Federal Reserve raises key interest rate again

Jun 14, 2017 37

Federal Reserve(WASHINGTON) — The Federal Reserve raised its benchmark interest rate again on Thursday, marking the third hike in six months.

The rate was boosted by a quarter of a point to 1.25 percent.

Following its meeting Thursday, the Fed did not change its forecast and says it still expects to raise rates one more time this year.

“Overall, we continue to expect that the economy will expand at a moderate pace over the next few years,” Fed chair Janet Yellen said.

That’s in spite of a sluggish economic to start of this year, according to Bankrate.com’s Greg McBride.

“At this point, they keep saying that the economic weakness is transitory, it’s going to pass, and raising interest rates at this meeting is consistent with that,” McBride explained.

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Uber board member resigns after making sexist comment

Jun 14, 2017 38

Uber(SAN FRANCISCO) – An Uber board member has resigned after he made a disparaging remark about women at a company meeting on Tuesday.

David Bonderman, who is also partner at private equity firm TPG, made the comment as a response to another board member, Arianna Huffington. Huffington discussed how instating one woman on a board will encourage more women to join a board.

“Actually, what it shows is that it’s much more likely to be more talking,” Bonderman responded.

Bonderman faced major backlash for his remark and later apologized.

This comes at a time when Uber has been trying to overcome recent scandals over sexual harassment allegations and other forms of corporate misbehavior. Its board recently agreed to adopt a 13-page document with recommendations to increase board oversight and hold its executives accountable for misconduct.

Travis Kalanick, Uber’s chief executive, announced on Tuesday that he would take a leave of absence from the company.

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Tense? How about a power tool massage?

Jun 14, 2017 33

Photodisc/Thinkstock(NEW YORK) — Father’s Day is the perfect time to save on power tools, but this year, don’t be surprised if you see some masseuses in line at Home Depot.

Turns out, jigsaws, rotary sanders and other DIY tools are — with some appendage-saving modifications — finding their way into the hands of people in the massage business.  

The Wall Street Journal reports one Orange County, California masseur “balked” at the $3,500 price of a massage device. Instead, he bought a cordless jigsaw for $100, and covered it’s cutting edge with a rubber ball. He and his clients say it works wonders on stiff backs and hips.

“In five minutes I can get about 30 minutes of work done,” Randy Fruchter says.

He’s apparently not alone. A strength coach at Trinity College in Hartford copped to using a jigsaw mated with a lacrosse ball to the same effect.

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Tech stocks recover as Dow reaches new record

Jun 13, 2017 34

iStock/Thinkstock(NEW YORK) — Tech stocks recovered from a two-day sell-off, helping Wall Street finish in the green on Tuesday.

The Dow Jones Jones Industrial Average gained 92.80 (+0.44 percent) to finish at 21,328.47, a new record close.

The Nasdaq jumped 44.90 (+0.73 percent) to close at 6,220.37, while the S&P 500 finished at 2,440.35, up 10.96 (+0.45 percent) from its open.

Crude oil was about 1 percent higher with prices over $46 per barrel.

Federal Reserve:  The Federal Reserve has begun its two-day monetary policy meeting and investors will await an announcement on Wednesday of a likely interest rate increase and that the U.S. central bank will shed some of its bonds this year.

Winners and Losers:  “FAANG” stocks (Facebook, Amazon, Apple, and Google-parent Alphabet) all climbed at least 1 percent.

Shares of Cheesecake Factory sunk 10 percent after lowering its guidance for the second-quarter.

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Twitter screamed for these top ice cream flavors across the US

Jun 13, 2017 33

Purestock/Thinkstock(NEW YORK) — This weekend, it felt like summer already in many places across the U.S. — and that means people were screaming for ice cream, or at least tweeting about it.

Some of the areas with the highest summer temperatures had the most chatter about the cold treat on Twitter. The top states talking ice cream were Arizona and Maryland and the District of Columbia was busy tweeting too, according to data provided to ABC News by Twitter.

While the tried and true classics chocolate and vanilla were the top two most-tweeted flavors across the U.S., number three wasn’t their usual companion, strawberry. The third spot was a resounding win for cookie dough ice cream.

States that preferred cookie dough ice cream as their third favorite included: Alabama, Alaska, Arizona, Colorado, Connecticut, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, Nevada, New Hampshire, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Dakota, Texas, Utah, Vermont, Washington and West Virginia, joined by the District of Columbia.

The top five most tweeted flavors included chocolate, vanilla, cookie dough, strawberry and chocolate chip.

Copyright © 2017, ABC Radio. All rights reserved.

Holocaust Museum starts first crowdfunding campaign to preserve survivors’ diaries

Jun 13, 2017 34

iStock/Thinkstock(WASHINGTON) — The United States Holocaust Memorial Museum has launched its first crowdfunding campaign in an effort to preserve and digitize more than 200 diaries from Holocaust survivors and victims.

The campaign, called “Save Their Stories: The Undiscovered Diaries of the Holocaust” on Kickstarter, began accepting donations Monday. Dana Weinstein, audience engagement/membership director at the museum, says they chose Monday as it was the birthday of Anne Frank, a famous Holocaust diarist.

“We chose June 12 as the launch date not only because it was her birthday, but because she is the one where most people have their first connection to this history in such a personal way,” Weinstein said.

Not only will this campaign provide financial assistance, it will also raise awareness about the importance of remembering the Holocaust and the lessons about the impact of human genocide.

The campaign will serve as a voice to the survivors of the Nazi era. Diaries are recordings of real-time experiences, which can serve as important evidence of the Holocaust.

Diary curator Kyra Schuster says wide varieties of diaries are collected, and then live in the David and Fela Shapell Family Collections, Conservation and Research Center.

“We have a variety of different formats — bound notebooks, journals, letters written on scraps of paper from inside concentration camps, the back of photographs and student notebooks. The conservation staff was even able to piece together four pieces of paper that looked like a deck of cards,” she said.

“We are in a race against time as the survivor generation continues to pass away all too quickly. We want to keep collecting information from those who wrote their stories and tell them in a really robust way,” said Weinstein in a phone interview with ABC News.

The fundraising campaign will last for 31 days, and the goal is to reach $250,000 dollars, which will help make the diaries available to the public. If it does not reach its goal, all the money will be returned to the donors.

“We hope this will continue to spark the dialogue and that people will learn from this history and remind us about the individual stories that are behind the staggering lives that are lost. These diaries will be their voices to be understood and learned from,” Weinstein said.

The campaign and ongoing project can be found on social media using the hashtag #SaveTheirStories.

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Sears to slash 400 jobs in effort to cut costs

Jun 13, 2017 30

Sears(HOFFMAN ESTATES, Ill.) — Sears will be cutting 400 full-time positions as part of its ongoing restructuring efforts, according to a company statement.

Eligible associates will be provided severance compensation and transition assistance. The retail chain hopes to deliver $1.25 billion in annualized cost reductions.

Since the beginning of the fiscal year, Sears Holdings has actioned nearly $1 billion in annualized cost savings to date, according to the company.  

“We are making progress with the fundamental restructuring of our operations that we initiated in February,” said Edward Lampert, chairman and CEO of Sears Holdings. “We remain focused on realigning our business model in an evolving and highly competitive retail environment. This requires us to optimize our store footprint and operate as a leaner and simpler organization.”

The majority of the eliminated positions are from the corporate offices at the headquarters in Hoffman Estates, Illinois.

Copyright © 2017, ABC Radio. All rights reserved.

Sears to slash 400 jobs in effort to cut costs

Jun 13, 2017 31

Sears(HOFFMAN ESTATES, Ill.) — Sears will be cutting 400 full-time positions as part of its ongoing restructuring efforts, according to a company statement.

Eligible associates will be provided severance compensation and transition assistance. The retail chain hopes to deliver $1.25 billion in annualized cost reductions.

Since the beginning of the fiscal year, Sears Holdings has actioned nearly $1 billion in annualized cost savings to date, according to the company.  

“We are making progress with the fundamental restructuring of our operations that we initiated in February,” said Edward Lampert, chairman and CEO of Sears Holdings. “We remain focused on realigning our business model in an evolving and highly competitive retail environment. This requires us to optimize our store footprint and operate as a leaner and simpler organization.”

The majority of the eliminated positions are from the corporate offices at the headquarters in Hoffman Estates, Illinois.

Copyright © 2017, ABC Radio. All rights reserved.

Sears to slash 400 jobs in effort to cut costs

Jun 13, 2017 31

Sears(HOFFMAN ESTATES, Ill.) — Sears will be cutting 400 full-time positions as part of its ongoing restructuring efforts, according to a company statement.

Eligible associates will be provided severance compensation and transition assistance. The retail chain hopes to deliver $1.25 billion in annualized cost reductions.

Since the beginning of the fiscal year, Sears Holdings has actioned nearly $1 billion in annualized cost savings to date, according to the company.  

“We are making progress with the fundamental restructuring of our operations that we initiated in February,” said Edward Lampert, chairman and CEO of Sears Holdings. “We remain focused on realigning our business model in an evolving and highly competitive retail environment. This requires us to optimize our store footprint and operate as a leaner and simpler organization.”

The majority of the eliminated positions are from the corporate offices at the headquarters in Hoffman Estates, Illinois.

Copyright © 2017, ABC Radio. All rights reserved.

Sears to slash 400 jobs in effort to cut costs

Jun 13, 2017 0

Sears(HOFFMAN ESTATES, Ill.) — Sears will be cutting 400 full-time positions as part of its ongoing restructuring efforts, according to a company statement.

Eligible associates will be provided severance compensation and transition assistance. The retail chain hopes to deliver $1.25 billion in annualized cost reductions.

Since the beginning of the fiscal year, Sears Holdings has actioned nearly $1 billion in annualized cost savings to date, according to the company.  

“We are making progress with the fundamental restructuring of our operations that we initiated in February,” said Edward Lampert, chairman and CEO of Sears Holdings. “We remain focused on realigning our business model in an evolving and highly competitive retail environment. This requires us to optimize our store footprint and operate as a leaner and simpler organization.”

The majority of the eliminated positions are from the corporate offices at the headquarters in Hoffman Estates, Illinois.

Copyright © 2017, ABC Radio. All rights reserved.