TikTok has signed agreements with Oracle, Silver Lake, and MGX to form a new U.S. joint venture, allowing the platform to continue operating in the United States. The deal, expected to close on January 22, gives the investor group 50% ownership, while ByteDance and its affiliates retain 50%, with a majority-American seven-member board overseeing the company. U.S. user data will be stored locally by Oracle, … Continue reading TikTok signs deal to sell US unit to American investors

Federal prosecutors have indicted four former executives of bankrupt subprime auto dealer Tricolor, accusing them of running a multiyear “systemic fraud” scheme. Founder Daniel Chu, former COO David Goodgame, and executives Jerome Kollar and Ameryn Seibold were charged with defrauding lenders, including “double-pledging” assets to secure multiple loans. Kollar and Seibold have already pleaded guilty and are cooperating with authorities. The bankruptcy affected major banks … Continue reading Former executives of bankrupt auto dealer Tricolor indicted on fraud charges

Economists expect the Bank of England to cut interest rates to 3.75% from 4% this Thursday, following a drop in inflation to an eight-month low. November’s Consumer Prices Index fell to 3.2% from 3.6% in October, driven by easing food, drink, alcohol, and tobacco prices. The rate cut would mark the lowest borrowing cost since February 2023 and is seen as a response to cooling … Continue reading Bank of England expected to announce pre-Christmas interest rate cut

British oil giant BP has named Woodside Energy CEO Meg O’Neill as its next chief executive, replacing Murray Auchincloss, who steps down today. Carol Howle, BP’s executive VP for supply, trading, and shipping, will serve as interim CEO until O’Neill takes over on April 1, marking BP’s fourth CEO in six years. Auchloss, who became CEO in January 2024, shifted BP’s focus back to core … Continue reading BP names new CEO — its fourth in 6 years

Millions of Hyundai and Kia owners are eligible for free repairs under a nationwide settlement over inadequate anti-theft protections. The settlement, led by Minnesota’s attorney general and joined by 34 other states, addresses vehicles lacking engine immobilizers, which left them more prone to theft. Hyundai and Kia must provide free repairs for about 9 million eligible vehicles from 2011 to 2022, at a cost that … Continue reading Millions of Hyundai and Kia owners can get free repairs from settlement

A California administrative law judge ruled that Tesla’s marketing of its “Autopilot” and “Full Self-Driving” systems is deceptive, citing that the names suggest cars can operate autonomously when attentive drivers are still required. The California DMV adopted the judge’s order but modified the penalty, giving Tesla 60 days to correct its marketing claims before potentially facing a 30-day suspension of its sales license, while its … Continue reading California judge rules that Tesla engaged in deceptive marketing around Autopilot

Warner Bros. Discovery’s board could announce as early as Wednesday whether to reject Paramount Skydance’s $108.4 billion takeover bid, sources say. The decision would likely favor Netflix’s $27-per-share cash-and-stock offer for Warner Bros’ non-cable assets, including its film and TV library and HBO Max. Paramount CEO David Ellison made a $30-per-share all-cash bid directly to shareholders, claiming a clearer regulatory path and financing support from … Continue reading Warner Bros. to reportedly tell shareholders to reject Paramount offer

PayPal announced Monday that it has applied to form PayPal Bank, which would allow the company to offer loans to small businesses. The move, subject to review by the FDIC and Utah’s Department of Financial Institutions, aims to expand PayPal’s banking-like services and support economic growth. The bank would also offer interest-bearing savings accounts to customers, complementing existing credit lines, CNBC has reported. CEO Alex … Continue reading PayPal applies to form bank that can offer small business loans and savings accounts

The Bank of Japan is expected to raise interest rates Friday for the first time since January, potentially hitting their highest level in 30 years and adding pressure to debt markets. Rising yields on Japanese government bonds and a weaker yen reflect concerns over Prime Minister Sanae Takaichi’s fiscal policies and Japan’s heavy reliance on imports. Despite a 0.6% contraction in the third quarter, inflation … Continue reading Bank of Japan expected to hike rates to 30-year high

Ford is shifting its electric vehicle strategy, canceling the all-electric F-150 Lightning and focusing more on hybrid trucks and battery storage for data centers and the power grid. The company expects nearly $20 billion in charges through 2027, with over $5 billion in cash spent in the next two years, as it pivots to meet customer demand for more affordable, practical vehicles. Future F-150 Lightnings … Continue reading Ford pivoting to hybrids and dropping all-electric F-150

Nasdaq plans to file with the U.S. Securities and Exchange Commission to introduce round-the-clock trading of stocks, aiming to meet growing global demand for U.S. equities. The exchange, home to major tech companies like Nvidia, Apple, and Amazon, is taking its first formal step toward nonstop trading five days a week, targeting a potential launch in the second half of 2026. Investor interest in extended … Continue reading Nasdaq seeks to extend trading hours, as Wall Street gears up for 24/7

iRobot, maker of the Roomba vacuum, filed for Chapter 11 bankruptcy protection after agreeing to be taken private by its primary manufacturer, Picea Robotics. The company faced declining profits due to competition from lower-priced Chinese rivals, U.S. tariffs, and rising costs, generating $682 million in revenue in 2024 but struggling with debt and reduced margins. Under the bankruptcy plan, Picea will acquire 100% of iRobot’s … Continue reading Roomba maker iRobot files for bankruptcy

Oracle shares dropped 11% in extended trading after the company reported quarterly revenue below expectations, despite strong demand for its AI infrastructure. The company posted $16.87 billion in revenue, up 14% year-over-year, with cloud revenue reaching $7.98 billion and cloud infrastructure up 68%, but software revenue fell 3%, missing estimates. Oracle’s remaining performance obligations soared 438% to $523 billion, boosted by commitments from major clients … Continue reading Oracle plummets 11% on weak revenue, pushing down AI stocks like Nvidia and CoreWeave

Coca-Cola announced that Chief Operating Officer Henrique Braun will succeed James Quincey as CEO on March 31, while Quincey will become executive chairman. Quincey, 60, has led the company since 2017, overseeing bottling refranchising, pandemic strategies, and a push toward healthier beverages. Braun, 57, who joined Coke in 1996, became COO earlier this year and will focus on global growth, consumer needs, and technology improvements. … Continue reading Coca-Cola taps COO Henrique Braun to replace James Quincey as CEO in 2026

President Trump has launched the “Trump Gold Card,” offering fast-tracked U.S. visas to wealthy foreigners who pay at least $1 million, with businesses paying $2 million to sponsor employees. The card promises rapid residency and a direct path to citizenship for qualified applicants, with a $15,000 non-refundable processing fee and an upcoming $5 million “platinum” version offering tax benefits. The scheme targets high-level professionals who … Continue reading Trump launches $1m ‘gold card’ immigration visas

The Federal Reserve cut its key interest rate by a quarter percentage point to 3.5%-3.75%, reflecting a “hawkish cut” amid internal divisions, with three members voting against the decision. Chair Jerome Powell emphasized a cautious approach, saying the Fed is well-positioned to monitor economic developments before making further moves, while the dot plot shows only limited rate cuts expected in 2026 and 2027. The committee … Continue reading Divided Fed approves third rate cut this year, sees slower pace ahead

In-N-Out Burger has officially retired the number “67” from its ticket order system, following the viral “6-7” trend among Gen Alpha social media users. The removal, confirmed by a Los Angeles employee, also extends to the number “69,” and is reportedly due to the commotion caused by kids reacting to the numbers being called. The “6-7” phrase, popularized in Skrilla’s song Doot Doot (6 7) and associated … Continue reading In-N-Out Officially Removes Number ’67’ from Its Ordering System After Viral ‘6-7’ Trend

Gold rose 0.4% to $4,205.36 per ounce on Tuesday ahead of the U.S. Federal Reserve’s interest rate decision, while silver surged past $60 per ounce for the first time, hitting $60.52. The rally in silver was driven by strong industrial demand, low global supplies, and its recent designation as a U.S. critical mineral. Traders are anticipating a 25-basis-point Fed rate cut, though strong October job … Continue reading Gold rises ahead of Fed rate cut decision, silver hits $60/oz milestone

U.S. stocks were mostly steady Tuesday as investors awaited Wednesday’s Federal Reserve decision on interest rates. The S&P 500 slipped 0.1% near its October high, the Dow fell 179 points, and the Nasdaq gained 0.1%. JPMorgan Chase fell 4.7% after projecting higher expenses next year, while Toll Brothers dropped 2.4% on weaker-than-expected quarterly results amid soft housing demand. Treasury yields rose after a report showed … Continue reading US stocks hold in place in the countdown to the Federal Reserve’s meeting

PepsiCo announced plans to cut prices and eliminate nearly 20% of its product offerings by early next year, following pressure from activist investor Elliott Investment Management, which holds a $4 billion stake in the company. The company aims to use the savings to boost marketing, enhance consumer value, and accelerate the launch of products with simpler, functional ingredients, such as Doritos Protein and prebiotic cola. … Continue reading PepsiCo to cut prices, eliminate products as part of a deal with an activist investor

A recent LendingTree survey found that 27 percent of Americans who use self-checkout have intentionally taken an item without scanning it, up from 15 percent in 2023. Millennials (41 percent) and Gen Z adults (37 percent) were the most likely to admit to this, while Baby Boomers were least likely at 2 percent. Men (38 percent) were more than twice as likely as women (16 … Continue reading More than 1 in 4 self-checkout shoppers admit they’ve stolen: Survey

Paramount has made a direct, all-cash offer to Warner Bros. Discovery shareholders after WBD chose Netflix’s proposal last week. CEO David Ellison argues Paramount’s bid is superior, saying it offers $17.6 billion more cash than Netflix’s deal. Paramount offered $30 per share for the entire company, while Netflix offered $27.75 per share for Warner Bros. and HBO but believes later spinoffs of cable assets, like … Continue reading Paramount launches a hostile takeover bid for Warner Bros. Discovery

The U.S. Department of Transportation has waived the final $11 million of a $35 million civil penalty against Southwest Airlines for massive flight cancellations during a 2022 winter storm. The airline had canceled 17,000 flights, stranding over 2 million passengers, and was initially fined for failing to assist travelers. Southwest had already made $24 million in payments, and the waiver reflects the company’s significant improvements … Continue reading Government waives part of a Biden-era fine against Southwest Airlines

Treasury Secretary Scott Bessent confirmed he sold his soybean farm last week, fulfilling an ethics agreement upon taking office, while emphasizing that U.S. farmers still need federal support despite a trade deal with China. Bessent highlighted that certainty for farmers depends on long-term purchase agreements, noting that the October deal with China has resumed soybean imports after months of halted purchases. Agriculture Secretary Brooke Rollins … Continue reading Bessent sells his soybean farm, says farmers still need help

Salesforce reported stronger-than-expected earnings, with adjusted EPS of $3.25 beating the $2.86 forecast, while revenue of $10.26 billion slightly missed estimates. Net income rose to $2.09 billion, boosted by a $263 million gain from strategic investments. The company highlighted strong cloud growth in Tableau and MuleSoft, with on-premises revenue recognized immediately rather than over time. For the fiscal fourth quarter, Salesforce expects $3.02–$3.04 in adjusted … Continue reading Salesforce beats on earnings, issues better-than-expected revenue forecast