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

China’s consumer inflation reached a five-month low in November, rising just 0.2% from a year ago, below expectations of 0.5%. Core inflation, excluding volatile food and fuel prices, increased slightly to 0.3%. Pork and fresh vegetable prices rose by 13.7% and 10%, respectively. Meanwhile, the producer price index (PPI) continued to decline for the 26th month, falling by 2.5%, slightly better than the expected 2.8% … Continue reading China consumer inflation rate drops to a five-month low

Chipotle is raising its U.S. prices by 2% to offset inflation and support its commitment to increasing portion sizes. This is the chain’s first price hike in over a year. The increase follows reports of rising costs for food, beverages, and packaging, including avocados. Chipotle also retrained staff at 10% of its stores to address complaints about smaller portions. The move comes amid ongoing restaurant … Continue reading Chipotle is raising US prices after promising bigger portions

The Consumer Financial Protection Bureau (CFPB) has charged Comerica Bank with abusing vulnerable customers who rely on federal benefits, such as Social Security, through the Direct Express program. The CFPB claims Comerica neglected these customers by terminating millions of customer service calls, imposing illegal fees, and failing to address fraudulent enrollments. These issues, affecting elderly and disabled beneficiaries, included excessive wait times and denied requests … Continue reading Comerica Bank abused and neglected vulnerable customers who relied on prepaid card for federal benefits

Google is suing the Consumer Financial Protection Bureau (CFPB) over its decision to place Google Payment Corp. under federal supervision. The lawsuit, filed in Washington, DC, argues that the CFPB’s oversight is based on unsubstantiated user complaints regarding a discontinued peer-to-peer payment product. Google claims the CFPB’s action is an overreach, as the product is no longer offered in the U.S. and posed no risks … Continue reading Google sues Consumer Financial Protection Bureau

Bitcoin surged to $100,000 for the first time on Wednesday, hitting a new record after President-elect Donald Trump nominated Paul Atkins, a crypto advocate, to lead the SEC. Atkins is expected to regulate cryptocurrency with a more lenient approach than current SEC chair Gary Gensler, who has been critical of the industry. Bitcoin’s rise is part of a broader post-election rally, with the cryptocurrency up … Continue reading Bitcoin surges above $100,000 for the first time

Chi-Chi’s, the popular Mexican restaurant chain that closed in 2004, is making a comeback in 2025. Hormel Foods, which owns the Chi-Chi’s trademark, has partnered with Michael McDermott, son of one of the original founders, to reopen the chain. The first two stores will open in Minnesota, with plans for further expansion on the Midwest and East Coast. Chi-Chi’s, founded in 1975, closed after a … Continue reading Chi-Chi’s Mexican restaurants to return after 20-year absence

Eli Lilly announced a $3 billion investment to expand its Pleasant Prairie, Wisconsin manufacturing plant, which it acquired earlier this year. The expansion will increase production of its weight-loss drug Zepbound, diabetes treatments, and other medicines. This investment, Lilly’s largest outside Indiana, aims to meet soaring demand for drugs like Zepbound and Mounjaro, which faced shortages earlier this year. Lilly has committed over $23 billion … Continue reading Lilly invests $3 billion to expand Wisconsin plant as obesity drug demand soars

China has banned the export of certain rare minerals, including gallium, germanium, and antimony, to the U.S. in response to the Biden administration’s new export controls on chip manufacturing equipment and software. These minerals are critical for producing semiconductor chips, solar panels, and military technologies. China dominates their global production, and the move also includes stricter reviews of graphite exports used in electric vehicle batteries, … Continue reading China hits back at U.S. with export ban on rare minerals

Cargill, the largest privately held U.S. company, is laying off about 5% of its global workforce, roughly 8,000 employees, as food commodity prices decline. The layoffs are part of a long-term strategy set earlier this year. Cargill, which profited during the pandemic from rising food prices, is now facing a drop in grocery prices and a decline in U.S. cattle numbers. The company’s profits fell … Continue reading America’s biggest private company is laying off thousands of workers

Elon Musk lost his attempt to reinstate his 2018 CEO pay package, valued at $56 billion, when a Delaware judge upheld her previous ruling that the compensation plan was improperly granted. Tesla plans to appeal, and Musk called the ruling “absolute corruption.” The judge had ruled in January that Musk controlled Tesla and influenced the approval process, calling it “deeply flawed.” Despite the legal setback, … Continue reading Tesla CEO Elon Musk loses bid to get $56 billion pay package reinstated

Elon Musk is asking a federal court to prevent OpenAI from fully transitioning into a for-profit company. Musk, his AI startup xAI, and former OpenAI board member Shivon Zilis filed for a preliminary injunction against OpenAI, alleging the company required investors to avoid funding competitors, including xAI. The legal dispute, which escalated after Musk’s original March lawsuit, includes claims of antitrust violations and racketeering against … Continue reading Elon Musk asks court to block OpenAI from converting to a for-profit

US consumers spent more on Black Friday than in the days leading up to it, with a 3.4% increase in retail sales year-over-year, according to Mastercard SpendingPulse. Online sales rose 14.6%, while in-store sales grew less than 1%. Shoppers focused on promotions with the best value, and grocery and restaurant spending also increased. Adobe Analytics reported $10.8 billion in online sales, up from $9.8 billion … Continue reading Shoppers continue indulging in Black Friday sales, but mostly online