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AM Business Notebook

>>Yellen: Debt Limit Failure Would Have 'Severe' Consequences

(Washington, DC) -- Treasury Secretary Janet Yellen is warning of "severe" economic consequences if the nation's debt ceiling isn't addressed. She met with prominent bank CEOs Thursday in Washington, DC to discuss both the debt limit and recent bank failures. Those included the heads of JPMorgan Chase and Citigroup. Yellen reaffirmed the strength and soundness of the U.S banking system. She also noted that a failure to raise or suspend the debt limit would be "catastrophic" for the financial system, businesses and families. Congress needs to pass a debt limit increase by June 1st or risk a default.


>>U.S. Rolls Out Sanctions Package Against Russia At G7

(Washington, DC) -- The U.S. and G7 countries are rolling out a sweeping package of new sanctions and export controls against Russia over its war against Ukraine. It comes as President Biden is gathering with G7 leaders in Hiroshima, Japan. The administration plans to cut off about 300 individuals, entities, vessels and aircraft from the U.S. financial system for circumventing sanctions on Russia. This includes people and companies from Europe, the Middle East and Asia. >>NASA To Announce Lander Contract (Washington, DC) -- NASA will announce this morning the company tasked with building a landing system to put humans on the moon. It's part of the Artemis Five mission that plans to put four people on the moon sometime this decade. The announcement is set for 10:30 a.m. Eastern.


>>Wendy's Tests Underground Robot System To Pick Up Orders

(Dublin, OH) -- Wendy's is testing an underground robot system to pick up orders. The fast food company is partnering with Pipedream, a hyperlogistics company. The "instant pickup portals" will be next to parking spots, and robots will carry meals underground to customers' cars. The company also announced earlier this month that it's teaming up with Google to add AI to the menu to answer customer questions and take their orders.


>>Ford Recalling Over 422-Thousand SUVs

(Dearborn, MI) -- Ford Motor Company is recalling over 422-thousand SUVs due to a problem with the rear-view camera. The recall affects Ford Explorers and Lincoln Aviators built between 2020 and 2023. Also covered are 2020 through 2022 model year Lincoln Corsairs. All of the vehicles have the 360-degree rear cameras and Ford says they have received reports of 17 minor accidents. >>Target Recalls Five Million Candles Due To Cracking And Injury Risk (Minneapolis, MN) -- Target is recalling close to five million candles that could crack while burning and pose risk of injury. According to the Consumer Product Safety Commission, the items could break and could cut or burn users. The retail giant fielded over 100 reports of the candles cracking during use, and six reports of injuries. The recall is for the Threshold Glass Jar candles in various scents and sizes, sold beginning August 2019.


>>Record Rent In Manhattan

(New York, NY) -- Forget about the cost of inflation. Try keeping up with the ever-upward cost of renting an apartment in New York City. A new report from Miller Samuel Real Estate Appraisers & Consultants and Douglas Elliman Real Estate has some depressing news for renters and perspective renters. Manhattan rent hit another all-time high in April - 42-hundred dollars on average. >>In-N-Out Announces Eastward Expansion (Irvine, CA) -- In-N-Out Burger is headed for an eastward expansion. Once a Southern-California-only staple, the fast food chain is opening restaurants and a corporate office in Tennessee by 2026. That'll be the eighth state to host In-N-Out and its stripped down burger, fries and milkshake menu. The company's owner also hinted at expansion into the southeast U.S..

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