General Motors says autoworker strike took $1.1B bite out of earnings
The company said it expects to absorb increased labor costs and have enough left to buy back stock worth nearly one quarter of the company’s $44 billion market value.
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Consumer Reports: EVs less reliable, on average, than conventional vehicles
The survey found that electric vehicles from the 2021 through 2023 model years encountered nearly 80% more problems than did vehicles propelled by internal combustion engines.
Fed’s Waller: Interest rates likely high enough to bring inflation back to 2% target
Christopher Waller, a member of the Federal Reserve Board of Governors, cautioned that inflation is still too high and that it’s not yet certain if a recent slowdown in price increases can be sustained.
IndyCar champ Palou admits breach of contract, tries to mitigate damages owed to McLaren
The admission came in Alex Palou’s response to a lawsuit filed against him by McLaren Racing in September seeking to recoup at least $23 million in losses the team calculated Palou’s reversal cost the organization.
Many not-for-profits hoping to catch up on GivingTuesday
Supporting not-for-profits on GivingTuesday this year could have a bigger impact than usual. Why? Because not-for-profits and industry groups say donations so far are down compared with previous years.
Few employers using incentives to boost satisfaction with in-person work
Only 4% of human resources representatives whose companies have introduced new policies to get employees back to the workplace say that higher compensation is among them.
Consumers expected to to spend more than $12B online during Cyber Monday
Even though e-commerce is now part and parcel of our everyday lives and much of the holiday shopping season, Cyber Monday continues to be the biggest online shopping day of the year, thanks to the deals and the hype the industry has created to fuel it.
UPDATE: Tom Allen out as IU football coach after Big Ten record buyout
Three consecutive losing seasons and a three-year conference record of 3-24 cost Allen his dream job on Sunday, when the two sides reached a financial settlement of $15.5 million to part ways.
Turned down for loans, business owners seek growth capital elsewhere
Among the many challenges small businesses face as they try to grow these days is getting a loan. Banks big and small have tightened lending standards along with rising interest rates the past two years.
Retailers offer bigger Black Friday discounts to lure hesitant shoppers hunting for the best deals
Many retailers ordered fewer goods for this holiday season and pushed holiday sales earlier in October than last year to help shoppers spread out their spending.
U.S. unemployment claims drop in another sign of labor market resiliency
The claims are viewed as a proxy for layoffs and remain extraordinarily low by historical standards, signalling that most Americans enjoy unusual job security.
Black Friday: Inside its evolution and how it changed holiday spending
The National Retail Federation projects that an estimated 182 million people are planning to shop in-stores and online through the five-day Thanksgiving weekend.
Altman back as OpenAI CEO just days after being removed, along with new board
The ousted leader of ChatGPT-maker OpenAI is returning to the company that fired him late last week, culminating a days-long power struggle that shocked the tech industry and brought attention to the conflicts around how to safely build artificial intelligence.
Largest crypto exchange Binance fined $4B, CEO pleads guilty to not stopping money laundering
“Using new technology to break the law does not make you a disruptor, it makes you a criminal,” said U.S. Attorney General Merrick Garland, who called the settlement one of the largest corporate penalties in the nation’s history.
Record crowds expected to take to air, roads for Thanksgiving
Sunday is expected to draw the largest crowds to airports with an estimated 2.9 million passengers, which would narrowly eclipse a record set on June 30.
Colts waive three-time All-Pro Shaquille Leonard in surprising move
The decision to part ways with Leonard, the 2018 AP NFL Defensive Rookie of the Year, comes shortly after he complained publicly about his decreased playing time this season.
U.S. home sales slumped to slowest pace in more than 13 years in October
Surging mortgage rates and rising prices are keeping many prospective homebuyers on the sidelines.
Microsoft hires Sam Altman and OpenAI’s new CEO vows to investigate his firing
The developments Monday come after a weekend of drama and speculation about how the power dynamics would shake out at OpenAI.
Why do Americans feel gloomy about the economy despite falling inflation, low unemployment?
Many factors lie behind the disconnect, but economists increasingly point to one in particular: The lingering financial and psychological effects of the worst bout of inflation in four decades.
Ford and Stellantis workers approve contract settlement that ended UAW strikes
The United Auto Workers union overwhelmingly ratified new contracts with Ford and Stellantis, that along with a similar deal with General Motors will raise pay across the industry, force automakers to absorb higher costs and help reshape the auto business.