Business News

WASHINGTON (Reuters) — U.S. consumer credit grew at the fastest rate ever in June, as Americans increased their credit card usage to drive consumer spending in the second quarter, data from the Federal Reserve showed on Friday. Total consumer credit expanded at a pace of $37.69 billion, which was t…

HAGÅTÑA (The Guam Daily Post) — After a 17-month suspension of flights due to Covid-19 restrictions, Korean Air resumed its regular service to Guam early Friday morning with 82 passengers. The aircraft has 277 seats. Other airlines from Korea that resumed or added regular flights have also seen lot…

WASHINGTON (Reuters) — The number of Americans filing new claims for unemployment benefits declined further last week, while layoffs dropped to their lowest level in just over 21 years in July as companies held on to workers amid a labor shortage. The weekly unemployment claims report from the Labo…

WASHINGTON (Reuters) — The looming exit of the Federal Reserve’s top regulatory official will give Democrats an opportunity to reverse the central bank’s Wall Street-friendly course without ditching Chair Jerome Powell when his term expires next year. Randal Quarles, who was appointed t…

WASHINGTON (Reuters) — President Joe Biden will sign an executive order on Thursday aimed at making half of all new vehicles sold in 2030 zero-emissions vehicles and will propose new vehicle-emission rules to cut pollution through 2026, the White House said. Biden’s goal, which is not legally…

(Press Release) — The Bank of Hawaii’s I Kinometi Para I Kumunidåt I Islå-ta Small Business Revitalization and Development Grant is open to Saipan small business owners to promote new businesses and encourage existing small businesses to expand. The application for the grant is due on Friday,…

(MV) — Family-owned  full service construction  and development company,  Pacific Rim, sees great potential  for the CNMI to emerge  from the Covid-19 pandemic  a stronger  and more diversified community. According  to Pacific Rim president,  Keith J. Stewart, this effort to explore the development…

GPPC Inc. on Saipan has been awarded a $33.8 million contract to rehabilitate the runway of the Yap International Airport. GPPC said it is grateful to the U.S. Federal Aviation Administration and the Federated States of Micronesia national government for their confidence in the contractor. In a let…

WASHINGTON (Reuters) — A trade group representing some of America’s biggest baked goods companies is urging the Biden administration to ratchet back its biofuel ambitions, arguing that using fuel made from crops could raise the cost of donuts, bread and other foods. The complaints mark an unu…

HAGÅTÑA (The Guam Daily Post) — Taiwanese tourists have started arriving, some flights from Korea have resumed and Guam reached an 80% adult full vaccination against Covid-19, but a number of tourism-related businesses are still not open. Prior to the pandemic, more than 1,200 businesses directly t…