Business

Check out what's clicking on FoxBusiness.com. A Johnson & Johnson subsidiary filed for bankruptcy protection for the third time in an effort to resolve the tens of thousands of lawsuits claiming its baby powder and other talc products caused cancer. Red River Talc LLC filed a voluntary prepackaged Chapter 11 bankruptcy case in the U.S. Bankruptcy Court for the Southern District of Texas to end all current and future claims related to ovarian cancer arising from its products. Under its latest settlement proposal, Red River agreed to pay $8 billion to claimants over the course of 25 years, which is $1.75 billion more than its prior proposal.The health care giant has been hit with about 61,000 lawsuits alleging that the baby powder and other talc products were contaminated with as...

Chancellor Rachel Reeves has addressed the rumblings that the cherished 'triple lock' on pensions might be axed in the upcoming Budget, as the government scrambles to plug a £22 billion shortfall. Critics claim maintaining the pledge could prove untenable.Under the triple lock guarantee, state pension rates are set to rise with whichever is greater inflation, average earnings, or a minimum of 2.5%. Forecasters at the Treasury anticipate that by 2025, this policy will elevate the full new state pension value beyond inflation, translating into an annual bump up of over £400 in cash terms - for those on the new state pension.Defending her stance on Times Radio, Ms Reeves spoke about her choice to apply means-tests to winter fuel payments, pointing out that with increased pension credit upt...

Former Federal Reserve Governor Kevin Warsh discusses the Federal Reserve's decision to slash rates on 'Kudlow.' Investors celebrated what could be the return of an easy money era after the Federal Reserve cut interest rates for the first time since March 2020 and projected rates may decline even further over the next two years.  Chairman Jerome Powell was asked by FOX Business’ Edward Lawrence whether the U.S. could be headed back to a time when rates hovered near zero, or so-called cheap money."It's just a great question that we can only speculate about intuitively," Powell said. "My own sense is that, that we're not going back to that. But, you know, honestly, we're going to find out. But, you know, it feels to me that the neutral rate is probably significantly higher than it wa...

Labour MP Neil Duncan-Jordan has urged the Department for Work and Pensions (DWP) to form a 'Pensioner Task Force'. The proposed task force would "assess intersecting issues of income, housing, health and fuel costs" among State Pensioners and "make recommendations to tackle pensioner poverty".This follows the UK Government's announcement that only those on a low income receiving a means-tested benefit will qualify for Winter Fuel Payments.This rule change suggests that an estimated 10 million pensioners will miss out on the annual heating assistance of up to £300 this year. However, some 1.5m people over State Pension age will still receive the payment in November or December, including over 125,000 residing in Scotland.The DWP is currently promoting a Pension Credit awareness campaign...

Rachel Reeves' next tax blow has been tipped to include stripping pensioners of a valuable perk.The Chancellor is believed to be mulling a shake-up of pension tax reliefs in the Budget to help the Government plug a disputed £22billion black hole in the country's finances this year.When someone turns 55, they can normally take 25 percent of their pension without having to pay tax up to a £268,275 limit, with the remainder usually liable to be taxed in the same way as other income.But the Labour Government is being urged to cut the cap on tax-free cash for those with the largest pension pots.Steven Cameron, Public Affairs Director at wealth manager Aegon, said there is a possibility the Budget could either cap the tax-free lump sum at a much lower amount or reduce the proportion available...

Martin Lewis' MoneySavingExpert has issued a new warning about 'mis-sold' car finance, suggesting that vehicle owners could be owed more than £1,000. This primarily concerns anyone who purchased a car, van, camperVan or motorbike between April 2007 and January 28, 2021.The alert comes as the Financial Conduct Authority (FCA) is conducting an investigation into car financing, assessing whether customers have been overcharged on interest for loans. While the next update is not due until May 2025, vehicle owners can still lodge a complaint claim today - but they need to act swiftly."Our car finance reclaiming guide takes you through it step-by-step, but in a nutshell, you may be able to claim £1,000s back due to HIDDEN Discretionary Commission Arrangements (DCAs) on your policy," MSE wrote...

Fox News host Jimmy Failla reacts to a ski resort’s decision to file a lawsuit to keep influencers off the slopes and discusses American tipping culture. The topic of tipping at food establishments remains a hot debate.  It can get particularly heated when it comes to when and how much customers should tip, whether it’s a full-service or quick-service restaurant. A SpotOn survey published in May indicated the tipping expectations of restaurant industry workers varied, with more than one-third of respondents reporting 15% tips were the "minimum percentage" they expected "based on service." About 28% expected patrons to give them 14%, while 11% looked for 20% and 8% wanted 18%, it found. And this month, data from Toast’s "Q2 2024 Restaurant Trends Report" about the typical tipping pe...

'Fox & Friends' host Lawrence Jones visits Deep Well Services and talks to energy workers in Pennsylvania. Policy flip-flops have put Vice President Kamala Harris in the hot seat in the key battleground state of Pennsylvania, with energy workers telling Fox News that "nobody believes" her change of heart on fracking. "I believe she's out there saying whatever she can to make people try to swing her way so that she can try to get the presidency," Chad Zboran, a Pennsylvania-based technical field trainer, told "Fox & Friends" co-host Lawrence Jones during a segment that aired Thursday.Jones paid a visit to Deep Well Services in the Keystone State to hear where fracking country believes she truly stands. WHY IS FRACKING A MAJOR ISSUE IN THE 2024 PRESIDENTIAL RACE? U...

Labour could bring in some key changes to ISA allowances in the Autumn Budget including a lifetime cap on how much you can save into the tax-free savings vehicle.Experts at accountancy firm BDO have warned there could be a 'sting in the tail' as the Government looks to shelve plans set out by the previous Conservative administration for a British ISA allowance.Private wealth tax partner, Elsa Littlewood, said: "Recent reports – although not yet officially confirmed by the Government – suggest the previous Government’s plans for a UK ISA have been shelved."This could feasibly be presented under the guise of ‘simplification’, or as part of a wider ranging reform to the ISA regime."While savers may be hoping that the originally proposed additional £5,000 per year allowance for the UK ISA w...

Madison Ventures Plus managing director Mitch Roschelle explains how Trump's promise to revive the state and local tax deduction will affect the housing market on 'Varney & Co.' Former President Trump suggested this week that if he returns to the White House he will do away with the $10,000 cap on deducting state and local taxes (SALT), which was implemented as part of his signature 2017 tax reforms. In a pitch to New York voters ahead of his Long Island rally on Wednesday, the Republican nominee wrote on his Truth Social platform that he would turn the state around, vowing to "get SALT back, lower your [t]axes, and so much more." Former President Trump acknowledges the crowd during a campaign rally in Uniondale, New York, on Wednesday. (David Dee Delgado/AFP via Getty Imag...