Plane crashes into north Phoenix apartment complex; More Americans consider bankruptcy
PHOENIX - From a plane crash that left the pilot injured to a report that says more Americans are considering filing for bankruptcy, here's a look at some of the top stories on FOX10Phoenix.com for Saturday, April 19, 2025.
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Yahoo
19 minutes ago
- Yahoo
Aldi cuts its prices for the summer, up to 33% off 400+ items
Aldi is renewing what has become an annual summer tradition: cutting prices on hundreds of seasonal products. The Germany-based discount grocery chain said it will be reducing prices on nearly 25% of its products – more than 400 items including meat and produce – at its more than 2,400 stores. Prices will be reduced as much as 33% on the 400+ products over the summer, Aldi chief commercial officer Scott Patton told USA TODAY. Nearly one in four households shop at Aldi stores, he said, citing Circana data. Aldi's move comes as about two-thirds of Americans (67%) said they remained very concerned about food and consumer goods prices, according to a Pew Research Center survey of 3,589 adults in April. "Summer's for grilling out, camping, concerts, and quality time with friends and family – not stressing over grocery bills," he said. "That's why we decided to offer even lower prices on ALDI favorites all summer long. Our unique business model with smaller store footprints, 90% private brands and strong supplier partnerships means we can deliver real savings where other grocers can't." Starbucks: Upcoming coffee competition draws top baristas for latte art, blind tasting challenges Aldi, which plans to open 225 more stores in the U.S. this year, said its price cuts – kicking in June 5 through Labor Day – will likely save shoppers about $100 million – similar to the amount of money shoppers collectively saved with its reductions last year and more than the $60 million saved in 2023. "Last year's shopper response was overwhelming. Our customers loved it because they could stock up on summer staples without stretching their budgets," Patton said. "Aldi has always been known for quality at low prices, and when we can deliver even more savings for our shoppers, we do." Clancy's: Chili Lime Potato Chips - was $1.89, is now $1.79. Friendly Farms: 2% Ultra-Filtered Milk – was $4.39, is now $3.89. Millville: Protein Pancake Mix – was $3.79, is now $3.49. Mama Cozzi's: Mini Pizza Bagels – was $6.29, is now $5.99. Summit: Popz Prebiotic Soda - was $1.59, is now $1.49. Mike Snider is a reporter on USA TODAY's Trending team. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @ & @mikesnider & msnider@ What's everyone talking about? Sign up for our trending newsletter to get the latest news of the day This article originally appeared on USA TODAY: Aldi cuts prices for summer 2025: Deals on meat, fruit, snacks, more Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
41 minutes ago
- Miami Herald
Red Sea Passage Remains a No-Go for Shipping Despite U.S. Action
The largest commercial shipping companies continue to avoid the Red Sea and the Suez Canal, despite a recent ceasefire agreement between the United States and Houthis intended to make the trade lanes safer. The ceasefire, which began May 6, ended a U.S. campaign that involved more than 1,100 strikes against the Houthis in Yemen and became a source of embarrassment for the Trump administration after group chats about the strikes inadvertently became public. The Pentagon had planned on a monthslong bombardment, but President Donald Trump ended it after about 50 days. 'If the intention was to restore freedom of navigation, which is what they stated it was, then the results speak for themselves: The shipping industry has not gone back,' said Richard Meade, editor-in-chief of Lloyd's List, a shipping publication. Ship traffic through the Red Sea is down by around three-fifths since 2023 when the Houthis started targeting ships there in solidarity with Hamas in its war with Israel in the Gaza Strip, Meade said. Fearing that their vessels would be struck, big shipping companies avoided the Red Sea and the Suez Canal, taking a much longer route around the southern tip of Africa to travel between Asia and Europe. The Houthis have said they are still at war with Israel and will attack vessels bound for the country. And though the Houthis have not attacked a commercial vessel since December, shipping companies say they worry that their vessels may be hit, deliberately or mistakenly, and have no plans to sail the southern part of the Red Sea anytime soon. 'We're pretty far from the threshold,' said Vincent Clerc, the CEO of A.P. Moller-Maersk, a large shipping line based in Copenhagen, Denmark. Speaking soon after the ceasefire in May, he said the Red Sea would have to remain safe for the foreseeable future before the company's vessels returned. Shipping executives said they also feared a severe disruption to their networks if they returned to the Red Sea but suddenly had to pull out of the region because attacks resumed. When Trump started the military engagement with the Houthis in March, he said their attacks on shipping had cost the global economy 'BILLIONS of dollars.' Commenting on the ceasefire, he said, 'They say they will not be blowing up ships anymore.' Oman brokered the ceasefire between the Houthis and the United States. Describing the truce, Oman's foreign minister said that 'neither side will target the other, including American vessels, in the Red Sea and Bab al-Mandab Strait, ensuring freedom of navigation and the smooth flow of international commercial shipping.' But maritime analysts said it was unclear whether the ceasefire applied just to American ships. 'Was this only an agreement between the Americans and the Houthis not to fire at each other's military capabilities, or was this something that did indeed also cover the merchant ships going through the area?' asked Jakob Larsen, chief safety and security officer at BIMCO, a shipping trade group. Nor did the ceasefire appear to involve the Houthis' conflict with Israel. The Houthis expanded their attacks on Israel last month to include vessels at or on their way to Haifa, an Israeli port, noted Jack Kennedy, head of country risk for the Middle East and North Africa at S&P Global Market Intelligence. And while the Houthis are unlikely to attack American vessels during their ceasefire, 'the unclear designations around a vessel or company's relationship to Israel and Israeli ports, and uncertainties around Houthi targeting accuracy, mean there is a severe risk to ships transiting the Red Sea,' Kennedy said. In an email to The New York Times, the Houthi-linked group that communicates with the shipping industry said that 'no guarantees can be provided to shipping companies.' The group added: 'Sanctions and prohibitions are limited exclusively to companies and vessels affiliated with or linked to' Israel. The group also said the Yemeni armed forces' actions 'are carried out through a precise mechanism designed to prevent mistakes.' The White House and the Pentagon did not comment. Even though the route around Africa uses more fuel and crews are at sea for longer, shipping operations have adapted to the detour. 'If it were really a pain, if this new route was really imposing costs, I think you might see more countries willing to take the risk,' said Jennifer Kavanagh, director of military analysis at Defense Priorities, a research institute that favors restraint in foreign policy. In fact, traveling longer distances has allowed the shipping lines to deploy the glut of new ships that they ordered during the pandemic trade boom. Before the Red Sea attacks, the supply of new vessels threatened to depress shipping rates and the earnings of shipping companies. 'Frankly, this disruption, this long way round, has allowed the industry to a certain extent to defy economic gravity,' Meade said. Still, one large shipping company, CMA CGM, based in Marseilles, France, has been sending a small number of vessels through the Red Sea. Ship tracking sites showed that, in recent weeks, at least five had been in the southern part of the Red Sea, near Yemen. But CMA CGM said in a statement that it did 'not plan to resume transits through the Suez Canal on a large scale in the short term, unless security conditions allow it.' The rerouting of vessels away from the Red Sea has deprived Egypt of billions of much-needed dollars in toll revenue from the Suez Canal. To coax shipping companies back, the canal is offering large vessels a 15% discount to go through the canal. This article originally appeared in The New York Times. Copyright 2025
Business Insider
43 minutes ago
- Business Insider
What A-list economists are saying about Trump's tax bill as Musk rebels against it
Elon Musk has departed his role as a "special government employee" in Trump's White House — and he's using his time outside the administration to hammer the GOP spending bill that's a cornerstone of the president's agenda. "This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination," Musk wrote on X earlier this week. Trump responded by saying Musk's criticism of the legislation is "disappointing." President Trump's tax bill will likely face a vote in the Senate in the coming weeks after passing the House in May. It would reduce the tax rates of lower-income workers, particularly those earning less than $107,200, and eliminate taxes on tips, social security, and overtime. The bill would also cut spending on social programs like Medicaid and SNAP benefits, which provide food assistance to low-income Americans. Like Musk, investors and economists are seemingly concerned that the bill will cause the national debt to balloon and further widen the US budget deficit. The non-partisan Congressional Budget Office said this week that it would grow the deficit by $2.4 trillion over the next decade . Trump and his allies have pushed back, arguing that higher economic growth from lower taxes would help boost government revenue. Here's what top economists are saying about the bill. Phillip L. Swagel, director of the Congressional Budget Office Despite the lower tax rates for low earners, Swagel said in a May 20 letter that the bill would negatively impact poorer Americans. "CBO estimates that household resources would decrease by an amount equal to about 2 percent of income in the lowest decile (tenth) of the income distribution in 2027 and 4 percent in 2033, mainly as a result of losses of in-kind transfers, such as Medicaid and SNAP," he wrote. "By contrast, resources would increase by an amount equal to 4 percent for households in the highest decile in 2027 and 2 percent in 2033, mainly because of reductions in the taxes they owe." William McBride, chief economist at the Tax Foundation McBride, along with several colleagues at the non-partisan Tax Foundation think tank, said in a May 23 report that while the bill would support economic growth, it wouldn't be enough to offset the revenue loss from tax cuts. "Our preliminary analysis finds the tax provisions included in the House-passed bill would increase long-run GDP by 0.8 percent," the report said. "The bill's tax and spending changes would increase the 10-year budget deficit by $2.6 trillion from 2025 through 2034 on a conventional basis before added interest costs. On a dynamic basis, accounting for economic growth, the deficit would increase by $1.7 trillion over ten years before interest costs." It continued: "The bill's tax provisions alone would reduce federal tax revenue by $4.1 trillion from 2025 through 2034 on a conventional basis before added interest costs. On a dynamic basis, accounting for economic growth, the revenue reduction would fall by nearly 22 percent to $3.2 trillion over 10 years before added interest costs." 6 Nobel Laureates Six Nobel Prize-winning economists — including Daron Acemoglu, Simon Johnson, Peter Diamond, Paul Krugman, Oliver Hart, and Joseph Stiglitz — said in a June 2 letter that the bill would worsen wealth inequality in the US. "The combination of cuts to key safety net programs like Medicaid and SNAP and tax cuts disproportionately benefiting higher-income households means that the House budget constitutes an extremely large upward redistribution of income. Given how much this bill adds to the U.S. debt, it is shocking that it still imposes absolute losses on the bottom 40% of U.S households," the letter said. "The House bill addresses none of the nation's key economic challenges usefully and exacerbates many of them," it added. Ken Rogoff, professor of economics at Harvard University Rogoff, former chief economist at the IMF, cast doubt on the notion that the bill would boost growth in a piece for Project Syndicate this week. "Trump and his acolytes argue that his "big, beautiful bill" will supercharge economic growth, generating enough revenue to make up for sweeping tax cuts. But history offers little support for such claims," he wrote. "While both Democratic-led spending sprees and Republican-backed tax cuts have fueled the growth of US debt over the past two decades, tax reductions have accounted for the lion's share of the increase. Moreover, the notion that tax cuts pay for themselves was already discredited in the 1980s, when President Ronald Reagan's tax cuts led to soaring deficits rather than self-sustaining growth." He added: "Will America's rising debt ultimately trigger a full-blown crisis? Perhaps, but a continued upward drift in long-term interest rates is more likely." Desmond Lachman, senior fellow at the American Enterprise Institute Lachman, a former IMF official who currently works for a conservative-leaning think tank, said in a June 4 post that rising bond yields, a declining dollar, and appreciating gold prices could be harbingers of an economic crisis brought on by Trump-driven policy volatility. Trump's tax bill is adding to investors' fears due to its inflationary implications. But one of its clauses undermines confidence in the reliability of the returns on Treasurys, he said. "That bill includes a clause that has to be sending shivers down foreign investors' spines. According to Section 899, the US Treasury can impose additional taxes of up to 20 percent on income earned by foreign entities from countries that enact taxes deemed 'unfair' to US interests."
