Business Update – October 19, 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Recession likely, but not yet certain

Economists have been warning of a “perfect storm” of conditions pointing to a serious recession for most of the year, but some economists are still saying that it’s not a certainty yet.

Time to apply for student loan forgiveness

President Joe Biden announced on Monday that the federal application for Americans seeking student loan forgiveness is now open. It’s expected to provide debt relief to as many as 43 million borrowers.

The stock market started the week strong

Wall Street kicked off a busy week of corporate earnings with a broad rally Monday. The market has been volatile, switching between gains and losses, in recent weeks.

A tale of two very large supermarket chains

On Friday, Kroger announced that it plans to buy Albertsons in a nearly $25 billion deal. The merger could change the U.S. retail industry and impact how millions of customers buy their groceries.

Hearing aids available over the counter

Starting this week, Walmart, Walgreens, and CVS customers will be able to buy over-the-counter hearing aids. It’s the result of an historic ruling, expected to dramatically improve access to hearing aids for millions of Americans without requiring an exam or prescription.

Mastercard to help with crypto trading

Mastercard is launching a program to let financial institutions offer cryptocurrency trading to their clients. The program will handle regulatory compliance and security — two core reasons banks typically avoid dealing with cryptocurrency.

Relatives may be eligible for 2021 Child Tax Credit

The Internal Revenue Service reminds families that some taxpayers who claim at least one child as their dependent on their tax return could be eligible to benefit from the Child Tax Credit (CTC).

Tips and resources to avoid charity fraud

It’s Charity Fraud Awareness Week, and the IRS is joining the international fight. Learn more about charity fraud and what the IRS is doing to help here.

Toys R Us is back

Just in time for the holiday season, Toys R Us locations inside Macy’s department stores opened this week. It’s a welcome return for nostalgic adults after the stores were all shuttered in 2018.

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