ECONOMY

Alice Liu, a second-generation owner of Grand Tea and Imports.

Economy

For businesses in Manhattan's Chinatown, inflation is a tough economic hurdle

5:04pm May 17, 2022

by Camille Petersen

Many businesses have relied on high sales volume to make a profit, but higher costs for wholesale goods and dwindling inventory because of supply chain disruptions are forcing them to raise prices.

Economists are weighing in on America's baby formula shortage

4:26pm May 17, 2022

by Scott Horsley

The FDA is taking emergency steps to increase the supply of baby formula after a plant closure led to shortages. Federal policy may have contributed to over-reliance on a handful of formula suppliers.

The case for revolutionizing child care in America

12:27pm May 17, 2022

by Greg Rosalsky

A new book argues that greater public support for parents is critical for the brain development of America's kids.

In Silicon Valley, startups are laying off staff as investors pull back from big tech

4:37pm May 16, 2022

by Bobby Allyn

In the startup world, investors are pulling back, companies are laying off employees and IPOs are being delayed. Is a tech bubble about to burst, or has the unraveling already started?

McDonald's arrived in Moscow when Russia was still part of the Soviet Union. Tens of thousands of customers stood in line when its first restaurant opened on Jan. 31, 1990, at Moscow's Pushkin Square.

McDonald's is leaving Russia, after more than 30 years

8:43am May 16, 2022

by Bill Chappell

In 1990, the Big Mac's arrival in Moscow signaled a new era. Now McDonald's is tearing down the golden arches and writing off its investment in Russia.

Elon Musk says he wants to see more details about the number of fake accounts on Twitter before his deal to buy the social media platform goes through. He's seen here last week, arriving for the 2022 Met Gala at the Metropolitan Museum of Art in New York.

Elon Musk says he's put the blockbuster Twitter deal on pause over fake accounts

6:34pm May 13, 2022

by Bill Chappell

The Tesla and SpaceX mogul said he needs to make sure the fake accounts "do indeed represent less than 5%" of Twitter's users, as the company has estimated.

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Could inflation be a good thing for governments in debt?

4:40pm May 13, 2022

For all the pain it causes, inflation makes old debts easier to pay off. A silver-lining for countries burdened by pandemic debt? Maybe. But if history is any guide, that shine may be short-lived.

A mural of Elon Musk in downtown Brownsville by Alexander Gonzalez-Hernandez.

Housing costs skyrocket as SpaceX expands in Texas city

11:34am May 13, 2022

by Gaige Davila | TPR

SpaceX plans to launch rockets near Brownsville, Texas, and send the first person to Mars from there. Seven years after breaking ground, residents say the only thing skyrocketing is housing prices.

Economy

Angelyn and Richard Burk are spending their golden years on cruise ships

5:53am May 13, 2022

Angelyn worked as an accountant and figured out it'd be cheaper to be on cruise ships rather than have a mortgage. They've been at sea for a year and say the new lifestyle costs less than $100 a day.

Federal Reserve Chair Jerome Powell speaks during a news conference in Washington, D.C., on May 4. Powell was confirmed by the Senate to a second term leading the central bank. Fighting inflation will define his legacy.

Fed Chair Jerome Powell is confirmed for a 2nd term. Inflation will be his focus

9:24pm May 12, 2022

by Scott Horsley

Jerome Powell was confirmed to a second term as Federal Reserve chairman. The Senate vote comes as the central bank faces intense pressure to bring down inflation.

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