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- Treasury Scales Back Scrutiny of U.S. Shell Companies
The Trump administration will not enforce reporting requirements of the 2021 Corporate Transparency Act, which was intended to crack down on money laundering. [TheTopNews] Read More.1 hour ago - Forbes Fired Top Editor After Discovering He Received Secret $6 Million PaymentRandall Lane, the magazine’s chief content officer, received the money from the founder of Shook Research, which has partnered with Forbes on content about wealth advisers. [TheTopNews] Read More.2 hours ago
- New Social Security COLA estimates released after fresh inflation data
Social Security beneficiaries are still expected to see a larger cost-of-living adjustment (COLA) in 2027 than they did this year, though it has decreased as inflation eased in July.By law, the annual Social Security COLA is calculated using the Bureau of Labor Statistics' consumer price index (CPI) inflation data for the months of July, August and September based on a variant of the dataset known as CPI-W. The COLA boosts beneficiaries' payments to account for a rise in the cost of living, and the COLA for 2026 amounted to a 2.8% increase.The BLS released the July CPI inflation data on Wednesday which showed that consumer prices were up 3.4% from a year ago. That's down from a 3.5% annual reading in June.Several groups have released estimates for the 2027 COLA based on the July data and estimates for the next two months of data, which have the COLA landing in a range from 3.2% to 3.6%.INFLATION COOLED IN JULY BUT REMAINED ELEVATED AS FED WEIGHS RATE HIKESThe nonpartisan Committee for a Responsible Federal Budget released the lowest of those estimates, projecting the COLA will ultimately be at 3.2% when the final data is released this fall. It noted in its analysis that CPI-W was flat in July and is currently up 3.4% over the last year."High COLAs can provide helpful near-term support to seniors, but also impose significant costs for a Social Security retirement fund that is just six years from insolvency," CRFB said, adding that automatic benefit cuts of 22% would occur if the fund is depleted.CRFB has proposed reforms to COLAs aimed at helping to shore up Social Security's solvency, including a COLA cap for high-income beneficiaries as well as a flat rate COLA.ONE TYPE OF SOCIAL SECURITY ADJUSTMENT COULD CUT THE 75-YEAR SHORTFALL IN HALFThe AARP, which advocates for policies it views as beneficial to people over the age of 50, estimates that the 2027 COLA will be 3.5% in its first-ever COLA estimate to be released before the third quarter inflation reports come out. AARP VP for financial security Rich Johnson noted that"The sooner that we can give them reliable information as to how much their benefits might [increase next year], the sooner they can start planning," Johnson said."There's a lot of uncertainty about how food and especially energy prices will play out over the next two months," Johnson said. "This is not set in stone."NEW… [TheTopNews] Read More.2 hours ago - Tesla files plans for proposed $10.1B Texas solar manufacturing plantTesla is planning to build a massive solar cell factory in Texas that it expects to cost $10.1 billion, according to documents the company filed with the state.Dubbed Project Crystal Sun, the site would sit just outside Houston in Fort Bend County, according to the documents.In its pitch to state regulators, Tesla said if Texas rejected the project, it would "miss the opportunity to attract billions of dollars in investment, help create thousands of full-time jobs for its residents and become a hub for domestic solar cell manufacturing in the U.S."NEW TESLA SOLAR-POWERED CHARGING STATION OPENS"Tesla is currently evaluating the feasibility of constructing its solar cell manufacturing facility at various locations across multiple U.S. states," the company told the state comptroller's office.If built, the facility would create more than 9,700 permanent full-time jobs, as well as 1,147 temporary construction jobs, Tesla said.Tesla estimated it would owe about $1.1 billion in local property taxes on the project over the next 37 years if it is not granted incentives.TESLA TOUTS 380,000 UNSUPERVISED ROBOTAXI MILES WITH ‘ZERO NOTABLE INCIDENTS’Tesla plans to break ground on the factory this year and complete construction by 2028, with commercial operations expected to begin in 2029.It's not clear whether the factory's solar panels will be produced for installations on the ground or in satellites. Tesla CEO Elon Musk also runs SpaceX, which operates thousands of satellites in low-Earth orbit, all of them equipped with solar panels.Although Tesla's filings did not reveal the expected output of the proposed solar factory, Musk has previously outlined a goal of setting up 100 gigawatts of domestic solar production.The U.S. Energy Information Administration said 100 gigawatts is roughly equal to 8% of the entire country's power grid capacity. [TheTopNews] Read More.3 hours ago
- Home Depot CEO takes medical leave of absenceHome Depot CEO Ted Decker is taking a temporary medical leave of absence, the company announced on Wednesday.The home improvement retailer expects Decker, who also serves as chair and president, to return "within the next few months," according to a Home Depot news release.During his absence, Senior Executive Vice President Ann-Marie Campbell will oversee Home Depot’s day-to-day operations. Chief Financial Officer Richard McPhail will oversee Home Depot's financial management and the company’s Pro subsidiaries.HOME DEPOT CUTS 800 JOBS, ORDERS CORPORATE STAFF BACK TO OFFICE FULL TIMEIndependent lead director Greg Brenneman will chair Home Depot’s board while Decker is on leave."The Home Depot has the best management team in retail. Both Ann-Marie and Richard are strong, seasoned executives who have worked together for more than 20 years," Brenneman said in a statement. "We are confident in Ann-Marie's and Richard's ability to lead the company during this time, and we look forward to Ted's return."HOME SELLERS COULD BOOST OFFERS BY THOUSANDS WITH THIS SURPRISING PAINT COLORCampbell has been Home Depot’s senior executive vice president since November 2023 and began her career at the company as a cashier in 1985, according to an SEC filing.McPhail has served as the company’s CFO since 2019 and joined Home Depot in 2005."At this time, no changes have been made to Ms. Campbell or Mr. McPhail’s compensation related to their assumption of the responsibilities of the Office of the CEO," the filing noted.BED BATH & BEYOND LAUNCHES HUNT FOR AMERICA’S OLDEST COUPON WITH $100K PRIZE UP FOR GRABSGET FOX BUSINESS ON THE GO BY CLICKING HEREAt the end of its first quarter, Home Depot operated 2,361 retail stores and more than 1,280 SRS locations across the U.S., Canada and Mexico. The company has more than 470,000 associates.FOX Business reached out to Home Depot for more details. [TheTopNews] Read More.4 hours ago
- Prediction Firms Are Flagging Insider Traders. Many Will Not Face Charges.The agency that polices the industry does not have the staffing, the legal tools or the will to broadly crack down on wagers that are easily manipulated, experts say. [TheTopNews] Read More.5 hours ago
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