CVS Health, UnitedHealth Group, and Cigna have sued the Federal Trade Commission (FTC), claiming its case against drug supply chain middlemen over high insulin prices is unconstitutional. The FTC accused these companies’ pharmacy benefit managers (PBMs)—CVS’s Caremark, Cigna’s Express Scripts, and UnitedHealth’s Optum Rx—of inflating insulin costs through a rebate system that boosts their profits. The lawsuit, filed in Missouri, argues that the FTC’s administrative … Continue reading CVS, UnitedHealth, Cigna sue to block FTC case over insulin prices

Walmart CFO John David Rainey warned that President-elect Trump’s proposed tariffs on imports could lead to higher prices for consumers, despite the company’s commitment to maintaining low prices. Trump’s plan includes tariffs of 10-20% on all imports and up to 60% on Chinese goods. While Walmart sources a large portion of its products domestically, Rainey acknowledged that tariffs are inflationary and said the company will … Continue reading Walmart CFO says some prices might rise if Trump’s tariffs take effect

Comcast plans to spin off its cable network channels, including E!, Syfy, Golf Channel, USA, and Oxygen, into a separate entity, according to sources. Bravo will remain with NBCUniversal due to its ties to Peacock. The process, expected to take about a year, involves resolving licensing agreements and determining collaborations with NBC News for MSNBC and CNBC. Mark Lazarus, NBCUniversal’s media group chairman, is expected … Continue reading Comcast will announce the spinoff of cable networks Wednesday

Samsung Electronics’ shares rose more than 7% on Monday after the company announced a surprise plan to buy back 10 trillion South Korean won ($7.19 billion) of its stock over the next year. This follows a 7.21% surge on Friday after the company reached a preliminary agreement with its largest workers’ union, ending a July strike. Samsung’s last buyback was in November 2017. The company … Continue reading Samsung shares climb more than 7% after surprise $7 billion buyback plan

Organic bagged carrots sold under multiple brands have been linked to an E. coli outbreak that has killed one person and sickened 39 others in at least 18 states, with 15 hospitalized, according to the CDC. Grimmway Farms issued a recall for select organic whole and baby carrots, including those sold under brands like Nature’s Promise, Wegmans, and Trader Joe’s. The carrots were distributed nationwide … Continue reading Carrot recall as E coli outbreak leaves 1 dead, dozens infected across U.S.

Retail sales in October rose 0.4%, signaling steady consumer spending that supports economic growth. A 1.6% increase in auto sales contributed significantly, along with gains in electronics, appliances, and dining. While some sectors like furniture and clothing saw declines, sales at home and garden stores grew, likely due to storm-related rebuilding. The overall retail growth reflects moderated price increases and strong consumer confidence, with predictions … Continue reading Retail sales up solidly in October

Boeing has laid off over 400 members of its professional aerospace labor union, part of a broader plan to cut 17,000 jobs as the company faces financial and regulatory challenges. The layoffs, affecting engineers, scientists, and technical workers, were announced last week. Employees will stay on the payroll until mid-January and receive severance, career services, and subsidized health benefits. Boeing’s CEO cited overstaffing as the … Continue reading Boeing issues layoff notices to 400-plus workers as it begins drastic cuts

McDonald’s will invest over $100 million to recover from last month’s E. coli outbreak linked to its slivered onions. Of this, $65 million will support affected franchisees, especially in the hardest-hit states, while $35 million will fund marketing efforts to drive traffic. The company plans local recovery programs for impacted areas. Despite initial sales drops after the CDC’s announcement, McDonald’s doesn’t expect lasting effects on … Continue reading McDonald’s to invest more than $100 million to speed up recovery

The European Union has fined Meta €798 million ($840 million) for antitrust violations related to Facebook Marketplace. The EU accused Meta of unfairly tying Marketplace to its social network, Facebook, and imposing unfair conditions on other classified ad providers. Meta plans to appeal the decision but will comply in the meantime. The fine follows an investigation that began in 2021, after concerns that Facebook’s dominance … Continue reading Europe fines Meta $840 million over ‘abusive’ practices benefiting Facebook Marketplace

Ilya Lichtenstein, who stole nearly 120,000 bitcoin in a 2016 hack of the Bitfinex exchange, was sentenced to five years in prison for money laundering. At the time of the hack, the stolen bitcoin was worth $70 million, but it’s now valued at $10.5 billion due to bitcoin’s price increase. Lichtenstein, along with his wife Heather Rhiannon Morgan, pleaded guilty in August 2023 after their … Continue reading Major bitcoin hacker Lichtenstein gets five years in prison for crypto laundering scheme

Federal Reserve Chair Jerome Powell announced that the Fed will likely reduce interest rates slowly in the coming months, as inflation is still below the 2% target and the economy remains strong. While the Fed has already made some cuts, including a quarter-point reduction last week, Powell emphasized caution in future decisions. He also noted that inflation may remain slightly above the target in the … Continue reading Powell says Fed will likely cut rates cautiously given persistent inflation pressures

General Motors is recalling nearly 462,000 diesel-engine SUVs and pickup trucks in the U.S. due to a faulty transmission control valve that may cause rear wheel lockup, increasing the risk of a crash. Affected vehicles may experience harsh shifting, and in rare cases, the rear wheels could lock up. The recall covers 2020-2022 Chevrolet Silverado, GMC Sierra, Cadillac Escalade, and Chevrolet Tahoe models. GM will … Continue reading GM recalls nearly 500,000 pickup trucks and SUVs

Inflation rose slightly in October, with consumer prices up 0.2% for the month and 2.6% compared to a year earlier, marking the first increase since March. Housing-related inflation contributed to half of the monthly rise, while energy prices were flat. Despite this, inflation has significantly eased from its peak of 9.1% in June 2022. Economists expect continued progress, with core inflation (excluding food and energy) … Continue reading Inflation hit a bump in October after slowing for six straight months

Amazon has launched a low-cost online storefront, Amazon Haul, offering electronics, apparel, and other products priced under $20, mainly under $10. The storefront, designed to compete with discount retailers like Shein and Temu, offers free delivery on orders over $25, with products shipped from China and arriving within one to two weeks. The items, including unbranded goods like phone cases and dresses, are aimed at … Continue reading Amazon launches an online discount storefront to better compete with Shein and Temu

The price of gold has dropped by nearly 6% since hitting a record high of $2,776.10 per ounce on October 29, now standing at $2,611.53 as of November 12. This decline presents an opportunity for investors, both experienced and new, to enter the market at a lower price point. To capitalize on this, investors should carefully explore their options, consider buying in larger quantities than … Continue reading Gold’s price plunges from record highs

The U.S. dollar hit a 6-1/2-month high against major currencies on Tuesday, driven by expectations of inflationary import tariffs under President-elect Donald Trump. The U.S. dollar index rose 0.51%, reaching 105.96, while bitcoin briefly surged to a record high of $89,982 before retreating to $89,683. The dollar’s strength is partly attributed to anticipated higher tariffs, which may limit the Federal Reserve’s ability to cut interest … Continue reading US dollar and bitcoin advance spurred by Trump tariff expectations

Kraft Heinz announced it will remove Lunchables from the National School Lunch Program due to lower-than-expected demand. This decision follows concerns raised by Consumer Reports, which found high levels of sodium, lead, and cadmium in the school versions of the snack. Consumer Reports praised the move, calling for stricter standards in the program to ensure healthier options for students, CNN has reported. The National School … Continue reading Lunchables removed from national school lunch program

Continental Dairy Facilities Southwest LLC recalled over 79,000 pounds of Costco Kirkland Signature butter due to missing allergen labels for milk. The recall affects 46,800 pounds of unsalted butter and 32,400 pounds of salted butter, distributed in Texas. The affected products, packaged in four 4-ounce sticks, may not include the required “Contains Milk” statement. The recall, categorized by the FDA as “Class II,” poses a … Continue reading 80,000 pounds of Costco butter recalled for lacking disclaimer about milk

The estate of the collapsed crypto exchange FTX is suing Binance and its former CEO Changpeng Zhao, seeking at least $1.76 billion over a “fraudulent” share deal. The lawsuit, filed in Delaware, concerns a 2021 transaction where Binance and Zhao sold a 20% stake in FTX and an 18.4% stake in its U.S. entity, West Realm Shires, back to the company. FTX claims the repurchase … Continue reading FTX sues crypto exchange Binance and its former CEO Zhao for $1.8 billion

The U.S. National Highway Traffic Safety Administration (NHTSA) is investigating engine failures in up to 1.4 million Honda and Acura vehicles, including the 2016-2020 Honda Pilot, Acura MDX, 2018-2020 Honda Odyssey, Acura TLX, and 2017-2019 Honda Ridgeline. The issue involves failing connecting rod bearings in 3.5-liter V6 engines, which can cause complete engine failure. Honda had recalled 250,000 vehicles in November 2023 for the same … Continue reading Feds probing recall of 1.4M Honda, Acura cars after more complaints of engine failure

American Freight, a furniture and appliance retailer, is closing all 328 of its stores nationwide as part of Chapter 11 bankruptcy proceedings by its parent company, Franchise Group Inc. The company is offering discounts up to 30% on its inventory, including furniture and appliances, as part of store closing sales managed by Hilco Consumer-Retail. Franchise Group, which also owns Pet Supplies Plus, The Vitamin Shoppe, … Continue reading American Freight closing all stores amid parent company’s bankruptcy filing

Tesla CEO Elon Musk expressed support for increasing presidential control over the Federal Reserve, which could undermine its independence. Musk retweeted a post from Sen. Mike Lee suggesting the Executive Branch should oversee the Fed, citing it as a constitutional issue. Economists warn that Fed independence is crucial for credible monetary policy. Fed Chairman Jerome Powell, when asked if he would resign if President-elect Trump … Continue reading Elon Musk backs call to end the Fed after Jerome Powell says he won’t resign early

Cryptocurrencies continued their rally on Sunday, with bitcoin reaching a record high of $80,000. Bitcoin was up 4.5%, trading at $79,800, while Ether rose 3% to $3,203. Smaller coins saw even bigger gains, including XRP (+11%), Cardano’s decentralized finance token (+40%), and memecoins dogecoin (+17%) and Shiba Inu (+31%). Analysts believe the pro-crypto stance of President-elect Donald Trump’s administration could drive further growth in the … Continue reading Bitcoin hits $80,000, record high

China has approved a 10 trillion yuan ($1.4 trillion) plan to help its struggling economy by allowing local governments to refinance debt. The plan includes borrowing up to 6 trillion yuan ($838 billion) over three years to replace “hidden debt” from risky local government financing platforms. Additionally, local governments will receive a 4 trillion yuan ($558 billion) quota in special bonds over five years. Despite … Continue reading China approves $1.4 trillion debt package in latest measure to boost flagging economy

Tesla’s market value surpassed $1 trillion on Friday, driven by growing speculation that CEO Elon Musk’s support for President-elect Donald Trump could lead to favorable treatment for his companies. Tesla’s shares rose over 6%, reaching a two-year high. Analysts believe Musk could influence regulations on autonomous vehicles and secure delays in safety enforcement for Tesla’s driver-assistance systems, The Guardian has reported. Tesla’s profitability has been … Continue reading Tesla hits $1tn market value after Musk-backed Trump win