Category: Business

Exports fell to $281.8 billion as the decline accelerated from June’s 12.4% fall, the latest customs data showed. Read More 

Amazon is hosting a Prime Day-like sale -- "Prime Big Deal Days" -- in October after its latest Prime Day in July marked its best...

The Syrian government decided to increase prices of drugs by 50%, the head of the pharmacies syndicate in Damascus said Tuesday, as the Syrian pound hit new a low in recent days.

Hassan Derwan did not give a reason for the price hike in his interview with the pro-government daily Al-Watan. Earlier this year, prices were raised by between 50% and 80%.

Syrian pharmaceutical companies mainly import raw materials in hard currencies which makes them susceptible to changes in the price of the Syrian pound. The companies have recently demanded to increase the price of their products to cope with the tumbling pound.

AFTER RUSSIA HARASSES US DRONES OVER SYRIA FOR 2ND DAY, AIR FORCE RESPONDS: ‘CEASE THIS RECKLESS BEHAVIOR’

Since Syria’s conflict erupted 12 years ago — killing nearly half a million people and displacing about 6.8 million others — the country’s currency has lost much of its value and now the vast majority of Syrians live in poverty.

Back in 2011, a dollar was valued at 47 pounds. Last week, the dollar was valued at about 13,000 pounds on the parallel market while the official rate stood at 9,900. At the start of the year, the dollar was worth about 7,000 pounds.

CLICK HERE TO GET THE FOX NEWS APP

The minimum monthly wage in Syria is 130,000 pounds or about $12.

Syria’s economy has been hard hit by the war, Western sanctions, widespread corruption and the historic economic meltdown in neighboring Lebanon that started in October 2019.

Read More 

Americans are increasingly turning to their credit cards to cover everyday expenses, with debt surpassing $1 trillion for the first time at the end of June, according to a New York Federal Reserve report published Tuesday. 

In the three-month period from April to June, total credit card debt surged to $1.03 trillion, an increase of $45 billion, or 4.6% from the previous quarter. It marks the highest level on record in Fed data dating back to 2003.

The rise in credit card usage and debt is particularly concerning because interest rates are astronomically high right now. The average credit card annual percentage rate, or APR, hit a new record of 20.33% last week, according to a Bankrate database that goes back to 1985. The previous record was 19% in July 1991.

CREDIT CARD DEBT RISING IN DOUBLE-EDGED SWORD FOR THE ECONOMY

If people are carrying debt to compensate for steeper prices, they could end up paying more for items in the long run. For instance, if you owe $5,000 in debt – which the average American does – current APR levels would mean it would take about 277 months and $7,723 in interest to pay off the debt making the minimum payments. 

“One trillion dollars in credit card debt is staggering,” said Matt Schulz, chief credit analyst at LendingTree. “Unfortunately, it is likely only going to keep growing from here.”

The increase in the credit card category helped to push total household debt to a staggering $17.06 billion, a 0.1% increase from the first three months of 2023. Balances are now $2.9 trillion higher than they were at the end of 2019, before the COVID-19 pandemic began.

A FED PAUSE LIKELY WON’T HELP STRUGGLING CONSUMERS

Auto loan balances also contributed to the uptick, climbing by $20 billion or 4.3% over the course of the second quarter. Student loan debt, meanwhile, declined by $35 billion while mortgage balances remained largely unchanged at $12 trillion, despite an uptick in mortgage originations.

While delinquency rates remain relatively small, there was an uptick in borrowers who are struggling with credit card and auto loan payments. As of June, about 2.7% of outstanding debt was in some stage of delinquency, up slightly from the 2.6% recorded the previous quarter. That remains 2 percentage points lower than the pre-pandemic level. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

But the fact that there is any semblance of delinquency rates rising during such a strong labor market is concerning. Experts have warned the rate may begin to climb higher as student loan payments resume in the fall after the Supreme Court struck down President Biden’s forgiveness plan. 

“Even as inflation has lingered and interest rates have risen, pushing card debt to record levels, Americans have generally done a good job paying their credit card bills on time,” Schulz said.

“That may not last, however. The resumption of student loan payments will be a huge test for many cardholders, shrinking the amount they have to devote to paying off card debt and leaving some people simply unable to make minimum payments at all.”

The rise in balances comes in the midst of the Federal Reserve’s aggressive interest rate-hike campaign as it tries to crush stubborn inflation and cool the economy. 

Read More 

Danish drugmaker Novo Nordisk said Tuesday that results from a recent drug trial demonstrated that its highly sought weight loss drug Wegovy also reduces the risk of heart disease. 

Novo said the results from the late-stage drug trial showed patients taking the weekly injection of semaglutide, the active ingredient in Wegovy, had a 20% lower risk of heart attack, stroke or death from heart disease compared to those taking a placebo.

The company’s stock jumped Tuesday after the results beat analyst expectations. Investors and analysts previously projected that the drug would reduce the risk of heart disease by 15%-17%, according to Reuters. 

The goal of the company’s large drug trial, which involved over 17,600 adults, was to assess whether Wegovy has a medical benefit and can reduce the risk of major cardiovascular events like strokes or heart attacks in addition to helping people lose weight. 

WEGOVY, OZEMPIC: THE BARRIERS TO ACCESSING THESE WEIGHT LOSS DRUGS

The Food and Drug Administration (FDA) first approved Wegovy in 2021 for chronic weight management in adults who are obese or overweight and have at least one weight-related condition, such as high blood pressure, Type 2 diabetes or high cholesterol. 

According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death globally with an estimated 17.9 million people dying from such diseases in 2019. Of those deaths, 85% were due to heart attack and stroke, according to WHO. 

“People living with obesity have an increased risk of cardiovascular disease but, to date, there are no approved weight management medications proven to deliver effective weight management while also reducing the risk of heart attack, stroke or cardiovascular death,” Martin Holst Lange, executive vice president for development at Novo Nordisk, said in a statement. 

DIABETES-RELATED WEIGHT-LOSS DRUGS FACING SUPPLY ISSUES AMID VIRAL TREND

The company expects to file for regulatory approvals of a label indication expansion for Wegovy in the U.S. and the European Union this year. Details from the drug trial will be presented at a scientific conference later this year, according to Novo. 

Novo also manufactures Ozempic, which is the same medication as Wegovy but has different dosages and FDA-approved intended uses.

Ozempic was approved by federal health officials in 2017 and marketed for medical use in the treatment of Type 2 diabetes “with weight loss as a secondary effect of the drug’s effects and mechanism of action.”

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Weogvy and Ozempic surged in popularity after high-profile figures touted their weight loss effects. The demand surged so much that it prompted a temporary shortage. 

Read More 

Problems with parachute lines and flammable tape will keep a crewed flight test grounded until at least March 2024, a Boeing official said Monday. Read...

A fire department in Massachusetts says its crews had to use more than 11,000 gallons of water to put out an electric vehicle fire that started when the car “spontaneously” burst into flames. 

Images released by the Wareham Fire Department show the charred remains of a hatchback vehicle parked outside a home in the southeastern Massachusetts town over the weekend. 

“If this vehicle had been parked in a garage the results could have been disastrous,” Fire Chief John Kelley said in a statement. “Additionally, electric vehicle fires are difficult to fight and present unique challenges.” 

The owner of the car, identified by WCVB as Ann Thomas, reportedly told the station that she and her husband were awoken Saturday morning by a loud sound. 

TESLA SPONTANEOUSLY CATCHES FIRE, FIREFIGHTERS TAG ELON MUSK IN SOCIAL MEDIA POST 

“It sounded like a big poof. And he looked to the window, and he saw the smoke,” she said. 

The station reports that the car has since been taken to a local towing business where it has been parked away from other vehicles. 

“The first arriving crews encountered an electric car on fire in the driveway with multiple exposure issues,” the Wareham Fire Department said, noting that it first responded to the property around 4:15 a.m. on Saturday. 

“After knocking down the initial fire, firefighters continued to wet the vehicle down, and approximately 30 minutes later, the fire again flared up,” it added. “Firefighters remained on the scene for about three hours using over 11,000 gallons of water to ensure the fire was extinguished. The fire appeared to have started spontaneously, as the car had already been charged.” 

HYUNDAI, KIA RECALLING 92,000 VEHICLES OVER FIRE RISK 

The model of the car has not been independently confirmed by FOX Business. The Wareham Fire Department did not immediately respond to a request for comment on Tuesday. 

In mid-January in Massachusetts, the Wakefield Fire Department said “more than 20,000 gallons of water were used” to extinguish a fire involving a Tesla vehicle that crashed along Interstate 95.

CLICK HERE TO READ MORE ON FOX BUSINESS

“As sales of electric and hybrid vehicles increase, the fire service is continuing to modify our tactics to properly respond, protect property and firefighters as well as control these types of fires,” Wakefield Fire Provisional Chief Thomas Purcell said at the time. “Fire companies on the scene of an electrical vehicle fire should expect longer time frames to manage and control EV vehicle fires, ensure that large, continuous, sustainable water supply is established, as well as maintain heightened situational awareness and prepare for secondary fires.” 

Read More 

When it comes to personal finances following the pandemic, Americans are divided into two categories – some have emerged with little debt, and others are drowning in it, according to a Northwestern Mutual survey. 

More than one-third of Americans (35%) said they are carrying their highest level of debt ever or close to it, according to the survey. At the same time, 43% said their debt is close to or at a historic low. The top reason why these Americans are so indebted is because of credit cards, which account for more than double any other single source of personal debt.

Credit card balances remained near record highs at $917 billion in the first quarter of 2023, according to a TransUnion report. That’s an increase of almost 20% over last year, according to the report. Moreover, the average balance per consumer grew 14.4% year-over-year to $5,733. 

Americans 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 the survey. 

“This is a reminder that debt trends aren’t uniform, and everyone’s personal circumstances are different,” Northwestern Mutual Chief Customer Officer Christian Mitchell said. “More people feel like they’re moving in the right direction than those who do not, but there’s still a sizable universe of people carrying more debt than ever. 

“No matter where you are on that spectrum, it’s important to be proactive and intentional about how debt is managed and where it fits within a broader long-term financial plan,” Mitchell continued.

If you are looking for ways to reduce your expenses and put money back in your wallet, you could consider using a personal loan to pay off high-interest debt at a lower rate, helping you save money each month. Visit Credible to find your personalized interest rate today.

MORTGAGE RATES INCH TO THE HIGHEST LEVEL SO FAR THIS YEAR: FREDDIE MAC

Overall, 5% of respondents said that student loans was their top source of debt; the survey said. When broken down by generations, however, 17% of Gen Z and 10% of millennials cited student loans as the top reason for indebtedness.

The U.S. Supreme Court blocked President Joe Biden’s student loan forgiveness plan Biden debt 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 plan was poised to impact borrowers making less than $75,000 a year mainly, and none of it would have gone to people making more than $125,000, according to the White House.

Americans with federal student loans can take other paths toward relief, with some that outright forgive debt but are more challenging to qualify for than the failed forgiveness plan.

“There are productive ways to incorporate debt into a financial strategy, and student loans are a good example of that as they often result in long-term upsides,” Mitchell said. “But still, it’s critical to have a holistic strategy and a debt repayment plan that accounts for a diverse set of financial goals.”

If you are interested in paying 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 your questions answered.

GROWING NUMBER OF PARENTS SAY THEY AREN’T PREPARED TO PAY FOR COLLEGE: SURVEY

As rising costs drive more Americans to take on record debt, Americans can use a balance transfer credit card or a debt consolidation loan to help reduce their burden, according to Credible. 

A credit card balance transfer can help you consolidate numerous debts into one monthly payment.

Some balance transfer cards charge an initial fee, which may be a set amount or a percentage of your transfer amount. But many balance transfer credit cards come with a lower annual percentage rate (APR) for a limited time. APR is the yearly interest rate you’ll pay if you carry a balance on your credit card.

Alternatively, a debt consolidation loan is another way to convert numerous debts into one payment. These loans can charge interest, so make sure the terms make sense, and you will only pay what was planned. Another detail to consider is that consolidation loans with longer repayment terms offer lower monthly payments, but you’ll end up paying more in interest over the life of the loan.

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. You can visit Credible to find your personalized interest rate without affecting your credit score.

SUBPRIME-RATED CONSUMERS HAVE LESS ACCESS TO CREDIT – HERE’S HOW TO IMPROVE YOUR SCORE

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 

United Parcel Service (UPS) cut its financial outlook for the year amid negotiations with the Teamsters union to avoid a strike, the logistics company said on Tuesday. 

UPS reached a tentative, $30 billion, agreement with the International Brotherhood of Teamsters on July 25, 2023 to avoid a work stoppage, with the union voting to ratify the new agreement. Electronic voting began on Aug. 3, and will conclude on Aug. 22.

UPS now predicts annual consolidated revenue at around $93 billion and adjusted operating margin of roughly 11.8%. Below the previous guidance of $97 billion and 12.8%.

The guidance change reflects “the volume impact from labor negotiations and the costs associated with the tentative agreement”, UPS said.

UPS-TEAMSTERS DEAL THREATENS TO KEEP INFLATION ELEVATED

In June, 97% of the UPS Teamsters union’s 340,000 members voted to authorize a strike for better pay and working conditions, including air conditioning in new models of the company’s brown delivery trucks.

TYSON FOODS CLOSING 4 US CHICKEN PLANTS

Meanwhile, the delivery company also posted a 10.9% drop to $22.1 billion in consolidated revenue for the second quarter.

“UPS is stronger than ever. Looking ahead, we will stay on strategy to capture growth in the most attractive parts of the market and make our global integrated network even more efficient” UPS chief executive Carol Tomé said despite the revenue decrease. 

Tomé also thanked UPS customers for remaining with the company throughout the labor negotiations.

CERTAIN AMAZON RETURNS AT UPS STORES COME WITH FEE

UPS consolidated operating profits for the second quarter reached $2.8 billion, down 21.4% compared to the second quarter of 2022, and down 18.4% on an adjusted basis. 

Diluted earnings per share peaked at $2.42, 22.8% below the year $2.54 from the year-ago period.

UPS shares have gained 4% this year, trailing the S&P 500’s nearly 17% gain over the same period. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

FOX Business’ Eric Revell contributed to this story.

Read More 

Stocks are slumping Tuesday as more caution creeps into financial markets worldwide. Read More