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Elon Musk says he saved Twitter from 'bankruptcy'

Business / Business News /

Elon Musk says Twitter Inc. is “trending to breakeven” after he had to save it from “bankruptcy.”

The billionaire said in a tweet Sunday that the last three months were “extremely tough.” He had to juggle the rescue of the social media platform with responsibilities at two other companies he oversees — Tesla Inc. and Space ...Read more

E. Jason Wambsgans/Chicago Tribune/TNS

As new owner picks up pieces of custom-furniture e-tailer Interior Define, thousands of customers remain in limbo

Business / Business News /

When Cherilyn Church took the plunge in May and bought a $5,700 sectional from Interior Define, the Chicago-based custom furniture retailer, she envisioned it as a dream centerpiece for her home.

Choosing everything from the size and color to cushion fill, she financed the purchase and began making monthly payments, waiting for a promised ...Read more

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'Teflon' Elon wins again as jury rejects fraud claim over tweets

Business / Business News /

Elon Musk proved once again that he’s difficult to beat in court.

On Friday, a federal jury in San Francisco took just two hours to clear the Tesla Inc. chief executive officer of claims by investors that he defrauded them when he tweeted 4 1/2 years ago that he was considering taking the company private and had “funding secured” to make ...Read more

New waves of tech layoffs will eliminate more than 1,000 Bay Area jobs

Business / Business News /

FREMONT — Five tech companies, including software and hardware firms, have revealed plans to slash well over 1,000 Bay Area jobs, marking a fresh wave of cutbacks, new state government filings show.

Lam Research, Salesforce, Workday, Splunk and Autodesk have disclosed their intentions to eliminate about 1,089 jobs at an array of Bay Area ...Read more

Gary Coronado/Los Angeles Times/TNS

Housing costs trouble Bay Area residents more than elsewhere in California, new poll finds

Business / Business News /

As the Bay Area struggles to confront a chronic housing shortage and million-dollar home listings, a new poll indicates residents here are more concerned than most Californians about the high cost of housing.

The survey by the nonprofit Public Policy Institute of California, found 80% of Bay Area residents see housing affordability as a big ...Read more

Hyosub Shin/The Atlanta Journal-Constitution/TNS

Microsoft confirms it's pausing plans for 90-acre Atlanta hub

Business / Business News /

Microsoft confirmed Friday it has stopped work on its gigantic campus in Atlanta’s Westside that was poised to bring thousands of jobs, act as a new hub for the technology giant and become a defining cornerstone of the area.

A Microsoft spokesperson told The Atlanta Journal-Constitution the company “has decided to pause the planning process...Read more

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Michael Hiltzik: The bogus, homophobic campaign against Biden's stellar FCC nominee

Business / Business News /

No one should be surprised that telecommunications companies revved up opposition to the 2021 nomination of Gigi Sohn to the Federal Communications Commission. After all, Sohn was known as an effective critic of the industry's monopoly power and a defender of the public interest.

Nor was it surprising that the industry would attack Sohn with ...Read more

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Ford to launch Formula 1 comeback after 20 years

Business / Business News /

Ford Motor Co. on Friday is returning to Formula 1 after more than 20 years, and just weeks after crosstown rival General Motors Co. said it was joining forces with Andretti Global to launch a bid to compete in one of the world's most prestigious motor races.

Ford is partnering with Red Bull Powertrains to develop a next-gen hybrid power unit ...Read more

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Auto review: TrailSport takes Honda Pilot to higher ground

Business / Business News /

SEDONA, Arizona — The Honda Pilot is an excellent three-row SUV to drop the kids off at school or take them up Broken Arrow mountain trail to 4,200 feet for one the most breathtaking views in America.

Oh, I’m not kidding.

Broken Arrow is a bucket list item for anyone who enjoys the American West. It’s the exclusive territory of Sedona-...Read more

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What counts as an SUV? Treasury shifts definition for EV tax credits after carmaker complaints

Business / Business News /

WASHINGTON — The U.S. Treasury is changing how it defines a sport utility vehicle Friday after car companies lodged complaints that some vehicles were wrongfully being boxed out of new electric vehicle tax credits.

The change is likely to be the difference between thousands of dollars in consumer discounts. Under new federal tax credits, SUVs...Read more

Tesla launched an EV price war. How Ford is firing back

Business / Business News /

In January, Tesla Inc. launched the opening salvo in what experts have described as an EV price war when it slashed its pricing by as much as 20%.

Last week, Ford Motor Co. fired back.

On Monday the Dearborn, Michigan, automaker announced across-the-board price cuts on the all-electric Mustang Mach-E. The cuts ranged from $600 to $5,900, with ...Read more

Henry Payne/The Detroit News/TNS

Auto review: Honda HR-V continues the commuter tradition

Business / Business News /

In 2023, with gas prices elevated and interest rates still rising, the cost to drive continues to go up and up. It's a good thing, then, that Honda's mindset has not changed. It continues to produce affordable vehicles that last a long time and meet or exceed commuters' expectations, all while looking good.

For years, Honda has set the ...Read more

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'I feel duped': Inside the fast-food industry's push to dismantle a new California labor law

Business / Business News /

Susan Bushnell was in a hurry when a man, clipboard in hand, approached her outside a Walmart Supercenter in Vista, California, one afternoon last September.

The man asked Bushnell to sign a petition as she wrangled her fussing 5-year-old daughter into a shopping cart. He said the petition would help to raise wages for fast-food workers in ...Read more

Fabian Kirchbauer/BMW/TNS/TNS

Auto review: A return to form for the 2023 BMW X1

Business / Business News /

As an identical twin, I often get mistaken for my brother. It’s something that twins get used to.

I bet that if the 2023 BMW X1 could speak, it would say that it’s often mistaken for 2003 BMW X3. After all, the new X1 is about the same size as its forebear, being 2.7 inches shorter and the same width, yet able to schlep an additional 8 ...Read more

The Week Ahead: Why interest rates and reputation are on the lunch menu for the Fed chairman and investors

Business / Business News /

Last week it was the Federal Reserve’s Open Market Committee shaping monetary policy and investor expectations. In the week ahead, it will be the Fed’s open mouth practices at work.

Federal Reserve Chairman Jerome Powell begins his common practice of making controlled public appearances after an interest rate decision by the central bank. ...Read more

Qualcomm posts weaker results amid sluggish global smartphone demand

Business / Business News /

Global economic headwinds that began late last year continue to batter Qualcomm's financial results, with weak demand for smartphones and bloated inventories at manufacturers expected to linger at least through the first half of this calendar year.

While the wireless technology firm reported solid financial results Thursday for its fiscal first...Read more

Elizabeth Flores/Minneapolis Star Tribune/TNS

New Cargill CEO on role in global food chain: 'Food can't be weaponized'

Business / Business News /

With a Texan drawl and his V-neck sweater zipped up, Cargill's new CEO might seem uncomfortable with the plaster of white snow and hoar-frosted trees behind him outside the windows of the pyramid-shaped executive offices on the Wayzata campus of the global grain giant.

But Brian Sikes, former chief operating officer and head of protein who was ...Read more

Jerry Holt/Minneapolis Star Tribune/TNS

Outdoor shopping centers are hot, even in the cold

Business / Business News /

Strip malls and other outdoor shopping centers throughout the Twin Cities suburbs are busier than ever.

Demand from retailers has driven nationwide shopping center occupancy to its highest level since 2007, when commercial real estate firm Cushman & Wakefield first started collecting the retail data.

Local real estate brokers and property ...Read more

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Amazon reports net loss of $2.7 billion for 2022

Business / Business News /

In a year that ended with drastic cost-cutting measures — from ending experimental projects to cutting 18,000 jobs — Amazon reported a net loss of $2.7 billion.

That’s compared with a net income of $33.4 billion in 2021.

Amazon has attributed losses to its investment in Rivian, an electric vehicle startup that has struggled with ...Read more

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Ford posts $2 billion loss in 2022

Business / Business News /

Ford Motor Co. posted a $2 billion net loss last year, down from 2021's $17.9 billion in profits that had been bolstered by gains on the automaker's investment in electric-vehicle startup Rivian Automotive Inc.

The Dearborn automaker's 2022 earnings were hit by a $7.4 billion mark-to-market net loss in Rivian and a $2.7 billion impairment from ...Read more