GameStop has announced that billionaire activist investor Ryan Cohen will take over as CEO, chairman, and president without receiving a salary.

Hyundai and Kia are recalling nearly 3.4 million vehicles in the U.S. and advising owners to park them outdoors due to the risk of engine compartment fires. The recall affects various car and SUV models from 2010 to 2019, including Hyundai’s Santa Fe SUV and Kia’s Sorrento SUV. The issue stems from a potential fluid… Continue reading Hyundai and Kia recall nearly 3.4 million vehicles due to fire risk and urge owners to park outdoors

The Federal Trade Commission (FTC) Chair, Lina Khan, defended the agency’s antitrust lawsuit against Amazon, emphasizing its aim to safeguard fair competition. In an interview, Khan explained that the lawsuit addresses Amazon’s alleged monopoly power, which enabled the company to impose an effective 50% tax on sellers. Khan’s expertise in this area stems from her… Continue reading Amazon lawsuit protects ‘free and fair competition,’ says FTC Chair Lina Khan

The United Auto Workers (UAW) strike against major U.S. automakers, including Ford, General Motors (GM), and Stellantis, has entered its second week, and its economic impact is beginning to reverberate throughout the automotive supply chain. While the larger automakers and their Tier 1 suppliers are relatively well-equipped to endure an extended strike, a vast network… Continue reading UAW strikes threaten already vulnerable auto parts suppliers

Mortgage demand is plummeting as interest rates reach their highest levels in nearly 23 years. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) rose to 7.41%, from 7.31%, causing a sharp decline in mortgage applications. Applications to refinance homes dropped by 1% for the week and were… Continue reading Mortgage demand shrinks as interest rates hit the highest level in nearly 23 years

Billionaire and Citadel CEO Ken Griffin, a major Republican donor, will not be supporting Florida Gov. Ron DeSantis, who he backed in 2022, in the 2024 GOP presidential primary. Griffin says he is not impressed with what he’s seeing from the alternatives to frontrunner Donald Trump and has yet to decide who he plans to… Continue reading Billionaire Ken Griffin, former DeSantis donor, sits out GOP presidential primary

The Federal Reserve is expected to abstain from raising interest rates during its upcoming meeting, despite having raised rates 11 times since last year, marking the fastest pace of tightening since the early 1980s. While economic data remains mixed, with steady overall growth and signs of cooling inflation, consumers continue to feel the impact of… Continue reading The Federal Reserve may not hike interest rates this week. What that means for you

California lawmakers have passed a bill, AB 1228, which includes a wage floor of $20 for fast-food workers in the state starting April 1. While labor groups pushed for higher wages, the $20 an hour floor prevailed. However, some fast-food franchisees are concerned about the financial impact of this increase, especially given the current labor… Continue reading McDonald’s franchisee group says new California fast-food bill will cause ‘devastating financial blow’

Planet Fitness has removed its CEO, Chris Rondeau, from his position. The fitness chain’s board decided to make the leadership change, and Rondeau’s departure comes as a surprise to investors and employees. Craig Benson, a former governor of New Hampshire and a member of Planet Fitness’s board, will serve as interim CEO while the company… Continue reading Planet Fitness shares sink after board ousts CEO in shocking move

President Joe Biden has urged auto companies to ensure that their record profits translate into record contracts for United Auto Workers (UAW) union members. Biden made the statement after nearly 13,000 autoworkers went on strike against General Motors, Ford Motor, and Stellantis. The strike began after contract talks ended without an agreement, and workers are… Continue reading Biden says record profits should ensure record contracts as UAW strikes Ford, GM and Stellantis plants