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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

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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

Dreamstime/Dreamstime/TNS

Survey: Young people want solid outcomes from their higher education

Business / Business News /

A different kind of high school student is headed to college now.

The graduating seniors who will be entering into post-secondary education and training over the next few years care less about ivy-covered prestige and more about saving money, keeping costs down and college debt at a bare minimum, even if it means living at home.

In a national ...Read more

Kevin Ruck/Dreamstime/TNS

Federal student loan interest rates will increase for the 2022-23 academic year

Business / Business News /

Federal student loan interest rates are set to rise for the 2022-23 academic year, following the U.S. Treasury Department’s 10-year note auction on Wednesday afternoon. The new rates will be 4.99 percent for undergraduate loans, 6.54 percent for graduate Direct Unsubsidized Loans and 7.54 percent for PLUS loans. These rates will go into effect...Read more

Jonathan Weiss/Dreamstime/TNS

Series I bonds pay record 9.62% interest rate ⁠-- here's how to buy them

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If you’re looking for an investment with a high interest rate, inflation protection and the safety of government backing, then Series I bonds could be an attractive addition to your portfolio. The interest rate on these bonds increases as inflation rises, ensuring that your payout keeps pace with rising prices and that you don’t lose ...Read more

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5 top mistakes to avoid during a market selloff

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Stocks, cryptocurrencies and even bonds have tumbled in 2022 as investors react negatively to rising interest rates, soaring inflation and the Russia/Ukraine conflict.

The S&P 500 index has fallen about 16 percent so far this year, while the tech-heavy Nasdaq Composite is down around 26 percent. Popular cryptocurrencies Bitcoin and Ethereum ...Read more

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Starbucks offers to reimburse employees for abortion travel

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Starbucks Corp. is expanding its U.S. health care benefits to cover travel for abortion and gender-affirming procedures.

Employees and their dependents who don’t have access to those procedures within 100 miles of their home can be reimbursed for eligible travel expenses, Starbucks said Monday in a blog post.

“Like many of you, I’m ...Read more

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

Business / Business News /

FORT LAUDERDALE, Fla. — 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 ...Read more

Bill Pugliano/Getty Images North America/Getty Images

Ford, GM, Stellantis to reinstate mask mandate at most Michigan facilities

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DETROIT — Ford Motor Co., General Motors and Jeep maker Stellantis NV are reimplementing a mask mandate starting Monday at their facilities in Michigan counties that the Centers for Disease Control and Prevention have labeled as "high" risk for COVID-19 infection.

Ford's statement didn't specify how long the mandate will last. Stellantis says...Read more

China's economic activity collapses under Xi's COVID Zero policy

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China’s economy is paying the price for the nation’s COVID Zero policy, with industrial output and consumer spending sliding to the worst levels since the pandemic began and analysts warning of no quick recovery.

Industrial output unexpectedly fell 2.9% in April from a year ago, while retail sales contracted 11.1% in the period, weaker than...Read more

Nelvin C. Cepeda/The San Diego Union-Tribune/TNS

Dismantlement efforts at San Onofre nuclear facility ramp back up

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One month after a worker fell and suffered a shoulder injury on the job, just about all work has resumed in the dismantlement efforts at the San Onofre Nuclear Generating Station.

Officials at Southern California Edison, the operators of the now-shuttered power plant called SONGS, said Friday an enhanced training program has been implemented in...Read more

John J. Kim/Chicago Tribune/TNS

Grand Rapids Starbucks store becomes first in Michigan to unionize

Business / Business News /

A Starbucks store in Grand Rapids, Michigan has become the first location in Michigan to unionize amid a broader unionization movement within the Seattle-based coffee chain.

Workers at a Starbucks store at 2480 Burton St. SE won a union election administered by the National Labor Relations Board with 15 votes in favor of unionizing and three ...Read more

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Michael Hiltzik: Bitcoin, NFTs, SPACs, meme stocks -- all those pandemic investment darlings are crashing

Business / Business News /

The finance world, which is constantly on the lookout for rules and laws it can break in the interest of making more money, may have come up against the one law that can't be broken: the law of gravity.

Over the last few weeks and months, almost every financial asset has come hurtling back to Earth after high-altitude flights.

That includes ...Read more

Luis Sinco/Los Angeles Times/TNS

If Elon Musk's Twitter plan goes poof, it wouldn't be the first time

Business / Business News /

Elon Musk may not be delivering on the Twitter acquisition he promised after all.

It’s not the first time he’s fallen short, backed out or abruptly changed course after making a big, showy promise of innovation. In fact, it’s not even the first time he’s done that in the last six weeks, during this specific set of negotiations with ...Read more

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Elon Musk sows doubt over his $44 billion Twitter takeover

Business / Business News /

Elon Musk sowed new chaos into the market over his takeover bid for Twitter Inc. on Friday, first claiming his offer was “temporarily on hold” and then maintaining he is “still committed” to the deal, sending the social media giant into a tailspin.

The billionaire initially sent an early tweet saying the $44 billion deal is pending ...Read more

Dreamstime/Dallas Morning News/TNS

Crypto's $270 billion meltdown gives way to an uneasy calm

Business / Business News /

Even by the white-knuckle standards of the cryptocurrency universe, it was a standout week.

An algorithmic stablecoin called TerraUSD crashed from its dollar peg when the complex mechanism designed to ensure the link suddenly turned against it, sucking even the biggest digital assets into a vortex of panicked selling. Terms like “death ...Read more