Business

Here we bring you business news affecting both our economy and our daily lives. ___________________________________________________________________________________________

Apple closing 3 stores, including its first-ever unionized location, sparking union-busting claims

Eric Revell / FOXBusiness

Apple is closing a trio of Apple Store locations around the country, including the first location of the tech giant’s retail system to unionize.

The company told The Baltimore Sun on Thursday that it will close Apple Stores in Towson, Maryland, Trumbull, Connecticut, and Escondido, California, with the final closures slated for June 11.

The Towson location was Apple’s first unionized Apple Store branch, with workers at that location having done so in 2022.

“As we continue investing to expand and enhance our retail stores and offerings worldwide, we remain deliberate about evaluating our existing locations to ensure that we can meet our customers’ needs in the best way,” Apple told the Sun.

Apple added that the “difficult” decision was made after the “departure of several retailers and declining conditions” at the malls where the impacted stores are located. Read more, and see video here.

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White House study says DEI policies cost US economy by promoting unqualified managers

Eric Revell – FOXBusiness

The White House released a study on Monday that found diversity, equity and inclusion (DEI) policies hinder productivity by leading to inefficient management that undercuts economic growth.

The authors of the report used federal data broken down by industry, state and year to track the representation of Black, Hispanic and indigenous people in management roles – though its analysis didn’t cover gender, sexual orientation or Asian representation. The Wall Street Journal first reported on the study.

It found that the representation of those minority groups covered by the study increased less than 1% from 2005 to 2015, but went on to jump by nearly four times that amount from 2015 to 2023. 

Further, it found that industries which pursued DEI heavily by promoting minority managers were about 2.7% less productive than those which did not as of 2023. Read more here.

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RED & BLUE DIVIDE: States push competing tax plans as voters weigh changes in election cycle

Arabella Bennett / FOXBusiness

A wave of aggressive tax proposals is hitting voters this election cycle, as states push sharply different plans that could reshape how governments raise revenue. From efforts targeting high-net-worth individuals to proposals aimed at eliminating major taxes altogether, the growing divide is forcing voters to weigh competing visions of fiscal policy.

FOX Business’ Gerri Willis joined Stuart Varney on “Varney & Co.” to report on the surge in ballot initiatives and legislative proposals spanning both blue and red states, highlighting how lawmakers are experimenting with new approaches to taxation amid mounting budget pressures and political demands.

Those proposals are already raising concerns about unintended consequences, particularly when it comes to retaining wealth and investment within state borders.

“They do have other places to go. It’s ultimately perhaps counterproductive if you want to fund certain programs at certain levels,” Tax Foundation senior fellow Jared Walczak said. Read more, and see videos here.

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USPS halts pension contributions after warning of looming cash crisis

Bonny Chu – FOXBusiness

The United States Postal Service is suspending employer pension contributions for workers beginning Friday, citing a looming cash shortfall, the agency announced Thursday.

The move, which affects the Federal Employees Retirement System (FERS), comes just weeks after the Postal Service warned Congress it could run out of cash in under a year without significant reforms, including changes to pension funding and stamp prices.

USPS emphasized that the pause will have no immediate impact on current or future retirees.

“There will not be any immediate detrimental impact to our current or future retirees if normal FERS cost payments are temporarily withheld,” Postal Service Chief Financial Officer Luke Grossmann said.

USPS has previously reported mounting losses over the years, totaling $118 billion since…Read more here.

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