Business

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

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Key Fed inflation measure rose 2.8% in March from a year ago, more than expected

Jeff Cox – CNBC

Inflation showed little signs of letting up in March, with a key barometer the Federal Reserve watches closely showing that price pressures remain elevated.

The personal consumption expenditures price index excluding food and energy increased 2.8% from a year ago in March, the same as in February, the Commerce Department reported Friday. That was above the 2.7% estimate from the Dow Jones consensus.

Including food and energy, the all-items PCE price gauge increased 2.7%, compared to the 2.6% estimate.

On a monthly basis, both measures increased 0.3%, as expected and equaling the increase from February.

Markets showed little reaction to the data, with Wall Street poised to open higher. Treasury yields fell, with the benchmark 10-year note at 4.67%, down about 0.4 percentage point on the session. Futures traders grew slightly more optimistic about two potential…Read more here.

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Biden issues new rule to crack down on bad retirement advice

Megan Henney / FOXBusiness

The Biden administration on Tuesday finalized a new rule to crack down on retirement advice given by financial professionals, a move that has already drawn fierce backlash from Wall Street.

The Labor Department regulation aims to ensure that financial advisers, brokers and insurance agents work in the best interests of their clients. It purports to do so by broadening the scope of when these individuals must act as a fiduciary, meaning they have a legal obligation to put their clients’ interests ahead of their own.

Under current law, advisers are allowed to recommend investments that pay higher commissions but aren’t necessarily the best choice for their clients.

“America’s workers and their families rely on investment professionals for guidance as they save for retirement,” said acting Labor Secretary Julie Su. “This rule protects the retirement investors from improper investment recommendations and harmful conflicts of interest.”

The White House estimated the rule, which will take effect Sept. 23, will…Read more and see videos here.

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EVs, climate agenda are a national security threat used ‘to weaken us and ultimately destroy us,’ expert warns

By Kendall Tietz – FOXBusiness

Electric vehicles are often touted as the green alternative to gas-powered vehicles, but one expert believes that if people knew the truth about EVs, they would think twice before purchasing one. 

Bryan Dean Wright, a former CIA operations officer and host of the podcast “The Wright Report,” told Fox News Digital that electric vehicles pose environmental problems, national security issues and compromise the safety of drivers, making them a less than desirable alternative to gas-powered vehicles.

Wright said that one of the most important things to consider when buying an electric vehicle is whether it is actually green. It is his belief that they are actually quite “dirty.” Starting with their batteries, he explained that thousands of pounds of minerals, including cobalt, lithium and nickel from all around the world have to first be extracted.

The Congo is the source of 70% of the world’s cobalt. Of that, about a third come…Read more here.

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Kroger, Albertsons to sell 166 more stores with $25B merger in limbo

Eric Revell / FOXBusiness

Kroger and Albertsons said Monday the two companies are increasing the number of grocery stores they sell to C&S Wholesale Grocers to address federal regulators’ concerns about the impact of their proposed $25 billion merger on competition.

An additional 166 Kroger and Albertsons stores will be sold to C&S as part of an updated divestiture agreement between the three companies. The original divestiture plan included the sale of 413 stores, as well as eight distribution centers, two offices and five private label brands.

The new agreement will see C&S pay about $2.9 billion in cash for the stores — an increase from the $1.9 billion payout under the original divestiture plan. That acquisition would leave C&S with 579 stores plus access to the Albertsons Signature and O Organics private label brands.

“We have reached an agreement with C&S for an updated divestiture package that maintains Kroger’s commitments to customers, associates and communities, addresses…Read more and see video here.

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