UNITED NATIONS, Jun 26 (IPS) - The demand for cobalt and other minerals is fueling a decades-long humanitarian crisis in the Democratic Republic of the Congo (DRC). In pursuit of money to support their families, Congolese laborers face abuse and life-threatening conditions working in unregulated mines.
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MALÉ & JOHANNESBURG, Jun 26 (IPS) - A meeting of parliamentarians in Malé, the Maldives, pledged to provide an enabling environment for emerging women leaders by supporting them and promoting a political culture rooted in mutual respect, inclusivity, and equal opportunity.
Read the full story, “Lawmakers in Maldives Pledge to Support Women Leaders”, on globalissues.org →
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MALÉ & JOHANNESBURG, Jun 26 (IPS) - A meeting of parliamentarians in Malé, the Maldives, pledged to provide an enabling environment for emerging women leaders by supporting them and promoting a political culture rooted in mutual respect, inclusivity, and equal opportunity.
Read the full story, “Lawmakers in Maldives Pledge to Support Women Leaders”, on globalissues.org →
https://www.globalissues.org/news/2025/06/26/40277 {"url":"https://static.globalissues.org/ips/2025/06/IMG_1200-100x100.jpeg"}
MALÉ & JOHANNESBURG, Jun 26 (IPS) - A meeting of parliamentarians in Malé, the Maldives, pledged to provide an enabling environment for emerging women leaders by supporting them and promoting a political culture rooted in mutual respect, inclusivity, and equal opportunity.
Read the full story, “Lawmakers in Maldives Pledge to Support Women Leaders”, on globalissues.org →
https://www.globalissues.org/news/2025/06/26/40277 {"url":"https://static.globalissues.org/ips/2025/06/IMG_1200-100x100.jpeg"}
BHUBANESWAR/AHMEDABAD, India, Jun 26 (IPS) - As Deviben Dhaundhaliya, 45, a streetside seller of artificial jewelry, waits for her husband Devabhai to arrive and help her shift their iron-frame mobile ‘shop’ to the Bhadra Fort open-air marketplace in Ahmedabad city, she tells of how “as heat increased, my wares started melting under the direct exposure to the sun, or they got discolored.”
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ADDIS ABABA / NAIROBI, Jun 25 (IPS) - Imagine investing US$14 billion, or even slightly less, to achieve universal literacy in 17 African countries where more than half the adult population still cannot read or write. Pair that with another US$36 billion to connect Africa’s landlocked nations through 12,000 kilometres of new railway lines along priority transport corridors.
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ADDIS ABABA / NAIROBI, Jun 25 (IPS) - Imagine investing US$14 billion, or even slightly less, to achieve universal literacy in 17 African countries where more than half the adult population still cannot read or write. Pair that with another US$36 billion to connect Africa’s landlocked nations through 12,000 kilometres of new railway lines along priority transport corridors.
https://www.globalissues.org/news/2025/06/25/40265 {"url":"https://static.globalissues.org/ips/2025/06/Residents-of-the-camp_-629x356-100x100.jpg"}
MONTEVIDEO, Uruguay, Jun 25 (IPS) - Poland’s embattled Prime Minister Donald Tusk emerged bruised but still standing after his government survived a parliamentary vote of confidence on 11 June. He’d called the vote, which he won by 243 to 210, just days after the presidential candidate of his Civic Platform (PO) party suffered an unexpected defeat.
Read the full story, “Poland’s Democratic Deadlock”, on globalissues.org →
https://www.globalissues.org/news/2025/06/25/40264 {"url":"https://static.globalissues.org/ips/2025/06/Kacper-Pempel_-100x100.jpg"}BENGALURU, India, Jun 25 (IPS) - It has been 33 years since peacebuilding was formally recognized within the United Nations system, by the then UN Secretary-General Boutros-Ghali, who defined it as a long-term structural work aimed at preventing the recurrence of violence, setting the stage for the UN’s ongoing efforts to address the root cause of conflict and not just its consequences. “Post-conflict peacebuilding is the action to identify and support structures which will tend to strengthen and solidify peace in order to avoid a relapse into conflict,” Boutros-Ghali said.
Read the full story, “Why Peacebuilding Needs a New Global Agenda”, on globalissues.org →
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UNITED NATIONS, Jun 25 (IPS) - On June 23, the World Meteorological Organization (WMO) released their State of the Climate in Asia 2024 report, detailing the acceleration of the climate crisis in Asia. The report underscores the rapid rises in temperatures recorded across the continent and their implications on economies, ecosystems, and livelihoods.
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BOGOTA, Colombia, Jun 25 (IPS) -
Read the full story, “Now is the Time to Remake International Financing”, on globalissues.org →
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Helping those with less isn’t charity – it’s a shared investment in a better future. Yet global development financing is under strain. An upcoming UN conference in Sevilla, Spain, aims to change that by mobilizing large-scale investment for a more just and sustainable world.
https://www.globalissues.org/news/2025/06/25/40260 {"url":"https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Libraries/Production%20Library/26-03-2025-afghanistan-young-girls-education.jpg/image100x100cropped.jpg"}
MUTARE, Zimbabwe, Jun 25 (IPS) - When load shedding was introduced over the past two years, Jose Tenete Domingos Lumboa had to deal with learning disruptions worsened by the backup generators in the eastern part of Zimbabwe.
https://www.globalissues.org/news/2025/06/25/40259 {"url":"https://static.globalissues.org/ips/2025/06/A-new-solar-power-plant-at-Africa-University-in-eastern-Zimbabwe.-Farai-Shawn-Matiashe-100x100.jpg"}Federal Reserve Chair Jerome Powell said that the economy is in a "solid position" as the central bank monitors inflation and labor market data for signs that it needs to adjust monetary policy.
"Despite elevated uncertainty, the economy is in a solid position. The unemployment rate remains low, and the labor market is at or near maximum employment," Powell said in his opening testimony before the House Financial Services Committee on Tuesday.
"Inflation has come down a great deal but has been running somewhat above our 2% longer-run objective. We are attentive to the risks to both sides of our dual mandate," the chair said in reference to the Federal Reserve's dual mandate to promote stable prices over the long-run as well as maximum employment.
The Fed has held off on cutting interest rates due to uncertainty over trade policy, as President Donald Trump has imposed tariffs on U.S. trading partners. Tariffs are taxes on imports that are generally paid by the importer, who often passes some or all of those additional costs on to consumers.
TRUMP PUSHES CONGRESS TO WORK OVER 'VERY DUMB, HARDHEADED' FED CHAIR POWELL AHEAD OF TESTIMONY
"The effects of tariffs will depend, among other things, on their ultimate level. Expectations of that level, and thus of the related economic effects, reached a peak in April and have since declined," Powell said.
"Even so, increases in tariffs this year are likely to push up prices and weigh on economic activity," he said. "The effects on inflation could be short-lived – reflecting a one-time shift in the price level. It is also possible that the inflationary effects could instead be more persistent."
"Respondents to surveys of consumers, businesses, and professional forecasters point to tariffs as the driving factor. Beyond the next year or so, however, most measures of longer-term expectations remain consistent with our 2% inflation goal," he added.
FED GOVERNOR BREAKS RANKS WITH POWELL, SIGNALS RATE CUTS COULD BEGIN NEXT MONTH
Powell was asked about when inflation from tariffs could begin to manifest itself in the data, and he explained that when he talks to retailers he often hears that much of what's currently being sold was in inventory before tariffs took effect.
"We do expect tariff inflation to show up more, but I want to be honest, we really don't know how much of that is going to be passed through to consumers. We just don't and we won't know until we see it. It could be lower than we expected, it could be higher. We have to wait and see which is kind of what we're doing," Powell explained.
FEDERAL RESERVE LEAVES KEY INTEREST RATES UNCHANGED FOR FOURTH STRAIGHT MEETING
The Fed's three interest rate cuts last year – including the 50-basis-point cut in September as well as the two 25-basis-point cuts in November and December – were discussed as a lawmaker asked whether conditions are similar now and could lead to a rate cut.
"The unemployment rate had actually gone up almost a full percentage point – I was very clear about this, we were very clear about this in realtime. There really hadn't been an experience in the modern era in which the unemployment rate has gone up close to 1% that hasn't been followed by much higher levels of unemployment and a recession," Powell said.
He noted that the federal funds rate was at a "very restrictive level" of 5.3% and the Fed was the last of the big central banks to cut, so the September cut was aimed at supporting the labor market.
Powell also noted that last fall, inflation was projected to continue falling, which stands in contrast to current expectations that inflation will rise in the months ahead.
"If you just look at the basic data and you don't look at the forecast, you would say that we would have continued cutting. The difference of course, is at this time, all forecasters are expecting pretty soon that some significant inflation will show up from tariffs," Powell said. "We can't just ignore that… We're just saying, let's wait and see more."
The chair was also asked about whether the Fed could cut rates at its next meeting in July.
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"I would say this, if it turns out that inflation pressures do remain contained, then we will get to a place where we cut rates sooner rather than later. But I wouldn't want to point to a particular meeting, I don't think we need to be in any rush because the economy is still strong. The labor market is strong," Powell said.
"If we were to see the labor market meaningfully weaken in a way that was concerning, that would matter for that decision," Powell added. "If see inflation continuing not to move up – we hadn't expected inflation to move up much, we do expect it to move in the summer – and if we see it not happening then, you know, we'll learn from that."
https://www.foxbusiness.com/economy/fed-chair-powell-says-us-economy-solid-positionMarkets are beginning to feel some degree of relief as conflict in the Middle East leans in the direction of resolution, according to the chairman and CEO of one of America's biggest banks.
"I think it was a pretty quick back and forth over the last couple weeks, but I think the market loves resolution," Bank of America's Brian Moynihan said on "Mornings with Maria," Tuesday, "and [it] potentially had a strong resolution over the last 72 hours, which I think the market's reacting to favorably."
Just before Tuesday's market open, Fox News reported that Iran appeared to ignore President Donald Trump’s plea to adhere to the ceasefire he brokered between the Islamic Republic and Israel.
STRAIT OF HORMUZ DISRUPTION: MORE BARK THAN BITE FOR U.S. ENERGY, EXPERT CLAIMS
Israel vowed to respond to the alleged violation, with Defense Minister Israel Katz announcing that he ordered the military to strike Tehran. Additionally, Israel Defense Forces (IDF) Chief of the General Staff Maj. Gen. Eyal Zamir vowed the country would "respond with force."
Iran’s military denied violating the ceasefire, according to reports. However, the IDF said on Tuesday that air raid sirens were sounding across the country.
Markets have been trending higher in favor of the ceasefire deal and since the U.S. took out Iran's key nuclear sites late Saturday night.
"Oil went up and came back down, and so I think the real worry about the Middle East is a geopolitical worry, but also the effect on oil prices, and it's settled back down," Moynihan said.
Energy experts have recently told Fox News Digital any future price surges on oil would be temporary and short-lived after Iran has also threatened to close the Strait of Hormuz, which transports 20% of global petroleum liquids.
"So that would be good for the American consumer, ultimately," the CEO expanded on lower long-term oil prices, "because they get the benefit for that, as well as consumers around the world."
Fox News' Rachel Wolf and Trey Yingst contributed to this report.
https://www.foxbusiness.com/media/bank-america-ceo-reveals-how-trumps-historic-middle-east-peace-deal-boosting-economy
NAIROBI, Jun 24 (IPS) - Finland now ranks first in global sustainable development goals progress. Barbados is ahead globally in its commitment to UN multilateralism or cooperation among multiple nations.
https://www.globalissues.org/news/2025/06/24/40247 {"url":"https://static.globalissues.org/ips/2025/06/Vast-pool-of-world-savings-must-flow-in-much-larger-amounts-to-where-they-are-most-in-need.-To-the-most-vulnerable-and-poorest-people-within-all-countries.-Photo-Joyce-Chimbi-100x100.jpg"}President Donald Trump cleared China to purchase Iranian oil on Tuesday, eliminating longstanding sanctions limiting the trade relationship.
Trump announced the move in a social media post while flying to Europe on Air Force One, adding that he hopes China will also purchase "plenty" of oil from the U.S.
"China can now continue to purchase Oil from Iran. Hopefully, they will be purchasing plenty from the U.S., also. It was my Great Honor to make this happen!" Trump wrote.
Oil prices continued to drop and markets surged Tuesday as Trump battered Iran and Israel into accepting a precarious ceasefire agreement. The agreement has curbed concerns that Iran would shut down the Strait of Hormuz, a key trade route for shipping oil across the globe.
EXXONMOBIL CEO TALKS OIL SUPPLY AMID IRAN-ISRAEL CONFLICT
Crude hit $65 per barrel in extended trading after West Texas Intermediate crude futures fell more than 8% to about $67 per barrel on Monday afternoon. Brent crude, the international benchmark, fell to $70 a barrel.
Washington reinstated sanctions on Tehran in 2018, and Trump's administration has imposed several new rounds of sanctions on Iran's oil trade since taking office in January.
Trump's sanctions had included penalties on three Chinese oil import companies, which led to curtailed buying.
Last week, industry experts warned that Iran shutting down the Strait of Hormuz could cause prices to surge to as much as $120 a barrel.
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Roughly 20% of the world's oil supply travels through the strait, though closing it would significantly hurt Iran's own revenue. Energy Secretary Chris Wright dismissed concerns about its closing on Tuesday, telling Fox News that the move would harm Iran more than it would anyone else.
"The United States today is a net oil exporter. We don't count in any meaningful way on oil coming out of that strait. Iran would harm itself more than it would harm anyone else. It'll probably cause a mess or trouble, but it'll be small," Wright said.
Reuters contributed to this report.
https://www.foxbusiness.com/politics/trump-declares-china-can-purchase-iranian-oil-market-signals-cautious-optimismOne of the largest U.S. residential real estate brokerage firms is taking on real estate giant Zillow over "consumer choice."
On Monday, real estate brokerage Compass filed a 60-page complaint in Manhattan federal court, claiming that Zillow is improperly refusing to list homes on its site that were first listed elsewhere.
"The Zillow Ban seeks to ensure that all home listings in this country are steered on to its dominant search platform so Zillow can monetize each home listing and protect its monopoly," the complaint states, addin that "[i]n a free and competitive market, competitors’ products and strategies should rise and fall on merit—not the whims of a monopolist gatekeeper like Zillow."
"This lawsuit is about protecting consumer choice," Compass Founder & CEO Robert Reffkin said in a statement to FOX Business. "No one company should have the power to ban agents or listings simply because they don’t follow that company’s business model. That’s not competition. It’s coercion. Imagine if Amazon banned a seller for offering a product on their own website first. That’s what Zillow is doing in real estate. Consumers should have the right to choose how they sell their homes."
REAL ESTATE GIANTS CRACK DOWN ON EXCLUSIVE 'OFF-MARKET' HOME LISTINGS IN MAJOR SHIFT FOR BUYERS
Compass, based in Manhattan, is seeking an injunction against Zillow to force them to change their practices, as well as monetary damages.
HOME SELLERS FACE HARSH NEW REALITY AS LISTINGS HIT RECORD $69B VALUE
Zillow, based in Seattle, has about 160 million homes in its database, receives 227 million unique visitors a month and received 2.4 billion visits between January and March, according to Reuters. They called Compass' claims "unfounded" and told FOX Business that it "will vigorously defend against them."
"When a listing is publicly marketed, it should be accessible to all buyers – across all platforms, including Zillow," a statement from a Zillow spokesperson said.
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"Hiding listings creates a fragmented market, limits consumer choice and creates barriers to homeownership, which is bad for buyers, sellers, and the industry at large, especially in this inventory and affordability-constrained environment," the spokesperson added.
Reuters contributed to this report.
https://www.foxbusiness.com/economy/real-estate-company-compass-sues-zillow-over-consumers-right-chooseMajor decisions about who will be New York City's next top mayoral candidate are set to be made Tuesday, and millions of Americans are betting live on their election odds.
Event contract platform Kalshi recently launched market predictions for multiple NYC election-related prompts, including who will reign in the top spot for Democratic mayoral nominee and the overall race winner.
The 2025 race for New York City mayor is tightening, with former Gov. Andrew Cuomo's lead shrinking less than a week ahead of the crucial primary, a poll indicated. Zohran Mamdani, a 33-year-old Democratic socialist state assemblyman from Queens, stands in second place in the poll.
As of Tuesday morning, Kalshi showed Mamdani with a 56% chance of winning the Democratic Party nomination this year, and Cuomo with a 44% chance. Bettors have poured more than $8 million into the total series volume, according to Kalshi's website.
ELECTION ‘WHALE’ BETTOR MADE MUCH MORE ON TRUMP WIN THAN ORIGINALLY THOUGHT, ANALYSIS SHOWS
Buying a "yes" share for Mamdani costs roughly $0.57 while a "no" share costs $0.46; Cuomo's "yes" share can be bought for roughly $0.46 and a "no" share for $0.56.
One Kalshi user posted in the comment section that his $984.75 investment on Mamdani being confirmed as the Democrats' nominee would make a return of $1,968.96.
Another prediction market asks bettors who will reign as the NYC mayoral race winner between a Democrat, Republican or current Mayor Eric Adams. Eighty-two percent of bettors predicted a Democrat will win, with 12% for Eric Adams and 7% for a Republican.
Because of the large consensus for a Democratic candidate winning the blue city election, buying a "yes" share costs $0.83 and a "no" share costs $0.19.
In general, prediction markets like Kalshi and other platforms, including Polymarket and PredictIt, allow users to trade on the outcome of future events with yes-no questions. Individual trades are between $0 and $1, and contracts pay $1 if the event occurs.
While primary voting will take place until 9 p.m. ET Tuesday, more than 384,000 Democrats cast ballots in early voting, which ended on Sunday.
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The winner of the Democratic Party primary is traditionally seen as the overwhelming frontrunner in the November general election in the Democrat-dominated city.
However, this year, the general election campaign may be a bit more unpredictable with incumbent Adams running for reelection as an Independent and his approval ratings sinking to historic lows.
Fox News’ Paul Steinhauser and Pilar Arias contributed to this report.
https://www.foxbusiness.com/media/who-democratic-nominee-nyc-mayor-millions-betting-liveBillionaire Amazon founder Jeff Bezos and fiancee Lauren Sanchez will get married this week, and rumors are circulating about what the couple could spend for their nuptials.
The wedding celebrations for Bezos and Sanchez will take place over a handful of days this week in the Italian city of Venice.
Some reports have said the three days of events will have a price tag of around $10 million. If the wedding carries that cost, it would equate to about $50,000 per person, according to Brides.com.
Others have suggested the cost is higher, with the Daily Mail reporting the wedding could potentially be in the $15 million to $20 million range, citing anonymous sources.
FOX Business reached out to Amazon and spokespeople for Bezos and Sanchez for comment about the cost of the couple’s approaching wedding.
JEFF BEZOS, LAUREN SANCHEZ TO WED DURING THREE-DAY VENICE EXTRAVAGANZA THAT'S SPARKING LOCAL FURY
Approximately 200 people are attending, according to reports.
People magazine reported the official ceremony will take place on Bezos’ $500 million yacht, Koru, which will be anchored in the Venetian lagoon.
A number of locales in Venice have been potentially linked to the celebrations in recent days. One of those is San Giorgio Maggiore, a well-known island in the Venetian lagoon that the BBC reported Bezos and Sanchez’s wedding organizers have booked.
There have been some protests in Venice in the lead-up to Bezos and Sanchez’s wedding.
Lanza & Baucina Limited, the couple’s wedding planners, said in a statement to Fox News Digital that "instructions from our client and our own guiding principles were abundantly clear: the minimizing of any disruptions to the city, the respect for its residents and institutions and the overwhelming employment of locals in the crafting of the events."
"Rumors of ‘taking over’ the city are entirely false and diametrically opposed to our goals and to reality," the statement continued. "No exaggerated quantity of water taxis or gondolas have ever been booked, the number of taxis reserved being proportionate for the number of guests."
JEFF BEZOS, LAUREN SANCHEZ WEDDING PLANNERS FIGHT BACK AGAINST VENICE TAKEOVER CLAIMS
Officials told NBC that about 30 of the 280 water taxis have been reserved for the wedding festivities, and only three or four hotels will be used for the event.
The couple is turning to vendors in the Venice area for 80% of their wedding, the Associated Press reported earlier this month.
Pastry company Rosa Salva, which has been tasked with baking sweets that will be in guest goody bags, is one of the local firms that Bezos and Sanchez are using, according to the outlet.
Another that has been tapped by the couple is reportedly glassware design company Laguna B.
It has been known that Bezos and Sanchez will marry in Venice since March, when the city revealed it would serve as the destination for their June wedding.
Venice said then that hosting the nuptials would not be an issue and would be "without any disruption whatsoever to the city, its residents and visitors" due to the number of expected guests and Venice’s extensive past holding events like the G20 Economy, the Venice International Film Festival, major conferences and other high-profile parties and weddings.
City officials have made similar comments as the Bezos-Sanchez wedding gets closer.
In December, inaccurate reports that the couple were planning to have a $600 million wedding in Aspen, Colorado, surfaced, prompting Bezos to take to social media.
"Furthermore, this whole thing is completely false – none of this is happening," the billionaire Amazon founder said on X. "The old adage ‘don’t believe everything you read’ is even more true today than it ever has been."
The couple, who were both previously married once, have been engaged for about two years. Sanchez told Vogue in November 2023 that she was "looking forward to being Mrs. Bezos," according to the outlet.
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Bezos founded the e-commerce giant Amazon nearly 31 years ago. Bezos also created the aerospace company Blue Origin, which competes with SpaceX, and he owns the Washington Post.
He had an estimated net worth of $223.5 billion as of late Monday afternoon, per Forbes.
Only three other billionaires — Tesla CEO Elon Musk, Oracle co-founder Larry Ellison and Meta Platforms CEO Mark Zuckerberg — had personal fortunes larger than his, with their net worths respectively clocking in at $423.9 billion, $251 billion and $241.1 billion, according to the outlet.
Fox News Digital’s Ashley Hume and Christina Dugan Ramirez contributed to this report.
https://www.foxbusiness.com/lifestyle/inside-bezos-italian-wedding-extravaganza-thats-costing-more-than-you-thinkSponsors fled from the National Association of Black Accountants (NABA) recruiting event earlier this month amid political pressures to silence diversity, equity, and inclusion initiatives by the Trump administration, according to a report from Bloomberg.
NABA hosted a recruiting event on June 3-6 in Las Vegas, Nevada. The convention not only serves accounting firms, it helps banks and financial advisory firms with recruiting. In light of the change in the administration in Washington, D.C., the latest event served as "a litmus test of the impact of Donald Trump’s executive orders attacking what he calls ‘illegal DEI,’" as Bloomberg put it.
In previous years, the event attracted thousands of attendees.
The large-scale event maintained its traditional sponsors, Deloitte LLP, Wells Fargo & Co., and JPMorgan Chase & Co. High-profile accounting firm PwC and the Internal Revenue Service made an appearance as well.
ANTI-WOKE NONPROFIT SENDS LETTER TO TOP LEGAL FIRMS IN AMERICA WARNING ABOUT DEI
However, several other notable companies were not present.
Bloomberg reported further that "more than two dozen named sponsors from previous years, including American Express Co., Meta Platforms Inc. and Walt Disney Co., were missing from the list this time around."
According to the report, "Attendance was down from last year, when almost 4,000 students and industry professionals took part. Deloitte, the title sponsor, kept press out of the sessions it underwrote and declined to make featured panelist Lara Abrash, the chair of Deloitte US, available for interviews."
Leaders of local NABA chapters said that they struggled with finding sponsors for local events as well.
Joshua Nwozor, the vice president of NABA’s Boston chapter, said that they've "gotten pushback" and some "companies that used to sponsor NABA events say they don’t want to have their name" associated with the event.
NBA DEI CHIEF LESLEY SLATON STEPPING DOWN: REPORT
The accounting industry in general is struggling to attract individuals to the profession, with KPMG Chief Executive Officer Paul Knopp calling it "a brewing crisis that will impact accounting firms and corporations," especially while the industry has implemented artificial intelligence in streamlining many tasks of the profession.
NABA’s CEO Guylaine Saint Juste told Bloomberg that the current political climate may have thwarted efforts to recruit non-White applicants and potentially address the industry's worker shortage.
Bloomberg noted that the accounting profession is predominantly White with only 2% of partners and Certified Public Accountants being Black.
"The political climate has made changing that a challenge for Guylaine Saint Juste, NABA’s CEO since 2021. She said that when she took the job, she felt ‘the organization had either lost or forgotten that it was created on the back of the social justice movement,’ and didn’t reflect the pent-up anger of the moment," Bloomberg reported.
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American Express Co., Meta Platforms Inc., and Walt Disney Co. did not immediately respond to Fox News Digital's request for comment. The organizers of the NABA event did not immediately respond to a request for comment either.
https://www.foxbusiness.com/media/sponsors-flee-from-national-association-black-accountant-recruiting-event-reportPresident Donald Trump declared that he hopes lawmakers work over Fed chair Jerome Powell on Tuesday.
The Federal Reserve System board of governors chair is slated to testify before the House Financial Services Committee on Tuesday morning.
In an early Tuesday morning Truth Social post, Trump, who has been vociferously critical of Powell, once again targeted the Fed chair.
"'Too Late' Jerome Powell, of the Fed, will be in Congress today in order to explain, among other things, why he is refusing to lower the Rate. Europe has had 10 cuts, we have had ZERO. No inflation, great economy - We should be at least two to three points lower. Would save the USA 800 Billion Dollars Per Year, plus. What a difference this would make. If things later change to the negative, increase the Rate," Trump declared in the post.
"I hope Congress really works this very dumb, hardheaded person, over. We will be paying for his incompetence for many years to come. THE BOARD SHOULD ACTIVATE. MAKE AMERICA GREAT AGAIN!" the president added in his post.
The European Central Bank cut four times in 2024 and four more so far in 2025, while the Fed, which cut three times last year, has not yet cut rates this year.
Trump has been hammering Powell while stridently calling for rate cuts.
FHFA DIRECTOR CALLS FOR FED CHAIR TO RESIGN: ‘POWELL IS DOING A GREAT INJUSTICE TO THIS COUNTRY’
But despite Trump's demands, the Federal Open Market Committee again kept the target range for the federal funds rate the same last week.
"He’s a dumb guy, and an obvious Trump Hater, who should have never been there, I listened to someone that I shouldn’t have listened to, and Biden shouldn’t have reappointed him," Trump declared in part of a Truth Social post last week. "I don’t know why the Board doesn’t override this Total and Complete Moron! Maybe, just maybe, I’ll have to change my mind about firing him? But regardless, his Term ends shortly!"
WHO COULD REPLACE FED CHAIR POWELL? THESE ARE THE TOP CONTENDERS
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Powell's term as chair is not slated to end until mid-May.
"His new term as Chair ends on May 15, 2026, and his term as a member of the Board ends on January 31, 2028," according to a 2022 press release.
https://www.foxbusiness.com/politics/trump-pushes-congress-work-over-very-dumb-hardheaded-fed-chair-powell-ahead-testimonyIran threatened to attempt to close one of the world's most important shipping lanes for oil in response to the U.S. joining Israel in attacking Iranian nuclear facilities, but U.S. energy production would limit the impact of such a move on the American economy.
Iranian state media suggested the country's parliament approved a potential plan that would see Iran's military attempt to close the Strait of Hormuz using sea mines, anti-ship missiles or other measures in pursuit of that goal. The Trump administration announced on Monday a potential ceasefire between Israel and Iran, which could bring the conflict to a halt after 12 days of strikes.
About one-fifth of the world's daily consumption of oil moves through the Strait of Hormuz every day on tankers, and with the straight less than 30 miles across, shipping traffic would be vulnerable to potential threats from Iran. Additionally, about one-fifth of the global liquefied natural gas trade also went through the Strait of Hormuz in 2024, according to the Energy Information Administration (EIA).
Amid the potential threats to energy supplies in the Strait of Hormuz, domestic energy production in the U.S. has helped reduce the reliance of the American economy on energy sourced from the Middle East, insulating it from prospective price shocks and potential worst-case scenarios in which surging oil prices could stifle the economy.
IRAN MULLS CLOSING THE STRAIT OF HORMUZ AS RETALIATION: HOW IT COULD AFFECT GLOBAL SHIPPING, ECONOMY
"The doomsday scenario, like if you shut down oil [shipments] in the Strait of Hormuz, predictions that go up to $100 a barrel might be true in a world where you could actually shut down the Strait of Hormuz," Phil Flynn, a senior market analyst at the Price Futures Group and FOX Business contributor, said in an interview.
"Right now, I don't think that the market believes that that's possible," Flynn said. "Iran probably won't have the ability to shut down the Strait of Hormuz. If they were able to shut it down for a measurable amount of time, it could have a major impact. But I think this exercise that we just went through shows it's less likely they'll be able to shut it down."
HOW US STRIKES ON IRANIAN NUCLEAR FACILITIES COULD AFFECT GAS PRICES
Flynn went on to say that U.S. energy production has risen over the last decade and now produces more than it consumes — a stark contrast to the past when the U.S. relied heavily on energy from the Middle East.
"The U.S. is producing a record amount of oil," Flynn said, noting that during the Islamic Revolution and Iranian hostage crisis in 1979, the U.S. was much more dependent on oil from the Middle East. "At that time, had they shut down the Strait of Hormuz, it would have been a devastating blow not only to our economy, but the global economy."
GEN. KEANE: TRUMP'S SUPPORT FOR ISRAEL CREATES OPPORTUNITY TO TAKE IRANIAN REGIME 'OFF THE TABLE'
"Here we are years later and even though it's significant — we're still seeing 20% of the global supply go through the Strait of Hormuz on a daily basis — it's not nearly as large as it once was, and the U.S. is not as dependent on it as we were. In fact, a lot of that oil is going to China, which is very dependent on supplies going through the Strait of Hormuz," Flynn said.
Data from the EIA shows that in 2024, the U.S. exported a record-high 30.9 quadrillion British thermal units, an increase of 4% from the prior year, while energy imports were flat at 21.7 quads. That left the U.S. with net exports of 9.3 quads — the highest recorded level of net exports in the agency's records dating back to 1949.
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"The buffer that we've built because of the U.S. energy production has changed some of those doomsday scenarios. You can't underplay the possibility that if the strait did get shut down, it would cause a major price spike," he said. "Now, it's getting harder to imagine a scenario where that's going to be possible for an extended period of time."
https://www.foxbusiness.com/economy/us-oil-production-shields-economy-from-irans-strait-hormuz-threatsGasBuddy’s head of petroleum analysis spoke with Fox News Digital about rising concerns that gas prices will skyrocket after President Donald Trump ordered a strike on Iranian nuclear facilities over the weekend and the Middle Eastern nation weighs shutting down the critical Strait of Hormuz.
Patrick De Haan told Fox that an increase in gas prices for Americans "would likely be temporary" even if the Iranians go forward with shutting down a passage that facilitates roughly one-fifth of the world’s crude oil trade. His comments came before Iran retaliated by firing missiles at a U.S. base in Qatar, which intercepted those missiles. No casualties have been reported, Fox News' Liz Friden reports.
TRUMP HINTS AT REGIME CHANGE IN IRAN WHILE DECLARING 'MAKE IRAN GREAT AGAIN' AFTER US STRIKES
"If Iran mentions closing the Strait of Hormuz, you can see a quick spike in oil past the $80 barrel mark," De Haan explained. "That could bring a national average of $3.40 to $3.50. If they're mildly successful in carrying that out, oil could go even higher, but it would likely be temporary."
"Continued incorrect/false rumors talk about an incoming massive spike to [gas prices]," the GasBuddy expert posted to X. "This is erroneous. Incorrect on the highest order."
The Strait of Hormuz is roughly 21 miles wide at its narrowest point. It lies between the Gulf of Oman and the Persian Gulf and serves as a connection through the Arabian Sea. The key natural waterway is technically governed by the United Nations Convention on the Law of the Sea, but Iran’s large military presence in the region would give them the ability to restrict passage.
HOW IRAN CLOSING THE STRAIT OF HORMUZ WOULD IMPACT US, WORLD
Markets edged slightly higher Monday with oil futures fluctuating, but remaining mostly down during early trading hours.
"Keep in mind, oil just weeks ago was in the low to mid 60s," De Haan added. "Oil producers had cut back on rigs. That is the U.S. rig count, a sign of where oil production may go, had actually been pointing out that U.S. production may be nearing a peak, at least temporarily, because of low oil prices."
But the downward trend in the price of oil now faces a heightened conflict in Iran. De Haan said that a move to shut down the Strait of Hormuz "would also be acting to stifle Iran’s own economy."
Vice President JD Vance also noted a decision to shut down the passageway would be a blow to Iran’s finances, telling NBC’s "Meet the Press" that closing the strait could "destroy their economy."
"Their entire economy runs through the Strait of Hormuz," Vance explained. "If they want to destroy their own economy, it can cause disruption in the world. I think that would be their decision, but why would they do that?"
The Iranian Parliament voted in favor of shutting down the passageway on Monday, signaling potential unity in the Middle Eastern country to go forward with the decision.
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Fox News Digital reached out to the Department of Energy and the Department of Treasury but did not receive a response.
https://www.foxbusiness.com/economy/gasbuddy-expert-says-claims-gas-prices-see-massive-spike-incorrect-highest-levelMcDonald’s is facing a potential boycott from customers over its decision to roll back its diversity, equity and inclusion policies.
The People’s Union USA is spearheading the "McDonald's Blackout," which begins on June 24, after having staged an "Economic Blackout" in February. The organization, founded by Chicago-based musician and meditation teacher John Schwarz, has staged boycott campaigns in order to mount an "economic resistance," per its website.
"The idea that DEI initiatives should be abandoned is backward, regressive, and dangerous. Every American deserves a fair shot at success, and that includes every race, every background, every belief system. Period," The People’s Union says on its website.
BACKLASH AGAINST TARGET PULLING BACK DEI WAS DRIVEN PARTLY BY FAKE SOCIAL MEDIA ACCOUNTS: STUDY
The fast-food chain announced in January that it would be rolling back some of their DEI policies. McDonald’s announced it would no longer set "aspirational representational goals" for hiring and promoting particular demographics, no longer participate in external workplace surveys, end their "Supply Chain’s Mutual Commitment to DEI pledge" and change the name of its Diversity Team to the "Global Inclusion Team."
"This is about more than burgers and fries, this is about power. When we unite and hit corporations in their wallets, they listen… This week, we’re taking a stand. No McDonald’s. No compromise," The People’s Union said on an Instagram post advertising the blackout.
Among the organization’s demands are "an end to price gouging, real equality and corporate accountability." In a different Instagram post, the People’s Union bashed McDonald’s for "false DEI promises.
MCDONALD'S CLOSING ALL OF ITS COSMC'S SPINOFF LOCATIONS
Companies across America, from Google, to Facebook, to Wal Mart have all ended or significantly scaled back their DEI initiatives following Trump’s re-election. Upon taking office, Trump signed multiple executive orders targeting "illegal DEI" and banned federal agencies from contracting with companies that engage in DEI practices.
Recently, a McDonald’s executive suggested that the company’s DEI changes were largely cosmetic, and that the company still retained their core programs, including corporate affinity groups for employees and public reporting of company demographics.
"We changed some of the language that we’ve used it around it, but at the core none of our programming has changed… we have no intention of doing that," said McDonald’s Chief Field People Officer Jordann Nunn at the From Day One human resources conference in Chicago in June.
McDonald’s is not the first company to find itself the target of an economic boycott around its DEI policies. Target faced a 40-day boycott spearheaded by Atlanta-based Rev. Jamal Bryant, who encouraged consumers not to shop at the retail chain for the entirety of Lent in April after they announced they would be rolling back their DEI programs.
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Target has experienced a sales slump as of late, which the company attributes in part to the backlash surrounding their retreat on DEI along with tariff uncertainty.
We’re not satisfied with current performance and know we have opportunities to deliver faster progress on our roadmap for growth," Target CEO Brian Cornell said in May.
The boycott comes as Americans have been spending less money on fast food. McDonald’s announced in May that its U.S. sales are down 3.6% in the first quarter year-over-year. The fast food chain’s global sales are down 1%.
McDonald’s CEO Chris Kempczinki said the company's sales with lower-income Americans dropped by "double digits" with sales among middle-income American consumers having dropped nearly as much at a May earnings call.
Neither The People's Union nor McDonald's responded to Fox News Digital's request for comment.
https://www.foxbusiness.com/media/mcdonalds-faces-economic-resistance-after-rolling-back-dei-policiesThe U.S. dollar experienced a volatile trading day on Monday in the wake of the U.S. joining Israel in attacking Iran's nuclear facilities.
The dollar strengthened during the Monday morning trading session, rising as much as 0.71% as investors flocked to the greenback, reaching its highest level since May, according to the WSJ Dollar Index, which measures the dollar against a basket of currencies.
As afternoon approached, the dollar gave up those gains and was down over 0.3% during mid-afternoon trading.
The dollar's slide occurred after dovish comments from Federal Reserve Governor Michelle Bowman suggesting that the central bank could cut interest rates as soon as its meeting next month.
FEDERAL RESERVE LEAVES KEY INTEREST RATE UNCHANGED FOR FOURTH STRAIGHT MEETING
The Federal Reserve last week held its benchmark federal funds rate target unchanged at a range of 4.25% to 4.5%, citing economic uncertainty amid looming tariffs that could hit consumer prices more broadly.
Fed Chair Jerome Powell noted that the labor market is roughly at or near maximum employment and that inflation is somewhat above the Fed's 2% longer-run goal, leaving the central bank in position to act if economic conditions deteriorate.
Bowman spoke at a research conference in Prague, Czech Republic, and said that the central bank will have opportunities to review more inflation and labor market data ahead of their next meeting, which could open the door for the first rate cut in 2025.
"If upcoming data show inflation continuing to evolve favorably, with upward pressures remaining limited to goods prices, or if we see signs that softer spending is spilling over into weaker labor market conditions should be addressed in our policy discussions and reflected in our deliberations," Bowman said.
"Should inflation pressures remain contained, I would support lowering the policy rate as soon as our next meeting in order to bring it closer to its neutral setting and to sustain a healthy labor market," Bowman said.
Her comments come after another Fed governor, Christopher Waller, said last week that the Fed could cut rates starting in July.
FED GOVERNOR BREAKS RANKS WITH POWELL, SIGNALS RATE CUTS COULD BEGIN NEXT MONTH
The Fed lowered interest rates by 100 basis points last year, including a 50-basis-point cut in September followed by a pair of 25-basis-point cuts in November and December.
President Donald Trump has repeatedly criticized the central bank and Powell for declining to cut interest rates, calling him "Mr. Too Late," among other insults.
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Trump has at times suggested that he may attempt to remove Powell from his role, though federal law could preclude such a move.
https://www.foxbusiness.com/economy/dollar-fluctuates-after-us-strikes-iran-dovish-fed-comments
NEW YORK, Jun 24 (IPS) - The world is losing interest in investing in others, especially when it comes to humanitarian aid. Foreign Direct Investment (FDI) has slowed to critical levels, weakening emerging markets and further slowing growth across developing nations.
https://www.globalissues.org/news/2025/06/24/40246 {"url":"https://static.globalissues.org/ips/2025/06/United-Nations-Headquarters_45-100x100.jpg"}A recall is underway for some Face Rock Creamery Vampire Slayer Cheese Curds sold at Trader Joe’s grocery stores in two states.
Trader Joe’s said Friday that a "single lot code" of the cheese curds have been recalled in response to the potential risk of Listeria monocytogenes contamination.
The recalled product was offered at some Trader Joe’s locations in Northern California as well as stores in the Nevada cities of Carson City, Reno and Sparks, according to a notice posted on the popular grocery store chain’s website.
The stores in Northern California included those in Monterey, Fresno and "all locations North," Trader Joe’s said.
COCA-COLA RECALLS TOPO CHICO MINERAL WATER OVER BACTERIA CONCERNS
The recalled cheese curds have a use-by date of "082925" on their container.
Face Rock Creamery said in a recall announcement published on the Food and Drug Administration’s (FDA) website it recalled the affected product after "a routine sampling program by the company" found it "contained the bacteria."
Healthy people that develop an infection after consuming food contaminated with listeria can experience fever, headaches, stiffness, nausea, abdominal pain and diarrhea. Such symptoms typically last one to three days.
However, in young children, elderly and those with compromised immune systems, it can bring on "serious and sometimes fatal infections," per the FDA.
Nobody had fallen ill due to the recalled cheese curds as of Friday, according to the FDA recall notice.
DEATHS, PREGNANCY LOSS LINKED TO RECALLED PASTA SOLD AT WALMART AND KROGER
"Face Rock Creamery is committed to ensuring the safety and quality of our products and is working closely with our distribution partners and regulatory agencies to resolve this matter swiftly and thoroughly," the creamery said in the FDA recall announcement. "We apologize for the inconvenience and appreciate the trust our customers place in us."
Trader Joe’s told customers in Northern California and Northern Nevada to either throw the recalled cheese curds in the trash or bring them back to their local store. If they return the product, they will get their money refunded.
Trader Joe’s told FOX Business that "nothing is more important than the health and safety of our customers and Crew Members."
BUYER BEWARE: POPULAR DRIED FRUIT PULLED FROM SHELVES IN 19 STATES
The grocery store chain "doesn’t take any chances when it comes to product safety and quality" and will "voluntarily take action quickly, aggressively investigating potential problems and removing the product from sale if there is any doubt about its safety or quality."
The grocery store chain also said that it communicates about recalls via in-store signs, on its website and through emailed alerts.
https://www.foxbusiness.com/lifestyle/trader-joes-pulls-vampire-slayer-cheese-curds-from-shelves-two-statesFICO said on Monday that it is going to incorporate buy now, pay later (BNPL) data into credit scores as the payment method surges in popularity.
The FICO Score 10 BNPL and FICO Score 10 T BNPL will be the first credit scores from a leading credit scoring provider to incorporate this data. FICO said the scores represent a "significant advancement in credit scoring, accounting for the growing importance" of such loans in the U.S. credit ecosystem.
"Buy Now, Pay Later loans are playing an increasingly important role in consumers’ financial lives," Julie May, vice president of B2B Scores at FICO, said. By expanding its FICO Score 10 Suite with these new models, May said the company is "enabling lenders to more accurately evaluate credit readiness, especially for consumers whose first credit experience is through BNPL products."
HERE'S WHY THE AVERAGE US CREDIT SCORE IS FALLING
FICO said it utilized input from the largest lenders in the U.S. and that there was a broad consensus that integrating BNPL data into credit scoring "is a critical advancement that allows lenders to make more informed, accurate decisions while responsibly expanding credit access."
FICO said these scores will provide lenders with greater visibility into consumers’ repayment behaviors and will enable a more comprehensive view of their credit readiness.
Lending services such as Afterpay, Klarna, Affirm and PayPal have risen to prominence as cash-strapped consumers looked to stretch their wallets as they contend with persisting inflation, high interest rates and student loan payments, which resumed in October 2023 after a pause due to the COVID-19 pandemic.
The services allow consumers to make purchases and pay for them in installments, often with no interest or fees. However, interest is tacked on to certain plans, and consumers can get hit with a late fee if they don't have adequate funds in their account to cover the payments.
RISKS OF BUY NOW, PAY LATER: 'TICKET TO OVERSPENDING,' EXPERT SAYS
Traditionally, they have been utilized for big-ticket items. However, these buy now, pay later financing options have become so popular in the current economic environment, that a growing number of consumers are even leveraging them to pay for necessities like food.
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Data from an April LendingTree report shows that 25% of such users have used the service to buy groceries, up from 14% a year ago.
https://www.foxbusiness.com/personal-finance/buy-now-pay-later-loans-now-impact-americans-credit-scores
GENEVA, Jun 24 (IPS) - “We are writing to you regarding the cuts being undertaken under the UN80 Initiative and, more broadly, across the UN system. While we are mindful of the current funding challenges, we believe that the rushed and chaotic manner in which these changes are being implemented is causing deeper harm to both the effectiveness and reputation of the United Nations.
Read the full story, “Slash and Burn Approach to UN Reforms Under Fire”, on globalissues.org →
https://www.globalissues.org/news/2025/06/24/40243 {"url":"https://static.globalissues.org/ips/2025/06/The-Secretariat-Building_34-100x100.jpg"}
Telling the time on the Moon is more complicated than you might think, but answering the question is becoming more important amid a resurgent interest in lunar exploration. The UN is helping to ensure the Moon is governed in a coordinated and peaceful way, and agreeing on a time zone is a central element of international discussions.
Read the full story, “What time is it on the Moon? It’s all relative…”, on globalissues.org →
https://www.globalissues.org/news/2025/06/24/40244 {"url":"https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Collections/Embargoed/19-06-2025-NASA-Apollo-17-lunar-rover.jpg/image100x100cropped.jpg"}Jun 23 (IPS) - CIVICUS discusses the closure of offices of the United Nations Refugee Agency (UNHCR) in Mexico with members of Integral Human Rights In Action (DHIA), a Mexican civil society organisation (CSO) that promotes and defends human rights in contexts of mobility.
https://www.globalissues.org/news/2025/06/23/40233 {"url":"https://static.globalissues.org/ips/2025/06/Face-of-Funding-Cuts_-100x100.jpg"}
SEVILLE, Spain, Jun 23 (IPS) - Can the Fourth International Conference on Financing for Development (FFD4) be a turning point? The stakes are high. The international financial system—so important to each and every one of us—feels out of reach and resistant to change, because it is deeply entrenched in unjust power imbalances that keep it in place. We deserve better.
Read the full story, “Time to Redesign Global Development Finance”, on globalissues.org →
https://www.globalissues.org/news/2025/06/23/40232 {"url":"https://static.globalissues.org/ips/2025/06/Farmer-in-Colombia_-100x100.jpg"}FICO said on Monday that it is going to incorporate buy now, pay later (BNPL) data into credit scores as the payment method surges in popularity.
The FICO Score 10 BNPL and FICO Score 10 T BNPL will be the first credit scores from a leading credit scoring provider to incorporate this data. FICO said the scores represent a "significant advancement in credit scoring, accounting for the growing importance" of such loans in the U.S. credit ecosystem.
"Buy Now, Pay Later loans are playing an increasingly important role in consumers’ financial lives," Julie May, vice president of B2B Scores at FICO, said. By expanding its FICO Score 10 Suite with these new models, May said the company is "enabling lenders to more accurately evaluate credit readiness, especially for consumers whose first credit experience is through BNPL products."
HERE'S WHY THE AVERAGE US CREDIT SCORE IS FALLING
FICO said it utilized input from the largest lenders in the U.S. and that there was a broad consensus that integrating BNPL data into credit scoring "is a critical advancement that allows lenders to make more informed, accurate decisions while responsibly expanding credit access."
FICO said these scores will provide lenders with greater visibility into consumers’ repayment behaviors and will enable a more comprehensive view of their credit readiness.
Lending services such as Afterpay, Klarna, Affirm and PayPal have risen to prominence as cash-strapped consumers looked to stretch their wallets as they contend with persisting inflation, high interest rates and student loan payments, which resumed in October 2023 after a pause due to the COVID-19 pandemic.
The services allow consumers to make purchases and pay for them in installments, often with no interest or fees. However, interest is tacked on to certain plans, and consumers can get hit with a late fee if they don't have adequate funds in their account to cover the payments.
RISKS OF BUY NOW, PAY LATER: 'TICKET TO OVERSPENDING,' EXPERT SAYS
Traditionally, they have been utilized for big-ticket items. However, these buy now, pay later financing options have become so popular in the current economic environment, that a growing number of consumers are even leveraging them to pay for necessities like food.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Data from an April LendingTree report shows that 25% of such users have used the service to buy groceries, up from 14% a year ago.
https://www.foxbusiness.com/personal-finance/buy-now-pay-later-loans-now-impact-americans-credit-scores
SEVILLE, Spain, Jun 23 (IPS) - Can the Fourth International Conference on Financing for Development (FFD4) be a turning point? The stakes are high. The international financial system—so important to each and every one of us—feels out of reach and resistant to change, because it is deeply entrenched in unjust power imbalances that keep it in place. We deserve better.
Read the full story, “Time to Redesign Global Development Finance”, on globalissues.org →
https://www.globalissues.org/news/2025/06/23/40232 {"url":"https://static.globalissues.org/ips/2025/06/Farmer-in-Colombia_-100x100.jpg"}FICO said on Monday that it is going to incorporate buy now, pay later (BNPL) data into credit scores as the payment method surges in popularity.
The FICO Score 10 BNPL and FICO Score 10 T BNPL will be the first credit scores from a leading credit scoring provider to incorporate this data. FICO said the scores represent a "significant advancement in credit scoring, accounting for the growing importance" of such loans in the U.S. credit ecosystem.
"Buy Now, Pay Later loans are playing an increasingly important role in consumers’ financial lives," Julie May, vice president of B2B Scores at FICO, said. By expanding its FICO Score 10 Suite with these new models, May said the company is "enabling lenders to more accurately evaluate credit readiness, especially for consumers whose first credit experience is through BNPL products."
HERE'S WHY THE AVERAGE US CREDIT SCORE IS FALLING
FICO said it utilized input from the largest lenders in the U.S. and that there was a broad consensus that integrating BNPL data into credit scoring "is a critical advancement that allows lenders to make more informed, accurate decisions while responsibly expanding credit access."
FICO said these scores will provide lenders with greater visibility into consumers’ repayment behaviors and will enable a more comprehensive view of their credit readiness.
Lending services such as Afterpay, Klarna, Affirm and PayPal have risen to prominence as cash-strapped consumers looked to stretch their wallets as they contend with persisting inflation, high interest rates and student loan payments, which resumed in October 2023 after a pause due to the COVID-19 pandemic.
The services allow consumers to make purchases and pay for them in installments, often with no interest or fees. However, interest is tacked on to certain plans, and consumers can get hit with a late fee if they don't have adequate funds in their account to cover the payments.
RISKS OF BUY NOW, PAY LATER: 'TICKET TO OVERSPENDING,' EXPERT SAYS
Traditionally, they have been utilized for big-ticket items. However, these buy now, pay later financing options have become so popular in the current economic environment, that a growing number of consumers are even leveraging them to pay for necessities like food.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Data from an April LendingTree report shows that 25% of such users have used the service to buy groceries, up from 14% a year ago.
https://www.foxbusiness.com/personal-finance/buy-now-pay-later-loans-now-impact-americans-credit-scoresFICO said on Monday that it is going to incorporate buy now, pay later (BNPL) data into credit scores as the payment method surges in popularity.
The FICO Score 10 BNPL and FICO Score 10 T BNPL will be the first credit scores from a leading credit scoring provider to incorporate this data. FICO said the scores represent a "significant advancement in credit scoring, accounting for the growing importance" of such loans in the U.S. credit ecosystem.
"Buy Now, Pay Later loans are playing an increasingly important role in consumers’ financial lives," Julie May, vice president of B2B Scores at FICO, said. By expanding its FICO Score 10 Suite with these new models, May said the company is "enabling lenders to more accurately evaluate credit readiness, especially for consumers whose first credit experience is through BNPL products."
HERE'S WHY THE AVERAGE US CREDIT SCORE IS FALLING
FICO said it utilized input from the largest lenders in the U.S. and that there was a broad consensus that integrating BNPL data into credit scoring "is a critical advancement that allows lenders to make more informed, accurate decisions while responsibly expanding credit access."
FICO said these scores will provide lenders with greater visibility into consumers’ repayment behaviors and will enable a more comprehensive view of their credit readiness.
Lending services such as Afterpay, Klarna, Affirm and PayPal have risen to prominence as cash-strapped consumers looked to stretch their wallets as they contend with persisting inflation, high interest rates and student loan payments, which resumed in October 2023 after a pause due to the COVID-19 pandemic.
The services allow consumers to make purchases and pay for them in installments, often with no interest or fees. However, interest is tacked on to certain plans, and consumers can get hit with a late fee if they don't have adequate funds in their account to cover the payments.
RISKS OF BUY NOW, PAY LATER: 'TICKET TO OVERSPENDING,' EXPERT SAYS
Traditionally, they have been utilized for big-ticket items. However, these buy now, pay later financing options have become so popular in the current economic environment, that a growing number of consumers are even leveraging them to pay for necessities like food.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Data from an April LendingTree report shows that 25% of such users have used the service to buy groceries, up from 14% a year ago.
https://www.foxbusiness.com/personal-finance/buy-now-pay-later-loans-now-impact-americans-credit-scoresU.S. grocer Kroger is planning to close dozens of stores by the end of next year.
The massive Cincinnati-based grocery store chain made the announcement on Friday. It operates thousands of supermarkets and pharmacies across the nation and is planning to close 60 stores in the next 18 months, a first-quarter 2025 earnings report said.
While the report said the company's profits "exceeded our expectations," Director Ron Sargent said in an earnings call that the company reviewed areas not meaningful to its future growth and determined that closing the stores "will make the company more efficient."
"Unfortunately, today, not all of our stores are delivering the sustainable results we need," Sargent said on Friday. "To position our company for future success, this morning, we announce plans to close approximately 60 stores over the next 18 months."
KROGER THROWS LATEST PUNCH IN LEGAL BATTLE WITH ALBERTSONS
The report said the closures cost Kroger a $100 million impairment charge.
However, as a result of the shutdowns, the company "expects a modest financial benefit" and is planning to reinvest the savings back into the customer experience. The loss is not expected to impact full-year guidance.
VIRAL VIDEO FORCES KROGER TO PULL CONTROVERSIAL JUNETEENTH HOLIDAY CAKES
Kroger told Fox News Digital that the company will not be releasing a list of which locations will be impacted at this time.
All employees from the closing stores will be offered jobs at other locations, according to the report. Kroger currently employs nearly 410,000 associates across the country.
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Total company sales were $45.1 billion in the first quarter compared to $45.3 billion for the same period last year.
https://www.foxbusiness.com/economy/grocery-giant-kroger-close-60-stores-next-18-monthsIran has warned that it may attempt to close the Strait of Hormuz to shipping traffic in retaliation for the U.S. joining Israel's strikes on Iranian nuclear facilities.
The Iranian government is mulling retaliatory actions, including the potential closure of the Strait of Hormuz, a vital shipping lane for global energy supplies. The regime in Iran could pursue that goal through the use of mines, anti-ship missiles or other means to obstruct or destroy shipping.
Iranian state media recently reported on such a plan being approved by the country's parliament, though it emphasized that it would require clearance from the nation's Supreme National Security Council.
Roughly 20% of global demand for petroleum products transits through the Strait of Hormuz – which connects the Persian Gulf with the Gulf of Oman and the Arabian Sea and is bordered by Iran on one side. The strait is less than 30 miles across at its narrowest point, which would make it more challenging for vessels to transit the passage if Iran attempts to close it.
EXPERT WARNS OF 'WAR OF CODES' AFTER IRANIAN CRYPTO EXCHANGE GETS HACKED
The Energy Information Administration (EIA) within the U.S. Department of Energy noted that in 2024, oil flows through the strait averaged about 20 million barrels per day, with similar levels being reported in the first quarter of 2025.
"Flows through the Strait of Hormuz in 2024 and the first quarter of 2025 made up more than one-quarter of total global seaborne oil trade and about one-fifth of global oil and petroleum product consumption," EIA wrote.
"In addition, around one-fifth of global liquefied natural gas trade also transited the Strait of Hormuz in 2024, primarily from Qatar."
MAJOR OIL PRICE SHOCK LOOMING AS ISRAEL-IRAN CONFLICT THREATENS CRITICAL GLOBAL SHIPPING PASSAGE
The EIA estimated that 84% of the crude oil and condensate and 83% of the liquefied natural gas that moved through the Strait of Hormuz went to Asian markets in 2024.
"China, India, Japan and South Korea were the top destinations for crude oil moving through the Strait for Hormuz to Asia, accounting for a combined 69% of all Hormuz crude oil and condensate flows in 2024. These markets would likely be most affected by supply disruptions at Hormuz," the agency said.
EIA noted that the U.S. imported about 0.5 million barrels per day of crude oil and condensate from Persian Gulf countries through the Strait of Hormuz, which accounted for about 7% of U.S. oil and condensate imports and 2% of U.S. petroleum liquids consumption.
The largest exporters of crude and condensate that transit through the Strait of Hormuz are Saudi Arabia (5.3 million barrels per day), Iraq (3.2 million) and the United Arab Emirates (1.8 million). Iran ranked fourth at about 1.5 million barrels per day as of the first quarter of 2025.
Secretary of State Marco Rubio appeared on Fox News' "Sunday Morning Futures" and told host Maria Bartiromo that China and other countries should discourage Iran from attempting to close the Strait of Hormuz.
China is the main importer of crude oil shipped through the strait, bringing in 5.4 million barrels per day in the first quarter of 2025, according to EIA data.
"I encourage the Chinese government in Beijing to call them about that, because they heavily depend on the Strait of Hormuz for their oil," Rubio said. "If they do that, it'll be another terrible mistake. It's economic suicide for them if they do it. And we retain options to deal with that."
OIL PRICES EXPECTED TO BE IMPACTED FOLLOWING US BOMBING OF IRAN NUCLEAR SITES
Rubio added that "other countries should be looking at that as well" and that it would "hurt other countries' economies a lot worse than ours. It would be, I think, a massive escalation that would merit a response, not just by us, but from others."
He also said that Iran's government is "gonna say what they need to say. These are the things that need to happen for their own internal politics and so forth."
"We had three objectives. We struck those three objectives with decisive force, and that was the point of this mission, and that's what we achieved," Rubio said of the U.S. strikes on Fordow, Natanz and Isfahan.
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"What happens next will depend on what they want to do. They want to negotiate, we're ready to negotiate. They want to get cute and do things that are dangerous, we have responses available that are devastating," Rubio said.
https://www.foxbusiness.com/economy/iran-mulls-closing-strait-hormuz-retaliation-what-would-mean