Business News

Meta settles social media addiction case with California, other states for $16.7 billion

Meta and a coalition of state attorneys general have settled a major federal case centering on allegations that the social media giant misrepresented the extent of child-related mental health harms caused by apps like Facebook and Instagram. The settlement was revealed in a court filing released Wednesday that details several requirements Meta must make to its apps as part of a proposed “consent judgement.” More

Business & Technology


Federal Reserve Holds Interest Rates Steady: The Federal Reserve opted to maintain current benchmark interest rates at its latest policy meeting, citing ongoing evaluation of inflation trends and economic growth.
U.S. Bans Imports of Foreign Humanoid & Quadruped Robots: Citing national security concerns over foreign hardware and data collection, the U.S. government announced a formal ban on new imports of foreign-manufactured humanoid and quadruped robots, alongside specific power converter components.

Global Economy & Markets

Global Economy & MarketsIMF Flags "Crosscurrents" in Global Growth: In its latest World Economic Outlook, the International Monetary Fund reports that the global economy is navigating opposing forces. Growth is being buoyed by a major surge in AI technology investments, which is offsetting supply-chain strains and volatile energy markets stemming from regional Middle East tensions.
Tech Earnings Surge Driven by AI: Big tech momentum continues as major earnings reports roll in. Alphabet reported a 24% revenue increase for Q2, driven by a massive 82% jump in Google Cloud revenue as enterprise adoption of AI infrastructure and Gemini integration accelerates.
Energy & Commodities Oil Prices Ease as Shipping Resumes: Crude oil futures slumped following the restoration of regular tanker traffic through the Strait of Hormuz after temporary disruptions. The price drop was further supported by an agreement among OPEC+ members to implement a modest oil supply increase starting next month.
Supply Chain & Consumer Health Multi-State Produce Recall Impacting Retail & Fast Food: A massive voluntary recall of Mexican-sourced iceberg lettuce by Taylor Farms due to Cyclospora contamination is rippling through the food service industry. Major chains like Taco Bell and broad-line retail products (including Walmart's Marketside brand) across dozens of states have pulled affected product from distribution.
Small Business & Regulation Small Business Groups Push Back on Ownership Rules: Advocacy groups like the National Federation of Independent Business (NFIB) are intensifying efforts in Congress to permanently block and repeal federal Beneficial Ownership Information (BOI) reporting mandates, arguing the regulatory burden disproportionately hits small business owners and independent operation

QDN Network being launched by business Mogel

Business Mogel Joel Bryant has launched a new digital network that encompasses original programming, podcast, music, do it yourself shows and breaking news all over the world. It will be headlined by a new morning show "Wake Up Right" (hosted by Lareina Smallwood & Jason Bryant and a night show "Woke At Midnight" (Joel Bryant). The new network will also be a shopping platform where you can purchase natural products, clothes and much more. It will have its own app but will also be available @Qmerch.net and your main social media outlets. Joel has built Qmerch into a cosmetic powerhouse and this is the next step to offer consumers a all natural experience as the network will focus on natural living. "Health and wellness will be our calling card" said Bryant.

Trump’s second term isn’t just making the rich richer. It’s making the poor poorer.

If Donald Trump had run for president in 2024 by promising to enrich the wealthy at the expense of working- and middle-class Americans, Kamala Harris might be in the Oval Office right now. But that’s just what he’s done. One of the defining features of his second term has been a sharp widening of the economic divide, with higher-income households getting richer while lower-income Americans face stagnant wages and higher costs. more

As inflation worsens, Stephen Miller says Trump is building an ‘extraordinary paradise’

As a rule, when the White House tries to convince the public that Donald Trump is succeeding, all evidence to the contrary notwithstanding, officials say that this is the United States’ “golden age.” It’s not true, though the phrase at least relates to the president’s weird fixation on gold things.
On Wednesday night, however, deputy chief of staff Stephen Miller presented Fox News viewers with a different label for the Trump era.. more

Home Depot investors fret over the company’s ties to ICE

Jan. 20, 2026, 5:49 PM ESTBy Ja'han JonesHappy Tuesday! Here’s your Tuesday Tech Drop, the week’s top stories from the intersection of technology and politics.ICE gives Home Depot investors goosebumpsA group of Home Depot investors has raised concerns about the company’s work with a surveillance firm after a news report said U.S. Immigration and Customs Enforcement used data acquired by the firm to aid Trump’s increasingly unpopular anti-immigrant crackdown. more

THE COMPUTE RUSH: How Big Tech is Rewiring the American Economy

DATELINE: NEW YORK — As the calendar turns to January 1, 2026, the most significant construction boom in American history isn't happening in residential housing or office towers. It is happening in windowless, gray fortresses that hum with the sound of billions of silicon chips.The "Compute Rush"—the aggressive build-out of artificial intelligence data centers by Microsoft, Alphabet, Meta, and Amazon—has officially become the primary engine of U.S. economic growth, shifting the nation's financial center of gravity from the coasts to the heartland. more
Feds Cut Interest Rates
The Federal Reserve delivered big financial news this week, announcing yet another interest rate cut — its third in just four months. With this latest rate cut, the Fed has sliced another 25 basis points off the benchmark rate and has officially pushed the federal funds rate down to a range of 3.50% to 3.75%. That, in turn, marks a meaningful milestone: the lowest federal funds rate since November 2022 — and a potential opening for more accessible, affordable borrowing options for millions of Americans.
AI tools could drive $263 billion in holiday sales. Walmart and Target are racing to get in
As more shoppers start their gift searches on AI chatbots, some of the country’s biggest retailers, including Walmart, Target and Etsy, have announced their own strategies to try to attract customers through AI assistants.
Oracle's stock sinking
Oracle's stock remained under pressure, sinking further this week after its earnings report revealed capital spending on AI infrastructure that exceeded analyst expectations.

Paramount's Hostile Bid:

Paramount Skydance has launched a hostile all-cash bid for Warner Bros. Discovery (WBD), challenging the $72 billion cash-and-stock deal WBD had previously accepted from Netflix.
Market Impact: WBD shares have climbed on the news, while Netflix has slipped. The U.S. President has also commented on the situation, suggesting a Netflix-WBD combination "could be a problem" due to market concentration worries.

Disney to Invest in OpenAI:

Walt Disney (DIS, Financials) said it will invest $1 billion in OpenAI and license characters from franchises including Star Wars, Pixar and Marvel for use in the companys Sora artificial intelligence video generator, a deal that could reshape film and television production. more

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AI Stock Volatility:
Stocks linked to Artificial Intelligence (AI), particularly Nvidia, have been driving major swings on Wall Street. After a sharp sell-off earlier in the week, the tech sector and broader indices are seeing significant volatility as investors debate whether AI valuations have become unsustainable, drawing comparisons to the dot-com bubble.
Post-Shutdown Data Deluge & Fed Rates:
With the US government shutdown ending, investors are bracing for a wave of delayed economic data (jobs, inflation). This data is critical, as it will determine the Federal Reserve's next move on interest rates. Expectations for a third rate cut this year have dropped significantly amid doubts that inflation is under control.
Global Market Trends:
The weakness in the US market has triggered a global sell-off, with indexes across Europe and Asia, including South Korea's Kospi, tumbling sharply. Meanwhile, international equities (ex-US) are having a strong year overall, led by tech-heavy regions like China and South Korea.
Samsung's M&A Push:
South Korean tech giant Samsung Electronics has launched its first team dedicated solely to M&A in eight years, signaling a strategic push for major deals in areas like AI, biotech, and advanced chips.
Global Growth Projection:
The International Monetary Fund (IMF) and other organizations project global real GDP growth for 2025 to be in the 2.6% to 3.2% range. The IMF recently revised its forecast upward to $3.0-3.2\%$, reflecting factors like better financial conditions.
US and China Slowdown:
Slower growth is expected in the US and China, while India is projected to maintain strong growth, exceeding 6%.
Major Pharma Deal
Merck is making a significant move in the antiviral space, announcing plans to acquire Cidara Therapeutics for $9.2 billion. The deal is centered on Cidara's late-stage, long-acting antiviral candidate for influenza, CD388.
Retail Leadership Change:
Walmart announced the surprise retirement of CEO Doug McMillon in January, a move that sent its stock lower due to his role in expanding the retailer's digital operations.
Big Sector Acquisitions:
Kimberly-Clark is set to acquire Kenvue (parent of Band-Aid, Tylenol, etc.) for $48.7 billion.Electronic Arts (EA) is being taken private by a consortium including PIF and Silver Lake for a colossal $55 billion.American Water Works Company is acquiring Essential Utilities in a $63 billion deal.
69-year-old CEO says he turned 19 employees into millionaires after selling the company in a $1 billion deal
Like countless others, Bill Phelps wanted to get rich when he was younger. Now, the 69-year-old CEO of Dave’s Hot Chicken and former CEO and co-founder of Wetzel’s Pretzels says he gets fulfillment out of helping others find financial success.. More
Calls for Uber boycott answer CEO’s support of Trump’s reconciliation bill
Liberals and leftists called for an Uber boycott after the CEO expressed support for President Donald Trump’s reconciliation bill. As the clip from a conference hosted by Saudi Arabia’s sovereign wealth fund spread on Monday, critics of the bill swiftly turned on CEO Dara Khosrowshahi, if they didn’t hate him already. More
Howard Schultz says he ‘did a cartwheel’ when Starbucks CEO Niccol coined ‘back to Starbucks’ strategy
Former Starbucks CEO Howard Schultz said Wednesday that he “did a cartwheel” in his living room when current chief executive Brian Niccol first coined his “back to Starbucks” strategy. More
Warner Bros. Discovery to split into two public companies by next year
Warner Bros. Discovery plans to split into two public companies by next year, the media giant announced Monday, the latest upheaval in the industry as consumers transition from cable to streaming. More
Procter & Gamble to cut 7,000 jobs as part of broader restructuring
Procter & Gamble will cut 7,000 jobs, or roughly 15% of its nonmanufacturing workforce, as part of a two-year restructuring program. The layoffs by the consumer goods giant come as President Donald Trump’s tariffs have led a range of companies to hike prices to offset higher costs.More
Dollar General is shaking off tariff fears and winning over higher-income consumers
Shares of Dollar General jumped nearly 16% on Tuesday after the discounter raised its outlook, saying it drew more middle- and higher-income shoppers amid fears that higher tariffs would hurt consumer spending. More

How Trump’s tariffs and other policies are ‘raising hell,’ according to business owners

As the ongoing trade war between the United States and China continues to escalate, small and large business owners are starting to feel the weight of President Donald Trump's policies. more
Trump's crypto dinner cost over $1 million per seat on average
More than 200 wealthy, mostly anonymous crypto buyers are coming to Washington on Thursday to have dinner with President Donald Trump. The price of admission: $55,000 to $37.7 million. More

Cyber criminals contact BBC to claim hack on Co-op, M&S
Cyber criminals reached out to the BBC's Joe Tidy on Telegram, expressing frustration that their ransom demands weren't being met. Through their hack, they have accessed 70,000 staff members' and potentially millions of customers' information. More
Winemakers finding Trump's tariffs hard to swallow
Burgundy is one of the most prestigious wine regions in France, and the US is its biggest export market. But now Donald Trump's tariffs are threatening to price European wine out of the American marketplace. More
Temu-owner PDD Holdings profit dives as it faces challenges amid trade war
President Donald Trump has issued a directive to restore and resume the operations of Alcatraz, a prominent federal penitentiary situated on a secluded island in California that has remained closed for over six decades. More
McDonald’s is closing down CosMc’s, its beverage-focused spinoff
McDonald's, the global fast-food giant, has announced the closure of its beverage-focused spinoff, CosMc's. The decision to shut down the experimental chain comes after its lackluster performance since its launch in 2018. This move has left many industry experts and loyal customers surprised and saddened. More
NPR sues Trump over executive order to cut funding
The National Public Radio (NPR) has filed a lawsuit against the Trump administration, challenging an executive order that would significantly cut funding to the organization. The move, which is seen as an unprecedented attack on the media, is raising concerns about the government's attempt to silence independent and unbiased journalism. More
Target CEO says tariffs risk 'massive' costs, but price hikes a 'last resort'
Target CEO Brian Cornell on Wednesday warned of "massive potential costs" due to tariffs, saying the company would raise prices as a "very last resort." More
Bitcoin hit a record high. Here's why.
Bitcoin surged to a record high on Thursday, vaulting more than 3% in early trading and hurtling past $110,000 for the first time.The price of bitcoin stood at $111,385 on Thursday, extending a sharp rise that stretches back to the November election of President Donald Trump, a cryptocurrency supporter and investor. More
Tax bill passed by House Republicans would gut Biden-era clean energy tax credits
This story, originally published May 3, has been updated with details of an open letter to the cybersecurity industry asking why the phishing threat behind the stolen passwords epidemic has yet to be fixed. More
National Debt Tracker: American taxpayers (you) are now on the hook for $36,215,714,628,553.09 as of 5/19/25
President Donald Trump has issued a directive to restore and resume the operations of Alcatraz, a prominent federal penitentiary situated on a secluded island in California that has remained closed for over six decades. More
Check washing crisis fueled by AI and mail theft
Cincinnati police say a man accused of hitting and killing a Hamilton County sheriff’s deputy on Friday is now charged with aggravated murder. More
Trump warns Walmart to 'eat the tariffs' instead of raising prices
This story, originally published May 3, has been updated with details of an open letter to the cybersecurity industry asking why the phishing threat behind the stolen passwords epidemic has yet to be fixed. More
Boeing bungled $3.9B Air Force One project, blew past deadline and opened door for Qatari jet offer
Starbucks employees across multiple locations have initiated a strike in response to a newly implemented dress code policy. Baristas are voicing their concerns, claiming that the revised guidelines are restrictive and do not align with their personal expression or the company’s long-standing ethos of individuality and diversity. More
Costco rolls out buy now, pay later for big online purchases through Affirm
Costco has started letting U.S. customers pay for large online purchases with buy now, pay later through a new partnership with Affirm. The new online payment option for U.S. Costco customers was unveiled by Affirm and the popular warehouse retailer on Wednesday. More
Real American Beer, founded by Hulk Hogan, aiming to revitalize Hooters after chain's bankruptcy filing
The iconic restaurant filed for Chapter 11 bankruptcy back in March, but going out of business never appeared to be an option.In a press release published at the time, Hooters explained that it had entered into a restructuring support agreement (RSA) with "near unanimous support from its key stakeholders. More
Moody's downgrades US credit rating over rising debt
Moody's Ratings on Friday announced that it downgraded the U.S. credit rating by one notch due to persistent fiscal deficits that it sees as likely to deteriorate in the future.. More
CBO says US budget deficits to widen, national debt to surge to 156% of GDP
The nonpartisan Congressional Budget Office (CBO) recently released its long-term budget outlook and showed that budget deficits are on track to widen in the years ahead, pushing the national debt well above the size of the U.S. economy.. More
Federal budget deficit hits record $1.1T in first 5 months of fiscal year
The federal government's budget deficit has grown by more than $300 billion in the first five months of fiscal year 2025, according to the latest data. More
Trump claimed the US doesn’t do ‘much business with Canada.’
During his Tuesday meeting with Canadian Prime Minister Mark Carney, President Donald Trump falsely minimized the importance of the US trade relationship with Canada.. More
Google Search, Facebook and the iPhone may not last forever. And Silicon Valley is finally admitting it
People aren’t friending each other as much on Facebook these days. The iPhone might not feel necessary in a decade. And Google searches on one of the world’s most popular smartphones are declining. More
Bill Gates warns Elon Musk’s DOGE cuts will cause ‘millions of deaths’"
Bill Gates is calling out fellow tech billionaire Elon Musk over cuts made to US government spending under his watch through the Department of Government Efficiency, saying the gutting of the US Agency for International Development (USAID) would lead to millions of deaths around the world. More
Starbucks Baristas Strike Over New Dress Code
Starbucks employees across multiple locations have initiated a strike in response to a newly implemented dress code policy. Baristas are voicing their concerns, claiming that the revised guidelines are restrictive and do not align with their personal expression or the company’s long-standing ethos of individuality and diversity. More
Rising Student Loan Delinquencies Cause Significant Drop in Borrowers' Credit Scores, Reports Show
According to the latest findings from the Federal Reserve, while there is a decrease in credit card debt among Americans, a rise in delinquencies for student loans is leading to a decrease in credit scores. More
New York Attorney General Accuses Capital One of Defrauding Millions from Residents
The state of New York has filed a lawsuit against Capital One, accusing the banking giant of misleading customers with deceptive advertising related to its 360 Savings accounts. The lawsuit, led by Attorney General Letitia James, alleges that Capital One's bait-and-switch tactics cost New Yorkers millions of dollars by promising high-yield savings that were never delivered. More
Visa Unveils AI-Enhanced Credit Cards Aimed at Automating Everyday Purchases
Visa Prepares for AI-Powered Future with Smart Payment Network Overhaul Artificial Intelligence has already revolutionized how people write, code, and shop — More
Investigation Reveals Conflict of Interest in Retailer's Multimillion-Dollar Deal
According to sources familiar with the matter, Buchanan directed Kohl’s to pursue a business deal that has been described internally as “highly unusual.” More
Hershey Anticipates $20 Million Loss in Second Quarter Due to Tariffs
The company, listed on the NYSE under the ticker HSY, is proactively engaging in what it describes as an "all-hands-on-deck" strategy to contain costs. That includes a combination of behind-the-scenes lobbying efforts and operational adjustments aimed at minimizing the financial strain. More
IRS’ free tax filing program is at risk amid Trump scrutiny
The IRS’ free tax filing program is in jeopardy as the agency faces continued cuts from the Trump administration.
After a limited pilot launch in 2024, the program, known as Direct File, expanded to more than 30 million taxpayers across 25 states for the 2025 filing season. more
Tesla speeds up odometers to avoid warranty repairs, U.S. lawsuit claims
Tesla faces a proposed class action claiming it speeds up odometers on its electric vehicles so they fall out of warranty faster, saving Elon Musk’s company from having to pay for repairs. more
Google hit with second antitrust blow, adding to concerns about future of ads business. more
Google’santitrust woes are continuing to mount, just as the company tries to brace for a future dominated by artificial intelligence.
On Thursday, a federal judge ruled that Google held illegal monopolies in online advertising markets due to its position between ad buyers and sellers. more
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