Featured Articles in National Business News

Ford and General Motors tell car dealers to stop ripping off customers

Two major U.S. automakers are calling out car dealers for allegedly jacking up prices beyond sticker value and ripping off customers. Ford and General Motors warned dealers to stop exploiting supply chain shortages by setting prices above the manufacturers’ suggested retail prices, or MSRP. “We have very good knowledge of who they are,” Ford CEO Jim Farley said while unveiling the company’s latest quarterly Read More…

Facebook working on mysterious ‘authentic’ robot eyeball that could track where humans are looking

Facebook has patented a new technology for an “authentic” robot eye. The idea, granted in December, would let the social media company build a “high performing and realistic” eyeball that would be like an “animatronic device” to track humans’ eye movements. Tracking eye movements is used in digital ads to detect what people look at, as Read More…

As workers quit in droves, companies get creative to attract and retain employees

WASHINGTON — With workers quitting their jobs in record numbers across the United States, employers are getting creative with their offerings to attract and retain talent. Many are providing more money and benefits amid a nationwide labor shortage that has worsened supply chain shortages and hampered businesses, especially those that employ front-line workers. In Arizona, one Read More…

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Ford and General Motors tell car dealers to stop ripping off customers

Two major U.S. automakers are calling out car dealers for allegedly jacking up prices beyond sticker value and ripping off customers. Ford and General Motors warned dealers to stop exploiting supply chain shortages by setting prices above the manufacturers’ suggested retail prices, or MSRP. “We have very good knowledge of who they are,” Ford CEO Jim Farley said while unveiling the company’s latest quarterly Read More…

Facebook working on mysterious ‘authentic’ robot eyeball that could track where humans are looking

Facebook has patented a new technology for an “authentic” robot eye. The idea, granted in December, would let the social media company build a “high performing and realistic” eyeball that would be like an “animatronic device” to track humans’ eye movements. Tracking eye movements is used in digital ads to detect what people look at, as Read More…

As workers quit in droves, companies get creative to attract and retain employees

WASHINGTON — With workers quitting their jobs in record numbers across the United States, employers are getting creative with their offerings to attract and retain talent. Many are providing more money and benefits amid a nationwide labor shortage that has worsened supply chain shortages and hampered businesses, especially those that employ front-line workers. In Arizona, one Read More…

One-third of workers would take a pay cut to never dress for work again. Here’s how retailers are responding

This past fall, Lululemon’s design team noticed something unusual. Wall Street bros were flocking to the Brookfield Place store in the Financial District to buy the On the Move trousers, which look like chinos but are made from the same soft, stretchy, moisture-wicking material used in the brand’s activewear. That’s right: Finance execs were finally ditching their Read More…

Lucid stock tanks after being slapped with SEC subpoena over SPAC deal

Shares of Lucid Motors tanked Monday morning after the electric car maker disclosed that its been slapped with a subpoena as part of an investigation into the merger that took Lucid public earlier this year. “On December 3, 2021, [Lucid] received a subpoena from the [Securities and Exchange Commission] requesting the production of certain documents related to an Read More…

‘F—k you, dude’: Startup valued at $7B gets flak as CEO lays off hundreds over Zoom

Just days after receiving a $750 million cash infusion, a tech startup that Forbes branded in October as a “unicorn,” valued at $7 billion, laid off hundreds of employees in a manner that some online deemed “brutal.” Better.com, a digital mortgage lender with offices in Oakland, laid off 900 employees weeks before Christmas on a mass Zoom call. Only those Read More…

‘Let’s go Brandon’ cryptocurrency sees massive boom

“Let’s go Brandon” to the moon? A cryptocurrency digital coin labeled $LGB, which stands for the phrase “Let’s go Brandon,” went up 150%. The cryptocurrency is “America’s Coin,” according to its website . The digital coin is part of the mission to fight back “against the establishment, their mismanagement, and the financial fleecing of the American people,” the website Read More…

Barclays CEO Jes Staley Steps Down Amid Pressure Over Jeffrey Epstein Ties

Jes Staley stepped down as chief executive of Barclays PLC under pressure from regulators about how he characterized his relationship with the convicted sex offender and financier Jeffrey Epstein. Barclays said Mr. Staley stepped down “in view of the conclusions” made by U.K. regulators in its long-running investigation into what Mr. Staley told the bank about his Read More…

Southwest drops plan to put unvaccinated staff on unpaid leave starting in December

Southwest Airlines has scrapped a plan to put unvaccinated employees who have applied for but haven’t received a religious or medical exemption on unpaid leave starting by a federal deadline in December. Southwest Airlines and American Airlines are among the carriers that are federal contractors and subject to a Biden administration requirement that their employees are vaccinated against Covid-19 by Read More…

YouTube announces crackdown on anti-vaccine content

YouTube is cracking down on anti-vaccination content on its site, taking down several channels from high-profile anti-vaccination activists. A representative for Google, YouTube’s parent company, confirmed to the Washington Examiner that channels belonging to “well-known vaccine misinformation spreaders,” such as Joseph Mercola, the Children’s Health Defense Fund, which is affiliated with Robert F. Kennedy Jr., Erin Elizabeth, Read More…

Twitter to Pay $809.5 Million to Settle Lawsuit Alleging Jack Dorsey, Others Misled Investors

Twitter disclosed a binding agreement to settle a class-action lawsuit, under which the social network will pay $809.5 million to resolve claims it provided misleading user-engagement info to investors. The original lawsuit, filed in 2016 by a Twitter shareholder, alleged Dorsey and others including former CEO Dick Costolo and board member Evan Williams hid facts about Read More…

Paulson says cryptocurrencies will eventually be ‘worthless’

John Paulson, the hedge fund billionaire who made a fortune in 2008 when he shorted the housing bubble, said in an interview published Sunday that he believes cryptocurrencies will eventually go bust. The 65-year-old told “Bloomberg Wealth with David Rubenstein” that he wouldn’t recommend the investment to anyone. He said there is a cryptocurrency bubble that will Read More…

Reese Witherspoon’s Hello Sunshine to Be Sold to Media Company Backed by Blackstone

Reese Witherspoon’s media business, Hello Sunshine, is selling itself to a firm backed by private-equity giant Blackstone Group Inc., the companies said, part of a plan to build an independent entertainment company for Hollywood’s streaming era. The companies didn’t disclose the terms of the deal. People familiar with the matter said it values Ms. Witherspoon’s Read More…

Southwest Airlines readies big play for business flyers as companies ready return to office

Southwest Airlines is ready to make the biggest push for business customers in the company’s history with a distribution deal with Southlake-based Sabre Corp. that started Monday. Dallas-based Southwest, which has long been reluctant to share revenue with third-party companies when it sells tickets, went live on Sabre’s global distribution platforms Monday. READ FULL STORY

How COVID revealed huge structural problems in US supply chains, resulting in shortages

WASHINGTON (SBG) — Economists believe the pandemic has revealed just how vulnerable the United States’ supply chain is to major economic shocks and that the time is coming where experts will have to rethink how to move products around the globe. The country has experienced severe shortages of everything from computer chips, to toilet paper, to furniture Read More…

Chelsea Clinton Sits on Board of Company Accused of Defrauding Investors

Chelsea Clinton is a board director at a health insurance company that has been accused of defrauding investors. Clover Health has been slapped with numerous investor lawsuits that claim the company and its leadership failed to disclose that it was under investigation by the Department of Justice for allegedly offering illegal kickbacks to health care Read More…

ProPublica Donors Absent From Bombshell Report on Billionaire Tax Dodgers

ProPublica made waves after it obtained thousands of private tax documents for the country’s wealthiest citizens and published a scathing investigation centered on the tax rates of Warren Buffett, Jeff Bezos, and Michael Bloomberg, among others. Absent from the report: any of the publication’s largest donors, including Laurene Powell Jobs, David Filo, and Pierre Omidyar. The nonprofit news Read More…

Vivendi sells 10 percent stake in Universal Music Group to Ackman’s SPAC

Billionaire investor Bill Ackman bought a 10 percent stake in Vivendi’s Universal Music Group for $4 billion, valuing the world’s largest record label — which is home to Drake, Taylor Swift and Billy Eilish — at around $42 billion. Ackman’s blank-check company Pershing Square Tontine Holdings and Vivendi announced the news on Sunday after weeks Read More…

Biogen faces tough questions over $56K-a-year price of newly approved Alzheimer’s drug

Biogen on Tuesday faced tough questions from Wall Street analysts over the $56,000 annual cost of its newly approved Alzheimer’s drug, Aduhelm – a price tag executives are calling “fair” and “responsible.” Shares of Biogen surged 38% on Monday after the FDA announced it approved the company’s drug, scientifically known as aducanumab. It is the first medication cleared by Read More…

Snowflake relocates executive office from California to Bozeman, Montana, as company goes distributed

Snowflake, the cloud data analytics vendor that held the biggest U.S. software IPO ever last year, has become the latest tech company to jettison California. In its earnings press release on Wednesday, Snowflake’s dateline showed up as “No-Headquarters/BOZEMAN, Mont.” As recently as May 3, when the company announced the date of its first-quarter earnings report, that same line said “SAN MATEO, Read More…

John Malone sees merged WarnerMedia-Discovery becoming No. 3 global streamer behind Netflix, Disney+

The blockbuster WarnerMedia-Discovery deal is especially good news for HBO Max, billionaire media mogul John Malone told CNBC’s David Faber. In an interview that aired Monday, Malone said his previous reservations about HBO Max’s ability to be a dominant player in the crowded digital-streaming landscape will be addressed once the AT&T-owned service is under the same roof as Discovery. READ FULL Read More…

Bernard Arnault Becomes World’s Richest Person As LVMH Stock Rises

French fashion tycoon Bernard Arnault is the world’s richest person this Monday morning, with an estimated net worth of $186.3 billion—putting him $300 million above Jeff Bezos, who is worth $186 billion, and Elon Musk, worth $147.3 billion. Arnault’s fortune has jumped from $76 billion in March 2020 to $186.3 on Monday, a massive rise of over $110 billion Read More…

Amazon reportedly in discussions to purchase MGM Studios

Amazon is reportedly in discussions with MGM about purchasing the movie studio. According to Variety, the deal could be worth a reported $7 to $10 billion. The Information reported that MGM’s extensive library includes James Bond movies, the “Rocky” franchise, “The Terminator,” “The Handmaid’s Tale,” and “Survivor.” READ FULL STORY