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America In Focus: Key inflation gauge surges to 3-year high, mortgage rate climbs

The economy, inflation and how those forces could impact the lives of Americans were front and center over the past week. Trips to the grocery store or gas station are more painful than they were last year, and rising costs are impacting the decisions of both households and businesses. Here’s a snapshot of prominent economic data and news that occurred over the past week and what it potentially means for you. The Federal Reserve’s preferred inflation gauge rose to a new three-year high in May as gas prices peaked, a sign rising costs could pose political problems for President ...

Saks officially emerges from Chapter 11 bankruptcy with less debt and a new name

NEW YORK (AP) — Saks Global, the parent company of Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman, officially emerged from Chapter 11 bankruptcy Friday with fewer stores, less debt, a more focused strategy to pamper the affluent — and a new name. The company said Friday that the new entity will be called Exemplar Luxury Group, and with an improved balance sheet, including a nearly 75% debt reduction and $500 million in extra financing. Its CEO, Geoffroy van Raemdonck, said the New York-based company is ready for its next chapter after navigating several tumultuous ...

USS Oklahoma

AP Photo The American battleship USS Oklahoma being welcomed intoport by cheering crowds, in Portsmouth, England, on June 29, 1936. The ship was part of the US Midshipmen’s practice squadron which would be in England for one week.

In blow to DC Studios, ‘Supergirl’ is no match for ‘Toy Story 5’ at box office

NEW YORK (AP) — In a setback for Warner Bros.’ revamped DC movie operations, “Supergirl” was absolutely no match for “Toy Story 5” at the box office, opening a distant second to the Pixar blockbuster. After a near-record debut for an animated movie, “Toy Story 5” remained No. 1 at the box office with $70 million in domestic ticket sales and another $89.1 million overseas, according to studio estimates Sunday. The Walt Disney Co. release has in two weeks quickly amassed $585 million globally, making it one of the biggest hits of the year. “Supergirl,” however, ...