>>Consumer Sentiment Drops In October
(Ann Arbor, MI) -- Consumer sentiment is down sharply on inflation worries. The University of Michigan's early reading for October fell about seven percent after two months of little change. The survey noted a 15 percent drop in assessments of personal finances and a 19 percent plunge in the outlook for business conditions in the year ahead. Nearly all income groups posted a decline in sentiment due to high prices.
>>JPMorgan Chase Profits Surge
(New York, NY) -- JPMorgan Chase is maintaining its dominance in the banking industry. In its third quarter earnings report today, the nation's biggest bank says profits were up 35-percent from the year before. CEO Jamie Dimon said in a news release that U.S. businesses and consumers "remain healthy" but noted there were economic risks, like the possibility of continued inflation and rising interest rates.
>>Citigroup Reports Steady Third Quarter
(New York, NY) -- Shares in Citigroup are up after a steady third quarter. The bank said today that its net income rose two-percent from a year ago as it benefited from rising interest payments and surging investment banking fees. Citigroup is the third largest lender in the U.S.
>>Wells Fargo Profits From Higher Interest Rates
(San Francisco, CA) -- Wells Fargo is posting better than predicted third-quarter profits thanks to customers paying higher interest rates. The bank now expects to see income from interest payments to be around 16 percent higher this year compared with last. It's all thanks to the feds increasing rates in an effort to stem the highest inflation in 40 years.
>>Donating To Victims In Israel Gaza War Crisis
(Undated) -- You may be wondering how you can donate to victims of the Israel Gaza war crisis. You'll want to avoid scams so experts say look for charities that are working on the ground and already making a difference. CharityWatch recommendations include Magen David Adom, Israel's version of the American Red Cross. Charity Navigator's list of highly-rated groups includes Doctors Without Borders which has been active in Gaza for years. The Federal Trade Commission says look for reviews and choose charities with clear objectives. That could include hospitals, like Saroka Medical Center in southern Israel, which is treating hundreds of wounded patients.
>>SAG-AFTRA Picketing Canceled Over Safety Concerns
(Los Angeles, CA) -- The striking actors union is canceling pickets today as Islamic leaders call for a day of protest. SAG-AFTRA said on Thursday there will be no picketing in Los Angeles or New York. The announcement came after federal and local law enforcement agencies warned the public to be on guard after the Palestinian militant group Hamas urged its followers to create a day of action in the streets. Police in Los Angeles and New York have been increasing patrols in Jewish and Muslim communities since Hamas fighters invaded Israel last Saturday, prompting the Jewish State to declare war and launch airstrikes on the Palestinian enclave Gaza.
>>Ford Tells UAW 23% Pay Raise Is Their Maximum
(Dearborn, MI) -- Ford Motor Company is telling the United Auto Workers that its 23-percent pay raise offer is the most they can afford to do. The UAW is striking all three Detroit automakers as they seek a 40-percent raise. Ford Blue president Kumar Galhotra says the offer made to the union puts employees in the top 25-percent of all hourly and salaried jobs in the U.S. and calls it "an incredibly positive offer." He adds any further wage hikes would risk their ability to invest in the business and grow profits.
>>IRS: Americans Failed To Pay Record $688-Billion In Taxes
(Washington, DC) -- The IRS says Americans did not pay some 688-billion dollars in taxes due on their 2021 tax returns. That's a record for unpaid taxes and the IRS says it won't happen again. The tax agency said in a report Thursday it's going to step up audits and other enforcement, particularly of high-income taxpayers. The IRS said that two-thirds of a trillion dollars in unpaid taxes includes more than 540-billion due to underreported income. The rest is because of people who didn't file returns when they should have or never paid their bills.
>>Sam Bankman-Fried Lawyers Wrap Up Questioning Of Star Witness
(New York, NY) -- Former FTX CEO Sam Bankman-Fried's lawyers have wrapped up their questioning of a star witness in his fraud trial. Caroline Ellison testified for three days, and her remarks were emotional at times. The 28-year-old told jurors she dated the FTX founder on and off. Ellison said he was committing financial crimes for years.
