Business

New York City Mayor Zohran Mamdani called for the state to increase taxes on corporations and the wealthy to help address city's budget deficit Tuesday, warning that the alternative option will be for the city to raise property taxes. New York City Mayor Zohran Mamdani is calling for the Empire State to hike taxes on corporations and wealthy individuals in order to address the Big Apple's budget deficit, warning that the alternative would involve the city increasing property taxes and dipping into its reserves. Mamdani has issued a preliminary fiscal year 2027 budget that involves a property tax hike, a prospect he has described as a "last resort.""Today, I’m releasing the City’s preliminary budget. After years of fiscal mismanagement, we’re staring at a $5.4 billion budget gap — a...

Rachel Reeves stunned millions when she abolished the winter fuel payment for anybody not claiming pension credit, just weeks after the election in July 2024. It was the first major sign that Reeves hasn't got a clue. The disasters and U-turns have come thick and fast ever since.Reeves snatched the winter fuel payment from more than 10million pensioners, so that only around two million of the very poorest would qualify. The backlash was immediate and ferocious. Eventually, Sir Keir Starmer forced Reeves into a humiliating U-turn. She then unveiled a new, fiendishly complex system that operates for the first time this winter. And it's about to confuse pensioners.Instead of restricting winter fuel payments upfront, everybody will receive the cash. However, those deemed to have earned too ...

Palantir CTO Shyam Sankar explains how Americans can leverage the use of AI, how the company helps the military and the outlook for the next quarter on 'Varney & Co.' Another major technology company is making its way to the Magic City. Leading AI innovator Palantir announced in a brief post on X Tuesday that the company has moved its headquarters from Denver, Colorado, to Miami, Florida.According to Palantir’s latest SEC filings, the principal executive office is now located at 19505 Biscayne Boulevard, Suite 2350 in Aventura, Florida – an affluent area just 20 miles north of downtown Miami. This marks the AI company’s second major move in six years after Palantir left Palo Alto for Denver in 2020. CEO Alex Karp previously cited a clash between Silicon Valley’s "values" and th...

Tesco, Lidl and Aldi are among the supermarkets opening new stores across the UK throughout the year. A number of UK retailers have announced ambitious expansion plans. Marks and Spencer, for example, has revealed 500 areas where it plans to open new stores over the next few years in a bid to expand its M&S Food reach. Meanwhile, Tesco recently purchased old Amazon Fresh sites, with the goal of converting them into Tesco Express stores. Aldi, Lidl and Co-op have also announced plans to open more stores across the UK, as supermarkets aim to reach more customers in areas where they don't currently have a presence. According to industry experts, supermarkets will be ramping up their own-label offering as customers become more cost-conscious, and supermarkets appear to be vying for bran...

An Amazon delivery drone hit an apartment building in Texas and fell to the ground. (Credit: Cesarina Johnson) An Amazon delivery van ended up stuck in the mud near a military firing range after its driver followed GPS directions onto a hazardous tidal path, officials said. HM Coastguard Southend said it was called out after the van drove via Wakering Stairs onto The Broomway – a roughly six-mile, 600-year-old walking route that stretches into the Thames Estuary – while attempting to reach Foulness Island.The Broomway is not intended for vehicles and should only be attempted on foot with a guide familiar with the surrounding mud flats, the coast guard said. The area is considered extremely dangerous and sits on property owned by the U.K.’s Ministry of Defense. Public access is perm...

If you wear a uniform for work you can claim tax back (Image: Gerardo Huitrón via Getty Images)Thousands of workers across the UK may be entitled to money back from HM Revenue and Customs (HMRC). If you're required to wear a branded uniform, specialist clothing, or even a company-logoed top for your job, you could qualify for a tax refund.Many employees remain unaware that costs associated with washing and maintaining their work garments can be deducted from their taxable income. Whether you work as a nurse, mechanic, or in retail, this "flat-rate" allowance could mean extra funds landing in your bank account.For the majority, the standard flat-rate expense relief is set at £60. This doesn't mean you'll get £60 directly, but rather that sum of your income becomes tax-free - basic-rate t...

The Heritage Foundation senior economist Peter St. Onge discusses Sen. Bernie Sanders', I-Vt., proposal for a moratorium on new AI data centers and critiques Sanders' stance as a ‘power grab’ on ‘The Bottom Line.’ PROGRAMMING ALERT: Jackie DeAngelis hosts a special one-hour program: "Fox Business In Depth:  Reenergizing America" on Feb. 18 at 8 PM ET/5 PM PT. Jackie and a panel of experts, newsmakers, and FBN correspondents break down the progress and headwinds in securing America’s energy future.   We are on the precipice of the greatest economic and technological transformation in human history: the AI revolution. This race will not be won without critical minerals, metals and energy dominance — and U.S. energy will be key to winning the race for the future.In fact, history shows...

Loyalty card holders at a major supermarket have been urged to make the most of a rule that allows shoppers to double their rewards. Tesco Clubcard customers can use the ‘Double Value' rule to make the most of their rewards with the supermarket’s partners.While the new insurance rule is a 1:1 exchange, the best way to spend a £1 voucher is usually with Reward Partners. You can double the value of your vouchers by spending them at Tesco's partners, such as Zizzi, Thorpe Park, Disney+, National Rail, and easyJet. For example, 500 points are usually worth £5 to spend at Tesco – but if you exchange your vouchers for codes to use with a Reward Partner, 500 points are worth £10. According to MoneySavingExpert, this is the best way to spend your points, unless you need travel insurance. Tesco ...

Check out what's clicking on FoxBusiness.com. A federal judge has dismissed a lawsuit challenging Buffalo Wild Wings’ (BWW) use of the term "boneless wings," rejecting a customer’s claim that the name misled him into thinking the dish was made from actual chicken wings with the bones removed. In a lighthearted opinion packed with poultry puns, U.S. District Judge John Tharp Jr. said the plaintiff’s complaint had "no meat on its bones" and failed to show that reasonable consumers are deceived by the name.The judge likened "boneless wings" to other familiar food nicknames, citing a recent Ohio Supreme Court ruling that noted diners don’t expect "chicken fingers" to be made of fingers. The lawsuit, filed by Aimen Halim, argued that BWW’s boneless wings are essentially chicken nuggets ...

A family-run fish and chop shop has collapsed into liquidation, blaming rising costs for the move. The hospitality industry has been hit by increased business rates and other costs right across the UK. Factors such as increased minimum wages and energy bills have led to the closure of many high street retail stores and hospitality venues across the country, and industry leaders have warned that hundreds more could close if the Government doesn't act soon. Fish and chip shops are among the businesses that have been struggling in recent years. Several have closed in the past couple of years, sparking fears for the economic health of seaside towns, where fish and chip shops have been a staple for generations. One of the latest hospitality businesses to go into liquidation due to rising ope...