Gazprom announced it will halt gas supplies to Moldova on January 1, citing unpaid debt, which Moldova disputes. The cut will affect the Kuciurgan power plant in the separatist region of Transnistria, which supplies much of Moldova’s electricity. Moldova has accused Russia of using energy as a political weapon and has implemented emergency measures to cope with potential power shortages. The Moldovan government contests Gazprom’s … Continue reading Russia’s Gazprom says it will halt gas supplies to Moldova starting Jan. 1

Holiday spending in 2024 exceeded expectations, with retail sales rising 3.8% from November 1 to December 24, surpassing both projections and last year’s growth. This surge reflects strong U.S. consumer spending, despite high interest rates. Online sales were particularly robust, growing 6.7%. Jewelry, apparel, and electronics saw solid gains. Consumers showed a preference for discounts, especially during promotional periods. The spending boost underscores the resilience … Continue reading Holiday shopping surges, flexing strength of US economy

OpenAI announced that in 2025, it will transition to a for-profit structure by creating a public benefit corporation (PBC) to manage its commercial operations, removing some nonprofit restrictions. This move is aimed at raising more capital to compete in the rapidly growing AI market, where major companies are investing billions. OpenAI, valued at $157 billion, faces significant losses despite $3.7 billion in revenue this year. … Continue reading OpenAI says it needs ‘more capital than we’d imagined’ as it lays out for-profit plan

Treasury Secretary Janet Yellen warned that the U.S. will hit its debt limit between January 14 and 23 unless Congress acts or the Treasury Department takes “extraordinary measures” to avoid default. This warning sets the stage for a potential debt ceiling battle early next year. The debt ceiling, which limits how much the government can borrow, is suspended until January 1, 2024. Yellen urged Congress … Continue reading Janet Yellen says Treasury Department will need to take ‘extraordinary measures’ to avoid debt ceiling next month

Dave Portnoy, President of Barstool Sports, visited TinyBrickOven, a Baltimore pizza shop, and surprised the owner, Will Fagg, with a $60,000 gift to help keep the business open for another year. Fagg had planned to close the shop due to difficulties in obtaining a liquor license, which affected sales. After learning of the shop’s struggles, Portnoy promised the money and rated the pizza a 7.9. … Continue reading President of Barstool Sports Dave Portnoy commits $60,000 to keep Baltimore pizza shop open

A group of banks and business organizations, including the Bank Policy Institute and the U.S. Chamber of Commerce, are suing the Federal Reserve over its annual bank stress tests. The plaintiffs argue that the process lacks transparency and violates federal law by not allowing public input. While they support stress testing, they claim the current process imposes inconsistent and unclear restrictions on bank capital. The … Continue reading Biggest banks sue the Federal Reserve over annual stress tests

Taiwan’s Fair Trade Commission (FTC) has blocked Uber’s $950 million acquisition of Delivery Hero’s Foodpanda business due to anti-competition concerns. The FTC argues that the merger would eliminate key competition, as UberEats and Foodpanda are the main rivals in Taiwan’s food delivery market, potentially leading to higher prices for consumers and increased commissions for restaurant operators. The merger would give the combined companies a market … Continue reading Taiwan blocks Uber’s $950 million Foodpanda deal 

Starbucks Workers United’s five-day strike has spread to nine states, with workers in Missouri, New Jersey, and New York joining others in Colorado, Ohio, and Pennsylvania. The strike, now in its third day, has closed at least 30 stores, with the union predicting walkouts at hundreds of locations by Tuesday. Representing over 10,000 workers across 525 stores, the union is demanding wage increases and resolution … Continue reading Starbucks union strike expands to 9 states

Party City announced it will close nearly 700 stores and wind down operations after filing for Chapter 11 bankruptcy for the second time in two years. Despite eliminating nearly $1 billion in debt during its 2023 restructuring, the company couldn’t overcome inflation, rising costs, and increased competition from Walmart, Target, and seasonal pop-up stores like Spirit Halloween. Party City will retain over 95% of its … Continue reading Party City to close its stores as company files for bankruptcy

The IRS will issue $2.4 billion in automatic payments to 1 million taxpayers who didn’t claim the 2021 Recovery Rebate Credit on their returns. These payments, up to $1,400 per person, are for individuals who missed out on stimulus checks issued between 2020 and 2021. Eligible taxpayers don’t need to take any action and will receive the payments via direct deposit or paper checks by … Continue reading IRS Sending ‘Special’ Stimulus Checks to 1 Million Americans

Tesla is recalling nearly 700,000 vehicles, including certain 2024 Cybertruck, 2017-2025 Model 3, and 2020-2025 Model Y models, due to a tire pressure monitoring system warning light issue. The light may fail to stay illuminated, potentially increasing crash risks. Tesla will address the issue with a free software update, with owner notifications expected by February 15, 2025, the Associated Press has reported. This marks the … Continue reading Tesla recalling almost 700,000 vehicles due to tire pressure monitoring system issue

Workers United announced that 98% of union baristas have voted to authorize a strike as they continue to negotiate a contract with Starbucks. Bargaining delegates will meet with the company on Tuesday for the final negotiation session of the year, aiming to establish a “foundational framework.” While both sides have made progress with multiple agreements, unresolved issues include unfair labor practice cases and barista pay … Continue reading Starbucks union votes to authorize strike

Amazon Web Services (AWS) will invest an additional $10 billion to expand its data center infrastructure in Ohio, bringing its total commitment to over $23 billion by 2029. AWS, which first established data centers in Ohio in 2016, currently operates campuses in two central Ohio counties. The new investment will fund expansion to new sites, though their locations are yet to be determined. The data … Continue reading Amazon investing another $10 billion in Ohio-based data centers

Grubhub has agreed to pay $25 million to settle a lawsuit from the Federal Trade Commission (FTC) and Illinois Attorney General Kwame Raoul over alleged deceptive practices. The company was accused of misleading diners about delivery costs, blocking access to customer accounts, deceiving drivers about earnings, and listing unaffiliated restaurants without permission. Grubhub allegedly added hidden fees, such as “service” and “small order” fees, and … Continue reading Grubhub to pay $25 million in FTC settlement over harmful practices against diners, workers

China’s industrial output grew slightly in November, rising 5.4%, but retail sales disappointed with a three-month low of 3.0%, highlighting weak consumer demand. Analysts urge Beijing to boost consumer-focused stimulus as trade tensions loom under a second Trump administration, which could impose tariffs exceeding 60% on Chinese goods. This pressure may accelerate China’s shift from an investment- and export-driven economy to a consumption-based model. Fixed … Continue reading China’s weak consumption drags on economy as Trump tariff threat looms

Bitcoin surged to a record high of $107,822, driven by President-elect Donald Trump’s support for a national Bitcoin reserve and investor optimism. Trump reaffirmed his stance in a CNBC interview, citing the need to compete globally, while Wyoming Sen. Cynthia Lummis’ proposed Bitcoin Act seeks to establish the reserve. Trump’s Treasury pick, Scott Bessent, and Lummis’ involvement add credibility to Bitcoin as a reserve asset. … Continue reading Bitcoin reaches new all-time high of $107,000 after Trump confirms plans for Bitcoin reserve

President-elect Donald Trump and SoftBank CEO Masayoshi Son announced a $100 billion investment in U.S. projects over the next four years, aiming to create 100,000 jobs, focusing on artificial intelligence and AI infrastructure. This follows a similar 2016 pledge where SoftBank invested $75 billion but with unclear job outcomes, partly due to COVID-19’s impact. Large corporate investment promises, like Foxconn’s failed $10 billion Wisconsin factory … Continue reading Trump and SoftBank CEO announce the company will invest $100 billion in US projects

The Consumer Financial Protection Bureau (CFPB) has introduced a new rule to limit overdraft fees for banks and credit unions with assets over $10 billion, potentially saving consumers $5 billion annually. The rule offers three options for these institutions: charge a $5 overdraft fee, cover costs or losses, or charge higher fees if they disclose terms and comply with lending laws. Currently, banks charge an … Continue reading Biden administration caps bank and credit union overdraft fees at as low as $5

Wholesale prices increased at a faster rate in November, signaling that inflation may not be cooling as expected. The Producer Price Index rose 0.4%, the biggest monthly gain since summer, and was up 3% year-over-year, the largest increase since February 2023. Food prices, particularly chicken eggs, which saw a 55% rise, contributed significantly to the increase. However, some key components, like portfolio management fees and … Continue reading Rising food prices to blame for Producer Price Index increase

Stanley, the popular drinkware brand, has recalled approximately 2.6 million travel mugs due to potential burn hazards. The recall affects all Stanley Switchback and Trigger Action stainless steel mugs sold in the U.S. with polypropylene lids that can loosen when exposed to heat, posing a risk of burns. Stanley received over 90 reports of lid detachment, including 38 related to burn injuries, 11 requiring medical … Continue reading Stanley recalls more than 2.5 million travel mugs over possible burn hazard

China’s State Administration for Market Regulation has launched an antitrust investigation into Nvidia, focusing on its 2020 acquisition of Mellanox Technologies and compliance with conditions requiring fair treatment of Chinese firms. The probe adds to rising U.S.-China tensions, as the U.S. restricts Nvidia’s chip sales to China while China imposes its own tech-related export bans. Nvidia, also under scrutiny in the U.S. and Europe for … Continue reading Nvidia faces antitrust probe in China

Judges in two separate cases blocked the $24.6 billion merger between Kroger and Albertsons on Tuesday, citing antitrust concerns and consumer protection laws. The merger, which would create the largest U.S. grocery chain with nearly 5,000 stores and 720,000 employees, faces opposition from the Federal Trade Commission (FTC) and multiple states. Critics argue the merger would reduce competition, raise prices, and harm workers, while the … Continue reading Kroger and Albertsons grocery mega-merger halted by two courts

General Motors (GM) has ended funding for its Cruise self-driving taxi project, shifting its focus to autonomous technology for personal vehicles. GM cited the competitive robotaxi market and significant scaling challenges as reasons for the decision. Cruise, 90% owned by GM, faced setbacks, including the suspension of its U.S. driverless testing permit after a vehicle crash that injured a pedestrian. The incident led to job … Continue reading General Motors pulls plug on robotaxi business

Job creation surged in November, with nonfarm payrolls rising by 227,000, a significant rebound from October’s 36,000, which had been impacted by a labor strike and storms. The unemployment rate increased slightly to 4.2%, due to a decrease in the labor force participation rate. Job gains were led by sectors like healthcare, leisure and hospitality, and government, while retail trade saw a decline. Worker pay … Continue reading Payrolls increased 227,000 in November, more than expected

The FDA is considering banning red 3, a petroleum-based food dye commonly used in American products like candies, snacks, and cereals, due to concerns about its potential health risks, especially for children. While the FDA has deemed red 3 safe in small amounts, studies have shown it to be carcinogenic in animals, and it has been banned in cosmetics since 1990. Public health groups have … Continue reading US Food and Drug Administration moves to ban red food dye