trump’s “big beautiful bill” — a major spending package — on July 3, meaning a slew of proposals to change the way student-loan borrowers take out and pay off their debt is becoming law.The bill eliminates existing income-driven repayment plans and replaces them with two less generous options, along with adding new restrictions on the types of loans parents and graduate students can take out. It also limits borrowers’ abilities to place their loans on deferment if they’re facing financial hardship.Linda McMahon, Trump’s…

[ad_1] Washington CNN  —  Unemployment among Black Americans last month reached its highest level in more than three years, in stark contrast to the broader labor market’s resilience. The jobless rate for Black Americans climbed to 6.8% in June, the Labor Department said Thursday, up sharply from May’s 6% and the highest level since January 2022. Meanwhile, the national unemployment rate ticked down to 4.1% and employers added a stronger-than-expected 147,000 jobs in June, according to Thursday’s jobs report. Joblessness also declined for Whites, Hispanics and Asians. President Donald Trump’s chaotic trade war, which paralyzed business decision-making and sparked fears…

[ad_1] New York CNN  —  New York City frontrunner for mayor Zohran Mamdani has an ambitious agenda to tackle the city’s housing crisis. But the spiraling costs to develop affordable housing, President Donald Trump’s efforts to gut federal housing aid and other obstacles may derail his goals. New York City is in the grips of its worst housing shortage in more than 50 years. Only 1.4% of apartment rentals are available, and the typical New York City household pays more than half of its $70,000 income on rent. The city’s leaders for decades have promised new affordable housing. Mamdani, who…

[ad_1] Ursula von der Leyen, the president of the European Commission, said it was “impossible” to reach a detailed trade deal by President Donald Trump’s July 9 deadline.Von der Leyen said the US and European Union were aiming for a July 9 “agreement in principle” trade deal, which would be light on details.She was speaking at a press conference in the Danish city of Aarhus on Thursday, at a European Union summit to mark the start of Denmark’s six-month-long EU presidency.”It’s a huge task because we have the largest trade volume globally between the European Union and the United States,…

[ad_1] Helen Toner, a former OpenAI board member, said Meta could start seeing other companies trying to poach back their newly brought in AI talent.Toner, who left OpenAI’s board in November 2023, said in an interview with Bloomberg on Thursday that Meta will need to show they are “moving fast enough” in the field to retain their new AI hires.Toner added that Meta “will be getting attempts to poach them back to other companies starting on day one.”Meta has been stepping up its AI recruitment efforts amid a wider industry search for AI talent.Last month, Meta said it had made a $15…

[ad_1] President Donald Trump’s new policies may be upending the global trade order, but so far, they’re not hitting the economy hard, wrote Goldman Sachs analysts.”There are very few signs that uncertainty is taking a toll on activity,” analysts at Goldman Sachs wrote in a Thursday note.Even though the analysts had expected Trump’s second term to slow economic activity, the numbers tell a different story. Since late 2024, investment, factory hiring, consumer spending, and broader economic activity have all stayed resilient across major developed and emerging markets.In fact, growth forecasts for both the second quarter and this full year have…

[ad_1] CNN  —  As Americans celebrate 249 years of independence with fireworks and barbecues, many businesses will be closed for the day. The Fourth of July marks the birth of American independence, the day the Declaration of Independence was adopted in 1776. As a federal holiday, the Fourth means many government offices, banks and some businesses will be closed, so it’s worth checking what’s open before heading out. This year, the Fourth of July will fall on a Friday. Target and Walmart locations will be open during their regular local hours. Most grocery stores under Kroger — which includes Fred…

[ad_1] A version of this story appeared in the CNN Business Nightcap newsletter. To get it in your inbox, sign up for free here. New York CNN  —  The Republican tax and spending bill is 900 pages of barely readable text full of complicated proposals that would, among many other things, slash the social safety net in America and lavish wealthy households with tax cuts. It is reviled on the left for hurting poor people and reviled on the far-right for not going far enough to cut spending. It’s a hard pill to swallow for lawmakers across the political spectrum,…

[ad_1] Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The writer is chair of Société Générale and a former member of the executive board of the European Central BankStablecoins are fast emerging as a disruptive force in global finance — and central banks are rightly paying attention. The Bank for International Settlements recently warned that a loss of confidence in stablecoin issuers could lead different coins to diverge from trading at par. This would threaten monetary stability, particularly if the issuers’ reserves lose value or are insufficiently liquid to meet…

[ad_1] Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Fundraising from initial public offerings in London has tumbled to its lowest level in at least 30 years, in a stark sign of the waning attractiveness of the UK’s equity markets for companies and investors. The five listings on UK markets in the first six months of the year raised £160mn, the lowest half-year amount in Dealogic data going back to 1995. The total marks a 98 per cent fall from a bumper six months of fundraising at the start of…