The financial news that actually matters
Federal prosecutors in the Southern District of Florida have charged Ibrahim Khaldoon Hilmi with running what they describe as a $3.76 billion Medicare fraud built on two companies that never delivered a single medical product. The indictment alleges Hilmi used ABRH Care, Inc. and Sunshine Senior Solutions, LLC as shell durable medical equipment suppliers to…
Homeowners in California, Nebraska, New Mexico and Georgia face projected rate increases at least two to four times the national average in 2026, with California leading the pack at a 15.8 percent jump. The four states stand out against a national forecast of 4 percent growth, a sharp deceleration from the 12 percent surge that…
Wix.com Ltd. is preparing to eliminate roughly 1,000 positions, a cut that would shrink its workforce by about one-fifth. The company closed the first quarter of 2026 with 5,277 employees, posted $541.2 million in revenue, and recorded a GAAP net loss of $57.5 million. Those numbers land against a backdrop of a massive $1.6 billion…
American drivers are paying 64% more for auto insurance than they did five years ago, based on the motor vehicle insurance component of the Consumer Price Index through May 2026. That cumulative increase has landed on household budgets even as the rate of annual growth has slowed, with 2026 on track for the smallest year-over-year…
Société Générale has set one of the most aggressive gold price targets among major banks, calling for $6,000 an ounce by the end of 2026 after the metal broke above $5,000 earlier this year. The forecast sits well above the median commodity price trajectories published by large institutional forecasters, placing the French bank in a…
Federal authorities charged 455 defendants across 45 states and territories for allegedly submitting more than $6.5 billion in false health-care claims, seizing over $182 million in cash, luxury vehicles, jewelry, and other assets in the process. The operation, which stretched across 56 federal districts and enlisted 50 state Medicaid Fraud Control Units, represents the largest…
Eastman Kodak confirmed that hackers broke into its systems and stole data after the ShinyHunters extortion group claimed responsibility for taking 2.2 million records from the imaging company. The breach places Kodak, a 135-year-old brand that has spent the past decade rebuilding itself around commercial printing and advanced materials, squarely in the crosshairs of one…
General Motors plans to cut 1,145 jobs at its Factory Zero assembly plant in Detroit, part of a broader wave of roughly 1,700 layoffs across Michigan and Ohio tied to slowing electric vehicle demand. The reductions hit GM’s flagship EV facility, the plant built to symbolize the automaker’s battery-powered future, and raise hard questions about…
One in three buy-now-pay-later borrowers holds active loans from more than one provider at the same time, and more than three-fifths carry multiple simultaneous BNPL obligations, according to Consumer Financial Protection Bureau research drawn from six large BNPL companies between 2019 and 2023. Most of this debt never shows up on a traditional credit report,…
American business leaders are bracing for an economic downturn. The Conference Board’s Q2 2026 CEO Confidence survey found that 40 percent of chief executives now expect economic conditions to worsen over the next six months, a sharp reversal from earlier optimism. Dana M. Peterson, the board’s chief economist, said CEOs expect conditions to weaken further…