Category: Business

Rebate checks of up to $1,300 will start going out to Minnesota households this week, Gov. Tim Walz announced Wednesday.

The payments include $260 for individual filers or $520 for married couples, along with another $260 each for up to three dependents. Meanwhile, state Republicans are criticizing Walz, a Democrat, saying the checks are far smaller than he promised on the campaign trail.

“As Minnesotans plan for back-to-school, we know that the excitement families are feeling is mixed with the stress that comes with buying books, backpacks and clothes,” Walz said in a statement. “We’re going to help with that – both with payments of up to $1,300 per family and universal free breakfast and lunch. I am grateful for the Department of Revenue’s work to deliver these payments to Minnesotans as soon as possible.”

Walz had promised checks of $1,000 for individuals and $2,000 for married couples while on the campaign trail, but the effort stalled in the state legislature. Democrats maintained full control of both chambers of the legislature but could not agree on the larger checks.

MINNESOTA TO REVAMP COPPER-NICKEL MINING RULES OVER LIGHT, NOISE POLLUTION CONCERNS

House Minority Leader Lisa Demuth, a Republican, says many Minnesotans are likely to be disappointed.

“People dislike politicians because they think they will say anything to get elected – and that’s exactly what Gov. Walz did with returning the surplus,” Demuth told KSTP. “During the election, Gov. Walz repeatedly promised Minnesotans $2,000 rebate checks. Then Democrats took full control and decided they’d rather spend the record $17.5 billion surplus themselves than return it back to Minnesotans. Now, only a select few Minnesotans will be getting a paltry $260 – hardly what they were promised by the governor.”

MINNESOTA GOV. WALZ SAYS TRAIN CONTAINING HAZARDOUS MATERIALS DERAILED NEAR LANCASTER

Minnesota projected a budget surplus of $17.6 billion in December 2022, leading to talk of the cash payments. Ultimately, however, much of those funds instead went to infusions for state infrastructure and paying off U.S. Bank Stadium, which the state has now done 23 years before it was required to.

In order to qualify for the payments, Minnesota filers must have an income of $75,000 or less, or $150,000 for married couples filing jointly. Walz’s administration says all payments are expected to be delivered by the end of September. 

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The state also imposed nearly $2.6 million in penalties against the company. Read More 

Cole Millington spent years building his business – Honolua Hot Sauce Company – in Maui, Hawaii. The 26-year-old Nantucket, Massachusetts, native told FOX Business that he was in the midst of scaling up his operation when everything changed.

Last Tuesday, when devastating wildfires overtook parts of the island, Millington lost everything. His home in Lahaina, the stores that sold his hot sauce and the commercial kitchen he used to make it were all decimated by the fire. 

At least 100 people were killed in the fires that have yet to be contained. Meanwhile, many others, including some of Millington’s friends and family, are still unaccounted for. 

“I got out with just my dog and my passport and my laptop,” Millington said. “Everything is unfortunately gone.” 

MAUI HOTELS TO HOUSE DISPLACED FAMILIES, FIRST RESPONDERS AMID WILDFIRES

The University of Denver grad moved to Lahaina four years ago to become a scuba diving guide. The island became his home, and when the pandemic hit and he lost his job because tourism came to a standstill, he stayed. 

Millington, who considers himself a hot sauce fanatic, started experimenting in the kitchen and created a recipe that became a hit among friends and neighbors. He made a logo, ordered supplies and began selling his sauces to local farmers markets and eventually at more than a dozen stores in the area. 

However, last week, the life he knew vanished within minutes.

Millington recalled the winds being so strong that work had been canceled for the day, he said. He was relaxing in his bedroom when all of a sudden he saw a “very deep black plume of smoke that was pretty sizable” through his window. 

HAWAIIAN ELECTRIC CO. FACING CLASS-ACTION LAWSUIT OVER MAUI FIRE

Millington said he turned to his roommates and suggested they start grabbing a couple of things just in case. 

“Within about 10 or 15 minutes, we are sprinting down… getting into our cars… peeling out of the driveway as fast as we could,” Millington said. “The whole street was covered in black smoke. There was downed power lines, downed trees in the streets… people screaming in the street.” 

Millington said he did not get an evacuation notice until he was already in his vehicle. He was also the only one in his complex to get it. 

“We got blindsided. I was taking a nap earlier that day and had I been asleep and no one home, I’d be dead. Had I been out of my house, my dog would be dead,” he said. 

As they were escaping, Millington said they had no idea the “extent of what was to come in the next couple of hours.” 

DEADLY MAUI WILDFIRES INFLICT MULTIBILLION-DOLLAR BLOW TO HAWAII’S ECONOMY

There were hundreds of cars waiting in standstill traffic on the only road out of Lahaina, he said. It took them three hours to get to Kihei, which is normally a 25-minute drive, according to Millington. 

“There was no direction of where to go. There was not a single police officer. The whole time I’m evacuating, I saw maybe one flying back,” he recalled.

Shortly after getting to a friend’s home, Millington and his friends got alerts on their phones that Kihei was also on fire, and they needed to evacuate immediately. 

They eventually escaped to a family farm in Waihe’e, where Millington and his roommates are sleeping in a small one-bedroom apartment with 15 others who lost everything. 

MAUI WEDDING PHOTOGRAPHER SPEAKS OUT AS WILDFIRES LEAVE LOCAL INDUSTRY IN QUESTION: ‘GOING TO TAKE YEARS’

The area he fell in love with four years ago looked like “a war zone,” he said.

Right now, Millington said his business is no longer his priority. His sole focus is on finding supplies for struggling community members and searching for his loved ones in West Maui. 

“The major crisis right now is the communication. The local government has completely failed us,” Millington said. “I was over in… [the] disaster zone yesterday [Monday] and I saw one police officer in the four hours I was over there.”

Millington stressed that they are not getting the help and supplies they need. The community, as Millington describes it, is fending for itself. 

“It’s the locals coming together,” he said. “I got friends driving through the old, smoldering town with their old pickup trucks delivering supplies. I got friends with boat companies who are boating supplies in.”

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Millington said he has friends who are providing refuge for dozens of people in a single home. They are “using their personal credit card to buy 50 people supplies, and they’re running out of money,” he added.

Millington even created his own fundraiser to help get residents the supplies they need. 

He is simultaneously pleading for support from the National Guard and local police officers to help, saying many people “are afraid for their lives because of potential looting and violence.” People are struggling to fall asleep at night in fear that their supplies will be looted, Millington said.

“It’s really scary,” he said.

Now, his fear is what will become of the historic town of Lahaina. Millington said the locals are worried that when it’s rebuilt, it will become a tourist destination.

“It needs to be rebuilt historically. It needs to be rebuilt the right way, and it cannot turn into a tourist destination,” he added.

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A LATAM Airlines flight from Florida to Chile was diverted to Panama this week after one of the pilots suffered a “medical emergency” and later “passed away,” the airline says. 

Flight data shows that LATAM 505 departed Miami around 9:40 p.m. Sunday before it landed around three hours later at Tocumen International Airport in Panama City. 

During the flight, the captain went to a toilet and never returned to the cockpit, according to The Aviation Herald.

Once the plane landed in Panama City, the cabin crew tried to resuscitate the pilot, the website added, noting that passengers reported they were dropped off there with no LATAM staff around. 

‘CRAZY PLANE LADY’ KICKS OFF COMEBACK AFTER VIRAL AMERICAN AIRLINES MELTDOWN 

In a statement to FOX Business, LATAM Airlines said the Boeing 787 changed course from Santiago “due to a medical emergency of one of the three members of the crew in command.” 

“All the necessary protocols were followed during the flight to safeguard the life of the affected pilot. Unfortunately, after landing and receiving further medical assistance, the pilot passed away,” it added. 

“LATAM Group is deeply saddened by this event and takes this opportunity to express our most sincere condolences to the family of our employee,” the airline also said. “We are thankful for his 25-years of service to LATAM, distinguished by his dedication, professionalism and enthusiasm.” 

As for the passengers, the airline said it “regrets the inconveniences that resulted from this unforeseen event.” 

The plane ultimately took off again and landed in Santiago, Chile, around 4 a.m. local time. 

VIDEO SHOWS TERRIFYING SCENES FROM SOUTH AMERICAN NIGHTMARE FLIGHT 

Last year, videos emerged of a severe storm that caused serious damage to a LATAM Airlines plane traveling out of Santiago. 

Videos showed lighting flashing and passengers screaming as the plane barreled on through the storm. There were 48 people on board. 

The pilots were forced to make an emergency landing in Asunción, Paraguay, according to the country’s aviation authority. Officials said the plane’s nose was shattered, and the windshield had small cracks, Reuters reported.

LATAM Airlines said in a statement that “severe weather conditions” forced the pilots to make an emergency landing.

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“Both passengers and crew are in good condition,” the airline said. 

FOX Business’ Chris Pandolfo contributed to this report. 

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Business is booming at Walmart and CEO Doug McMillon is crediting in-store and online shoppers for the gains.

“They’re shopping with us across channels — in stores, Sam’s Clubs, and they’re driving eCommerce, which was up 24% globally. Food is a strength, but we’re also encouraged by our results in general merchandise versus our expectations when we started the quarter” he noted. 

The world’s biggest retailer boosted its outlook for the next fiscal year and now expects to earn as much as $6.46 per share vs. prior estimate of $6.20 per share. Sales may rise as much as 4.5% from an expected 3.5%.

The current quarter included a 6.4% jump in comparable sales and a $161.6 billion in consolidated revenue and 5.7% improvement from the same period one year ago.

EX-WALMART CEO PREDICTS WHEN US WILL SEE HIGH PRICES DROP

As Walmart wins, rivals are seeing more challenges. Target posted second quarter earnings harpooned by the company’s Pride and transgender merchandise that led to a 5.4% dip in comparable sales, while Home Depot sales slipped 2% as reported earlier this week. 

“We are positioned for growth. We can serve people how they want to be served whether that’s in a store or club, picking up an order curbside or having it delivered” McMillon added. 

MULTIPLE WALMART STORES IN NEW YORK HAVE HAD INCIDENTS OF CREDIT CARD SKIMMERS IN JULY

As consumers pull back on spending amid higher interest rates led by the U.S. Federal Reserve‘s mission to control inflation, Walmart reported sales strength led by grocery, health and wellness, while general merchandise sales declined slightly.

WALMART OFFERING HALF-PRICE WALMART+ MEMBERSHIPS FOR CUSTOMERS ON GOVERNMENT ASSISTANCE

Also in the second quarter, Walmart reported $18.2 billion in operating cash flow, an increase of $9 billion, and another $9 billion in free cash flow to notch an increase of $7.2 billion.

Shares of Walmart have gained 13% year-to-date, slightly trailing the S&P 500’s 15% gain but are just shy of its record $163 per share. 

Meanwhile, the retail giant has also repurchased 8 million shares worth $1.2 billion year-to-date.

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Flames were captured shooting from a Southwest Airlines flight over Houston, Texas, earlier this week. 

The video, captured by Andrew Sandino, showed a trail of flames shooting from the plane on Tuesday night. 

“Southwest Flight #307 from Houston Hobby (HOU) to Cancun (CUN) returned to the airport on Tuesday night after experiencing a mechanical issue shortly after takeoff,” a spokesperson for the airline told FOX Business in an emailed statement on Thursday morning. 

“The aircraft landed safely and was taken out of service for review,” it said. “A different aircraft continued the flight to Cancun last evening, and we appreciate our customers’ patience and support.”

FLORIDA-BOUND AMERICAN AIRLINES PLANE DROPS 15,000 FEET IN 3 MINUTES: ‘IT WAS TERRIFYING’

Sandino told Storyful the footage was recorded as the flight approached to land at the Houston airport. 

The plane diverted, according to flight tracking website FlightAware, which showed it was in the air from 6:38 p.m. CDT through 7:05 p.m. CDT. 

One passenger on the flight, San Antonio’s Coale Kalisek, told local station KHOU that he was going on vacation with his girlfriend when the incident occurred.

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He took a video that another passenger took of flames under one of the wings of the plane. 

Kalisek said he was napping when the plane’s movement woke him up. 

“All I know is that it started, like, swinging, like, left and right. And I thought … I’ve been on a lot of flights,” he said. “Like, I fly probably once or twice a month, and I knew that wasn’t normal, and so I opened up my window, and I’m sitting right next to the engine and the whole engine, like, you see like fireballs shooting out of it.”

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When asked what was going on in his head at that moment, Kalisek replied, “I was thinking damn it. It’s gonna finally go down because I fly so much.”

The passengers were put on a different plane, but Kalisek and his girlfriend decided not to resume their trip to Cancun because they were scared, KHOU said.

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The soured outlook on vehicle sales is no longer because of supply issues. Car dealers are worried about the impact of high borrowing costs and a recession will have on vehicle demand, according to a recent survey. 

Of the franchised and independent dealer respondents, 55% said the economy, and 53% said interest rates were the top two factors holding back business, the Cox Automotive survey said. Independent dealers selling used cars only had a more negative outlook of the market for the months ahead.

“Our latest dealer sentiment index clearly illustrates how the market has shifted in the past year,” Cox Automotive Chief Economist Jonathan Smoke said. “The new-vehicle market’s most acute inventory issues are in the rearview mirror now. Dealers are now facing an uncertain economy and high loan rates that are keeping many would-be buyers on the sidelines.”

If you are looking to save money on your car costs, you could consider changing your auto insurance provider to get a lower monthly rate. Visit Credible to shop around and find your personalized premium without affecting your credit score.

THESE TWO FACTORS COULD BE DRIVING YOUR CAR INSURANCE COSTS UP

The drag on vehicle demand could push some dealers to lower the sticker price on cars, according to the survey. Both franchised and independent dealer respondents said they felt pressured to lower prices to stimulate sales. 

Although the price pressure index dropped slightly to 58 in the second quarter, it remained well above the 41 registered a year ago when interest rates were lower and inventory was tighter. Most dealers felt less pressure to lower prices, as a result, according to the survey. 

Dealers also said they felt better about the new vehicle market than used vehicle sales. They rated the new vehicle sales environment at 58, up from 52 one year ago. The used vehicle market was rated 42, down from 47 a year ago and near an all-time low. 

One way to save on auto costs is to lower your car insurance rates. If you are shopping for new auto insurance, you can use the Credible marketplace to compare multiple providers and find your personalized rate in minutes without affecting your credit score.

MORE STUDENTS TURNING TO FEDERAL AND PRIVATE STUDENT LOANS TO FINANCE COLLEGE: SURVEY

Even with lower prices might, consumers might still struggle with access to credit, according to the survey.

The Federal Reserve raised rates 10 times in 2022 and 2023 to bring inflation down to a 2% target, raising rates by another 25 basis points at its May meeting. The strict monetary policy has pushed borrowing rates higher and driven banks to tighten lending criteria, which has presented another challenge for dealers this year.

The lack of credit availability for consumers increased significantly quarter over, with 30% of dealers citing this as a challenge in the second quarter, compared to 26% in the previous quarter and only 17% last year, according to the survey,

“Given an uncertain economic outlook and the Federal Reserve likely to tighten monetary conditions further, auto loan credit availability is more likely to worsen than improve in 2023,” Cox Automotive said in a second survey. “In addition to the Fed increasing rates, concerns about stability in the banking sector are leading more broadly to tighter credit conditions. 

“Lenders are also likely to tighten standards if loan performance continues to deteriorate,” the survey said. “The biggest worry for credit access would be in the case of a recession unfolding, in which we would expect to see credit tighten substantially as job losses always lead to higher loan defaults.”

If you are struggling with rising prices and want to save money, you could consider finding a new auto insurance provider to lower your monthly premium. Visit Credible to compare multiple car insurance providers at once and choose the one with the best rate for you.

HOMEBUYERS ARE FINDING BETTER DEALS IN THESE CITIES, SURVEY SAYS

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.

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New York City has joined a growing number of state and federal agencies to ban TikTok on government devices due to security concerns posed by the Chinese-owned app. 

The city’s Cyber Command concluded TikTok, owned by the Chinese company ByteDance, “posed a security threat to the city’s technical networks,” the New York Times reported. 

Wednesday’s announcement means city agencies have 30 days to remove the app and employees will lose access to TikTok and its website from city-owned devices and networks.

The TikTok accounts for New York City Mayor Eric Adams, the city’s Department of Sanitation and the Department of Parks and Recreation now have updated bios reading, “This account was operated by NYC until August 2023. It’s no longer monitored.” The NYC Department of Sanitation, in particular, had amassed nearly 50,000 followers on TikTok, gaining popularity over its memes and trash collecting content. 

FBI DIRECTOR CHRIS WRAY TESTIFIES CHINESE-OWNED TIKTOK HAS POWER TO ‘DRIVE NARRATIVES,’ ‘DIVIDE AMERICANS’

Last year, Jessica Tisch, the city’s sanitation commissioner, went viral on TikTok in declaring, “The rats are absolutely going to hate this announcement. But the rats don’t run this city, we do,” the Times reported. 

Fox News Digital reached out to City Hall for comment. 

TikTok has been banned on New York State-issued mobile devices for about three years with some exceptions. However, the TikTok account, @NYGov, the official account for the state of New York, remains active with nearly 40,000 followers. It posted as recently as Wednesday in sharing a clip of New York Gov. Kathy Hochul’s recent press conference speaking of the appointment of Judge Seth Marnin. 

The post was captioned, “As trans rights are under attack across the country, New York is building a judiciary that represents all of our residents.” 

Former President Trump first proposed in 2020 banning new downloads of TikTok, but a series of court decisions blocked the move. The app has since grown to be used by more than 150 million Americans. 

MONTANA ATTORNEY GENERAL STANDS BY TIKTOK BAN DESPITE LAWSUITS: ‘SPYING TOOL FOR THE CHINESE COMMUNIST PARTY’

FBI Director Christopher Wray and CIA Director William Burns have both come out against the platform. Wray testified before Congress in March that TikTok wields the power to “drive narratives” and “divide Americans against each other.” Wray explained that while TikTok is owned by ByteDance, an ostensibly private company, this makes no difference under Chinese Communist Party rule, as the government can still use the platform for data operations. 

Wray also testified before the Senate Intelligence Committee that the Chinese government could use TikTok to control software on millions of devices. 

TikTok has insisted that it “has not shared, and would not share, U.S. user data with the Chinese government, and has taken substantial measures to protect the privacy and security of TikTok users,” Reuters reported. 

Montana became the first state to ban TikTok outright.

The law, which is to take effect Jan. 1, is facing legal challenges – including from TikTok – on First Amendment grounds. 

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Montana Attorney General Austin Knudsen, however, previously told Fox News that he is “not interested in recognizing that the Chinese Communist Party has free speech rights under the U.S. Constitution,”

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