Tyson Foods announced Monday that it will close four more chicken plants in the U.S. to cut costs.

The company said it will move the work performed inside the North Little Rock, Arkansas; Corydon, Indiana; Dexter, Missouri; and Noel, Missouri, plants to newer locations closer to its customer base.

NEWLY PASSED CALIFORNIA LAW SQUEEZES ‘LOTS OF COSTS’ OUT OF MOM-AND-POP PORK PRODUCERS

“The difficult decision to close four chicken facilities… demonstrates our commitment to bold action and operational excellence as we drive performance, including lower costs and improving capacity utilization, and build on our strategy of making Tyson Foods stronger in the long-term,” Tyson Foods CEO Donnie King said in a statement.
 

Tyson said in April it would cut roughly 10% of corporate jobs and 15% of senior leadership roles, while also laying off corporate employees in Chicago and South Dakota who declined to relocate to Tyson’s headquarters in Arkansas.

CAMPBELL SOUP BUYS RAO’S SAUCE MAKER FOR $2.7B

Also in April, about 150 employees at a Tyson Foods chicken plant in Van Buren, Arkansas, went on strike for better treatment before the company shut down the facility on May 12, eliminating jobs for 969 employees as it seeks to improve performance in its chicken business.

“While current market dynamics remain challenging, Tyson Foods is fully committed to our vision of delivering sustainable, top-line growth and margin improvement,” King said. “I’m encouraged by the improvements we made this quarter, including our Tyson Core Business lines that continue to outpace our peers in volume growth.”

BUD LIGHT SALES CONTINUE TO PLUNGE, AS ANHEUSER-BUSCH INSISTS US STILL HAS ‘FAVORABLE’ VIEW OF BRAND

Shares of Tyson Foods are down around 14.1% lower year to date.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Reuters contributed to this report. 

Read More 

Inflation and rising prices are why 31% of Americans said they maxed out their credit cards over the past two years, according to a recent survey.

Skyrocketing costs also pushed 51% of Americans to increase their reliance on credit cards, and why balances have surged in that time period, the Debt.com survey said. Beyond inflation, 28% said they took on more debt because of a salary reduction.

Despite the growing dependence on credit cards to make ends meet, 28% don’t know what their annual percentage rate (APR) is, including how it determines the yearly interest rate they will pay to carry a balance on their credit cards, the survey said.

The Federal Reserve has raised interest rates 10 times in 2022 and 2023 to bring inflation down to a 2% target. The federal funds rate remains in a targeted range of 5% to 5.25%, the highest level in 16 years. Credit cards, for example, have seen interest rates soar, and the average credit card interest rate is now roughly 20%. Carrying a balance can be particularly costly in a high-interest rate environment. 

 “You can’t get out of debt if you don’t understand what’s keeping you there,” Debt.com’s chairman Howard Dvorkin said. “And you certainly can’t get out of debt if you don’t even know the options you have.”

If you’re having trouble paying off credit card debt, you could consider getting a personal loan at a lower interest rate. Credible can help you compare options from different lenders all in one place without affecting your credit score.

COST IS THE BIGGEST FACTOR BEHIND WHY A MAJORITY OF AMERICANS DELAY MEDICAL CARE: SURVEY

Despite the more expensive cost of using credit cards, Americans’ balances soared to a record high of $993 billion as of July 5, 2023.

Those with personal debt said they spent 30% of their monthly income toward paying it off, and most said they expected to remain in debt for years, according to a recent Northwestern Mutual survey. 

Despite the growing debt burden, most Americans don’t know what steps to take toward debt relief, according to the Debt.com survey. Fifty-eight percent said they had never explored any solution to help them reduce their credit card debt burden.

For those that did try to reduce debt, these were the top three options they used:

“It’s one thing to identify the enemy; it’s quite another to conquer it,” Dvorkin said. “Yet our survey also revealed some concerns that will keep us dependent on our plastic.”

If you are struggling to pay off debt, you could consider using a personal loan to consolidate your payments at a lower interest rate, saving you money each month. Visit Credible to find your personalized interest rate without affecting your credit score.

MAJORITY OF HOMEBUYERS SAY THEY HAVE REGRETS: SURVEY

Americans hoping to get some relief through student loan forgiveness are now facing the additional burden of having to pay off debt they’d already written off, according to a recent Intelligent.com survey. 

The U.S. Supreme Court blocked President Joe Biden’s student loan forgiveness plan in late June. The plan would have canceled up to $10,000 in federal loans per borrower making less than $125,000 a year (couples making less than $250,000) and up to $20,000 per borrower for those who used Pell Grants in college, eliminating about $441 billion in outstanding student debt. 

The debt ceiling deal officially ended federal student loan forbearance, and borrowers can expect to resume payments on student loans in October, with interest on these loans will begin accruing in September. 

However, some long-time borrowers that had been making payments for 20 years or more may be in line for immediate relief. The Biden administration announced that $39 billion in federal student loans would be automatically discharged in the coming weeks due to updates made to income-driven repayment (IDR) plans. 

Roughly 800,000 borrowers nationwide will see debt relief within the next 30 days. 

If you want to pay down your private student loan debt, a refinance could help you lower your interest rate and monthly payment. To see if this is the right option for you, contact Credible to speak to a student loan expert and get all of your questions answered.

MOST SENIORS REGRET RETIREMENT PLANNING DECISIONS, WANT DO-OVER: SURVEY

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

Read More 

PayPal on Monday announced the launch of its own U.S.-dollar backed stablecoin, dubbed PayPal USD (PYUSD), which the financial technology giant says can be used for payments and transfers on its platform.

The new cryptocurrency is issued by Paxos Trust Company and is fully backed by U.S. dollar deposits, short-term U.S. treasuries and similar and can be redeemed 1:1 for U.S. dollars, the company said.

PayPal said starting today with a rollout that will go on for weeks, U.S. PayPal customers who purchase PayPal USD will be able to transfer its new currency between its platform and compatible external wallets, send person-to-person transactions using PYUSD, fund purchases with it at checkout, and convert it to and from any other cryptocurrencies supported on PayPal.

The fintech firm said PYUSD will also be available on its Venmo app, soon.

GOOGLE-PARENT ALPHABET DITCHES NEARLY 90% OF ITS ROBINHOOD STAKE

Crypto expert Brandon Zemp, host of the podcast “BlockHash: Exploring the Blockchain,” says PayPal’s new stablecoin is similar to those already on the market, but the rollout from PayPal gives the company a “massive advantage.”

Zemp pointed to PayPal’s established presence in the financial world with its $84 billion valuation and existing payments infrastructure that dates back to 1998, and says the platform’s move allowing customers the ability to trade crypto, make payments, transfers and cash out directly to their bank accounts is “something that Circle’s USDC, Tether and other financial institutions, don’t quite excel at just yet.”

Stablecoins — crypto tokens whose monetary value is pegged to a stable asset to protect from wild volatility — are great in general, Zemp says. But, he reiterated, it’s better to have the infrastructure around it to make it more impactful. 

BIG TECH STOCKS ARE BACK AFTER FITCH RATINGS DIP: R ‘RAY’ WANG

Prior attempts by major mainstream companies to launch stablecoins have met fierce opposition from financial regulators and policymakers. Meta’s (then Facebook) 2019 plans to launch a stablecoin, Libra, were foiled after regulators raised fears it could upset global financial stability.

Last month, the U.S. House Financial Services Committee also advanced a bill to establish a federal regulatory framework for stablecoins, which will focus on rules for the registration and approval process for stablecoin issuers.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

“That is PayPal’s main advantage, and it will further push the envelope on electronic payments, invoicing, remittance, ecommerce and so many other areas,” Zemp told FOX Business. “Don’t be surprised if large cap companies like Amazon, Meta and Google follow suit. With the stablecoin legislation also getting pushed in Congress, we’ll see more companies eager to grab market share.”

Reuters contributed to this report.

Read More