Business

An iconic soap with two weird claims to fame — “It floats” and it’s “99+44⁄100% Pure”

This iconic cake of soap, invented almost 150 years ago, has become a part of Americana largely by advertising its two strange merits: “It Floats” and it’s “99+44⁄100% Pure.” The original product is a no-frills, plain white, mild-scented bar soap with the name “IVORY” etched into it in script. Impressively, it has stayed exactly that …

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GM investing $760 million in Toledo factory to make electric car drive units

CNN — General Motors is investing $760 million in its Toledo Propulsion Systems factory, which builds transmissions for gas-powered vehicles, so that it can make electric drive units for electric vehicles, too. The drive units will be used in GM electric trucks, the automaker said, including the GMC Hummer EV, which is currently in production, …

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“An economy struggling in a stagflationary environment”, says S&P Global on US business activity

The numbers: US companies said business activity perked up in September largely because of an increase in new customer orders, but high inflation and lingering supply shortages posed obstacles to growth prospects. The S&P Global US manufacturing sector index edged up to 51.8 this month from a two-year low of 51.5 in August, based on …

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Costco to keep $1.50 hot dog-and-soda combo ‘forever’ despite inflation: exec

A top Costco Wholesale executive confirmed the big-box retailer has no plans to change the price of its $1.50 hot dog-and-soda combo at its stores despite months of decades-high inflation. Costco CFO Richard Galanti reiterated the cheap price point on the fan-favorite deal would stay in place during the company’s fourth-quarter earnings call on Thursday. …

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Netflix chief accounting officer gives up $2.4 million position after just 4 months on the job

Netflix Inc. is seeking a new chief accounting officer after its current one quits the role after less than four months. The streaming giant NFLX, -4.49% said in a regulatory filing Friday that Ken Barker has submitted his resignation effective Oct. 7. Barker, 55, joined the company on June 27 from Electronic Arts Inc. EA, …

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Dow tumbles 400 points and breaks below 30,000 as recession fears mount

New York CNN Business — US stocks fell sharply Friday morning, as investors continued to worry about even more rate hikes from the Federal Reserve that could land the US economy in a recession. The Dow (INDU) tumbled 413 points, or 1.4%, in morning trading. The S&P 500 (SPX) fell 1.8% and the Nasdaq (COMP) …

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US ‘housing recession’ could send prices 20% lower by mid-2023

US home prices are now “clearly falling” and could plummet by as much as 20% by mid-2023 as the Fed continues its aggressive push to hike interest rates, according to a prominent economist. Ian Shepherdson, the chief economist at Pantheon Macroeconomics, said his firm’s estimates suggest home prices have already declined by about 5% from …

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US economic barometer drops for sixth month in a row, potentially ‘signaling a recession

New York, NY CNN — A comprehensive gauge on the health of the US economy dropped in August for the sixth straight month, reinforcing concerns about a possible recession. The Conference Board said Thursday that its Leading Economic Index for the United States dipped last month. The index, which tracks a range of metrics capturing …

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Mortgage rates rise to nearly 6.3%, the highest level since 2008

Mortgage rates jumped higher for the fifth week in a row, further pushing past 6% in the face of yet another aggressive interest rate hike by the Federal Reserve. The 30-year fixed-rate mortgage averaged 6.29% in the week ending September 22, up from 6.02% the week before, according to Freddie Mac. That is significantly higher …

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