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Month: June 2025

Part toy, part fashion, the arrival of the viral Labubu was a long time in the making

Part toy, part fashion, the arrival of the viral Labubu was a long time in the making

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By MICHELLE CHAPMAN, AP Business Writer

Labubu, the plush toy from China’s Pop Mart is a social media darling, but the toothy little monsters are far from an overnight success. Having appeared a decade ago, Labubus may have finally cemented their place in the collectible toy market for years to come.

The Labubu, by artist and illustrator Kasing Lung, first appeared with pointed ears and pointy teeth, in three picture books inspired by Nordic mythology in 2015.

In 2019 Lung struck a deal with Pop Mart, a company that caters to toy connoisseurs and influencers, to sell Labubu figurines. But it wasn’t until Pop Mart started selling Labubu plush toys on key rings in 2023 that the toothy monsters suddenly seemed to be everywhere, including in the hands of Rihanna, Kim Kardashian and NBA star Dillon Brooks. K-pop singer Lisa of Blackpink began posting images of hers for her more than 100 million followers on Instagram and on TikTok, where Labubu pandemonium has broken out.

There are 1.4 million #Labubu TikTok posts and counting, videos of fans unboxing them, showing styles inspired by them, and of course, Labubu cosplay. read more

Trump’s tariffs would cut US deficits by $2.8T over 10 years and shrink the economy, CBO says

Trump’s tariffs would cut US deficits by $2.8T over 10 years and shrink the economy, CBO says

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By FATIMA HUSSEIN

WASHINGTON (AP) — President Donald Trump’s sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of households overall, according to an analysis released Wednesday by the Congressional Budget Office.

The numbers were revealed in a letter sent to Democratic congressional leadership outlining how the Trump administration’s plan to impose wide-ranging tariffs on countries around the world will affect American households.

Baked into the CBO analysis is a prediction that households would ultimately buy less from the countries hit with added tariffs. The budget office estimates that the tariffs would increase the average annual rate of inflation by 0.4 percentage points in 2025 and 2026.

The budget office’s model also assumes that the tariffs, announced through executive action between January and May, will be in place permanently.

FILE – Bicycles are displayed at a Walmart, Wednesday, April... FILE – Bicycles are displayed at a Walmart, Wednesday, April 16, 2025, in Groton, Conn. (AP Photo/Julia Demaree Nikhinson, File) FILE – Empty shopping carts are collected from the parking... FILE – Empty shopping carts are collected from the parking lot at Walmart store in Burbank, Calif., on Thursday, April 10, 2025. (AP Photo/Damian Dovarganes, File) FILE – President Donald Trump speaks to reporters in the... FILE – President Donald Trump speaks to reporters in the Oval Office of the White House, Friday, May 23, 2025, in Washington. (AP Photo/Evan Vucci, File)

1 of 3 FILE – Bicycles are displayed at a Walmart, Wednesday, April 16, 2025, in Groton, Conn. (AP Photo/Julia Demaree Nikhinson, File)

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Since the analysis was conducted, a federal court struck down sweeping tariffs that Trump invoked under an emergency-powers law. An appeals court allowed the Trump administration to continue collecting the tariffs while the case goes through appeals. read more

Tax deductions might go up. Would you benefit?

Tax deductions might go up. Would you benefit?

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By Lauren Schwahn, NerdWallet

House Republicans passed President Donald Trump’s “one big, beautiful bill” on May 22.

This meaty budget reconciliation bill includes a provision to increase the state and local tax, or SALT, deduction limit. If the changes make it through the Senate, certain taxpayers could see big tax breaks.

What is the SALT cap?

The SALT deduction is a tax break that allows people who itemize to deduct certain taxes from their federal taxable income. Eligible deductions include property taxes and a choice of state and local sales taxes or state and local income taxes.

The SALT deduction is currently capped at $10,000 ($5,000 for those married filing separately) and is set to expire at the end of 2025.

What might change?

The House bill would raise the SALT cap to $40,000 ($20,000 for those married filing separately), four times higher than the current limit. The cap and income thresholds would increase by 1% annually through 2033. Taxpayers with a modified adjusted gross income over $500,000, would have a reduced deduction, but it would not go lower than $10,000. read more

Silver Airways draws no new bidders, paving way for ‘stalking horse’ to buy the Florida airline

Silver Airways draws no new bidders, paving way for ‘stalking horse’ to buy the Florida airline

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Silver Airways, the financially troubled regional carrier serving Florida, the Bahamas and the Caribbean, tried to sell itself in a bankruptcy auction last week.

But no bidders showed up to contest a so-called “stalking horse” offer at a May 28 auction, and the airline is now working to close the sale of all of its assets to a private equity group, its chief executive said in a court affidavit filed Wednesday.

U.S. Bankruptcy Judge Peter Russin of Fort Lauderdale green-lighted an auction last month after polling the Hollywood-based airline’s major creditors.

But Steven Rossum, the CEO, president and general counsel, declared in a six-page affidavit that despite expressions of interest from a wide array of potential bidders, no one stepped forward with a better offer than the $5.775 million bid from an acquisition firm affiliated with Wexford Capital of Greenwich, Conn., and West Palm Beach.

Silver said in court filings posted Wednesday that the company is moving forward with a deal that would also allow the acquisition firm, Argentum Acquisitions Co. LLC., to acquire Silver’s affiliate in the U.S. Virgin Islands, Seaborne Airlines, which serves St. Thomas and St. Croix. Both airlines filed for Chapter 11 bankruptcy protection on Dec. 30, 2024. Rossum oversees both carriers, which have continued to fly during their respective bankruptcy cases. read more

Wall Street’s big rally stalls following some discouraging economic data

Wall Street’s big rally stalls following some discouraging economic data

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By STAN CHOE, AP Business Writer

NEW YORK (AP) — Wall Street’s big recent rally lost some momentum on Wednesday following a pair of potentially discouraging reports on the economy.

The S&P 500 finished the day virtually unchanged and remained 2.8% below its all-time high. The Dow Jones Industrial Average fell 91 points, or 0.2%, and the Nasdaq composite added 0.3%.

The action was stronger in the bond market, where Treasury yields tumbled following the weaker-than-expected economic updates.

One said that activity contracted for U.S. retailers, finance companies and other businesses in the services industries last month, when economists were expecting to see growth. Businesses told the Institute for Supply Management in its survey that all the uncertainty created by tariffs is making it difficult for them to forecast and plan.

A second report from ADP suggested U.S. employers outside of the government hired far fewer workers last month than economists expected. That could bode ill for Friday’s more comprehensive jobs report coming from the U.S. Labor Department, which is one of Wall Street’s most anticipated data releases each month. read more