The financial news that actually matters
Francesca’s, the women’s clothing and accessories chain, is shutting down its entire fleet of roughly 460 stores after filing for Chapter 11 bankruptcy protection for the second time. The company filed a voluntary petition in the U.S. Bankruptcy Court for the District of New Jersey and immediately launched court-approved going-out-of-business sales at every location. CFO…
Federal prosecutors allege that a mergers-and-acquisitions lawyer spent roughly a decade funneling his own clients’ deal secrets to a network of traders, generating tens of millions of dollars in illegal profits across nearly 30 transactions. The indictment in United States v. Nourafchan et al., filed April 28, 2026, in the District of Massachusetts, names the…
Spirit Airlines customers who held loyalty points or booked future flights now face the total loss of both as the carrier sells off its remaining assets, including gates at New York’s LaGuardia Airport and its frequent-flyer program. Spirit Aviation Holdings, Inc. confirmed it began an “orderly wind-down of operations,” cancelled every flight on its schedule,…
Technology workers across the United States are absorbing the sharpest round of job cuts the sector has seen in nearly two years. The tech industry has eliminated 123,653 positions so far this year, a 66 percent increase compared with the same period a year ago. The reductions span software, cloud services, and hardware companies that…
Americans lost more money to imposter scams in 2025 than in any prior year on record. According to new Federal Trade Commission data, consumers filed more than one million complaints about these schemes, with total reported losses reaching $3.5 billion. Business impersonation alone accounted for roughly $1 billion of that figure. For the ninth consecutive…
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…