New York Attorney General Letitia James has sued Coinbase and Gemini, accusing them of running illegal gambling operations through unlicensed “prediction market” platforms. The lawsuit argues that the companies are offering wagering disguised as event-based trading and are therefore subject to state gambling laws. Officials say the platforms bypass licensing requirements, avoid casino tax rates, and allow users as young as 18, below New York’s … Continue reading New York sues Coinbase and Gemini

UK inflation rose to 3.3% in March, driven mainly by higher fuel prices following the Iran conflict, according to the Office for National Statistics. Energy costs, along with airfares and food prices, contributed to the increase, while clothing prices slightly offset the rise. Economists say the UK is particularly exposed because it relies on imported energy, and further price increases are expected if the conflict … Continue reading UK inflation jumps to 3.3% in March

Amazon has agreed to invest up to $25 billion in AI startup Anthropic, adding to its earlier $8 billion commitment as part of an expanded partnership focused on AI infrastructure. Anthropic, the maker of Claude AI models, has also pledged to spend more than $100 billion on Amazon Web Servicesover the next decade, largely using Amazon’s custom AI chips. The deal will significantly expand computing capacity, including nearly 1 gigawatt … Continue reading Amazon to invest up to another $25 billion in Anthropic

Meta Platforms is planning major layoffs starting May 20, with an initial cut of about 10% of its global workforce, or roughly 8,000 employees. The company is also expected to carry out additional job reductions later in the year as part of a broader restructuring tied to artificial intelligence investments. CEO Mark Zuckerberg is shifting the company toward AI-driven operations, aiming for fewer management layers and greater efficiency. … Continue reading Meta plans first wave of 8,000 layoffs

Oil prices surged on Monday after escalating tensions between the United States and Iran raised fears of renewed conflict in the Strait of Hormuz. Brent crude and West Texas Intermediate both rose sharply following reports of attacks on commercial vessels and a U.S. seizure of an Iranian-linked ship in the Gulf of Oman. Donald Trump said the ship was detained after attempting to breach a naval blockade and warned Iran of further … Continue reading Oil prices jump after Iran and U.S. attack commercial ships

Three senior OpenAI executives have announced their departures, adding to a wave of leadership changes at the AI company. Bill Peebles, Kevin Weil, and Srinivas Narayanan all confirmed they are leaving or transitioning out of their roles, which spanned product, science, and enterprise applications. The exits follow recent high-profile staffing shifts, including medical leaves and role changes among other top executives. OpenAI said it is … Continue reading OpenAI loses multiple executives in latest leadership shakeup

QVC Group, the parent company of QVC and HSN, has filed for Chapter 11 bankruptcy protection in the United States. The company said its international operations are not included and that it still has over $1 billion in cash to continue operating normally. QVC has been struggling with declining sales as consumers increasingly move to livestream shopping and online marketplaces like TikTok and Shein. Its … Continue reading Home shopping network pioneer QVC files for bankruptcy protection

China’s economy grew 5% in the first quarter, faster than expected, as strong exports helped offset weak domestic demand. Growth slightly improved from the previous quarter, but officials warned that global uncertainty and weak consumption remain major risks. Investment in infrastructure and real estate was weaker than forecast, with the property sector continuing a sharp decline. Retail sales growth slowed in March, while industrial output … Continue reading China economic growth accelerates to 5% in first quarter

President Donald Trump has threatened to fire Federal Reserve Chair Jerome Powell if he does not leave office at the end of his term in May, escalating an ongoing dispute over interest rate policy. Trump has repeatedly criticized Powell for not cutting interest rates and has also accused him of mismanaging a Federal Reserve building renovation project. Powell’s term ends on May 15, but he … Continue reading Trump threatens to fire Fed chair Powell if he doesn’t leave in May

The footwear company Allbirds announced a major pivot on Wednesday, shifting its business from shoes to artificial intelligence and rebranding as NewBird AI. The announcement caused its stock to surge more than 500%, despite the company’s small market value and recent financial struggles. The new strategy focuses on building AI compute infrastructure by acquiring high-performance hardware and leasing access to customers under long-term contracts, with … Continue reading Struggling shoe retailer Allbirds makes bizarre pivot to AI

Chevron is increasing imports of Venezuelan crude oil to its U.S. refineries, including a key facility in Pascagoula, Mississippi, in an effort to help ease gasoline prices during a global oil supply squeeze linked to the Iran war. A senior Chevron executive said the company is running the refinery continuously and using shipments of heavy Venezuelan oil to expand supply and reduce costs for consumers. … Continue reading Chevron says Venezuelan oil imports are helping curb U.S. gas prices

U.S. stocks rose sharply on Tuesday, bringing the S&P 500 close to an all-time high as optimism grew over possible renewed talks between the United States and Iran. The Dow Jones Industrial Average also gained, while the Nasdaq Composite climbed as investors reacted to hopes that the conflict could be contained. Oil prices eased as markets anticipated that successful diplomacy could prevent prolonged disruptions to … Continue reading Wall Street rallies to the edge of its all-time high as oil prices ease

The Walt Disney Company announced it will lay off about 1,000 employees across its film, television, ESPN, and technology divisions as part of an internal restructuring. CEO Josh D’Amaro said the company is streamlining operations to create a more agile and tech-focused workforce in a rapidly changing industry. Reports suggest that units such as Marvel Studios were significantly affected, particularly in areas like visual effects. … Continue reading Disney lays off 1,000 employees across TV and film

Texas Attorney General Ken Paxton has launched an investigation into Lululemon Athletica over concerns that its activewear may contain PFAS, known as “forever chemicals.” The probe will examine whether the company’s products include substances that consumers would not expect based on its marketing claims. Lululemon Athletica says it does not use PFAS in its products and claims it phased out limited use in 2023, while also cooperating with … Continue reading Texas attorney general probes Lululemon over potential ‘forever chemicals’ in its activewear

U.S. stocks rebounded on Monday after an early drop, as investors remained hopeful that tensions between the United States and Iran could ease despite a blockade of the Strait of Hormuz. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all closed higher, led by gains in technology shares. Oil prices, which had traded above $100 a barrel earlier in the day, pulled back by the close. Shipping through the Strait of Hormuz has dropped … Continue reading Stocks rally, oil dips below $100 a barrel

McDonald’s is planning to expand its U.S. drink menu later this year with new beverages, including a Red Bull Dragonberry Energizer, according to reports. The rollout is expected to begin in August and will also include drinks like Dirty Dr Pepper and Mango Pineapple Refresher. The company aims to price these items lower than competitors such as Starbucks, Dutch Bros, and Sonic to attract cost-conscious … Continue reading McDonald’s to add energy drinks, crafted sodas to US menus

Asia-Pacific markets fell on Monday as investors reacted to escalating tensions after U.S.-Iran talks collapsed and a U.S. naval blockade of Iranian ports was announced. The breakdown in negotiations raised fears that the conflict could last longer, driving a sharp surge in global oil prices. West Texas Intermediate rose above $104 a barrel and Brent crude climbed above $102, adding pressure to global inflation concerns. … Continue reading Asia markets trade lower as oil surges after U.S. moves to blockade Iran ports

U.S. economic growth slowed more than expected in the fourth quarter, with GDP rising at an annual rate of 0.5%, according to the U.S. Department of Commerce. The slowdown was driven by weaker government spending and exports, partly linked to a 43-day federal funding lapse. Consumer spending and investment still supported growth, but overall momentum fell sharply from earlier in the year. The economy expanded 2.1% … Continue reading Economic growth downgraded to 0.5 percent

The United States Postal Service announced it will temporarily suspend employer contributions to federal retirement annuities to preserve cash amid a severe financial crisis. The agency also proposed raising postage rates, including increasing the price of a Forever stamp to 82 cents, pending regulatory approval. Officials said the move is intended to maintain payroll, supplier payments, and mail service, while warning the United States Postal Service could run out … Continue reading USPS to suspend pension contributions, seeks 4-cent stamp price hike

Minutes from the Federal Reserve March meeting show officials still expect to cut interest rates later this year despite uncertainty tied to the Iran conflict and tariffs. Policymakers said the war could push them toward easier monetary policy if higher gas prices weaken consumers and the labor market. They emphasized the need to remain “nimble” as inflation stays above target and employment growth remains relatively flat. Most participants anticipated … Continue reading Fed officials still foresee rate cut this year

Deere & Co. has agreed to pay $99 million to settle a class action lawsuit accusing the company of monopolizing farm equipment repair services. The lawsuit claimed the company restricted access to repair software and worked with authorized dealers to limit independent repairs, leading to higher costs for farmers. Although Deere denies wrongdoing, it agreed to the settlement to resolve the case, which still requires … Continue reading Deere & Co agrees to pay $99 million to settle ‘right to repair’ lawsuit

Delta Air Lines and Southwest Airlines are raising checked bag fees by $10 as airlines respond to rising jet fuel costs. Southwest will charge $45 for a first checked bag and $55 for a second, while Delta’s new fees apply to domestic and some international flights booked starting Wednesday. These increases follow similar moves by other major carriers, including United Airlines and JetBlue Airways, as … Continue reading Delta, Southwest raise checked bag fees $10 amid jet fuel price surge

Oil prices fell sharply—by nearly 15%—after President Donald Trump delayed planned military strikes on Iran and signaled a potential two-week ceasefire tied to reopening the Strait of Hormuz. Iran’s foreign minister said shipping through the strait would be allowed during this period under coordination with its military, and Tehran agreed to enter negotiations with the United States. Markets reacted positively, with global stocks rising, bond … Continue reading Oil prices plunge and stocks jump after Trump announces conditional ceasefire with Iran

Samsung Electronics shares rose after the company forecast record quarterly profit driven by strong demand for AI-related chips. The company projected operating profit of about 57.2 trillion won for the first quarter, far higher than a year earlier and above market expectations. Revenue was also expected to jump significantly, reflecting booming sales in its memory chip business. Demand for high-bandwidth memory chips used in AI computing … Continue reading Samsung shares rise after profit seen jumping 8-fold

SpaceX outlined plans for its upcoming IPO, saying it will allocate an unusually large portion of shares to retail investors. The company’s CFO said retail participation will be a major focus, reflecting long-term support from everyday investors. SpaceX plans to host thousands of retail investors at events in June as part of its IPO roadshow. The offering is expected to raise about $75 billion and could … Continue reading SpaceX lays out IPO details, targets early June