American luxury department store chain Nordstrom will be taken private in a $6.25 billion deal, according to a company announcement. On Dec. 23, Seattle-based Nordstrom announced it signed a definitive agreement with members of the Nordstrom family and Mexican company El Puerto de Liverpool, S.A.B. de C.V. to purchase all of the outstanding common shares […]
More new cars are projected to be sold this year than in 2023, with sales numbers set to rise slightly in 2025 amid an uncertain auto environment, according to S&P Global Mobility. S&P, in a Dec. 19 statement, predicts U.S. auto sales volume to be 15.8 million units this year. This is an increase of […]
Two companies are recalling a combined 551,000 lithium batteries sold across the United States after receiving multiple reports of customer injuries. China-based Shenzhen Charmast Technology recalled around 488,000 units of its model W1056 power banks sold in the United States as the lithium-ion battery in these items “can overheat and ignite, posing fire and burn […]
NEW YORK—The Container Store has filed for bankruptcy protection as the storage and organizational goods retailer with roots dating back to the 1970s grapples with mounting losses and cash flow shortages. The Texas company has faced increasing competition from retailers like Target and Walmart at the same time that demand for its goods are under […]
TOKYO—Japanese automakers Honda and Nissan have announced plans to work toward a merger, forming the world’s third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels. The two companies said they had signed a memorandum of understanding on Monday and that smaller Nissan alliance member Mitsubishi Motors also […]
President-elect Donald Trump on Dec. 22 nominated Stephen Miran to chair the Council of Economic Advisers (CEA). Miran, who has a PhD in economics from Harvard University, served as a senior adviser for the Treasury Department during the president-elect’s first term. “Steve will work with the rest of my Economic Team to deliver a Great […]
Suchir Balaji, a former OpenAI engineer and whistleblower who helped train the artificial intelligence systems behind ChatGPT and later said he believed those practices violated copyright law, has died, according to his parents and San Francisco officials. He was 26. Balaji worked at OpenAI for nearly four years before quitting in August. He was well-regarded […]
The Internal Revenue Service (IRS) has announced that around $2.4 billion worth of automatic payments will be sent out later in December to taxpayers who were eligible for a pandemic-era tax break but didn’t claim the COVID cash. The move was announced by the IRS in a Dec. 20 press release after internal data revealed that […]
Gan Jing World, a digital content platform designed to be non-addictive, has unveiled a “unique library-style” homepage that helps users take full control of their digital experience, the company announced in a statement. First launched in June 2022, the social media platform recently revealed a new user interface that features a “clear and intuitive categorization system” […]
HANOVER—Volkswagen on Friday announced sweeping changes to its German operations, including more than 35,000 future job cuts and sharp capacity reductions in a last-gasp deal between Europe’s top carmaker and unions to avert mass strikes. Union leaders hailed the agreement as a “Christmas miracle” after 70 hours of grueling negotiations, the longest in the company’s […]
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against three of the nation’s largest banks—Bank of America, JPMorgan Chase, and Wells Fargo—accusing them of failing to protect consumers from alleged widespread fraud on payments platform Zelle. The lawsuit, announced on Dec. 20, also targets Early Warning Services, which operates Zelle, a peer-to-peer payment […]
College enrollment is down, but trade school enrollment is up. What’s going on with the trend toward blue-collar training? NTD visited the electrician training center for the United Service Workers Union Local 363 in New Rochelle, New York to find out.
President-elect Donald Trump has transferred his entire stake in Trump Media & Technology Group to a revocable trust, according to a Dec. 19 regulatory filing. The document filed with the Securities and Exchange Commission described the transaction as a gift, with Trump receiving no money for the transfer of his nearly 115 million Trump Media […]
More than a half million car seats are being recalled due to a safety harness issue, according to a report filed with the National Highway Traffic Safety Administration (NHTSA). The agency announced Dec. 19 that Nuna Baby Essentials, Inc. is voluntarily recalling over 600,000 of its Rava car seats, citing a potential safety hazard with […]
Party City is closing stores after nearly four decades of business. The company announced on Dec. 21 that it would start a “wind down” of its retail and wholesale operations as it prepares to shutter nearly 700 stores nationwide. The company has also filed for Chapter 11 bankruptcy protection for the second time in less […]
U.S. President-elect Donald Trump said on Friday the European Union should step up U.S. oil and gas imports or face tariffs on the bloc’s exports that include goods such as cars and machinery. “I told the European Union that they must make up their tremendous deficit with the United States by the large-scale purchase of […]
Tesla has issued a recall for approximately 694,304 vehicles due to a malfunction in the tire pressure monitoring system (TPMS), which could increase the risk of accidents, according to a Dec. 19 notice letter to the National Highway Traffic Safety Administration (NHTSA). Tesla has already begun addressing the issue by rolling out an over-the-air (OTA) […]
The IRS is bumping up a travel tax deduction available for taxpayers following an increase in vehicle expenses this year. If a vehicle is used for business, charity, or medical purposes, the costs are typically deducted on tax returns. The IRS periodically sets the amount that taxpayers can deduct per mile for such expenses, also […]
The Federal Reserve’s favored inflation metric, the personal consumption expenditure (PCE) price index, rose for the second month in a row as persistent price pressures continue to affect the central bank’s monetary policy strategies. According to the Bureau of Economic Analysis (BEA), annual PCE inflation rose to 2.4 percent in November from 2.3 percent in […]
Some members of the workers’ union representing more than 10,000 baristas at Starbucks began a five-day strike at stores in Los Angeles, Chicago and Seattle starting Friday, citing unresolved issues over wages, staffing and schedules. This is the latest in a series of labor actions that have picked up pace across service industries following a […]
