Business News

Gold and Oil Come Crashing Down

Barrick Gold is cutting its dividend and considering asset sales, as it copes with the lowest gold prices in more than five years. The dividend will be cut by 60 percent to two cents per share. (Fox News)

More than half of small businesses that accept point-of-sale card payments are not aware of a major change in chip-card liability coming Oct. 1. The new EMV chip technology is designed to protect in-store payments. But card issuers and merchants who do not pay to upgrade their point-of-sale systems to accept the new chip cards will assume liability for any fraudulent transaction after Oct. 1. (AP)

Oil is down 33 cents at $44.82 a barrel. Oil is hovering near multi-month lows this morning after investors sold crude on worries about rising U.S. gasoline inventories as peak summer demand comes to an end. The national average for unleaded gasoline could fall by another 15%to 20% by the end of the year, and in many states the price at the pump could even fall below $2 a gallon. (CNBC)

Gold is flat at $1085 a Troy ounce.  Gold is struggling  to pull away from a 5-1/2-year low on more upbeat U.S. economic data bolstered prospects that the Federal Reserve could lift interest rates as soon as next month. (CNBC)

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