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- Asia Is Getting Crushed Between Oil Prices and the Dollar
From India to Southeast Asia to South Korea, currencies are crumbling as governments race to secure fuel that is priced in American money. [TheTopNews] Read More.23 mins ago - How Kharg Island May Change the Trajectory of the Iran WarKharg Island exports 90 percent of Iran’s crude oil. It has also become a potential U.S. target. Peter Eavis, our Business reporter, examines how the small island in the Persian Gulf has become a strategic target with significant risks. [TheTopNews] Read More.44 mins ago
- Postal Service to implement first-ever fuel surcharge amid mounting fuel costs, ...
The U.S. Postal Service is reportedly planning to impose a fuel surcharge on package deliveries for the first time in the agency's history amid surging fuel costs.The Wall Street Journal reported that the Post Service is planning an 8% surcharge beginning in April and that the agency plans to phase it out in January 2027, according to two people familiar with the matter.According to the report, the fuel surcharge will only apply to packages and won't affect letter mail.The move comes as both FedEx and UPS have longstanding fuel surcharges that have been increased in recent weeks as oil prices surged due to the Iran war disrupting oil flows from the Middle East.POSTAL SERVICE SAYS CASH COULD RUN OUT IN UNDER A YEAR WITHOUT CHANGESDiesel prices have surged to $5.366 a gallon as of Wednesday, up from $3.749 a month ago, an increase of more than 43% in that period.The Postal Service has faced long-term financial challenges, and Postmaster General David Steiner told Congress earlier this month the agency is on pace to run out of cash in less than a year without significant reforms.Steiner testified before a House Oversight subcommittee and told lawmakers that the USPS needs higher stamp prices and the ability to borrow more money.He also called for other reforms, including changes to pension funding and liabilities calculations, workers' compensation and retirement fund investment strategies.POSTAL SERVICE CAN'T BE SUED FOR INTENTIONALLY NOT DELIVERING MAIL, SUPREME COURT RULES IN 5-4 SPLITSteiner also put forward options for cutting costs, including ending six-day-a-week deliveries, closing post offices or raising first-class mail stamp prices from the current 78 cents to $1 or more.He said that if USPS reduced deliveries to five days a week, it would save the agency about $3 billion per year, while closing small post offices in remote areas would save about $840 million.However, he cautioned that those options "may not be palatable to Congress or the American public."US POSTAL SERVICE RECORDS WHOPPING $6.5 BILLION NET LOSS FOR 2023Stamp prices have risen 46% since early 2019, when they were last 50 cents. Steiner argues those prices are still far lower than postage costs in other countries.USPS has also reached its current borrowing cap of $15 billion, precluding the agency from taking out additional loans."In order to survive beyond the next year, we need to increase our borrowing capacity so that we don't run out of cash," Steiner said in… [TheTopNews] Read More.1 hour ago - Lyft to launch nationwide fuel savings program as drivers feel pinch from rising...Lyft is rolling out a temporary relief plan for its drivers across the U.S. as rising gas prices continue to cut into earnings.The company announced Wednesday that the 60-day program will begin on March 27 and run through May 26. Drivers can earn cash back and save on fuel when they use the Lyft Direct debit card at participating gas stations nationwide."Gas prices have jumped significantly in the past few weeks, and we know that hits hardest for drivers who depend on driving for their income," Lyft said in a statement. "When costs fluctuate, we know relief matters."LAX APPROVES RIDESHARE FEE HIKE THAT COULD PUSH UBER AND LYFT FARES SHARPLY HIGHERThe plan gives top-tier drivers an extra 2% cash back on fuel, with mid-tier drivers getting an additional 1%. These incentives stack on top of existing rewards, which can total up to 10% depending on driver status.Drivers can also save an extra 14 cents per gallon through Lyft’s partnership with the Upside app, with the option to redeem points for further discounts.Altogether, Lyft estimates total savings could reach as much as 98 cents per gallon for its highest-performing drivers, based on average U.S. gas prices of $3.97.LYFT TO LAUNCH FEATURE FOR ELDERLY PASSENGERS LATER THIS YEARAs of Wednesday, gas prices hovered at around $3.98 per gallon, according to AAA."Drivers are feeling the cost of rising gas prices, which ultimately impacts their earnings," Yuko Yamazaki, vice president and head of driver at Lyft, said in a statement. "When costs spike, we want drivers to choose Lyft because they feel like the platform works for them, not against them."Gas prices have surged more than 30% in recent weeks, driven by global energy disruptions tied to the conflict involving Iran, according to Reuters. UBER ROLLS OUT NEW APP FEATURES TO MAKE RIDE HAILING EASIER FOR SENIORSLyft also noted that drivers using electric vehicles can access separate charging incentives.GET FOX BUSINESS ON THE GO BY CLICKING HEREThe move follows a similar announcement from DoorDash earlier this week. Its program, running through April 26, combines cash-back incentives with weekly payments to help offset fuel costs for active Dashers.FOX Business' Amanda Macias contributed to this report. [TheTopNews] Read More.2 hours ago
- Iran Says ‘Non-Hostile’ Ships Can Sail Through the Strait of HormuzShips with no ties to Israel or the United States would be allowed to pass, the government said, but it was unclear if any vessels would try. [TheTopNews] Read More.2 hours ago
- New proposal would cap Social Security benefits at $100K for wealthy couplesSocial Security is facing the threat of insolvency in less than a decade and a new proposal would cap the amount of Social Security benefits that a couple could receive each year at $100,000.The aging of America's population is draining the balance of Social Security's main trust fund, which is projected to be depleted in 2032. Funds for Social Security benefits are drawn from the trust fund along with payroll taxes, and they would be automatically cut by law at the time of insolvency to match incoming revenue, reducing benefits by an estimated 24% across the board.The nonpartisan Committee for a Responsible Federal Budget (CRFB) launched a Trust Fund Solutions Initiative to explore options for improving Social Security's solvency, with one such proposal capping six-figure benefits to the wealthiest couples.The Six Figure Limit (SFL) proposal would put in place a $100,000 cap on the total benefit a couple retiring at the normal retirement age can receive, with adjustments based on marital status and claiming age. For single retirees, the limit on Social Security benefits would be $50,000.SOCIAL SECURITY'S MAIN TRUST FUND FACES DEPLETION IN 2032, TRIGGERING AUTOMATIC BENEFIT CUTSCRFB noted that while only a small fraction of retirees is currently receiving $100,000 in Social Security benefits as a couple or $50,000 as an individual, such figures will become more common over time as Social Security's benefit formula changes.The SFL would cap Social Security benefits such that no couple collecting benefits at their normal retirement age could claim retirement benefits greater than $100,000 per year.It would also adjust the limit based on marital status and the age at which they begin receiving benefits. A couple who delayed collecting benefits as long as possible until age 70 would have a $124,000 limit, whereas a couple who start collecting benefits as early as possible at age 62 would have a $70,000 annual limit.SHOULD THE SOCIAL SECURITY COLA BE MEASURED WITH A SENIOR-FOCUSED INFLATION METRIC?CRFB worked with Jason DeBacker of the Open Research Group to model a trio of options, including a $100,000 limit indexed to inflation, a limit frozen at $100,000 for 20 years and then indexed to average wage growth, and a limit frozen at $100,000 then indexed to average wage growth after 30 years.It found that the inflation-indexed SFL would save $100 billion over 10 years, while closing 20% of Social Security's 75-year shortfall and 55% of the shortfall in the 75th year. Both the 20-… [TheTopNews] Read More.2 hours ago
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