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Private sector added 22,000 jobs in January, well below expectations, ADP says
Fox Business· 2026-02-04 13:51
Group 1 - Private sector job creation in January was only 22,000, significantly below economists' expectations of 48,000 jobs [1] - The previous month's job gain was revised down from 41,000 to 37,000 [1] - In 2025, private employers added 398,000 jobs, a decrease from 771,000 in 2024, indicating a continuous slowdown in job creation over the past three years [2] Group 2 - Education and health services led job creation in December with an addition of 74,000 positions, followed by financial activities with 14,000 and construction with 9,000 [2] - Leisure and hospitality, trade, transportation, and utilities each added 4,000 jobs, while hiring in natural resources and mining remained flat [3] - Professional and business services experienced a loss of 57,000 jobs, with other services and manufacturing losing 13,000 and 8,000 jobs respectively [3] Group 3 - Wage growth in December remained stable, with pay for those staying in their roles increasing by 4.5% year-over-year, while pay gains for job changers slightly decreased to 6.4% from 6.6% [4]
Redemption Bank's historic Utah launch backed by former White House policy advisor, NFL and NBA stars
Fox Business· 2026-02-03 23:42
In 2025, Redemption Holding Co. finalized a historic Utah acquisition, taking control of Holladay Bank & Trust and becoming the first Black-led investment group to own a bank in a Western U.S. state. While the newly formed financial institution stands out because of its ownership, it also holds the distinction of being the first African-American-led bank in American history that it not physically located within an economically vulnerable community. Redemption Bank also stands only in the Rockies and helps f ...
PepsiCo to slash prices on popular snacks after consumer backlash
Fox Business· 2026-02-03 20:45
Core Insights - PepsiCo will reduce prices on its core brands by nearly 15% to address consumer backlash over recent price hikes [1] - The price cuts will apply to popular snack brands including Lay's, Doritos, Cheetos, and Tostitos [1] - The decision follows significant consumer feedback regarding rising food prices, which have remained high despite a general cooling of inflation [1][6] Pricing Strategy - The new retail prices are expected to roll out this week, although retailers will ultimately set the final prices, potentially leading to greater savings for shoppers [9] - PepsiCo aims to keep its most loved brands accessible while maintaining product quality as part of its broader strategy [9] Market Context - Grocery prices rose 2.4% annually in December 2025, reflecting ongoing inflationary pressures since the COVID-19 pandemic [2] - The company acknowledges that consumers are feeling financial strain due to rising everyday costs [4][6] Company Performance - PepsiCo shares have increased by over 13% year to date, indicating positive market performance despite the pricing adjustments [10]
Energy giant bets big on US, says its electricity market 'hottest' in the world
Fox Business· 2026-02-03 20:12
Core Viewpoint - Siemens Energy will invest $1 billion to expand power grid and gas turbine manufacturing in the U.S. due to rising electricity demand from data centers and artificial intelligence [1][11] Investment and Job Creation - The investment is expected to create over 1,500 highly skilled jobs across manufacturing, engineering, and operations [2] - Specific job creation includes approximately 300 new hires in Mississippi and about 500 roles in North Carolina [6][7] Regional Impact - The investment will benefit at least six states, with a focus on the southeast U.S. [5] - States such as Alabama, Florida, Texas, and New York will also see upgrades in facilities related to gas and liquid transportation [7] Strategic Context - The investment aligns with the Trump administration's goals to reshore American manufacturing and secure the power grid amid increasing electricity demand [6][8] - Government reports indicate that data centers could account for up to 12% of U.S. electricity demand within two years, nearly tripling their share from 2024 [9] Global Expansion Plan - This $1 billion investment is part of a broader $7 billion global expansion plan by Siemens Energy [11] - The expansion is expected to increase global production capacity for large gas turbines by approximately 20% [13]
CFTC chief says pending crypto bill will make US the 'gold standard' for digital asset regulation
Fox Business· 2026-02-03 19:21
Core Viewpoint - The proposed market structure bill in Congress aims to establish the U.S. as the "gold standard" for crypto regulation, providing much-needed clarity and oversight for digital asset markets [1][3]. Group 1: Legislative Goals - The legislation seeks to provide clarity and a defined framework for digital assets, including a "token taxonomy" to distinguish between securities and other asset types [1][3]. - The bill is intended to address the current lack of oversight in the U.S. digital asset market, which has led to many businesses relocating offshore [3]. Group 2: Regulatory Approach - The current approach of treating all digital assets as securities is considered outdated; many should be classified as commodities under CFTC oversight instead [5]. - The new legislation will also clarify rules for prediction markets, which have been regulated by the CFTC for over 20 years, aiming to foster innovation in this area [6]. Group 3: Future Projections - CFTC Chairman Selig anticipates that the crypto market structure bill could reach President Trump's desk within the next couple of months, highlighting the administration's support for the cryptocurrency industry [7].
Siemens Energy investing $1B, creating highly skilled jobs in US
Fox Business· 2026-02-03 17:52
Core Viewpoint - Siemens Energy plans to invest $1 billion to enhance power grid and gas turbine manufacturing in the U.S. due to rising electricity demand from data centers and artificial intelligence, which is straining the energy infrastructure [1][2]. Group 1: Investment and Job Creation - The investment is expected to create over 1,500 highly skilled jobs in manufacturing, engineering, and operations as Siemens Energy increases its production capacity and workforce in the U.S. [1] - This $1 billion investment is part of a larger $7 billion global expansion plan, which includes upgrades to existing facilities and the construction of a new grid-equipment factory in Mississippi [8]. Group 2: Market Demand and Infrastructure Challenges - Major technology companies are investing hundreds of billions into new U.S. data centers, leading to a significant increase in electricity demand, with projections that data centers could account for 12% of U.S. electricity demand within two years, nearly tripling their share from 2024 [2]. - The surge in power needs from large technology projects has prompted a wave of deals aimed at enhancing generation and grid capacity, although supply-chain constraints and regulatory hurdles are slowing progress [7]. Group 3: Strategic Importance and Future Plans - Siemens Energy has been manufacturing in the U.S. for over a century and views the current situation as a once-in-a-generation growth opportunity driven by the resurgence of U.S. manufacturing and AI expansion [5]. - The new Mississippi facility will be the largest grid-equipment factory for Siemens Energy globally and is expected to be completed by 2028, increasing global production capacity for large gas turbines by approximately 20% [10][11].
Netflix co-CEO Ted Sarandos faces Senate hearing over massive $72B Warner Bros takeover deal
Fox Business· 2026-02-03 17:46
Group 1 - Netflix co-CEO Ted Sarandos will testify before a Senate panel regarding the proposed $72 billion acquisition of Warner Bros. Discovery and its impact on competition in the streaming industry [1][2] - The hearing will allow lawmakers to question the executives about the merger's effects on competition among streaming platforms, as well as implications for workers and consumers [3] - If the acquisition is successful, Netflix would gain access to Warner Bros. Discovery's film and television studios, HBO Max, and a significant content library including "Game of Thrones" and "Harry Potter" [4] Group 2 - The deal is currently under review by the Department of Justice, with Senator Mike Lee expressing concerns about Netflix's intentions and the potential for a lengthy antitrust review [7] - Paramount Skydance has made a hostile bid for Warner Bros. Discovery after its board rejected Paramount's offer in favor of Netflix's [9][13] - Netflix's revised bid is an all-cash offer priced at $27.75 per share, valuing the deal at $72 billion, while Paramount's offer has an enterprise value of $108 billion [15][16] Group 3 - Netflix has highlighted that YouTube has a larger share of viewing time in U.S. households compared to other streaming services, indicating competitive pressures in the market [10] - Warner Bros. Discovery's board unanimously rejected Paramount's tender offer, stating that Netflix's deal provides superior value and less risk for shareholders [9][13]
China moves to ban feature commonly seen on Tesla vehicles over fear of trapped passengers
Fox Business· 2026-02-03 17:15
Core Viewpoint - China has implemented new safety regulations that will ban hidden, electronically activated door handles in vehicles, requiring mechanical releases instead, effective January 1, 2027 [1][5]. Group 1: Regulatory Changes - The new regulations mandate that each vehicle door, excluding the tailgate, must have a manually-released external door handle and a mechanical release on the interior [2]. - China is the first country to enforce such a ban, which aims to enhance vehicle safety following incidents where power failures left occupants trapped [5]. Group 2: Industry Impact - The ruling is expected to influence both domestic and foreign automakers, as it sets a precedent for safety standards that may affect global norms for electric vehicles (EVs) [6]. - The move reflects China's transition from being the largest EV market to a rule-setter for vehicle technology regulations [6]. Group 3: Safety Concerns - High-profile incidents involving power failures in vehicles, including those from Xiaomi, have prompted the need for these new safety measures [5]. - The National Highway Traffic Safety Administration (NHTSA) has previously opened a defect investigation into Tesla Model 3's emergency door release controls, highlighting ongoing safety concerns in the industry [8][11].
Fed's Miran maintains call for aggressive interest rate cuts this year
Fox Business· 2026-02-03 15:51
Core Viewpoint - Federal Reserve Governor Stephen Miran advocates for aggressive interest rate cuts, suggesting more than 100 basis points of cuts are necessary this year to support the job market and address underlying economic conditions [1][6]. Group 1: Interest Rate Decisions - The Federal Open Market Committee (FOMC) recently voted 10-2 to keep interest rates unchanged in the range of 3.5% to 3.75% after three consecutive 25 basis point cuts in the previous months [1][3]. - Miran and fellow Governor Christopher Waller dissented in favor of a quarter-point cut during the latest FOMC meeting [1][3]. Group 2: Economic Analysis - Miran believes that current inflation measurements do not reflect actual price pressures, leading to an unnecessarily high federal funds target rate [7][10]. - He argues that the economy is not experiencing significant supply-demand imbalances that would warrant maintaining high interest rates [7][10]. Group 3: Perspectives on Future Leadership - Miran expressed support for Kevin Warsh as a potential Fed chair, highlighting his respect within the investment community and policymakers [11]. - The diversity of views within the Fed is acknowledged, with differing opinions on the necessity of interest rate cuts this year [8].
Soccer legend David Beckham joins Fanatics in exclusive multi-year trading card and memorabilia partnership
Fox Business· 2026-02-03 00:44
Another sports legend has joined Fanatics on an exclusive trading card and memorabilia deal. David Beckham, the English soccer icon and co-owner of Inter Miami CF in Major League Soccer, has joined Fanatics for this partnership, which was announced on Monday.The agreement includes all autographed and inscribed memorabilia and trading cards, appearances, meet-and-greet moments and much more. CLICK HERE FOR MORE SPORTS COVERAGE ON FOXBUSINESS.COM Beckham is the latest of many global soccer stars and legends w ...