Business - Page 10

Michigan Adds 24% Cannabis Tax to Fund Major Road Projects

Written By Lexx Thornton On October 7, Michigan Governor Gretchen Whitmer signed an $81 billion budget that includes a new 24% wholesale tax on cannabis to fund her ambitious road improvement plan. This tax, levied on transfers between cannabis businesses, takes effect on January 1, 2026, and is projected to raise approximately $420.7 million annually.  The new wholesale tax is added atop the existing 10% cannabis excise tax and the 6% state sales tax, raising concerns that the total tax burden will significantly increase dispensary prices and drive consumers toward the unregulated market.  Governor Whitmer hailed the budget, which passed

Trump Tariffs Spark Record $19B Crypto Market Crash

Written By Lexx Thornton A dramatic move by President Donald Trump to impose a 100% additional tariff on Chinese imports triggered a massive sell-off in the cryptocurrency market late last week, leading to the largest liquidation event in the history of digital assets. The shockwave from the escalating U.S.-China trade war revealed extreme leveraged risk in the crypto space, hitting major coins like Bitcoin, Ether, and Solana hardest. According to data platform CoinGlass, total liquidations surpassed $19 billion as of late Friday, October 11, with over $7 billion of those leveraged positions wiped out in a single hour. This historic

Maryland Launches Federal Shutdown Loan Program

Written by Lexx Thornton In response to the ongoing federal government shutdown, Governor Wes Moore today announced the launch of the Maryland Department of Labor’s Federal Shutdown Loan Program. Now accepting applications, the program provides financial support to Maryland residents who are “excepted” federal employees (also called “essential”), meaning they are required to continue working during a federal government shutdown but are not receiving a paycheck during that time.  “At a time when the federal government is stepping back from its most basic obligations, Maryland is stepping up to protect our people,” said Gov. Moore. “The emergency support we announce

Walmart CEO Doug McMillon Says AI Will Transform Every Job

Written by Lexx Thornton Workers in every type of role must be prepared to adapt to the rise of artificial intelligence in the workplace, says Walmart CEO Doug McMillon, leader of the nation’s largest private employer. “It’s very clear that AI is going to change literally every job,” McMillon told The Wall Street Journal in an interview that was published on Friday, adding: “Maybe there’s a job in the world that AI won’t change, but I haven’t thought of it.”  McMillon joined other high-profile CEOs who have signaled plans to reduce their corporate workforces in the coming years as they

Kevin Hassett Warns Shutdown Costs $15B Weekly to Economy

Written By Lexx Thornton National Economic Council Director Kevin Hassett warned Monday that the government shutdown could cost the U.S. economy approximately $15 billion a week. In an interview on CNBC’s “Squawk Box,” Hassett cited an internal White House report suggesting the shutdown could have serious economic consequences if it continues for too long.  “My friends over at the Council of Economic Advisers gave me a report at the end of the week that said that it costs the U.S. GDP [gross domestic product] about $15 billion a week for a shutdown, or about a tenth of a percent of

Rite Aid Closes All Stores After Second Bankruptcy

Written By Lexx Thornton Pharmacy chain Rite Aid closed all of its locations after filing for bankruptcy twice in less than two years. The retailer posted a brief announcement on its website. “All Rite Aid stores have now closed,” the site states. “We thank our loyal customers for their many years of support.”   The website offers former customers access to their pharmacy and immunization history, as well as assistance in finding pharmacies to which their prescriptions have been transferred. The drugstore chain operated in the U.S. for more than 60 years. The company had opportunities to merge with Walgreens in

Trump May Appear on 2026 U.S. Semiquincentennial Coin

Written by Lexx Thornton A portrait of President Donald Trump may be featured on a commemorative $1 coin issued by the United States Mint in honor of America’s 250th birthday in 2026, according to first drafts of the images confirmed by the US Treasury.  “No fake news here,” US Treasurer Brandon Beach posted on Xhttps://nam11.safelinks.protection.outlook.com/?url=https://x.com/TreasurerBeach/status/1974156375891804229&data=05|02|david.goldman@cnn.com|57fe5a7ae5684e30400208de02c19de7|0eb48825e8714459bc72d0ecd68f1f39|0|0|638951227788384732|Unknown|TWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ==|0|||&sdata=FutsG5cLyx3FqeC/pmaYP5dAGTXiKy9cFAPGtA2GIk8=&reserved=0in response to images of the coin on X. “These first drafts honoring America’s 250th Birthday and @POTUS are real. Looking forward to sharing more soon, once the obstructionist shutdown of the United States government is over.”  The draft images show Trump’s side profile on the

Amazon to Refund Prime Members in $2.5B FTC Settlement

Written By Lexx Thornton Amazon will soon have to refund some Prime members as part of a $2.5 billion settlement with the Federal Trade Commission – $1.5 billion of which will be returned directly to customers. It’s the FTC’s largest-ever settlement and the second-highest refund award in history.  The FTC said in a statement Thursday that Amazon “used sophisticated subscription traps” to trick online shoppers into enrolling in the company’s Prime services. It wrapped up a two-year dispute over the e-commerce giant allegedly manipulating consumers into signing up and then making it difficult for subscribers to cancel.  The FTC estimated

YouTube Settles Trump Lawsuit With $24.5 Million Payout

Written By Lexx Thornton YouTube agreed to pay $24.5 million to settle a lawsuit filed by President Donald Trump after he was suspended by social media platforms following the January 6, 2021, insurrection.  This makes Alphabet-owned YouTube the last of the three Big Tech social media companies sued by Trump — which included Meta and then Twitter, now called X — to settle over his removal from their platforms.  YouTube will pay $22 million to settle the claims made by Trump to the nonprofit Trust for the National Mall, which is “dedicated to restoring, preserving, and elevating the National Mall,

Atlanta Airport Loses $37M FAA Grant Over DEI Dispute

Written by Lexx Thornton Hartsfield-Jackson Atlanta International Airport has reportedly forfeited more than $37 million in federal grant funding this summer after refusing to accept new terms tied to diversity, equity, and inclusion (DEI) programs, according to The Atlanta Journal-Constitution. The money was part of a larger $57 million package from the Federal Aviation Administration intended for restroom upgrades, taxiway repairs, and sustainability projects. While the city still qualifies for future funding, this year’s allocation has been lost.   The city has said the airport can pursue other financing options without disrupting passengers or service providers. Officials emphasized that federal money

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