Toyota is investing an additional $500 million in Joby Aviation to aid the air taxi startup’s certification and commercial production of electric vertical takeoff and landing (eVTOL) aircraft for ride-hailing services. This brings Toyota’s total investment to $894 million since 2018. The latest funding will be delivered in two $250 million tranches, with the first expected this year and the second in 2025. Additionally, Toyota … Continue reading Toyota puts another $500 million in an air taxi startup

OpenAI has successfully closed a funding round valuing the company at $157 billion, raising $6.6 billion from various investors, including Thrive Capital, Microsoft, and Nvidia. The funding will enhance OpenAI’s leadership in AI research, increase computing capacity, and support the development of new tools. OpenAI’s revenue surged to $300 million last month, a 1,700% increase from early 2023, with projected sales of $11.6 billion next … Continue reading OpenAI Nearly Doubles Valuation to $157 Billion in Funding Round

DirecTV announced it is acquiring Dish Network, ending decades of merger talks. Both companies have struggled to compete with streaming services like Netflix and Hulu, as cord-cutting trends continue. Under the deal, DirecTV will assume Dish’s debt and pay its owner, EchoStar, just $1. Private equity firm TPG will also buy AT&T’s remaining 70% stake in DirecTV. The combined entity will have about 20 million … Continue reading DirecTV agrees to buy Dish for $1

Federal Reserve Chair Jerome Powell signaled more gradual interest rate cuts are likely, aiming to support a still-healthy economy rather than moving rapidly. Speaking at a business conference, Powell confirmed two more quarter-point cuts are expected this year, disappointing investors hoping for larger reductions. The Fed’s focus has shifted from fighting inflation to maintaining employment and economic growth, with inflation at 2.2% and unemployment at … Continue reading Fed Chair Powell says the US economy is in ‘solid shape’ with gradual rate cuts coming

A dockworkers’ strike set to begin Tuesday will shut down 14 major ports across the US East and Gulf coasts, causing significant trade disruptions ahead of the presidential election and holiday season. Tens of thousands of International Longshoremen’s Association (ILA) members will walk out over stalled contract negotiations. President Biden, who has the power to pause the strike, is not planning to intervene, the BBC … Continue reading US ports brace for shut down as dockworkers strike

Longshore workers at ports from Maine to Texas plan to strike early Tuesday, potentially causing significant disruptions to the U.S. economy. The strike may halt the flow of various goods at nearly all cargo ports along the East and Gulf Coasts, affecting items like food, clothing, and auto parts critical for factory operations. Negotiations are between the United States Maritime Alliance (USMX) and the International … Continue reading Port workers from Maine to Texas are set to strike

The Dow Jones Industrial Average reached a new record on Friday, gaining 137.89 points (0.33%) to close at 42,313.00, marking its highest-ever closing level. The S&P 500 dipped 0.13% to 5,738.17, and the Nasdaq Composite fell 0.39% to 18,119.59, partly due to a 2% decline in Nvidia shares. All three major indices have extended their gains for three consecutive weeks, with the S&P 500 and … Continue reading Dow jumps 100 points to close at a record

DirecTV and Dish are in advanced discussions to merge, potentially creating the largest pay-TV provider in the U.S. with over 20 million subscribers, as reported by The Wall Street Journal. The agreement could be announced as soon as Monday and would also include Sling TV, Dish’s streaming service. Both companies have been losing customers to more affordable streaming options, and the merger could help DirecTV-parent AT&T … Continue reading DirecTV, Dish reportedly close to reaching a merger agreement

Federal agents, including the FBI and Defense Criminal Investigative Service (DCIS), raided the headquarters of Carahsoft Technology Corp. in Reston, Virginia, on September 24. This operation was described as “court-authorized law enforcement activity,” although specific details were not disclosed. Carahsoft, a major IT services provider for U.S. government agencies, reported approximately $13 billion in revenue in 2022 and holds contracts worth $2.6 billion due to … Continue reading FBI Raids Carahsoft, Major Federal Cyber Contractor, Headquarters

Major banks anticipate that gold will continue its record-breaking rally into 2025, fueled by renewed inflows into exchange-traded funds (ETFs) and expected interest rate cuts from central banks, including the U.S. Federal Reserve. Gold prices have risen over 27% this year, reaching a record high of $2,639.95 per ounce recently. Analysts from J.P. Morgan highlight that while strong physical demand from China and central banks … Continue reading Most banks expect gold’s bull run to persist into 2025

Mortgage applications have surged to their highest levels since July 2022, with a notable 11% increase in the week ending September 20, driven primarily by homeowners looking to refinance as mortgage rates decline. Refinancing applications rose 20% during this period, comprising nearly 56% of all applications, according to the Mortgage Bankers Association (MBA). The average rate on a 30-year fixed mortgage dropped to 6.09%, down … Continue reading Mortgage applications hit 2-year high as refinancings surge

The Port of New York and New Jersey is bracing for a potential work stoppage by unionized dockworkers, which could trigger a significant supply chain crisis similar to the disruptions experienced during the COVID pandemic. The International Longshoremen’s Association, representing 85,000 workers at 36 ports, threatens to strike if a new contract isn’t reached by the September 30 deadline. Port operations are being adjusted to … Continue reading Busiest port on East Coast winds down operations ahead of looming strike

Boeing is grappling with rising costs from a machinist strike in the Pacific Northwest, now in its second week, as workers demand higher pay. Striking machinists are considering side jobs to manage expenses amid high living costs in the Seattle area, where median home prices have surged 142% over the past decade. The strike’s duration could impact Boeing’s financial stability, with potential downgrades from ratings … Continue reading Boeing machinists on picket lines prepare for lengthy strike

General Motors has recalled nearly 450,000 trucks and SUVs due to a potentially faulty brake fluid warning light. The recall affects 2023 models of the Chevrolet Silverado 1500, GMC Sierra 1500, Chevrolet Tahoe, Suburban, GMC Yukon, Yukon XL, Cadillac Escalade, and Escalade ESV. The issue involves the electronic brake control module software, which may fail to alert drivers to brake fluid loss, risking brake performance. … Continue reading GM recalling 450,000 trucks, SUVs over brake warning

Gold surged past $2,600 for the first time, driven by expectations of further U.S. interest rate cuts and rising Middle East tensions. Spot gold rose 0.3% to $2,593.80 per ounce, while U.S. gold futures increased 1.2% to $2,646.30. Gold’s price has jumped 26% in 2024, the largest annual rise since 2010, as investors seek safe-haven assets amid global conflicts. Analysts warn the rally may face … Continue reading Gold breaks $2,600 barrier as Fed cut bets prolong historic run

Qualcomm recently approached Intel about a potential takeover, though it’s unclear if Intel engaged in talks or what terms were discussed. Intel shares rose 3% on the news, while Qualcomm’s fell by the same margin. If successful, this could be one of the largest tech mergers, as Intel has a market cap over $90 billion. Intel, once the top chipmaker, has struggled in 2024 with … Continue reading Qualcomm recently approached Intel about a possible takeover

ndia-based hotel giant Oyo has agreed to buy Motel 6 for $525 million, marking a significant step in its U.S. expansion. Motel 6, known for budget-friendly lodging, has operated for 62 years with about 1,500 locations across the U.S. and Canada. Blackstone, the New York investment firm that bought Motel 6 in 2012, is selling it, with the deal expected to close in the fourth … Continue reading Motel 6 Sold to Indian Hotel Giant

Microsoft and BlackRock are leading a $100 billion initiative to develop AI data centers and their energy infrastructure through the Global Artificial Intelligence Infrastructure Investment Partnership (GAIIP). The group, which also includes Global Infrastructure Partners (GIP) and UAE-based tech investor MGX, aims to raise $30 billion initially and up to $100 billion in total. The investment will support the expansion of data centers equipped with … Continue reading Microsoft, BlackRock form group to raise $100 billion to invest in AI data centers and power

Treasury yields rose slightly following stronger-than-expected retail sales data and in anticipation of the Federal Reserve’s upcoming policy meeting. The 10-year yield increased to 3.644%, while the 2-year yield climbed to 3.599%. Retail sales for August unexpectedly rose by 0.1%, contrary to forecasts of a 0.2% decline. Investors are focused on the Fed’s decision, with a rate cut likely, marking the first since March 2022. … Continue reading Treasury yields rise after better-than-expected retail sales

Chevron CEO Michael Wirth criticized the Biden administration for its stance on natural gas, claiming it undermines the role of Permian gas in supporting the growth of AI technology. He argued that policies targeting AI data centers and a moratorium on LNG exports could increase energy costs and slow the transition from coal to natural gas, which he sees as crucial for reducing global carbon … Continue reading Chevron CEO hits Biden’s natural gas policies

Intel Corp. announced that it is eligible for up to $3 billion in U.S. government funding to produce advanced chips for military applications through a program called Secure Enclave. This funding is part of a broader effort to ensure a reliable supply of semiconductors for defense and intelligence purposes, distinct from a potential $8.5 billion grant from the 2022 Chips and Science Act for Intel’s … Continue reading Intel Confirms $3 Billion Pentagon Chips Grant

Genetic testing company 23andMe has agreed to pay $30 million to settle a class action lawsuit regarding a 2023 data breach that compromised the personal data of millions of users. The lawsuit accused the company of inadequate data protection and delayed notification of the breach, although 23andMe denied wrongdoing as part of the settlement. The agreement is pending judicial approval, with around $25 million expected … Continue reading 23andMe agrees to pay $30M to settle lawsuit over 2023 data breach

The United Auto Workers (UAW) union has filed federal unfair labor practice charges against Stellantis, accusing the company of violating contract terms and attempting to relocate production of the Dodge Durango out of the U.S. UAW President Shawn Fain criticized Stellantis for planning to backtrack on commitments made in their 2023 contract, which included reopening an assembly plant in Belvidere, Illinois, and building the Durango … Continue reading UAW union files unfair labor charges against Stellantis, accuses automaker of violating contract

Mortgage rates have dropped to their lowest in over a year and a half, with the average 30-year fixed mortgage rate falling to 6.20% from 6.35% two weeks ago, according to Freddie Mac. Despite this decline, high home prices and low inventory are keeping many potential buyers and sellers out of the market. The average rate on a 15-year fixed mortgage also decreased to 5.27%, … Continue reading Mortgage rates fall to lowest level in over 18 months

The Campbell Soup Company, founded in 1869 and known for its iconic soup cans, will drop “Soup” from its name and become The Campbell’s Company. This change reflects the company’s new strategy and mission, aiming to encompass its broader portfolio beyond just soups. With net sales of $9.6 billion last year, Campbell’s is also following recent trends of rebranding, similar to Twitter’s transition to X … Continue reading After more than a century, the Campbell’s company drops ‘soup’ from its name