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March jobs report shows wage growth slows below expectations

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March jobs report shows wage growth slows below expectations

American workers saw rising wages in March, though the increases were lighter than expected and represented a deceleration from the prior month’s readings.

The Bureau of Labor Statistics on Friday released the March jobs report, which showed the U.S. economy added 178,000 jobs for the month – beating the expectations of economists polled by LSEG who anticipated a gain of 60,000 jobs.

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The report found that average earnings increased 0.2% on a monthly basis and are 3.5% higher than a year ago. Those figures were both lower than expected, as the LSEG poll estimated earnings would be up 0.3% from the prior month and 3.7% compared with last year.

Those readings represented a slowdown in wage growth from the figures reported in February, when wages were up 0.4% from the previous month and 3.8% year over year.

US ECONOMY ADDED 178,000 JOBS IN MARCH, WELL ABOVE EXPECTATIONS

walmart worker in a store

Wage growth slowed more than expected in March, while the average work week also declined. (Joe Raedle/Getty Images / Getty Images)

Additionally, the report found that the average work week was shorter than expected at 34.2 hours, below the 34.3 reading in February that economists polled by LSEG expected would prevail in March as well.

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The average hourly wage for private sector employees was $37.38 in March, up from $37.29 in February and $36.11 in March 2025.

MORE AMERICAN WORKERS ARE STRUGGLING THAN THRIVING FOR FIRST TIME: POLL

EToro U.S. investment analyst Bret Kenwell noted that while the overall jobs report was “encouraging” and offered some reassurance about the labor market, he noted that wages were one of “a few softer details beneath the surface.”

“Average hourly earnings and hours worked both came in a bit light, arriving at a time when surging energy prices are effectively acting as an immediate gas-pump tax on consumers,” Kenwell said.

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IRAN WAR COULD PUSH INFLATION HIGHER THIS YEAR, GOLDMAN SACHS SAYS

Construction worker uses shovel on road

Wage growth slowed in March and came in lower than expected. (Allison Joyce/Bloomberg via Getty Images)

EY-Parthenon senior economist Lydia Boussour noted that average hourly earnings “lost momentum” in what was a “softer than expected outcome.”

“As wage and job gains moderate, rising gasoline prices are compounding the pressure by squeezing disposable incomes and further reducing household spending power. With labor market support already softer, this leaves the consumer outlook more fragile,” Boussour said.

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She added that the firm expects “a largely frozen labor market in 2026, characterized by selective hiring, compressed wage growth and strategic workforce resizing as labor supply remains historically strained.”

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Cristiano Ronaldo Gives Major Injury Update As 2026 World Cup Hopes Boosted For Al Nassr Star

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Scottie Scheffler

Cristiano Ronaldo has delivered a reassuring update on his recovery from a hamstring injury, posting on social media that he is “getting better every day” as he steps up rehabilitation and edges closer to a return with Al Nassr.

Cristiano Ronaldo scored his first international goal since turning 40 against Denmark
AFP

The 41-year-old Portuguese superstar sustained the right hamstring muscle injury on Feb. 28 during Al Nassr’s Saudi Pro League match against Al Fayha, forcing him to limp off in the 81st minute of a 3-1 victory. The club initially described the issue as requiring daily evaluation, with Ronaldo beginning a tailored rehabilitation program that included time in Madrid for specialized treatment.

Ronaldo has been sidelined for more than a month, missing several league fixtures and Portugal’s March international friendlies against Mexico and the United States. His absence sparked concern among fans about his fitness ahead of the 2026 FIFA World Cup, where he is widely expected to lead the national team in what could be his final major tournament appearance.

In a social media post shared in late March, Ronaldo posted images and videos of himself performing targeted leg exercises and gym work, accompanied by the message “Getting better every day.” The positive tone helped calm speculation about a prolonged layoff or potential threat to his World Cup participation.

Portugal coach Roberto Martinez moved quickly to downplay any long-term worries. “No, he’s not in danger. It’s a minor muscle injury, and we think he can return in a week or two,” Martinez told reporters when announcing the squad for the March friendlies. “Everything Cristiano has done physically this season shows that he’s in great shape.” Martinez emphasized that Ronaldo’s place in the Portugal setup remains secure and that the injury would not jeopardize his availability for the 2026 World Cup in North America.

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Recent updates from Al Nassr indicate steady progress. The club has released images and videos showing Ronaldo back at training facilities in Riyadh, initially completing individual sessions before transitioning toward full group integration. Reports suggest he has already participated in some collective drills, positioning him as a potential option for Al Nassr’s upcoming Saudi Pro League match against bottom-placed Al Najma on or around April 3.

Al Nassr manager Jorge Jesus has confirmed that both Ronaldo and teammate Sadio Mane, who has been dealing with his own minor fitness concerns, are expected to return after the international break. The club’s schedule adjustments in the 2025-26 season have provided additional recovery time, which medical staff have used to ensure a cautious but effective return.

At 41, Ronaldo continues to defy typical age-related decline, maintaining elite physical conditioning that has allowed him to score prolifically even in the demanding Saudi Pro League. This latest hamstring issue echoes previous muscle problems throughout his career, but the current prognosis remains optimistic given the minor classification and his disciplined rehabilitation approach.

Medical experts note that hamstring strains in veteran athletes require careful management to prevent recurrence, especially with the high-intensity demands of modern football. Ronaldo’s recovery has involved a combination of rest, targeted strength work, mobility exercises and gradual reintroduction to football-specific movements. His history of successful comebacks from more severe injuries, including multiple knee and ankle issues, adds confidence that he can return to full match fitness without long-term complications.

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The injury forced Ronaldo to miss Portugal’s March window, but the national team navigated the friendlies without him, maintaining focus on squad depth ahead of World Cup qualifiers and preparations. Martinez has consistently praised Ronaldo’s leadership and professionalism, stating that the captain’s experience remains invaluable regardless of short-term fitness setbacks.

For Al Nassr, Ronaldo’s absence has been felt in attack, though the team has managed to stay competitive in the league standings under Jesus. The Saudi Pro League title race remains tight, and Ronaldo’s potential return could provide a timely boost as the campaign enters its decisive phase. Speculation about an April 3 comeback against Al Najma has grown, though the club has not confirmed an exact date to avoid rushing the player.

Ronaldo’s social media activity has played a key role in managing public perception. By sharing glimpses of his gym sessions and expressing a positive mindset, he has reassured millions of fans worldwide while maintaining focus on the recovery process. The five-time Ballon d’Or winner has long emphasized mental resilience alongside physical training, a philosophy that appears central to his current rehabilitation.

Broader discussions have centered on Ronaldo’s longevity and ambitions for the 2026 World Cup. At an age when most players have retired, Ronaldo continues to chase records and silverware, including his first major trophy with Al Nassr. The hamstring setback, while inconvenient, has not altered his stated goal of representing Portugal at the expanded 48-team tournament co-hosted by the United States, Canada and Mexico.

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Portugal’s path to the World Cup remains strong, and Ronaldo’s place as captain and all-time leading scorer for the national team is undisputed. Analysts suggest that even a limited return in April would allow sufficient time for him to regain sharpness before the tournament, provided no further setbacks occur.

As recovery continues, Ronaldo has been spotted training with high intensity in controlled environments. Reports from Saudi media indicate he has completed the final stages of rehabilitation and could be available for selection sooner rather than later, subject to medical clearance and coaching decisions.

The football world watches closely. Ronaldo’s influence extends far beyond the pitch, with his work ethic inspiring younger players and his commercial appeal remaining unmatched. Sponsors and fans alike hope for a swift and complete recovery that allows him to continue performing at the highest level.

Al Nassr faces a busy fixture list in April, and Jesus must balance Ronaldo’s reintegration with the need to protect him from re-injury. A gradual return — perhaps as a substitute initially — would align with best medical practices for hamstring issues.

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For now, the narrative around Ronaldo has shifted from concern to cautious optimism. His “getting better every day” message, combined with Martinez’s assurances and visible training progress, suggests the setback will prove temporary. Whether he features against Al Najma or in subsequent matches remains to be confirmed, but signs point to a mid-to-late April availability if all goes according to plan.

Ronaldo’s career has been defined by remarkable resilience, from early breakthroughs at Sporting CP and Manchester United to dominance at Real Madrid and Juventus, and now his chapter in Saudi Arabia. This latest chapter in injury management reinforces his reputation as one of football’s most dedicated professionals.

As April begins and the 2026 World Cup draws nearer, Ronaldo’s focus remains clear: recover fully, return strongly and continue chasing greatness. Fans, teammates and coaches share the same hope — that the hamstring strain becomes nothing more than a brief interruption in an extraordinary journey.

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Strong U.S. Jobs Rebound After Winter Strikes And Storms

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Strong U.S. Jobs Rebound After Winter Strikes And Storms

Businesswoman use laptop and calculator analyzing company growth, future business growth arrow graph, development to achieve goals, business outlook, financial data for long term investment.

Prae_Studio/iStock via Getty Images

By James Knightley, Chief International Economist, US

Strong growth, but with a lack of breadth

The headlines from the March US jobs report are good. Non-farm payrolls were up 178,000, well ahead of the 65,000 consensus estimate

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Analysis-Private credit sector stresses could be catastrophic, but not just yet

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Analysis-Private credit sector stresses could be catastrophic, but not just yet


Analysis-Private credit sector stresses could be catastrophic, but not just yet

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Why Workplace Culture Matters More Than You Think

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Barbie Creator Mattel's Shares at an Uptick After L Catterton Reveals Buyout Offer

Workplace culture is not just a trendy phrase—it’s one of the biggest reasons people enjoy their jobs or decide to quit.

Recent insights from Gallup show that many employees leave not because of salary, but because they feel disconnected, unsupported, or unheard at work.

As leadership expert Jennifer Dulski explained, “Even in the age of AI, teams are still made up of humans who need to feel deeply connected, supported and seen. When people don’t have that, they leave.”

Her statement highlights a simple truth: people don’t just work for money—they work for meaning and respect.

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What Workplace Culture Really Means

At its simplest, workplace culture is how a job feels every day. It’s how people talk, how leaders act, and how problems get solved. It is not just what a company says online—it’s what employees experience in real life.

According to USA Today, career coach Patrice Williams-Lindo made this clear when she said, “workplace culture isn’t what companies have in their mission statements. It’s the pattern of decisions — what leaders reward, tolerate or ignore.”

That means culture shows up in small moments:

  • How your boss responds when you make a mistake
  • Whether your ideas are heard
  • If teamwork is encouraged or ignored

These daily experiences shape whether people feel happy—or stressed—at work.

4 Big Things That Shape Workplace Culture

1. Leadership Behavior

Leaders set the tone. When things go wrong, employees watch closely. Do leaders stay calm and fair, or do they blame others?

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Williams-Lindo explains that the best way to understand a company is to watch what happens during tough times. That’s when real values show.

2. Rules and Flexibility

Policies matter more than people think. Rules about remote work, schedules, or time off tell employees what the company truly values.

Clear and fair rules build trust. Confusing or changing rules create stress.

3. Communication and Honesty

Open communication builds strong teams. When leaders share information clearly, employees feel included.

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But when decisions happen behind closed doors, trust breaks. Workers may start to feel left out or unimportant.

4. Rewards and Recognition

What gets rewarded gets repeated. If teamwork is praised, people will help each other. If only individual success is rewarded, collaboration may suffer.

Recognition—big or small—helps employees feel valued.

Different Types of Workplace Culture

Not all workplaces feel the same. Here are a few common types:

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Fast-Paced Startups

Startups move quickly and change often. According to Leigh Henderson, these environments reward creativity and flexibility. Some people love the freedom, while others may find it stressful.

Structured Corporate Jobs

Large companies often have clear rules and systems. This can bring stability, but sudden changes—like layoffs—can feel shocking if they don’t match the company’s values.

Mission-Driven Organizations

Nonprofits focus on helping others. This can give employees a strong sense of purpose. But it can also lead to burnout if people feel they must always give more.

Remote-First Workplaces

Remote jobs offer flexibility, but they require strong communication. Without face-to-face time, employees must find ways to stay visible and connected.

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Why Culture Affects More Than Just Work

Workplace culture shapes more than tasks—it shapes people’s lives.

A healthy culture can:

  • Improve mental health
  • Build strong relationships
  • Increase motivation

An unhealthy culture can:

  • Cause stress and burnout
  • Lower confidence
  • Make employees feel stuck

Williams-Lindo described workplace relationships as something deeper, saying they create “trust” and a system of support. When that trust is missing, work becomes harder and less enjoyable.

How to Spot a Good Workplace Culture

If you’re looking for a job, here are simple ways to check a company’s culture:

Do Your Research

Look at company websites and reviews. Compare what they say with what employees report.

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Ask Real Questions

During interviews, ask why people enjoy working there—and what challenges they face. Honest answers reveal the truth.

Watch How People Act

Notice how employees speak to each other. Are they respectful? Friendly? Open?

Pay Attention to Leaders

Do managers listen carefully? Do they show interest in you as a person?

These small signs can tell you a lot.

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The Bottom Line

Workplace culture is not just a “nice-to-have.” It affects how people feel, perform, and grow. It can turn a simple job into a meaningful experience—or a daily struggle.

As companies change and technology grows, one thing stays the same: people need connection, respect, and purpose. That’s why culture matters now more than ever.

Originally published on vcpost.com

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Phoenix Sky Harbor TSA Wait Times Remain Manageable On Easter Weekend 2026 Despite Staffing Challenges

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Phoenix Sky Harbor International Airport

PHOENIX — Travelers passing through Phoenix Sky Harbor International Airport on Good Friday encountered generally short TSA security wait times, with most checkpoints reporting waits under 15 minutes as of midday on April 3, 2026, offering some relief during the busy Easter travel period.

Phoenix Sky Harbor International Airport
Phoenix Sky Harbor International Airport

The airport’s official website showed real-time security wait times fluctuating between 5 and 11 minutes across active checkpoints around 12:16 p.m. local time. Terminal 3 listed a 9-minute wait, while Terminal 4 checkpoints reported: A at 10 minutes, B at 5 minutes, C at 7 minutes and D at 7 minutes. All gates in Terminal 4 remain accessible through any checkpoint, allowing passengers to switch lines if one appears longer.

Phoenix Sky Harbor, one of the busiest airports in the country and a major hub for American Airlines and Southwest Airlines, typically sees average TSA wait times between 5 and 20 minutes under normal conditions. During peak morning hours or holiday rushes, waits can occasionally climb toward 30 minutes, though recent data indicates relatively smooth operations compared with some other major U.S. airports.

The modest wait times come amid ongoing challenges for the Transportation Security Administration. A partial government shutdown has led to staffing shortages at checkpoints nationwide, with some officers working without pay and occasional absences contributing to longer lines at certain airports. At Sky Harbor, occasional checkpoint closures have been reported in recent weeks, forcing passengers to use alternative lanes, yet the airport’s multiple checkpoints in Terminal 4 have helped distribute crowds effectively.

Airport officials and TSA representatives recommend that passengers check real-time wait times before heading to the airport. The most reliable method is visiting the official Sky Harbor website at skyharbor.com, where a dedicated “Security Wait Times” section updates throughout the day by terminal and checkpoint. Flight information screens inside the terminals also display current estimates.

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Travelers can use the MyTSA mobile app for additional guidance, including the “Can I Bring My…” tool for prohibited items and general wait-time information, although some users note that airport-specific data is most accurate on the Sky Harbor site itself. The airport also offers PHXRESERVE, a program allowing passengers to reserve a security screening time slot in advance to further reduce uncertainty.

On Easter weekend, with many families traveling for holiday gatherings, Sky Harbor expects elevated passenger volumes. Terminal 4, which handles the majority of flights, typically sees the heaviest traffic in the early morning and late afternoon. Passengers are advised to arrive at the airport at least two hours before domestic flights and three hours for international departures, even with current short wait times.

Recent traveler reports on social media and local news have been largely positive. Some passengers described clearing security in under 10 minutes, including through TSA PreCheck lanes, which often move even faster. Others noted that assistance from additional personnel, including ICE agents helping at checkpoints during the staffing crunch, has improved flow despite occasional confusion with procedures.

For those without TSA PreCheck or Clear, standard lanes have remained manageable. Historical averages suggest that early morning (5-8 a.m.) and early evening (4-7 p.m.) are the busiest periods, when waits can stretch toward 20-30 minutes or more if multiple flights depart simultaneously. Midday and late evening hours tend to be quieter.

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Sky Harbor processed millions of passengers in 2025, and 2026 projections indicate continued growth as air travel demand remains strong post-pandemic. The airport has invested in technology upgrades, including more automated screening lanes and improved signage, to enhance throughput and passenger experience.

Tips for minimizing wait times at Phoenix Sky Harbor include:

– Enroll in TSA PreCheck or Clear if eligible for expedited screening.
– Pack liquids in a quart-sized bag and remove laptops and large electronics in advance.
– Wear easily removable shoes and avoid bulky outer layers.
– Use the airport’s chat function on skyharbor.com or ask staff for real-time advice if lines appear uneven.
– Consider off-peak travel times when possible.

Despite the staffing pressures from the ongoing partial government shutdown, TSA officers continue to operate as essential workers. Airport spokesperson Deanna Brodie has encouraged patience and preparation, noting that Sky Harbor’s layout with multiple parallel checkpoints helps prevent extreme backups that have plagued single-checkpoint facilities elsewhere.

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International travelers should factor in additional time for customs and border processing upon arrival, though departure security screening follows the same TSA protocols. Phoenix Sky Harbor serves numerous nonstop domestic routes and several international destinations, primarily to Mexico and Canada.

For families traveling with children or passengers requiring special assistance, Sky Harbor provides dedicated support. Families can request assistance at checkpoints, and the airport offers wheelchair services and other accommodations through airlines or third-party providers.

As the Easter long weekend continues through Monday, April 6, wait times are expected to remain variable but generally reasonable based on current patterns. Travelers returning after the holiday may encounter slightly higher volumes on Sunday and Monday as flights converge.

In the broader context of U.S. air travel, Phoenix Sky Harbor has fared better than some peers during periods of staffing strain. While some airports have reported waits exceeding one hour, Sky Harbor’s multi-checkpoint design and proactive communication have helped maintain shorter lines.

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Passengers are reminded that wait times can change rapidly with flight schedules, so checking within a few hours of departure provides the best snapshot. Those with tight connections should build in extra buffer time.

Sky Harbor continues to promote contactless options where available and encourages downloading the MyTSA app for quick reference on security rules. The airport also maintains robust cleaning and safety protocols to ensure a comfortable environment.

For the latest updates, visitors should rely on official sources: the Sky Harbor website, in-terminal displays, or airline apps. Unofficial third-party trackers may not reflect real-time conditions as accurately.

Overall, current data suggests that most travelers at Phoenix Sky Harbor on Good Friday experienced efficient security screening, with waits well below the 30-minute threshold that often triggers traveler frustration. With proper preparation and real-time checks, passengers can navigate the process smoothly even during a busy holiday weekend.

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As air travel demand stays robust in 2026, Sky Harbor officials continue working with TSA to optimize staffing and technology. For now, the message to flyers is clear: check wait times online, arrive prepared, and enjoy smoother-than-expected security at one of America’s busiest desert gateways.

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Saks Global secures $500M deal and eyes Chapter 11 exit this summer

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Saks Global secures $500M deal and eyes Chapter 11 exit this summer

The parent company of luxury retailer Saks announced Thursday that it entered into a restructuring agreement with its capital partners who committed to provide $500 million in financing when the company emerges from bankruptcy.

Saks Global Enterprises filed for Chapter 11 bankruptcy protection in January after it missed a $100 million interest payment in December because the company was burdened with $3.4 billion in debt after its $2.7 billion acquisition of Neiman Marcus.

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The company now expects to exit bankruptcy this summer amid its ongoing restructuring effort.

“Achieving this important milestone underscores the progress we are making on our transformation and reflects our capital partners’ confidence in our go-forward vision, guided by our relentless devotion to the luxury customer,” said Geoffroy van Raemdonck, CEO of Saks Global.

SAKS GLOBAL FILES FOR BANKRUPTCY AFTER $2.7B NEIMAN MARCUS ACQUISITION DEAL

Pedestrians pass by Saks Fifth Avenue Department store in New York.

Saks Global, the parent company of Saks Fifth Avenue, signaled plans to exit bankruptcy this summer. (Victor J. Blue/Getty Images)

“As we advance the restructuring process and position Saks Global for the future, our focus remains on strengthening our brand partner relationships and delivering an expertly curated product assortment and personalized service for our luxury customers across Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman,” van Raemdonck added.

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Saks Global’s announcement indicated that the company is continuing to work with its financial stakeholders on its reorganization plan and anticipates its filing in the coming weeks.

LUXURY RETAIL GIANT SAKS WEIGHS BANKRUPTCY FILING, REPORT

Florida, West Palm Beach, Palm Beach Outlet mall, Saks Fifth Avenue Off 5th entrance

Saks Global has offloaded some of its discount locations, including a dozen Saks Off 5th locations. (Jeff Greenberg/Education Images/Universal Images Group via Getty Images)

Additionally, the retailer’s announcement on Thursday said its inventory has improved after more than 650 of its brand partners resumed shipping, which has helped lift customer engagement.

The company aims to unlock the potential of its three luxury banners and drive sustainable growth.

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SPIRIT AIRLINES REACHES DEAL TO EXIT BANKRUPTCY PROCEEDINGS BY EARLY SUMMER

Neiman Marcus store, background, Neiman Marcus Santa Claus, inset

Neiman Marcus is one of Saks Global’s brands. (Getty Images)

Saks Global announced last month that it obtained access to an additional $300 million of its $1.75 billion bankruptcy funding package, which gave it sufficient liquidity to support operations. A group of its bondholders also approved its five-year business plan.

The retailer said in March it would close 12 Saks Fifth Avenue stores and three Neiman Marcus locations amid the restructuring. 

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In January, the company announced it would close 62 of its off-price operations, including Saks Off 5th and the remaining Neiman Marcus Last Call stores.

Reuters contributed to this report.

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March Jobs Report: A Muddled Picture

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March Jobs Report: A Muddled Picture

March Jobs Report: A Muddled Picture

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Viant technology CFO Madden sells $194k in stock

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Viant technology CFO Madden sells $194k in stock

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California cracks down on Montana Loophole luxury car tax evasion

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California cracks down on Montana Loophole luxury car tax evasion

As California faces a billionaire exodus, state officials are continuing to target the wealthy, with a crackdown on individuals who register luxury vehicles out of state to avoid California taxes and registration fees.

Known as the “Montana Loophole,” the practice involves California residents purchasing and registering luxury vehicles through a Montana-based limited liability company, LLC, because Montana has no statewide sales tax and has significantly lower registration fees than the Golden State.

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Montana allows out-of-state owners to purchase and title vehicles there on paper, even when the vehicles are primarily used in another state, according to the California Department of Tax and Fee Administration (CDTFA).

On March 6, the CDTFA and the DMV announced they had opened more than 400 investigations into high-end vehicle buyers and begun nearly 300 audits of dealers in an attempt to recover millions in lost revenue.

Luxury vehicles by pool

California AG Rob Bonta announced charges against over a dozen residents involved in alleged tax evasion schemes involving luxury car purchases registered out of state. (Vivien Killilea/Getty Images for Athletes vs. Cancer / Getty Images)

CLIMATE EXECUTIVE WARNS CALIFORNIA ‘FUNCTIONALLY BANKRUPT,’ $1T SHORTFALL COULD SHAKE NATION

The state agency estimates that since 2023, about 2,500 sales across nearly 500 California dealerships to customers claiming to use the vehicle in Montana have cost the state more than $10 million annually in lost revenue.

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California Attorney General Rob Bonta’s office also announced charges against 14 Bay Area individuals in an alleged tax evasion scheme involving more than $20 million worth of luxury vehicles registered out of state. According to Bonta’s office, none of the vehicles, including McLarens, Porsches and Ferraris, were shipped to or used outside California, and the defendants allegedly evaded more than $1.8 million in state taxes.

“CDTFA is working to close this loophole that erodes California’s revenue base,” said California Department of Tax and Fee Administration Director Trista Gonzalez in a press release. “Our department is identifying questionable transactions through state partnerships to protect the integrity of California’s tax system while ensuring the tax is paid to support our schools, roads, public safety, and essential services that all Californians depend on.”

California Capitol

A view of the California state capitol building on National Urban League California Legislative Advocacy Day on March 13, 2024, in Sacramento, California.  (Arturo Holmes/Getty Images for National Urban League / Getty Images)

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Under state law, residents owe California sales tax on vehicles that are not first used and kept out of state for at least 12 months, according to the CDTFA. Those who attempt to avoid these taxes can face significant penalties, including up to 50% of the tax due.

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In December 2024, the state agency sent a warning letter to California auto dealers about the tax-evasion scheme, saying they could be held liable for taxes if they failed to keep proper shipping and delivery documents or if they did not actually ship the vehicle out of state.

“We’re talking about really large, hefty sales prices on these vehicles. So uncovering even a handful of them makes a large, large impact on our revenue for our state that provides vital services for Californians,” Shannon Robinson of the CDTFA told the LA Times in a report published Friday.

Ferrari Testarossa 849

The Ferrari Testarossa 849 (Ferrari)

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The tax enforcement comes as California’s most wealthy are reportedly fleeing the state over concerns about a looming wealth tax that would impose a 5% tax on the net worth of residents with assets exceeding $1 billion.

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California also faces a projected $18 billion deficit in 2026–2027, according to the Legislative Analyst’s Office.

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4 Facts Consumers Should Know

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digital banks

The Philippines’ financial landscape has evolved over the years, bringing a variety of modern tools that have reshaped how people save, spend, and manage their finances. Digital financial services, for instance, have provided Filipinos with a faster and more convenient way to handle everyday transactions. As such, it’s no surprise that they’ve emerged as a transformative force in the country’s banking ecosystem.

digital banks

While these services have become a part of daily life for many, a large number of consumers aren’t fully aware of how they operate. A lot of people may also not realize the difference between general digital platforms and digital banks that are regulated by the Bangko Sentral ng Pilipinas (BSP), and why that distinction should matter.

To close this gap, this article aims to shed light on the most important facts about BSP-regulated digital banks. Having a better understanding of how these banks are governed should boost your confidence as a user, enabling you to manage your money safely and effectively. 

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But First… What Does It Mean When a Digital Bank Is BSP-Regulated?

When you’re transacting with a BSP digital bank, it means the institution has been granted a license to operate under the oversight of the Bangko Sentral ng Pilipinas. This regulation ensures that the bank follows strict standards for financial stability, consumer protection, and sound operational practices, reducing the likelihood of serious issues like fraud and data breaches. It also signals that the bank is legitimate, accountable, and required to comply with laws designed to safeguard depositors and the broader financial system.

Now that you know what it means for digital banks to be BSP-regulated, it’s time to explore the key facts that make these worth your attention.

1) They’re Fully Regulated Like Traditional Banks

Even though digital banks are branchless—that is, they have no physical locations—they’re not operating in a regulatory gray area. They go through the same long and rigorous licensing process as traditional banks, which is meant to evaluate their ability to operate safely, fairly, and in the public’s best interest. Moreover, the process is highly selective, as only applicants that demonstrate strong financial backing and a sustainable business model are granted approval.

Once approved, BSP-regulated digital banks are subject to regular audits and reporting obligations, just like any established brick-and-mortar institution. For these banks, operating digitally doesn’t mean cutting corners on accountability or reliability. 

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2) There are Only a of Handful BSP-Regulated Digital Banks in the Philippines 

Since the approval process is strict and time-consuming, only a small number of digital banks have secured a license from the Bangko Sentral ng Pilipinas. As of this article’s writing, there are just six BSP-regulated digital banks operating in the country. One of them is Maya, which is considered to be the Philippines’ number one digital bank. 

A main reason the number of BSP-regulated digital banks is low is the fact that the BSP isn’t aiming for quantity. The agency’s priority is quality, as they want to ensure that only well-prepared and well-capitalized players enter the market. As such, not all digital financial services are backed by the BSP. Therefore, it’s in your best interest to verify whether a provider is licensed before entrusting them with your money. 

3) BSP-Regulated Digital Banks are Covered by the Philippine Deposit Insurance Corporation (PDIC) 

One of the key advantages of banking with a BSP-regulated digital institution is that your deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). This means that in the unlikely event the bank fails, your money—up to PHP 1 million per depositor—is protected by the government.

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The PDIC coverage is automatic and does not require any separate application or enrollment, making it a built-in safeguard for your hard-earned savings. Moreover, this level of protection is the same as what’s offered by traditional banks, which should provide peace of mind for first-time users of digital banking. 

4) Digital Banks Under the BSP are Required to Maintain Robust Cybersecurity Frameworks 

To protect consumers in an increasingly digital financial environment, the Bangko Sentral ng Pilipinas requires all licensed digital banks to implement strong, well-defined cybersecurity frameworks. This includes regular risk assessments, incident response protocols, data encryption, multi-factor authentication, and strict access controls.

These measures are not optional; they’re part of the regulatory requirements that digital banks must meet and continuously update. Failure to comply can result in penalties, sanctions, or even the revocation of a bank’s license. By requiring digital banks to follow international best practices in cybersecurity, the BSP helps ensure that customer information, transactions, and funds are kept secure—even in a constantly evolving threat landscape. 

Digital financial services have opened new doors for convenience, accessibility, and financial empowerment in the Philippines. But as more services go online, it’s important to look beyond sleek interfaces and fast transactions. Not all digital financial platforms are regulated, and that distinction can have serious implications for your financial safety. But now that you have a greater understanding of what BSP-regulated digital banks are, you know that these institutions are a safer and more reliable choice in growing your finances.

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