Breaking News

Business News

Fed officials deeply divided over future path of US inflation

WASHINGTON (AP) — The Federal Reserve’s rate-setting committee is split over whether inflation is likely to stay elevated or whether it will cool once the Iran war winds down, according to minutes released Wednesday. In the first set of minutes released under new chair Kevin Warsh, “many” of the Fed’s 19 officials said its key rate would be unchanged from or slightly below its current level of 3.6% by the end of this year. But “many” also said that it would likely be higher by year-end. Forecasts released after the meeting ended June 17 showed that half of the 18 ...

IMF expects world economy to grow a sluggish 3% this year

WASHINGTON (AP) — The International Monetary Fund on Wednesday modestly downgraded its outlook for the world economy this year, citing the energy shock caused by the Iran war. But the fallout from the conflict is being partially offset by booming investment in artificial intelligence and other technologies. The IMF now expects the global economy to expand by a sluggish 3% in 2026, down from 3.5% last year and from the 3.1% it had forecast for this year back in April. The fund expects worldwide growth to rebound to 3.4% next year. Iran responded to U.S. and Israeli attacks Feb. 28 ...

PepsiCo blames beverage losses on war, gas prices

NEW YORK (AP) — PepsiCo reported stronger-than-expected revenue in the second quarter despite weaker demand in North America, where it said consumers tightened their budgets as the Iran war caused gas prices to spike. “I think the consumer is worse than what we had anticipated, and it’s driven mainly by gas prices,” PepsiCo CEO Ramon Laguarta said Thursday during a conference call with investors. PepsiCo’s shares fell 4% in morning trading Thursday. The food and beverage giant said its net revenue rose 6.4% to $24.2 billion for the April-June period. That was better than ...

Kimberly-Clark project helps Ohio earn Silver Shovel Award

One of the largest economic development projects in the Mahoning Valley’s history has helped Ohio earn a 2026 Silver Shovel Award, a national recognition for excellence in economic development. Area Development magazine cited Kimberly-Clark’s $800 million manufacturing facility in Trumbull County and its planned creation of 491 jobs among the projects that helped Ohio earn the award in the category for states with populations between 8 million and 12 million. The annual Silver Shovel Awards recognize states that attract high-impact economic development projects generating ...

AAA: Motorists continue to see relief at the pump

Staff report Gas prices are 23 cents lower in Northeast Ohio this week at $3.612 per gallon, according to Monday’s AAA East Central’s Gas Price Report. As millions of drivers filled up and hit the road for the long Independence Day weekend, gas prices were the lowest they’ve been in several weeks. The national average is down 40 cents from a month ago at $3.79 for a gallon of regular. While that number is higher than last year, it’s a relief from this past spring, when the national average peaked at $4.56 on May 21. Crude oil prices have fallen to their lowest levels in ...

Microsoft cuts 4,800 jobs, including many at Xbox in a ‘reset’

REDMOND, Wash. (AP) — Microsoft is cutting 4,800 jobs, about 2.1% of its global workforce, including a large number of workers at its Xbox video game business. The layoffs included 1,600 Xbox workers, with more to come this year in a broader reorganization designed to “reset” Xbox as it faces heightened competition, the company said Monday. “Our business today is not healthy,” said a memo from Xbox CEO Asha Sharma, who took over the gaming division earlier this year. “We are operating at margins that are 3-10x lower than comparable platform and publishing ...