Economy
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As Western nations back Israel, Iran threatens to close Strait of Hormuz, upend global economy
The strait, between the Persian Gulf and the Gulf of Oman, provides the only water passage from the Persian Gulf to the Arabian Sea
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Head of agency over Fannie Mae and Freddie Mac calls for Fed Chair Powell to resign
President Trump has been publicly blasting Powell and the Fed for not cutting interest rates even though the unemployment rate remains close to historic lows.
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'Historic partnership' finalized between US Steel and Nippon Steel
The $15 billion deal will result in what will be the world’s 4th-largest steelmaker, and will bring Nippon Steel’s advanced technology to U.S. Steel’s antiquated steelmaking processes.
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US holiday sales below forecast, grew less compared to last year: Mastercard
"This holiday season, the consumer showed up, spending in a deliberate manner," a Mastercard official said.
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US retail sales rose in November despite expected decline
The agency also released revised numbers showing that retail sales from September 2023 to October 2023 declined by 0.2%, rather than a decline of 0.1% as previously stated.
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Dow Jones clears 37,000 for the first time as Feds maintain interest rates
The Fed has made multiple rate hikes to combat inflation, which surged in 2022 and stood at 3.1% in November.
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Fed declines to hike interest rates with inflation still above target
The decision to maintain rates comes as inflation hit 3.1% in November, remaining above the target 2% rate.
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Consumer prices in December increased slightly compared to prior month
The country's targeted annual inflation rate is 2%.
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Small business owners suggest Bidenomics is Grinch that stole Christmas bonuses
A poll conducted by RedBalloon shows roughly 42% of U.S. small businesses are forgoing Christmas bonuses.
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U.S. economy added 199K jobs in November, unemployment rate dropped to 3.7%, Labor Department
The jobs increase slightly exceeded economists expectation of 180,000.
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Spotify lays off 17% of staff in move CEO says is to reduce costs and adjust for slow growth
Spotify shares rose nearly 10% following the announcement.
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OPEC+ announces voluntary oil production cuts
The bloc meeting also saw the organization agree to admit Brazil in 2024.
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Black Friday online sales hit record high as shoppers stay at home
About $79 million of the Black Friday sales came from shoppers opting for the "Buy Now, Pay Later" flexible payment option, which is up 47% from last year.