Friday’s business headlines
INDIANAPOLIS (WISH) — Here’s a look at Friday’s business headlines with Jane King.
Oil prices fall with tentative railroad agreement
Oil prices fell Thursday as the threat of a nationwide rail strike subsided.
News of the tentative agreement between railroad managers and unionized workers sent energy stocks lower along with the broader markets.
FedEx CEO predicts global recession
FedEx’s earnings are an ominous sign for the global economy.
Company CEO Raj Subramaniam says they’ll miss their projections because he believes the world economy is headed for a recession.
FedEx is considered a bellwether because it touches so many parts of the economy from eCommerce and manufacturing to fuel.
IRS increases taxpayer support services
U.S. Treasury Secretary Janet Yellen highlighted the Biden administration’s plans for boosting the Internal Revenue Service, including efforts to dramatically increase the capacity of in-person and call-in support services and to ramp up audits of top earners.
Heat hurting Massachusetts cranberries
Extreme drought in Massachusetts could wreak havoc on this year’s Thanksgiving festivities, as the heat wave is destroying cranberry crops.
That means cranberry sauce is at risk as the northeast dry spell is threatening crops and the whole industry.
Kanye West ends deal with Gap
Kanye West, who goes by Ye, said Thursday he’s terminated the contract between his company, Yeezy, and Gap.
In a legal letter, Yeezy said Gap failed to meet obligations in the agreement, including distributing products to store locations and creating dedicated YZY Gap stores.
Gap’s CEO says it will wind down the partnership but continue to sell the Yeezy merchandise until it’s gone.