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Brian Cassella/Chicago Tribune/TNS

Chicago Reader completes transition to nonprofit following months of turmoil

Business / Business News /

The Chicago Reader completed its transition to a nonprofit organization Monday, starting a new chapter for the iconic 51-year-old alternative newspaper.

The sale to the nonprofit Reader Institute for Community Journalism follows months of turmoil, as the owners who rescued the money-losing newspaper from insolvency battled over its direction. ...Read more

Dreamstime/TNS

Home Depot revenues up in strong start to year

Business / Business News /

Home Depot had sales of $38.9 billion during the first quarter of its fiscal year, powering through inflation with a continued surge of demand from consumers who want to buff up their homes, the company reported Tuesday.

Revenues during the three months ending April 30 were 3.8% higher than the same period a year earlier, as the Vinings-based ...Read more

Ford Motor Co./TNS

Ford-backed Argo AI launches driverless car testing

Business / Business News /

Argo AI, a robotaxi startup that has the backing of Ford Motor Co. and Volkswagen AG, said Tuesday it's launching driverless test rides in Miami and Austin, Texas.

The removal of human safety drivers is a milestone for the Pittsburgh-based autonomous vehicle technology company that was founded in 2016.

"Argo is first to go driverless in two ...Read more

Dreamstime/TNS

Netflix cuts 150 jobs after subscriber slump, revenue slowdown

Business / Business News /

Netflix on Tuesday announced it was cutting 150 jobs amid a slowdown in revenue and a decline in subscribers that has shaken the entertainment industry.

The company did not say what departments would be affected by the cuts, though most of the job losses are in the U.S.

“As we explained on earnings, our slowing revenue growth means we are ...Read more

Cadillac/TNS/TNS

Cadillac releases new details on electric Lyriq ahead of May 19 order-bank opening

Business / Business News /

Ordering for General Motors Co.'s first electric Cadillac opens this week on the 2023 Lyriq crossover with the $62,990 rear-wheel drive option getting an estimated 312 miles of range on a charge, the automaker said Monday.

Range will be released later on the $64,990 all-wheel drive option, which has a second drive unit. The prices are ...Read more

Michael Hiltzik: Mark Berman, pusher of unproven stem cell therapies, dies while awaiting verdict in FDA lawsuit

Business / Business News /

For years, California cosmetic surgeon Mark Berman was a leader of that corner of the healthcare world pushing unproven and unapproved stem cell treatments for a host of medical conditions.

Berman aired his claims for what he called "magic cells" in a book, video appearances and through a network of affiliated clinics around the country. Those ...Read more

Aric Crabb/Bay Area News Group/TNS

Google opens futuristic Mountain View campus where 4,000 will work

Business / Business News /

MOUNTAIN VIEW, California — Google this week opened its Bay View canopy campus at NASA Ames in Mountain View, saying 4,000 people will work at the futuristic green complex powered by solar panels that resemble dragon scales.

The three-building development, along with Google’s Charleston East project in Mountain View that’s set to open in ...Read more

KKR/KKR/TNS

This Illinois company was just sold for $3 billion, but hundreds of employees are getting a cut. Some will get $800,000

Business / Business News /

When private equity firm KKR announced the $3 billion sale Monday of C.H.I. Overhead Doors to steel company Nucor, it created a windfall for hundreds of hourly workers at the plant in tiny Arthur, Illinois, who will receive between $20,000 and $800,000 each when the transaction closes.

The deal represents a huge return on investment for KKR, ...Read more

Republicans split on adding semiconductor tax breaks to competition bill

Business / Business News /

WASHINGTON — An effort to add bipartisan tax incentives for U.S. semiconductor manufacturing to a larger economic competitiveness package is running into divisions among House Republicans.

The top-ranking GOP member of the tax-writing Ways and Means Committee, Rep. Kevin Brady of Texas, is among those who believe giving tax breaks to ...Read more

Chris Delmas/AFP/Getty Images North America/TNS

Elon Musk says Twitter must prove bot claims for $44 billion deal to proceed

Business / Business News /

Elon Musk declared he won’t proceed with his $44 billion takeover of Twitter Inc. unless the social media giant can prove bots make up fewer than 5% of its users, casting yet more uncertainty over the deal.

The billionaire tweeted “this deal cannot move forward” unless Twitter provides proof of its claims, reiterating his own view that ...Read more

US retail sales show consumer standing firm in face of inflation

Business / Business News /

U.S. retail sales grew at a solid pace in April, reflecting broad-based gains and suggesting demand for merchandise remains resilient despite rampant inflation.

The value of overall retail purchases increased 0.9%, after an upwardly revised 1.4% gain in March, Commerce Department figures showed Tuesday. Excluding vehicles and gas stations, ...Read more

Chip Somodevilla/Getty Images North America/TNS

Terra's stablecoin flop raises questions about regulatory role

Business / Business News /

WASHINGTON — The spectacular plunge and trading halts of the algorithmic stablecoin TerraUSD are touching off a debate among lawmakers over whether, and how much, the government should get involved.

As Terra crashed last week, prominent Republicans said the asset class shouldn’t be regulated at all because of its limited reach into ...Read more

Elon Musk says Twitter must prove bot claims for $44 billion deal to proceed

Business / Business News /

Elon Musk declared he won’t proceed with his $44 billion takeover of Twitter Inc. unless the social media giant can prove bots make up fewer than 5% of its users, casting yet more uncertainty over the deal.

The billionaire tweeted “this deal cannot move forward” unless Twitter provides proof of its claims, reiterating his own view that ...Read more

Will social media companies crack down on the racist conspiracy theory behind the Buffalo massacre?

Business / Business News /

The Buffalo, New York, mass shooting that claimed 10 lives Saturday was an event shaped by, and for, internet platforms, including message boards and streaming and social media sites.

Now, as the predominantly Black neighborhood that suspected killer Payton Gendron targeted is left reeling, whether those platforms allow their users to ...Read more

Suzanne Cordeiro/Getty Images North America/TNS

Musk says Twitter deal at lower price is 'not out of the question'

Business / Business News /

Elon Musk stoked speculation that he could seek to renegotiate his takeover of Twitter Inc., saying a viable deal at a lower price wouldn’t be “out of the question.”

Twitter shares fell 8.2% at the close of trading in New York. The stock has been dropping on speculation that Musk could walk away from the $44 billion acquisition. That ...Read more

Michael Laughlin/Sun Sentinel/TNS

68,200 home insurance policies to be canceled as hurricane season begins

Business / Business News /

Florida’s property insurance crisis is about to hit home for tens of thousands of policyholders.

More than 68,000 policies of troubled Sunrise-based FedNat Insurance Company and its sister companies Maison and Monarch National will be canceled by the end of June, according to terms of a consent order filed Friday by the state Office of ...Read more

Ellen M. Banner/The Seattle Times/TNS

Boeing's top Chinese customer removes 737 Max from fleet plans

Business / Business News /

Boeing Co.’s biggest airline customer in China has removed more than 100 of the US manufacturer’s 737 Max jets from its fleet plans, citing uncertainty over deliveries.

China Southern Airlines Co. Chairman Ma Xu Lun said at an investor briefing last week that Boeing’s updated best-selling aircraft would be excluded from fleet deliveries ...Read more

Brian Cassella/TNS

Ford unloads another 7 million shares in EV startup Rivian for $188.2 million

Business / Business News /

Ford Motor Co. has unloaded another 7 million shares of electric-vehicle startup Rivian Automotive Inc.'s stock.

That's according to regulatory paperwork filed Friday, and follows Ford selling 8 million shares earlier last week for $214 million. Between the two sales, Ford's stake in Rivian sits just below 10%. At the time of Rivian's initial ...Read more

Brian Cassella/Chicago Tribune/TNS

As Ford unloads Rivian, Amazon maintains faith in electric vehicle maker

Business / Business News /

Despite production delays and market upheaval, Amazon is still counting on electric vehicle startup Rivian to help it hit ambitious climate goals and put tens of thousands of electric delivery vans on the road.

Rivian is running a lean operation: The number of vehicles it produced this quarter is almost exactly equal to the number of ...Read more

Dreamstime/Dreamstime/TNS

CD rates are poised for a comeback. Now, if only inflation would calm down

Business / Business News /

Following CD rates in recent years has been a lot like watching paint dry at the bottom of a barrel: little perceptible change in rock-bottom returns.

Yields on certificates of deposit have been in the tank for years, particularly since the pandemic began. But things are about to change.

"The next 12 to to 24 months will be a period of rising ...Read more