Business - Page 14

Target Names Insider Michael Fiddelke as New CEO

Written By Lexx Thornton Target named an insider as its next chief executive officer on Wednesday, a decision that comes as the discount retailer tries to reverse a persistent sales malaise and to revive its reputation as the place to go for affordable but stylish products.   Minneapolis-based Target said CEO Brian Cornell, who has led the company for 11 years, would step down on Feb. 1. The board of directors chose Chief Operating Officer Michael Fiddelke, a 20-year Target veteran, to succeed him.   Target, which has about 1,980 U.S. stores, has struggled to find its footing since inflation caused pinched

Apple Intelligence Launch: Features, Reviews & Privacy Focus

Written by Lexx Thornton Apple CEO Tim Cook waxed poetic about the arrival of some Apple Intelligence features for the iPhone 15 Pro, Pro Max and iPhone 16 last week, saying in a tweet that the intro of Writing Tools along with new cleanup features for photos and a more conversational version of its Siri voice assistant is “the beginning of an exciting new era.”   But reviewers say Apple Intelligence isn’t all that, at least not yet. CNET editor Bridget Carey reminds us that the new generative AI features will be available in the US in only a limited way

Procter & Gamble Hikes Prices Amid Trump Tariffs 2025

Written By Lexx Thornton Procter & Gamble, one of the world’s largest consumer goods companies, is known for household-name brands like Tide, Dawn, and Olay. The multinational corporation, headquartered in Cincinnati, Ohio, sells products in more than 180 countries and has a massive reach in categories ranging from cleaning supplies to personal care and baby products.  Procter & Gamble recently announced price hikes on about a quarter of its products in response to economic pressures driven by President Donald Trump’s tariffs.   Because the company’s portfolio includes dozens of trusted brands found in most households, the price increases will likely be

Toyota Faces $10B Hit from Trump’s U.S. Car Tariffs

Written By Lexx Thornton Japan’s Toyota Motor said on Thursday it expected a hit of nearly $10 billion from President Donald Trump’s tariffs on cars imported into the United States, the highest such estimate yet by any company, underscoring growing margin pressures.   The world’s top-selling car maker also cut by 16% its forecast for full-year operating profit, reflecting challenges for global manufacturers grappling with rising costs from U.S. levies on cars, parts, steel, and aluminium.   “It’s honestly very difficult for us to predict what will happen regarding the market environment,” Takanori Azuma, Toyota’s head of finance, told a briefing, vowing

Michigan Moms Get $7,500 Through Rx Kids Program

Written by Lexx Thornton A procession of mothers wearing red sashes, pushing strollers and tending to toddlers, made their way Friday to a little festival in Flint, Michigan, where families received diapers and kids played.  It was called a “baby parade.”   The sashes indicated the women were participants of a growing program in Michigan that helps pregnant women and new moms by giving them cash over the first year of their children’s lives. Launched in 2024, the program comes at a time when many voters worry over high child care costs and President Donald Trump’s administration floats a policy to

AT&T to Pay $177M in Customer Data Breach Settlement

Written By Lexx Thornton AT&T will pay $177 million in a class action settlement related to separate alleged data breaches last year.  In one incident, dated March 30, 2024, some customers’ vulnerable data, including addresses, social security numbers, birthdates, passcodes, billing numbers, and phone numbers were released on the dark web, according to a news release by Kroll Settlement Administration.  The telecommunication company was also accused of an incident on July 12, 2024, where limited data was illegally downloaded. Some of the breached information included customers and other users associated with the account, as well as the numbers they interacted

Trump Tariffs Can’t Replace Income Tax, Analysis Shows

Written By Lexx Thornton President Trump has many times suggested that tariff revenue could replace the federal income tax. This claim is absurdly off-base, since it is mathematically impossible for tariffs, even at current levels of imports, to generate the $2.4 trillion in revenue that would be necessary. Commerce Secretary Howard Lutnick, however, has said that the president only aspires to eliminate income tax for Americans earning less than $150k. Could tariffs cover that?   As shown in the figure above, annual tariff revenue from the current effective Trump tariff rate of 28% would—assuming that imports stayed constant— amount to $838bn

AOL to Shut Down Dial-Up Internet After Decades of Service

Written By Lexx Thornton AOL’s dial-up internet is finally taking its last bow. Yes, while perhaps a dinosaur by today’s digital standards, dial-up is still around. But AOL says it’s officially pulling the plug on its service on Sept. 30.   “AOL routinely evaluates its products and services and has decided to discontinue Dial-up Internet,” AOL wrote in a brief update on its support site, noting that dial-up and associated software “optimized for older operating systems” will soon be unavailable on AOL plans.   AOL, formerly America Online, introduced many households to the World Wide Web for the first time when its

CFPB Sues Capital One Over $2B Savings Account Scheme

Written By Lexx Thornton Consumer Financial Protection Bureau (CFPB) sued Capital One, N.A., and its parent holding company, Capital One Financial Corp., for cheating millions of consumers out of more than $2 billion in interest. The CFPB alleges that Capital One promised consumers that its flagship “360 Savings” account provided one of the nation’s “best” and “highest” interest rates, but the bank froze the interest rate at a low level while rates rose nationwide. Around the same time, Capital One created a virtually identical product, “360 Performance Savings,” that differed from 360 Savings only in that it paid out substantially

Trump Admin OKs $3.89B Loan for Ga. 400 Toll Lane Project

Written By Lexx Thornton President Donald Trump’s administration announced Tuesday a $3.89 billion public-private partnership loan to add toll lanes along a 16-mile section of Ga. 400. According to U.S. Transportation Secretary Sean Duffy, the loan originates from the Build America Bureau and is for a public-private partnership between the Georgia Department of Transportation, the State Road and Tollway Authority, and SR 400 Peach Partners, LLC.   Duffy said the funding, made possible by the Transportation Infrastructure Finance and Innovation Act, is the largest loan approved to a single borrower to date. The project will add new lanes in both directions

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