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

Stellantis CEO Carlos Tavares resigned on Sunday due to differences with the board amid declining sales, rising vehicle prices, and workforce layoffs. The company faced criticism for high prices on brands like Jeep and Ram, which hurt US sales, and Tavares’ compensation package sparked backlash. Under Tavares, Stellantis’ global sales dropped 10% in the first half of the year and 20% in the third quarter. … Continue reading Stellantis CEO Carlos Tavares steps down

Macy’s announced it will delay its full earnings release as it investigates an accounting issue where an employee intentionally hid up to $154 million in delivery expenses. The company found that the employee made erroneous entries between Q4 2021 and Q3 2024. While Macy’s continues its investigation, it confirmed the issue did not affect cash management or vendor payments, and the employee is no longer … Continue reading Macy’s delays earnings release as it says employee hid up to $154 million in delivery expenses

Walmart, the largest private employer in the U.S., has made changes to its diversity, equity, and inclusion (DEI) initiatives. The company will not renew its racial equity center created after George Floyd’s death, and it will stop participating in an LGBTQ+ advocacy group’s benchmark index. Walmart also committed to monitoring its marketplace for inappropriate products marketed to children and no longer using the term “LatinX.” … Continue reading Walmart, the nation’s largest private employer, rolls back DEI

Kenneth Leech, the former co-chief investment officer of Western Asset Management, was charged with running a $600 million “cherry-picking” scheme, favoring certain clients’ accounts by allocating successful trades to them while giving poorer trades to others. Between January 2021 and October 2023, Leech allegedly misled investors and made false statements to the SEC. He faces four fraud charges and one charge of making false statements, … Continue reading Federal Prosecutors Charge Star Bond Investor Ken Leech With Fraud

Bitcoin steadied after a rally toward $100,000 stalled just below the milestone, with traders assessing whether optimism fueled by President-elect Donald Trump’s support for crypto is overblown. The digital asset briefly dipped to $95,776 on Sunday but rebounded to $98,065 by Monday morning. While Trump’s support for crypto, including promises of friendlier regulations and a national Bitcoin stockpile, has boosted market sentiment, some investors worry … Continue reading Bitcoin’s Rally Stalls After Nearing the Historic $100,000 Level

The U.S. egg shortage is expected to worsen as the holiday season approaches and may continue into 2025. Egg production dropped by 2.6% in September and 1.6% in August due to bird flu outbreaks in several states, which led to the loss of millions of birds. The USDA has adjusted its fourth-quarter production forecast down to 1.98 million dozen eggs. Factors contributing to the shortage … Continue reading US Egg Shortage Could Get Worse as Holiday Season Approaches

Sugar Foods is recalling 3.5-ounce bags of Fresh Gourmet Tortilla Strips Santa Fe Style sold in 20 states due to contamination with a wheat allergen. The recall affects products with UPC Code 7 87359 17504 6 and a best-by date of June 20, 2025. The mix-up occurred when Crispy Onion Strips containing wheat were mistakenly packaged as Tortilla Strips. People with wheat allergies are at … Continue reading Salad topping recalled in 20 states over wheat allergen contamination

DirecTV has officially terminated its agreement to acquire Dish Network and Sling TV from Echostar, citing failed bond exchange negotiations with Dish’s creditors. Echostar’s offer to reduce Dish’s $9.75 billion debt by $70 million was rejected, leading DirecTV to withdraw to protect its financial stability. CEO Bill Morrow emphasized DirecTV’s focus on innovation and flexibility, supported by TPG Capital, which owns a stake in DirecTV. … Continue reading DirecTV to Scrap Merger With Rival Dish

Bitcoin (BTC) surged above $99,000 on Friday, nearing the $100,000 mark, with a 2% daily increase driving the crypto market’s total capitalization to a record $3.4 trillion. U.S.-based BTC ETFs saw over $1 billion in net inflows, led by BlackRock ($600M) and Fidelity ($300M), with no outflows reported. Other tokens also rallied, including Ethereum (ETH) up 9%, XRP soaring 25% following SEC Chair Gary Gensler’s … Continue reading Bitcoin Nears $100K, With Crypto Market Cap at Record $3.4T

Wolverine Packing Co. has recalled 167,277 pounds of ground beef due to potential E. coli contamination, affecting fresh and frozen products shipped nationwide. The recall follows an outbreak in Minnesota, where 15 people fell ill after consuming the beef. Products bear the establishment number “EST. 2574B” and include fresh items with a use-by date of November 14, 2024, and frozen items produced on October 22, … Continue reading Over 83 tons of ground beef recalled nationwide