Business

Tuesday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Tuesday’s business headlines with Jane King.

Lilly: Promising results from diabetes drug trial

Lilly reported successful results from a study involving diabetes drugs, Jardiance and Trulicity.

Jardiance showed a decreased relative risk of hospitalization for heart failure. Trulicity showed it was more effective in reducing the percentage of sugar-coated hemoglobin in your red blood cells levels than the placebo.

Lilly also presented results of a study of its weight loss drug with patients on the low dose of the drug losing 15 percent of body weight.

Survey: Americans are tipping less

Americans are skipping out on tipping more than they used to.

In 2020 and 2021, more than a third of Americans pledged to become better tippers, but it appears that sentiment is gone, according to a new survey from Creditcards.com.

Inflation is a reason, they say, and so is short staffed businesses.

The one bright spot – hairstylists and barbers. In this category, two thirds of Americans say they always tip, compared to 63% in 2019 and 2021.

Social Security could cost more next year

Early signs point to an even higher social security cost-of-living adjustment for 2023 than for 2022.

Next year, that annual adjustment may even go as high as 8%, according to early estimates versus 5.9% this year.

While that may put more money in retirees’ wallets, it could impact the program’s funding.

Economists say this could bring the social security program to insolvency a year earlier than first estimated.

Treasury secretary Janet Yellen testifies today

Treasury secretary Janet Yellen testifies before Congress today.

She recently admitted she was wrong in saying inflation was “transitory”.

Yellen plans to repeat the White House’s mantra that inflation is “The administration’s highest priority.”

People working in cannabis struggle with getting mortgages

Cannabis executives and employees are struggling to get mortgages and having their bank accounts canceled, even though the industry is legal in many states.

Business Insider says business owners and executives tend to face the problem more frequently than other workers.

Since its still federally illegal, some banks are cautious about lending in the industry.