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What happened to the 'affordable' $35,000 Tesla Model 3?

Business / Business News /

SAN FRANCISCO -- It's March 2016. Tesla Chief Executive Elon Musk is on stage for the dramatic unveiling of the Tesla Model 3.

Tesla will make hundreds of thousands a year, he said. It will be fun to drive. It will be affordable. "In terms of price, of course, it'll be $35,000," he beamed, awash in thunderous applause.

Now it's May 2018. You ...Read more

California toy mogul Isaac Larian gives up on bid to buy hundreds of Toys R Us stores

Business / Business News /

California toy mogul Isaac Larian said Monday he has given up his effort to buy several hundred Toys R Us stores from the bankrupt retailer after he and the company's debt holders were unable to reach an agreement.

A group of investors led by Larian, founder and chief executive of MGA Entertaintment Inc., had submitted a $675 million bid on ...Read more

Fidelity mutual fund giant takes big hit on radio network Entercom

Business / Business News /

Fidelity Investments is feeling indigestion over its holdings in Entercom Communications Corp.

Fidelity, based in Boston, has taken a 10.9 percent stake in the Bala Cynwyd, Pa.-based radio station group whose shares are now trading around a five-year low after a first-quarter earnings miss.

Wall Street has punished the stock, knocking 25 ...Read more

Fiat Chrysler recalling 51K Jeep Cherokees because of fire risk

Business / Business News /

Fiat Chrysler Automobiles is recalling more than 51,000 of its 2018 Jeep Cherokees because of a fire risk.

The company said it is unaware of any accidents or injuries related to the defect, involving fuel-supply tubes that could leak. The campaign is limited to SUVs with a 2.4-liter engine and does not include the refreshed 2019 Jeep Cherokee, ...Read more

Eataly to terminate relationship with chef Mario Batali amid sexual misconduct allegations

Business / Business News /

After sexual misconduct allegations against Mario Batali emerged Sunday night on "60 Minutes," Eataly confirmed Monday that Batali has had no direct involvement with the Italian market and food hall since December 2017 and that the company is in the process of a full separation from the chef.

"We have initiated a process to compel the ...Read more

Fifth Third to buy MB Financial for $4.7 billion

Business / Business News /

CHICAGO -- Fifth Third Bancorp will buy Chicago-based MB Financial Bank for $4.7 billion, the banks announced Monday.

The merger will create the fourth-largest Chicago bank in total deposits with a 6.5 percent market share, and give the combined company 20 percent of the city's "middle market" banking relationships. MB branches will take the ...Read more

Sports gambling may be coming to California — but it's unclear who will take your bets

Business / Business News /

If there is one sure bet Californians can make now that the Supreme Court has cleared the way for legalized sports gambling, it's this: Months, if not years, of haggling lie ahead before residents can wager a dime on any game.

And that haggling could be a spectacle in itself as tribal casinos, card clubs and racetracks get into a likely ...Read more

On Philanthropy: UN's development goals are a roadmap for powerful donor impact

Business / Business News /

In 2015, the United Nations adopted the 2030 Agenda for Sustainable Development and established a set of 17 Sustainable Development Goals. Let's put these new goals into a good news/bad news context.

Between 2000 and 2015, the world made enormous progress on some of its most pressing problems. For example:

--The global mortality rate for ...Read more

The Journey: Balancing college spending and retirement saving

Business / Business News /

Let's stop blaming colleges for ruining retirement.

To be sure, student loan debt topped $1.5 trillion in the first quarter, according to the Federal Reserve. That's a huge number.

It's also true that more 60-plus people are carrying education debt, either for themselves, children or grandchildren, though that's a little misleading because due...Read more

Susan Tompor: Think twice about betting on Wall Street's 'fear gauge'

Business / Business News /

Wall Street's rocky ride in 2018 -- a level of chaos we've not seen in quite some time -- has everyday investors fearing for their 401(k)s.

But many times, panic can drive you into pretty risky deals. The same applies to rushing into something you don't understand because your neighbor has a convincing story on a hot new way to make money.

...Read more

Consumer Confidential: Uber and Lyft see the light on sexual assault, but they could do a whole lot better

Business / Business News /

Ride-sharing giants Uber and Lyft patted themselves on the back this week for adopting a totally #MeToo policy that victims of sexual assault and harassment won't be held to the companies' forced-arbitration requirement and will be able to seek their day in court.

"We have learned it's important to give sexual assault and harassment survivors ...Read more

'Deadpool 2' tops 'Avengers' but fails to surpass its predecessor

Business / Business News /

LOS ANGELES -- Two Josh Brolin-led Marvel movies dominated the domestic box office this weekend, led by 20th Century Fox's "Deadpool 2."

"It's Deadpool's world and we're just living in it," said Chris Aronson, the studio's president of distribution.

The film opened in first place with $125 million, the second biggest debut for an R-rated film ...Read more

U.S. puts tariffs against China 'on hold,' Mnuchin says

Business / Business News /

WASHINGTON –– The Trump administration has decided not to impose tariffs on Chinese products for now, after progress between the two nations on trade issues in two days of talks, Treasury Secretary Steven Mnuchin said.

"We're putting the trade war on hold, right now," Mnuchin said on "Fox News Sunday."

President Donald Trump has threatened...Read more

Bill would require airlines, commuter rail lines, bus companies to adopt anti-harassment rules

Business / Business News /

Federal lawmakers have proposed legislation to require airlines and other transportation operations to adopt policies to crack down on harassment and abuse.

The bill by Rep. Peter DeFazio, D-Ore., calls on airlines, bus companies, railroads and commuter lines to adopt anti-harassment policies within 90 days of the bill's passage. DeFazio's ...Read more

How Ballast Point, once one of the fastest-growing craft breweries, lost its mojo — and how it might get it back

Business / Business News /

When Constellation Brands bought Ballast Point for $1 billion in 2015, it was buying one of the fastest-growing craft breweries in the country.

Ballast Point has plummeted back to earth after its meteoric rise, though, a sales decline that reflects early missteps after the merger and the slowing growth of craft beer in general, according to ...Read more

Trump works to cut high-skilled visas in NAFTA deal

Business / Business News /

WASHINGTON -- The Trump administration is working to slash the number of visas granted to Canadian and Mexican professionals as part of ongoing NAFTA negotiations among the three countries.

U.S. Trade Representative Robert Lighthizer is leading the push as part of President Donald Trump's "Buy American, Hire American" initiative promised during...Read more

Leslie Moonves helped make CBS a TV juggernaut, but the brawl over a Viacom merger could lead to his exit

Business / Business News /

CBS unveils its new fall prime-time schedule each spring by hewing to tradition: The presentation always occurs in mid-May, it always takes place at Carnegie Hall and CBS Chief Executive Leslie Moonves always relishes his role as the network's proud papa.

But there was something different this week as Moonves strode onto the historic stage. ...Read more

ZTE has to change management to win US reprieve, Kudlow says

Business / Business News /

WASHINGTON -- Chinese telecom company ZTE Corp. will have to change its management, including by possibly appointing new board members, to win a reprieve from U.S. sanctions that shut it off from key suppliers, the director of the White House National Economic Council said.

"We're not talking about letting them off scot-free by any stretch," ...Read more

PayPal pays up big for Sweden's iZettle

Business / Business News /

PayPal is paying up to get a bigger piece of the market for payments made at retail terminals outside the United States.

PayPal said Thursday it will pay $2.2 billion in cash to acquire Stockholm-based iZettle, in what is the biggest-ever acquisition in PayPal's history. IZettle, which PayPal calls "the leading small business commerce platform ...Read more

Under the Hood: Adjusting timing, like tune-ups, a thing of the past

Business / Business News /

Q: Last week I took my pickup in for a tune-up because it was running rough and needed to be checked out. I told the service fellow they might want to check the timing. He replied with a smirk that they "don't do that stuff anymore" and they'd "put the scanner on it to see what was wrong." It turned out it had two bad ignition coils, and it runs...Read more