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Top central bankers express ‘full solidarity’ with Fed Chair Powell

FRANKFURT, Germany (AP) — Central bankers from around the world said Tuesday they “stand in full solidarity” with U.S. Federal Reserve Chair Jerome Powell after President Donald Trump dramatically escalated his confrontation with the Fed with the Justice Department investigating and threatening criminal charges. Powell “has served with integrity, focused on his mandate and an unwavering commitment to the public interest,” read the statement signed by nine national central bank heads including European Central Bank President Christine Lagarde and Bank of England Governor ...

2025 US home sales stuck at 30-year low

The U.S. housing market slump dragged into its fourth year in 2025 as sales remained stuck at a 30-year low with rising home prices and elevated mortgage rates keeping many prospective home shoppers out of the market. Sales of previously occupied U.S. homes totaled 4.06 million last year, flat versus 2024, when sales sank to the lowest level since 1995, the National Association of Realtors said Wednesday. Sales have declined on annual basis every year since 2022. The median national home price for all of last year rose 1.7% to $414,400, the NAR said. Sales have been stuck at around a ...

Detroit Auto Show opens as industry pares back splashy debuts

DETROIT (AP) — The Detroit Auto Show returns this week, offering an opportunity to take a peek at the cars of today and tomorrow and also go for a spin. The annual car-fest at a Detroit convention hall features a lineup of 40-plus vehicle brands. At last year’s show, organizers say attendees took more than 100,000 rides in them. “That’s what makes the Detroit Auto Show different,” show chairman Todd Szott said. “You can get up close, talk to the people behind the brands and actually experience the vehicles.” The Detroit Auto Show once was the place for new model ...

Luxury retailer Saks seeks bankruptcy protection overwhelmed by debt

The owner of Saks Fifth Avenue is seeking bankruptcy protection, buffeted by rising competition and the massive debt it took on to buy its rival in the luxury sector, Neiman Marcus, just over a year ago. Saks Global has secured roughly $1.75 billion in financing, the New York company said as filed for Chapter 11 bankruptcy Wednesday in the Southern District of Texas. The private company said that stores will remain open as it restructures company debt, meaning that it will honor the programs it has for customers. Suppliers and employees will be paid, Saks said. There are about 33 Saks ...

Schwebel’s workers stay put under new property ownership

The Schwebel’s Baking Co. will continue the business of baking bread following a $6,250,000 transaction involving its two East Midlothian properties. The Mahoning County Auditor’s Office reported the Dec. 22 sale-leaseback on Monday. “No changes,” said Joe DiGennaro, an associate with Chicago-based Stream Capital Partners who was involved in the sale. “It’ll still be a bakery. “They’re not going anywhere. … There was no transition of ownership. It’s still a privately held business.” County records show a mortgage of $4,250,000 and cash disbursement of $2 ...

Paramount’s next target in hostile takeover bid of Warner Bros. is a board of its own making

NEW YORK (AP) — Paramount Skydance is taking another step in its hostile takeover bid of Warner Bros. Discovery, saying Monday that it will name its own slate of directors before the next shareholder meeting of the Hollywood studio. Paramount also filed a suit in Delaware Chancery Court seeking to compel Warner Bros. to disclose to shareholders how it values its bid and the competing offer from Netflix. Warner Bros. is in the middle of a bidding war between Paramount and Netflix. Warner’s leadership has repeatedly rebuffed overtures from Skydance-owned Paramount — and urged ...