Business

/

ArcaMax

Glen Stubbe/Minneapolis Star Tribune/TNS

FDA: Medtronic slow to update, recall defective insulin pumps for diabetes patients

Business / Business News /

While the U.S. Food and Drug Administration acknowledges Medtronic is actively working on fixing issues within its diabetes business, especially in regard to some of its insulin pumps, it says the steps took too long and are not enough.

Medtech giant Medtronic took more than three years to replace and start recalling insulin pumps with ...Read more

Stellantis/TNS/TNS

Stellantis car-sharing company is hiring, looking to grow by 40%

Business / Business News /

The car-sharing company from the maker of Jeep SUVs and Ram pickup trucks is looking to grow its workforce by 40%, including hires in the United States.

Stellantis NV's Free2move on Monday said it is adding 100 people to its 250-person team in Madrid, Paris and the U.S. in efforts to expand its app that offers users vehicles available for rent ...Read more

Tom Gralish/The Philadelphia Inquirer/TNS

Employers are on their own after court guts Biden vaccine-or-testing mandate

Business / Business News /

With the U.S. Supreme Court blocking the Biden administration's vaccine mandate for private companies, employers now face a patchwork of state rules on COVID-19 workplace safety.

Different, and sometimes confusing, vaccine rules now apply across the economy based on the city, sector, funding source, and corporate policy.

"There isn't a right ...Read more

Stellantis/TNS

As Stellantis turns 1, automaker faces two paths

Business / Business News /

A year after the transatlantic merger that created Stellantis NV, experts say the company is looking at two potential futures.

The maker of Jeep SUVs and Ram pickup trucks has outlined a vision for electrification and software, announced strategic partnerships and pressed through an unprecedented microchip shortage. It moved forward on cost ...Read more

Mandi Wright/Detroit Free Press/TNS

Susan Tompor: GM teams up with Marcus by Goldman Sachs for new digital-friendly credit card

Business / Business News /

General Motors, which first introduced its branded credit card 30 years ago, is moving to a new digital platform and partnership with Marcus by Goldman Sachs.

"Points earned today can be redeemed tomorrow," John Lazzati, managing director for consumer cards at Marcus by Goldman Sachs, said in a press call last week, announcing the major change....Read more

Christina House/Los Angeles Times/TNS

Stranded sailors rely on this Walmart of the seas. COVID made it hard to stay afloat

Business / Business News /

LOS ANGELES — Jeff Crouthamel can never forget the time his father was asked to deliver a wriggling cow to a ship docked in San Pedro Harbor. The cow twisted out of the sling being used to hoist it aboard and had to be fished out of the water.

Or the shipment of 100 live chickens intended to feed a delayed ship's crew that instead spent five ...Read more

Ellen M. Banner/The Seattle Times/TNS

Former chief project engineer on 737 Max retires from Boeing

Business / Business News /

Boeing Vice President Michael Teal, the former chief project engineer on the 737 Max program during that jet's development, is retiring, Boeing announced internally Friday.

Though Teal was the top engineer on the Max program during the jet's certification process, in congressional testimony in 2020 he denied all knowledge of the engineering ...Read more

Dreamstime/Dreamstime/TNS

Ford inks 5-year deal with financial service Stripe to overhaul online payments

Business / Business News /

Ford Motor Co. and financial services startup Stripe Inc. on Monday announced a five-year agreement to overhaul the automaker's online payment process.

Under the agreement, Stripe — which is co-headquartered in San Francisco and Dublin, Ireland and is one of the most valuable startups in the U.S. — would serve as the "premier" payment ...Read more

Dreamstime/TNS/TNS

Walmart filings reveal plans to create cryptocurrency, NFTs

Business / Business News /

Walmart Inc. is preparing to create its own cryptocurrency and collection of non-fungible tokens, filings with the U.S. Patent and Trademark Office show, setting the stage for meeting its customers in the emerging metaverse.

The retailer sought several new trademarks in December that show it intends to make and sell virtual goods such as ...Read more

Dreamstime/Dreamstime/TNS

US Census shelves planned changes to population survey

Business / Business News /

WASHINGTON — The U.S. Census Bureau postponed planned changes to its population survey, which economists said would have jeopardized their ability to dig below the main employment data to track more detailed wage and job figures.

The Census Bureau had planned to publish fewer details from its Current Population Survey — which polls ...Read more

Dennis Van Tine/Abaca Press/TNS

Martin Shkreli 'pharma bro no more,' ordered to pay $64.6 million to victims of price gouging and is banned from drug industry

Business / Business News /

NEW YORK — Imprisoned “Pharma Bro” Martin Shkreli was banned for life from the pharmaceutical industry and ordered to return to victims $64.6 million of the profit he made by jacking up the price of a life-saving drug, a federal judge ordered Friday.

The Federal Trade Commission and seven states, including New York, sued in January 2020 ...Read more

Dreamstime/Chicago Tribune/TNS

Consumer Confidential: Chase let an elderly customer wire more than $600,000 to an overseas scammer

Business / Business News /

Seniors lose more than $600 million a year to fraud, according to the Federal Trade Commission. That's shocking and heartbreaking.

But what also raises my hackles is when banks turn a blind eye to such activity, authorizing money transfers when it should be obvious that something out of the ordinary is happening.

Lisa Spanierman contacted me ...Read more

General Motors/General Motors/TNS

GM's chief economist says US inflation problems will improve

Business / Business News /

General Motors' chief economist said Thursday that she believes the country's inflation problems are only temporary and mostly the result of supply-chain bottlenecks — not last year's stimulus checks — and that they will likely ease up later in the year.

Speaking at a virtual meeting of the Detroit Economic Club, Elaine Buckberg said that ...Read more

The Week Ahead: Omicron, inflation and corporate earnings

Business / Business News /

What’s growing faster than inflation? Profits are growing faster than consumer prices.

Last year ended with a stew of seemingly contradictory economic forces: Inflation was at a 40-year high, yet holiday spending was setting records. The coronavirus omicron variant was beginning its rapid spread, yet consumer confidence remained strong. And ...Read more

Dreamstime/Dreamstime/TNS

Black resident mortgage applications nearly twice as likely as whites to be denied

Business / Business News /

A new study by the real-estate firm Zillow found that nearly 20% of Black mortgage applications nationwide were denied in 2020, nearly twice the rate of white applications.

Nationwide, the study found that Black mortgage applicants were turned down 84% more than white applicants, up from 74% in 2019.

While 20.5% of Black mortgage applications ...Read more

As a mother in prison, Elizabeth Holmes faces an agonizing separation from son

Business / Business News /

During Elizabeth Holmes' trial, prosecutors portrayed the Silicon Valley wunderkind as the mastermind of a multimillion-dollar fraud scheme, but the stylish diaper-bag backpack she toted to court was a reminder that she's also the new mother to a 6-month-old son.

Holmes' maternal role will weigh heavily on her and her baby when it comes time ...Read more

Davidson College/Davidson College

President Biden nominates Davidson College economics professor to powerful Fed board

Business / Business News /

President Joe Biden nominated a Charlotte-area economist to a seat on the Federal Reserve, the White House said Friday.

Biden nominated Philip Jefferson, an economist and administrator at Davidson College, to the Fed’s influential Board of Governors. If confirmed, he would serve a 14-year term beginning Feb. 1

The president also nominated ...Read more

Eric Seals/Detroit Free Press/TNS

Susan Tompor: Child tax credit money a no show in January; look for IRS letter instead

Business / Business News /

Many parents might be looking for money from the child tax credit payment this January but they're not going to see it arrive Jan. 15 or shortly afterwards.

What's more likely to show up is a tax letter from the Internal Revenue Service related to the child tax credit. Don't pitch it.

You might not be expecting to see a notice from the IRS but...Read more

Kimberly P. Mitchell/Detroit Free Press/TNS

Detroit Urban Survival Training: Our viral, funny self-defense videos aren't fake

Business / Business News /

A business based in Ferndale, Michigan that was able to mix self-defense with humor has become a viral sensation on Instagram and YouTube.

The business, called Detroit Urban Survival Training, and the tactics it teaches reached the likes of "Saturday Night Live" and the National Football League, and were mentioned by celebrities and social ...Read more

Auto review: Ford Bronco Sasquatch vs. Land Rover Defender 90 in the Dirt Bowl

Business / Business News /

HOLLY, Michigan — What's better than taking an off-road beast over snowbound Holly Oaks ORV Park? Taking two off-road beasts.

I flogged the Land Rover Defender 90 and Ford Bronco First Edition two-door models over southeast Michigan's premier adventure park for grins — and to see how the two warriors compared. The Bronco has wowed in ...Read more