Business

Many experts have warned that banks and building societies will likely reduce the current rate deals they have on offer.However, analysts from money.co.uk have outlined the top savings accounts for this week which show that deals continue to be favourable for savers.Here is a breakdown of this week’s best easy-access and notice savings accounts, fixed-rate bonds and ISAs:Savings expert Lucinda O’Brien encouraged bank customers to take advantage of high-interest rates while they still have the chance.She explained: “Interest rates are remaining fairly stable this week, with Metro Bank still offering the top rate for instant access savings at 5.22 percent.“However, this is a limited edition rate, so you’ll need to follow some rules to unlock the best rate. In this instance, you’ll need to...

FreedomWorks senior economist Steve Moore provides insight on the state of the economy on 'Making Money.' Hiring by U.S. companies unexpectedly cooled in November, the latest sign that the labor market is softening in the face of higher interest rates, according to the ADP National Employment Report released Wednesday morning. Companies added 103,000 jobs last month, below the 130,000 gain that economists surveyed by Refinitiv predicted and slightly lower than the revised 106,000 increase recorded in October.The weaker-than-expected report comes in the wake of an aggressive tightening campaign by the Federal Reserve, which has hiked rates to the highest level since 2001. Fed officials, including Chair Jerome Powell, have opened the door to at least one more hike this year – and ha...

Martin Lewis is urging Britons to check if they could be due a refund from the student loan company as many are thought to have overpaid.The financial journalist and Money Saving Expert founder issued the alert during last night’s Money Show, explaining that more than one million people paid more than they should have for their loans during the 2022/23 tax year.He listed four main reasons people may have overpaid, the first being that many were put on the wrong payment plan by their employers.One viewer who found themselves in this position managed to recoup £1,303.Another reason some overpaid was that they were asked to start repaying the loan before reaching the salary threshold to do so.Different salary thresholds depend on which student loan plan a person is on. For example, those w...

McDonald’s is set to debut a new spin-off restaurant called "CosMc's" in a Chicago suburb. (Credit: FOX 32) Many investors will look to McDonald’s on Wednesday as the fast-food chain holds its investor day later in the morning. The Chicago-based company, helmed by CEO Chris Kempczinski, will begin giving its update to investors at 10:30 a.m. Eastern. A variety of topics could potentially come up at the event. FOX Business reached out to McDonald’s for comment about key themes it planned to touch on.  Restaurant OpeningsThe company’s efforts to further boost unit growth will likely be a significant focus, according to analysts. There are currently over 38,000 McDonald’s locations around the world, including about 13,500 in America. A sign is posted in front of a McDonald's rest...

Christmas lights on your tree combined with festooning your home's exterior with festive delights could hike your energy bill up to £508.01 for just one month.How long one's lights are on for, how many bulbs they have, and the amount of days they have your lights on for will substantially affect the energy cost overall.By having a rough idea of how much Christmas decorations costs to run, Britons can make informed decisions before switching on all the lights so people can stick within their budget and know what figures to expect in your utility bills.According to Ofgem, the average consumption for a household of between 2-3 people uses 2,700 kWh of electricity and 11,500 kWh of gas.This works out to an average annual costs of £1,834 and a montly cost of £152.83 - so anything extra could...

Storch Advisers CEO Gerald Storch discusses the retail industry and consumer health on ‘Varney & Co.’ Americans have continued to open up their wallets and spend over the past two years, even in the face of stubborn inflation and high interest rates.  However, there are some signs the willingness among consumers to keep paying steep prices is beginning to fade.New data published by Wells Fargo indicates that while the U.S. consumer remains stable, credit card volume is "losing steam."  Card volume, which measures spending by both credit and debit cardholders, came in at around $2.6 trillion during the three-month period between July and September, a 5.3% increase compared to the same time last year.  401(K) HARDSHIP WITHDRAWALS ARE SURGING AS HIGH INFLATION SQUEEZES AMERICANS ...

The percentage of first-time home buyers taking out mortgages that exceed 35 years has hit a record high during the cost-of-living crisis.Twenty percent of buyers are stretching out their repayment plans in order to make their deals more affordable in the initial years of ownership.But despite enjoying lower payments each month, those buyers will be forking out more cash in the long-term as they accrue more interest, This is Money reports.Figures from UK Finance show that such plans - which were once rare - are seen as attractive on a landscape of higher interest rates.The latest trend means that many people buying their first home are facing repayments until they are aged in the seventies.UK Finance's head of analytics James Tatch said: "Rising interest rates and cost of living pressur...

Madison Stimmel of Charlotte, North Carolina, went viral on TikTok after celebrating her 30th birthday at Costco, which is her favorite store. A North Carolina woman apparently loves Costco so much that she chose to celebrate her birthday at a wholesale location. "My family and I love Costco and have been members for years," Madison Stimmel said in a statement to FOX Business."I really didn’t want to do anything ‘big or fancy’ for my birthday this year and Costco just popped into my head," she added. VIRAL GLASS STORAGE CONTAINERS SOLD AT COSTCO SPARK MIXED REVIEWS AS ITEM REPORTEDLY FLIES OFF SHELVES Stimmel celebrated her birthday alongside six of her family members and everyone wore matching Costco sweatshirts — as seen in a now-viral TikTok video."Today is my birthday and I’m h...

The DWP has issued a warning for PIP claimants, urging them to report any changes in the circumstances while it considers fresh applications.Claims are now being processed within 15 weeks but in Scotland 277,764 people are still awaiting the transfer of their award from the DWP to the devolved Social Security Scotland.The DWP has now clarified that any changes in circumstances before the transfers are successful should be made to the central Government body and not the devolved department.Anybody making a fresh PIP claim will be assessed under the new Adult Disability Payment which is set to replace PIP north of the border.Minister for Disabled People, Health and Work Tom Pursglove MP said that his priority is "reducing customer journey times for PIP claimants".Mr Pursglove MP's comment...

Check out what's clicking on FoxBusiness.com One of the nation's largest pharmacy chains is planning to overhaul the way it reimburses its pharmacies for prescriptions as the industry works to provide greater clarity on drug pricing. CVS Pharmacy announced on Tuesday that it is launching a new reimbursement model, CVS CostVantage, that will reset how reimbursement happens in an industry and ensure drug prices reflect how much pharmacies pay for the drugs themselves. It will not only bring "greater transparency" but "simplicity to the system," CVS said. CVS PULLS POPULAR COLD MEDICINES FROM STORE SHELVES Moving forward, the Rhode Island-based company will define the drug cost and related reimbursement with contracted pharmacy benefit managers and payors. To do this, they will use a ...