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[ad_1] Facebook Tweet Email Link New York — President Donald Trump’s sweeping tariff regime is generating so much revenue for the federal government that Washington could eventually return some of that windfall to taxpayers. Even though Trump’s historically high tariffs were designed to revive American manufacturing and to help chip away at the national debt, the president sounds open to using tariffs for another purpose: rebate checks. “We’re taking in so much money that we may very well make a dividend to the people of America,” Trump said Tuesday. Although discussions on rebate checks are preliminary and nothing is imminent,…
[ad_1] Facebook Tweet Email Link New York — Eastman Kodak, the 133-year-old photography company, is warning investors thats it might not survive much longer. In its earnings report Monday, the company warned that it doesn’t have “committed financing or available liquidity” to pay its roughly $500 million in upcoming debt obligations. “These conditions raise substantial doubt about the company’s ability to continue as a going concern,” Kodak said in a filing. Kodak aims to conjure up cash by ceasing payments for its retirement pension plan. It also said that it doesn’t expect tariffs to have “material impacts” on its business…
[ad_1] Facebook Tweet Email Link A version of this story appeared in CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free here. New York — President Donald Trump is doubling down on “debanking” — a once-niche political issue that now appears deeply personal for him. While Trump’s at times rocky professional history with Wall Street banks is well-documented, he aligned himself Tuesday with many of his MAGA supporters who claim they’ve been shut out from mainstream finance, telling CNBC that “the banks discriminated against me very badly, and I was very good to the banks.”…
[ad_1] Facebook Tweet Email Link New York — Hours before President Donald Trump fired former Bureau of Labor Statistics commissioner Erika McEntarfer this month, E.J. Antoni appeared on former White House strategist Steve Bannon’s podcast to discuss the BLS’ monthly jobs report, which showed much-lower-than-expected numbers for July and shockingly steep revisions for May and June. Antoni called McEntarfer “incompetent” for failing to fix data collection and interpretation problems at the BLS that have led to major revisions in recent years. He agreed with Bannon on the solution: A MAGA Republican who “Trump knows and trusts” should be put into…
[ad_1] Facebook Tweet Email Link London — If you want to get away from it all, there can be few places more secluded than Thorne Island. Situated 3 nautical miles off the coast of Pembrokeshire in west Wales, United Kingdom, the private island is home to a 19th century fort. Extending to approximately 2.49 acres, Thorne Island has recently gone up for sale, with the owner seeking offers in excess of £3 million ($4 million), according to the listing on the Strutt & Parker website. The fort’s highlights include a helipad, a covered rooftop bar with a games room and…
[ad_1] Facebook Tweet Email Link Federal Reserve Governor Lisa Cook’s attorney, Abbe Lowell, announced on Tuesday he is filing a lawsuit to challenge President Donald Trump’s attempt to fire her on Monday evening. “President Trump has no authority to remove Federal Reserve Governor Lisa Cook. His attempt to fire her, based solely on a referral letter, lacks any factual or legal basis. We will be filing a lawsuit challenging this illegal action,” he said in a statement sent to CNN. The announcement comes hours after Trump posted on social media a letter addressed to Cook informing her that he had…
[ad_1] Facebook Tweet Email Link Reuters — Spirit Airlines said on Monday that it will furlough about 270 pilots while demoting another 140, as the cash-strapped budget carrier looks to scale down its workforce to match a downsized schedule. The furloughs will go into effect on November 1, while designation downgrades for captains will take place on October 1, the company told Reuters in an emailed statement. “We are taking necessary steps to ensure we operate as efficiently as possible as part of our efforts to return to profitability,” the airline said. The announcement, first reported by Bloomberg News, comes…
[ad_1] Facebook Tweet Email Link New York — President Donald Trump has realigned global trade and American politics, ushering in a new era in which pay-to-play appears to be the new norm, and every interaction is a chance to score some extra cash — even if it means starting a global trade war or demanding a payout from America’s own industries. ICYMI: American chipmakers Nvidia and AMD agreed to pay the US government 15% of their revenues from semiconductor sales to China in exchange for export licenses. It’s an unorthodox (and potentially illegal) arrangement which, at minimum, offers Trump a…
[ad_1] Facebook Tweet Email Link A version of this story appeared in CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free here. NEW YORK — If you happened to glance at Tesla’s second-quarter earnings report Wednesday night, you might not be surprised that the company’s stock was getting pummeled on Wall Street Thursday morning. Put simply: sales are in freefall, profits have been shrinking for three straight quarters and the US government is about to cut off a crucial revenue stream. But if you just listened in on the company’s call with analysts, you would…
[ad_1] Federal agencies Race & ethnicity Donald Trump Interest rates See all topics Facebook Tweet Email Link Washington — President Donald Trump on Monday said he had fired Federal Reserve Governor Lisa Cook — the first Fed governor ever to be placed in that position — citing allegations of mortgage fraud. But before the Trump administration thrust Cook into the spotlight, she was already known for being a trailblazer. In 2022, Cook became the first Black woman to serve on the Fed’s Board of Governors, appointed by President Joe Biden. Now her term, which was slated to run through January…