Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Boeing says it’s cutting 10% of its workforce, or about 17,000 employees
Boeing on Friday said it’s cutting 10% of its workforce, or about 17,000 employees. In a memo on Friday, CEO Kelly Ortberg announced the layoffs, writing that the aerospace giant must make “tough decisions” to stay competitive.
AAA reports gas prices rise slightly as Hurricane Milton causes regional disruptions
The national average for a gallon of gasoline has risen by two cents over the past week to $3.21, according to the latest data from AAA. This small increase is attributed to the effects of back-to-back storms, with large areas of the country experiencing infrastructure damage, road flooding, and power outages due to Hurricane Helene and now Storm Milton.
Power thirst complicates ESG investors’ love affair with tech stocks
Investors who manage hundreds of billions of dollars are pressing Microsoft, Alphabet and others for more information on the power needed for artificial intelligence and advanced computing, to help decide whether the sector should stay heavily represented in sustainable funds, investors said.
The top 10 taxpayer disputes with the IRS
Discrepancies and disagreements with the IRS, while business as usual for CPAs, can be terrifying to the taxpayer. With that in mind, below are the Top 10 disputes that taxpayers run into with the IRS as selected by Miklos Ringbauer, secretary/treasurer of the California Society of CPAs.
US in recession since 2022 after inflation adjustments
Undercounting inflation since 2019 has resulted in overstating economic growth, economists say. New research by a pair of prominent economists suggests that the U.S. economy has been in a recession for the last two years after inflation adjustments are taken into account.
Mortgage demand drops as rates jump to highest since August
The overall mortgage application volume fell 5.1 percent last week as the average interest rate for 30-year fixed-rate mortgages rose to 6.36 percent.
US plan to break up Google’s search dominance will hit profits
The United States Department of Justice’s proposed remedies to break up Google’s search dominance could weaken its main profit engine and stall its advances in artificial intelligence, even though a final outcome may be years away, analysts say.
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