The Federal Reserve on Wednesday announced that it raised its benchmark interest rate, as had been widely expected. This will raise borrowing costs for credit cards, auto financing, mortgages, and other loans. In a notable change to its statement, the Fed removed language indicating that it expected the economy to grow at a pace that warrants only “gradual” rate increases. Fed officials expect to raise rates two more times this year for a total of four hikes; in March, they saw three rate hikes. The Federal Reserve on Wednesday announced that it decided to raise interest rates and signaled that it would hike later this year more times than it had expected. In a two-day meeting, the Federal Open Market Committee (FOMC) voted to lift the target range for the federal funds rate by 25 basis points to 1.75%-2%. And in a few hours, several banks will respond by raising their prime … [Read more...] about Fed raises interest rates, expects 2 more hikes this year
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The meteoric rise of Google CEO Sundar Pichai, in photos
caption Google CEO Sundar Pichai. source Getty Images More than two years ago, Sundar Pichai took the helm at Google. While Larry Page is still CEO of Google’s parent company, Alphabet, Pichai has the incredibly important job of making sure that the company’s core businesses and cash cow stay strong. So who is Pichai and how did he scale the ranks to get one of the most important jobs at one of the most important companies in the world? Here’s his story. Jillian D’Onfro contributed to an earlier version of this article. Pichai, whose full name is actually Pichai Sundararajan, grew up in Chennai, India. His father was as an electrical engineer and his mother a stenographer before having him and his younger brother. The family wasn’t wealthy, and the boys slept together in the living room of their two-room apartment. source Flickr / Ryan Source: Bloomberg, Inc. Early on, Pichai had a talent for … [Read more...] about The meteoric rise of Google CEO Sundar Pichai, in photos
‘We can only take so much abuse’: Whole Foods suppliers slam ‘hellacious’ new policies and say rising costs are hurting business
Whole Foods is charging brands more money for prime shelf space and introducing new fees. It has also stopped paying shipping fees for some products and dropped minimum-order requirements. Some small and local vendors say the fees are damaging their business and they’re considering cutting ties with Whole Foods as a result. “I once drove to every Whole Foods store in the Portland area and dropped off jars of our nut butters” for stores to sell, said the founder of a brand of natural nut butter. “That’s over, that’s done. That’s not ever happening again.” “For a small vendor to go through this is a hellacious, horrible time and financial burden,” the CEO and founder of a snack-bar company said. Whole Foods is changing the way it does business with suppliers, and some local and regional brands say it’s having a crippling … [Read more...] about ‘We can only take so much abuse’: Whole Foods suppliers slam ‘hellacious’ new policies and say rising costs are hurting business
Vice Media reportedly missed its 2017 revenue target by more than $100 million, largely due to its struggling cable TV channel
Vice Media missed its 2017 revenue target of $805 million by more than $100 million, according to a Wall Street Journal report. The revenue miss is reportedly largely due to the struggles of the company’s cable TV channel, Viceland. Vice Media missed its 2017 revenue target of $805 million by more than $100 million, largely due to the struggles of the company’s cable TV channel, Viceland, The Wall Street Journal reported on Wednesday. A Vice spokesman did not confirm the revenue miss to Business Insider, but provided a statement saying that the company “posted double-digit revenue growth” in 2017. Vice, known for its youth-focused digital content and news, has been valued at $5.7 billion, about twice as much as The New York Times. But the company’s expansion into, and struggles within, the realm of cable TV has reportedly been the driving force behind its recent revenue miss.Viceland drew a prime time average … [Read more...] about Vice Media reportedly missed its 2017 revenue target by more than $100 million, largely due to its struggling cable TV channel
Trump sets Twitter aside, prepares big speech
WASHINGTON: President Donald Trump will herald a robust economy and push for bipartisan congressional action on immigration in Tuesday night's State of the Union address, as he seeks to rally a deeply divided nation and boost his own sagging standing with Americans. The speech will begin at 8am Wednesday, Thailand time.The speech marks the ceremonial kickoff of Trump's second year in office and is traditionally a president's biggest platform to speak to the nation. However, Trump has redefined presidential communications with his high-octane, filter-free Twitter account and there's no guarantee that the carefully crafted speech will resonate beyond his next tweet.Trump was quiet Tuesday on Twitter, and the White House sought to focus attention on his big speech to Congress and millions of Americans watching at home.While stocks have been falling this week, the economy has been strong and White House officials are hopeful the president can use the prime-time address to take credit. … [Read more...] about Trump sets Twitter aside, prepares big speech