Spirit Airlines has nearly completed refunding customers after abruptly shutting down operations and canceling thousands of flights over the weekend. The budget carrier said it was forced to fold after years of financial struggles and a sharp rise in jet fuel prices, which it says worsened its outlook. The airline had already filed for bankruptcy twice and failed to secure new funding or a rescue … Continue reading Spirit Airlines says it has nearly finished refunding customers after shuttering

GameStop has made an unsolicited $55.5 billion cash-and-stock offer to acquire e-commerce company eBay, valuing it at $125 per share. GameStop CEO Ryan Cohen said the deal would generate about $2 billion in annual cost savings and significantly reduce marketing spending at eBay. He would lead the combined company and be compensated based on performance rather than salary or bonuses. The proposal is partially backed … Continue reading GameStop makes $55.5bn takeover offer for eBay

The United Arab Emirates has officially exited OPEC, a move experts say could weaken the cartel’s ability to control global oil prices and is likely to be welcomed by the United States. The UAE has long expressed frustration with OPEC production limits, saying they restricted its ability to sell increased output despite investments to expand capacity. Analysts say the country could eventually add up to … Continue reading UAE exit from OPEC signals closer alignment with US interests

Exxon Mobil and Chevron reported lower first-quarter profits despite surging global oil prices driven by disruptions from the Iran war. Exxon’s earnings fell about 46% year-over-year and Chevron’s about 37%, though both companies still beat Wall Street expectations. The declines were largely attributed to timing issues and delayed oil shipments in the Middle East, which postponed revenue recognition. Despite the short-term drop, both firms are … Continue reading Exxon and Chevron quarterly earnings fall despite soaring oil prices

U.S. consumers faced rising prices in March as oil costs surged due to the Iran war, pushing inflation higher, according to the U.S. Department of Commerce. Core inflation rose to 3.2%, its highest level since late 2023, while overall inflation reached 3.5%, driven largely by energy prices. The economy grew at a modest 2% annualized rate in the first quarter, slightly below expectations despite strong … Continue reading Core inflation rate hit 3.2% in March

New U.S. jobless claims fell sharply to 189,000 last week, the lowest level in more than 50 years, according to the U.S. Department of Labor. The decline suggests layoffs remain very low despite economic uncertainty tied to higher energy prices and the ongoing Iran war. Economists note the labor market is in a “low-hire, low-fire” state, with hiring slowing but job losses also limited. Inflation … Continue reading U.S. jobless claims fall to lowest in more than five decades

U.S. economic growth rebounded in the first quarter, with GDP rising at an annualized rate of 2%, according to the Bureau of Economic Analysis. The result was slightly below economists’ expectations of 2.3% but marked an improvement from the weaker end of 2025. Growth was driven by consumer spending, investment, exports, and government spending, with strong gains in AI-related technology investment. Some sectors like housing … Continue reading US economic growth bounces back

The three major U.S. automakers—General Motors, Ford, and Stellantis—are set to report first-quarter earnings this week amid rising costs tied to the Iran war and supply chain pressures. Analysts expect GM to outperform its rivals, Ford to post weak results, and Stellantis to face the most challenges despite support from its Jeep and Ram brands. Industry headwinds include higher commodity prices, slowing demand, and losses … Continue reading Wall Street expects solid Q1 results for GM

Domino’s Pizza stock fell more than 8% after the company reported weaker-than-expected U.S. same-store sales growth of 0.9%, below Wall Street forecasts. The company also lowered its full-year outlook, now expecting only low-single-digit growth instead of 3%. CEO Russell Weiner pointed to weather issues, weak consumer sentiment, and rising competition from rivals offering aggressive promotions. Despite the short-term slowdown, Weiner said Domino’s remains confident due … Continue reading Domino’s Pizza stock falls on disappointing sales

Stock futures fell on Sunday night as renewed tensions over stalled U.S.–Iran peace talks and unrest in the Strait of Hormuz pushed oil prices higher. Major indexes including the Dow, S&P 500, and Nasdaq futures all dipped slightly ahead of a busy week for markets. President Donald Trump cancelled planned envoy talks, saying negotiations could proceed by phone, while Iran said no meeting is scheduled. … Continue reading Stock futures fall as Iran peace talks stall

Oil prices rose more than 2% after stalled U.S.–Iran peace talks reduced hopes for a ceasefire and increased uncertainty in global energy markets. Brent crude climbed to around $106.99 as diplomatic efforts faltered following cancelled negotiations and ongoing tensions. Meanwhile, Iranian officials continued talks with Russia as Tehran sought support amid the deadlock. Despite the disruption in oil diplomacy, Asian stock markets opened higher, showing … Continue reading Oil prices rise amid stalled US-Iran peace talks

Intel reported stronger-than-expected first-quarter earnings, sending its shares sharply higher and fueling signs of a potential turnaround after years of struggling in the chip market. Revenue rose 7.2%, driven in part by a 22% jump in its data center business as demand for AI-related CPU processing grows. The company also issued an upbeat forecast for the next quarter, well above Wall Street estimates, even as … Continue reading Intel’s stock soars 20% as results top estimates

Nike announced a new round of layoffs affecting about 1,400 employees, mostly in its technology division, as part of its broader “Win Now” restructuring plan. The company said the changes are aimed at streamlining operations, modernizing manufacturing, and better integrating supply chain and footwear systems. The layoffs span North America, Europe, and Asia and represent less than 2% of Nike’s global workforce. Executives described the … Continue reading Nike cuts 1,400 roles in second round of layoffs this year

United Airlines cut its 2026 earnings forecast as rising jet fuel prices, driven by the Iran conflict, increase operating costs. The airline now expects adjusted earnings of $7 to $11 per share, down sharply from its earlier $12 to $14 outlook. It also lowered its second-quarter profit guidance and warned that higher fuel costs will significantly weigh on results. United is reducing planned flight capacity … Continue reading United Airlines slashes 2026 forecast as fuel costs surge

New York Attorney General Letitia James has sued Coinbase and Gemini, accusing them of running illegal gambling operations through unlicensed “prediction market” platforms. The lawsuit argues that the companies are offering wagering disguised as event-based trading and are therefore subject to state gambling laws. Officials say the platforms bypass licensing requirements, avoid casino tax rates, and allow users as young as 18, below New York’s … Continue reading New York sues Coinbase and Gemini

UK inflation rose to 3.3% in March, driven mainly by higher fuel prices following the Iran conflict, according to the Office for National Statistics. Energy costs, along with airfares and food prices, contributed to the increase, while clothing prices slightly offset the rise. Economists say the UK is particularly exposed because it relies on imported energy, and further price increases are expected if the conflict … Continue reading UK inflation jumps to 3.3% in March

Amazon has agreed to invest up to $25 billion in AI startup Anthropic, adding to its earlier $8 billion commitment as part of an expanded partnership focused on AI infrastructure. Anthropic, the maker of Claude AI models, has also pledged to spend more than $100 billion on Amazon Web Servicesover the next decade, largely using Amazon’s custom AI chips. The deal will significantly expand computing capacity, including nearly 1 gigawatt … Continue reading Amazon to invest up to another $25 billion in Anthropic

Meta Platforms is planning major layoffs starting May 20, with an initial cut of about 10% of its global workforce, or roughly 8,000 employees. The company is also expected to carry out additional job reductions later in the year as part of a broader restructuring tied to artificial intelligence investments. CEO Mark Zuckerberg is shifting the company toward AI-driven operations, aiming for fewer management layers and greater efficiency. … Continue reading Meta plans first wave of 8,000 layoffs

Oil prices surged on Monday after escalating tensions between the United States and Iran raised fears of renewed conflict in the Strait of Hormuz. Brent crude and West Texas Intermediate both rose sharply following reports of attacks on commercial vessels and a U.S. seizure of an Iranian-linked ship in the Gulf of Oman. Donald Trump said the ship was detained after attempting to breach a naval blockade and warned Iran of further … Continue reading Oil prices jump after Iran and U.S. attack commercial ships

Three senior OpenAI executives have announced their departures, adding to a wave of leadership changes at the AI company. Bill Peebles, Kevin Weil, and Srinivas Narayanan all confirmed they are leaving or transitioning out of their roles, which spanned product, science, and enterprise applications. The exits follow recent high-profile staffing shifts, including medical leaves and role changes among other top executives. OpenAI said it is … Continue reading OpenAI loses multiple executives in latest leadership shakeup

QVC Group, the parent company of QVC and HSN, has filed for Chapter 11 bankruptcy protection in the United States. The company said its international operations are not included and that it still has over $1 billion in cash to continue operating normally. QVC has been struggling with declining sales as consumers increasingly move to livestream shopping and online marketplaces like TikTok and Shein. Its … Continue reading Home shopping network pioneer QVC files for bankruptcy protection

China’s economy grew 5% in the first quarter, faster than expected, as strong exports helped offset weak domestic demand. Growth slightly improved from the previous quarter, but officials warned that global uncertainty and weak consumption remain major risks. Investment in infrastructure and real estate was weaker than forecast, with the property sector continuing a sharp decline. Retail sales growth slowed in March, while industrial output … Continue reading China economic growth accelerates to 5% in first quarter

President Donald Trump has threatened to fire Federal Reserve Chair Jerome Powell if he does not leave office at the end of his term in May, escalating an ongoing dispute over interest rate policy. Trump has repeatedly criticized Powell for not cutting interest rates and has also accused him of mismanaging a Federal Reserve building renovation project. Powell’s term ends on May 15, but he … Continue reading Trump threatens to fire Fed chair Powell if he doesn’t leave in May

The footwear company Allbirds announced a major pivot on Wednesday, shifting its business from shoes to artificial intelligence and rebranding as NewBird AI. The announcement caused its stock to surge more than 500%, despite the company’s small market value and recent financial struggles. The new strategy focuses on building AI compute infrastructure by acquiring high-performance hardware and leasing access to customers under long-term contracts, with … Continue reading Struggling shoe retailer Allbirds makes bizarre pivot to AI

Chevron is increasing imports of Venezuelan crude oil to its U.S. refineries, including a key facility in Pascagoula, Mississippi, in an effort to help ease gasoline prices during a global oil supply squeeze linked to the Iran war. A senior Chevron executive said the company is running the refinery continuously and using shipments of heavy Venezuelan oil to expand supply and reduce costs for consumers. … Continue reading Chevron says Venezuelan oil imports are helping curb U.S. gas prices