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‘A game changer’: Ford CEO touts new electric vehicle plant

Bill Pugliano/Getty Images(NEW YORK) -- United Nations Secretary-General Antonio Guterres said that the world is "on thin ice" and called for "climate action on all fronts" earlier this week while revealing the latest U.N. climate report. The report said that greenhouse gas emissions continue to grow as chances of slowing climate change shrink — unless those emissions are cut drastically by the 2050s. Ford CEO Jim Farley unveiled the company plans to reduce those emissions, including its new green manufacturing plant and the plant's first vehicle, an electric truck codenamed Project T3. Farley joined "GMA3" to discuss the plans and what they mean for the future of manufacturing. DEMARCO MORGAN: The U.N. secretary general says it will take a quantum   ... Read More

Woman’s simple five-step method to save $1,000 a month on groceries

Kinga Krzeminska/Getty Images(NEW YORK) -- One woman who said her family was in debt and one step away from financial disaster made a change in her spending at the grocery store that's paying off big. Becky Guiles, known as the "Freebie Lady" on social media, shared her money-saving method with ABC News' Good Morning America, which she said helped her save $1,000 a month on her grocery bills. "Since we've been doing this, we save about $1,000 a month, which equals out to about $12,000 in [the] entire year," she said. The mother of two told GMA she uses five easy steps, which she said can be remembered using the acronym "B.O.R.E.S.": B stands for "budget," O stands for "organized,"   ... Read More

Dunkin’ adds breakfast tacos to morning menu in a sea of savory fast food competition

Dunkin'(NEW YORK) -- From the iconic Egg McMuffin at McDonald's to French Toast Sticks at Wendy's, the competition among fast food chains to serve Americans breakfast has registered another entry. Dunkin' launched its latest menu offering, Breakfast Tacos, on Wednesday to capitalize on consumers' love of on-the-go options to start the day. The tacos are made with a flour tortilla, scrambled eggs, melted sharp white cheddar cheese, fire-roasted corn and a drizzle of lime crema. Customers can enjoy the tacos as they come or order them topped with crumbled bacon. The quick service coffee and doughnut chain noted in a press release that the tacos have "spring-forward ingredients" including the fire-roasted corn, though it wasn't clear whether those ingredients are   ... Read More

TikTok CEO Shou Zi Chew testimony updates: Company hopes to stave off possible ban

Photo by Mike Kline (notkalvin)/Getty Images(WASHINGTON) -- A high-stakes standoff between the U.S. government and social media app TikTok over a potential ban is set for a reckoning on Thursday when TikTok CEO Shou Zi Chew testifies before a committee of House lawmakers. The China-based app, which counts more than 150 million U.S. users each month, has faced growing scrutiny from government officials over fears that user data could fall into the possession of the Chinese government and the app could be weaponized by China to spread misinformation. There is no evidence that TikTok has shared U.S. user data with the Chinese government, but policymakers fear that the Chinese government could compel the company to do so. Here's how the   ... Read More

Foot Locker announces plan to close 400 stores by 2026

Nikolas Kokovlis/NurPhoto via Getty Images(NEW YORK) -- Foot Locker plans to close 400 stores in North America by 2026 as it rebrands part of its business, the company announced Monday. The company plans to close many underperforming stores in shopping malls while focusing on strengthening its standalone stores with new concepts, Foot Locker said during its Investor Day presentation. "We are entering 2023 with a focus on resetting the business -- simplifying our operations and investing in our core banners and capabilities to position the company for growth in 2024 and beyond," Foot Locker president and CEO Mary Dillon said in a news release on the company's website. One of its announced plans is called "Lace Up," which aims to target   ... Read More

US banking system ‘sound and resilient,’ Fed Chair Jerome Powell says

Alex Wong/Getty Images(WASHINGTON) -- Federal Reserve Chair Jerome Powell on Wednesday called the U.S. banking system "strong and resilient," voicing confidence in the nation's financial system and the safety of bank deposits less than two weeks after the failure of Silicon Valley Bank, the second-biggest bank collapse in U.S. history. "All depositors' savings in the banking system are safe," Powell added in remarks made at a press conference in Washington, D.C. While characterizing recent financial problems as limited to a small part of the banking sector, Powell defended the swift and extraordinary actions undertaken by the Fed and other federal agencies to protect the financial system. "In the past two weeks serious difficulties at a small number of banks have emerged,"   ... Read More

Fed raises interest rates 0.25%, intensifying inflation fight despite banking fears

Bloomberg Creative/Getty Images(WASHINGTON) -- The Federal Reserve on Wednesday raised its short-term borrowing rate another 0.25%, intensifying the central bank's fight against inflation despite concern that previous rate increases helped trigger the nation's banking crisis. The Fed's benchmark interest rate has contributed to the financial emergency facing U.S. banks. Inflation has fallen significantly from a summer peak, though it remains more than triple the Fed's target of 2%. The rapid rise in interest rates, however, tanked the value of bonds held by Silicon Valley Bank, precipitating its failure and cascading damage for the financial sector. In a statement, the Fed rejected concerns about the financial system. "The U.S. banking system is sound and resilient," the central bank said. The Fed left   ... Read More

Officials call TikTok a ‘digital virus’

ABC News(NEW YORK) -- TikTok is facing growing scrutiny from government officials over cybersecurity fears about Americans' data. U.S. officials are reportedly demanding that Chinese owners sell its stake in the app or risk a nationwide ban. Later this week, TikTok CEO Shou Zi Chew is set to face questions from congressional lawmakers about the platforms' data security practices and relationship with the Chinese government. Meanwhile, a proposed bill with bipartisan support and backed by President Joe Biden would empower the executive branch to ban TikTok and other apps owned by Chinese companies. Former Under Secretary of State Keith Krach, who worked to crack down on TikTok under the Trump administration, joined "GMA3" hosts DeMarco Morgan and Eva Pilgrim to discuss   ... Read More

Experts answer questions on home, car buying amid high interest rates and banking crisis

Phillip Spears/Getty Images(NEW YORK) -- As fallout continues from the Silicon Valley Bank collapse -- the second-biggest bank failure in U.S. history -- people across the country are simultaneously feeling the impact of inflation in their pocketbooks. The Federal Reserve will meet Wednesday to decide whether to raise or pause interest rates after continuously raising them over the past year in order to help curb inflation. The Fed's decision will have an impact on everything from individual credit card bills to the costs of everyday items to the banking crisis, experts say. To help explain it all, ABC News chief economics correspondent Rebecca Jarvis and Good Morning America consumer correspondent Becky Worley answered viewers' questions on topics including credit card   ... Read More

Yellen says bank ‘situation is stabilizing,’ smaller banks play important role

ANDREW CABALLERO-REYNOLDS/AFP via Getty Images(WASHINGTON) -- Treasury Secretary Janet Yellen said Tuesday that "the situation is stabilizing and the U.S. banking system remains sound," after regional bank failures have shaken the U.S. banking system. "The Fed's facility and discount window lending are working as intended to provide liquidity to the banking system," she said during a speech at a meeting of the American Bankers Association in Washington. "Aggregate deposit outflows from regional banks have stabilized." She said the government's intervention in the failures of Silicon Valley Bank and Signature Bank were "necessary" -- and said "similar actions could be warranted" to protect smaller banks. "The steps we took were not focused on aiding specific banks or classes of banks," she   ... Read More

The banking crisis threatens the Fed’s inflation fight. Here’s how.

Javier Ghersi/Getty Images(NEW YORK) -- The collapse of Silicon Valley Bank, the second-biggest bank failure in U.S. history, has thrust the financial system into distress, pulling attention away from a separate problem: sky-high inflation. The twin economic challenges pose a dilemma for the Federal Reserve because its strongest tool, the benchmark interest rate, is a key cause of the financial emergency but the primary solution for high prices. The central bank has aggressively raised interest rates over the past year, bringing inflation down significantly from a summer peak, though it remains more than triple the Fed's target of 2%. The rapid rise in interest rates, however, tanked the value of bonds held by Silicon Valley Bank, precipitating its failure. A   ... Read More

Fed was aware of Silicon Valley Bank problems more than a year before its collapse

Bloomberg Creative/Getty Images(WASHINGTON) -- The Federal Reserve was aware of risks to Silicon Valley Bank more than a year before its collapse, ABC News confirmed on Monday following a New York Times report. Even more, ABC News has confirmed a Wall Street Journal report that the Fed cited risks to Silicon Valley Bank’s management as early as 2019 -- four years before the bank’s collapse. In all, the Fed cautioned the bank about its concerns on several occasions, ABC News confirmed. In a 2021 review, the Fed identified significant vulnerabilities in the bank’s containment of risk, but the bank did not rectify the weaknesses. The Federal Reserve of San Francisco, a regional entity that supervised Silicon Valley Bank, slapped the   ... Read More

New to electrification? Try a plug-in hybrid first

Westend61/Getty Images(NEW YORK) -- Let's be honest: electric vehicles can get a bad rap. Maybe it's range anxiety. Or the scarcity -- and uncertainty -- of public charging stations. Both are valid reasons why some Americans are dubious of electric vehicles. More industry watchers are now arguing a plug-in hybrid (PHEV) may be the "ideal" powertrain of choice for those wanting to try out EVs. Plug-in hybrids have a gasoline engine, at least one electric motor and a battery pack, which can be charged via regenerative braking or a plug. Some PHEVs can even travel up to 60 miles in electric mode. They were once seen as a temporary solution to EV adoption. Not anymore. "The reality is electric vehicles   ... Read More

‘Uncharted territory’: How would a TikTok ban in the US work?

Mario Tama/Getty Images(NEW YORK) -- Awkward dads and their eager children may not dance together on TikTok for much longer -- at least not in the U.S. The prospect of a nationwide TikTok ban has escalated from a theoretical possibility to a serious policy consideration, drawing growing support in Washington, D.C. However, scant details are known about how the policy would be implemented and what it would mean for more than 100 million U.S.-based users of the app. China-owned TikTok has faced growing scrutiny from government officials over fears that user data could fall into the possession of the Chinese government and the app could ultimately be weaponized by China to spread misinformation. The Biden administration has stiffened its posture toward   ... Read More

Here’s who’s made money amid the Silicon Valley Bank turmoil

IronHeart/Getty Images(NEW YORK) -- A string of bank collapses in recent days sent panic rippling through the financial sector, prompting an extraordinary U.S. government intervention to save depositors and a sharp drop for bank stocks in the U.S. and Europe. Some people and institutions, however, made money amid the turmoil. Silicon Valley Bank CEO Greg Becker sold $3.6 million worth of the company's shares less than two weeks before the bank's collapse, drawing scrutiny from lawmakers like Rep. Ro Khanna, D-Calif., who called on the bank to claw back the compensation. Meanwhile, as panic mounted and bank stocks plummeted over a three-day period before the Silicon Valley Bank failure, $2.3 billion in profit flowed to short sellers, traders who bet   ... Read More

American weekly jobless claims at lowest level since 1969

American weekly jobless claims at lowest level since 1969By MATT OTT AP Business Writer WASHINGTON -- The number of Americans applying for unemployment benefits last week fell to its lowest level in 52 years as the U.S. job market continues to show strength in the midst of rising costs and an ongoing virus pandemic. Jobless claims fell by 28,000 to 187,000 for the week ending March 19, the lowest since September of 1969, the Labor Department reported Thursday. First-time applications for jobless aid generally track the pace of layoffs. The four-week average for claims, which compensates for weekly volatility, also fell to levels not seen in five decades. The Labor Department reported that the four week moving average tumbled to 211,750 from the previous week’s 223,250. In total,   ... Read More

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