The U.S. Commerce Department announced a 25% national security tariff on certain high-end semiconductors. A White House official said the move is a “phase one” step to protect the U.S. chip sector and may be followed by additional actions. Further announcements could come after negotiations with other countries and companies. President Trump has previously warned of imposing tariffs as high as 100% on chips not … Continue reading White House says 25% semiconductor tariffs a ‘phase one’ action

Senators say they will continue pushing a major cryptocurrency bill after a last-minute committee vote was postponed. The legislation, intended to create clear rules for the crypto industry, has stalled amid long-standing disagreements among lawmakers, crypto firms, and banks. Opposition from Coinbase CEO Brian Armstrong, who cited concerns over limits on crypto rewards and reduced regulatory authority, contributed to the delay. Banking Committee Chair Tim … Continue reading Coinbase CEO says key crypto vote can be rescheduled after 11th hour cancellation

The U.S. and Taiwan reached a trade agreement aimed at expanding semiconductor manufacturing in the United States, the Commerce Department announced. Taiwanese chip and technology firms will invest at least $250 billion in U.S. production, backed by $250 billion in credit guarantees from Taiwan’s government. In return, the U.S. will reduce reciprocal tariffs on Taiwan to 15% and eliminate them on certain goods, while offering … Continue reading Taiwan will invest $250 billion in U.S. chipmaking under new trade deal

Gold reached a record high Tuesday, driven by lower-than-expected U.S. inflation data and ongoing geopolitical and economic uncertainties, while silver also hit a new peak. U.S. core CPI rose 0.2% month-on-month and 2.6% year-on-year in December, strengthening bets on Federal Reserve rate cuts later this year. Investors see lower interest rates as favorable for non-yielding metals, amid safe-haven demand amid tensions involving the U.S., Iran, … Continue reading Gold hits record as inflation data cements Fed rate cut bets

China’s December exports surged 6.6%, beating expectations, while imports rose 5.7%, marking their fastest growth in three months. This strong performance pushed the country’s 2025 trade surplus to a record $1.19 trillion, up 20% from 2024. Trade with the U.S. continued to decline sharply, with exports falling 30% in December and imports dropping 29%, highlighting ongoing tensions. Officials emphasized the need for dialogue to improve … Continue reading China’s annual trade surplus hits a record $1.2 trillion

Saks Global, parent company of Saks Fifth Avenue, filed for Chapter 11 bankruptcy protection following struggles with debt from its 2024 acquisition of Neiman Marcus. CEO Richard Baker stepped down as part of the filing, and former Neiman Marcus chief Geoffroy van Raemdonck will lead the company through the bankruptcy process. Changing consumer habits, a shift toward direct-to-consumer luxury purchases, and economic uncertainty contributed to … Continue reading Saks Global files for bankruptcy amid luxury market strains

Gold surged to a new record above $4,600 an ounce as investors sought safe-haven assets amid geopolitical tensions and market uncertainty. Concerns over a criminal investigation into Federal Reserve Chair Jerome Powell fueled speculation about potential leadership changes and faster interest-rate cuts. Unrest in Iran and recent U.S. actions in Venezuela added to the sense of global risk, boosting demand for gold. A weaker U.S. … Continue reading Gold smashes new record of $4,600

Banks and financial services stocks fell Monday after Trump called for a one-year, 10% cap on credit card interest rates starting January 20, 2026. Capital One and Synchrony Financial saw the largest declines, while more diversified banks like JPMorgan and Bank of America fell modestly, along with Visa and Mastercard. Critics warned the cap could make credit unprofitable, prompting banks to reduce lending and scale … Continue reading Capital One drops 6%, other banks hit after Trump calls for credit card rate cap

Wall Street hit record highs Monday, with the S&P 500, Dow, and Nasdaq all rising despite lingering concerns about political pressure on the Federal Reserve. Walmart and Alphabet helped lift the market, while credit card companies fell sharply following Trump’s call to cap interest rates. Retailers including Abercrombie & Fitch, Urban Outfitters, and American Eagle also saw declines after disappointing profit forecasts, the AP has … Continue reading Wall Street ticks to records

Dittrich Furs, Detroit’s oldest privately held business, announced it will close on April 30 after 132 years in operation. Founded in 1893, the family-owned store has been run for five generations, offering fur and natural material fashions with a focus on craftsmanship and personal service. The Dittrich family cited retirement and prioritizing their health and well-being as the reason for closing. A “retirement liquidation sale” … Continue reading Fur store in Detroit to close after 132 years in business

A nationwide cheese recall by The Ambriola Company has been upgraded to the FDA’s highest-risk Class I category after testing confirmed the presence of Listeria monocytogenes. Class I recalls indicate a “reasonable probability” that exposure could cause serious illness or death, particularly for pregnant women, young children, older adults, and those with weakened immune systems. The original recall, issued in November 2025, followed routine testing … Continue reading FDA upgrades nationwide cheese recall to highest danger level after listeria-causing bacteria found

Low-cost airline Allegiant will acquire Sun Country Airlines in a $1.5 billion deal, including debt, with Sun Country shareholders receiving Allegiant stock and cash for each share, representing a nearly 20% premium. If approved, the combined airline will operate under the Allegiant brand with about 195 aircraft and serve roughly 175 cities on over 650 routes. The merger, headquartered in Las Vegas, is expected to … Continue reading Allegiant to buy Sun Country in $1.5B deal reshaping budget travel

The U.S. economy added only 50,000 jobs in December, according to the Bureau of Labor Statistics. The unemployment rate edged down slightly to 4.4% from a revised 4.5%. Overall, 2025 recorded the weakest annual job growth since 2003, with just 584,000 jobs added during the year. The slowdown prompted the Federal Reserve to cut interest rates three times in 2025 to support the labor market, … Continue reading The US economy added just 50,000 jobs last month, but the unemployment rate fell

Stellantis will stop making plug-in hybrid (PHEV) models for Jeep and Chrysler starting with the 2026 model year, shifting focus to mild hybrids and range-extended hybrid vehicles. The decision comes as PHEV sales fell, the vehicles faced recalls, and eased U.S. emissions standards reduced the need for plug-ins. Stellantis plans to introduce mild hybrids like the refreshed Jeep Cherokee and range-extended hybrids for the Grand … Continue reading Jeep and Chrysler kill plug-in hybrid models for 2026

Mortgage rates fell sharply after President Donald Trump announced plans for Fannie Mae and Freddie Mac to buy $200 billion in mortgage-backed securities, aiming to make homeownership more affordable. The 30-year mortgage rate dropped to 5.99%, matching its lowest level since February 2023. Analysts say the MBS purchases could reduce rates by 10–25 basis points, slightly lowering monthly payments for buyers and potentially boosting demand. … Continue reading Mortgage rates drop to lowest level in nearly 3 years

Elon Musk’s xAI raised $20 billion in funding, surpassing its original $15 billion target, with investors including Nvidia, Cisco, Fidelity, and sovereign wealth funds. The startup, now valued around $230 billion, owns Musk’s social network X after merging with Twitter in March. xAI has faced regulatory scrutiny in Europe, India, and Malaysia over its Grok chatbot, which produced inappropriate and non-consensual content. Its Memphis data … Continue reading Musk’s xAI raises $20 billion from investors

Ford’s U.S. vehicle sales rose 6% in 2025 to 2.2 million units, marking its best annual performance since 2019. The automaker finished as the third-largest U.S. seller behind Toyota and General Motors, with fourth-quarter sales up 2.7% to over 545,200 units. Strong F-Series pickup sales helped offset production disruptions caused by supplier plant fires, though fourth-quarter F-Series sales dipped 3.1%. Ford’s all-electric vehicle sales fell … Continue reading Ford reports best annual U.S. vehicle sales since 2019

Wall Street hit new records on Tuesday, led by technology stocks, with the S&P 500, Dow, and Nasdaq all posting gains. Broader market strength was supported by health care, retail, and industrial sectors, while small-cap stocks outpaced larger ones. AI-focused tech companies, including Amazon, Microsoft, and Micron, drove much of the market’s momentum, though Nvidia slipped slightly. Oil prices fell after recent gains, Treasury yields … Continue reading Wall Street reaches more records on gains by Big Tech

Experts predict that 2026 will see the cheapest gas prices in the U.S. since 2020, averaging $2.97 per gallon nationally, according to GasBuddy. This would mark the fourth consecutive year of declining prices and the first time the annual average falls below $3 since before the COVID-19 pandemic. Americans are expected to spend roughly $11 billion less on gasoline than in 2025, with households averaging … Continue reading Gas prices expected to be the cheapest since covid

AT&T is relocating its global headquarters from downtown Dallas to a 54-acre campus in Plano’s Legacy district, consolidating over 10,000 North Texas employees. The move, expected to begin partial occupancy by late 2028, favors a sprawling suburban-style campus over Dallas’ vertical cityscape. AT&T’s downtown buildings will remain, with the company yet to disclose plans to sell or retain them; the current headquarters was transformed into … Continue reading AT&T moving headquarters to Plano

Chick-fil-A launched new frosted sodas and floats on Monday, featuring Icedream blended with popular fountain beverages like Coca-Cola, Dr. Pepper, and Sprite, alongside options such as Fanta, Powerade, Hi-C, and Barq’s Root Beer. The chain also introduced “retro-inspired” cups as part of its Golden Fan Cup sweepstakes, with 3,000 Gold Fan Cups offering a chance to win free Chick-fil-A for a year. The rollout celebrates … Continue reading Chick-fil-A’s new frosted sodas, retro cups spark buzz

The U.S. manufacturing sector continued to contract in December, with the ISM manufacturing index falling to 47.9%, the lowest reading of the year and marking the 10th straight month below 50%. Economists had expected a slight improvement, but weak demand and uncertainty from tariffs kept activity low. New orders declined for the fourth consecutive month, production slipped slightly, and only two of 19 industries reported … Continue reading U.S. manufacturing slump shows little sign of ending

Japan’s Kiyomura Corp paid a record 510 million yen ($3.25 million) for a 243-kilogram bluefin tuna at Tokyo’s annual New Year auction, the highest price ever at the Toyosu fish market. The tuna, caught off Oma in northern Japan, is prized for its quality, and Kiyoshi Kimura, Kiyomura’s president and “Tuna King,” outbid his own previous record of 333.6 million yen from 2019. The fish … Continue reading Massive bluefin tuna nets over $3 million at Tokyo auction

Warren Buffett has stepped down as CEO of Berkshire Hathaway, passing leadership to his chosen successor, Greg Abel. Abel, 63, takes over after Buffett spent six decades building the company into a global powerhouse. As CEO, Abel will maintain Berkshire’s decentralized structure while navigating slower growth due to the firm’s massive size. Although the transition surprised some investors, Buffett had announced in May that he … Continue reading Greg Abel takes over as CEO of Berkshire Hathaway

Warren Buffett, the “Oracle of Omaha,” has stepped down as CEO of Berkshire Hathaway at age 95, handing the reins to his longtime deputy Greg Abel. Buffett spent 60 years transforming the struggling textile company into a global conglomerate with holdings ranging from insurance and railroads to Apple and Coca-Cola. Despite retiring as CEO, he will remain chairman and continue sharing insights in annual shareholder … Continue reading Warren Buffett officially retires as Berkshire Hathaway’s CEO