The U.S. trade deficit surged 34% in January to a record $131.4 billion as companies rushed to import goods ahead of Trump’s tariffs. Imports hit a record $401.2 billion, while exports rose 1.2%. Trump imposed steep tariffs on Canada, Mexico, and China, prompting swift retaliation. He temporarily exempted automakers from tariffs on Mexico and Canada, but Canada refused to lift its own retaliatory duties. Canada’s … Continue reading US Trade Deficit Surges to a Record Ahead of Trump Tariffs

The U.S. Treasury Department announced it will not enforce penalties under the Corporate Transparency Act, which requires business entities to disclose their real beneficial owners. This decision follows opposition from the Trump administration and legal challenges. The Treasury stated it will focus enforcement on foreign reporting companies, aiming to support U.S. taxpayers and small businesses, Reuters has reported. The act was designed to combat money … Continue reading US Treasury Department says it will not enforce anti-money laundering law

Kroger CEO Rodney McMullen has resigned immediately following an investigation into his personal conduct, which was found to be inconsistent with the company’s ethics policies. The investigation revealed no issues related to the company’s operations or finances. Ronald Sargent, a Kroger board member since 2006, will serve as interim CEO. McMullen, with nearly five decades at the company, had been CEO since 2014, CNN has … Continue reading Kroger’s CEO abruptly resigns after probe into personal conduct

Taiwan Semiconductor Manufacturing Company (TSMC) will invest $100 billion to expand chip production in the U.S., bringing its total U.S. investment to $165 billion. This funding will support the construction of five new fabrication facilities in Arizona. The move aligns with President Trump’s efforts to make the U.S. a hub for artificial intelligence and semiconductor manufacturing, critical for economic and national security, NBC News has … Continue reading Trump announces $100 billion investment in U.S. from TSMC

Walmart CEO Doug McMillon warns that U.S. consumers are struggling as high food prices persist, with many running out of money before month’s end and opting for smaller pack sizes. While non-food prices have dropped, food costs remain elevated due to wages and input costs. Inflation, particularly rising egg prices, is adding pressure. Walmart, facing economic and geopolitical uncertainties, recently projected lower-than-expected profits. Safety and … Continue reading Walmart CEO warns food prices causing pain

Early 2025 economic data signals negative growth, with the Atlanta Fed’s GDPNow tracker predicting a 1.5% contraction for Q1, down from a previous 2.3% growth estimate. Lower consumer spending, weak exports, and declining consumer confidence contributed to the downgrade. Inflation cooled slightly, but jobless claims rose, and bond market signals hint at a possible recession, CNBC has reported. Stock markets remain volatile, and traders now … Continue reading First quarter on track for negative GDP growth, Atlanta Fed indicator says

President Trump announced plans for a U.S. Crypto Reserve to boost the industry, citing attacks from the Biden administration. His executive order directs a working group to develop a Crypto Strategic Reserve including XRP, SOL, and ADA. Trump aims to make the U.S. the “Crypto Capital of the World.” The move follows the White House’s upcoming crypto summit on March 7, The Hill has reported. … Continue reading Trump announces US crypto reserve

New home sales fell 10.5% in January to a three-month low of 657,000 units, as high mortgage rates, record prices, and severe winter weather kept buyers away. Mortgage rates remained above 7%, discouraging purchases despite incentives from builders. Analysts expect sales to rebound in February with improved weather, but concerns persist over mortgage rate volatility. The median new home price rose to $446,300, adding to … Continue reading New home sales slump in January amid elevated mortgage rates

Eli Lilly announced a $27 billion investment to build four new U.S. manufacturing sites, bringing its total U.S. investments to over $50 billion. The move, aligned with Trump’s reshoring policies, was unveiled at a Washington, D.C., event featuring Trump administration officials. The sites will boost production of key drug ingredients, including those for its obesity and diabetes treatments Zepbound and Mounjaro, and create over 3,000 … Continue reading Eli Lilly plans at least $27 billion in new U.S. manufacturing investments

USDA Secretary Brooke Rollins outlined a five-point plan to lower egg prices, citing avian flu as a key factor. The USDA will invest up to $1 billion, including $500 million for poultry biosecurity and $100 million for vaccine research. Other measures include importing eggs, reviewing regulations like California’s Proposition 12, and funding farmers affected by avian flu, The Hill has reported. Rollins expects the plan … Continue reading Agriculture secretary outlines plan to lower egg prices

Denny’s has added a temporary surcharge to its egg-based meals at some locations due to the ongoing egg shortage caused by a bird flu outbreak that began in 2022. The shortage has led to higher egg prices, with the average dozen costing $4.15 in December, up from $3.65 in November. Denny’s, which has over 1,500 restaurants, is adjusting prices on a market-by-market basis. Other chains, … Continue reading Denny’s reportedly adds egg surcharge amid rising prices

Joann, the fabric retailer with around 800 locations, will close all its stores after failing to find a buyer. The company, which filed for bankruptcy in January 2024, will begin nationwide going-out-of-business sales as part of its asset auction. Despite efforts to secure a better outcome, Joann announced the closure, acknowledging the support of employees, customers, and communities over its 80-year history, NBC News has … Continue reading Joann to shutter all 800 fabric stores after failing to find a buyer to save its locations

Consumer confidence dropped in February, with the Conference Board’s Consumer Confidence Index falling to 98.3, its lowest since June 2024. This decline, the largest since August 2021, reflects growing concerns about a slowing economy, rising inflation, and uncertainties over President Trump’s planned tariffs. Consumer pessimism grew about labor market conditions and future business prospects, with inflation expectations rising to 6%. Economists fear the tariffs could … Continue reading February consumer confidence posts biggest drop since 2021

President Donald Trump announced that Elon Musk will inspect Fort Knox, the U.S. gold reserve depository, to ensure the gold is still present. Treasury Secretary Scott Bessent confirmed that an annual audit is conducted, and all gold is accounted for. Fort Knox, which has stored U.S. gold since 1937, also serves as the Army’s human resources command center and hosts its largest annual training event, … Continue reading Elon Musk to be let inside Fort Knox depository to inspect gold reserves

UnitedHealth Group’s stock dropped 7.3% after reports revealed a Justice Department investigation into the company’s Medicare billing practices, focusing on how it documents diagnoses that trigger extra payments for its Medicare Advantage plans. UnitedHealth denied the allegations, calling them “outrageous and false,” and emphasized its compliance with government reviews. The probe follows scrutiny from the Office of Inspector General for the U.S. Department of Health … Continue reading UnitedHealth Stock Falls on Report DOJ Is Probing Its Medicare Billing Practices

Palantir, a defense contractor, has seen its stock surge over 600% since the start of 2024, making CEO Alex Karp a major beneficiary. Karp sold 38 million shares, worth $1.88 billion, including 25 million shares around the 2024 presidential election. He plans to sell up to 9.98 million more shares this year, potentially netting over $1 billion. These sales are part of a pre-planned trading … Continue reading Palantir CEO Alex Karp made nearly $2 billion from selling company stock last year

Bybit, a major cryptocurrency exchange based in Dubai, was recently hacked, losing $1.5 billion worth of Ethereum in the largest crypto theft to date. The North Korean hacking group Lazarus is suspected to be behind the attack. The group exploited a masked UI and URL to deceive wallet signers into approving a malicious transaction, gaining control of Bybit’s Ethereum cold wallet. The stolen funds were … Continue reading Korean Hackers Steal $1.5 Billion From Cryptocurrency Exchange

Elon Musk recently responded to a proposal for a “DOGE Dividend” on X (formerly Twitter), suggesting he would discuss it with President Donald Trump. The proposal, pitched by James Fishback, CEO of Azoria, suggests a $5,000 tax refund for households funded by savings from DOGE’s Department of Government Efficiency (DOGE). The plan aims to return 20% of DOGE’s targeted $2 trillion savings to taxpayers, benefiting … Continue reading Musk Mulls Sending All Americans $5,000 Checks Using DOGE Savings

Southwest Airlines announced it is cutting 15% of its corporate jobs, about 1,750 positions, to reduce costs. CEO Bob Jordan described the layoffs as “unprecedented” in the company’s 53-year history, aiming for $210 million in savings this year and $300 million in 2026. The cuts, which include senior leadership roles, are expected to be completed by the end of Q2. This follows a settlement with … Continue reading Southwest Airlines to slash 15% of corporate jobs in ‘unprecedented’ move to cut costs

A judge in Argentina has been appointed to investigate fraud allegations against President Javier Milei for promoting the $LIBRA cryptocurrency, which collapsed within hours of its launch last week. Milei distanced himself from the project, stating he acted in good faith, and denied involvement with its creators. While he initially supported the cryptocurrency as an entrepreneurial project, he later retracted his endorsement as its value … Continue reading Argentine judge investigates fraud case against President Milei over crypto promotion

U.S. stocks began the shortened holiday week mostly higher, with investors awaiting more insights on President Trump’s tariff plans and the release of minutes from the Federal Reserve’s last meeting. Despite concerns over tariffs and rising inflation, stocks have been nearing record highs. As of early Tuesday, the S&P 500, Dow, and Nasdaq were close to their peaks. Investors are focused on the Fed’s stance … Continue reading Stock market little changed but near record highs

OpenAI’s board unanimously rejected Elon Musk’s $97.4 billion takeover offer, with chairman Bret Taylor calling it an attempt to disrupt competition. OpenAI CEO Sam Altman had previously stated the company wasn’t for sale, and the board’s decision reinforces this stance. Musk’s offer, which came from a consortium of entities, included conditions that OpenAI deemed not in its best interest. OpenAI is currently separating its nonprofit … Continue reading OpenAI board unanimously rejects Elon Musk’s takeover offer

A judge ruled on Friday that the Consumer Financial Protection Bureau (CFPB) cannot fire employees without cause, blocking President Trump’s efforts to dismantle the agency. This decision followed a lawsuit by several unions challenging actions by the CFPB and its acting director, Russell Vought. The ruling prevents mass layoffs and mandates that any firings must be based on employee performance. Vought had sought to cut … Continue reading Judge temporarily blocks mass terminations at Consumer Financial Protection Bureau

The IRS plans to lay off thousands of probationary workers during tax season, with cuts potentially starting as soon as next week. This move is part of broader efforts by the Trump administration to reduce the federal workforce by eliminating probationary employees without civil service protection. While the exact number of IRS workers affected is unclear, the agency previously restricted buyout offers for employees working … Continue reading IRS will lay off thousands of probationary workers in the middle of tax season

Tri-Union Seafoods has issued a voluntary recall for select canned tuna products sold at Trader Joe’s, Walmart, Costco, and other retailers due to a pull-tab defect that could lead to botulism. The recall affects Genova, Van Camp’s, Trader Joe’s, and H-E-B brand tuna, with compromised seals that may cause leakage or contamination. No illnesses have been reported, but consumers are advised not to eat the … Continue reading Canned tuna at Trader Joe’s, Walmart and Costco recalled over botulism risk