New York City’s first-ever Congestion Relief Zone officially launched on Sunday, introducing congestion charges for motorists entering Manhattan’s busiest neighborhoods. The new toll system, aimed at reducing traffic and funding public transportation, charges up to $9 for most cars entering the central business district during peak hours. Small trucks and buses face higher fees, with larger vehicles paying up to $21.60. Exemptions include emergency vehicles, … Continue reading New York becomes the first U.S. city with a congestion charge despite opposition

U.S. Treasury yields rose on Friday as investors assessed the economic outlook for the new year. The 10-year Treasury yield increased to 4.6%, while the 2-year yield rose to 4.281%, though both were down for the week. Economic data showed mixed signals, with December’s ISM manufacturing PMI slightly above expectations but still below expansion levels. Meanwhile, jobless claims decreased more than expected, indicating a cooling … Continue reading Treasury yields rise as investors weigh economic outlook for 2025

The Department of Transportation (DOT) fined JetBlue Airways $2 million for chronically delayed flights, marking the first penalty of its kind. From June 2022 to November 2023, JetBlue’s flights on four routes were delayed at least 145 times. The airline was responsible for over 70% of these disruptions. DOT officials stated that JetBlue failed to adjust flight schedules to avoid unrealistic timings, with delays over … Continue reading JetBlue fined $2 million by DOT for ‘chronically delayed flights’

President Joe Biden blocked the $14.9 billion takeover of US Steel by Japan’s Nippon Steel, citing national security concerns and the importance of maintaining a strong, domestically owned steel industry. The decision follows opposition from the United Steelworkers union and political pressures ahead of the 2024 election. Both companies criticized the move, claiming it was politically motivated and could deter foreign investment in the US. … Continue reading Biden blocks Japan’s Nippon Steel from buying US Steel

Apple has agreed to pay $95 million to settle a lawsuit accusing it of using Siri to eavesdrop on users’ conversations without their consent. The lawsuit, which dates back five years, alleges that Apple secretly activated Siri on iPhones and other devices, recording conversations even when users didn’t trigger it with the phrase “Hey, Siri.” Some recordings were allegedly shared with advertisers. Apple denies wrongdoing, … Continue reading Apple to pay $95 million to settle claims it used Siri to eavesdrop on customers

Cryptocurrencies gained at the start of 2025, with bitcoin rising 3% to $97,234.80, marking a nearly 4% gain for the year. The CoinDesk 20 index, which tracks the broader crypto market, also advanced more than 3%. Solana’s token led the gains with a 7% increase, while crypto stocks Coinbase and MicroStrategy each climbed 3.5%. Optimism surrounds the crypto industry’s outlook, with expectations of a favorable … Continue reading Cryptocurrencies jump to start 2025

Walmart is recalling 12-ounce bags of Marketside Broccoli Florets sold in 20 U.S. states after a sample tested positive for listeria. The recall affects bags sourced from Braga Fresh in Soledad, California, sold in over 1,000 stores across states like California, Texas, and Michigan. The affected product has a UPC code of 6 81131 32884 5 and a lot code of BFFG327A6. Although no illnesses … Continue reading Broccoli sold by Walmart in 20 U.S. states recalled over listeria risk

Citigroup announced on Tuesday that it is exiting the Net-Zero Banking Alliance (NZBA), a group of global banks committed to reducing greenhouse gas emissions. It follows the exits of Wells Fargo and Goldman Sachs earlier this month. Financial firms have scaled back net-zero efforts to avoid alienating Republican policymakers who oppose restricting fossil fuel financing, Reuters has reported. Citigroup stated it has made progress on … Continue reading Citigroup joins US lenders in exiting Net-Zero Banking Alliance

In early 2025, Supplemental Security Income (SSI) payments will be issued earlier than usual due to holidays. Instead of being made on the first of the month, payments will be sent on the last day of the previous month. For January, payments will be made on December 31. The SSA clarified that this does not mean duplicate payments. If payments are not received as expected, … Continue reading Social Security Payments Are Going Out Early for First Three Months of 2025

Starting in 2025, minimum-wage workers in 21 states will see pay increases, benefiting an estimated 9.2 million workers with a total wage boost of $5.7 billion. States like California, raising its minimum wage from $16 to $16.50, are adjusting for inflation, while other areas increase wages through legislation or voter-approved measures. Despite these changes, the federal minimum wage remains at $7.25, unchanged for 15 years, … Continue reading 21 states are getting minimum wage bumps in 2025

The U.S. Department of Justice and Federal Trade Commission have filed legal actions against fintech company Dave and its CEO, Jason Wilk, accusing the company of deceptive advertising practices related to cash advances, hidden fees, misuse of customer tips, and poor cancellation processes. The complaint seeks penalties, consumer refunds, and measures to prevent future violations. Dave denies the allegations and has introduced a new fee … Continue reading US files complaint against fintech app Dave and its CEO

The housing market saw an increase in supply at the end of 2024, with active listings up 12.1% from the previous year, reaching the highest level since 2020. However, more than half of these listings (54.5%) had been on the market for over 60 days, the highest share since 2019. Homes that were priced well and in good condition sold quickly, while overpriced homes sat … Continue reading The housing market is heading into 2025 with a worrying supply trend

U.S. stocks had a stellar 2024, with the S&P 500 climbing 23% and reaching 57 record closes. This was fueled by a healthy economy, lower inflation, and a surge in AI-driven big tech stocks. While enthusiasm remains high, investors caution that 2025 may not see the same rapid gains, as interest rates could stay higher than expected, and stocks appear increasingly expensive. Many sectors, including … Continue reading Stocks Cap Best Two Years in Quarter-Century

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