Silicon Valley engineers charged with stealing Google trade secrets and transferring them to IranThree Silicon Valley engineers arrested for allegedly stealing Google trade secrets and transferring sensitive data to Iran, federal prosecutors announced.

Three Silicon Valley engineers were arrested and charged with stealing trade secrets from Google and other U.S. technology firms and transferring sensitive data to unauthorized locations, including Iran, federal prosecutors announced Thursday.

Samaneh Ghandali, 41, Soroor Ghandali, 32, and Mohammadjavad Khosravi, also known as Mohammad Khosravi, 40, all of San Jose, were arrested Thursday, according to the Department of Justice (DOJ).

A federal grand jury indicted the engineers on charges of conspiracy to commit trade secret theft, theft and attempted theft of trade secrets, and obstruction of justice.

"We have enhanced safeguards to protect our confidential information and immediately alerted law enforcement after discovering this incident," Google Spokesperson José Castañeda said in a statement to FOX Business. "Today’s indictments are an important step towards accountability and we'll continue working to ensure our trade secrets remain secure."

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The defendants gained employment at technology companies focused on mobile computer processors, according to the indictment unsealed Thursday.

According to prosecutors, sisters Samaneh Ghandali and Soroor Ghandali worked at Google before moving to another technology company identified as "Company 3," headquartered in Santa Clara, California. Khosravi, who is married to Samaneh Ghandali, worked at a separate company identified in the indictment as Company 2, headquartered in San Diego.

The DOJ alleges the defendants used their positions to access confidential and sensitive information as part of a scheme to steal trade secrets.

The defendants "exfiltrated confidential and sensitive documents, including trade secrets related to processor security and cryptography and other technologies, from Google and other technology companies to unauthorized third-party and personal locations, including to work devices associated with each other’s employers, and to Iran." 

"As alleged, the defendants exploited their positions to steal confidential trade secrets from their employers," United States Attorney Craig H. Missakian said in a statement. "Our office will continue to lead the way in protecting American innovation and we will vigorously prosecute individuals who steal sensitive advanced technologies for improper gain or to benefit countries that wish us ill."

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The indictment alleges that while working at Google, Samaneh Ghandali transferred hundreds of files, including company trade secrets, to a third-party communications platform. Soroor Ghandali is also accused of transferring Google trade secret files while employed at the company.

Prosecutors allege the defendants attempted to conceal their actions by submitting "false, signed affidavits to victim technology companies about the conduct and the stolen trade secrets, destroying exfiltrated files and other records from electronic devices, and concealing the methods of exfiltration to avoid detection by the victim technology companies."

According to a Google spokesperson, the company discovered the alleged theft through routine security monitoring and referred the case to law enforcement after conducting its own internal investigation.

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Google said it maintains robust security measures to protect its confidential information and intellectual property, including limiting employee access to sensitive data, requiring device authentication before network access, and mandating two-factor authentication for work accounts.

Additionally, Google logs employee activity on its network, including file transfers to third-party platforms such as Telegram. The company began blocking uploads to Telegram from corporate laptops last year.

The indictment states that Google took "numerous measures to safeguard its confidential technology, information, and trade secrets."

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Prosecutors said Google secured its physical space and restricted access to its buildings, along with its computer systems and network.

According to the indictment, Samaneh Ghandali is an Iranian national who became a U.S. citizen around 2018, Mohammadjavad Khosravi is an Iranian national who became a U.S. legal permanent resident around 2019, and Soroor Ghandali was in the United States on a nonimmigrant student visa.

https://www.foxbusiness.com/technology/silicon-valley-engineers-charged-stealing-google-trade-secrets-transferring-them-iran

US businesses shift away from China under Trump tariffsChina's trade with U.S. midsize businesses plummeted 20% as Trump tariffs hit 37.4%, forcing companies to shift suppliers to Southeast Asia and beyond.

A new analysis found that payments made by U.S.-based midsize businesses to firms in China dropped significantly last year as tariffs on Chinese imports rose under the Trump administration.

The JPMorgan Chase Institute released a report Thursday that found payments made by midsize firms to China declined significantly, falling by about 20% from 2024 to 2025 even as overall international payments remained steady.

"This is perhaps not surprising, as China has been the hardest hit by tariffs among major U.S. trade partners — both when considering the overall effective rate, which stood at 37.4% in October 2025, according to the Penn Wharton Budget Model, and in terms of policy uncertainty, as tariff announcements frequently shifted over the course of the year, briefly reaching rates as high as 125% before subsequent reductions," the Institute wrote.

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The report found that, among midsize firms that had prior outflows to China, their outflows to other parts of Asia grew, including Southeast Asia, Japan and India when looking at a sample of midsize firms with at least $5,000 in outflows to China in both 2023 and 2024. 

"One potential reason for the increase in flows to these countries might be import substitution, but many other explanations are possible," the authors noted. 

Clark Packard, a research fellow at the Cato Institute's Herbert A. Stiefel Center for Trade Policy Studies, told FOX Business, "At this point, it is somewhat uncertain whether Chinese products are shipped to countries in the region, modified or processed (this is key) and then sent to the U.S. on a large scale. That said, there are indications that it is likely happening."

Packard said that as long as the products are modified in the second country, it doesn't represent transshipment, a term used for trade practices that aim to circumvent tariffs and other trade rules.

"Transshipment is sending a product to one country, slapping that country's origin label on it and sending it to a third country without serious modifications to the product. As long as products undergo a substantial transformation or modification in a country, they are truly products originating in that country," Packard said. 

"It wouldn't surprise me if Chinese firms are opening processing centers in Vietnam and other Asian countries to finish products ultimately bound for the U.S. and that this is the result of a lower tariff applied to that country than China."

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Derek Scissors, a senior fellow who studies the Chinese economy at the American Enterprise Institute, pointed to import flows from Vietnam and Taiwan as possible sources of transshipped goods.

"What reflects transshipment of Chinese goods is rising imports from Vietnam and especially Taiwan. You can make an argument that Vietnamese goods are competitors with Chinese goods, and they won out due to the tariffs on China," Scissors told FOX Business. "But there is considerable Chinese investment in Vietnam in the area of consumer goods we buy from Vietnam.

"If you are a Taiwanese producer in China and you are facing high barriers to goods produced in China, it's very simple to reroute these as Taiwanese. It might just require a label. At most, you alter your production process so there's a last stop in Taiwan versus a last stop in China. Then, what you ship counts as Taiwanese."

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The JPMorgan Chase Institute's report also found that monthly tariff payments made by midsize U.S. businesses have tripled since early 2025.

Tariff outflows by midsize firms jumped from nearly $100 billion a month in early 2025 and the two preceding years to roughly $300 billion per month at the end of 2025.

"A stable trend was interrupted by a sharp increase starting in April 2025, coinciding with the implementation of the first tariff rate increases during that year. Total payments continued rising throughout 2025 and eventually reached a level of roughly three times what it had been until early 2025," the JPMorgan Chase Institute wrote.

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https://www.foxbusiness.com/economy/us-businesses-shift-away-from-china-under-trump-tariffs

Hundreds of NYC roles reportedly included in Amazon’s job reduction planAmazon reportedly laid off hundreds of New York employees in January as part of broader workforce cuts affecting thousands of workers across the company.

Amazon’s latest wave of layoffs has reportedly hit New York, with hundreds of employees losing their jobs.

Roughly 135 corporate employees at Amazon’s 1440 Broadway office in Manhattan were laid off in January, according to the New York Post, citing a filing submitted to the New York State Department of Labor.

More than 100 other New York-based employees were also let go, the outlet reported, citing a source who said additional filings are expected to surface in state records in the coming weeks.

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The reductions are part of Amazon’s sweeping restructuring effort, the New York Post reported.

Last month, Amazon announced plans to eliminate about 16,000 roles across the company as part of an organizational overhaul aimed at "reducing layers, increasing ownership, and removing bureaucracy," while continuing to invest heavily in areas such as artificial intelligence.

"Some of you might ask if this is the beginning of a new rhythm where we announce broad reductions every few months. That's not our plan," human resources executive Beth Galetti said at the time.

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The company previously slashed about 14,000 corporate positions in October during another reorganization. In total, the recent reductions bring Amazon’s job cuts to approximately 30,000.

While that figure represents a small fraction of Amazon’s 1.58 million global employees, the majority of whom work in warehouses and fulfillment centers, it amounts to nearly 10% of the company’s corporate workforce, according to Reuters.

The downsizing marks the largest workforce reduction in Amazon’s 30-year history, surpassing the 27,000 jobs eliminated between late 2022 and early 2023, Reuters reported.

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CEO Andy Jassy said last year that while new technology may create new roles, it will also streamline operations and reduce staffing needs in certain areas, the New York Post reported.

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"We will need fewer people doing some of the jobs that are being done today," Jassy said in June. "In the next few years, we expect that [AI] will reduce our total corporate workforce as we get efficiency gains from using AI extensively across the company."

Amazon did not immediately respond to FOX Business' request for comment.

FOX Business' Ashley Carnahan, Bonny Chu and Pilar Arias contributed to this report.

https://www.foxbusiness.com/technology/hundreds-nyc-roles-reportedly-included-amazons-job-reduction-plan

Famed director James Cameron sends scathing letter to antitrust lawmaker over Netflix-WBD dealJames Cameron, award-winning director of "Avatar" and "Titanic," calls Netflix's proposed acquisition of WBD assets "disastrous" for the theater business.{}

James Cameron, award-winning director of "Avatar" and "Titanic," calls Netflix's proposed acquisition of WBD assets "disastrous" for the theater business.https://www.cnbc.com/2026/02/19/netflix-wbd-james-cameron-sends-scathing-letter-to-antitrust-lawmaker.html

Amazon surpasses Walmart in annual revenue for first time, as both chase AI-fueled growthThe shuffle underscores the rivalry between the two retailers, particularly as Walmart expands its advertising and third-party marketplace businesses.{}

The shuffle underscores the rivalry between the two retailers, particularly as Walmart expands its advertising and third-party marketplace businesses.https://www.cnbc.com/2026/02/19/amazon-revenue-passes-walmart-earnings-reports.html

Popular soda flavor returns as Keurig Dr Pepper rolls out 35 new drinksKeurig Dr Pepper unveils over 35 new drinks including Dr Pepper Creamy Coconut, A&W Root Beer Float and 7UP Shirley Temple as beverage giant expands lineup.

Beverage giant Keurig Dr Pepper is significantly expanding its portfolio this year, unveiling more than 35 new drinks across its soda, tea, water, juice and energy brands.

The Burlington, Massachusetts- and Frisco, Texas-based company announced Wednesday that the lineup will feature flavors such as Dr Pepper Creamy Coconut, A&W Root Beer Float, 7UP Shirley Temple and Canada Dry Fruit Splash Strawberry, among others.

"Consumers want beverages that fit every need throughout their day," Katie Webb, vice president of innovation at Keurig Dr Pepper, said in a statement.

Several of the launches will be limited-time offerings. 

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Dr Pepper Creamy Coconut returns in April, followed by A&W Root Beer Float in July. 

7UP Shirley Temple is slated for a nationwide rollout during the holiday season.

Snapple will introduce a limited-time raspberry tea and lemonade blend this summer in celebration of America’s 250th birthday. The brand is also refreshing its packaging and logo beginning in March.

Canada Dry is expanding its Fruit Splash line with a new strawberry flavor set for a nationwide launch in February.

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Keurig Dr Pepper said citrus flavors continue to resonate with younger consumers, driving launches such as Bai Barù Blood Orange and Kroger-exclusive 7UP Endless Summer Mandarin Orange.

The company also said zero-sugar sodas are generating six times more dollar growth than regular varieties, and all 2026 carbonated soft drink innovations will be offered in both regular and zero-sugar options. 

Mott’s will debut its first zero-sugar juice drink line in March.

In the energy category, brands including GHOST, C4, Bloom and Black Rifle are also expanding flavor offerings.

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According to Keurig Dr Pepper's State of Beverages 2025 Trend Report, 44% of Americans – and 72% of Gen Z consumers – try new beverages each month.

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"Dr Pepper Creamy Coconut was inspired by viral social media trends and its comeback is powered by pure consumer love – when fans rally this hard for a flavor, we listen," Webb added.

https://www.foxbusiness.com/retail/popular-soda-flavor-returns-keurig-dr-pepper-rolls-out-35-new-drinks

Elon Musk reveals price of Tesla's CybercabTesla CEO Elon Musk confirmed the company will sell its fully autonomous Cybercab robotaxi for under $30,000 before 2027, as production officially begins.

Tesla CEO Elon Musk said the company plans to sell its fully autonomous Cybercab for $30,000 or less by 2027.

The electric-vehicle maker announced Tuesday that the first Cybercab had rolled off the production line at its Giga Texas factory. Shortly after, Musk responded on X to a user seeking clarification about whether the vehicle would actually launch at that price point before 2027.

"Elon – to be clear – the bet was that Tesla wouldn't sell a Cybercab to a customer for $30k or less before 2027," the user asked. "Are you saying THAT specifically is going to happen?"

"Yes," Musk responded.

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The "bet" referenced in the exchange dates back to 2024, when Musk first unveiled the long-anticipated robotaxi and said it would cost less than $30,000 and enter production in 2026. 

YouTuber Marques Brownlee, known as MKBHD, publicly questioned at the time whether Tesla could hit that target by 2027, saying he would shave his head on camera if Musk proved him wrong.

Following Tuesday’s production milestone, Musk appeared to lean into the challenge, reacting to an edited image of a bald Brownlee circulating on X.

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"Gonna happen," Musk wrote, adding a laughing emoji.

The Cybercab is a two-seat vehicle designed without traditional driving controls such as pedals or a steering wheel. 

Tesla describes it as a "purpose-built fully autonomous vehicle" that will eventually offer rides directly to consumers.

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Still, Musk warned last month that early production of both the Cybercab and Tesla’s humanoid robot, Optimus, would be "agonizingly slow" before ramping up over time, Reuters reported.

Tesla and Brownlee did not immediately respond to FOX Business' request for comment.

https://www.foxbusiness.com/fox-news-tech/elon-musk-reveals-price-teslas-cybercab

Walmart reports strong holiday growth, but earnings outlook falls short of estimatesIt marks the first earnings report since new Walmart CEO John Furner took over in early February.{}

It marks the first earnings report since new Walmart CEO John Furner took over in early February.https://www.cnbc.com/2026/02/19/walmart-wmt-q4-2026-earnings.html

Wayfair posts first annual sales gain since 2020, outperforms overall furniture marketWayfair's growth comes during a challenging time for the furniture industry as tariffs, high interest rates and sluggish home sales are weighing on demand.{}

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Trump admin ramps up effort to revive coal industry as power demand surgesThe Trump administration is looking to extend the useful life of coal-fired power plants to boost the nation's energy security amid rising demand from AI data centers.

The Trump administration is stepping up its push to reinvigorate the U.S. coal industry as it pursues its goal of boosting energy security.

Last week, the Department of Energy announced it would provide $175 million in funding for projects to modernize, retrofit and extend the useful life of six coal-fired power plants that serve rural and remote communities. 

The agency said the move is intended to keep dependable sources of energy online, while also strengthening the reliability of the electric grid and keeping electricity costs low for American households and businesses.

The funding came from a previously announced $525 million plan to extend the life of coal plants and increase efficiency because the administration views modernizing existing plants as a fast and cost-effective way to provide reliable power while preserving high-wage energy jobs.

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"For years, previous administrations targeted America's coal industry and the workers who power our country, forcing the premature closure of reliable power plants and driving up electricity costs," said Energy Secretary Chris Wright. 

"President Trump has ended the war on American coal and is restoring commonsense energy policy. These investments will keep America's coal plants operating, keep costs low for Americans and ensure we have the reliable power needed to keep the lights on and power our future."

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The coal-fired power plants selected as part of the $175 million project include:

Electricity demand is surging amid the artificial intelligence (AI) race, and data centers that consume vast amounts of energy become a bigger drain on the grid.

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The Trump administration's push to boost coal as a part of the nation's energy mix comes after years of decline as coal power plants closed. Coal's decline came amid the rise of natural gas and renewable energy sources as energy sources.

Data from the Energy Information Administration (EIA) shows that coal's total output for electricity generation peaked in 2007, when it was the source of 2,016 billion kilowatt-hours of electricity. 

That figure declined to 675 billion kilowatt-hours as of 2023, when coal's share of electricity generation was 16.2%. Coal last generated over half of the nation's electricity in the early 2000s and peaked as a proportion of the energy mix in the 1980s.

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Natural gas surpassed coal as the country's largest source of electricity in 2016, and EIA data showed natural gas generated 43.1% of the nation's electricity in 2023.

https://www.foxbusiness.com/economy/trump-admin-ramps-up-effort-revive-coal-industry-power-demand-surges

O’Leary blasts California wealth tax as ‘bad management,’ calls on residents to 'hire' new leadersKevin O’Leary blasted California’s proposed 5% wealth tax as "bad management," urging residents to oust state leaders as lawmakers debate a measure that has drawn pushback

"Shark Tank" investor Kevin O’Leary tore into California Democrats as "terrible managers" over a proposed billionaire wealth tax Thursday, urging state residents to fire their leaders and "hire somebody else."

"Why don’t the people of California say, ‘We have terrible managers?’" O’Leary asked on "Varney & Co."

"They never talk about why expenses are going up, why they should cut government. Their services aren’t any better than what I’m getting here in Miami, and we control these things. We have better managers, so get the whacking stick out and do the right thing. Hire somebody else."

The criticism comes as California lawmakers weigh a one-time 5% tax on residents worth more than $1 billion, a proposal that would apply to individuals who lived in the state as of Jan. 1 and could come due next year, FOX Business' Connor Hansen reported.

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Supporters of the measure argue it would generate tens of millions of dollars for public programs such as healthcare and education, but opponents warn the levy could force billionaires to liquidate assets or unwind companies to cover the bill, accelerating an exodus of high-net-worth residents and entrepreneurs.

O’Leary said the outcome is already visible.

"When you basically start taxing people for success, it's un-American," he said.

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"And, as the Constitution provides, competition of states, they move to places like where I am — Miami."

The proposed measure even raised the eyebrows of California Democratic Gov. Gavin Newsom, who acknowledged the wealth tax is bad economics.

"The evidence is in. The impacts are very real — not just substantive economic impacts in terms of the revenue, but start-ups, the indirect impacts of … people questioning long-term commitments, medium-term commitments," Newsom said.

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"That’s not what we need right now at a time of so much uncertainty. Quite the contrary."

He predicted the measure "will be defeated."

House Republicans have moved to block the proposal at the federal level, introducing legislation that would prevent states from retroactively taxing residents even after they relocate to lower-tax jurisdictions.

FOX Business' Kristen Altus contributed to this report.

https://www.foxbusiness.com/media/oleary-blasts-california-wealth-tax-bad-management-calls-residents-hire-new-leaders

Ultra-rich families spend more on their private investment firms as their fortunes riseFamily offices with at least $1 billion in assets reported spending $6.6 million in annual operating costs on average, according to J.P. Morgan Private Bank.{}

Family offices with at least $1 billion in assets reported spending $6.6 million in annual operating costs on average, according to J.P. Morgan Private Bank.https://www.cnbc.com/2026/02/19/ultra-rich-families-private-investment-firms-costs-rise.html

Why New Balance's 'dad shoes' are beating Nike as sales surge 19%New Balance grew sales 19% to $9.2 billion in 2025 as its emphasis on street-wear styles and performance resonate with a wide range of shoppers.{}

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Johnson & Johnson to invest $1B in Pennsylvania manufacturing facilityJohnson & Johnson announced a $1 billion investment in a Montgomery County, Pennsylvania, cell therapy facility that will yield over 500 manufacturing jobs plus 4,000 construction jobs.

Johnson & Johnson on Wednesday announced plans to invest more than $1 billion in a next-generation manufacturing facility that will produce advanced cell therapy technologies.

The facility will be located in Montgomery County, Pennsylvania, and Johnson & Johnson said the move will expand its U.S. manufacturing capacity along with its pipeline of transformational medicines for cancer, immune-mediated and neurological diseases.

Johnson & Johnson added that the facility will have cutting-edge manufacturing processes and support over 500 skilled biomanufacturing jobs once it's fully operational, as well as over 4,000 construction jobs.

"For 140 years, Johnson & Johnson has been a leading innovator in American healthcare, and we are honored to continue advancing that legacy in Pennsylvania," said Johnson & Johnson CEO Joaquin Duato. 

JOHNSON & JOHNSON INVESTING $2B IN US MANUFACTURING, CREATING NEW JOBS

"By uniting scientific excellence with state-of-the-art manufacturing and strategic investment, and by working collaboratively with our communities, we are delivering for patients and creating significant opportunities for workers and families," Duato added.

The $1 billion investment in the new cell therapy manufacturing facility comes as part of the company's previously announced plan to invest $55 billion in manufacturing, research and development, and technology in the U.S. through early 2029.

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Johnson & Johnson noted that the facility will deepen its presence in Pennsylvania, which it said has an economic impact of about $10 billion annually.

The company has 10 facilities covering over 2 million square feet in the Keystone State. Johnson & Johnson has manufacturing, research, distribution and office operations in Pennsylvania.

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Pennsylvania Gov. Josh Shapiro, a Democrat, said the announcement shows the state is a "powerhouse for innovation and manufacturing in the life sciences" and added that the Johnson & Johnson announcement shows that companies "know we've got the strategy, the workforce, and the speed they need to succeed."

"Pennsylvania leads in life sciences and advanced manufacturing because we consistently deliver what companies like Johnson & Johnson need to succeed: a skilled workforce, premier research institutions, and proven manufacturing strength," said Sen. Dave McCormick, R-Pa. "This $1 billion-plus investment in a new Lower Gwynedd facility is a testament to that leadership and will produce life-changing treatments for patients, along with new and good jobs for our Commonwealth."

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"Pennsylvania is a leader in healthcare innovation with some of the very best health care workers. Proud to see this more than $1 billion investment into Montgomery County and our commonwealth," said Sen. John Fetterman, D-Pa. "Bringing new jobs, advanced manufacturing and life-saving medicine to and for our communities is always something to celebrate."

https://www.foxbusiness.com/markets/johnson-johnson-invest-1b-pennsylvania-manufacturing-facility

Top Dems Sanders and Reich ramp up billionaire tax push, say wealthy have ‘addiction’ to greedBernie Sanders and Robert Reich accuse America's "billionaire class" of greed "addiction" as they push for aggressive wealth taxes in blue states like New York and California.

Sen. Bernie Sanders and former Labor Secretary Robert Reich are escalating their attacks on America’s wealthiest individuals, accusing the "billionaire class" of having an "addiction" to greed as they push aggressive new tax hikes in solidly Democratic states like California and New York.

"Governors Hochul and Newsom: Don’t worry about raising taxes on the rich. True, a few rich people may abandon New York or California if taxes on them are raised, but evidence suggests the vast majority will stay put," Reich wrote in a Substack post on Wednesday.

"Never before in American history have we seen the kind of greed and arrogance and moral turpitude on the part of the ruling class that we see today," Sanders said Wednesday evening on a Los Angeles stage, where the senator was speaking in support of California’s proposed wealth tax.

"These people suffer from an addiction problem," Sanders continued. "Do you know what the most significant addiction crisis in America is today? It is the greed of the billionaire class. For these people, enough is never enough. They are dedicated to accumulating more and more wealth."

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Both California and New York are embroiled in their own tax debates. A proposal backed by the Service Employees International Union–United Healthcare Workers West would impose a one-time 5% tax on the net worth of California residents worth more than $1 billion. Meanwhile, New York City Mayor Zohran Mamdani issued an ultimatum for the state to tax the ultra-wealthy or face a "last resort" 9.5% property tax hike to plug a $5.4 billion deficit.

The threat of higher taxes has resulted in numerous high-net-worth public figures fleeing — sometimes with their businesses — to lower-tax states like Florida and Texas, Fox News Digital has previously reported.

California Gov. Gavin Newsom has publicly opposed the tax proposition, while New York Gov. Kathy Hochul remains reluctant. Reich claimed the "kindest" reasoning behind their opposition is due to fears of wealthy taxpayers leaving, but the "unkind" reason "is that they’re in the pockets of said rich."

"When billionaire New York mayor Mike Bloomberg faced a budget deficit in his first term, he raised property taxes by 18.5 percent. Rich New Yorkers threatened to leave. Most did not," Reich wrote. 

"When Massachusetts passed its ‘millionaire’s tax’ in 2022, rich residents of the Bay State threatened to leave. They didn’t. Instead, the state has collected $5.7 billion in additional revenue, while the number of millionaires in the state has grown, according to a study by People’s Policy Project.

"Why are the rich staying put, even though their taxes are being raised? Because they’re rich! They can afford to stay put… New York’s and California’s super-rich are richer than they’ve ever been; the wealth they’ve amassed is larger than any group of Americans has ever possessed; they don’t know what to do with all their money. The taxes they would pay under the proposals put forward are infinitesimally small, almost rounding errors, compared to their fortunes," the former labor secretary added.

Sanders framed California’s tax landscape as more of a moral battle.

"The CEOs of large profitable corporations now make 350 times more than the average worker. … Last year alone … the 938 billionaires in America became $1.5 trillion richer. I heard that there was a march here in California somewhere worrying about the plight of the billionaires. Well, I don't think our hearts are going to go out too far," Sanders said.

"The richest people in this country are doing unbelievably well, while the working class in America is going nowhere in a hurry," he continued. "The whole concept of the tax on billionaires is more than economics, and it is more than tax policy. … They see themselves as something separate and apart, like the oligarchs."

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Reich asked if California really is that much worse off without Zuckerberg, Thiel, Page and others?

"Maybe raising taxes on the super-rich not only provides critically-needed tax revenue but also acts as a kind of disinfectant, purging a city or state of a few of its most noxious and socially-irresponsible inhabitants," Reich wrote. "Another reason to do so!"

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https://www.foxbusiness.com/politics/top-dems-sanders-reich-ramp-up-billionaire-tax-push-say-wealthy-have-addiction-greed

Small furniture retailers face existential tariff threat, regardless of Supreme Court rulingAs retailers await a decision from the Supreme Court on the future of tariffs, small furniture businesses will see little relief as upholstery duties remain.{}

As retailers await a decision from the Supreme Court on the future of tariffs, small furniture businesses will see little relief as upholstery duties remain.https://www.cnbc.com/2026/02/19/supreme-court-tariffs-furniture-retailers-threat.html

United Airlines is paring back rewards for travelers who don't have its credit card in MileagePlus overhaulUnited Airlines is overhauling its MileagePlus loyalty program to reward customers who have the carrier's credit card over those without it.{}

United Airlines is overhauling its MileagePlus loyalty program to reward customers who have the carrier's credit card over those without it.https://www.cnbc.com/2026/02/19/united-airlines-frequent-flyer-mileage-plus-program-credit-card.html

Trump administration sues Coca-Cola distributor for alleged sex discrimination over event that excluded menThe EEOC sued Coca-Cola distributor for allegedly excluding male employees from a networking event, claiming a sex discrimination violation in workplace.

The U.S. Equal Employment Opportunity Commission (EEOC) filed a lawsuit against Coca-Cola Beverages Northeast, Inc., a producer, seller and distributor of Coca-Cola products, alleging sex discrimination. 

The EEOC claims the Coca-Cola distributor excluded male employees from an employer-sponsored event.

The lawsuit was launched by the EEOC's Boston Area Office, the commission noted. The EEOC is responsible for investigating and litigating possible instances of employment discrimination.

The commission alleged in an announcement of the lawsuit that, in September 2024, Coca-Cola Northeast held a two-day employer-sponsored trip and networking event at Connecticut's Mohegan Sun Casino and Resort.

THOUSANDS OF POPULAR PRODUCTS, INCLUDING DIET COKE, PRINGLES, RECALLED OVER RODENT CONTAMINATION CONCERNS

The distributor allegedly "privately invited female employees and then excused the female employees who attended the event from their normal work duties on Sept. 10-11, 2024, and paid them their normal salary or wages without requiring them to use vacation or other paid time off," the EEOC said. The commission accused Coca-Cola Northeast of failing to invite male employees to the event.

"Excluding men from an employer-sponsored event is a Title VII violation that the EEOC will act to remedy through litigation when necessary," Catherine L. Eschbach, acting EEOC general counsel, said in a statement. "The EEOC remains committed to ensuring that all employees — men and women alike — enjoy equal access to all aspects of their employment, including participation in employer-sponsored events, regardless of their sex, race or other protected category."

COCA-COLA ANNOUNCES MAJOR LEADERSHIP CHANGE AS HENRIQUE BRAUN IS NAMED NEXT CEO

Peter Bennett, an attorney representing Coca-Cola Beverages Northeast, told FOX Business the event did not constitute sex discrimination and that he was confident a jury would agree.

"The U.S. Equal Employment Opportunity Commission filed a lawsuit against Coca-Cola Beverages Northeast, Inc. challenging our company’s right to hold a one-day event in September 2024," Bennett said. 

"This event fully complied with existing EEOC regulation and its public commentary approving of such events. Coca-Cola Beverages Northeast finds it disappointing that the EEOC did not conduct a full investigation, and we look forward to having our day in open court where the full story told to a jury will vindicate us.

"We remain confident in our values and in our continued focus on fairness, respect and opportunity for everyone. We remain committed to upholding our responsibilities to our employees, customers and the communities in which we live and work."

The EEOC's lawsuit is the first related to workplace diversity that the commission has launched during Trump's second term in office, Axios noted. The EEOC described the lawsuit as part of the Trump administration's broader effort to block diversity, equity and inclusion (DEI) initiatives it views as discriminatory. 

On the "What You Should Know About DEI-Related Discrimination at Work" page of the EEOC website, the commission notes that DEI initiatives can be "unlawful" if an action is motivated in whole or in part by an employee or applicant's race, sex or another protected characteristic.

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Coca-Cola told FOX Business that Coca-Cola Beverages Northeast, Inc., is independently owned and operated and referred to the distributor in response to a request for comment.

https://www.foxbusiness.com/politics/trump-admin-sues-coca-cola-distributor-alleged-sex-discrimination-over-event-excluded-men

Mortgage rates fall to lowest level since 2022The average rate on a 30-year fixed mortgage fell this week to 6.01%, according to the latest Freddie Mac data released Thursday. That is down from last week's reading of 6.09%.

Mortgage rates dropped this week to the lowest level since September 2022, mortgage buyer Freddie Mac said Thursday.

Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage fell to 6.01% from last week's reading of 6.09%. 

The average rate on a 30-year loan was 6.85% a year ago.

RENT BECOMING MORE AFFORDABLE FOR MANY AMERICANS AS MARKET STABILIZES

"This lower rate environment is not only improving affordability for prospective homebuyers, it’s also strengthening the financial position of homeowners," said Sam Khater, Freddie Mac’s chief economist. "Over the past year, refinance application activity has more than doubled, enabling many recent buyers to reduce their annual mortgage payments by thousands of dollars."

The average rate on a 15-year fixed mortgage fell to 5.35% from last week's reading of 5.44%.

TEXAS CAPITAL'S HOUSEHOLD GROWTH SURGES, FAR OUTPACING NATIONAL RATE

US HOME PRICES ARE RISING – BUT THESE FAST-GROWING MARKETS REMAIN AFFORDABLE

Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics. Though mortgage rates are not directly affected by the Fed's interest rate decisions, they closely track the 10-year Treasury yield. The 10-year yield hovered around 4.08% as of Thursday afternoon.

"This dip from 6.09% last week follows a notable slide in the 10-year Treasury yield, which hit its lowest point since late November 2025 after last week’s softer-than-expected CPI reading and a relatively optimistic jobs report," said Realtor.com senior economist Jake Krimmel.

Krimmel also said that the lower rates are setting the stage for the spring homebuying season.

"There is a chance to be nearly a full percentage point lower than that this spring, which would meaningfully boost purchasing power," he said. "However, the supply side remains mixed: new construction in 2025 finished behind 2024, and inventory growth has clearly lost steam."

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Krimmel noted, however, that if the mortgage "lock-in effect" doesn't ease, lower rates could reignite competition in the market and lead to a spike in prices.

https://www.foxbusiness.com/economy/mortgage-rates-february-19-2026

Real estate experts blast Mamdani’s math-defying tax plan, warn of higher rents and flightNYC Mayor Mamdani threatens a 9.5% property tax hike to close a $5.4 billion budget gap unless Albany taxes the ultra-wealthy, sparking real estate market concerns.

New York City’s democratic socialist Mayor Zohran Mamdani has issued an ultimatum to Albany: tax the ultra-wealthy or face a "last resort" 9.5% property tax hike to plug a $5.4 billion deficit.

While Mamdani claims he’s protecting the working class, real estate insiders say the plan is a math-defying disaster that will drive up rents and accelerate the flight of taxpayers to low-tax states like Florida and Texas.

"Even the discussion of a 9.5% hike is enough to influence buyer behavior and cause irritations in the market," Douglas Elliman’s Ben Jacobs told Fox News Digital. "Some buyers have considered Nassau, Westchester, Long Island, and even Florida or Texas as alternatives because they just don't agree with [NYC] politics."

"The mention of a 9.5% hike can pause decision-making, especially for those weighing options in the suburbs or out-of-state markets. We’re already seeing clients seriously evaluate alternatives in Nassau, Westchester and beyond, factoring taxes heavily into affordability calculations," Michelle Griffith of Douglas Elliman also told Fox News Digital. "In some negotiations, this ‘Mamdani Effect’ is tangible, slowing deals or prompting buyers to consider properties outside NYC."

WALL STREET CASH FUELS HAMPTONS HOUSING BOOM TO RECORD MEDIAN PRICE AMID TIGHT INVENTORY

Earlier this week, Mamdani issued a preliminary fiscal year 2027 budget that includes a property tax hike, a prospect he has described as a "last resort."

"Today, I’m releasing the City’s preliminary budget. After years of fiscal mismanagement, we’re staring at a $5.4 billion budget gap — and two paths. One: Albany can raise taxes on the ultra-wealthy and the most profitable corporations and address the fiscal imbalance between our city and state. The other, a last resort: balance the budget on the backs of working people using the only tools at the City's disposal," Mamdani said in a Tuesday post on X.

"Faced with no other choice, the city would have to exercise the only revenue lever fully within our own control. We would have to raise property taxes. We would also be forced to raid our reserves," Mamdani additionally said during remarks Tuesday. "This would effectively be a tax on working and middle class New Yorkers, who have a median income of $122,000."

Both agents warn that taxing high earners could trigger a further exodus of wealth, shrinking the tax base and eventually leaving middle-class families "holding the bag."

"Higher corporate and wealth taxes can trigger a chain reaction," Jacobs said. "Reduced investment and relocation of high earners shrink the city’s tax base, which often indirectly affects middle-class households. Even if they aren’t the direct target, over time these economic ripples can influence affordability, property values and access to services."

"In many cases, property tax increases are eventually absorbed by tenants, particularly in rent-stabilized or market-rate units where landlords factor operating costs into pricing," Griffith added. "While the Mayor’s promise of 'rent stability' is admirable, history shows that higher property taxes can translate into incremental rent increases fairly quickly, sometimes within a year. Working families may end up feeling the impact, even if it’s not immediate."

Jacobs’ and Griffith’s respective clients allegedly also see the risks with Mamdani’s economic proposals.

"Many of my clients view a flat rate hike on a system they already consider inequitable as a Band-Aid solution. Buyers and sellers alike would likely welcome a complete reassessment overhaul that reflects true property values and promotes fairness," Griffith explained. "Temporary spikes tend to create uncertainty in the market, whereas a transparent and balanced approach would stabilize it long-term."

"A flat hike on a system already misaligned with true property values risks exacerbating inequity," Jacobs said.

Real estate is a game of certainty, and Mamdani’s proposal has created the opposite as the agents look ahead to the future of NYC’s market.

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"Buyers and sellers are focused on long-term affordability and predictability. Without clear guidance on taxes and assessments, the market slows and buyers proceed with caution, which is especially true for middle-class families," Jacobs said.

"Ultimately, buyers want predictability. When policy proposals create uncertainty, whether on taxes, rent or regulations, it directly impacts the market. People are not just looking at the sticker price of a property," Griffith said. "Stability and transparency in tax and assessment policies are key to keeping NYC’s middle-class families confident in making big housing decisions."

Fox News Digital reached out to Mamdani’s office for comment but did not receive a response by the time of publication.

READ MORE FROM FOX BUSINESS

FOX Business’ Alex Nitzberg contributed to this report.

https://www.foxbusiness.com/politics/real-estate-experts-blast-mamdanis-math-defying-tax-warn-higher-rents-flight

Walmart customers seeking value drive sales higherWalmart posted 5.6% revenue growth in the fourth quarter, led by higher transactions, cooling grocery inflation and record digital penetration.

Walmart posted solid fourth-quarter results Thursday as shoppers continued prioritizing value and convenience, helping push online sales to a record share of the retailer’s business.

The company reported fiscal fourth-quarter revenue of $190.7 billion, up 5.6% from a year earlier. U.S. comparable sales rose 4.6%, driven by a 2.6% increase in transactions and a 2% increase in the average amount shoppers spent per visit.

Grocery prices were up just 0.6% from a year earlier, with some categories — including eggs and dairy — seeing price declines.

AMAZON PHARMACY TO EXPAND SAME-DAY PRESCRIPTION DELIVERY TO 4,500 US CITIES

Global e-commerce sales climbed 24% in the quarter, including a 27% increase in the U.S., where online now accounts for 23% of total sales — the highest level in company history. 

Growth was fueled in part by roughly 50% growth in store-fulfilled delivery, as Walmart expanded faster-delivery options that now reach the vast majority of U.S. households within hours.

The retailer said it continued to gain market share across income tiers, including higher-income households — a sign that its pricing and convenience strategy is resonating beyond budget-conscious shoppers.

CHINESE-MADE TEETHING TOYS SOLD ON AMAZON RECALLED OVER FATAL CHOKING RISK

Profits grew faster than overall sales in the quarter. Adjusted operating income rose about 10%, compared with roughly 5% sales growth. The gains were driven by higher-margin businesses, including advertising and membership programs. Advertising revenue climbed 37% globally, including 41% growth for Walmart Connect in the U.S., while membership fee income increased more than 15%. Together, advertising and membership fees accounted for nearly one-third of operating income in the quarter.

Inventory growth remained below the pace of sales growth, reflecting continued supply chain discipline.

Looking ahead, Walmart expects sales to rise 3.5% to 4.5% in the full current fiscal year, with operating profit projected to increase 6% to 8%.

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The results suggest U.S. consumers remain resilient, even as they stay value-focused, while Walmart’s investments in digital services, faster delivery and higher-margin revenue streams continue to strengthen its competitive position.

https://www.foxbusiness.com/markets/walmart-earnings-higher-income-shoppers-drive-growth

United Airlines is paring back rewards for travelers who don't have its credit card in MileagePlus overhaulUnited Airlines is overhauling its MileagePlus loyalty program to reward customers who have the carrier's credit card over those without it.{}

United Airlines is overhauling its MileagePlus loyalty program to reward customers who have the carrier's credit card over those without it.https://www.cnbc.com/2026/02/19/united-airlines-frequent-flyer-mileage-plus-program-credit-card.html

Why Ending Child Marriage is Key to Advancing Africa’s Economic Development

Why Ending Child Marriage is Key to Advancing Africa’s Economic Development

ADDIS ABABA, Ethiopia, February 19 (IPS) - Africa is home to approximately 160 million adolescent girls aged 10 to 19 (according to 2022 data by the United Nations Population Division). They embody the energy, creativity, and potential of the continent. It is undeniable that The Africa We Want, as envisioned in the African Union’s Agenda 2063, will not be realized without the full participation of this group which represents a key component of the continent’s current and future workforce.

Read the full story, “Why Ending Child Marriage is Key to Advancing Africa’s Economic Development”, on globalissues.org →

https://www.globalissues.org/news/2026/02/19/42386 {"url":"https://static.globalissues.org/ips/2026/02/Damaturu_-100x100.jpg"}

‘Worrying’ War on Drugs Rhetoric Comes with Human, Financial Costs

‘Worrying’ War on Drugs Rhetoric Comes with Human, Financial Costs

BRATISLAVA, February 19 (IPS) - Drug reform campaigners have called for an overhaul of global drug controls amid an increasingly complex and deadly drug situation in the world and as hardline anti-drug approaches are increasingly being used as cover for repression of civil society and human rights defenders.

Read the full story, “‘Worrying’ War on Drugs Rhetoric Comes with Human, Financial Costs”, on globalissues.org →

https://www.globalissues.org/news/2026/02/19/42383 {"url":"https://static.globalissues.org/ips/2026/02/bret-kavanaugh-TQuQh4xxPJg-unsplash-100x100.jpg"}

Beloved Iowa pizza franchise serves up ‘more than pizza’ for its customersHappy Joe's Pizza reports "milestone" growth in 2025 with new franchise locations across Texas, Iowa, and Arizona as the brand continues expanding.

For more than 50 years, Happy Joe’s Pizza has been serving up more than just their famed pizza and ice cream, it’s found something more important: a "safe haven" for children and families, according to the company’s Chief "Happiness" Officer, Tom Sacco.

The brand, which is headquartered in Davenport, Iowa, began in 1972 and was founded by Joe Whitty. A "baker by trade," he ended up working for Shakey’s Pizza. 

"From what I understand, he went to Shakey’s and said, ‘Hey, I’ve got an opportunity with my background, I think I can really improve our pizza dough,’" Tom Sacco, current Happy Joe’s Pizza Chief Executive Officer, President and Chief "Happiness" Officer, recalled. 

MCDONALD’S FINDS WINNING RECIPE IN VALUE MEAL DEALS AS DINERS RETURN

"They said, ‘Well, if you don’t think our pizza dough is so good, why don’t you just leave and do your own pizza restaurant,’" Sacco continued.

To this day, the brand continues to use that same dough recipe, according to Sacco.

"I try to be as true, not knowing him, but understanding some of his characteristics and attributes," Sacco told FOX Business. 

Sacco has spent his entire career in the restaurant business and grew up working in his grandfather’s kitchen at eight years old. After getting a bachelor’s and master’s degree and completing law school, he still chose to pursue a career in the industry.

After a career working with other restaurants, he joined Happy Joe’s Pizza in 2020.

"I’m very comfortable in the industry, but what really excited me was in the DNA of Happy Joe’s. It’s always about family and it revolves around children," Sacco said.

Sacco said during a visit to Iowa before he was set to head up the company, he walked around stores asking people if they were familiar with the brand. He explained that those who he spoke with "would go on and tell [him] all these magical memories that they had."

"I said to myself, ‘You know what? I’m gonna help them because it’s a good brand, but I’m also gonna be selfish," Sacco shared. "I’m going to help them because I want my family, my grandchildren, to grow up with the same memories that I was told by all these people."

HOW DOMINO'S 'REGAINED ITS CROWN' IN THE PIZZA INDUSTRY

In 2025, the company reported a "milestone year" of growth and impact in the community, according to a release shared with Fox Business.

The brand re-opened a franchise in New Ulm, Minn., with "renewed development efforts" supporting planned growth across Texas and Iowa, among other states. It's also expanding its West Coast presence, with an opening in Oro Valley, Ariz., in the spring.

"This year showed what is possible when franchisees, team members and guests believe in that mission," Sacco said in the release. "We expanded into new markets, earned recognition from our industry and created meaningful moments for the communities we love. As we look toward 2026, we are committed to keeping that spirit at the center of everything we do."

While the company has reported massive success over the past few years, that doesn’t go without experiencing routine inflationary pressures. Sacco shared that despite these pressures, he "resurrected" the original products that Whitty was using just prior to the start of the COVID-19 pandemic.

"So when everybody was taking a hit, we saw an uptick in sales," Sacco said. "That uptick continued, really, up until the end of [2025]."

PIZZA HUT TO CLOSE AROUND 250 LOCATIONS

Sacco said that this effort felt like he was "going to go against the grain."

"It was almost like I was going to go against the grain, not because I needed to do something different, because I believed that when the long-term franchisees were saying, ‘Tom, if there’s anything we can tell you, [it’s to] follow the recipe [Whitty] had,’" said Sacco. 

The brand is also deeply involved in philanthropic work and community involvement. According to their website, the company has won numerous awards and created a variety of programs in order to "give back to the communities who have helped make [them] so successful."

In an emotional moment, Sacco said that while the company is a business, "the calling [of Happy Joe’s Pizza] is so much more."

The company hosts an annual event called Happy Joe’s Holiday Parties for Children with Special Needs. This year, the company reported that roughly 2,000 children were in attendance. Sacco said that these moments are what "juice him up" for the future.

"It’s so touching to me to see these kids care that much about a pizza," Sacco said with tears in his eyes. "It’s not the pizza, it’s the magic that the pizza creates for them."

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As the company continues growth efforts in 2026, Sacco said he plans to continue to be a "servant leader."

"I try to be the best servant leader I can be. I try to lead by example… If you care, that’s what you do," Sacco said. "I think bringing back caring to Happy Joe’s was one of the missing elements."

https://www.foxbusiness.com/fox-news-food-drink/beloved-iowa-pizza-franchise-serves-up-more-than-pizza-its-customers

As Walmart and Target head in different directions, all eyes are on their new CEOsThe two big-box retailers are contending with the same economic backdrop, yet Target is trying to prove it can make a comeback.{}

The two big-box retailers are contending with the same economic backdrop, yet Target is trying to prove it can make a comeback.https://www.cnbc.com/2026/02/18/walmart-target-earnings-new-ceos-furner-fiddelke.html

FDA chief warns U.S. is losing ground to China in early drug development, calls for faster trial approvalsMakary pointed to three bottlenecks: hospital contracting; ethical reviews and approvals; and the Investigational New Drug applications process{}

Makary pointed to three bottlenecks: hospital contracting; ethical reviews and approvals; and the Investigational New Drug applications processhttps://www.cnbc.com/2026/02/18/fda-chief-warns-us-is-losing-ground-to-china-in-early-drug-trials.html

Kevin Hassett says Fed economists should be 'disciplined' over tariff studyWhite House economic advisor Kevin Hassett called for the New York Fed to discipline economists over research showing U.S. businesses and consumers bear most of the tariff burden.

White House economic advisor Kevin Hassett on Wednesday called for the New York Federal Reserve to punish economists who published a research paper that found that the bulk of the burden of the Trump administration's tariffs are falling on U.S. businesses and consumers.

"The paper is an embarrassment. It's, I think, the worst paper I've ever seen in the history of the Federal Reserve system," Hassett said in an interview on CNBC's "Squawk Box."

"The people associated with this paper should presumably be disciplined, because what they've done is they've put out a conclusion which has created a lot of news that's highly partisan based on analysis that wouldn't be accepted in a first-semester econ class," Hassett continued.

The New York Fed's research found that U.S. businesses and consumers bore 86% of the tariff burden, while foreign exports bore 14% of the burden as of November 2025. The researchers found that the share borne by U.S. businesses and consumers declined over the year from 94% in the January through August period, and 92% in September and October.

FED DISSENT GROWS AS SOME OFFICIALS WEIGH RETURN TO INTEREST RATE HIKES AMID STUBBORN INFLATION

They also found that the average tariff rate jumped last year as the Trump administration raised the import levies, rising from 2.6% at the beginning of 2025 to 13% at the end of the year. The report found that the average tariff rate peaked at around 16% in April and May, following the president's announcement of his "Liberation Day" tariffs.

"Our results show that the bulk of the tariff incidence continues to fall on U.S. firms and consumers," the New York Fed wrote, noting that its findings were consistent with a pair of recent studies on U.S. tariff pass-through showing American importers absorbing nearly all the cost.

TARIFFS MAY HAVE COST US ECONOMY THOUSANDS OF JOBS MONTHLY, FED ANALYSIS REVEALS

Those findings are also similar to those contained in another analysis by the nonpartisan Congressional Budget Office (CBO), which noted in its recently released 10-year budget and economic outlook that foreign exporters are absorbing about 5% of the tariff costs with the remaining 95% falling on U.S. firms and consumers. 

The CBO found that U.S. businesses would pass on about 70% of their tariff costs to consumers, with the remaining 30% coming out of their profit margins. After accounting for domestic producers raising prices because of reduced foreign competition, the "net effect of tariffs is to raise U.S. consumer prices by the full portion of the cost of the tariffs borne domestically (95 percent)," the CBO found.

CBO's analysis also projected that the new tariffs imposed over the last year will have increased the personal consumption expenditures (PCE) index by about 0.8 percentage points on aggregate by the end of 2026. PCE inflation is the Fed's preferred inflation gauge and was most recently at 2.8% in November, well above the Fed's 2% target.

TRUMP CREDITS TARIFFS FOR HUNDREDS OF BILLIONS GAINED WITH 'VIRTUALLY NO INFLATION,' TOUTS SECURITY

Hassett went on to defend the Trump administration's tariffs during the CNBC interview, saying that American consumers are better off for them, while saying the New York Fed's analysis was an "embarrassment."

"Prices have gone down. Inflation is down over time. Import prices dropped a lot in the first half of the year, that leveled off, and real wages were up $1,400 on average last year, which means that consumers were made better off by the tariffs," Hassett said on CNBC. 

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"So consumers couldn't have been made better off by the tariffs, if this New York Fed analysis was correct. It's really just an embarrassment," Hassett said.

https://www.foxbusiness.com/economy/kevin-hassett-says-fed-economists-should-disciplined-over-tariff-study

Grandson of Reese’s inventor blasts Hershey over alleged recipe changes: 'I threw it in the garbage'Reese's founder's grandson accuses Hershey of quietly changing beloved candy recipes, replacing milk chocolate and peanut butter with cheaper substitutes.

The grandson of the man who invented the Reese’s Peanut Butter Cup is publicly criticizing The Hershey Company, accusing the candy giant of quietly changing the recipe of certain products sold by the iconic brand.

Brad Reese, grandson of founder H.B. Reese, whose company merged with Hershey in the 1960s, published an open letter on LinkedIn Saturday alleging that Hershey has replaced traditional ingredients like milk chocolate and peanut butter with lower-cost substitutes in parts of the Reese’s product line.

"My grandfather built Reese's on a simple, enduring architecture: milk chocolate + peanut butter," Brad Reese wrote. 

"But today, Reese's identity is being rewritten, not by storytellers, but by formulation decisions that replace milk chocolate with compound coatings and peanut butter with peanut‑butter‑style crèmes across multiple Reese's products."

CHOCOLATE BARS PULLED FROM SHELVES NATIONWIDE OVER SALMONELLA CONCERNS

Brad Reese told FOX Business he recently purchased Reese's Unwrapped Chocolate Peanut Butter Creme Mini Hearts candies and immediately noticed a difference.

"I went and bought a bag, and I took a couple bites, and I had to throw the bag in the garbage," Reese said. "I couldn't eat it. It was not edible, and I looked at the packaging … and there was no milk chocolate, there was no peanut butter — it was all vegetable oils and fats."

He also claimed that products such as Reese’s Take 5 and Fast Break are no longer coated in milk chocolate and alleged that, in parts of Europe, Reese’s Peanut Butter Cups no longer contain milk chocolate.

Brad Reese argues that the alleged recipe changes undermine the legacy and integrity of the brand his grandfather built.

HERSHEY RAISING CHOCOLATE PRICES BY DOUBLE-DIGITS AS COCOA COSTS SOAR: REPORT

"I can't go on representing being the grandson of Reese's when the product is total bunk," Brad Reese told FOX Business. "You have no idea how devastating it is."

Hershey pushed back on the criticism, maintaining that its flagship product remains unchanged.

"Our iconic Reese’s Peanut Butter Cups are made the same way they always have been; starting with roasting fresh peanuts to make our unique, one-of-a-kind peanut butter that is then combined with milk chocolate," The Hershey Company told FOX Business in an email. 

However, Hershey acknowledged that it has adjusted recipes as it expands the brand into new shapes and variations.

"We make product recipe adjustments that allow us to make new shapes, sizes and innovations that Reese’s fans have come to love and ask for, while always protecting the essence of what makes Reese’s unique and special: the perfect combination of chocolate and peanut butter," the company said.

US RETAILERS LOWERING PRICES ON HERSHEY'S CANDY AHEAD OF HALLOWEEN: REPORT

The dispute comes as the broader chocolate industry has faced intense cost pressures.

Over the past two years, several chocolate makers have adjusted their recipes after cocoa prices surged to a record high in late 2024, Reuters reported.

In July, Hershey reportedly announced price increases across its candy portfolio, citing an "unprecedented" rise in cocoa costs.

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Since then, cocoa prices have dropped, driven by weakening demand and improving supply conditions, according to Reuters.

https://www.foxbusiness.com/retail/grandson-reeses-inventor-blasts-hershey-alleged-recipe-changes-threw-garbage

Seattle Seahawks begin sale process after Super Bowl winThe Seattle Seahawks are beginning a sale process in what could be one of the largest NFL sales in history.{}

The Seattle Seahawks are beginning a sale process in what could be one of the largest NFL sales in history.https://www.cnbc.com/2026/02/18/seattle-seahawks-sale-super-bowl.html

FDA chief Marty Makary says 'everything should be over the counter' unless drug is unsafe or addictiveMakary said the FDA is looking at prescription drugs like nausea medications and vaginal estrogen, and hopes to make changes this year.{}

Makary said the FDA is looking at prescription drugs like nausea medications and vaginal estrogen, and hopes to make changes this year.https://www.cnbc.com/2026/02/18/fda-chief-marty-makary-more-drugs-should-be-over-the-counter.html

Fed dissent grows as some officials weigh return to interest rate hikes amid stubborn inflationThe minutes of the Federal Reserve's January meeting revealed policymakers considered language about possible rate hikes amid concerns over elevated inflation.

Federal Reserve policymakers were mostly in agreement on the decision to leave interest rates unchanged despite two calling for cuts, though several signaled that rate hikes could be on deck if inflation remains elevated.

The minutes for the January meeting of the Federal Open Market Committee (FOMC), the Fed's monetary policy-setting panel, were released Wednesday and showed that some policymakers were in favor of including language signaling the possibility of future rate hikes to tame stubborn inflation in the announcement.

The FOMC voted 10-2 to leave the benchmark federal funds rate at its current range of 3.5% to 3.75%, with Fed governors Christopher Waller and Stephen Miran dissenting over concerns about the labor market. Inflation has remained elevated above the Fed's 2% target, which has given others pause about further rate cuts.

"Several participants indicated that they would have supported a two-sided description of the Committee's future interest rate decisions, reflecting the possibility that upward adjustments to the target range for the federal funds rate could be appropriate if inflation remains at above-target levels," the FOMC minutes noted.

POWELL SAYS AMERICANS FORCED TO 'ECONOMIZE' AS STUBBORN INFLATION SQUEEZES HOUSEHOLD BUDGETS

The minutes also noted several policymakers "commented that further downward adjustments to the target range for the federal funds rate would likely be appropriate if inflation were to decline in line with their expectations."

"Some participants commented that it would likely be appropriate to hold the policy rate steady for some time as the Committee carefully assesses incoming data, and a number of these participants judged that additional policy easing may not be warranted until there was clear indication that the progress of disinflation was firmly back on track," the minutes said.

FED HOLDS INTEREST RATES STEADY, PAUSING RATE CUTS AMID ECONOMIC UNCERTAINTY

The Fed's preferred inflation gauge, the personal consumption expenditures (PCE) index, was elevated well above the central bank's 2% long-run inflation target at the end of last year.

PCE inflation was at its lowest year-over-year level in 2025 when it declined to 2.2% in April, which was the lowest reading since September 2024. Core PCE, which excludes volatile food and energy prices, was 2.6% in April 2025, the lowest level since June 2024.

FED'S MIRAN MAINTAINS CALL FOR AGGRESSIVE INTEREST RATE CUTS THIS YEAR

The Trump administration's tariff announcements on "Liberation Day" in early April and the implementation of those import taxes contributed to a rise in inflation last year, which drove PCE higher.

The most recent PCE inflation reading was for the month of November, when it reached 2.8%, equaling its September reading, which was the highest level since October 2023. Core PCE was also 2.8% in November.

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Fed Chair Jerome Powell said at his January press conference after the FOMC decision that core PCE inflation would be running "just a bit above 2%" if not for the effects of tariffs on goods prices.

https://www.foxbusiness.com/economy/fed-dissent-grows-some-officials-weigh-return-interest-rate-hikes-amid-stubborn-inflation

Chrysler recalls over 80K vehicles due to springs that may detach while drivingChrysler is recalling over 80,000 Jeep Grand Cherokee SUVs due to rear coil springs that may detach while driving, creating dangerous road hazards for vehicles.

Chrysler is recalling more than 80,000 Jeep Grand Cherokees in the U.S. after discovering that rear coil springs could detach while driving, creating a potential road hazard.

The recall covers 2021–2023 Jeep Grand Cherokee and 2021–2023 Jeep Grand Cherokee L models. In total, 80,620 vehicles are affected, though regulators estimate about 0.5% may have the defect, according to a Jan. 29 notice from the National Highway Traffic Safety Administration (NHTSA).

"A rear coil spring that detaches from the vehicle while driving may create a road hazard to operators and occupants of other vehicles," NHTSA said. "Road hazards to operators and occupants of other vehicles can cause vehicles to crash without prior warning and/or may result in injury to other road users."

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The recall includes 29,139 Grand Cherokee vehicles built between June 30, 2021, and May 31, 2023, as well as approximately 51,481 Grand Cherokee L models produced between Dec. 5, 2020, and May 31, 2023, according to NHTSA.

Stellantis, Chrysler’s parent company, said the recall followed an internal investigation that found some rear coil springs may not have been properly installed.

"As a result, the rear coil spring could come out of position and potentially detach from the vehicle, which may create a road hazard for other motorists and could lead to a collision without prior warning," Stellantis spokesperson told FOX Business.

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The automaker said it is not aware of any crashes or injuries related to the issue. 

Dealers will inspect and repair affected vehicles free of charge.

Beyond the U.S., the recall impacts approximately 3,065 vehicles in Canada, 363 in Mexico and 1,238 vehicles in markets outside North America, according to Stellantis.

SOME JEEP PRODUCTION HOBBLED BY ALUMINUM SHORTAGE

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The announcement comes as Stellantis recently urged owners of roughly 225,000 older Chrysler, Dodge, Jeep and Ram vehicles in the U.S. to stop driving them immediately if they have not addressed previously recalled Takata air bag inflators.

The warning applies to certain 2003–2016 models equipped with faulty inflators that can rupture in a crash.

https://www.foxbusiness.com/lifestyle/chrysler-recalls-over-80k-vehicles-due-springs-may-detach-while-driving

Ford to follow Tesla Cybertruck with electrical tech in new EV pickupFord's next generation of all-electric vehicles will feature a budding technology commercialized by Tesla in the U.S. on its Cybertruck.{}

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Netflix grants WBD waiver to reopen deal talks with Paramount, Sarandos says 'let them make a move'Warner Bros. Discovery on Tuesday said it will engage in deal talks with Paramount Skydance under a 7-day waiver from Netflix.{}

Warner Bros. Discovery on Tuesday said it will engage in deal talks with Paramount Skydance under a 7-day waiver from Netflix.https://www.cnbc.com/2026/02/17/netflix-wbd-waiver-deal-talks-paramount-skydance.html

Ohio governor says ending property taxes could push state's sales tax to 20%A proposed Ohio property tax ban could create a $24 billion budget hole, forcing tax hikes to avoid massive cuts to schools, police and fire service across the state.

A proposal to abolish property taxes in the state of Ohio could prompt a surge in other forms of taxation to offset the lost revenue if voters approve the measure, the state's governor warned.

Gov. Mike DeWine, a Republican, spoke at a conference earlier this month and said that if the proposed constitutional amendment to ban property taxes reaches the ballot and is approved by voters, the state government may be forced to raise sales taxes to compensate for the impact on the state budget. 

The property tax initiative is in the signature-gathering phase, which will require certification before it's officially on this fall's ballot, and advocates view abolishing property taxes as a way of helping homeowners.

THESE STATES ARE CONSIDERING ELIMINATING PROPERTY TAXES FOR HOMEOWNERS

"Sales tax could go up to 17, 18, 19, 20%, sales tax in the state of Ohio on products that you buy," DeWine said, according to a report by Cleveland.com. "So, it would be absolutely devastating."

DeWine added that Ohio lawmakers may also have to consider hiking other taxes, such as the state's income taxes, to plug the roughly $24 billion budget hole that would result with the elimination of property taxes.

The state of Ohio's Office of Management and Budget authored a memo earlier this month that analyzed the proposed constitutional amendment to eliminate and ban property taxes, which noted that the $24 billion in annual property tax receipts is "equal to the total revenue from Ohio's state income and sales taxes combined."

"Eliminating property taxes would immediately destabilize local budgets and force deep cuts to essential services, reducing or eliminating funding for local law enforcement, first responders, and schools, delaying road and infrastructure repairs, and threatening services for seniors and people with disabilities," the memo said.

Ohio's budget office noted that about three-fifths of property tax revenue goes to supporting local school districts. If property taxes were eliminated, it could cause thousands of layoffs among school staffers, prompting larger class sizes and school closures along with program cuts.

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Police, fire and EMS services are all heavily reliant on property tax revenues, and eliminating those funding streams could cause station closures – particularly in smaller communities – as well as reducing staffing and slower response times, the memo explained.

Libraries, parks, health and human services and support services for seniors would also face cuts or elimination that could affect the community's quality of life. In particular, programs related to seniors, health, recovery and developmental disabilities losing funding could increase the strain on hospitals and state systems.

The Ohio budget office's memo noted that the state already offers some property tax relief through a homestead exemption for seniors and residents with disabilities, as well as a tax credit for residential homeowners. 

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It also discussed the issues with replacing the $24 billion in property tax revenue, noting that the nonpartisan Tax Foundation assessed that income tax rates would need to quadruple or more to 11% to 15% across the state to replace property taxes.

Ohio has a flat state income tax of 2.75% in the current tax year, which is the second-lowest rate of any state in the country. The personal income tax generated $10.5 billion in revenue during fiscal year 2025.

The budget office consulted with the Ohio Department of Taxation on replacing property taxes with state sales tax revenue and estimated it would require sales tax rates approaching 15% to 18%, a level that would be significantly higher than other states. 

A lower sales tax rate could cover the lost property tax revenue, though it would entail broadening the sales tax to apply to currently exempt items including food and healthcare, among other goods and services. Those changes would require legislative and, in some cases, constitutional changes, the budget office found.

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Ohio has a 5.75% sales tax, which ranks near the middle nationally for combined state and local sales tax rates. The sales tax generated $14 billion in fiscal year 2025.

https://www.foxbusiness.com/politics/ohio-governor-says-ending-property-taxes-could-push-sales-tax-20

Mark Zuckerberg faces jury in landmark trial over alleged youth harm linked to social mediaMeta CEO Mark Zuckerberg testifies in court for first time over youth safety allegations in landmark social media harm lawsuit reshaping tech industry.

Meta CEO Mark Zuckerberg took the stand Wednesday in a landmark trial over claims his platforms harm children, a case that could cost the company billions and redefine social media accountability.

The unprecedented trial, unfolding in Los Angeles Superior Court, is widely seen as a bellwether for hundreds of similar lawsuits pending nationwide. Cameras were barred from the courtroom, and Judge Carolyn Kuhl warned that anyone using AI-enabled smart glasses during the tech titan’s testimony would be held in contempt.

The lawsuit, K.G.M. v. Meta Platforms, Inc., et al., was filed by a 20-year-old California woman identified by her initials. She alleges that Meta and other tech companies deliberately engineered their platforms to hook young users, contributing to her depression and suicidal thoughts, and seeks to hold them accountable.

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During questioning, the plaintiff’s attorney, Mark Lanier, confronted Zuckerberg with an internal PowerPoint presentation titled "Creating the Future," directing jurors to a slide describing efforts to target younger generations eager to actively participate in the world around them.

Zuckerberg agreed Lanier had summarized the material accurately but testified that the slide reflected outside research that was not shared with him.

Lanier then shifted to Instagram’s enforcement efforts, asking whether Meta removed all 4 million under-13 users the company had identified on the platform in 2018. Zuckerberg responded that while the company did not remove all of them, it had implemented tools to detect and address underage accounts and was working to improve those systems.

The testimony aligns with the companies’ broader defense.

Meta’s Instagram and Google’s YouTube have previously denied claims that they engineered addictive features in their products that harm young users, citing expanded safety tools and parental controls. 

Meanwhile, a verdict for the plaintiff could set a precedent for holding tech companies responsible for harmful design decisions, despite years of successfully invoking Section 230’s content liability shield — a federal law that largely shields online platforms from lawsuits related to user-posted content. 

A rejection of that defense could pave the way for similar lawsuits nationwide, exposing Meta and other tech companies to billions in potential damages and pressuring them to redesign their platforms.

Zuckerberg’s testimony came a week after Instagram head Adam Mosseri rejected the idea that social media is clinically addictive. He defended the platform’s efforts to safeguard young users, saying it would hurt the business in the long run to prioritize profits over people’s well-being.

https://www.foxbusiness.com/politics/mark-zuckerberg-faces-jury-landmark-trial-over-alleged-youth-harm-linked-social-media

CFTC defends its right to prediction market enforcement as states challenge platformsCFTC Chairman Michael Selig said the agency has filed an amicus brief to assert its authority over prediction market enforcement and regulation.{}

CFTC Chairman Michael Selig said the agency has filed an amicus brief to assert its authority over prediction market enforcement and regulation.https://www.cnbc.com/2026/02/17/cftc-defends-prediction-market-enforcement-states-challenge.html

Lakers governor Jeanie Buss talks year of transition, says father would have supported sale to Mark WalterLos Angeles Lakers governor Jeanie Buss said new majority owner Mark Walter's access to capital will help the team best compete with the NBA's top franchises.{}

Los Angeles Lakers governor Jeanie Buss said new majority owner Mark Walter's access to capital will help the team best compete with the NBA's top franchises.https://www.cnbc.com/2026/02/17/lakers-jeanie-buss-sale-mark-walter.html

Rent becoming more affordable for many Americans as market stabilizesA housing market shift is giving renters more bargaining power as vacancy rates rise and median households spend 24.3% of income on rent, down from pandemic highs.

Renters are expected to see some relief from rising prices this year, with the pace of rent growth expected to slow as the market stabilizes and a measure of affordability hits a four-year-high.

An analysis by Zillow projects that multifamily rental prices are expected to remain relatively flat through the end of 2026, declining slightly by 0.2%. 

Single-family rents are expected to rise at an annual rate of 1.1% in December 2026, which the report says would represent a "sharp slowdown from the rapid increases of recent years" as higher vacancy rates and more newly-built apartments help keep rent growth subdued as renters' bargaining positions improve. Single family rents were up 2.7% last month from a year ago.

Zillow found that the typical asking rent in January was $1,895, up just 0.1% from December and 2% year over year. That represents the slowest annual rent growth since December 2020, as the market has steadied after prices saw rapid increases during the pandemic.

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Rents for multifamily homes have grown at an even slower pace, rising just 1.4% from a year ago. Zillow's projection that multifamily rents will decline slightly and remain essentially flat this year, indicates that further relief could be on the way.

Slowing rent growth has boosted an affordability measure that takes into account renters' income levels. A median income household would now spend 24.3% of its income on typical apartment rent, which is down slightly from 25% in February 2020.

By another measure, the typical household is spending 26.4% of its income on rent, which is the lowest share since August 2021. 

US HOME PRICES ARE RISING – BUT THESE FAST-GROWING MARKETS REMAIN AFFORDABLE

Metro areas where that figure is significantly higher than the national average include Miami (37.2%), New York City (36.9%) and Los Angeles (34%). 

Notable metros with better affordability include St. Louis (19.7%), Minneapolis (19.4%), Denver (19.4%), Austin (17.9%) and Salt Lake City (17.9%).

"Renters are operating in a very different environment than they were just a few years ago," said Orphe Dviounguy, senior economist at Zillow. "When supply expands and vacancies rise, property managers have to adjust on both price and terms. Concessions are near record highs, keeping rent growth modest and creating meaningful opportunities for renters."

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Zillow also noted that renters are getting more concessions in lease terms as they utilize their negotiating leverage in renewals and new leases.

It found that nearly 40% of rental listings on the Zillow platform in January had at least one concession, like a free month of rent or a reduced deposit. 

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That's slightly below the record high set last January, when 41.1% of listings had a concession, and the figure remains elevated compared to historical norms.

https://www.foxbusiness.com/economy/rent-becoming-more-affordable-many-americans-market-stabilizes