Elon Musk’s AI firm, xAI, has secured $6 billion in new funding from investors, including Sequoia Capital, Andreessen Horowitz, and Saudi Prince Alwaleed Bin Talal, raising its valuation to $24 billion. The funds will be used to launch its first products, build advanced infrastructure, and accelerate R&D. Initially valued at $18 billion, xAI’s latest funding positions it as a competitor to OpenAI, the creator of … Continue reading Elon Musk’s xAI firm valued at $24 billion as investors pledge more money

Fast food, once seen as a quick and affordable meal, is now considered a luxury by many Americans due to rising menu prices, according to a LendingTree survey. The survey, which polled over 2,000 adults, revealed that nearly 80% now view fast food as a “luxury,” and 62% are eating it less often because of the higher costs. The financial strain is particularly felt by … Continue reading Nearly 80% of Americans now view fast food as a luxury

Sales of newly built homes fell 4.7% in April compared to March and dropped 7.7% from the previous year, according to the U.S. Census. March sales were also revised significantly lower. Higher mortgage rates are affecting sales, with the average 30-year fixed mortgage rate rising from the high 6% range at the end of March to 7.5% in April, reducing affordability. The median price of … Continue reading Sales of newly built homes tank in April

The U.S. House of Representatives passed the “Financial Innovation and Technology for the 21st Century Act” (FIT21) on Wednesday evening, aiming to regulate the cryptocurrency industry. The bill classifies cryptocurrency as a commodity, exempting it from securities regulations, and outlines whether the SEC or CFTC should oversee it. The Republican-led bill, the first of its kind, passed with a 279-136 vote, supported by 71 Democrats, … Continue reading Crypto bill clears the House, heads to Senate

Mortgage rates declined for the third consecutive week, dropping below 7% for the first time in over a month amid ongoing home affordability challenges. According to Freddie Mac’s latest Primary Mortgage Market Survey released Thursday, the average rate on a 30-year fixed mortgage fell to 6.94% from 7.02% last week. A year ago, the rate was 6.57%, Fox Business reported. The average rate on a … Continue reading Mortgage rates dip below 7%

Stocks fell on Thursday, with the Dow Jones Industrial Average dropping over 600 points, marking its largest single-day decline since April 30. The Dow fell by 1.5%, led by a 6.7% drop in Boeing shares. The S&P 500 and Nasdaq Composite also decreased by 0.9% and 0.6%, respectively, despite hitting record highs earlier. Nvidia’s shares surged over 8% following better-than-expected first-quarter results and a 10-for-1 … Continue reading Dow slides 600 points, S&P 500 retreats from record 

In the first quarter of 2024, companies paid a record $339.2 billion in dividends, a 2.4% increase from the same period in 2023, according to a report by asset manager Janus Henderson. This growth was bolstered by Alibaba and Meta making their first-ever dividend payments, contributing significantly with $2.6 billion and $1.1 billion respectively. The banking sector, with a 12% increase, was a major driver, … Continue reading Companies Put Record Amount In Shareholders’ Pockets

A U.S. Senate report released on Monday revealed that German automaker BMW imported over 8,000 Mini Cooper vehicles into the United States with electronic components sourced from a banned Chinese supplier. The report, from Senate Finance Committee Chairman Ron Wyden’s staff, disclosed that BMW continued importing products with these banned parts until at least April, despite a 2021 law prohibiting such imports. BMW Group responded, … Continue reading BMW imported 8,000 Mini Coopers with banned Chinese parts into U.S.

Target is reducing prices on over 5,000 frequently bought items, such as milk and diapers, to attract customers from Walmart. With high food prices and borrowing costs, consumers are increasingly seeking cheaper options, prompting retailers to lower prices. Facing stiff competition from Walmart, which offers lower prices and reports resilient consumer spending, Target aims to ease shoppers’ budget pressures. Rick Gomez, Target’s chief food, essentials, … Continue reading Target starts price war with Wal-Mart by slashing cost of 5,000 popular items

The Dow Jones Industrial Average briefly surpassed 40,000 for the first time on Thursday, peaking at 40,051.05, before closing slightly lower at 39,869.38, down 0.1%. This milestone followed a bull market that started in October 2022 and was rekindled in May due to strong earnings and lower inflation. Despite earlier setbacks in April over high interest rate concerns, investor sentiment improved with expectations of rate … Continue reading Dow closes lower Thursday after briefly topping 40,000 for first time

Inflation in the United States has soared to 20 percent under President Biden’s administration, leading to a significant decline in the dollar’s value and a resurgence of the consumer price index. This, coupled with stagnant GDP growth, indicates the economy is heading towards stagflation. The impact of historic inflation includes declining living standards and a severe cost-of-living crisis, with grocery prices rising by nearly one-third … Continue reading Inflation hits 20% under Biden, pushing small businesses to brink

Amid concerns about its future, Red Lobster is auctioning off at least 99 of its locations. Neal Sherman, CEO of TAGeX Brands, announced the closure of over 50 Red Lobster restaurants, with equipment to be auctioned. Closure locations include Denver, Indianapolis, Rochester, Sacramento, San Antonio, and San Diego. These closures represent about 15% of the chain’s 700 locations, making it the largest seafood restaurant chain … Continue reading Red Lobster closing 99 locations; Future in question

Federal Reserve Chair Jerome Powell emphasized during the annual general meeting of the Foreign Bankers’ Association in Amsterdam that inflation is declining more slowly than anticipated, indicating that the central bank will maintain its current stance for an extended period. Despite expectations for inflation to decrease over the year, Powell noted that this hasn’t materialized yet. He emphasized the need for patience and indicated a … Continue reading Fed Chair Powell says inflation has been higher than thought

In the spring of 2021, Archegos Capital Management, a seemingly obscure investment firm, made headlines for its sudden and catastrophic collapse, leaving major Wall Street banks facing staggering losses of billions of dollars. The firm, led by its founder and CEO, Bill Hwang, will now face trial for alleged racketeering, conspiracy, and fraud charges in a Manhattan courtroom. Archegos was accused of employing deceptive tactics, … Continue reading The alleged architect of a multibillion-dollar fraud that shook Wall Street heads to trial

General Motors announced plans to discontinue production of the gasoline-powered Chevrolet Malibu later this year, aiming to focus on manufacturing new electric vehicles. Since 1964, GM has sold over 10 million Malibus worldwide, with production set to end in November. The company will invest $390 million in its Kansas assembly plant to produce the next-generation Chevrolet Bolt EVs, following the halt of production for the … Continue reading GM to stop making iconic Chevy Malibu after 60 years

Global environmental crime is a lucrative enterprise, generating billions of dollars annually, with the U.S. financial system playing a role in concealing these profits. According to Interpol, activities such as poaching and illegal logging yield up to $281 billion annually, ranking as the third most profitable illegal business globally. The complexity of these illicit industries varies, ranging from small networks involved in wildlife trafficking to … Continue reading US financial system helps shelter profits from environmental organized crime

Argentina has introduced a new banknote, the 10,000 peso bill, which is five times larger than the previous highest denomination. Despite its size, the bill is only worth around $10 due to the country’s staggering inflation rate, nearing 300%. Issued by the central bank, the new note features images of independence icons Manuel Belgrano and Maria Remedios del Valle. The introduction of this larger denomination, … Continue reading Inflation-hit Argentina launches new top banknote, worth just $10

The Federal Aviation Administration (FAA) has initiated an investigation into Boeing following reports of falsified inspection records at a South Carolina plant regarding certain 787 planes. Boeing confirmed the misconduct but stated that it did not pose an immediate safety threat. The company took prompt action upon discovering the irregularity, notifying the FAA and implementing corrective measures. While no planes have been grounded, the need … Continue reading FAA investigating whether BOEING falsified 787 inspection reports

A special committee of the Paramount Global board convened to assess offers for the company, following the end of exclusive negotiations with Skydance Media without reaching a deal. Rival bidders, including Sony and Apollo, are awaiting updates on the next steps. The special committee reportedly approved initiating deal discussions with Sony and Apollo, with a potential focus on Apollo acquiring the CBS broadcast license rights. … Continue reading Paramount bidders await word from special committee evaluating options

US Treasury Secretary Janet Yellen addressed the recent significant fluctuations in the value of the yen, refraining from confirming whether Japan had intervened to support its currency. Yellen, speaking to reporters in Mesa, Arizona, described such assertions as “rumors.” While acknowledging the yen’s notable movement, she emphasized the expectation for interventions to be infrequent and conducted through consultation. Japanese authorities were reportedly active in the … Continue reading Yellen Counsels Caution on Currency Intervention After Yen Surge

Hormel Foods Sales LLC, based in Minnesota, has issued a recall for two Planters products produced at one of its facilities due to potential contamination that could lead to fatal infections. The affected products, Honey Roasted Peanuts and Deluxe Lightly Salted Mixed Nuts, were distributed to Publix warehouses in Florida, Georgia, Alabama, and North Carolina, as well as Dollar Tree warehouses in South Carolina and … Continue reading Planters nuts recalled after discovery of potentially fatal contamination

Scott Sheffield, the founder and former CEO of Pioneer Natural Resources, allegedly attempted to collude with OPEC and its allies to manipulate oil prices, according to federal regulators. The Federal Trade Commission (FTC) claimed that Sheffield exchanged numerous text messages with OPEC officials, discussing pricing, production, and oil market dynamics. These communications aimed to coordinate oil production in the Permian Basin with OPEC and OPEC+ … Continue reading American oil tycoon accused of trying to conspire with OPEC to inflate prices

BF Borgers, the independent accounting firm for Trump Media & Technology Group, faced charges from the Securities and Exchange Commission (SEC) for widespread fraud and operating a “sham audit mill.” The SEC accused the firm of deliberate and systemic failures, including fabricating audit documentation and falsely representing compliance with accounting standards. The fraud, occurring between January 2021 and June 2023, affected over 1,500 SEC filings … Continue reading Trump Media’s accounting firm charged with ‘massive fraud’

The latest report from the Labor Department revealed that the U.S. economy added 175,000 jobs in April, slightly below economists’ expectations, while the unemployment rate rose to 3.9 percent. This comes after the Federal Reserve decided to maintain interest rates amid concerns over inflation and economic indicators. Fed Chair Jerome Powell emphasized the need for caution in considering rate cuts due to lingering inflationary pressures. … Continue reading US economy adds 175K jobs in April, falling short of expectations

Several major cellphone carriers, including Verizon, AT&T, T-Mobile, and Sprint (now merged), have been fined nearly $200 million in total by federal regulators for unlawfully sharing customers’ location data without consent. The Federal Communications Commission (FCC) announced the fines following investigations revealing that the carriers sold access to customer location data to aggregators, who then sold it to third parties without proper authorization. FCC Chairwoman … Continue reading FCC fines Verizon, AT&T other major carriers nearly $200 million for sharing customer data