Business News

AM Business Notebook

>>Biden Urges Lawmakers To Pass Ukraine Aid Bill 

(Washington, DC)  --  President Biden is is urging Congress to pass a foreign aid package that includes funding for Ukraine and Israel.  Biden used a joint appearance with Speaker Mike Johnson on Capitol Hill Friday to call on the House to "do their part" in passing a 95-billion-dollar supplemental aid package that cleared the Senate last month.  The legislation has yet to come up for a vote in the House.  Biden said it will send a clear message to the world that "America stands up for freedom." 

 

>>Biden Campaign Raises over $53B In February

(Washington, DC)  --  President Biden's re-election campaign raised over 53-million dollars in February.  The Biden campaign released new figures today that show about one-point-three-million donors have made nearly three-point-four-million contributions, and that 97-percent of those donations were under 200 dollars.  The figures show Biden raised about ten-million dollars in the 24 hours following his State of the Union address.  Biden's campaign manager said, "The stakes of this election couldn't be higher for the future of this country."

 

>>HHS Investigating Cyberattack

(Washington, DC)  --  The Department of Health and Human Services is investigating a recent cyberattack against UnitedHealth Group.  Last month, a subsidiary of UnitedHealth fell victim to a ransomware attack that disrupted billing operations for patients across the country.  A survey found more than 80-percent of hospitals say their cash flow was directly affected by the cyberattack.  HHS announced it would launch an investigation ""Given the unprecedented magnitude" of the attack. 

 

>>Target Making Changes To Self-Checkout Lanes

(Undated)  --  Target is making some changes to its self-checkout policy.  The retailer announced its putting a cap on the number of items shoppers can have at self-checkout, a move that has "plenty of justification," according to marketing professor Mike Porter.  He says some people don't like self check-out and will appreciate the new item limits. Target says it wants to speed up the process by limiting shoppers at self-checkout to ten items.  More lanes that are staffed with employees will be opening up to help those who have fuller carts.  The "Express Self-Checkout" lanes will hit most target stores on Sunday.  Porter says this decision could be related to store theft, although Target didn't say that was a reason for the change.

 

>>McDonald's Confirms Global Outage

(Undated)  --  McDonald's has been hit by a system failure impacting restaurants across the globe.  McDonald's said in a statement this morning that it was aware of "a technology outage" that forced the closure of many locations, but insisted it was not caused by a cybersecurity event.  Stores were left unable to handle customers and online and app orders were disrupted in countries as far apart as here in the United States to Australia, Japan, and the United Kingdom.  The company's statement went on to say that the issue is "now being resolved."

 

>>"Kung Fu Panda 4" Edges "Dune: Part Two"

(Hollywood, CA)  --  Po the Dragon Warrior's toughest opponent may actually be a science fiction movie.  "Kung Fu Panda Four" edged out "Dune: Part Two" by less than a million-dollars for the top spot in this weekend's box office.  "Kung Fu Panda Four" took in an estimated 30-million-dollars in its second week in theaters, while "Dune: Part Two" brought home 29-point-one-million in its third week.  The Mark Wahlberg film "Arthur the King" opened in third-place with seven-point-five-million-dollars.

 

AM Business Notebook

>>Former Treasury Secretary Mnuchin Putting Bid Together Bid For TikTok

(New York, NY) -- Former Treasury Secretary Steven Mnuchin is putting together a bid to buy TikTok. He told CNBC Thursday that he is building an investor group to acquire the popular video app from ByteDance. This comes after the House voted Wednesday to approve a bill that would force the China-based company to sell the app or have the app banned in the U.S. Mnuchin said he thinks the legislation should pass and that TikTok should be owned by a U.S. business. He added, "There's no way that the Chinese would ever let a U.S. company own something like this in China."

 

>>SEC Accuses Elon Musk Of "Distorting" Scope Of Investigation Into Twitter Purchase

(Washington, DC) -- Elon Musk is accused of distorting the scope of the SEC's investigation into his 2022 purchase of. Twitter. The Commission is attempting to get the X owner to sit for a deposition. The agency wrote in a new filing that Musk distorting the investigation is "his only hope for establishing that the SEC is not seeking relevant evidence." The agency sued Musk in October to get him to testify in its probe of the purchase of the social media platform.

 

>>Retail Spending Up In February Amid Rising Gas Prices

(Washington, DC) -- Spending at retailers is rebounding while gas prices are on the rise. Retail sales at stores in the U.S. went up point-six-percent in February from the previous month. That's up from January's over one-percent decline, according to the Commerce Department. But sales last month were up across most categories, mostly at home improvement stores where they jumped by over two-percent.

 

>>Consumer Demand For Electric Vehicles Not What Automotive Executives Expected

(New York, NY) -- Automakers are scaling back or delaying their electric vehicle plans as EV euphoria seems to be cooling. A return to a mixed offering of vehicles -gas-powered, hybrids and fully electric- are what major auto manufacturers like Ford, GM and Stellantis are all pivoting towards. While none of those automakers has officially announced changes to their long-term EV goals, there's been a notable shift in messaging. High interest rates, surging raw materials costs, and EVs becoming more expensive than gas-powered cars has slowed their adoption rate. According to Cox Automotive, the available inventory of EVs in the U.S. has ballooned to 136 days; compared to 78 days' for the overall industry.

 

>>Social Media Has Nearly Half Of All Young Adults Feeling Financially Inadequate

(New York, NY) -- "Money dysmorphia" is a new term used to describe the distorted view of one's finances, and apparently twenty-nine percent of Americans experience it. One-quarter of consumers feel less satisfied with the amount of money they have because of social media. According to Credit Karma, 'money dysmorphia' is even more prevalent among younger generations. Roughly 43-percent of Gen Z and 41-percent of millennials struggle with comparisons to others and feel behind financially. Experts say you can address it by spending less time on social media and remove any payment details stored online to help create "purchase hurdles" -which force you to think through buying decisions.

 

>>Former CEO Plank Is Coming Back To Under Armour

(Baltimore, MD) -- Kevin Plank who founded Under Armour is coming back to the head office. Plank started the Baltimore-based firm nearly three decades ago. He will take back on CEO responsibilities replacing current president and CEO Stephanie Linnartz. She has helmed the company for the past year. Linnartz is also leaving her seat on Under Armour's board. The company released no additional information as to why the changes are underway.

AM Business Notebook

>>Speaker Johnson Says House Will 'Apply Pressure' On Senate To Pass TikTok Bill

(Washington, DC) -- House Speaker Mike Johnson says that the House will apply "every amount of pressure" on the Senate to get the bill banning TikTok passed. The House on Wednesday approved the bill that could lead to the forced sale or nationwide ban of the social media app. It would require TikTok's parent company, Chinese-owned tech giant ByteDance, to sell the app within 180 days or see it banned from U.S. app stores. Lawmakers are concerned the Chinese government can access the personal data of millions of Americans. Those opposed to the bill argue it imposes limits on free speech. President Biden has said he would sign it if it cleared Congress.

 

>>Bernie Sanders Introduces 32-Hour Work Week Bill

(Washington, DC) -- Senator Bernie Sanders is introducing a bill that would establish a four-day work week in the U.S. If passed, the bill would lower the threshold required for overtime pay from 40 hours a week to 32 over the course of a four-year period. The Thirty-Two Hour Workweek Act would also protect employee wages and benefits to ensure there's no loss in pay. In a press release, Sanders said a 32-hour work week "is not a radical idea," adding that "American workers are over 400-percent more productive than they were in the 1940s. And yet, millions of Americans are working longer hours for lower wages than they were decades ago."

 

>>Dollar Tree Plans To Close A Thousand Stores

(New York, NY) -- One-thousand Family Dollar and Dollar Tree stores are closing their doors. Dollar Tree said in a press release that it operated more than 16-thousand stores in North America as of early February. During the fourth quarter of fiscal 2023, the company said it was doing a "portfolio optimization review" that included looking at which stores should be closed or relocated. As a result, Dollar Tree said it would close about 600 Family Dollar stores in the first half of 2024, followed by more closures over the next "several years" of about 400 stores as their leases end.

 

>>Blue Diamond Cutting Corporate Jobs

(Sacramento, CA) -- Dozens of corporate jobs are being cut in a round of layoffs at California-based Blue Diamond Growers. The layoffs are part of a plan to stay cost-efficient. Blue Diamond is one of the largest almond producers in the world. It's a cooperative of more than three-thousand farmers. Blue Diamond buys almonds from farmers and processes them in its production plants in Northern California. The company has faced sales declines due to multiple challenges, including an oversupply of almonds, inflation pressures, and shifting consumer shopping patterns. The layoffs account for less than three-percent of the company's global workforce.

 

>>CA Law Firm Sues Makers of Popular Tobacco Product

(San Diego, CA) -- A San Diego law firm is filing a federal lawsuit against big tobacco, but this time, it's not for cigarettes or vaping. The suit is against Philip Morris for the product "Zyn" -- a popular nicotine product that comes in a flavored pouch. The class action lawsuit claims the product is marketed toward young people. The firm says the product is a threat to our health. The case could take years to work through the courts.

 

>>How To Get The Quickest Tax Return

(Undated) -- If you're looking for the quickest tax refund, you should file as soon as possible. CAP's say the absolute fastest way to get a refund is through electronic filing. If you paid too much in taxes over the past year, the IRS will usually refund your hard-earned money within three to five days of processing your tax return electronically. But if you take the old-fashioned route and file using snail mail, you could wait two months for a refund from the IRS.

AM Business Notebook

>>House GOP Preparing For TikTok Ban Bill Vote

(Washington, DC)  --  House Republicans are preparing for a vote on a bill that would effectively ban TikTok in the U.S.  A vote on the measure is scheduled for today.  It would require the app's Chinese parent company, ByteDance, to sell to an American owner in an attempt to address national security concerns.  President Biden said Friday that he would sign the bill into law.  Former President Trump shared his opinion on the vote, saying a TikTok ban would only empower Facebook -- which he called an "enemy of the people."  

 

>>Attorneys Of Boeing Whistleblower Call On Police To Investigate His Death

(Charleston, SC)  --  The attorneys for a Boeing whistleblower found dead over the weekend are speaking out.  Sixty-two-year-old John Barnett was found dead outside of a South Carolina hotel.  He was known for speaking out about Boeing's production standards after working for the company for over three decades.  Though the coroner's office said Barnett's death was the result of a "self-inflicted gunshot wound," Barnett's attorneys are calling on Charleston Police to investigate further.  In a statement, they said they did not see any indication that Barnett would take his own life.

 

>>Southwest Lowers Outlook Amid Weaker Boeing Delivery Forecast 

(Dallas, TX)  --  Southwest Airlines is cutting capacity and re-evaluating its full-year financial outlook.  The airline noted this week that the lowered forecast is directly related to Boeing's troubles.  Southwest's stock suffered its worst single-day losses after the announcement.  

 

>>BU Graduate Workers Vote To Authorize Strike

(Boston, MA)  --  Thousands of Boston University graduate workers have voted to authorize a strike.  The union has been in talks with BU since last year, and has not been able to reach an agreement.  The graduate students earn between 27-thousand and 40-thousand-dollars a year, which the union says is not a living wage.  The union is also seeking improved health care benefits for the graduate workers.
 

AM Business Notebook

>>Key Inflation Report Due

(Undated) -- The consumer price index - a key indicator of the state of inflation is due out today. This, as Americans expect high inflation to stick around over the next few years. That's according to the New York Federal Reserve's Survey of consumer expectations. The expectation is that the inflation rate will be up three-percent a year from now. Consumers also anticipate inflation will hover around two-point-seven percent three years from now. Central bank policymakers meanwhile project inflation will fall to two-point-one-percent by 2025.

 

>>Equal Pay Day

(Washington, DC) -- Tuesday marks equal pay day. It's the date that symbolizes how far into the year that women have to work to earn what men earned in the previous year. The Labor Department says women in the U.S. earned about 20 percent less than men on average last year.

 

>>Boeing Whistleblower Found Dead

(Charleston, SC) -- A former Boeing employee who raised concerns about production standards at the company has been found dead. John Barnett worked for Boeing for 32 years, giving evidence recently as part of a whistleblower lawsuit against the company. The coroner in Charleston County, South Carolina says he died Saturday from a "self-inflicted" wound in his truck. Barnett had alleged in the lawsuit that some workers were fitting sub-standard parts to aircrafts on the assembly line, with some removed from scrap bins to avoid delays.

 

>>Airbnb Bans Indoor Security Cameras

(San Francisco, CA) -- Airbnb is banning indoor security cameras from all listings. The short-term rental platform made the announcement Monday. It previously allowed indoor security cameras to be used in common areas placed in visible areas if they were disclosed on the listing page. Airbnb said its goal "was to create new, clear rules that provide our community with greater clarity about what to expect on Airbnb." The move comes after customer complaints and a skit about the issue on "Saturday Night Live." Outdoor security cameras will still be permitted.

 

>>Musk: Grok Will Go Open Source This Week

(San Francisco, CA) -- Elon Musk says Grok will go open source this week. The ChatGPT rival from Musk's artificial intelligence start-up, xAI, is available to X users who pay a 16-dollar-per-month subscription. xAI released Grok last year.

 

>>Bitcoin Hits Record High

(Undated) -- Bitcoin hit a record high to kick off the week. The cryptocurrency hit over 72-thousand dollars on Monday, just days after passing the previous high of 69-thousand, set in 2021. The record continues a steady climb back up for Bitcoin, which has gone up over 50-percent in the past two months.

AM Business Notebook

>>A Look Ahead At The Coming Week In Business 

(Undated)  --  Coming up in the business week ahead, things start off quiet today with no major economic reports on the calendar.  Tuesday brings the consumer price index - a key indicator of the state of inflation.  Wednesday should be another quiet day, while Thursday brings data on retail sales along with the producer price index and weekly jobless claims.  Most analysts see the number of first-time requests for unemployment benefits coming in at right around 216-thousand, not far from where things were last week.  A preliminary report on consumer sentiment wraps the week up on Friday.  

 

>>GM Lowers Price, Starts Selling Blazer EV Models Again

(Detroit, MI)  --  General Motors will be selling the all-electric version of the Chevrolet Blazer again at a lower price. Sales restarted today after a two-month halt in sales to fix software issues with the SUV.  Chevrolet officials released a statement saying the software will improve features and functionality. The cost of the vehicle will be several thousand dollars less and is now again eligible for the 75-hundred dollar federal tax credit for EV's. The automaker will also now have an entry level model that starts under 50-thousand dollars.

 

>>Tuesday Is Equal Pay Day

(Washington, DC)  --  Tuesday marks equal pay day.  It's the date that symbolizes how far into the year that women have to work to earn what men earned in the previous year.  The Labor Department says women in the U.S. earned about 20 percent less than men on average last year.  

 

>>Panda Beats Dune At Box Office

(Hollywood, CA)  --  It's a busy Oscar weekend at the box office as the top two films combine for more than 100-million-dollars.  "Kung Fu Panda Four" tops the weekend box office with an estimated 58-point-three-million-dollars in its opening week.  Last week's box office champion, "Dune: Part Two," is in second with 46-point-three-million.  Debut films take the next two spots, but are well behind the leaders.  "Imaginary" opened in third place with ten-million-dollars, followed by "Cabrini" at seven-point-five-million.
 

AM Business Notebook

>>Biden: Tax Code Needs Reform   (Washington, DC)  --  President Biden wants to reform the tax code.  During his State of the Union address, Biden slammed Donald Trump's tax plan, claiming it only helped the very rich.  He said he wants the biggest companies in the U.S. to pay their "fair share." He also pushed the child tax credit.  Biden believes the billionaires in the U.S. need to pay more and the middle and lower class need to pay less.       

 

>>House Committee Advances Bill That Could Ban TikTok

(Washington, DC)  --  A bill that could ban TikTok is advancing out of committee.  The House Energy and Commerce Committee unanimously voted to advance the bipartisan bill.  It would require the popular social media app's China-based parent company ByteDance to divest the app.  The "Protecting Americans From Foreign Adversary Controlled Applications Act was introduced by Wisconsin Republican Mike Gallagher and Illinois Democrat Raja Krishnamoorthi earlier this week.  If the bill gets passed into law, ByteDance would then have about five months to sell TikTok before the ban goes into effect.

 

>>United Pausing Pilot Hiring This Spring 

(Undated)  --  United Airlines will slow pilot hiring this spring.  New hire classes will halt in May and June but are expected to resume in July.  The airline decided to pause hiring because of "new aircraft certification and manufacturing delays at Boeing," according to a memo that was sent out to employees on Thursday.
 

AM Business Notebook

>>Federal Reserve Chair Expects Interest Rates To Come Down This Year

(Washington, DC)  --  Federal Reserve Chair Jerome Powell says he expects interest rates to begin their comedown this year. In prepared remarks on Capitol Hill, Powell said he's not ready yet to say when. He said "the committee does not expect that it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward two-percent." The central bank leader added that policymakers are keeping an eye on risks that inflation poses.

 

>>X Considering Getting Rid Of Showing Likes, Reposts

(San Francisco, CA)  --  X owner Elon Musk says the social media platform is considering getting rid of showing how many likes and reposts a post gets.  Speaking at a conference Wednesday, Musk said that info could clutter content on the service.  Since buying the company, Musk has added a feature allowing people to see how many views a post has received.

 

>>Target Launches Hundred-Dollar-Monthly Subscription Program

(Minneapolis, MN)  --   Target will launch a paid membership program next month, following the lead of its rivals, Amazon and Walmart. Target's subscription program, Circle 360, will launch in early April and cost 99-dollars per year.  The program will include unlimited free same-day delivery for orders over 35-dollars, along with other perks.  Target is turning to its competitors' playbook, as memberships have boosted business for retailers like Amazon and Walmart.  Target's digital sales have declined every quarter for the past year, and they're hoping the membership program will rev up their e-commerce business.

 

>>NTSB: Boeing Still Hasn't Provided Important Documents Regarding Door Plug Blowout

(Washington, DC)  --  Investigators say Boeing still hasn't turned over important records for the probe of the January door plug blowout incident. According to the National Transportation Safety Board, investigators don't know who in the Boeing assembly line removed and reinstalled the door plug on the 737 Max. The agency's chairwoman said so testifying before a Senate committee on the Hill. Jennifer Homendy noted the NTSB has requested the documents "numerous times over the past few months." 

 

>>MASS MoCA Workers Strike

(North Adams, MA) - Unionized workers at the Massachusetts Museum of Contemporary Art went on strike Wednesday. MASS MoCA and employees have been negotiating over a new agreement since last October. The matter is over a minimum hourly wage with the union seeking 18-dollars-25 cents an hour, while the museum offered one dollar less. 

 

>>Caitlin Clark Inks Exclusive Trading Card Deal

(Iowa City, IA)  --  Iowa women's basketball star Caitlin Clark has signed an exclusive, multi-year deal with a major trading card company.  Panini America made the announcement today, saying that Caitlin is the first multi-year, exclusive athlete to sign with the company.  It is the first deal of its kind for a female athlete. Her first trading will honor the moment she passed Kelsey Plum to become the all-time leading scoring in N-C-A-A women's basketball history. 

AM Business Notebook

>>Credit Card Late Fees Capped At Eight Dollars

(Washington, DC) -- Credit card late fees are now capped at eight dollars. It's a part of a larger initiative by the Biden administration to get rid of junk fees. The Consumer Financial Protection Bureau estimates the new regulation will save families more than ten-billion-dollars a year. It applies to large credit card issuers with more than a million accounts, which represent more than 95-percent of total outstanding credit card debt. This comes as the White House tries to show it's taking action to help families with the high cost of living. The CFPB has also proposed a rule to stop excessive overdraft fees.

 

>>A.I. Being Integrated Into Workplace Software

(New York, NY) -- Monitoring employee communications isn't new, but the sophistication of analysis is getting an upgrade all thanks to A-I. AI is being integrated into common work-related software like Slack, Zoom, Microsoft Teams and Meta's Workplace platform. Starbucks, Chevron, Walmart, and Delta have all started using AI products designed to pick up everything from bullying and harassment, to cyberattacks and insider trading. Data stays anonymous until the tech finds instances that it's been asked to highlight. Experts say that while AI tools might be new, watching, reading and tracking employee conversations is far from novel.

 

>>Former Twitter Executives Sue Elon Musk, X Corp.

(San Francisco, CA) -- Four former Twitter executives are suing Elon Musk and the social media company over unpaid severance pay. The group that includes Twitter's former CEO, CFO, head of legal and general counsel argue they are owed 128-million dollars from Musk and X Corp. In the lawsuit, the former executives claim Musk took revenge against them after being backed into buying Twitter for 44-billion dollars by "repeatedly refusing to honor other clear contractual commitments." They added that Musk and the company have been "stiffing employees, landlords, vendors and other" since taking over the social media giant. The lawsuit comes after it was reported last week that settlement talks broke down in a similar lawsuit filed by ex-Twitter workers over 500-million dollars in unpaid severance.

 

>>Bitcoin Surge Attributed To SEC Approval

(Washington, DC) -- Bitcoin hit at an all-time high on Tuesday. This comes after the SEC approved the exchange-traded funds that hold the cryptocurrency back in January. The SEC's approval led to a cash infusion after lending legitimacy to the digital assets. The cryptocurrency is over 68-thousand-and-800-dollars for the first time since November 2021. It's more than tripled since January 2023, when it was trading under 20-thousand-dollars.

 

>>Dodge Continues Charger, Challenger Lines

(Detroit, MI) -- Dodge is going to keep its Charger and Challenger models going with both gas and electric versions. The automaker announced in 2022 that production of the cars would stop, but sales of electric vehicle have been slower than expected. The first EV versions are expected to go on sale before the end of the year, with gas-powered cars hitting the market in 2025.

 

>>New Orders For Manufactured Goods Declines In Jan

(Washington, DC) -- New orders for manufactured goods declined for the second straight month in January. The Commerce Department reported a 21-billion-dollar decrease for the month following December's slight decline. Unfilled orders increased just over two-billion dollars in January. Inventories of manufactured durable goods rose for the six straight month with transportation equipment driving much of the increase.

AM Business Notebook

>>Congressional Leaders Unveil Massive Government Funding Bill 

(Washington, DC)  --  Congressional leaders are releasing the language of a massive government funding bill with plans to pass it and avoid a shutdown ahead of a Friday deadline. The over-one-thousand-page legislation would keep the government open until October and includes six bills negotiated between the House and Senate with President Biden's support. House Republicans are looking at a vote on the measure on Wednesday through a fast-tracked process, according to a leadership aid. Then it would go to the Senate, where it'll need consent to vote quickly and needs 60 votes to pass.

 

>>EU Fines Apple $2 Billion Over Music Streaming Service

(Brussels)  --  Apple is being slapped with a two-billion dollar fine by the European Union over music streaming apps.  An investigation into Apple started in 2020 after Spotify filed a complaint saying it and other music streaming provides were forced to a pay a 30-percent fee for purchases made using Apple's in-app payment system.  Meanwhile, Apple Music did not have to pay the fee.  The EU said Apple prevented Spotify and other rival music streamers from notifying iPhone users there were cheaper ways to subscribe to their services without going through Apple's app store.  Apple responded to the decision by saying it had failed "to uncover any credible evidence of consumer harm."

 

>>New FAA Audit of Boeing Highlights Multiple Areas For Concern

(Washington, DC)  --  The FAA's audit of Boeing shows multiple issues with the manufacturer's production practices. This six-week probe is in response to a door plug that blew out on an Alaska Airlines flight on January 5th. In this audit, the FAA says it found "non-compliance issues in Boeing's manufacturing process control, parts handling and storage, and product control." In another separate report released prior to the door plug incident, officials also found "gaps" in the company's safety culture.  These gaps included worker fears about retaliation for reporting safety concerns. 

 

>>JetBlue, Spirit Agree To End Merger Deal

(Long Island City, NY)  --  Budget airlines JetBlue and Spirit are agreeing to terminate their planned merger.  This comes after a federal judge blocked the three-point-eight-billion dollar agreement.  The judge agreed with the Department of Justice's argument that the merger would reduce competition and hurt consumers.  The deal would have created the fifth-largest airline in the U.S.

 

>>Ford Sales Up In February With Increases In Electric, Hybrid Vehicles

(Dearborn, MI)  --  Increases in the sales of hybrid and electric vehicles in February led to an eleven-percent sales increase at Ford Motor Company.  The automaker reported sales of just over 174-thousand vehicles last month compared to 157-thousand for the same time one year ago.  Electric vehicle sales year over year were 80-percent higher while hybrid sales increased by 32-percent. The company reported sales of gas-powered vehicles rose by over seven-percent while sales of the Maverick pickup truck jumped by 73-percent compared to one year ago. Sales for the Lincoln Division were up by 38-percent in February.
 

AM Business Notebook

>>Walgreens, CVS To Start Selling Abortion Pills This Month

(Undated)  --  The two largest pharmacy chains in the U.S. will begin selling abortion pills as soon as this month.  Walgreens and CVS will start selling Mifepristone at certain pharmacies in states where it's legal to do so.  According to separate statements, the two companies received certification from the FDA to dispense the pill.  CVS will start filling prescriptions in Rhode Island and Massachusetts in the next few weeks and will expand to more states where allowed by law.  Walgreens plans to fill prescriptions in Pennsylvania, New York, California, Illinois and Massachusetts.  The chains will not provide the pills by mail.  

 

EU Fines Apple $2 Billion Over Music Streaming Service

(Brussels)  --  Apple is being slapped with a two-billion dollar fine by the European Union over music streaming apps.  An investigation into Apple started in 2020 after Spotify filed a complaint saying it and other music streaming provides were forced to a pay a 30-percent fee for purchases made using Apple's in-app payment system.  Meanwhile, Apple Music did not have to pay the fee.  The EU said Apple prevented Spotify and other rival music streamers from notifying iPhone users there were cheaper ways to subscribe to their services without going through Apple's app store.  Apple responded to the decision by saying it had failed "to uncover any credible evidence of consumer harm."

 

>>Florida Governor DeSantis Vetoes Bill Banning Social Media For Kids

(Tallahassee, FL)  --  Florida Governor Ron DeSantis is vetoing legislation that would have banned social media accounts for kids under 16.  The Republican governor vetoed the bill on Friday, claiming Florida lawmakers were "about to produce a different, superior bill."  He said protecting children from the harms of social media is important, but so is "maintaining the ability of adults to engage in anonymous speech."  DeSantis believes the upcoming new bill will deal with both of his concerns and strike a balance between regulation and parental input.

 

>>Laid Off Stellantis Workers Protest After Job Cuts

(Detroit, MI)  --  Over 500 temporary Stellantis employees in metro Detroit have been laid off this year and many of them hit the streets in protest over the weekend.  Since the new contract with Stellantis was ratified, around 18-hundred temporary workers have lost their jobs and 28-hundred have been converted to full-time work with the automaker. 

 

>>"Dune: Part 2" Rakes In $81.5 Million In Debut Weekend  

(Los Angeles, CA)  --  "Dune: Part 2" is providing a massive jolt to the box office.  The sequel made 81-and-a-half-million-dollars in its debut weekend in North American theaters.  It's the largest opening since "Five Nights at Freddy's in October.  "Bob Marley: One Love" came in second place with seven-point-four-million-dollars and has been a surprise success, making over 82-million domestically so far.  Hilary Swank's "Ordinary Angels" took third with three-point-eight-million, "Madame Web" finished fourth with three-point-two-million and the faith based TV series "The Chosen" ended up in fifth with three-point-one-million-dollars.
 

AM Business Notebook

>>Inflation Rises In Line With Expectations

(Washington, DC)  --  The latest inflation report from the shows it rose in line with expectations last month.  The personal consumption expenditures price index excluding food and energy costs increased point-four-percent in January.  It rose two-point-eight-percent compared to a year ago as predicted by economists.  The report from the Consumer Department comes as the Federal Reserves is considering whether or not to start lowering interest rates.  Federal Reserve Chair Jerome Powell said last month that he wants to see "more good data" before interest rates start to be cut.

 

>>Lawsuit Accuses Trump Of Trying To Dilute Shares In Media Company 

(Dover, DE)  --  A new lawsuit is accusing Donald Trump and his associates of trying to "drastically dilute" the value of stock shares in his social media company.  A suit filed Wednesday alleges that Trump Media and Technology Group engaged in "11th hour" maneuvering to dilute a minority stake in the company held by United Atlantic Ventures.  The suit comes ahead of a planned merger of Trump Media with a shell company that would then become publicly traded.  If shareholders in the shell company approve the merger in late March, Trump's stake in the media group could be valued at over three-billion dollars.

 

>>401k Plans See Double-Digit Percentage Gains 

(New York, NY)  -- The number of 401(k) millionaires is up eleven-and-half percent year over year. According to the latest data from Fidelity Investments, the nation's largest provider of 401(k) savings plans, the number of plans with a balance of a million-dollars-or-more increased 20-percent from the third quarter.  It comes as the average 401(k) balance ended last year up 14-percent from a year earlier to 118-thousand dollars.  

 

>>Tesla Ordered To Face Racial Bias Class Action Lawsuit

(Fremont, CA)  --  A judge in California is tentatively allowing a racial bias class action lawsuit against Tesla to move forward. The group of nearly six thousand Black workers claim the electric vehicle maker was aware of rampant race discrimination and harassment at its plant in Fremont, California, and did nothing about it. Tesla was first sued by an assembly line worker in 2017 who alleged Black employees were subjected to racial slurs, graffiti, and nooses hung at their workstations. Tesla maintains it does not tolerate workplace harassment, adding that workers engaged in such behavior have been fired. 

 

>>Oprah Winfrey Stepping Down From WeightWatchers Role

(New York, NY)  --  Oprah Winfrey is stepping down from her role at WeightWatchers.  Winfrey had served on its board of directors for nine years.  Since the announcement late Wednesday, shares of WeightWatchers have been down by as much as 25-percent.  Winfrey also pledged to donate her financial stake in the company to the National Museum of African American History and Culture.  It all comes after Oprah said last year that she was taking weight loss drugs to maintain her weight.

AM Business Notebook

>>Judge Rejects Trump Request To Stay Penalties In Civil Fraud Case

(New York, NY)  --  A New York judge is denying Donald Trump's request to pause the enforcement of penalties in his civil fraud case while he appeals the judgment.  The president's request to stay the enforcement of the more than 450-million-dollars in penalties was rejected yesterday.  Trump's legal team had offered to post a 100-million dollar bond while the appeals process plays out, writing in court filings that the judgment made it impossible to cover the full amount.  Trump was found liable for fraudulently inflating his net worth on years of financial statements. 

 

>>Musk Says Tesla Roadster Out Next Year

(Austin, TX)  --  Tesla CEO Elon Musk says the electric automaker plans to start shipping its Roadster sports car next year.  In a series of posts on X Wednesday, Musk said the design was a collaboration between Tesla and his rocket company SpaceX.  Musk also said the luxury vehicle will be capable of going from zero to 60 in less than a second.

 

>>FAA Gives Boeing 90 Days To Fix Critical Quality And Safety Issues

(Washington, DC)  --  The FAA is giving Boeing 90 days to fix its quality and safety issues.  FAA Administrator Mike Whitaker and Boeing CEO Dave Calhoun reportedly had a day-long meeting on Wednesday about the deadline. An FAA-commissioned investigation that took a year found a "disconnect" between the company's executives and employees on safety and added that workers worry about reassignment or restricted career growth for reporting safety issues. The FAA is auditing Boeing's production line after a door plug blew open mid-flight.

 

>>Hundreds Of Thousands Of Jeep Grand Cherokees Recalled  

(Undated)  --  Over 338-thousand Jeep Grand Cherokees are being recalled because of a steering wheel issue.  Chrysler says the issue could cause the steering wheel to fall outward and make drivers lose control of the vehicle.  The recall includes 2021-2023 Jeep Grand Cherokee L and 2022-2023 Jeep Grand Cherokee vehicles.  Chrysler says it's not aware of any accidents potentially related to the recall.

 

>>Teamsters Reach Deal With Anheuser-Busch To Avoid Strike

(St. Louis, MO)  --  Anheuser-Busch and the Teamsters Union have reached a deal to avoid a company-wide strike.  The Budweiser brewer and union leaders each announced the tentative five-year agreement on Wednesday.  The union said the deal will raise pay "significantly," while also improving health care and retirement benefits, and provide more job security. The announcement comes after 99-percent of the workers across 12 breweries agreed to strike if a deal wasn't reached by today.  


 

AM Business Notebook

>>Report: Apple Cancels Electric Car Project

(Cupertino, CA) -- Apple is canceling its electric car project. That's according to Bloomberg, which cited people with knowledge of the matter. The outlet reported the decision to end the project was disclosed internally Tuesday to the almost two-thousand employees working on the project. Apple had been working on the electric car project for a decade. Bloomberg says executives told project workers that many of them will be moved to the company's artificial intelligence division.

 

>>Home Prices In U.S. Hit All-Time High At End Of Last Year

(Washington, DC) -- New data shows home prices in the U.S. hit an all-time high in December. According to the S&P CoreLogic Case-Shiller US National Home Price Index, prices in December were up a fifth of a percent from the month before. Prices were five-and-a-half-percent higher that month compared to December 2022. That's up from a five-percent annual gain in November. Half of the 20 metro markets beat previous price records. >>Netflix Expected To Hike Prices Again In 2024 (New York, NY) -- Netflix may raise prices this year. That's according to analysts at UBS Securities. Analysts wrote in a research note that they expect to see a price hike from the streaming giant. That, along with more revenue from its ad-supported tier and more subscribers, would push its total revenue growth to 15-percent. That estimate is compared to just seven-percent growth in 2023.

 

>>Family Dollar To Pay Millions After Warehouse Rat Infestation

(West Memphis, AR) -- Family Dollar Stores will pay a 40-million dollar fine after pleading guilty to unsanitary conditions in a "rodent-infested warehouse." The FDA in February 2022 reported finding over one-thousand rats inside the West Memphis, Arkansas warehouse which caused a recall of products from over 400-stores. The fine is part of a plea deal and is the largest monetary criminal penalty ever given in a food safety case. Family Dollar must now meet safety standards for the next three years.

 

>>Macy's To Close 150 Stores By 2026

(New York, NY) -- Macy's plans to close 150 stores by 2026. CEO Tony Spring made the announcement Tuesday, saying Macy's is entering a "bold new chapter." Fifty stores will shutter by the end of this year as the company changes its focus to keep up with consumers' changing shopping habits. Macy's will now look more toward its Bloomingdale's and Bluemercury luxury brands with plans to open smaller versions of those stores. The iconic department store chain that's been around for more than 150 years has closed almost 300 stores since its stock price hit its peak price in 2015.

 

>>Expedia Lays Off 1,500 Employees

(New York, NY) -- Expedia is laying off about 15-hundred employees as part of an "organizational and technological transformation." The online travel agency's cuts add up to close to nine-percent of its over 17-thousand employees. They come as the post-pandemic travel boom comes to a cool down and changes in the company, including a new CEO. According to a regulatory filing, Expedia says the cuts will amount to an 80-to-100-million-dollar charge in severance and compensation benefits.

 

>>Sony To Layoff 900 PlayStation Division Workers

(Tokyo) -- Pink slips are flying at Sony Interactive Entertainment. The company said today it plans to layoff about 900 workers in its Playstation unit which is about eight percent of its global workforce. Sony is the latest technology company to announce cuts. In an email to employees, unit President and CEO Jim Ryan said it's become clear changes were needed to continue to grow the company.

 

>>Best And Worst States For Women 2024

(New York, NY) -- A new survey is finding where women in the U.S. can find the best opportunities. WalletHub compared the 50 states and Washington, D.C. across 25 key indicators of living standards for women including median earnings for female workers, to women's health care, to the female homicide rate. The top performing states were generally in the northeast with Massachusetts taking the top spot, followed by D.C, Minnesota, Vermont, Maine, Maryland, New York, Hawaii, New Jersey, and Delaware. The worst states for women according to the survey are Oklahoma, Louisiana, Mississippi, Alabama, Texas, Arkansas and West Virginia.

AM Business Notebook

>>Best And Worst States For Women 2024

(New York, NY)  --  A new survey is finding where women in the U.S. can find the best opportunities.  WalletHub compared the 50 states and Washington, D.C. across 25 key indicators of living standards for women including median earnings for female workers, to women's health care, to the female homicide rate.  The top performing states were generally in the northeast with Massachusetts taking the top spot, followed by D.C, Minnesota, Vermont, Maine, Maryland, New York, Hawaii, New Jersey, and Delaware.  The worst states for women according to the survey are Oklahoma, Louisiana, Mississippi, Alabama, Texas, Arkansas and West Virginia.

 

>>SCOTUS Appears Divided On 1st Amendment Social Media Cases

(Washington, DC)  --  The Supreme Court appears to be divided after hearing arguments in cases involving how social media companies handle online content.  The court is examining Republican-backed laws in Texas and Florida that were put in place over claims TikTok, Facebook, YouTube and others dislike conservative speech.  The laws were enacted in 2021 after the companies banned former President Trump from their platforms.  Some of the justices expressed concerned the laws could be cover other platforms like Uber, Google and Amazon Web Services.  The social media companies have compared themselves to newspapers who can't be told which information to publish.  But supporters of the new laws argue the companies are like telephone operators since they are transmitting content created by others, not themselves.

 

>>Trump Appeals Verdict In Civil Fraud Case

(Washington, DC)  --  Donald Trump is appealing the verdict in his New York civil fraud case.  Trump's legal team filed a notice of appeal of the judgement finding him liable for fraudulently inflating his net worth on financial statements.  The judge in the case recently ordered Trump to pay more than 450-million in fines and barred the former President for three years from running a business in New York.  Trump has denied any wrongdoing and says the case is politically motivated. 

 

>>Amazon Joins Dow Replacing Walgreens

(New York, NY)  --  Amazon is officially joining the Dow Jones Industrial Average this morning.  The e-commerce giant is replacing Walgreens Boost Alliance in the 30-stock index.  Analysts say the addition of Amazon will increase the Dow's exposure to tech and consumer retail business areas. 

 

>>FTC Sues To Block Merger Deal With Kroger And Albertsons

(Washington, DC)  --  The merger deal between Kroger and Albertsons is in jeopardy after the Federal Trade Commission sued to block the deal.  The FTC alleges the deal, which would be the largest supermarket merger in U.S. history, would create higher prices for consumers.  The deal was announced in 2022 and looked to combine the fifth and tenth largest retailers in the country.  In a statement, the FTC said the merger would eliminate competition in the grocery industry and lead to store closures and job losses.

 

>>Most Popular Bill In America: The Hundred Dollar 

(New York, NY)  --  The number of hundred-dollar bills has more than doubled between 2012 and 2022, which is faster growth than any other denomination.  According to Federal Reserve data, 60-percent of all payments are made with debit or credit cards, despite there being more 100-dollar bills in circulations than there are one-dollar bills.  One reason is they enter circulation far quicker than they leave.  Hundreds can last over a decade longer than ones-and-fives, partly because people are more likely to hold than spend them.  Research shows people are less willing to purchase items when they are given a 100-dollar bill compared with five twenties.  Economists have also called for slowing down the printing of hundreds, due to their use in illicit activity.

AM Business Notebook

>>AT&T To Provide $5 Credit Following Network Outage

(Undated)  --  AT&T is going to provide customers affected by last week's network outage a five-dollar credit.  In a statement on its website, the cellular provider said that customers will receive it within two billing cycles.  AT&T says a software update is to blame. The service disruption started early Thursday, and was a major headache for many, with phone services limited.  GPS maps failed and some 9-1-1 calls did not go through.  AT&T serves more than 100 million customers, according to the company's website.

 

>>Navy Federal Credit Union Accused of Racial Discrimination

(Alexandria, VA)  --  The Navy Federal Credit Union has been accused of using racially motivated lending practices.  The world's largest credit union has been named in a class-action lawsuit claiming they approved white mortgage applications at a higher rate than Black and Latino applicants.  The credit union has been under fire before for its lending practices, most recently in December.  Plaintiffs in the lawsuit claim Navy Federal denied mortgage applications because of race.  One of the attorneys in the lawsuit is nationally recognized civil rights attorney Ben Crump.  Navy Federal has released a statement standing by their mortgage loan practices and say they look forward to responding to claims in court. 

 

>>Lunar Lander Tips Sideways, Still "Alive And Well"

(Houston, TX)  --  The spacecraft that touched down on the moon last week is "alive and well" after tipping over onto its side.  Houston-based Intuitive Machines guided its Odysseus lander onto the moon, marking the first touchdown by a U.S.-built spacecraft since the Apollo 17 mission in 1972.  The company says all indications are that the lander is "stable" and at the intended landing site near the moon's South Pole.  Shares in the company nearly doubled on word of its successful landing only to tumble around 30-percent in a late-day sell-off on Friday after word came out of the slight mishap.  

 

>>Marley Biopic Remains Atop Box Office

(Hollywood, CA)  --  The Bob Marley biopic tops the box office for the second week in a row.  "Bob Marley: One Love" took in an estimated 13-point-five-million-dollars in its second week to edge out a Japanese anime film.  "Demon Slayer: Kimetsu no Yaiba -- To the Hashira Training" opened in second place with nearly 11-point-six-million-dollars, about a million-dollars shy of the top weekend opening for an anime movie.  The record is held by last December's "Boy and the Heron," which earned 12-point-eight-million-dollars in its opening weekend.  "Ordinary Angels" opened in third place with six-point-five-million-dollars.

AM Business Notebook

>>Federal Agencies Looking Into Nationwide Service Outage At AT&T

(New York, NY)  --  AT&T says it's wireless network has been restored after a widespread service outage impacted thousands of customers. AT&T is blaming the outage on a software error when it upgraded its network, and not a cyber attack.  While Verizon and T-Mobile customers also flagged service issues, those companies said that was most likely due to problems contacting customers on AT&T's network.   AT&T is the third-largest US retail wireless carrier, with about 87-million subscribers. ATT was trading down two-and-half percent following the outage. 

 

>>Google Pauses Gemini Image Generator After Delivering Inaccurate Historical Photos

 

(Mountain View, CA)  --  Google is putting its Gemini AI image generator on hold after it produced what the company calls "inaccurate historical images." Users complained about instances like Gemini returning requests for images of the founding fathers as people of color.  Other images included a female Catholic pope, and Black Vikings.  The tech giant said it's working on improving the depictions immediately.  Google added an updated version of the image generator will be released soon.

 

>>Pharmacies Affected By Hack

(Nashville, TN)  --  Several pharmacies across the country have been seeing disruptions after a hack targeted Change Healthcare, a division of UnitedHealth.  The hack was discovered Wednesday and the company immediately disconnected its systems to prevent further damage.  In some cases the disruption has made pharmacies unable to process insurance claims.  UnitedHealth says it's working with security experts and law enforcement but can't say how long the problem will persist.

 

>>Cash App Founder's Alleged Killer Back In Court

(San Francisco, CA)  --  Defense attorneys for the man accused of murdering Cash App founder Bob Lee say they haven't been given all the evidence in the case.  Nima Momeni was back in a San Francisco courtroom Thursday where his lawyers said they're concerned they haven't gotten all the evidence from Lee's two cell phones.  Momeni allegedly stabbed Lee to death last year over a dispute about Lee's relationship with Momeni's sister.  The defense plans to request a change of venue next month when a trial date is expected to be set.

 

>>Study: Airlines Rake In Billions From Baggage Fees

(Shorewood, WI)  --  A new study says the top 20 airlines made over 30 billion dollars from baggage fees last year.  The new report by the IdeaWorks consulting firm says the top airlines around the world raked in billions from fees for carry-on bags, price hikes for checked luggage, and fines for overweight suitcases.  The study says the amount was up from 29-billion dollars in 2022, and accounted for about four-percent of global airline revenue last year.

 

>>Mortgage Rates Rise For Third Week In Row

(Washington, DC)  --  Mortgage rates are up again for the third week in a row. The 30-year fixed-rate mortgage averaged six-point-nine percent this week, up from under six-point-eight last week, according to data from Freddie Mac. That's compared to six-point-five percent a year ago. As rates inch closer to seven, they're still down from last year's nearly seven-point-eight percent high in October.   

 

>>Vice Media To Cut Hundreds Of Jobs

(Brooklyn, NY)  --  Vice Media Group is planning to lay off hundreds of employees.  The digital media pioneer will also stop publishing on its flagship news website, with Vice CEO Bruce Dixon saying in a memo Thursday that it was "no longer cost-effective" to distribute media the way they previously did.  He added that Vice would be looking to partner with "established media companies" to distribute content.  Vice burst onto the scene in the early 2010s, including a news website, entertainment studio, HBO series and cable TV channel.

 

>>Rivian To Cut Salaried Jobs

(Social Circle, GA) -- Electric vehicle maker Rivian says it will lay off about ten-percent of its salaried workers. The EV maker cites flat fourth quarter revenue with one-point-three-billion in earnings. The company's net loss for the fourth quarter was one-point-six-billion, marking its highest quarterly loss in 2023. 
 

AM Business Notebook

>>Thousands Across U.S. Report AT&T Outages

(New York, NY)  --  Phone users across the U.S. are reporting problems with AT&T.  Downdetector.com is showing a spike in AT&T cellular service outages in the past hour, with nearly 33-thousand customers reporting no service.  The cities experiencing the most outages include Los Angeles, Chicago, Houston and Honolulu.  There's been no comment on the outages from AT&T. 

 

>>Biden Highlights Latest Round Of Student Debt Relief 

(Culver City, CA)  --  The Biden administration is cancelling one-point-two billion dollars in student loan debt for more than 150-thousand borrowers.  While delivering remarks in California on Wednesday, the president said student loan payments have become too burdensome for millions of Americans.  The move is the administration's latest effort at student debt relief after the Supreme Court blocked Biden's broader forgiveness plan last year.  The White House has since used smaller programs to forgive debt for specific groups.  The most recent relief will go to borrowers who have been in repayment for a decade or longer and originally took out 12-thousand dollars or less. 

 

>>Boeing Replaces Head Of 737 Max Program

(Renton, WA)  --  Boeing is replacing the head of its 737 Max program.  The company announced Wednesday that Ed Clark is leaving Boeing after nearly two decades.  The 737-9 Max jet has been under scrutiny since a door plug blew out during an Alaska Airlines flight last month.  The FAA grounded all 737-9 Max planes following the incident.  In response, Boeing has said it is revamping its quality control procedures.

 

>>Health Care Costs Lead Financial Worries 

(Undated)  --  Health care costs rank high among U.S. adults' financial concerns.  That's according to a recent KFF poll, which found that unexpected medical bills and the cost of health care services top the list of expenses that adults worry about affording.  The poll also found that voters who struggle with monthly bills are more likely to say it's "very important" for presidential candidates to talk about health care and economic-related issues.  This includes issues like the affordability of health care, the future of Medicaid and prescription drug costs. 

 

>>Ford Reveals Price Cuts On Mustang Mach-E

(Dearborn, MI)  --  The price of the all-electric Ford Mustang Mach-E has been reduced by the automaker.  The Dearborn-based automaker announced the reductions after the vehicle lost eligibility for the federal government's tax credit.  The Select rear wheel drive model is being reduced by 31-hundred dollars while the top of the line GT performance sedan will be cut by 76-hundred dollars.  The largest reduction is for the Premium Extended range model which is now 81-hundred dollars less.   The vehicles lost the federal credit due to changes in the Inflation Reduction Act.

 

>>Amazon To Be Added To Dow Jones Industrial Average

(Seattle, WA)  --  Amazon will be added to the Dow Jones Industrial Average, replacing Walgreens Boots Alliance.  S&P Dow Jones Indices says the change will be effective next week.  Shares of the online retail giant rose one-point-three-percent in extended trade after the announcement, while Walgreens fell three-percent.  Adding Amazon will increase consumer retail exposure. 

 

>>NY Tops In Sports Betting Revenue

(New York, NY)  --  New York is top of the list when it comes to sports betting revenue in the country.  The American Gaming Association says New York took in nearly one-point-seven-billion-dollars last year, while New Jersey came in second place with about one-billion-dollars.  Sports betting was legalized in New York state ten years ago and it was only in 2002 that it fully launched online betting.  When it comes to casino gambling, the Las Vegas strip is king, raking in nearly nine-billion-dollars, while Atlantic City came in at five-point-77-billion dollars.

AM Business Notebook

>>American Airlines Raising Bag Fees

(Fort Worth, TX)  --  American Airlines is raising the fee for checking a bag by five dollars.  A first bag for domestic flights will now cost 35 bucks if the flight is booked online or 40 dollars at the airport.  The airline says the cost of fuel is a big factor behind the increase.

 

>>Elon Musk Updates Status Of First Neuralink Brain Implant Patient 

(San Francisco, CA)  --  Neuralink's first brain implant patient can control a computer mouse simply by thinking.  That's the claim the company's founder, Elon Musk, made in an X Spaces event on Monday.  Musk says the patient "seems to have made a full recovery."  The neurotechnology company aims to eventually allow people with paralysis to regain motor function and Musk has said he hopes the implants could also help people with diseases like Alzheimer's and Parkinson's disease.

 

>>Racial Gap In Home Ownership Is Growing

(Undated)  --  The racial gap in home ownership is growing in America.  A new report from the National Association of Realtors shows the gap between black and white home ownership has grown from 27 to 28-percent since 2012.  Black American home ownership did see a point-one-percent uptick from 2021 to 2022 but was still under 45-percent.  Experts place blame on the housing market, student loan debt, and a higher rate of refusal when applying for loans. 

 

>>Stanley Faces Lawsuit 

(Seattle, WA)  --  Stanley may be fueling the cup craze, but the company is facing legal troubles.  A new class action lawsuit claims the company did not disclose the use or presence of lead in its products.  The suit was filed earlier this month by Seattle Law Firm Tousley Brain Stephens PLLC.  Several class action complains are listed in the suit including breach of contract and express warranties and more.  On Stanley's website, the company writes it is transparent about its use of lead and describes how its products are still deemed safe.  

 

>>Walmart Buys TV Maker Vizio

(Bentonville, AR)  --  Walmart is buying TV maker Vizio.  The retail giant announced on Tuesday that it purchased the TV brand for two-point-three-billion-dollars.  Walmart said it believes it can add revenue by offering brands the chance to advertise on Vizio TVs.   Vizio's operating system SmartCast has over 18-million-active accounts..
 

AM Business Notebook

>>Coming Up In The Business Week Ahead

(Undated) -- The opening bell rings this morning on Wall Street, kicking off a holiday-shortened trading week. Investors today will be keeping an eye on a couple of noteworthy earnings reports: Walmart and Home Depot. Wednesday brings results from Nvidia and Rivian Automotive, along with the release of the Fed's January meeting minutes.

 

>>Capital One To Acquire Discover Financial Services

(Undated) -- Capital One Financial is set to acquire Discover Financial Services in a massive deal. The acquisition is set for over 35-billion dollars, all-stock. Discover shareholders will get a little over one Capital One share for each Discover share, with the deal expected to close in late 2024. Capital One reportedly plans to keep the Discover brand.

 

>>Taylor Swift Boosts Lyft Bottom Line

(San Francisco, CA) -- Lyft CEO David Risher says the rideshare company's bottom line was boosted thanks to the Taylor Swift Eras Tour. Traffic to and from stadiums and hotels was significantly up when the popstar was in town, anywhere from 25 to 60 percent. Risher also told Yahoo Finance that Swifties tend to tip three times higher than average.

 

>>California Faculty Association Approves A Tentative Agreement With The CSU

(Santa Monica, CA) -- A majority of California Faculty Association members have approved a tentative agreement that settles issues from the recent California State University strikes. The agreement provides salary increases, workload relief, and addresses gender and racial inequities, among other things. CFA President Charles Toombs said the union is looking forward to continuing their "advocacy for an equitable CSU." In a statement, the university says it is pleased with the results of the CFA's ratification vote. Once CSU Trustees approve the agreement, its terms and conditions will take effect. The CFA represents more than 29-thousand faculty, lecturers, librarians, counselors, and coaches on the 23 campuses of the California State University system.

 

>>British People Ghosting Potential Employers

(Undated) -- A new survey of people in the United Kingdom finds that 75 percent of workers have ignored a potential employer in the past year. Gen Z has the highest rate of ghosting prospective jobs, with 9 out of every 10 admitting to skipping an interview. Nearly the same amount have secured the job, only to not show up on the first day. It can go both ways: nearly a quarter of workers say they've been given a verbal job offer only for the company to never contact them again.

 

>>UNH Workers Rally For Fair Contract

(West Haven, CT) -- Workers at the University of New Haven are calling for a new contract that provides them with better pay. The workers rallied around the West Haven campus yesterday to bring attention to the issue. The union representing the UNH employees have been negotiating with the college administration since last summer, and their demands have not been met. Union officials say they do not want to consider a strike, but it may be on the table if no progress is made by their next meeting in March.

AM Business Notebook

>>Consumer Sentiment Remains Strong In February

(Ann Arbor, MI)  --  Consumer sentiment remains strong for a third straight month.  The University of Michigan's early reading for February rose slightly after posting large gains the past two months.  The survey noted increasing confidence about the economy and slowing inflation.  Consumer sentiment is currently about 30 percent above November 2023 and just six-percent below its historical average.

 

>>Producer Price Index Rises In January 

(Washington , DC)  --  The producer price index rose more than expected in January.  The Labor Department reported wholesale prices increased three-tenths of a percent after a slight decline in December.  Economists say the spike complicates the inflation picture.  The PPI measures the prices producers pay for goods and services.

 

>>Verdict Expected Today In Trump's NY Fraud Trial

(New York, NY)  --  A verdict in former President Donald Trump's civil fraud trial is expected today.  The New York judge overseeing the case has already found Trump did engage in fraud, and must now decide what penalties he and his company should pay.  State Attorney General Letitia James is seeking 370-million dollars and a ban on Trump and other defendants doing business in New York. 

 

>>Mortgage Rates Climb After Long Period Of Treading Water

(Washington, DC)  --  Mortgage rates in the U.S. are jumping after strong employment and inflation reports. The 30-year fixed-rate mortgage averaged six-point-seven-seven-percent this week. That's up from six-point-six-four the previous week, according to Freddie Mac data. It's still higher than a year ago, when the average rate was just over six-point-three-percent. Sam Khater, Freddie Mac's chief economist, said "the economy has been performing well so far this year and rates may stay higher for longer, potentially slowing the spring homebuying season.

 

>>Boosting Meta Posts On iOS To Incur Apple Fee

(Menlo Park, CA)  --  Meta says that businesses using iOS versions of its social media apps will now have to pay an extra 30-percent service charge levied by Apple for boosting their posts and content.  A spokesperson for Meta said the company had to either comply with Apple's guidelines or remove boosted posts altogether.  The changes start this month in the U.S.

 

>>Waymo Issues Recall

(Phoenix, AZ)  --  Autonomous vehicle operator Waymo is recalling a previous version of its software that was used in its driverless cars.  The recall announced this week stems from an incident in December when two self-driving Waymo vehicles in Arizona crashed into a pickup truck that was being towed.  A spokesperson for the company says Waymo's automated driving system incorrectly predicted the future motion of the towed vehicle, which was reportedly being improperly towed.  There weren't any passengers in either Waymo vehicle and no injuries were reported.  

 

>>Customers Returning Apple Vision Pro

(Undated)  --  Social media accounts are showing an uptick in the number of people already returning their new Apple Vision Pro mixed-reality headsets.  Comfort is among the top reasons for returning the 35-hundred-dollar tech, with people saying it gave them headaches and motion sickness.  Another complaint is that it's just not useful enough for the price.

AM Business Notebook

 

>>Retail Sales Down More Than Expected

(Washington, DC)  --  Consumer spending is down more than expected.  The Commerce Department reported Thursday that retail sales fell point-eight-percent last month.  That was more than the point-one-percent decline economists anticipated.  The drop in retail sales comes after December saw a point-four-percent jump during the holiday shopping season.  This marks the worst month for retail sales since March of last year.

>>Microsoft Report Shows Adversaries Use AI For Offensive Cyber Operations

(Washington, DC) -- A new report shows that adversaries of the U.S. are using artificial intelligence for offensive cyber operations. Microsoft published the document in collaboration with OpenAI. It said Microsoft stopped threats aimed to exploit AI technology it developed. The company wrote that "Cybercrime groups, nation-state threat actors, and other adversaries are exploring and testing different AI technologies as they emerge." Microsoft said it's an attempt from U.S. adversaries to look into the security controls they need to go around.

 

>>SpaceX To Build $100M Office Complex In South Texas

(Brownsville, TX) -- SpaceX says it is going to build a 100-million dollar office and industrial complex at its Starbase in South Texas. Paperwork filed with the state shows the five-story, one-million-square foot facility will have offices and support a special-use industrial factory. Construction is set to begin February 23rd.

 

>>Lab Grown Diamond Sales Are Booming

(New York, NY) -- Over the past couple of years lab-grown diamonds have been mass-produced, throwing the natural diamond industry into a crisis and changing the way we shop for jewelry. According to the Gemological Institute of America, lab-grown diamonds have the same chemical and physical properties as the mined versions. In 2019, the Federal Trade Commission determined that lab-grown diamonds are, in fact, real diamonds, and do not need to be called, "synthetic." Since then, lab-grown sales shot up 38-percent, and can cost anywhere from 75-to-90-percent less than natural diamonds. De Beers, the world's largest diamond producer and distributor, has cut the price of mined stones by as much as 25-percent due to falling demand, and have launched a subsidiary brand, Lightbox, to offer luxury lab-grown diamonds.

 

>>Wendy's Adds Cinnabon To Breakfast Menu

(New York, NY) -- Wendy's is adding a sweet treat to its breakfast lineup from another fast food chain. Beginning February 26th, Wendy's will partner with Cinnabon to add a new baked good to its early menu called cinnamon pull-aparts. Editor-in-chief of trade publication Restaurant Business Jonathan Maze said it's common for fast food restaurants to partner with brands they may not consider direct rivals. It's a way to get the brand to "reach well beyond its existing store base," he said.

AM Business Notebook

>>Inflation Higher Than Expected In January

(Washington, DC) -- Inflation turned out to be slightly higher than expected in January. New government figures out Tuesday show the consumer price index rose three-tenths of a percent last month as Americans paid more for goods and services. Prices for housing and shelter led the way, with lower gas prices helping to offset some of the increase. Core prices, excluding volatile food and energy, rose three-point-nine percent from one year ago.

 

>>Uber, Lyft And DoorDash Drivers Strike On Valentine's Day

(Undated) -- Uber, Lyft and DoorDash drivers are striking in cities across the U.S. today, seeking better pay. The drivers are expected to picket outside airports and Uber officers. The Justice For App Workers coalition, which represents about 130-thousand drivers, says drivers won't be providing rides to and from airports between the hours of 11 am and 1pm in nearly a dozen cities. Cities where airports will be impacted by Uber and Lyft strikes: Austin, Texas; Chicago, Hartford, Connecticut; Miami, Tampa and Orlando, Florida; Newark, New Jersey; Philadelphia; Pittsburgh and Providence, Rhode Island.

 

>>Typo Sends Lyft Stock Soaring

(San Francisco, CA) -- A typo sent rideshare company Lyft's stock surging Tuesday. The company's fourth quarter earnings statement estimated its gross margin to increase by five percentage points. It was supposed to say half a percentage point. Stocks went up 62 percent before coming back down to earth after a correction was issued.

 

>>Boeing Sees Worst Month For New Airplane Orders

(New York, NY) -- Boeing is seeing its worst month for new airplane orders after the Alaska Airlines door plug blowout incident. The company said Tuesday it booked orders for only three 737 Max planes to an unidentified customer, but had three other orders cancelled, adding up to a net zero of orders for the period. That's its worst month since the pandemic. Earlier this month, United Airlines CEO Scott Kirby said the company is not counting on any of the 737 Max 10 models it ordered, saying the door plug incident is the "straw that broke the camel's back."

 

>>Media Giant Paramount Global Lays Off 800 Workers

(New York, NY) -- Paramount Global is laying off about 800 employees. Sources tell CNBC the media company sent out an internal memo to employees on Tuesday saying it's laying off about three percent of its workforce. Paramount Global CEO Bob Bakish had already sent out a memo last month warning of impending layoffs. The move comes after Paramount's CBS network set record highs for Super Bowl viewership, with an estimated 123-million people watching across all platforms on game day. CBS charged a record-high average of six-and-a-half-million dollars for each 30-second Super Bowl ad.

 

>>ESPN, CFP Extend Rights Deal

(Undated) -- The College Football Playoff will remain on ESPN for the foreseeable future. The CFP agreed to a new rights deal with ESPN on Tuesday. The network will exclusively broadcast the new 12-team tournament until at least 2031. The new deal kicks in before the 2026 season and is worth seven-point-eight billion dollars over six years. ESPN has held the rights to the CFP Semi-Finals and Finals since the playoff started in 2014.

 

>>Valentine's Day Spending On Significant Others to Reach New Record

(New York, NY) -- It's shaping up to be a record year for spending this Valentine's Day. That's according to the National Retail Federation. It says consumers plan to spend a total of 25-point-eight billion dollars this Valentines day, on par with last year's spending and the third highest in the survey's history. 62-percent of consumers ages 25-to-34 intend to celebrate this year, more than any other age group. Consumers expect to spend 185-dollar each on average, that's nearly eight dollars more than the average Valentine's Day spending over the last five years.

AM Business Notebook

>>Stocks Drop After Hot Inflation Report

(New York, NY) -- Wall Street is opening sharply lower after inflation data came in hotter than expected. The consumer price index for January rose three-tenths of a percent and core prices, excluding volatile food and energy, rose three-point-nine percent from one year ago. The reading spiked Treasury yields and raised concerns about Federal Reserve rate cuts this year. At the opening bell, the Dow Jones Industrial Average was down about 300 points. The S&P 500 and the Nasdaq were off more than one percent in early trading.

 

>>Nvidia Market Cap Eclipses Amazon, Alphabet

(Santa Clara, CA) -- Nvidia is currently the fourth-most valuable public company in the world after trading closed Monday. Shares in the chip company rose, pushing its market cap to one-point-83 trillion dollars, moving it ahead of both Alphabet and Amazon. The stock has risen 17-thousand percent over the past decade.

 

>>Elon Musk Has To Testify In SEC Probe Of Twitter Acquisition

(Washington, D.C.) -- Tesla and Space X CEO Elon Musk is going to have to testify in a probe by the SEC into his takeover of Twitter. A U.S. judge made the order in a court filing over the weekend. The tech mogul acquired Twitter in 2022 and rebranded the social media app into what is now called "X." SEC officials are investigating whether Musk, or anyone else, committed securities fraud that year as the billionaire began buying stock in Twitter ahead of his leveraged buyout of the company. The federal financial regulator and Musk now have one week to set a date and location for his testimony.

 

>>Uber, Lyft And Doordash Drivers To Strike On Valentine's Day

(New York, NY) -- Uber, Lyft and DoorDash drivers are striking across the U.S. on Valentine's Day. Drivers' groups said Monday they're seeking fair pay. This is the first strike call since Uber and Lyft went public in 2019. Groups said drivers are going to picket outside airports and Uber officers. The Justice For App Workers coalition, which represents about 130-thousand drivers, said drivers wouldn't provide rides to and from airports between 11 am and 1pm in nearly a dozen cities.

 

>>Tiger Woods Announces Apparel Deal

(Pacific Palisades, CA) -- Tiger Woods has a new apparel deal. After ending his decades-long, highly profitable relationship with Nike last month, the pro golf veteran announced on Monday that he's working with TaylorMade to launch a new brand: Sun Day Red. The company's website says the line is coming May 1st and will also include women and children's styles.

AM Business Notebook

>>Coming Up In The Business Week 

(Undated)  --  Coming up in the business week ahead, there are no notable economic reports slated for release today.  Things will start to pick up Tuesday with the release of the consumer price index - a key inflation indicator.  Fast forward to Thursday and we'll have word on retail sales, weekly jobless claims and the home builder confidence index.  The week wraps up Friday with the producer price index, housing starts, building permits and lastly, consumer sentiment.

 

>>Las Vegas Expects Super Bowl Windfall 

(Las Vegas, NV)  --  Las Vegas likely hosted more than 330-thousand visitors for the Super Bowl as the Kansas City Chiefs took down the San Francisco 49ers to claim the NFL title.  The Las Vegas Convention and Visitors Authority had said it expected the matchup to provide a 600-million-dollar economic boost for the city.  Much of that likely came from fans, with the cheapest seat at Allegiant Stadium going for about 57-hundred dollars on StubHub.  Prices for the most expensive seats soared to nearly 19-grand each.

 

>>Ford To Ditch Driver-Assist Parallel Parking

(Dearborn, MI)  --  Ford Motor Company is getting rid of its driver-assist parallel parking feature on new vehicles.  Officials say very few people are using it and removing the feature will save the company ten-million-dollars.  AutoForecast Solutions Sam Fiorani applauded the move by Ford, saying self parking is difficult to use and it can be a hassle to figure out how to use it. 

 

>>Some 5,000 Anheuser-Busch Workers May Strike by March

(St. Louis, MO)  --  Over five-thousand Anheuser-Busch union workers could go on a company-wide strike by March.  Teamsters Union President Sean O'Brien says the company must commit to job security demands, wage increases, enhanced benefits and making Juneteenth a paid holiday in order to prevent an employee walk-off.  That would happen February 29th.  Negotiations continue after 99 percent of workers at 12 breweries voted in December to authorize a strike.  On Monday, the union announced it will pay employees a thousand dollars a week if the strike happens.  Brussels-based parent company InBev's North American headquarters are in St. Louis, but the company has U.S. breweries in California, Colorado, Florida, Georgia, Texas, New York, New Hampshire, New Jersey and Virginia. 

 

>>"Rolling Stone" Losing Editor-In-Chief

(New York, NY)  --  Rolling Stone's editor-in-chief is calling it quits.  It was announced on Friday that Noah Shactman would be parting ways with the publication, effectively March 1st.  Word is Shactman's departure comes as a result of growing differences with Rolling Stone's chief executive, Gus Wenner.  A search for a new editor is expected to begin in the coming weeks.

 

>>"Argylle" Stays Atop Box Office

(Hollywood, CA)  --  The spy comedy "Argylle" tops the weekend box office for the second week in a row.  The Matthew Vaughn-directed movie took in an estimated six-point-five-million-dollars this weekend after earning more than 17-million-dollars in its opening weekend.  The dark comedy "Lisa Frankenstein" is the only debut to make the top five, bringing in three-point-eight-million-dollars.  A reissue of the 2021 version of "Dune" finished ninth with one-point-six-million-dollars.  The reissue leads into the March 1st release of Dune Two.

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