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Car dealerships across US halt services after cyberattack

Business / Business News /

Thousands of car dealerships were ground to a halt during a normally busy holiday Wednesday by a cyber incident at CDK Global, a major software provider for dealers across the US.

The company “shut all systems down and executed extensive testing and consulted with external third-party experts,” Tony Macrito, a CDK spokesman, said in an ...Read more

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737 Max crash victims' families seek $25 billion fine on Boeing

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Families of the victims of two fatal 737 Max crashes are asking the Justice Department to seek to fine Boeing Co. nearly $25 billion, saying the company committed “the deadliest corporate crime in U.S. history.”

That amount is “legally justified and clearly appropriate,” Paul Cassell, an attorney who represents 15 victims’ families, ...Read more

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Snap to pay $15 million in discrimination and harassment settlement

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Snap Inc. and California's Civil Rights Department have reached a $15 million settlement to resolve allegations of sexual harassment, discrimination and retaliation at the Santa Monica, California-based company.

The settlement brings to a close a more-than-three-year investigation into allegations of employment discrimination, equal pay ...Read more

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The White House wants to remove medical debt from credit scores. Here's why that's a big deal

Business / Business News /

The Consumer Financial Protection Bureau has proposed a rule that would remove medical bills from credit reports, a ban that would prevent lenders from considering those debts when making decisions about whether to issue loans.

The proposed rule change, announced Tuesday, would also increase privacy protections, help raise credit scores and ...Read more

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Jeep will make its V-8 Wrangler for another year

Business / Business News /

Jeep says it's bringing back its Wrangler SUV that has a V-8 Hemi under the hood for another year, even as it phases out the big gas-guzzling engines in other models amid the electric vehicle transition.

The Stellantis NV brand initially said in March it was ending production of the Wrangler 392 with a 2024 Final Edition. Now it says it will ...Read more

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Disney told LA residents to move to Florida for a planned campus. They did, it was canceled and now they're suing

Business / Business News /

Walt Disney Co. continues to face fallout from its scuttled plans to move 2,000 California employees to a proposed Florida campus — a controversial decision the company reversed last year following the return of Chief Executive Bob Iger.

In 2021, then-CEO Bob Chapek and parks and experiences chairman Josh D'Amaro announced plans to relocate ...Read more

US mortgage rates drop below 7% for first time since March

Business / Business News /

U.S. mortgage rates declined below 7% last week for the first time since March, spurring back-to-back increases in financing applications for home purchases.

The contract rate on a 30-year fixed mortgage decreased 8 basis points to 6.94% in the week ended June 14, according to Mortgage Bankers Association data released Wednesday. The five-year ...Read more

Robotaxis escape California legislative move to let cities control them

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A business group backed by robot-taxi companies is celebrating the demise of a proposed California law that would have let cities regulate the controversial autonomous vehicles and fine them for breaking traffic laws.

“The bill would have prevented safety and accessibility opportunities for millions of Californians,” said the Autonomous ...Read more

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California voted to ban new diesel trucks at ports. Why did LA and Long Beach just add 1,000 more?

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More than 1,000 diesel-powered cargo trucks — which should’ve been banned from serving California ports — were granted access to the ports of Los Angeles and Long Beach due to inaction from the Biden administration, according to harbor records.

In April 2023, the California Air Resources Board voted to ban fossil fuel-powered big rigs ...Read more

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'Car Wars' report tells Detroit Three to leave China, sell trucks to invest in EVs

Business / Business News /

FARMINGTON HILLS, Michigan — Detroit's three automakers should focus on their core businesses, including gas-powered trucks, and not the Chinese market in the next few years while pursuing advancements in electric-vehicle technologies until they can be produced with similar profitability as Tesla, a Bank of America Corp. analyst said.

With a ...Read more

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CT's Electric Boat and suppliers around the state depend on a military submarine contract. Its future is uncertain

Business / Business News /

The push to continue the pace of building two Virginia-class submarines per year is in limbo as Congress works through defense authorization and funding bills that are currently at odds on procurement.

Connecticut lawmakers fear a reduction will have an outsized effect on suppliers around the state and the U.S. who work with Electric Boat in ...Read more

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Cargill opening tech-focused office in Atlanta, hiring 400 people

Business / Business News /

Cargill is opening an Atlanta office to house its digital technology and data operation and plans to hire 400 tech professionals in the coming years.

The Minnetonka-based company picked the Georgia capital for its reputation as "a burgeoning tech hub known for its diverse and talented workforce, proximity to leading academic institutions and ...Read more

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Trump Media sinks as SEC declaration may dilute existing holders

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Trump Media & Technology Group Corp. sank in late trading after the U.S. Securities and Exchange Commission declared effective a regulatory filing that could dilute shareholders.

The long-awaited clearance lets investors in the firm’s derivatives, known as warrants, swap their holdings for shares in the company which can dilute long-time ...Read more

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Amazon fined nearly $6 million for violations at Inland Empire warehouses

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California has fined Amazon nearly $6 million for violating a law meant to protect warehouse workers from misuse of production quotas, state officials announced Tuesday.

The $5.9 million in penalties, which were issued last month, stem from demands that the behemoth e-commerce company placed on thousands of workers at two of its Inland Empire ...Read more

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After 2 serious 737 Max engine incidents at Southwest, Boeing alerts pilots

Business / Business News /

Last year, two Southwest Airlines 737 Max jets lost engines on takeoff after striking large birds, emergencies made much more serious when smoke and fumes penetrated inside the airplanes.

Flight crews on both aircraft — one taking off from Havana, Cuba, the other from New Orleans — followed procedures and made emergency landings back at the...Read more

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Michael Hiltzik: Elon Musk thinks Tesla's investors love him. He's very wrong

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No one who has followed the career of that famously self-effacing and modest business leader Elon Musk could have expected him to boast openly about having secured approval from Tesla shareholders for two important initiatives: moving the company's state of incorporation to Texas from Delaware, and "ratifying" his massive 2018 compensation ...Read more

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Before Boeing CEO hearing, Senate releases new claims of 737 Max fraud

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Boeing CEO Dave Calhoun's Tuesday testimony before a U.S. Senate subcommittee was already expected to be a hot, uncomfortable reception for him. Now it seems set to be a roasting.

Late Monday, the Democratic majority on the subcommittee released a 200-page document to the press containing allegations from a new Boeing whistleblower alleging ...Read more

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Model Y is No. 1 again on the American-Made Index

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For the third year in a row, Tesla Inc.’s Model Y is the most American-made car, according to a ranking released Tuesday by Cars.com.

The Jeep Gladiator produced by Stellantis NV was the only Detroit automaker vehicle to rank in the top 10 on the annual list, coming in at No. 8. Meanwhile, Tesla's Model S and Model X also ranked in the top 10...Read more

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US retail sales barely increase in sign of consumer strain

Business / Business News /

U.S. retail sales barely rose in May and prior months were revised lower, pointing to greater financial strain among consumers.

The value of retail purchases, unadjusted for inflation, increased 0.1% after an downwardly revised 0.2% drop in the prior month, Commerce Department data showed Tuesday. Excluding gasoline, sales rose 0.3%.

Of the 13...Read more

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Motormouth: 'Suggested' maintenance

Business / Business News /

Q: I have a 2015 Lexus RX 350 with 66,000 miles. The manual says nothing about changing the differentials oils but only suggests to "check" them periodically assuming the car is used normally and not with heavy tow. The dealer does put the fear of God in you that you should change the oils at low mileage intervals. I finally bought in and ...Read more