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The famed Waffle House fast-food franchise is increasing wages for its workforce of more than 40,000 employees. This move comes after a persistent year-long push from labor groups.
CEO Joe Rogers III, addressing Waffle House employees in a video, announced the chain is elevating its base pay to a minimum of $3 per hour starting this month. The company plans to incrementally raise its base hourly rate to $5.25 by June 2026. Rogers stated Waffle House is also rolling out wage boosts via tenure bonuses and shift premiums over the coming two to three years. Higher menu prices will pay for the wage increases, Rogers explained.
These wage adjustments come after more than a year of public campaigning by The Union of Southern Service Workers, a labor group that advocates for low-wage service workers. The group applied pressure on Waffle House through strikes, letters, and petitions. 
The Union of Southern Service Workers continues to campaign for a $25 hourly wage, 24/7 security for employees, and eliminating mandatory meal deductions. In March, the group filed a petition to the Labor Department requesting an investigation into the policy of deducting the cost of mandatory meals from employees' paychecks.
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The wage hike marks a significant new phase in Waffle House's history. As Rogers put it, "This is the single largest additional investment in our workforce in the entire 68-year history of Waffle House." 
Every single employee at the nearly 2,000 Waffle House locations will benefit from the upcoming wage hikes, Rogers emphasized. The chain is adjusting its wage policies in an effort to standardize base hourly rates. However, as base pay does not include tips, wages will vary by state depending on the local minimum wage laws. Additionally, wages will rise more slowly in some rural markets than in urban areas.
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Wage laws in several states, particularly in the South, allow employers to pay service workers hourly rates well below the federal minimum wage. The service industry often meets minimum wage requirements by combining the base wage with customer tips. If reported tips do not reach the minimum wage, the employer is required to. If reported tips fall short of the minimum wage, the employer must make up the difference.
Service and restaurant workers are often dependent on tips for a significant part of their income. According to the latest data from the Internal Revenue Service, workers received more than $38 billion in tips in the 2018 tax year. Tipped workers averaged an additional $6,000 for their base wages in 2018.
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Rodgers acknowledged the significance of the wage hikes given the critical reliance on tips for service workers. "This is a big deal, a massive additional investment," he said in the video addressing Waffle House employees. "And I don't see many others in our industry doing things like this."
 Since Waffle House's inception in 1955 in Georgia, the diner-style restaurant chain has expanded to at least 26 states, mostly in the South and Midwest. All Waffle House restaurants are open 24-hours a day, seven days a week.

via: https://www.foxbusiness.com/economy/waffle-house-raise-wages-tipped-workers-amid-labor-advocacy-effort

GameStop raised more than $2 billion after selling 75 million shares, the video game retailer said Tuesday.
The sales of the shares stemmed from an at-the-market equity offering program that GameStop announced earlier in the month.
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"GameStop intends to use the net proceeds from the ATM Program for general corporate purposes, which may include acquisitions and investments," the retailer said.
It marked the second at-the-market equity offering that GameStop has conducted in the past month, following a smaller one involving 45 million shares in May. That grossed $933.4 million, the retailer said in a Securities and Exchange Commission (SEC) filing.
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Proceeds from the May stock sale were also intended for "general corporate purposes."
Both stock sales came as GameStop received heightened attention and experienced stock price fluctuations due to meme stock retail trader Keith Gill becoming active again on his "Roaring Kitty" social media accounts.
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via: https://www.foxbusiness.com/markets/gamestop-raises-over-2b-stock-sale-during-roaring-kitty-craz

Americans may be missing out on an essential college savings tool, according to a recent survey.
Half of all adults saving for education don't know about the benefits of using a 529 savings plan, and less than a quarter of them are using this financial tool to save for college, according to the Edward Jones survey. Additionally, only 25% know that these plans can be used to fund more than just higher education. 
The biggest obstacle preventing more Americans from using 529 plans is the misconception that they require more savings or income to open. "A 529 education savings plan is an investment account that offers tax benefits when used toward qualified education expenses for the account beneficiary," the survey said. Earnings grow tax-free, and distributions are federally tax-free when used for qualified education expenses. With changes to federal and state laws, 529 plans can now be used for more things.  
"Thanks to tax law changes over the past seven years, 529 plans are more useful and applicable than ever, and can often be used tax-free and penalty-free for secondary schools, technology purchases to further education and much more," Andy Esser, an Edward Jones financial advisor said. "As a financial advisor and parent, I see first-hand the varying benefits of 529 funds - no matter what path a child may choose. Educating families on those benefits leads to more impactful results."
If you're concerned about college costs and are considering a private student loan, it can help to shop around for the best rate. You can visit Credible to learn more about private student loan options and get personalized rates from multiple lenders without dinging your credit score.
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More Americans (27%) are considering saving money for vocational or trade school compared to the 22% who are considering saving for the conventional four-year college path, the survey said. However, only 47% know 529 plans can finance vocational and trade schools. 
Additionally, 529 savings can be put towards room and board, a considerable expense sometimes not covered by scholarships. Savers can also use these funds to repay student loans. Any unused funds can be rolled over into a Roth IRA for the beneficiary beginning in 2024, according to Edward Jones.  
"Though one-third of Americans saving for a child's education (32%) do not know what a 529 plan is, the features of the savings plan resonate with many," the survey said. "In fact, three out of five Americans (61%) say the tax benefits make them more inclined to enroll in a plan. 
Other popular features that made Americans more compelled to consider 529 plans include the flexibility to control their 529 accounts (58%) and using the money to pay for qualified education expenses (56%)."
If you hold private student loans, you could lower your monthly payments by refinancing to a lower interest rate. Visit Credible to speak with an expert and get your questions answered.
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The survey said parents are more likely to save for education, but 60% do not feel they're saving enough to reach their goals for future education expenses. Here's how Americans plan to reach their education savings goal:
Despite the numerous advantages 529 plans provide, only 14% have or plan to invest in one as part of their education savings strategy.
"If you start saving from birth, about a third of your college savings goal will come from the earnings," Mark Kantrowiz, a nationally recognized expert on student financial aid said in a recent interview with Financial Sense. "If you wait until your child enters high school, about 10% will come from the earnings. But there are also about two-thirds of the states that have state income tax breaks on your contributions to the state's 529 plan. So it's a tax advantage and financial aid advantage way of saving for college."
If scholarships, grants, college savings, and federal aid don't cover all your education costs, and you are considering a private student loan, comparing your options can help you plan better. Credible can help you compare fixed and variable-rate private loan options from multiple lenders.
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Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.

via: https://www.foxbusiness.com/personal-finance/education-savings-plan-college-universit

Chiquita Brands International must pay $38.3 million in damages to the families of eight Colombian men killed by a paramilitary group in that country, a Florida jury said on Monday.
Chiquita in 2007 was ordered by a U.S. court to pay a $25 million fine to settle criminal charges that it did business with the United Self-Defense Forces of Colombia (AUC) paramilitary group.
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Chiquita pled guilty in that case to paying protection money from 2001 to 2004, which it said it did in order to protect employees.
The jury in the civil case before the U.S. District Court Southern District of Florida said in the verdict on Monday that Chiquita knowingly provided substantial assistance to the AUC in the form of cash payments or other means of support, to a degree sufficient to create a foreseeable risk of harm.
The men were killed by the AUC, the jury said, and Chiquita did not prove its support for the AUC was the result of impending harm to the company or its employees.
"The verdict does not bring back the husbands and sons who were killed, but it sets the record straight and places accountability for funding terrorism where it belongs: at Chiquita's doorstep," said Agnieszka Fryszman, a lawyer at law firm Cohen Milstein Sellers & Toll, who represented the plantiffs, said in a statement.
Chiquita did not immediately respond to a request for comment.

via: https://www.foxbusiness.com/markets/chiquita-must-pay-colombian-families-38-3-million-florida-jury-say

While the demand for weight loss drugs continues to surge, one Wall Street firm is betting that Americans' love for doughnuts is too strong to give them up. 
Truist Securities on Monday upgraded Krispy Kreme to buy from hold, with analysts led by Bill Chappell saying that the negative impact of the glucagon-like peptide 1 (GLP-1) drugs has already been reflected in the stock's current valuation.
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Chappell said in a note that the firm's downgrade of Krispy Kreme last year was "due to the belief that the GLP-1 overhang on snack food companies would last for some time." However, Chappell said they believe "this thesis has largely played out." 
GLP-1 agonists are a class of Type 2 diabetes drugs that improves blood sugar control but may also lead to weight loss. Semaglutide, which is the active ingredient in Novo Nordisk's Wegovy and Ozempic, as well as tirzepatide, which is the active ingredient in Eli Lily's Mounjaro and Zepbound, are considered GLP-1 drugs.
They have surged in popularity in recent years as people touted the drugs' weight-loss effects. In turn, food executives are noticing some shoppers' habits are changing, but Truist analysts argue that American's sweet tooth isn't going away.
"To be clear, healthy-living, low-sugar diets, have been around for 30 years. From Atkins bars to protein bars to sweet potato chips, there have been hundreds of "better for you" snack alternatives offered by everyone from small startups to global packaged food companies," Chappell said. 
At the same time, he noted how the $69 billion U.S. indulgent snack market has continued to grow. 
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It underscores how Americans "want to eat healthy, but we like our sweets," he added. 
Krispy Kreme, in particular, is "more sheltered" than other areas of the indulgent sweet market. Chappell hinted that there will always be an occasion to pick up some doughnuts.
"Don't be the person who brings a vegetable platter to a 9-year-old birthday party or office gathering," he said. 
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So even if the "pie shrinks," the analysts believe that Krispy Kreme "has more than enough opportunity" to expand its share of the pie and consistently grow sales by a moderate single-digit to high single-digit percentage over the next few years. 

via: https://www.foxbusiness.com/lifestyle/ozempic-vs-krispy-kreme-wall-street-firm-bets-weight-loss-drugs-wont-beat-doughnut-sale

A California administrative judge on Monday set back Tesla as the electic carmaker fends off allegations from the state's top regulator that it falsely marketed its vehicles' self-driving feature.
Judge Juliet Cox of the state Office of Administrative Hearings (OAH) rejected Tesla's effort to have the lawsuit brought by the California Department of Motor Vehicles dismissed. The judge said that if the allegations are true, they would support enforcement action against Tesla.
In a five-page ruling, Cox said it was too early to dismiss the DMV case before a formal hearing. Tesla had argued a hearing was unnecessary since Cox had enough documents to review and rule.
The DMV sued in July 2022 over accusations that Tesla mislead customers about vehicles with Autopilot and Full Self-Driving Technology. Tesla vehicles "could not at the time of those advertisements, and cannot now, operate as autonomous vehicles," the lawsuit said, according to Reuters.
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If found liable, Tesla could have its license to sell vehicles in California suspended and be required to make restitution to Tesla owners who reside in the state.
Tesla did not immediately respond to a request for comment. The DMV told Reuters its claims will be formally reviewed before the OAH on Sept. 9.
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On May 15, a San Francisco federal judge rejected Tesla's bid to dismiss a proposed nationwide class action claiming it misled consumers into believing their vehicles would soon have self-driving capabilities.
Tesla, whose CEO Elon Musk relocated its corporate headquarters from Palo Alto in California to Austin, Texas in 2021, has faced federal probes into whether its self-driving technology might have contributed to fatal car crashes.
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In April, Tesla reached a settlement in a lawsuit over a 2018 fatal crash that killed an Apple engineer who was behind the wheel of his Model X while on Autopilot, when the car swerved into a barrier on a highway near San Francisco.
Federal prosecutors are separately examining whether Tesla committed fraud by misleading investors about self-driving, Reuters reported.
Tesla describes Autopilot as an "advanced driver assistance sytem" on its website that can match the speed of surrounding traffic on cruise control and assist with steering in clearly marked lanes. Tesla's Full Self-Driving Capability promises to let the car "drive itself almost anywhere with minimal driver intervention." 
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Features include guidance on highway on-ramp and off-ramps, automatic lane changes, automatic steering, acceleration and braking and obedience to traffic signals. 
But Tesla has warned that Autopilot does not excuse drivers from paying attention on the road, and the technologies "do not make the vehicle autonomous." 
Fox Business' Greg Wehner and Reuters contributed to this report.

via: https://www.foxbusiness.com/fox-news-auto/tesla-must-face-false-advertising-claims-against-autopilot-california-administrative-judge-rule

Elon Musk on Monday threatened to ban Apple devices at his respective companies if the tech giant integrated OpenAI at the operating system level. 
Writing on X, the Tesla CEO called the prospect an "unacceptable security violation." 
Should he follow through with the ban, Musk said visitors would have to check their Apple devices "at the door, where they will be stored in a Faraday cage." 
The comments came after Apple announced a slew of AI features across its apps and operating platforms and a partnership with OpenAI to bring the ChatGPT technology to its devices.
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Apple said it had built AI with privacy "at the core" and it would use a combination of on-device processing and cloud computing to power those features.
Musk said it was "patently absurd that Apple isn't smart enough to make their own AI, yet is somehow capable of ensuring that OpenAI will protect your security & privacy!"
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A community note under that tweet noted that Apple has created their own AI called "Apple Intelligence" and ChatGPT was an "additional feature within Apple Intelligence, is limited to Siri and Writing Tools and will require permission from the user for every use." 
Musk sued OpenAI, which he co-founded in 2015, and its CEO Sam Altman at the beginning of March, saying they abandoned the startup's original mission to develop AI for the benefit of humanity and not for profit.
He has also founded his own startup, xAI, in a bid to challenge OpenAI and build an alternative to the viral chatbot ChatGPT.
xAI was valued at $24 billion in its last funding round, where it raised $6 billion in series B funding.
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FOX Business has reached out to Apple and OpenAI for a response to Musk's comments. 
Reuters contributed to this report. 

via: https://www.foxbusiness.com/technology/elon-musk-blasts-apples-approach-ai-threatens-ban-devices-openai-integrated-operating-syste

A group of former and current OpenAI employees released a letter online expressing concerns about the effects and serious risks artificial intelligence (AI) technology could have on humanity.
The letter, which was posted on righttowarn.ai, was signed by five former OpenAI employees, a current and a former employee from Google DeepMind, four unnamed current employees at OpenAI and two unnamed former OpenAI employees.
The group said the risks AI poses range from "the further entrenchment of existing inequalities, to manipulation and misinformation, to the loss of control of autonomous AI systems potentially resulting in human extinction."
"AI companies themselves have acknowledged these risks, as have governments across the world and other AI experts," they wrote. "We are hopeful that these risks can be adequately mitigated with sufficient guidance from the scientific community, policymakers, and the public."
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The group says AI companies have strong financial incentives to avoid effective oversight as well as substantial information about the capabilities and limitations of their systems.
For instance, the companies have nonpublic information about the adequacy of their protective measures and the risk levels of different types of harm that could come as a result of AI advancements.
Daniel Kokotajlo, one of the group members and a former researcher in OpenAI's governance division, told the New York Times OpenAI is excited about building artificial general intelligence, or AGI, but they are "recklessly racing to be there first."
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Kokotajlo said he previously predicted that AGI could arrive by 2050, though after seeing how quickly the technology was advancing, he told the Times there is a 50% chance it could arrive by 2027.
He also said he believes the probability that advanced AI will destroy or cause catastrophic harm to humanity is 70%.
The group said they do not think the companies can be relied upon to share the information voluntarily.
"So long as there is no effective government oversight of these corporations, current and former employees are among the few people who can hold them accountable to the public," they wrote.
Confidentiality agreements prevent the members of the group from voicing their concerns, and they said ordinary whistleblower protections are insufficient, saying they focus on illegal activity. AI has yet to be regulated and, therefore, cannot be considered illegal activity.
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OpenAI told FOX Business it agrees with the letter's call for government regulation of the AI industry, as it was the first in the industry to call for such regulation.
The company also said they regularly engage with policymakers around the world and are encouraged with the progress being made.
An OpenAI spokesperson also said they have a track record of not releasing technology until the necessary safeguards are in place.
Because its products are used by 92% of Fortune 500 companies, safe and reliable systems are critical. The spokesperson said that if the products were not safe, the companies would not subscribe.
"We're proud of our track record providing the most capable and safest AI systems and believe in our scientific approach to addressing risk," the OpenAI spokesperson said. "We agree that rigorous debate is crucial given the significance of this technology and we'll continue to engage with governments, civil society and other communities around the world."
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"This is also why we have avenues for employees to express their concerns including an anonymous integrity hotline and a Safety and Security Committee led by members of our board and safety leaders from the company," the spokesperson added.

via: https://www.foxbusiness.com/technology/group-openai-colleagues-warn-race-ai-lead-human-extinctio

Dramatic images have emerged showing the front of an Austrian Airlines plane severely damaged after it flew through a hailstorm, forcing its pilots to make a "mayday distress call." 
A spokesperson for the airline told FOX Business that the Airbus A320 aircraft was flying from Palma de Mallorca in Spain's Balearic Islands to Austria on Sunday when it "encountered a thunderstorm cell during approach to Vienna, which according to the cockpit crew, was not visible on the weather radar." 
"As of now, the hail has damaged the two front cockpit windows, the aircraft nose, and some coverings. Due to the damage, a Mayday distress call was made," the spokesperson said. 
Photos taken after the plane landed safely show a portion of its nose peeled off. Marks also can be seen covering the windows of the cockpit. 
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"All passengers on the flight were unharmed. The Austrian Airlines technical team is already tasked with assessing the specific damage to the aircraft," the airline told FOX Business. 
The airline added that "the safety of our passengers and crews is the top priority." 
Emmeley Oakley, a passenger identified by ABC News as being on board the flight, told the network that "I think we were about 20 minutes from landing when we got into a cloud of hail and thunderstorm, and the turbulence started." 
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"We could definitely feel the hail coming down on the plane, and it was quite loud and super rocky for a minute," she added. 
Oakley told ABC News that some people inside the plane were screaming, but "the cabin crew did a really good job calming those people down though." 
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"It wasn't until we exited that we saw the nose was missing!" she also said. "The pilots really did an excellent job keeping things as smooth and safe as they could." 

via: https://www.foxbusiness.com/lifestyle/austrian-airlines-plane-severely-damaged-flying-through-hailstor

The interest rate on a 30-year fixed-rate mortgage is 6.875% as of June 10, which is 0.250 percentage points higher than on Friday. Additionally, the interest rate on a 15-year fixed-rate mortgage is 6.125%, which is 0.135 percentage points higher than on Friday. 
With mortgage rates changing daily, it's a good idea to check today's rate before applying for a loan. It's also important to compare different lenders' current interest rates, terms and fees to ensure you get the best deal. 
Rates last updated on June 10, 2024. Rates are based on the assumptions shown here. Actual rates may vary. Credible, a personal finance marketplace, has 5,000 Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).
When you take out a mortgage loan to purchase a home, you're borrowing money from a lender. In order for that lender to make a profit and reduce risk to itself, it will charge interest on the principal - that is, the amount you borrowed.
Expressed as a percentage, a mortgage interest rate is essentially the cost of borrowing money. It can vary based on several factors, such as your credit score, debt-to-income ratio (DTI), down payment, loan amount and repayment term.
After getting a mortgage, you'll typically receive an amortization schedule, which shows your payment schedule over the life of the loan. It also indicates how much of each payment goes toward the principal balance versus the interest.
Near the beginning of the loan term, you'll spend more money on interest and less on the principal balance. As you approach the end of the repayment term, you'll pay more toward the principal and less toward interest.
Your mortgage interest rate can be either fixed or adjustable. With a fixed-rate mortgage, the rate will be consistent for the duration of the loan. With an adjustable-rate mortgage (ARM), the interest rate can fluctuate with the market.
Keep in mind that a mortgage's interest rate is not the same as its annual percentage rate (APR). This is because an APR includes both the interest rate and any other lender fees or charges.
Mortgage rates change frequently - sometimes on a daily basis. Inflation plays a significant role in these fluctuations. Interest rates tend to rise in periods of high inflation, whereas they tend to drop or remain roughly the same in times of low inflation. Other factors, like the economic climate, demand and inventory can also impact the current average mortgage rates.
To find great mortgage rates, start by using Credible's secured website, which can show you current mortgage rates from multiple lenders without affecting your credit score. You can also use Credible's mortgage calculator to estimate your monthly mortgage payments.
Mortgage lenders typically determine the interest rate on a case-by-case basis. Generally, they reserve the lowest rates for low-risk borrowers - that is, those with a higher credit score, income and down payment amount. Here are some other personal factors that may determine your mortgage rate:
Other indirect factors that may determine the mortgage rate include:
Along with certain economic and personal factors, the lender you choose can also affect your mortgage rate. Some lenders have higher average mortgage rates than others, regardless of your credit or financial situation. That's why it's important to compare lenders and loan offers.
Here are some of the best ways to compare mortgage rates and ensure you get the best one:
One other way to compare mortgage rates is with a mortgage calculator. Use a calculator to determine your monthly payment amount and the total cost of the loan. Just remember, certain fees like homeowners insurance or taxes might not be included in the calculations.
Here's a simple example of what a 15-year fixed-rate mortgage might look like versus a 30-year fixed-rate mortgage:
If you're thinking about taking out a mortgage, here are some benefits to consider:
And here are some of the biggest downsides of getting a mortgage:
Requirements vary by lender, but here are the typical steps to qualify for a mortgage:
Here are the basic steps to apply for a mortgage, and what you can typically expect during the process:
Refinancing your mortgage lets you trade your current loan for a new one. It does not mean taking out a second loan. You will also still be responsible for making payments on the refinanced loan.
You might want to refinance your mortgage if you:
The refinancing process is similar to the process you follow for the original loan. Here are the basic steps:
If you need to tap into your home's equity to pay off debt, fund a renovation, or cover an emergency expense, there are two popular options to choose from: a home equity loan and a home equity line of credit (HELOC). Both a home equity loan and a HELOC allow you to borrow against your home's equity but a home equity loan comes in the form of a lump sum payment and a HELOC is a revolving line of credit.
These two loan types have some other key similarities and differences in how they work:
Interest rates on mortgages fluctuate all the time, but a rate lock allows you to lock in your current rate for a set amount of time. This ensures you get the rate you want as you complete the homebuying process.
Mortgage points are a type of prepaid interest that you can pay upfront - often as part of your closing costs - for a lower overall interest rate. This can lower your APR and monthly payments. 
Closing costs are the fees you, as the buyer, need to pay before getting a loan. Common fees include attorney fees, home appraisal fees, origination fees, and application fees.
If you're trying to find the right mortgage rate, consider using Credible. You can use Credible's free online tool to easily compare multiple lenders and see prequalified rates in just a few minutes.

via: https://www.foxbusiness.com/personal-finance/todays-mortgage-rates-june-10-202