Goldman Sachs partner warns of 'huge danger' in letting AI replace bankers' reasoning skillsGoldman Sachs is embracing AI, but one of its senior tech leaders warns that it comes with an unintended risk: weakening the reasoning skills of future bankers.{}
California AG Rob Bonta cancels Paramount settlement meeting, citing 'lack of good faith'California AG Rob Bonta was scheduled to meet with Paramount representatives on Monday, he said, but canceled the meeting.{}
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Goldman Sachs partner warns of 'huge danger' in letting AI replace bankers' reasoning skillsGoldman Sachs is embracing AI, but one of its senior tech leaders warns that it comes with an unintended risk: weakening the reasoning skills of future bankers.{}
California AG Rob Bonta cancels Paramount settlement meeting, citing 'lack of good faith'California AG Rob Bonta was scheduled to meet with Paramount representatives on Monday, he said, but canceled the meeting.{}
Moderna CEO warns China is investing heavily in mRNA as Beijing challenges US in biotechnologyModerna's 177% stock surge followed its mRNA cancer vaccine success, but CEO Stéphane Bancel says China's biotechnology investments pose a threat.
Moderna's stock is riding high after news of a personalized cancer treatment, but CEO Stéphane Bancel is warning about a bigger threat: China's state-backed push to challenge the U.S. in biotechnology.
In an interview on "Mornings with Maria" Monday, Bancel said that while Washington pulls back on mRNA funding, Beijing is pouring state money into biotechnology to challenge the U.S. Bancel said keeping drug manufacturing on American soil, including at Moderna's facilities in Massachusetts, helps protect both U.S. patients and America's lead in healthcare.
"I think the government has an active role to play in taking risk for really innovative medicine," Bancel told FOX Business’ Cheryl Casone, "and indeed, if you think about what's happening around the world, we know, for example, that in China there's a lot of mRNA investments."
"The technology has already proven itself during COVID with the vaccine, now with cancer, as I said, very soon in rare genetic disease, and I think that we want to make sure that there is investment because those investments in the long term help American patients," he continued.
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The Chinese Communist Party has designated biotechnology as a "strategic emerging industry" and provided state financing and subsidies to support domestic firms as China seeks to dominate key parts of the biotechnology industry, according to the National Security Commission on Emerging Biotechnology.
Meanwhile, the U.S. Department of Health and Human Services (HHS) announced last August that it would wind down nearly $500 million worth of mRNA vaccine development projects through the Biomedical Advanced Research and Development Authority (BARDA).
HHS did not immediately respond to Fox News Digital's request for comment.
Instead of relying on foreign supply chains for pharmaceutical supplies and ingredients, Bancel said Moderna has countered this threat by expanding its manufacturing operations in Massachusetts, ensuring that advanced personalized medicines are engineered and produced on American soil.
"The team has done an amazing job to shrink the manufacturing process, the machines, because it's the same technology that will make millions of doses in one reactor," Bancel said. "It's actually happening in America, in Massachusetts, in a factory that we built and that is ready to go."
"In terms of cost, because it's not using human material, like CAR-T cell therapy is a very expensive price because it's a very expensive manufacturing process. In our case, it's all used with enzyme[s], it's in water, it is a very different thing. As we get the data and we get closer to discussing pricing, but we don't have the very high cost of goods that the self-therapy products have."
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Moderna's shares surged 177% on Aug. 19 after the company and Merck announced that their personalized mRNA treatment, combined with Merck's Keytruda, met key endpoints in a Phase 3 melanoma trial, giving investors new evidence of mRNA's potential beyond infectious-disease vaccines.
"If you look at the company since day one, we try to use our technology across many therapeutic areas: Infectious disease, vaccine of course, cancer," Bancel noted. "So last week was a big step forward. We became an oncology company, but I think by the end of the year, we should also become a rare genetic disease company."
https://www.foxbusiness.com/healthcare/moderna-ceo-warns-china-investing-heavily-mrna-beijing-challenges-us-biotechnologyTrump says 50% tariffs on Canadian vehicle, steel imports to hit Jan 1President Donald Trump threatened 50% tariffs on Canadian cars, trucks, auto parts and steel starting January 2027, citing a $60 billion trade deficit with Canada.
President Donald Trump threatened Monday to impose 50% tariffs on Canadian-made vehicles, auto parts and steel beginning in January 2027, accusing Canada of "ripping off" the United States for years.
Trump issued the warning in a Truth Social Post, writing, "WE DON’T NEED CANADA, THEY NEED US!"
"Canada has been ripping off the United States of America for years. Their ridiculously high tariffs on our Farmers and farm products has made life impossible for these great American Patriots, and has long created a 60 Billion Dollar Deficit between our two Countries. Not sustainable, and NOT ANYMORE!" the president's post read.
Trump warned the tariff hike on Canadian cars, trucks, automotive parts and steel would begin on January 1, 2027.
"Build in the U.S. and there are ZERO TARIFFS," Trump wrote. "Canada will be treated like a State no longer! On Trade, and in other ways, also, they are among the worst Nations in the World to deal with. They feel entitled, and yet, WE DON’T NEED CANADA, THEY NEED US! They do 95% of their business with the U.S., with us, the exact opposite!"
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This is a developing news story; check back for updates.
https://www.foxbusiness.com/politics/trump-says-50-tariffs-canadian-vehicle-steel-imports-hit-jan-1GEF Proposes $140 Million Program to Strengthen Drought Resilience
DAR ES SALAAM, Tanzania, August 24 (IPS) - For pastoralists in Arvaikheer — a village in Mongolia’s dry central plains — rain can determine whether there is enough grass for cattle to roam, whether waterholes are replenished and whether families make it through another dry season. But as climate change makes rainfall increasingly unpredictable, even a wet season may no longer provide water and pasture needed to sustain people and livestock.
https://www.globalissues.org/news/2026/08/24/43878 {"url":"https://static.globalissues.org/ips/2026/08/ENB-IISD-Anastasia-Rodopoulou-UNCCD-COP17-20Aug2026-Photo-22_1-1-100x100.jpg"}Big Apple targeted in lawsuit over Mamdani's government grocery store plansNew York City is facing a lawsuit challenging Mayor Zohran Mamdani's plan to open multiple government-tied grocery stores that offer discounted items.
A coalition representing immigrant-owned grocers is targeting New York City in a lawsuit over democratic socialist Mayor Zohran Mamdani's plans to open multiple government-owned grocery stores in the Big Apple, a government intervention that that is expected to cut into the profits of regular markets.
The lawsuit was expected to be filed Monday at 8 a.m. ET, following efforts to resolve the solution out of court.
"Although we have not heard from you since May 2026, we are open to resolving this matter amicably with more sensible solutions to feed working class people with nutritious essential food items at affordable prices," the group's president Kenneth Roldan declared in a letter to City Hall, according to a New York Post report last week.
NYC TAXPAYERS COULD PAY TWICE UNDER MAMDANI'S CITY-OWNED GROCERY STORE PLAN
"We are asking the mayor to avoid litigation to sit down with us," legal counsel for the coalition, Mark Jaffe, the president of the Greater New York Chamber of Commerce, told the outlet. "But we have to try to stop this if they won’t listen to us."
The first of five planned government-linked grocery stores is expected to open next year, the mayor's office announced earlier this year.
MAMDANI'S LUXURY-HOME TAX GETS NEW LIFE AS APPEALS COURT LIFTS ROADBLOCK IN HOMEOWNER FIGHT
"Under the model, the City will own the land and cover overhead costs like rent and construction. A private operator, selected through a request for proposals, will manage daily operations and be contractually required to pass savings directly to customers on a core basket of everyday staples," an April news release stated.
Mamdani has claimed that prices for a core basket of grocery items will be priced 30% lower than normal retail prices at the government-affiliated stores.
BILL ACKMAN SOUNDS ALARM ON MAMDANI'S ECONOMIC AGENDA: ‘SOCIALISM IS A DISASTER’
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"This core set of goods will include all fresh produce, meat and seafood along with 20 other essential items like cheese, milk and bread. Here's how it will work: Once a month, our five city-run grocery stores will set prices for this core set of goods at 30% below typical retail prices," he said last month.
FOX Business' Madison Alsworth contributed to this report
https://www.foxbusiness.com/politics/big-apple-targeted-lawsuit-over-mamdanis-government-grocery-store-plansA media M&A chill: The Paramount-WBD antitrust challenge may hold up more deals than oneParamount's proposed merger with WBD is delayed while an antitrust lawsuit plays out. The holdup could mean a freeze across the media industry.{}
‘Economic D-Day’ on Iran puts trading partners in crosshairs as Tehran threatens retaliationTreasury Secretary Scott Bessent says the U.S. will target financial lifelines to Iran, raising risks for foreign banks, businesses and energy trade.
The Trump administration is preparing to launch what Treasury Secretary Scott Bessent called an "economic D-Day" against Iran, escalating pressure not only on Tehran but also on foreign governments, financial institutions and businesses that continue providing the country with economic lifelines.
The campaign could raise the stakes for companies and countries with financial, shipping and energy ties to Iran, as Tehran threatens to treat participation in the U.S. pressure campaign as an "act of war" and potentially disrupt oil exports across the Persian Gulf.
"At dawn begins an economic D-Day — the single greatest financial offensive ever marshalled against an adversary," Bessent wrote in a Financial Times op-ed published Sunday ahead of planned remarks Monday.
Bessent said the administration intends to target the remaining commercial and financial links sustaining Iran, including countries and entities involved in purchasing and transporting Iranian petroleum, moving money through exchange houses and free-trade zones, maintaining ship registries and facilitating other financial activity.
US WARNS OF ACTIVE CYBER THREAT TARGETING CRITICAL INFRASTRUCTURE
"Any nation that serves as a financial artery of a withering regime should expect to share in its isolation," Bessent wrote.
President Donald Trump has separately described the campaign as the "MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY," warning that countries allowing their banks, businesses, airports or government entities to provide Iran with an economic "lifeline" could face U.S. economic consequences.
A POWERFUL COUNTRY ON THE OTHER SIDE OF THE WORLD IS QUIETLY SHAPING TRUMP'S LATEST TRADE FIGHT
Trump specifically cited oil smuggling, swap lines, cash transfers, exchange houses, ship registries and front companies among the activities Washington is targeting.
Iran, meanwhile, is seeking to raise the potential cost for countries that align with Washington’s campaign.
Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, warned Sunday that Tehran could move against oil exports from the region if the pressure continues.
"If the economic war continues, not a single drop of oil will be exported, neither through the Strait of Hormuz nor from anywhere in the Persian Gulf," Rezaei wrote on X. "Iran will regard any country’s participation in or support for America’s economic war against the Iranian people as an act of war."
The dueling warnings are increasing pressure on governments and companies weighing whether to maintain economic ties with Iran and risk consequences from Washington or distance themselves from Tehran amid threats of Iranian retaliation.
China said Monday that sanctions and pressure would not resolve the dispute and that Beijing would take necessary steps to protect its rights and interests, according to reporting from Reuters. Chinese Foreign Ministry spokesperson Lin Jian also urged the parties to act with restraint.
Pakistan, meanwhile, has continued its efforts to mediate between Washington and Tehran. Pakistani army chief Asim Munir arrived in Tehran Monday for talks that Pakistan’s military said were part of efforts to promote regional peace and stability.
Bessent has not yet publicly detailed the full legal and financial measures that will make up the new campaign. His op-ed said the administration is prepared to use "every agency, every authority" to isolate Iran economically.
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FOX Business has reached out to the Treasury Department for additional details on the scope of the planned measures. Bessent is expected to provide additional details on the administration’s Iran strategy later Monday.
https://www.foxbusiness.com/politics/economic-dday-iran-puts-trading-partners-crosshairs-tehran-threatens-retaliationA media M&A chill: The Paramount-WBD antitrust challenge may hold up more deals than oneParamount's proposed merger with WBD is delayed while an antitrust lawsuit plays out. The holdup could mean a freeze across the media industry.{}
A media M&A chill: The Paramount-WBD antitrust challenge may hold up more deals than oneParamount's proposed merger with WBD is delayed while an antitrust lawsuit plays out. The holdup could mean a freeze across the media industry.{}
UPS is investing $2 billion in international, healthcare and supply chain businessesUPS told CNBC exclusively that the company is investing more than $2 billion into its international, healthcare and supply chain businesses.{}
ECUADOR: ‘Criminalisation Serves as a Deterrent, Seeking to Discipline Others’
CIVICUS discusses the rapid erosion of civic space in Ecuador with Gabriela Panchana, an activist, communicator and founder of the En Voz Alta and Rumbo Plural digital platforms.
https://www.globalissues.org/news/2026/08/24/43877 {"url":"https://static.globalissues.org/ips/2026/08/Gabriela-Panchana-100x100.jpg"}Dog food recalled across US and Canada after complaints of metal contaminationNearly 5,800 cases of Fromm Turkey Pâté and Diner Classics Milo’s Meatloaf Pâté are being recalled over potential metal contamination. No illnesses or injuries have been reported.
Dog owners are being urged to check their pet food after thousands of cases of canned dog food sold in the U.S. and Canada were recalled over potential metal contamination.
Fromm Family Foods is recalling roughly 5,800 cases of two wet dog food products after receiving complaints of metal contamination, according to a company announcement posted by the Food and Drug Administration.
The recall covers 3,852 cases of Fromm Turkey Pâté Wet Dog Food and 1,973 cases of Fromm Diner Classics Milo's Meatloaf Pâté Wet Dog Food.
The products were distributed through neighborhood pet stores and online retailers across the U.S. and Canada.
DOG FOOD LINKED TO NEARLY 200 REPORTS OF POTENTIAL CANINE VISION LOSS, PROMPTING MASSIVE RECALL
No illnesses or injuries tied to the products have been reported, but ingesting metal can pose serious risks to dogs.
The company said symptoms can include choking, vomiting, loss of appetite, lethargy and stomach discomfort. Sharp pieces of metal can cause cuts to the mouth and gastrointestinal tract, while larger amounts could lead to a partial blockage or intestinal obstruction.
The affected Turkey Pâté comes in 12.2-ounce cans with UPC 072705118700 and lot code EP2A3306 551006.
The recalled Milo's Meatloaf Pâté comes in 12.5-ounce cans with UPC 072705132324 and lot code EP2A3306 551029.
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Both have a best-by date of March 2029.
Fromm said it identified the error behind the recall and has taken corrective action to prevent it from happening again. The company did not provide further details about the source of the potential contamination.
A representative for Fromm Family Foods did not immediately respond to FOX Business' request for comment.
No other Fromm products are affected.
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Consumers should stop feeding the recalled food to their dogs and return it to the retailer. Owners whose dogs ate the products and are experiencing symptoms should contact a veterinarian.
The recall comes just days after another dog food company pulled nearly all of its fresh meals amid reports of potential eye problems in dogs.
U.K.-based subscription pet food company Years said earlier this week that 192 customers had reported potential eye issues in their dogs, including sudden bilateral dry eye, a condition that can lead to permanent vision loss in severe cases if left untreated.
Years is investigating whether potentially contaminated buckwheat used in its meals could be a contributing factor. The company said no causal link between its food, buckwheat and the reported eye problems has been established, and testing remains underway.
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That recall is separate from the Fromm action.
Consumers with questions about the Fromm recall can contact the company at 1-800-325-6331 on weekdays from 8 a.m. to 4:30 p.m. CT or at info@frommfamily.com.
https://www.foxbusiness.com/lifestyle/dog-food-recalled-across-us-canada-after-complaints-metal-contaminationA powerful country on the other side of the world is quietly shaping Trump's latest trade fightPresident Donald Trump's tariff standoff with Canada deepens as Ottawa strikes a deal with Beijing on electric vehicles, steel, and market access.
President Donald Trump’s latest trade fight with Canada has a faraway force at its center: China.
As Washington presses Ottawa to do more to prevent Chinese steel, aluminum and other goods from reaching the U.S. market through North American supply chains, Canada is pursuing renewed economic ties with Beijing, adding a fresh complication to already tense trade talks.
At the heart of the fight is transshipment — routing goods through an intermediary country, sometimes after limited processing, before they reach their final market. U.S. officials fear steel and aluminum made in China or elsewhere could be processed in Canada or Mexico and then enter the United States as regional content.
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The U.S. and Canada addressed that risk in a 2019 joint statement resolving an earlier steel-and-aluminum tariff dispute. The countries agreed to prevent steel and aluminum made outside the U.S. or Canada from being transshipped into the other country, and said they could distinguish between steel melted and poured in North America and steel made elsewhere.
U.S. trade hawks now argue Canada should accept tougher safeguards as Washington seeks to limit China’s role in critical manufacturing supply chains.
Canada claims it is already taking steps to keep foreign steel from flooding its market. Ottawa limits some steel imports from countries without a free-trade agreement, including China, and imposes a 50% surcharge once those limits are exceeded.
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But Canada has also moved to strengthen trade ties with Beijing.
In March, China agreed to reopen its market to several Canadian farm and seafood exports, including canola, peas, lobster and crab. Canada, meanwhile, established a 49,000-vehicle annual quota for Chinese EVs at the 6.1% most-favored-nation tariff rate, removing its previous 100% surtax.
Canada also extended tariff relief for some Chinese steel and aluminum products it says are in short supply. Officials say the arrangement is part of a broader effort to diversify Canada’s trade relationships. China is Canada’s second-largest merchandise trading partner.
The arrangement has fueled criticism in Washington that Canada is moving in the opposite direction from the Trump administration’s effort to build a more China-resistant North American trading bloc.
For Trump, the growing question is whether Canada is willing to embrace the same approach — or whether it's bid to expand trade with Beijing will become another fault line in an already tense relationship.
https://www.foxbusiness.com/politics/powerful-country-other-side-world-quietly-shaping-trumps-latest-trade-fightParamount, California AG to meet over possible settlement in $110B Warner Bros. Discovery merger lawsuitParamount and California officials are expected to hold talks as a 12-state antitrust lawsuit keeps the $110B Warner Bros. Discovery transaction on hold.
Representatives for Paramount Skydance and California Attorney General Rob Bonta's office are expected to meet Monday to discuss a potential resolution to the lawsuit seeking to block Paramount's $110 billion acquisition of Warner Bros. Discovery, according to reports.
The talks come as the transaction remains on hold under a court agreement and the companies face a March 2027 antitrust trial unless the dispute is resolved sooner.
Variety first reported Friday that the two sides were expected to meet, citing sources familiar with the situation. The discussions are expected to focus on whether there is a path toward resolving the states' antitrust case.
FOX Business has reached out to Paramount and Bonta's office for comment.
Bonta led a coalition of 12 state attorneys general in filing the lawsuit in July, alleging the combination would reduce competition in theatrical film distribution and basic cable programming.
The states argue the merger would combine two of Hollywood's five major film distributors and give the combined company roughly 27% of the wide-release theatrical film market. They also allege it would control more than 30% of anticipated top-grossing theatrical films and about 27% of the market for licensing basic cable channels.
Paramount and Warner Bros. Discovery have rejected the states' view of the transaction, arguing the combination would strengthen competition in a rapidly changing media industry.
Bonta signaled openness to a possible resolution in a CNBC interview Thursday but said any settlement would require "robust structural remedies."
"We do prefer to resolve cases in the boardroom instead of the courtroom," Bonta told CNBC, while saying the states remain focused on the markets outlined in their complaint.
Under a July 24 court stipulation, Paramount and Warner Bros. Discovery agreed not to close the deal or begin integrating their operations until five days after a ruling on the merits or June 1, 2027, whichever comes first.
U.S. District Judge Araceli Martínez-Olguín has scheduled a 12-day trial beginning March 2, 2027. In an Aug. 4 scheduling order, the judge also encouraged the parties to identify potential magistrate judges to oversee a settlement conference.
Paramount agreed in February to acquire Warner Bros. Discovery for $31 per share in cash, valuing the transaction at roughly $110 billion including debt. Under the merger agreement, Warner Bros. Discovery shareholders begin accruing additional consideration if the transaction remains unclosed after Sept. 30.
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The companies have said the combination would create a stronger global media competitor while maintaining both film studios and producing at least 30 theatrical films annually.
https://www.foxbusiness.com/media/paramount-california-ag-meet-possible-settlement-110b-warner-bros-discovery-merger-lawsuitWells Fargo and Citigroup have room to buy a big bank. These 5 regionals fit the billCitigroup and Wells Fargo have room to buy a big regional bank as regulators have opened the door to megadeals. Five regional banks make sense as targets.{}
United's next decision: What to do with all those Boeing 737 Max 10 seats it ordered years agoUnited Airlines wanted to put lie-flat premium seats on its Max 10 planes once they were certified, but that has been delayed by years.{}
After 10 years at United, CEO Scott Kirby is thinking big about the future of his airline from JFK to AIUnited Airlines CEO Scott Kirby talked to CNBC in a wide-ranging interview about his proposed airline megadeals, AI and the future of the carrier.{}
Trump fires back at Canada after Carney suspends trade talks, accuses US of last-minute 'power play'President Donald Trump accused Canada of wanting the benefits of statehood on Truth Social after Canadian PM Mark Carney suspended U.S.-Canada trade negotiations over tariffs.
President Donald Trump lashed out at Canada early Sunday in his first public comments since trade negotiations between the two countries collapsed, accusing Ottawa of wanting the "benefits of being a State, without being one."
"Canada wants the benefits of being a State, without being one!!!" Trump wrote on Truth Social.
"They have also charged our great farmers, for many years, massive amounts of Tariffs," he added. "No more!!!"
The comments come a day after Canadian Prime Minister Mark Carney suspended negotiations with the U.S. and ordered Canada's trade team back to Ottawa as Trump's 50% tariffs on roughly $20 billion worth of Canadian imports took effect early Saturday.
For its part, Canada has vowed to retaliate.
Carney said Friday that Ottawa plans to match the U.S. tariffs "dollar for dollar," with the levies targeting multiple sectors, including steel, dairy, appliances, agricultural equipment, pulp and paper and electronics.
The duties are set to take effect the Tuesday after Labor Day, Sept. 8.
The prime minister on Saturday accused Washington of making a last-minute "power play," saying the U.S. sought to restrict Canada's ability to negotiate trade agreements with other countries.
"It's a power play," Carney said. "It becomes a question of sovereignty."
According to Carney, trade talks broke down after the U.S. introduced new demands involving Canada's other trading relationships, its auto sector and protections for Canadian culture and the French language.
"In short, they asked too much, and they offered too little," Carney said.
The Trump administration has disputed Carney's version of events, arguing that Canada walked away from terms the two countries had already agreed to.
"Our interest is in protecting American workers and protecting American supply chains. We've been offering to bring the Canadians along on that path, really to cut the tariffs on them on steel, on autos, even lumber, things that are sensitive for them," U.S. Trade Representative Jamieson Greer said Saturday on "Fox & Friends Weekend."
"And they've always had the best deal, and they still would have an even better deal, but they didn't want that," he continued.
Greer said no additional trade negotiations with Canada have been scheduled.
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FOX Business' Brittany Miller and Fox News Digital's Madison Colombo contributed to this report.
https://www.foxbusiness.com/politics/trump-fires-back-canada-after-carney-suspends-trade-talks-accuses-us-last-minute-power-playMarc Stad assumes controlling stake in Timberwolves, Lynx; Alex Rodriguez remains WNBA franchise's governorAlex Rodriguez said he was "energized" after increasing his stake in the Timberwolves and Lynx under a new ownership structure led by Marc Stad.
Minnesota Timberwolves and Lynx co-owner Marc Lore has agreed to sell his controlling stake in the franchises to businessman and limited partner Marc Stad.
The deal values the NBA and WNBA franchises at $4.5 billion, ESPN reported.
Alex Rodriguez, a 14-time MLB All-Star and FOX MLB studio analyst, said Friday he plans to increase his equity stake in both franchises.
Lore, meanwhile, will retain a minority stake. The size of Lore’s and Rodriguez’s respective ownership stakes was not immediately clear.
CLICK HERE FOR MORE SPORTS COVERAGE ON FOXBUSINESS.COM
Lore stepped away from his roles as co-owner and co-chairman to focus on a planned IPO for his food tech company, Wonder Group, over the next year. He believed transferring controlling ownership to Stad put the franchise in a position to keep experiencing success.
Stad, the founder and managing partner of Dragoneer Investment Group, was a major minority investor in the Timberwolves and Lynx under Lore and Rodriguez.
Sources told ESPN the ownership transition followed months of discussions and will allow Stad, Rodriguez and Lore to preserve the teams’ current leadership structure, including Timberwolves President Tim Connelly, general manager Matt Lloyd and coach Chris Finch, as well as Lynx coach and president of basketball operations Cheryl Reeve.
"We have been working together for years with a shared goal of building the Timberwolves and Lynx into the best organization in basketball on and off the floor," a joint statement from Stad, Rodriguez and Lore issued Friday said.
"Our priority is and always will be championships. Our new agreement, pending league approval, is an evolution of the partnership we have built together and strengthening of our commitment to our team and our culture.
"While we're proud of the great work we've done, there's so much more to do, and we're just getting started."
Rodriguez reacted to the developments on social media, writing, "One of the great joys I’ve had in my career is spending the last few years helping build the Timberwolves and Lynx with my friend and partner Marc Lore.
"I’m very excited to announce that this incredible journey reaches a new level today. Marc and Elisa Stad, who have been our partners and friends since we bought the teams, will be increasing their investment and joining me as Co-Chairman.
"I will also be increasing my investment and spending even more time with the teams as Co-Chairman, Governor of the Lynx, and alternate Governor of the Timberwolves, pending league approval.
"While Marc Lore will be reducing his role and ownership to focus on his business, he remains an investor and a key part of our partnership. I could not be more energized about this evolution and what we’re all going to do together for the Twin Cities."
The deal now heads to the NBA Board of Governors, which is expected to consider and approve the transaction at its Sept. 15-16 meeting.
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The $4.5 billion valuation ranks as the fourth-largest franchise sale in NBA history, trailing the Boston Celtics’ $6.1 billion sale in 2025 and two Los Angeles Lakers transactions over the past year that valued the team at $10 billion and $12.5 billion, respectively.
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Since Lore and Rodriguez bought into the franchise, the Timberwolves have reached the playoffs five consecutive seasons. Minnesota has advanced beyond the opening round in each of the past three trips.
https://www.foxbusiness.com/sports/marc-stad-assumes-controlling-stake-timberwolves-lynx-alex-rodriguez-remains-wnbas-franchises-governorCanada's Carney says US made last-minute ‘power play’ as trade talks collapse; retaliatory tariffs in placeCanadian Prime Minister Mark Carney detailed the last-minute U.S. demands he says derailed trade talks as Canada prepares dollar-for-dollar retaliatory tariffs
Canadian Prime Minister Mark Carney accused the United States on Saturday of making a last-minute "power play" by trying to restrict Canada's ability to strike trade deals with other countries, offering new details about what he said caused negotiations between the two sides to collapse.
Carney said the U.S. introduced new demands in the final hours of negotiations involving Canada's other trading relationships, its auto sector and protections for Canadian culture and the French language.
"The U.S. introduced at the last hours, in the last hour, efforts to restrict our ability to have other trade deals," Carney told reporters.
Asked what he believed the U.S. was trying to accomplish, Carney responded, "It's a power play. It's a power play and, you know, [it] becomes a question of sovereignty."
The comments came a day after Carney suspended negotiations and ordered Canada's trade team back to Ottawa as President Donald Trump's 50% tariffs on roughly $28 billion in Canadian goods took effect.
Canada said it plans to match the U.S. tariffs dollar for dollar, and Carney said Saturday the retaliation will target sectors including steel, dairy, appliances, agricultural equipment, pulp and paper and electronics.
The measures will take effect the Tuesday after Labor Day, Sept. 8.
Washington has disputed Carney's account of why the negotiations broke down.
U.S. Trade Representative Jamieson Greer said Friday that Canada declined to finalize terms agreed to earlier in the week, accusing Ottawa of making new demands and walking back previous commitments.
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"Tonight [Friday], Canada declined to finalize the trade deal under the terms agreed earlier this week," Greer said in a statement. "Despite the U.S. offer to Canada to receive the best treatment of any major exporter to our market, new demands and walk backs of other commitments by Canada have upended the careful balance reached in the past days."
Greer said the U.S. offered Canada significant tariff reductions on steel, aluminum, autos and lumber, along with a broader economic and national security partnership covering digital trade, critical minerals, aerospace and export controls.
Carney offered a different account Saturday.
"In short, they asked too much, and they offered too little," he said.
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Autos were another major sticking point. Carney said the two sides disagreed over tariff levels, the treatment of Canadian content and which vehicles would be covered by a potential agreement.
He said the U.S. also continued efforts to seek changes involving Canada's protections for its culture and the French language, which Carney said Ottawa would not accept.
The breakdown came just days after Trump paused the 50% tariffs for three days and announced that the U.S. and Canada, subject to final documentation, had reached a "DEAL!"
Carney said Saturday the two sides had made significant progress before the negotiations unraveled.
Canada is now preparing additional support for businesses affected by the tariffs, particularly small and medium-sized companies, with Carney saying the government will release details alongside its retaliatory measures.
Asked whether the latest escalation amounted to a full-scale trade war, Carney said Canada was responding to an attack.
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"We're attacked. Like you're at war when you get attacked, we got attacked," Carney said.
"We've got the reserves. We've got resilience. We have the plan. We get the focus. We respond. We're going to focus on what we can control. We are going to build."
https://www.foxbusiness.com/politics/canadas-carney-us-last-minute-power-play-trade-talks-collapse-retaliatory-tariffsTrump’s foreign beef push to cut grocery costs sparks GOP revolt from ranching countryPresident Donald Trump's tariff-free beef import plan faces GOP resistance as Republican lawmakers warn it undercuts ranchers rebuilding the cattle herd.
President Donald Trump’s effort to bring down grocery prices by increasing foreign beef imports is sparking resistance from Republicans in ranching states, who warn American producers could pay the price.
Trump announced Friday on Truth Social that the U.S. will allow up to 300,000 metric tons of ground beef to enter tariff-free over the next 90 days, a move he said would lower consumer prices while giving American ranchers time to rebuild the national herd.
The move comes as affordability and high grocery prices are top of mind for voters just months away from the midterm general election, when Trump and the GOP will seek to hold their congressional majority.
Since the pandemic, beef prices have steadily increased, with the average per-pound price of beef last month at $6.89, according to the Federal Reserve Bank of St. Louis.
Republican lawmakers are arguing that Trump’s plan to allow the import of foreign beef tariff-free only acts as a "quick fix" for consumer prices and will undermine ranchers' efforts to rebuild the herd.
TRUMP’S AFFORDABILITY PLAN FACES CONSERVATIVE PUSHBACK AS POCKETBOOK ISSUES LOOM OVER MIDTERMS
"This hurts!" Sen. Mike Rounds, R-S.D., wrote on X. "American cattle producers have been disadvantaged for far too long. What our market really needs is a stable, America-First national policy that promotes American beef rather than continuing to import foreign beef as a quick ‘fix.’"
South Dakota is home to roughly 5% of the nation’s beef cows, according to a USDA report.
"This instability harms hardworking American ranchers and consumers who want American-made beef," Rounds continued. "This is the exact opposite approach we take compared to manufacturing, and it doesn’t make sense."
He added that Trump’s latest maneuver makes the push to mandate that beef labels include country of origin a crucial step in ensuring American ranchers and farmers have a chance.
"Opening the market to even more foreign beef, which American consumers cannot differentiate because of current labeling rules, will only exacerbate the problem and hurt domestic producers," Rounds wrote.
"Our producers will compete all day long, but only if there is a level playing field. Beef prices will come down when American ranchers have a greater ability to supply more product."
TRUMP WILL WELCOME FARMERS AND RANCHERS TO WHITE HOUSE DINNER TO CELEBRATE TRADE, TAX WINS
Rep. Julie Fedorchak, R-N.D., echoed those concerns, warning that lower grocery prices should not come "on the backs of North Dakota ranchers and producers."
"Importing foreign beef tariff-free — and selling it below market price — undercuts producers who are investing millions of dollars in an already risky business to rebuild their herds," Fedorchak said in a statement. "At a time when ranchers need certainty to increase domestic production, this sends the wrong signal."
Fedorchak said the timing is particularly harmful because many producers are bringing feeder cattle — young animals not yet ready for slaughter — to market, making the prices they receive especially consequential.
She also called for imported beef to meet the same inspection and safety standards as American-raised meat and said she had asked the USDA for details on how it will address those concerns.
"Short-term market intervention will not lower prices over the long term," Fedorchak said. "The lasting solution is to strengthen American cattle production and address the problems in the packing industry that are driving up prices."
TOP GOP GROUP PUMPS $37M INTO FIGHT ON KEY ISSUE DOMINATING MIDTERM RACES: 'MUCH MORE TO COME'
The USDA estimates that four major companies buy about 85% of U.S. steers and heifers, and its research suggests their market power, combined with limited processing capacity, may be driving down the prices ranchers receive for cattle.
Rep. Kat Cammack, R-Fla., backed Trump’s push to lower grocery bills but warned that short-term relief cannot come at the expense of American producers.
"President Trump is right to make lowering grocery costs for American families a priority," Cammack wrote on X. "I share his commitment to bringing those costs down. At the same time, short-term relief can’t come at the expense of American ranchers, free markets and long-term solutions."
Cammack said Florida ranchers, already grappling with drought, rising input costs and an "out-of-control regulatory system," could feel the squeeze from increased imports.
Virginia Farm Bureau President Scott Sink said in a statement to Fox News Digital that ranchers and farmers understand the need to ease grocery costs but warned that greater reliance on imports would not solve the supply pressures behind higher beef prices.
CHINA’S CROP-CONTROL CHOKEHOLD PUTS AMERICA’S DINNER TABLE IN DANGER
"Rebuilding the U.S. cattle herd takes time. It cannot happen overnight," Sink said. "Increasing reliance on foreign beef may provide temporary relief, but it does not address the supply challenges contributing to higher prices or strengthen our domestic cattle industry."
Sink urged the administration to instead reduce costs for fuel, feed, equipment and financing, while creating conditions that allow ranchers to retain heifers and rebuild the national herd.
"Virginia’s farmers and ranchers stand ready to work with the administration on solutions that support consumers while strengthening the American cattle industry," Sink said. "A strong domestic food supply benefits everyone."
The White House did not immediately respond to FOX Business' request for comment.
https://www.foxbusiness.com/politics/trumps-foreign-beef-push-cut-grocery-costs-sparks-gop-revolt-from-ranching-countryInside Coca-Cola’s secretive innovation labs: How the beverage giant wants to automate dirty soda and refreshersFrom McDonald's to Wendy's, longtime Coke customers have been expanding their beverage offerings to boost their profit margins.{}
Financial influencer reveals what America's everyday millionaires have in commonJC Rodriguez of "The Frugal Rich" reveals the spending habits everyday millionaires share and why frugality matters more than looking wealthy.
Building wealth may have less to do with looking rich and more to do with resisting the pressure to spend like you're rich.
"The Frugal Rich" founder JC Rodriguez joined FOX Business’ Stuart Varney on "Varney & Co." to discuss the habits he has observed among everyday millionaires, along with saving, investing and how young people can approach major financial decisions.
Rodriguez said a common trait among the wealthy people his content has spotlighted is a deliberate approach to spending, particularly when it comes to impressing others.
"We have spotlighted America's everyday millionaires in our content and what we found is amongst America's wealthy is they all have this aspect of frugality within their life that they're always living… They're very intentional about how they spend their money and they don't care to impress others," Rodriguez said.
That same focus on intentional money management can begin well before someone reaches millionaire status. Rodriguez encouraged people to consistently direct part of their paycheck toward savings or investments, even when the amount is relatively small.
YOUNG MILLIONAIRE REVEALS THE WEALTH-BUILDING LESSONS HE LEARNED FROM BILLIONAIRES
"We always encourage people to pay yourself first. Whenever you get your paycheck, just set up an automation to move money from your checking into your high-yield savings account or into your brokerage account if you want to start investing… No matter where you are on your financial journey or your income, you can still just start off with $50, $100 towards saving and investing," he said.
For those beginning to invest, Rodriguez also drew a distinction between long-term investing and activities he characterized as speculative, including sports betting and prediction markets.
"I believe in good old low-cost, diverse index funds as a place to begin your investing journey… A lot of times prediction markets might be the fun thing to do, but isn't the best approach to invest your money," Rodriguez said.
https://www.foxbusiness.com/media/financial-influencer-reveals-what-americas-everyday-millionaires-have-in-commonThe simple fixes conservatives say could make life cheaper for AmericansAdvancing American Freedom says government zoning rules and energy regulations are why Americans can't afford homes, and offers 10 policy fixes.
As Americans continue to feel the squeeze from high housing, food and energy costs, affordability has emerged as a defining issue ahead of November’s midterm elections, with both parties under pressure to show voters they can bring down the cost of living.
Now, a new report from the conservative group founded by former Vice President Mike Pence is offering its own prescription, laying out 10 proposals aimed at lowering costs by cutting red tape and boosting production across the economy.
"Yes, there's an unaffordability crisis, and it's the government's fault," Richard Stern, vice president of the Plymouth Institute for Free Enterprise at Advancing American Freedom (AAF), told Fox News Digital.
That argument is at the heart of the report, "10 Ways to Improve Affordability Now Across 10 Levels of the Economy," which calls affordability the "No. 1 issue facing the American people" and targets costs associated with housing, energy and business, among others.
The report's proposals range from easing zoning restrictions and expanding oil and gas access to overhauling Social Security and SNAP eligibility, echoing parts of President Donald Trump’s second-term agenda.
But the conservative blueprint breaks with Trump on two key pocketbook issues: tariffs and credit card interest rates.
THINK YOUR STATE IS EXPENSIVE? NEW DATA REVEALS WHERE AMERICANS FACE THE HIGHEST COST OF LIVING
On trade, the report argues Trump’s sweeping tariffs have come at a cost to American consumers and the broader economy, raising prices, straining U.S. alliances and resulting in nearly 900,000 fewer jobs than expected.
The authors at AAF call for shifting more tariff authority back to Congress.
But while the report paints a bleak picture of the tariffs’ broader economic impact, they have generated a windfall for Washington. In January alone, duties totaled $30.4 billion, up about 242% from $8.9 billion a year earlier, according to Treasury data.
On housing, the report blamed zoning restrictions for pushing families farther from jobs and making homeownership harder for younger Americans.
Those costs can be substantial. The National Association of Home Builders estimates government regulations account for about 26% of the price of a new single-family home.
THE SURPRISING HIDDEN COST QUIETLY ADDING NEARLY $132K TO NEW HOME PRICES REVEALED
The report recommends limiting local zoning restrictions, streamlining approval for projects that meet existing rules and tying roughly $50 billion in annual federal housing aid to zoning reform.
On energy, the proposal calls for more oil and gas leasing and rejecting state fracking bans. Stern argued greater domestic production could lower costs throughout the economy because energy touches "every good we move, every service provided."
Stern warned that economic frustration can turn Americans against one another, toward "viewing each other as the enemy, and that’s what socialism is."
"I hope that people can take away from this, that it's not businesses that are the problem," he said. "It's not entrepreneurs. It's not other Americans. It's government."
https://www.foxbusiness.com/politics/simple-fixes-conservatives-say-could-make-life-cheaper-americansTesla recalls nearly 3M vehicles over doors that may be difficult to open after crashesTesla's recall of nearly 3 million vehicles in China involves door handles that may trap occupants after severe collisions if low-voltage systems fail.
Tesla announced Friday that it is recalling nearly 3 million vehicles in China over concerns that doors may be difficult to open in an emergency, marking the largest automotive recall in the country's history.
Tesla's action comes alongside recalls announced by eight other automakers, affecting a combined total of about 4.3 million vehicles in China.
Tesla's recall is the largest, affecting approximately 2.98 million vehicles.
The U.S. automaker said the recall covers imported and China-made Model 3, Model Y, Model S and Model X vehicles, according to notices filed with China's State Administration for Market Regulation.
TESLA FILES PLANS FOR PROPOSED $10.1B TEXAS SOLAR MANUFACTURING PLANT
According to one of the recall notices, Tesla's electronically operated, retractable door handles could become difficult to operate after a severe collision if the vehicle's low-voltage system fails.
The company said the resulting problem "could hinder occupants from quickly opening the doors to escape and impede rescue efforts by those outside the vehicle, posing a safety hazard."
To address the issue, Tesla said it would "affix warning labels" to affected vehicles and remotely upgrade its window-control software so the windows automatically lower following an accident.
Tesla also issued a recall addressing problems with driver-monitoring systems in certain vehicles, which are designed to help ensure drivers remain alert and ready to take control of steering or braking when necessary.
FORD BOOSTS US LINCOLN PRODUCTION AS IT PHASES OUT IMPORTS FROM CHINA
The automaker said it would provide a software upgrade and "in-cabin camera monitoring" to help drivers remain vigilant.
Tesla said it will contact owners of vehicles that cannot receive the fixes through remote software updates to schedule service appointments.
Other automakers announcing recalls included Xiaomi, Leapmotor, Xpeng and Geely Holding.
MORE THAN 20,000 OFF-ROAD MOTORCYCLES RECALLED OVER DANGEROUS BRAKE DEFECT THAT COULD LEAD TO DEATH
The National Highway Traffic Safety Administration said Friday that the automakers have not disclosed plans to issue similar recalls in the U.S.
The announcement comes after Tesla issued two recalls in May.
The automaker recalled roughly 175 Cybertrucks over concerns that wheel studs could separate, potentially causing wheels to detach.
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Tesla also recalled more than 218,000 Model 3, Model Y, Model S and Model X vehicles because of delayed rearview camera images that could increase the risk of a crash.
FOX Business has reached out to Tesla for comment.
Reuters contributed to this report.
https://www.foxbusiness.com/lifestyle/tesla-recalls-nearly-3m-vehicles-over-doors-may-difficult-open-after-crashesUS-Canada trade negotiations suspended, Carney vows dollar-for-dollar retaliation against Trump's 50% tariffsCanadian Prime Minister Mark Carney suspended trade negotiations with the U.S. and announced retaliatory tariffs after calling Trump's last-minute proposed terms unfair.
Canadian Prime Minister Mark Carney suspended trade negotiations with the United States late Friday, blaming "unfair" last-minute changes to Washington's proposed terms and announcing retaliatory tariffs against the U.S.
Carney said the move comes as President Donald Trump's 50% tariffs on roughly $28 billion in Canadian goods were set to take effect at midnight.
The breakdown came just days after Trump paused the duties for three days and announced that the U.S. and Canada, subject to final documentation, had reached a "DEAL!"
While Carney said progress had been made in recent weeks toward improving Canada's position and reaching an agreement with the U.S., he said the two sides ultimately could not finalize a deal.
TRUMP PAUSES 50% TARIFFS ON CANADA HOURS BEFORE DEADLINE AFTER ANNOUNCING POTENTIAL DEAL
"However, that progress has not been enough to meet our objectives for Canadians," Carney said in a statement.
"As a result, this evening, I have decided to suspend trade negotiations with the U.S. and have directed Canada's negotiators to return to Ottawa," he continued. "They have worked hard, in good faith, to defend the interests of Canadians throughout these negotiations up until the very last minute. However, last-minute changes in the U.S. proposed terms were unfair, uneconomic, and called into question the reliability of any deal."
The Office of the U.S. Trade Representative (USTR) offered a sharply different account of the breakdown, saying Canada declined to finalize terms that had been agreed to earlier in the week.
"Tonight, Canada declined to finalize the trade deal under the terms agreed earlier this week," USTR Jamieson Greer said in a statement. "Despite the U.S. offer to Canada to receive the best treatment of any major exporter to our market, new demands and walk backs of other commitments by Canada have upended the careful balance reached in the past days."
Greer said the U.S. had offered Canada significant tariff reductions on steel, aluminum, autos and lumber, along with a broader economic and national security partnership covering areas including digital trade, critical minerals, aerospace and export controls.
"This is a missed opportunity for Canada to partner with the United States, which is the fastest growing economy in the G7," Greer said.
Carney said Canada would retaliate by matching the U.S. tariffs.
US, CANADA STRIKE DEAL TO OPEN BRIDGE LINKING DETROIT AND WINDSOR AFTER DISPUTE DELAYED LAUNCH
"At midnight tonight, the U.S. intends to impose a 50% tariff on roughly $28 billion of Canadian goods. Canada will match those tariffs dollar for dollar to protect our workers and businesses," he said.
"In the coming days, the government will introduce additional measures to support Canadian workers and businesses, building on the nearly $25 billion in support provided over the past 18 months," Carney added.
Trump said late Tuesday that he was pausing the new tariffs on Canadian goods that were originally scheduled to take effect Wednesday.
The duties would have covered roughly $20 billion in Canadian imports, including liquor, dairy products, vehicles, hockey equipment and other goods. Certain food products, wearables, synthetic materials and industrial goods were also expected to be affected.
The Trump administration announced the tariffs on certain Canadian imports in June, citing what officials described as trade "discrimination" against American businesses.
This is a developing story. Check back for updates.
https://www.foxbusiness.com/economy/us-canada-trade-negotiations-suspended-carney-vows-dollar-for-dollar-retaliation-against-trumps-50-tariffsE coli and salmonella outbreak linked to alfalfa sprouts sickens dozens across multiple statesThe CDC linkED alfalfa sprouts from Everything Sprouts to 55 illnesses across 15 states involving three E. coli strains and one salmonella strain.
A food safety alert has been issued over an E. coli and salmonella outbreak that has sickened dozens of people across 15 states, most of whom reported eating alfalfa sprouts before they fell ill, according to the U.S. Centers for Disease Control and Prevention.
So far, 55 people have reported falling ill, including four hospitalizations.
No deaths have been reported.
FDA WIDENS CYCLOSPORA OUTBREAK INVESTIGATION TO SIX MORE STATES AS CONFIRMED CASES TOP 6,000
The affected alfalfa sprouts were produced by Everything Sprouts and sold under the Calco and Everything Sprouts brands at retailers and grocery stores.
Customers should throw away or return any of the affected products and wash surfaces that may have come into contact with sprouts.
E. coli symptoms include stomach cramps, bloody diarrhea and nausea, and salmonella symptoms involve diarrhea, stomach cramps and fever.
The CDC urged people to see a doctor immediately if they experience diarrhea and fever higher than 102 degrees, bloody diarrhea or diarrhea for more than two days, the inability to keep anything down or signs of dehydration, including not peeing much, dry mouth and throat and feeling dizzy when standing.
MICHIGAN REPORTS 2 DEATHS IN RARE PARASITE OUTBREAK THAT HAS SICKENED MORE THAN 11,000
The majority of people sickened were in Minnesota (21) and Wisconsin (17), while two people were sickened in New York, North Dakota, North Carolina and Florida.
One illness was reported in Washington, South Dakota, Iowa, Kansas, Indiana, Pennsylvania, Michigan, New Hampshire and South Carolina.
LETTUCE FARMERS PLOW CROPS BACK INTO SOIL AS CYCLOSPORIASIS FEARS TANK DEMAND FOR FRESH GREENS
Along with the CDC, public health and regulatory officials in several states and the U.S. Food and Drug Administration are investigating the outbreak, which involves three strains of E. coli and one of salmonella.
DOCTORS WARN YOUR 'STOMACH BUG' MAY ACTUALLY BE A PARASITE THAT'S HARDER TO DETECT
Of those sickened, 46 were infected with E. coli, seven with salmonella, and two with both. The CDC said that some people were infected with more than one strain of the infections.
The illnesses started in late May and continued through Aug. 8.
This outbreak comes amid several other food-borne outbreaks reported recently linked to jalapeños, iceberg lettuce, eggs and blueberries.
https://www.foxbusiness.com/lifestyle/e-coli-salmonella-outbreak-linked-alfalfa-sprouts-sickens-dozens-across-multiple-statesTrump allows 300,000 metric tons of tariff-free beef imports in bid to cut prices, drawing rancher backlashTrump's tariff-free ground beef import plan drew sharp backlash from cattle industry groups and Republican senators warning it hurts ranchers.
President Donald Trump said Friday that he would allow up to 300,000 metric tons of ground beef to be imported into the United States tariff-free for the next 90 days, with a commitment that the meat would be sold at 25% below current market prices.
The announcement immediately drew backlash from cattle industry groups and several Republican senators who warned that increasing imports could hurt American ranchers.
In a Truth Social post announcing the plan, Trump said it would "substantially lower" the price of ground beef for American families, arguing that prices had soared under the Biden administration as the domestic cattle supply had shrunk.
"As we work to rebuild this herd and help our ranchers, for the next 90 days, the United States will allow up to 300,000 metric tons of product for ground beef to be imported with no out of quota tariff," Trump wrote.
A HISTORIC SHORTAGE IS SQUEEZING AN AMERICAN DINNER STAPLE, AND RELIEF COULD BE YEARS AWAY
"We have a commitment that this beef will be sold at 25 percent below current market prices," he continued. "This deal will reduce prices for Americans while giving space for our Great American Beef Herd to grow again."
After Trump's announcement, the National Cattlemen's Beef Association said it was "disappointed" by the plan, arguing that introducing below-market beef could negatively affect American cattle producers.
Speaking with FOX Business' Nicole McManus, National Cattlemen's Beef Association CEO Colin Woodall urged the federal government not to interfere with the cattle industry.
"The best thing is to stay out of our business. That's what we want, first and foremost," Woodall said. "Let us work the way we do as producers to take care of our cattle, to take of our natural resources and to be able to grow."
TRUMP PAUSES 50% TARIFFS ON CANADA HOURS BEFORE DEADLINE AFTER ANNOUNCING POTENTIAL DEAL
Woodall sharply criticized Trump's plan, arguing the president was overlooking strong consumer demand for U.S. beef.
"This is the third time in less than a year that the president has made a similar announcement about increasing imports in order to decrease the price of beef," Woodall said.
"And, once again, he's missing the point," Woodall continued. "He's missing the picture, and he's definitely lost the plot line. This is about demand. The consumer demands our product. The customer loves what we're producing.
"We're producing the highest quality beef we ever have, and they have shown their willingness to pay for it. The American consumer does not have to buy beef. They want to buy beef and, unfortunately, the president is just not factoring that into his consideration."
The American Farm Bureau Federation also responded to Trump's announcement, warning that "short-term measures could have long-term negative effects" for consumers and ranchers.
PIZZA HUT MAKES SURPRISING CHANGE TO ICONIC NAME AHEAD OF NFL SEASON
U.S. Cattlemen's Association President Justin Tupper also criticized the plan.
"You don't put America first by putting U.S. cattle producers last," Tupper said in a statement. "This move will weaken our markets and gamble with food safety in the process."
Several Republicans on Capitol Hill also pushed back, including Sen. Tim Sheehy, R-Mont., who said he had advised Trump against the move and warned it could hurt ranching families.
"The President's heart is in the right place on wanting lower prices for the American people, and beef prices have been impacted by the Mexican screwworm," Sheehy posted on X.
FORD’S US MANUFACTURING EXPANSION TO BRING ‘THOUSANDS AND THOUSANDS OF JOBS,’ LUTNICK SAYS
"But the reality is this action will make it more difficult for American ranchers to rebuild our herd and bring prices down for the American people. And most importantly, this will harm our ranching families who feed the nation."
Trump responded to the criticism while speaking to reporters Friday.
"I love the ranchers; they've done a fantastic job," Trump said. "But they admit that we need a little help, and, in order to get the prices down, so that's what we're doing."
Trump did not specify which countries would supply the beef, telling reporters only that "there are a few" and that they would send the "highest quality beef."
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The announcement comes as U.S. ranchers face the smallest domestic cattle herd in 75 years and Tyson Foods announced last week that it would close beef facilities in Illinois and Utah.
FOX Business has reached out to the White House for additional comment.
https://www.foxbusiness.com/politics/trump-allows-300000-metric-tons-tariff-free-beef-imports-bid-cut-prices-drawing-rancher-backlashTikTok agrees to pay $400 million to settle Justice Department children's privacy caseThe DOJ called the $400 million TikTok settlement a major victory for American children and parents, citing strengthened privacy safeguards.
The U.S. Department of Justice has secured a $400 million settlement with TikTok and parent company ByteDance in a case related to children’s privacy legislation, the DOJ announced Friday.
"This settlement is a major victory for American children and parents," Associate Attorney General Stanley E. Woodward Jr. said in a statement.
"The department's priority is ensuring that children are protected online and that companies entrusted with their personal information meet their legal obligations. This resolution secures a substantial recovery while reinforcing the protections that families expect and deserve."
The lawsuit, related to compliance with the Children’s Online Privacy Protection Act, was filed by the Biden administration’s DOJ in 2024.
UK TO BAN TIKTOK, YOUTUBE, OTHER SOCIAL MEDIA APPS FOR CHILDREN UNDER 16, STARMER SAYS
The Justice Department said the settlement is one of the largest ever reached in a case involving the privacy act.
Under the terms of the settlement, TikTok and ByteDance will pay $300 million immediately and then $100 million "upon entry of an order vacating a prior consent decree entered against TikTok’s predecessor, Musical.ly."
FEDERAL EMPLOYEES CAN DOWNLOAD TIKTOK ON GOVERNMENT DEVICES AFTER BYTEDANCE'S DIVESTITURE, DOJ SAYS
The Justice Department said, since the lawsuit was first filed, "TikTok has undergone significant changes to its ownership, management, compliance functions and privacy practices.
"The company has implemented extensive measures designed to strengthen safeguards for younger users, improve age-related controls and enhance parental oversight," the DOJ added, saying that those developments have "strengthened protections for millions of American families."
The DOJ said the settlement shows its commitment to protecting the public while also acknowledging the progress TikTok has made.
"The most important result is that children and parents are better protected today than they were when this case began," Assistant Attorney General Brett A. Shumate of the Justice Department’s Civil Division said in a statement.
"This settlement reflects substantial progress, secures a significant monetary recovery and brings this matter to a successful conclusion."
TikTok did not immediately respond to FOX Business' request for comment.
https://www.foxbusiness.com/technology/tiktok-agrees-pay-400-million-settle-justice-department-childrens-privacy-caseNearly 40,000 bottles of eye drops recalled nationwide over possible contaminationThe voluntary recall was issued due to a "lack of assurance of sterility" in certain bottles of Clear Eyes Maximum Itchy Eye Relief sold nationwide.
Nearly 40,000 bottles of eye drops are being recalled nationwide due to potential contamination, according to the Food and Drug Administration.
Tarrytown, New York-based Prestige Brand Holdings is voluntarily recalling 39,060 bottles of its Clear Eyes Maximum Itchy Eye Relief eye drops due to a "lack of assurance of sterility," according to an FDA enforcement report.
The affected product comes in 15-milliliter bottles with the lot code 2552A and an expiration date of Sep. 30, 2027. They were distributed by Medtech Products Inc., a Prestige Consumer Healthcare company.
NEARLY 12 MILLION BOTTLES OF ROHTO EYE DROPS RECALLED OVER STERILITY CONCERNS, FDA ANNOUNCES
The FDA classified the recall as a Class II recall, which it describes as a "situation in which use of or exposure to a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote."
MILLIONS OF PRESCRIPTION EYE DROPS RECALLED NATIONWIDE OVER CONTAMINATION CONCERNS
Other brands in the Prestige portfolio include Dramamine, Luden’s and Anacin.
The company completed the acquisition of the Breathe Right brand – known for its nasal strips – and other assets from Foundation Consumer Healthcare in June in a deal valued at about $1.05 billion.
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FOX Business reached out to Prestige Brands for comment.
https://www.foxbusiness.com/lifestyle/nearly-40000-eye-drops-recalled-nationwide-over-possible-contaminationMost Americans aren't anti-vaccine. They're uncertain — and that's a growing public health challengeThe bigger issue at hand may be that many Americans fall into a large, uncertain middle ground – neither firmly pro-vaccine nor staunchly opposed.{}
California helicopter maker lands major Army training deal, could support hundreds of US jobsRobinson Helicopter’s R66 will train the next generation of Army pilots in a deal the California manufacturer says could support hundreds of American jobs.
A California helicopter manufacturer whose R66 helicopter was selected for use in a major new U.S. Army flight training program said the effort could support hundreds of American jobs.
Robinson Helicopter Company, based in Torrance, California, will provide its R66 turbine helicopter for the Army’s Flight School Next program as part of a team led by M1 Support Services.
The program will train the next generation of Army helicopter pilots at Fort Rucker, Alabama. The R66 was selected as the team’s aircraft for the Army’s Initial Entry Rotary-Wing training program.
"Robinson didn't just check the boxes; it blew past them, beating out competitors on price, performance and resiliency," company spokesperson Erica Dumas told FOX Business.
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Robinson Helicopter CEO David Smith said the selection shows that an American-made aircraft can compete with foreign-built products in a critical military training role.
"This is a really powerful demonstration of American-made displacing what are currently foreign products that occupy this very important role of training Army aviators," Smith told FOX Business.
Smith said the program will create demand for maintenance workers, instructors and overhaul specialists in Alabama while also driving additional work at Robinson’s California factory.
"There’s an opportunity for us to both sell these aircraft and the parts that feed them for 26 years," he said, adding that future exports to allied nations could help create "likely hundreds of jobs over time" in Torrance, California.
Robinson says the R66 is 100% U.S.-designed and manufactured, with more than 85% of its parts produced at the company’s vertically integrated Torrance facility.
FORD ENTERS COMPETITION TO DEVELOP NEW US ARMY TACTICAL TRUCK
"We absolutely have the skills, the resources to design, the resources to innovate, and ultimately to make the hard manufactured products that build these products," Smith said.
The company says the R66 has the lowest acquisition price and direct operating cost of any turbine helicopter in its class over the past decade while giving Army pilots experience with modern avionics, autopilot systems and night-vision capabilities.
Smith said those savings could allow the Army to redirect funding toward other priorities.
"One of the great benefits of this project is it will help the Army allocate more funding to some of the more significant projects they have [in] the future," he said.
The contract also advances Robinson’s expansion into defense.
"This is a way for us to contribute directly to an area of great need," he said.
DEPARTMENT OF WAR TAPS ORACLE FOR SOFTWARE DEAL WORTH NEARLY $7B
Smith also argued that rebuilding America’s defense industrial base will require renewed emphasis on skilled trades.
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"We need to rebuild that first, the appetite and the interest of the workforce to go into these very important skilled areas and make it a fun and cool business to be in again," Smith said.
Robinson also plans to reinvest proceeds from the program into research and development, including unmanned aircraft and other defense technologies.
"I'm an engineer first," he said. "And so my mindset is, how can we continue to use wins like this to reinvest in the business and grow in the years to come?"
https://www.foxbusiness.com/fox-news-air-space/california-helicopter-maker-lands-major-army-training-deal-could-support-hundreds-us-jobsDave Portnoy backs Pizza Hut rebrand as 'brilliant move' — then makes his pitchBarstool Sports' Dave Portnoy called Pizza Hut's temporary "Hut" rebrand for the NFL season "brilliant," while pitching Barstool Sports as the ideal ad partner.
The "One Bite" pizza reviewer and Barstool Sports founder Dave Portnoy threw his support behind Yum! Brands' campaign to temporarily rebrand Pizza Hut, praising the pizza chain's strategic marketing move as "brilliant" while pitching company executives on directing advertising dollars toward Barstool Sports during football season.
"At first, I didn't really get it. But I'll say this, Stuart. We do business with Pizza Hut. And we want them to spend lots of money with Barstool. So I think it's a brilliant move. Whoever came up with that, I like it," Portnoy said on "Varney & Co." Friday.
"They're thinking smart. It's football season. There it is, the football with the 'Hut.' And you know, they're gonna spread this message. They gotta find some new media vehicles that cover football," he continued, "and maybe do a little bit of an ad spend to let people know what's going on so they don't get confused."
FOX Business host Stuart Varney replied: "And Barstool Sports is ideally situated to pick up a little pizza business, right?"
"You don't say!" Portnoy responded.
On Wednesday, the chain announced that it will go by "Hut" for the next 25 weeks, coinciding with the 2026 NFL season.
"You can just call us HUT for the next 25 weeks," Pizza Hut wrote in a social media post announcing the temporary rebrand.
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The company showed off the change at a restaurant in Plano, Texas, where a banner featuring a football covered the word "Pizza" on the restaurant's exterior sign. Pizza Hut, which is headquartered in Plano, also changed its social media profile images to a logo without the word "Pizza."
FOX Business' Brittany Miller contributed to this report.
https://www.foxbusiness.com/retail/dave-portnoy-backs-pizza-hut-rebrand-brilliant-makes-his-pitchWhy some of America's biggest brands are losing ground in ChinaNike, Starbucks and GM have lost ground in China as domestic rivals, geopolitics and changing consumer preferences reshape the market.{}
Trump admin taps former JPMorgan Chase exec Matt Zames to advise Social Security agencyMatt Zames is taking an unpaid position to help his former JPMorgan colleague Frank Bisignano tackle modernization of the SSA, CNBC has learned.{}
Trump administration takes steps to chip away at American Bar Association's power to accredit law schoolsThe American Bar Association's 74-year authority over law school accreditation now faces a direct challenge from the Department of Education.
The Trump administration is threatening the American Bar Association's longstanding authority to accredit law schools, which dates back to 1952.
The White House, along with congressional Republicans, have accused the ABA of using its dominant role in legal education to push diversity, equity and inclusion (DEI) ideology on up-and-coming lawyers.
A 500-page Department of Education report obtained by The Wall Street Journal argues that the ABA's accreditation wing is not sufficiently independent of the law profession itself.
In a statement to Fox News Digital, the Department of Education said its staff reviewed the ABA's accreditation standards and found the organization is "out of compliance" with federal accreditor regulations.
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"We will not comment on details as the process is ongoing and involves multiple stages of review, including by an independent, bipartisan advisory committee in September," said a spokesperson from the Department of Education.
The ABA’s accreditation system gives it considerable influence over law schools in the United States.
Its Council of the Section of Legal Education and Admissions to the Bar is the only accreditor of Juris Doctor programs recognized by the Department of Education, and graduation from an ABA-approved law school is the standard path to taking the bar exam in most states.
Since the Higher Education Act was passed in 1965, only accredited universities can participate in federal student financial assistance programs. Students who attend non-accredited law schools cannot access federal student loans or grants.
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The Department of Education's initial recommendation to reject the ABA as a federally recognized accreditor will go to a panel for review, The Journal reported. That panel will then make its own recommendation to Undersecretary of Education Nicholas Kent.
In a statement to Fox News Digital, Melissa Hart, the chair of the ABA’s Accreditation Council, said the council is complying with federal laws and regulations.
"Although it is difficult to comment on a recommendation we haven’t yet received, we look forward to the opportunity to address any misconceptions and clarify the record at our upcoming hearing before the [National Advisory Committee on Institutional Quality and Integrity] committee next month," Hart said.
"As a national accrediting body for American law schools, we remain focused on ensuring quality legal education that produces competent, ethical attorneys who are eligible for licensure," she added. "The outcomes produced by Council-accredited law schools are unmatched, and we continue the important work of accrediting law schools as our recognition process proceeds."
Under the Higher Education Act, the secretary of education has the power to terminate the federal recognition of an accrediting agency, but only after the accreditor is given notice and an opportunity for a hearing.
Accreditors are also generally given up to 12 months to come back into compliance before their recognition is terminated.
If the ABA lost its federal status as a trusted accreditor, law schools affiliated with a university would likely use the university's accreditor to maintain access to federal student aid programs.
Freestanding law schools would face a more complicated situation, as there are no other federally recognized accreditors specifically for J.D. programs. The Trump administration has not publicly detailed how those schools would retain access to federal student aid if the Department of Education rejects the ABA’s accreditation authority.
https://www.foxbusiness.com/politics/trump-administration-takes-steps-chip-away-american-bar-associations-power-accredit-law-schoolsTop JPMorgan Chase exec warns regulatory proposal could squeeze credit for millions of small businessesJPMorgan Chase warns Basel III Endgame capital rules could hurt Main Street by raising borrowing costs and reducing small business lending access.
FIRST ON FOX: A top executive at JPMorgan Chase warned that proposed federal bank capital rules could damage small businesses across the country, airing caution that Main Street may have less access to credit from banks.
As regulators move to finalize Basel III Endgame, one of the most important global financial regulatory standards to date, Chase Business Bank CEO Stevie Baron said in a memo obtained by Fox News Digital that the current framework could potentially have unintended consequences for small businesses as capital requirements could prevent lending.
"The latest revisions to the 2023 proposal are a step in the right direction, but as we reiterated to regulators, more work is needed to ensure the final rules do not increase the cost of lending or reduce access to credit for small businesses," Baron said.
Baron specifically noted proposed changes to the Global Systemically Important Bank (GSIB) surcharge, saying that formula could encourage trading over lending, raising borrowing costs for millions of small business owners.
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JPMorgan Chase is considered a GSIB, and is required to adhere to higher loss-absorbing equity and capital requirements than other smaller banks.
"The Fed should reconsider the proposed changes to the GSIB surcharge calculation, and, in particular, retain the current approach to the short-term wholesale funding factor that accounts for the size and funding diversification benefits of universal banks," Baron added. "Regulators should ensure the surcharge framework does not penalize the everyday lending and banking services relied on by small businesses."
He also argued that "capital requirements should not increase just because the economy is growing or routine activity is expanding," and that "policymakers should ensure the capital framework operates as a coherent whole, rather than layering multiple requirements on top of the same risks."
Baron oversees more than 7 million small and medium-sized businesses and over $19 billion in business banking average loans in fiscal year 2025. The American Dream Initiative, which was announced by JPMorgan Chase CEO Jamie Dimon on Fox News’ "Fox and Friends" in March, seeks to expand the total number of small and medium-sized businesses to ten million in additional to a number of changes at the bank to promote growth in the U.S. economy.
A senior JPMorgan Chase executive told Fox News Digital that acting Labor Secretary Keith Sonderling visited the bank's headquarters last week to discuss the initiative and steps it is taking to implement changes under the Trump administration.
After the 2008 financial crisis, global regulators developed the Basel III regulatory package to ensure banks have enough capital and financial cushion to weather economic volatility to protect taxpayers. U.S. regulatory agencies, including the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller, initially proposed the framework, dubbed Basel III Endgame in 2023 but withdrew the draft for revision after pushback.
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In March, Trump administration regulators proposed the latest draft of Basel III Endgame, with a comment deadline of July, though banks are still lobbying for changes as regulators move to enact permanent policy.
Top lawmakers, like Senate Banking Committee Chairman Tim Scott, R-South Carolina, have also warned about potential lending shortfalls if the framework is enacted.
"I have long said that overly complicated capital rules can slow economic growth without making our financial system safer," Scott said in a March statement. "The Biden administration’s plan would have made it harder to get a mortgage, harder to start a business, and more expensive to make ends meet. That is the wrong direction when families are already feeling squeezed. There is still more work to do. We need rules that keep our financial system strong while making sure banks can lend, and our economy can grow."
Baron aligned with Scott’s view that there needs to be assurance that banks will be able to lend freely, stating in his memo that small businesses could be restricted from expansion and investing in growth should there be limited access to capital.
His memo is part of a new JPMorgan Chase series titled "from the desk of," where top executives, including Dimon, have shared their takes on various economic and political policies and how they affect America’s largest bank.
https://www.foxbusiness.com/politics/top-jpmorgan-exec-warns-regulatory-proposal-could-squeeze-credit-millions-small-businesses