Nike to Cut More Jobs

Starbucks is a big coffee company. On Thursday, it said it would close 250 shops. The shops are in North America. Some shops do not make enough money. Last year, Starbucks closed 627 shops.

The Fed is the main bank in the US. On Wednesday, it raised interest rates. An interest rate is the cost of borrowing money. This is the first time in over three years. The rate is now 3.75% to 4%.

Apple has a new phone. It is called the iPhone Duo. The phone folds shut like a passport. It is Apple's first folding phone. The price starts at $1,999. John Ternus is the new boss of Apple.