Billionaire families bet on semiconductor and energy stocks in first quarter during Iran warPrivate investment firms of David Tepper and other billionaires doubled down on chipmakers despite the Iran war pressuring data center economics.{}
Stellantis unveils $70 billion turnaround plan, targets positive cash flow by 2028Stellantis CEO Antonio Filosa unveiled a new five-year strategic plan Thursday worth 60 billion euros (US$69.7 billion).{}
Leftist Seattle mayor admits Starbucks criticism 'caused more harm than good'Seattle Mayor Katie Wilson walked back boycott comments targeting Starbucks as city leaders debate business conditions, taxes and corporate departures.
Seattle Mayor Katie Wilson is walking back earlier comments urging consumers to boycott Starbucks, as tensions grow over Seattle’s relationship with major employers and the coffee giant expands its footprint outside Washington state.
Wilson, a democratic socialist elected last year on a progressive, labor-backed platform, told The New York Times this week that comments she made during a Starbucks worker strike last fall were not productive.
"Those comments were not productive in the sense that they caused more harm than good," Wilson told the outlet.
The remarks marked a notable shift in tone from comments Wilson made shortly after winning Seattle’s mayoral race in November, when she joined Starbucks workers on a picket line outside the company’s former Reserve Roastery on Capitol Hill and urged residents to boycott the hometown coffee chain.
"I am not buying Starbucks and you should not either," Wilson said at the rally, according to KUOW. She later led protesters in chants supporting striking workers.
At the time, several unionized Starbucks workers in Seattle and other cities were striking amid stalled contract negotiations with the company.
Wilson’s comments have resurfaced in recent weeks as concerns mount among some business leaders and local officials about Seattle’s economic climate and whether increasingly progressive politics could drive employers and wealthy residents elsewhere.
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Those concerns intensified after Starbucks announced plans to establish a 2,000-employee corporate hub in Nashville, Tennessee, fueling debate over whether the company could gradually shift more operations away from Seattle, where Starbucks was founded in 1971 and still maintains its global headquarters. Tennessee has increasingly attracted corporate expansions from companies seeking lower taxes, lower operating costs and a more business-friendly regulatory environment than many West Coast cities.
Seattle City Council member Rob Saka told The New York Times he was "gravely concerned" about the potential implications for the city.
"This is real," Saka told the outlet.
Saka’s concerns mark a notable shift from his tone following Wilson’s election victory, when he praised the mayor’s "energy" and said voters were calling for "change and a renewed focus on affordability."
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Former Starbucks CEO Howard Schultz also weighed in earlier this month in a Wall Street Journal op-ed criticizing Seattle’s political leadership and warning the city risks alienating businesses that helped fuel its economic rise.
"Seattle’s mayor, Katie Wilson, has chosen to cast business as a foil rather than a partner," Schultz wrote. "Her socialist rhetoric vilifies employers, even while she continues to rely on them for revenue."
Schultz argued Washington state’s economic success was built on entrepreneurship, innovation and business growth, adding that the ecosystem is now "fractured."
The debate comes as Seattle and Washington state grapple with rising housing costs, affordability concerns and tax policy disputes. Earlier this spring, Washington lawmakers approved a new 9.9% tax on certain personal income above $1 million, a measure critics have described as the state’s first income tax, while Wilson recently drew criticism for remarks dismissing concerns that wealthy residents could leave the state.
"I think the claims that millionaires are going to leave our state are super overblown," Wilson said during a Seattle University forum last month. "And the ones that leave? Like, bye."
Wilson has since indicated she is trying to strike a more balanced tone toward Seattle’s corporate community.
The mayor told The New York Times she now understands her comments will be closely scrutinized for signs of hostility toward businesses and said she hopes to maintain "a multidimensional relationship" with companies like Starbucks.
"I want them here," Wilson said of Starbucks, "and I believe they want to be here."
Starbucks has framed its Nashville expansion as part of a broader growth strategy rather than a departure from Seattle. In a letter to employees cited by The New York Times, Starbucks chief partner officer Sara Kelly described the Tennessee expansion as "a complement to our global and North America presence in Seattle." Starbucks has also continued restructuring portions of its Seattle-based workforce, including reported layoffs tied to its technology division earlier this month.
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Fox Business reached out to Starbucks and the Seattle mayor’s office for comment.
Fox News Digital's Peter Pinedo contributed to this report.
https://www.foxbusiness.com/politics/seattle-mayor-softens-starbucks-boycott-rhetoricEli Lilly says next-generation weight loss drug clears crucial obesity trialThe results bring Lilly one step closer to filing for approval of the injection, retatrutide, which works differently from existing injections and pills.{}
Billionaire families bet on semiconductor and energy stocks in first quarter during Iran warPrivate investment firms of David Tepper and other billionaires doubled down on chipmakers despite the Iran war pressuring data center economics.{}
Walmart issues worse-than-expected outlook as high gas prices hit shoppersWalmart's CFO John David Rainey said higher tax returns helped offset the effect of higher gas prices in the first quarter.{}
Billionaire families bet on semiconductor and energy stocks in first quarter during Iran warPrivate investment firms of David Tepper and other billionaires doubled down on chipmakers despite the Iran war pressuring data center economics.{}
Walmart issues worse-than-expected outlook as high gas prices hit shoppersWalmart's CFO John David Rainey said higher tax returns helped offset the effect of higher gas prices in the first quarter.{}
Walmart issues worse-than-expected outlook as high gas prices hit shoppersWalmart's CFO John David Rainey said higher tax returns helped offset the effect of higher gas prices in the first quarter.{}
Eli Lilly says next-generation weight loss drug clears crucial obesity trialThe results bring Lilly one step closer to filing for approval of the injection, retatrutide, which works differently from existing injections and pills.{}
Trader Joe’s expands with 25 new stores across 14 states in massive growth pushThe California-based grocery retailer revealed a fresh wave of upcoming locations stretching from Arizona to New York, bringing the company’s total slate of planned stores to more than two dozen nationwide.
Trader Joe’s is expanding its footprint with 25 new locations across 14 states, adding to its previously announced growth pipeline, the company said.
The popular California-based grocery chain announced Wednesday that nine additional stores are now in development, bringing the total slate of upcoming openings to more than two dozen.
All locations have been identified, though opening dates remain to be determined.
"We are proud to be joining the neighborhood, and to continue our commitment to providing nourishment to the surrounding communities through our Neighborhood Shares program," the company said.
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The new round of storefronts spans Arizona, Florida, Illinois, Massachusetts, Michigan, New York, Ohio and Utah.
The nine new locations across eight states include:
COSTCO FANS ERUPT AFTER BELOVED FOOD COURT ITEM REPLACED BY HIGH-CALORIE NEWCOMER
The other 16 previously announced locations include:
Details surrounding the store openings — including store size, parking capacity and inventory offerings — remain limited beyond the listed addresses.
As of May 20, Trader Joe's opened four new storefronts across the country earlier this year, including one in Hamden, Connecticut; Miller Place, New York; McKinney, Texas; and Woodinville, Washington.
The chain, known for its private-label products, affordable prices and upbeat shopping experience, currently operates stores across 42 states and the District of Columbia.
States currently without a Trader Joe’s location include Alaska, Hawaii, Mississippi, Montana, North Dakota, South Dakota, West Virginia and Wyoming.
https://www.foxbusiness.com/retail/trader-joes-expands-25-new-stores-14-states-massive-growth-pushWalmart to report first-quarter earnings before the bell. Here's what Wall Street expectsWalmart's fiscal first-quarter earnings report will offer Wall Street a unique view into the health of the U.S. economy{}
Sinkhole shuts runway at LaGuardia Airport, delaying flights, Port Authority warnsThe Port Authority said travelers should expect delays and cancellations, with thunderstorms expected also expected to roll in Wednesday.{}
Popular Costco patio swings recalled after injuries linked to dangerous fall hazardWorld Bright International Limited is recalling about 18,500 patio swings sold at Costco after reports that the seats detached from the frame during use, injuring eight people.
Thousands of patio swings sold at Costco are being recalled because the seats can suddenly detach while in use, creating what officials describe as a "risk of serious injury or death from a fall hazard."
World Bright International Limited is recalling about 18,500 Agio Menlo Woven Patio Swings following eight incidents in which the swing seat separated from the frame, resulting in at least eight injuries, according to a May 14 notice from the U.S. Consumer Product Safety Commission (CPSC).
"The firm has received eight reports of the swing seat detaching from the swing frame, resulting in eight reports of injury, including impact injuries to the head and arms," CPSC said.
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The recalled swings carry model number 1934256 and feature a black metal frame, brown woven wicker seating and a fabric canopy.
The products were sold at Costco stores nationwide and online at Costco.com between February and March 2026 for between $549 and $649.
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Owners of the recalled patio swings are urged to stop using them immediately.
"Consumers should immediately stop using the recalled patio swings and contact World Bright International Limited to receive a free repair in the form of replacement hooks and instructions for replacing the hooks," CPSC said.
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The recall comes amid a number of recent safety alerts involving Costco products.
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Last week, the CPSC also announced the recall of more than 113,000 electric kettles sold at Costco and HomeGoods after reports that the handles can detach and spill hot water, including one reported second-degree burn.
Costco and World Bright International Limited did not immediately respond to FOX Business' request for comment.
https://www.foxbusiness.com/lifestyle/popular-costco-patio-swings-recalled-injuries-linked-dangerous-fall-hazardJeff Bezos denies role in Melania Trump documentary, says ‘people are very curious’ about first ladyJeff Bezos on Wednesday denied involvement in Amazon's Melania Trump documentary, calling it a 'good business decision' and rejecting claims of 'buying influence.'
Amazon founder Jeff Bezos on Wednesday defended his company’s decision to back a Melania Trump documentary, saying he had no involvement in the deal and rejecting claims it was intended to curry favor with President Donald Trump.
Speaking with CNBC’s Andrew Ross Sorkin, the tech billionaire dismissed reports suggesting he personally pushed Amazon to acquire the film.
"The ‘Melania’ thing is a falsehood that will not die," Bezos said. "I see it reported all the time that somehow I was involved in this ... It's not true. We have denied it. Melania's office has denied it. It's not true."
Even so, Bezos said the "Melania" documentary appeared to have been a smart investment.
"It appears it was a good business decision. You know, it did very well in theaters, it's done very well on streaming. People are very curious about Melania," Bezos said. "Even though I had nothing to do with it, it appeared that the Amazon team made a very wise business decision."
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Bezos added that Amazon routinely makes major decisions without his direct input, citing the company’s successful adaptation of "Project Hail Mary" as another example.
"I also had nothing to do with ‘Project Hail Mary,’ which I regret because it's an incredible success. I wish I had greenlit that, but I didn't," Bezos told CNBC. "… Amazon's a big company, it makes a lot of decisions, but no, this idea that somehow that is a way of buying influence is just not correct."
JEFF BEZOS AND LAUREN SÁNCHEZ ENJOY ROMANTIC DINNER DATE AT UPSCALE MIAMI BEACH RESTAURANT
The "Melania" documentary follows 20 days in Melania Trump's life just ahead of President Donald Trump's second term in office.
Amazon MGM Studios reportedly spent $40 million to acquire "Melania," which debuted in theaters nationwide in February. The film earned $16.6 million at the global box office, according to The Hill.
In March, Democratic lawmakers — including Sen. Elizabeth Warren and Reps. Hank Johnson, Dan Goldman and Ben Ray Luján — sent a letter to Amazon CEO Andy Jassy questioning the reportedly "extraordinary" price tag and raising concerns the investment could resemble a pay-to-play arrangement with the Trump administration, the outlet reported.
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Bezos also addressed criticism surrounding his influence over The Washington Post.
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"By the way, the same thing at The Post, I want the opinion section right to stand for free markets, kind of what I've been talking to you about today, free markets and individual personal liberties," Bezos said. "I think that those are [the] founding pillars of America. It's one of the reasons that America has been so successful."
Amazon and Bezos could not immediately be reached for comment.
https://www.foxbusiness.com/media/jeff-bezos-denies-role-melania-trump-documentary-people-very-curious-about-first-ladyE.l.f. Beauty to walk back some tariff price increases amid high gas prices and consumer 'suffering'E.l.f. Beauty raised prices by $1 last August to offset the impact of tariffs. It's now planning to walk back some of that amid a consumer pullback.{}
Target beats Wall Street estimates, hikes sales outlook as shoppers start to returnTarget has been struggling with a sales slump and decreased customer traffic, though CEO Michael Fiddelke has said the retailer is poised for a turnaround.{}
Bezos says Mamdani’s tax on luxury NYC homes is ‘fine’ despite backlashBezos backed Mamdani’s pied-à-terre tax proposal while arguing higher taxes on billionaires won’t meaningfully help working-class Americans.
New York City Mayor Zohran Mamdani’s push to tax luxury second homes is drawing reactions from some of the country’s wealthiest business leaders, with Amazon founder Jeff Bezos saying Wednesday that the New York City mayor’s pied-à-terre tax proposal is "fine" while rejecting broader "tax-the-rich" arguments.
Speaking during CNBC’s "Squawk Box," Bezos weighed in on Mamdani’s proposal to raise taxes on second homes worth more than $5 million — a plan backed by Mamdani and New York Gov. Kathy Hochul as part of a broader affordability push.
"I think that the pied-à-terre tax is a fine thing for New York to do," Bezos said.
But Bezos pushed back on Mamdani’s recent tactic of publicly targeting wealthy business figures, including Citadel CEO Ken Griffin.
"This is an annual fee on luxury properties …. like for this penthouse, which hedge fund CEO Ken Griffin bought for $238 million," Mamdani said in a recent social media video outside Griffin’s Manhattan residence.
"Ken Griffin isn’t a villain. He hasn’t hurt anybody; he’s not hurting New York. In fact, quite the opposite," Bezos said Wednesday.
The exchange marks the latest sign that Mamdani’s tax proposals targeting wealthy business leaders are becoming a broader national political flashpoint, drawing attention from Wall Street executives, billionaires and President Donald Trump.
Bezos also used the interview to argue that lower-income Americans should pay no federal income taxes, saying the current tax structure unfairly burdens struggling workers while generating relatively little government revenue.
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"When people are starting out, and they’re struggling, stop taxing them. We don’t need it. We live in the wealthiest country in the world," Bezos said.
"We shouldn’t be asking this nurse in Queens to send money to Washington," Bezos added. "They should be sending her an apology. It really makes no sense."
The billionaire said the top 1% of taxpayers currently pay roughly 40% of federal income taxes while the bottom half contribute about 3%, citing figures consistent with Tax Foundation and IRS analysis.
Still, Bezos argued that simply raising taxes on billionaires would not materially improve conditions for working-class Americans.
"You could double the taxes I pay, and it’s not going to help that teacher in Queens. I promise you," Bezos said.
A representative for Bezos did not immediately respond to FOX Business’ request for comment.
https://www.foxbusiness.com/politics/bezos-joins-backlash-against-mamdanis-nyc-tax-targeting-wealthy-homeownersSpaceX moves to launch highly anticipated IPOSpaceX has submitted paperwork for a highly anticipated IPO that could make Elon Musk’s space giant the first U.S. company to go public at a valuation above $1 trillion.
SpaceX on Wednesday submitted documents to move forward with its highly anticipated initial public offering (IPO), as the revolutionary company that's pursuing the eventual colonization of Mars and deploying space-based AI data centers.
The company, led by CEO Elon Musk, has grown into the world's largest space business and is expected to become the first U.S. company to go public with a market value of more than $1 trillion at the time of its IPO.
SpaceX plans to offer its shares on the Nasdaq stock exchange using the ticker symbol "SPCX" and will also trade on the recently launched Nasdaq Texas exchange, as the company is headquartered in Starbase, Texas.
Founded by Musk in 2002, SpaceX has seen its business rise in recent years with the deployment of Starlink satellites that provide internet service to consumers, while it also pioneered the use of reusable rockets that can land and be relaunched to make space launches more commercially viable.
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Starlink has become a key driver of its business, accounting for most of its $18.67 billion in revenue last year. However, despite that revenue, there's a catch – it reported a loss of about $4.9 billion last year as it nearly doubled its capital expenditures to $20.7 billion in 2025. In 2024, SpaceX reported a profit of about $791 million.
SpaceX recently acquired another startup founded by Musk in xAI, which is focused on developing artificial intelligence (AI) technologies.
The company's IPO filing notes that the xAI unit still loses money, though AI will be pivotal to the company's future. SpaceX recently announced that it's collaborating with another Musk firm, Tesla, on an advanced chip manufacturing facility.
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SpaceX is aiming to list its shares on the Nasdaq as early as June 12 and plans to launch its road show on June 4, with a share sale as soon as June 11, Reuters reported.
The IPO filing indicated that SpaceX will have a dual-class share structure that gives Class B shareholders 10 votes each, which will consolidate control under Musk and other insiders, whereas the Class A shares available to public investors carry one vote apiece.
Musk will retain 85.1% of the combined voting power of the company, according to SpaceX's prospectus.
The company's filing with the Securities and Exchange Commission (SEC) outlines a massive addressable market of $28.5 trillion across its business areas.
Of that total, $26.5 trillion is attributed to AI initiatives, including $22.7 trillion in enterprise AI applications, $2.4 trillion in AI infrastructure, plus $760 billion in consumer subscriptions and $600 billion in digital advertising. It also includes $1.6 trillion in connectivity through its Starlink products, plus $370 billion from space-enabled solutions.
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SpaceX's filing with the SEC doesn't set a stock price, but notes that Goldman Sachs will lead the underwriting. Several other firms, including Morgan Stanley, Bank of America, Citi and JPMorgan, among others, will also be involved with the process.
Analysts for Wedbush Securities led by Dan Ives, the firm's managing director and global head of technology research, said that SpaceX's filing represents "the largest IPO in stock market history as the company remains at the center of two of the largest growth opportunities over the coming decades."
They also explained that they expect Tesla and SpaceX to proceed with a merger after the IPO is completed, noting that Tesla invested $2 billion in xAI that was converted to SpaceX shares after its acquisition, as well as the companies' recent announcement to build a joint Terafab chipmaking facility.
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"Musk wants to own and control more of the AI ecosystem and step by step the holy grail could be combining SpaceX and Tesla in some way to give the connected tissue between both disruptive tech stalwarts looking to lead the AI Revolution," Ives and team wrote.
Reuters contributed to this report.
https://www.foxbusiness.com/markets/spacex-moves-launch-highly-anticipated-ipoLowe's beats Wall Street expectations against 'challenging' housing backdropLowe's beat Wall Street expectations for its fiscal first-quarter earnings and reaffirmed its full-year guidance.{}
Ram unveils lineup of Hemi V-8 engine-powered 'muscle trucks' despite high gas pricesStellantis plans to launch a new lineup of what it's calling "muscle trucks" for its Ram brand despite elevated U.S. gas prices due to the war in Iran.{}
High energy prices risk keeping inflation above 2% target, concerning Fed policymakersFed minutes reveal policymakers worried about energy prices and tariffs driving inflation higher when they held interest rates steady in April.
Federal Reserve policymakers were concerned about high energy prices contributing to inflationary pressures in the economy when they held interest rates steady last month, the minutes from the meeting show.
The Federal Open Market Committee (FOMC), the Fed panel responsible for monetary policy decisions, released the minutes of policymakers' April meeting on Wednesday which showed inflation driven by energy prices and tariffs when they kept the benchmark federal funds rate unchanged at a range of 3.5% to 3.75%.
The minutes indicated that the personal consumption expenditures (PCE) index, the Fed's preferred inflation gauge, was estimated at 3.5% in March. That's well above the Fed's 2% inflation target and jumped from 2.8% in February as the Iran war disrupted energy supplies from the Middle East.
"Almost all participants noted that there was a risk that the conflict in the Middle East could persist for an extended period or that, even after the conflict ended, the prices of oil and other commodities could remain elevated for longer than expected," the minutes explained.
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"In such scenarios, these participants expected continued upward pressure on inflation arising from supply chain disruptions, high energy prices, or the pass-through of higher input costs to other prices," the FOMC continued.
"The vast majority of participants noted an increased risk that inflation would take longer to return to the Committee's 2% objective than they had previously expected," the minutes said.
Policymakers anticipated that high energy prices will continue to put upward pressure on inflation in the near term, while tariff-induced inflation is expected to diminish this year unless tariff rates rise above their current levels.
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Oil prices have hovered around or above the $100 per barrel range after trading closer to $70 a barrel before the Iran war. Meanwhile, gas prices have surged over 43% year over year to an average of $4.55 a gallon as of Wednesday, according to AAA data.
Concerns that persistently high oil and gas prices may continue to push inflation higher and contribute to an uptick in inflation for other goods due to transportation costs weighed on the outlook for interest rate cuts.
The Fed's April policy meeting included a dissent from three FOMC members – Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari and Dallas Fed President Lorie Logan – who opposed the inclusion of language they felt showed a bias toward easing interest rates.
FED'S FAVORED INFLATION GAUGE REMAINED ELEVATED IN MARCH
"A majority of participants highlighted, however, that some policy firming would likely become appropriate if inflation were to continue to run persistently above 2%," the minutes explained.
"To address this possibility, many participants indicated that they would have preferred removing the language from the post-meeting statement that suggested an easing bias regarding the likely direction of the Committee's future interest rate decisions."
The market's view of the interest rate outlook has shifted to signal possible interest rate hikes before the end of the year, as the CME FedWatch tool shows a 51% probability that rates will remain at their current level of 3.5% to 3.75% through the Fed's December meeting.
It also shows just a 1.6% chance of a 25-basis-point cut by December, compared to a 36.7% probability of a 25-basis-point hike, a 9.5% chance that rates rise by 50-basis-points by December, and a 1.1% chance of 75-basis-points worth of rate hikes.
"Incoming Fed Chair Kevin Warsh faces a challenging backdrop as steady labor market conditions alongside rising inflation risks increase the odds of a rate hike as the next policy move," said EY-Parthenon chief economist Gregory Daco. "Our expectation remains that the Fed will stay on hold throughout the rest of the year, and we expect more two-sided dissents at upcoming meetings, including from the Fed chair."
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Heather Long, chief economist at Navy Federal Credit Union, said, "Fed leaders were already talking about the possibility of potential rate hikes in April. It's inevitable the Fed will shift to a neutral policy stance at the June meeting and will probably hike at some point later this year."
"There's no end in sight to the war in Iran, and bond investors are becoming freaked out about inflation risks. New Fed Chair Kevin Warsh must show that he's committed to keeping inflation in check, no matter what the White House says," Long added.
https://www.foxbusiness.com/economy/high-energy-prices-risk-keeping-inflation-above-2-target-concerning-fed-policymakersFederal budget deficit projected to hit $2 trillion this fiscal year, ranking among largest in US historyThe U.S. is projected to run a budget deficit of at least $2 trillion in fiscal year 2026, according to Treasury Department and bond market estimates.
The federal government is projected to run a budget deficit of at least $2 trillion this fiscal year, according to an estimate by the Treasury Department and bond market participants.
Earlier this month, the Treasury released its quarterly refunding documents for the second quarter of the calendar year, which included estimates of needed borrowing over the next two quarters of fiscal year 2026 as of April.
It showed that the White House is anticipating a roughly $2.1 trillion deficit in FY2026 based on the president's budget, while participants in the bond market expect the deficit to be about $2 trillion.
Both figures are up from the estimate of more than $1.8 trillion that was produced by the nonpartisan Congressional Budget Office (CBO) in February based on legislation passed by Congress as of mid-January. The U.S. ran a deficit of just over $1.8 trillion in the last fiscal year.
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"Both the Treasury and the markets agree we're on course to borrow $2 trillion this year, up from the $1.8 trillion deficit we logged last year. $2 trillion deficits used to be unheard of, and then they only occurred during major recessions – it's beyond scary that $2 trillion deficits are now the norm," said Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget (CRFB).
A federal deficit of $2 trillion or more in fiscal year 2026 would rank as one of the largest in U.S. history, coming in at third on the all-time list.
The two largest budget deficits in U.S. history were both incurred during the COVID-19 pandemic, with the biggest totaling $3.1 trillion in fiscal year 2020 and the next-largest reaching nearly $2.8 trillion the following year amid a surge of stimulus spending to support the economy.
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MacGuineas said that the latest deficit projection is "yet another data point – along with debt passing 100% of the economy in March and interest spending on track to top more than $1 trillion this year – showing the need for us to get our fiscal situation under control."
"Markets will only tolerate our unsustainable borrowing for so long; the risk of fiscal crisis gets higher as the days pass. We need deficit reduction urgently," she added.
US DEBT SET TO CRUSH WORLD WAR II RECORD AS ANNUAL DEFICITS EXPLODE TO $3T WITHIN DECADE
Data from the Commerce Department's Bureau of Economic Analysis showed that the U.S. national debt surpassed the size of the economy in April for the first time since the World War II era.
The highest recorded ratio of public debt to GDP was recorded in 1946, when it reached 106% of GDP as the U.S. was in the process of demobilization after the end of the war.
The CBO estimated earlier this year that the U.S. will break that record in 2030, with it expected to rise to 108% that year.
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Federal debt has surged in recent years amid rising spending on entitlement programs such as Social Security and Medicare as America's population ages, as well as mounting interest costs incurred amid a growing debt and elevated interest rates.
https://www.foxbusiness.com/economy/federal-budget-deficit-projected-hit-2-trillion-fiscal-year-ranking-among-largest-us-historyWendy's taps former Potbelly CEO to lead struggling burger chainNelson Peltz's Trian Fund Management is seeking funding to take Wendy's private, according to a Financial Times report.{}
Authentic Brands Group expects IPO in next 12 months as new CEO steps in, founder tells CNBCAuthentic Brands Group, the firm behind Reebok and Champion, is bringing in a public company veteran as its next CEO, signaling it's readying for an IPO.{}
Standard Chartered CEO walks back comments about replacing 'lower-value human capital' with AIStandard Chartered CEO Bill Winters walked back remarks about cutting thousands of jobs to replace workers with AI, calling his comments out of context.
Standard Chartered CEO Bill Winters on Wednesday walked back comments he made at an investor event Tuesday when he said the bank plans to cut thousands of jobs as it replaces what he called "lower-value human capital" with tech powered by artificial intelligence (AI).
Winters wrote a memo to the bank's employees on Wednesday in which he sought to address concerns that arose following his comments on Tuesday, according to a report by The Wall Street Journal.
"Many of you will have seen media coverage following the investor event in Hong Kong, particularly the reporting around automation, AI, and workforce changes," Winters wrote. "I know this may be unsettling when reduced to simple headlines or a quote out of context."
"Where roles do fall away, it reflects changes in the work, not the value of our people," he added in an effort to clarify his comments.
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The walk-back comes after Winters' comments on Tuesday made headlines for appearing to dismiss job cuts affecting workers whose work in their roles amounted to "lower-value human capital."
Winters spoke at an event in Hong Kong about Standard Chartered's plan to reduce support staff by at least 15% between now and 2030, which amounts to 7,800 jobs or more.
"It's not cost-cutting. It's replacing in some cases lower-value human capital with the financial capital and the investment we're putting in," Winters told journalists ahead of the presentation.
FOX Business reached out to Standard Chartered for comment.
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The Journal reported that Winters' presentation gave investors details regarding Standard Chartered's plans for AI implementation, such as reducing the amount of false positives flagged in analyzing transactions to find financial crimes.
The firm also said AI can reduce manual work needed to ensure compliance with evolving financial regulations.
Winters previously shed light on his plans for the use of AI at Standard Chartered in an earlier memo to the company's workforce, in which he explained that, "Some roles will reduce, others will grow, and new ones will emerge."
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He added in his previous memo that the firm would make an effort to redeploy and retrain workers and would also handle job losses "with respect and care."
Standard Chartered had about 81,000 employees at the end of 2025, as well as 17,000 contract workers.
https://www.foxbusiness.com/technology/standard-chartered-ceo-walks-back-comments-about-replacing-lower-value-human-capital-aiFive Iron Golf launches real-money tournaments with nationwide simulator competitionFive Iron Golf unveiled a new tournament platform featuring cash-prize simulator competitions, live leaderboards and multiple formats for golfers nationwide.
One of the top-tier golf simulator companies in the country has stepped it up a notch.
Five Iron Golf, which has spread from its roots in New York City to over 50 locations worldwide, has launched Five Iron Tournaments, a real-money indoor golf tournament platform that turns Five Iron’s national venue network into an always-on competitive golf ecosystem.
The platform, expected to be fully rolled out by the end of this summer, allows players to enter tournaments on demand, compete on live leaderboards and play for real prize money across formats including stroke play, scramble and closest to the pin.
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"Before Five Iron, I was a professional poker player, and I’ve always been fascinated by what happens when games build a true digital presence. We’ve seen that in poker, chess and other competitive formats, and that was part of the inspiration for bringing a more dynamic, gamified competition model to golf," Five Iron CEO Jared Solomon told FOX Business.
As golf's popularity continues to skyrocket, Solomon wanted to tap into what has not been done before in the world of the sport.
"We talk a lot about off-course golf and where the sport is going, but we don’t always talk enough about the different ways people can play or consume golf. With Five Iron Tournaments, we’re excited to create a new format that brings competition, flexibility and gamification into the experience," Solomon said.
Golfers are able to obtain their own Five Iron Handicap based on their performances at courses. Five Iron's technology gives players the ability not only to play PGA championship courses, but also some of their local country clubs.
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Other formats include scrambles (recently won by this author), fourball, closest-to-the-pin contests, and numerous others. A June closest-to-the-pin event will feature 20 tournaments on iconic courses with $20,000 in guaranteed prize pools.
"The idea is to give players many different ways to compete. There can be hourly, daily, weekly or month-long tournaments, with different formats, whether that’s four holes, nine holes, 18 holes, winner-takes-all or other payout structures," Solomon said.
And while Five Iron is perhaps best known for its bar vibe, Solomon saw that players still have the competitive edge when they head to the simulator. Since the beta launch in October 2025, more than 1,000 players have logged nearly 20,000 tournament entries.
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"A lot of this came directly from our own customers," he said. "They want to compete more, they want more games and they want more variety in how they engage with golf. Five Iron Tournaments give them another way to do that."
https://www.foxbusiness.com/sports/five-iron-golf-launches-real-money-tournaments-nationwide-simulator-competitionFintech firm Mercury hits $5.2 billion valuation after funding round, up 49% in 14 monthsMercury has emerged as one of a select group of fintech firms, like Ramp and Stripe, that continued to thrive after the collapse of pandemic-era valuations.{}
Jeff Bezos says there is ‘no truth’ to the ‘buy borrow die’ tax strategyThe "buy, borrow, die" strategy refers to the practice of wealthy founders or investors borrowing against their assets and using the loan proceeds as income.{}
Fanatics, American Express announce partnership where card users can further expand their sports fandomFanatics and American Express announced a new partnership on Wednesday that allows Amex cardholders to engage more deeply with their sports fandom while earning Fanatics rewards.
Sporting brand powerhouse Fanatics and American Express announced Wednesday a partnership that will allow Amex users to tap into their sports fandom.
The bank holding company is now the Official Payments Partner across select Fanatics online and retail locations worldwide and a presenting sponsor at Fanatics Fest, one of the world’s premier sports fan festivals held annually in New York City.
"Nearly 80% of U.S. American Express Consumer Card Members identify as sports fans and this partnership with Fanatics will deliver unforgettable fan experiences and expanded access at some of the world’s most popular sporting events," said Elizabeth Rutledge, chief marketing officer at American Express.
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"By combining the scale of the American Express Network with Fanatics’ ecosystem of more than 100 million fans, we’re delivering the new Fanatics American Express Card and experiences that make fandom more rewarding – from everyday purchases to once in a lifetime moments."
Fanatics’ chief strategy and growth officer, Tucker Kain, added, "We’re constantly looking for new ways to celebrate and support fans for their passions and enhance the everyday fan experience.
This new partnership combines the power of American Express' global payments network and expertise in membership, loyalty, and experiences with the scale and reach of Fanatics’ sports ecosystem, creating new opportunities to recognize and reward fans throughout every stage of their sports journey.
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The deal features a new Fanatics Amex Card, where users can earn FanCash, Fanatics’ digital reward currency, which can be redeemed for authentic apparel, tickets, trading cards, collectibles, and other experiences across the Fanatics platform.
Fanatics Cardholders will gain exclusive benefits and elevated tier status within the Fanatics ONE loyalty program and will have access to unique offers, benefits, experiences, and protections through the trusted American Express Network.
"Partnering with American Express allows us to scale these ambitions in a meaningful way, expanding our payments, loyalty and advertising capabilities, while creating truly differentiated products, including the Fanatics American Express Card, which we believe will become the Card that sports fans reach for," Kain said.
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The deal with Amex is similar to Fanatics’ brand partnership with AT&T that became official last month in that AT&T customers get enhanced status with Fanatics ONE, have additional opportunities to earn FanCash, access to experiences and unforgettable events, and more.
https://www.foxbusiness.com/sports/fanatics-american-express-announce-partnership-where-card-users-can-further-expand-sports-fandomUS targets Iran’s $7.7 billion crypto network tied to regime operationsThe Treasury Department has frozen nearly half a billion dollars in crypto tied to Iran as Tehran reportedly controls $7.7 billion in digital assets.
U.S. efforts to crack down on Iran’s growing use of cryptocurrency are intensifying as officials work to cut off financial channels tied to the regime as tensions rise in the Middle East.
FOX Business’ Darren Botelho joined FOX Business’ Stuart Varney on "Varney & Co." to report on the Trump administration’s efforts to track and freeze cryptocurrency linked to Iran as the regime reportedly increases its use of Bitcoin-based transactions to help move money outside the traditional banking system.
Treasury Secretary Scott Bessent said the Treasury Department has frozen nearly $500 million in cryptocurrency connected to the Iranian regime, including $344 million last month alone. Botelho also cited new estimates from a threat-detection data firm showing Tehran controls roughly $7.7 billion in digital assets.
The report comes as Iran reportedly launched a new digital insurance platform for cargo ships operating through the Strait of Hormuz, with payments reportedly being settled entirely in Bitcoin.
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Industry experts say cryptocurrency can still leave a trail for investigators despite being viewed by some foreign adversaries as a way to evade sanctions.
"We found over and over again that they're actually a much better asset for U.S. law enforcement and other agencies to track because you leave a lot of breadcrumbs," 250 Digital Asset Management CEO Chris Perkins said.
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Botelho also reported that industry insiders believe Washington could increase pressure by threatening to cut off crypto exchanges from the American banking system.
https://www.foxbusiness.com/media/us-targets-irans-7-7-billion-crypto-network-tied-regime-operationsStellantis CEO Antonio Filosa is about to unveil his plan to turn the company around as the automaker's stock lagsShares of Stellantis are off nearly 30% since Antonio Filosa, a veteran who climbed through the company ranks, was named CEO nearly a year ago.{}
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CIVICUS discusses the cancellation of RightsCon 2026 with Barbora Bukovská, Senior Director for Law and Policy at ARTICLE 19, a human rights organisation that works on freedom of expression and information around the world.
https://www.globalissues.org/news/2026/05/21/43100 {"url":"https://static.globalissues.org/ips/2026/05/Barbora-Bukovska-100x100.jpg"}Tea’s Future Depends on Its Farmers
ROME, May 20 (IPS) - The tea in your cup this morning began its journey in someone else’s hands. Hands whose work most of us never think about. Almost certainly, those hands belonged to a smallholder farmer tending a small plot of land, plucking leaves by hand beneath long mornings of mist and rain.
Read the full story, “Tea’s Future Depends on Its Farmers”, on globalissues.org →
https://www.globalissues.org/news/2026/05/20/43090 {"url":"https://static.globalissues.org/ips/2026/05/teafarmers-100x100.jpg"}Airbnb launches major expansion with airport pickups, luggage storage and AI-powered travel toolsAirbnb is expanding its platform with car rentals, grocery delivery via Instacart, airport rides and boutique hotels in a major push beyond home rentals.
Airbnb is pushing far beyond home rentals, rolling out airport pickups, grocery delivery, luggage storage, car rentals, boutique hotels and exclusive travel experiences as it expands deeper into travel services.
The company announced Wednesday that travelers can now book grocery delivery through Instacart in more than 25 U.S. cities, airport rides through Welcome Pickups in over 160 cities worldwide and luggage storage through Bounce at more than 15,000 locations globally.
Airbnb also plans to launch in-app car rentals later this summer.
"We want to bring a little bit of magic to every trip you're on," Airbnb Chief Business Officer Dave Stephenson told FOX Business.
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At the same time, Airbnb is adding boutique and independent hotels in major cities including New York, Paris, London, Rome and Singapore, alongside new AI-powered features like review summaries, listing comparisons and smarter customer support tools.
The expansion builds on Airbnb’s broader push into travel services and experiences beyond traditional home stays.
"[When COVID-19] hit, we had to retrench and focus on the core, and then we did that for a number of years and really worked on and perfected the kind of core business," Stephenson said. "But then a couple of years ago, part of me coming into this new role was to get us ready to expand into services [and] experiences, which we did May of last year."
Airbnb now offers more than 3,000 curated experiences worldwide, including tours tied to landmarks such as the Tower of London, Tokyo Skytree and the Taj Mahal.
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The company is also leaning into FIFA World Cup 2026 travel with exclusive fan events and athlete-led experiences.
Stephenson said Airbnb expects World Cup demand to outpace the surge it saw during the Paris Olympics, when more than 700,000 guests stayed in Airbnb properties.
"The average homeowner is going to earn about $3,000 from sharing their place," he said.
Airbnb is also adding new social and group-planning tools. A revamped Trips tab will show reservations alongside nearby restaurants, attractions and experiences, letting users save spots and build shared itineraries.
Later this summer, Airbnb will launch a new travel map and "connections" feature, allowing users to see where friends have stayed, browse their reviews and bookings, and message them directly for travel tips.
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"These group itineraries — I think it's going to be a really cool new feature that people will find really valuable, because when you travel in Airbnb, you tend to travel with family and friends," Stephenson said.
The new services and hotel offerings are available now in select markets, while car rentals and additional app features are expected to roll out later this summer.
https://www.foxbusiness.com/lifestyle/airbnb-launches-major-expansion-airport-pickups-luggage-storage-ai-powered-travel-toolsTop economist sounds alarm on America’s 40% recession risk, warns stocks are disconnected from realityMoody's chief economist Mark Zandi says there is a 40% chance of a U.S. economic downturn within the next year, well above the 15% historical average.
Despite triumphant headlines from Wall Street, one prominent economic forecaster is sounding the alarm that the U.S. economy is sitting on a razor's edge.
In a recent interview with TheStreet, Moody’s Analytics chief economist Mark Zandi placed the probability of a U.S. recession within the next year at 40%, compared to a historical average of about 15%.
"So, 40% is very elevated, very uncomfortable — it gives you a sense of how close I think things are to the edge here," he said.
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Though his comments come on the heels of a better-than-expected April jobs report and stocks reaching fresh highs in recent weeks, Zandi pointed out that real disposable income has stalled year over year, showing 0% net growth.
"Real disposable income — that’s after tax, after accounting for inflation — is no higher today than it was a year ago. So, there’s been no growth in purchasing power, and that’s going to get worse and start declining," the economist noted, adding that lower- and middle-class consumers are "living more paycheck to paycheck."
"You’re gonna have to trade down," Zandi continued. "You can’t have beef — you gotta have chicken."
The S&P 500, Nasdaq and Dow have posted a modest pullback since those fresh highs, which Zandi attributed to strength in artificial intelligence-related companies. He further explained the divergence between corporate equity gains and the broader U.S. economy.
"The stock market’s not the economy. In my 36 years as a professional economist, the stock market’s never been more disjointed from the economy," he said.
"What’s driving the stock market train is these big hyperscalers and chip companies," Zandi added. "Valuations are awfully high… except for perhaps during the internet bubble, which didn’t end so well."
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When it comes to equity investors banking on political intervention, Zandi said traders are increasingly betting that President Donald Trump will adjust policy levers to support the markets or the economy if a correction begins.
"Stock investors are looking at the president, the president’s looking at the stock market. That doesn’t feel like a stable… equilibrium — it’s kind of like a hall of mirrors," he cautioned.
https://www.foxbusiness.com/markets/top-economist-sounds-alarm-americas-40-recession-risk-warns-stocks-disconnected-from-realityCountries Unevenly Impacted by Global Economic Shocks from Mideast Conflict
UNITED NATIONS, May 20 (IPS) - The ongoing crisis in the Middle East and the closure of the Strait of Hormuz continue to put immense stress and risk on the global economy.
https://www.globalissues.org/news/2026/05/20/43089 {"url":"https://static.globalissues.org/ips/2026/05/UN-DESA-economic-report-briefing-Credit-Naureen-Hossain-100x100.jpg"}The Iran War Exposes the Fragility of Our Fuel-Dependent Food System
ADDIS ABABA, Ethiopia, May 20 (IPS) - Sharp surges in energy, fertilizer, and food prices triggered by the ongoing conflict in the Persian Gulf strikingly illustrate the deep interconnections between geopolitical conflict, food insecurity, and the fragility of fossil fuel–dependent food systems.
https://www.globalissues.org/news/2026/05/20/43088 {"url":"https://static.globalissues.org/ips/2026/05/USCGC_200526-100x100.jpg"}Target beats Wall Street estimates, hikes sales outlook as shoppers start to returnTarget has been struggling with a sales slump and decreased customer traffic, though CEO Michael Fiddelke has said the retailer is poised for a turnaround.{}
Stellantis CEO Antonio Filosa is about to unveil his plan to turn the company around as the automaker's stock lagsShares of Stellantis are off nearly 30% since Antonio Filosa, a veteran who climbed through the company ranks, was named CEO nearly a year ago.{}
California business owners ‘working for peanuts’ as costs, record gas prices and regulations devour profitsCalifornia "sticker shock" is mounting for the state's small business owners, but one restaurateur and their multi-billion-dollar lender explain why they're not walking away — yet.
For 25 years, Mike Georgopoulos — better known to his friends as "Mikey G" — has built a legacy in San Diego, opening 30 restaurants in the last decade alone. But today, the veteran entrepreneur says the California dream is being choked by a math problem that no longer adds up.
With raw material costs rising sharply and energy bills up 24%, Georgopoulos said a staggering 2% cost is being ripped straight from the bottom line before a single burger hits the grill. In an industry where a 5% profit margin is considered a win, Georgopoulos warns that owners are now "trapped" in a "vicious cycle" of record gas prices and what he calls predatory regulations that have them "working for peanuts" just to keep the doors open.
"We built over 30 restaurants in the last 10 years. The barrier to entry is insane. It takes years to get permits and entitlement. It costs a lot of money, and there's a lot of money at risk before you even have your award of the appropriate permits. So you may have to risk some money and then not get what you need," he told Fox News Digital from his newly-opened brewery.
"They're working for peanuts because they just can't make it, but they're trapped. They can't get out. They own a business, they're in a lease, they have no other place to go. So they're just in a vicious cycle, and there's just nothing coming out on the other end in terms of profit," Georgopoulos added. "It’s sticker shock, it really is."
Rising energy and electricity costs began to escalate for California small businesses in 2022 after the pandemic, according to the restaurateur, but bills saw what he described as double-digit hikes since the conflict involving Iran intensified just over a month ago. At this point, Georgopoulos is "constantly" changing pricing on his menus, but admits prices should have increased by 100% over the past two years.
"It's pretty significant. It's a lot and it's going up. It's not coming down," he said. "But there is an upper limit to what people are willing to pay before they decide to cook it at home. So we have to cut in other areas and keep our menu prices competitive… In California, our labor is as high as anywhere in the nation, and we don't have a tip credit, which is disappointing, to say the least. So we have to reduce labor costs by reducing staffing, so cutting shifts, making shifts shorter, which then takes away from the guest experience… and that’s the struggle we go through month by month."
"It's clear cash flows are clearly impacted by what we are experiencing today. Not only gas prices, but just turbulence in what the future has to hold for small businesses. But it's clearly from anywhere from accounts receivable to accounts payables, we're seeing some slowness in those factors. That basically tells us the pressure is there, and it's mounting," Cardiff Co-CEO Mo Tehrani, whose lending company has funded more than $12 billion in small business loans and even helped Georgopoulos, also told Fox News Digital.
"Especially in California, we have probably the highest gas prices anywhere in the country, and it's directly impacting small margins that the transportation sector operates under. So it's an immediate impact," the CEO continued. "The pump obviously impacts how people hire, how people route their deliveries, surcharges, pricing their products, all those things are impacted."
A spokesperson for the California Energy Commission told Fox News Digital that "California is committed to energy affordability for all residents," adding that affordability is a key factor in advancing a fully clean energy future. The spokesperson also said energy prices in the state are largely outside the commission’s control.
Besides the pain at the pump, recent data from WalletHub suggests the pressure California business owners have long felt. An analysis of more than 1,300 small cities found that California is home to the most difficult environments for entrepreneurs, with the final 10-plus rankings exclusively occupied by California municipalities, including Pacifica, Danville, Castro Valley and Saratoga.
According to the Public Policy Institute of California, the state's private-sector employer base has grown 52% since 2005, more than double the 21% increase in public-sector entities.
"It's really costly to move an organization and folks and their customer base out of the state. So for those that are fortunate enough, we're seeing that happen. But the majority of Main Street doesn't have that opportunity to do that," Tehrani explained. "And we're fortunate in California, it's one of the largest economies in the world. We have a lot of entrepreneurs here that want to live here, and they want to build a business around them. Some of those are serial entrepreneurs that are building new businesses that may not necessarily abide by the historical rules of having a lease here, having employees live here."
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"We are losing staff in part because it's less expensive for them to work in more rural areas out by where they may live. We're also losing staff because we're experiencing a homeless crisis that you hear about constantly and the vagrancy that comes with that in downtown San Diego," Georgopoulos said. "You're just paying more taxes, making less tips, and getting less hours… We have 700 employees that we have to think about every single day… We want them to come into work and make money, and we don't want their costs to be so high."
Another massive issue: California’s legal and regulatory landscape — business owners are being targeted by what Georgopoulos described as "shakedown" lawsuits related to wage and hour laws, forced to settle or spend six-figure sums on what he called frivolous claims; and law-abiding owners face aggressive health inspections and permit requirements, while illegal, unpermitted vendors operate with "impunity" in the same neighborhoods.
"The laws are very favorable in California to allow these law firms to do this. So what that does is there's a compound effect, right? A given restaurant could spend $100,000 in one year dealing with lawsuits… These lawsuits are killing us," Georgopoulos noted. "And then the ongoing regulations are just... very taxing… There's a hundred illegal hot dog vendors operating in downtown San Diego. They're not supposed to be there. They don't have permits. They certainly don't even have [outdoor bug] screens. They don't even have hand washing stations. They cross those individuals to come shut me down while those guys are operating."
"Traditionally, access to capital has been difficult, takes weeks to months of planning and going through an application process," Tehrani highlighted on regulations. "What we've tried to do is make that process as simple and flexible as possible to allow a business owner to be able to have an opportunity and be able fulfill that [operational funding] within hours or within short few days."
While the data suggests a bleak future for California’s mainstream businesses, Tehrani believes the survival of the U.S. economy hinges on the very "problem solvers" currently being squeezed in the Golden State. For him, the current crisis is a forced return to the innovative roots of entrepreneurship.
"Small businesses are resilient. They are by far the most resilient and probably the reason why the U.S. economy is as strong as it is; It relies on small businesses to be successful. In no place on Earth does this small business environment exist other than in the United States," Tehrani said. "Having said that, these challenges require business owners to go back to their roots. They're innovators. They're builders. They're adaptable, and they're problem solvers. And that's really what's required to get through these challenges. And so there are $8 per gallon gas prices, [but] I bet on small businesses innovating their way out of those issues."
For Georgopoulos, the ultimate advice to struggling peers — "move to Texas" — is a joke that carries a heavy weight of truth. Yet, he is choosing to double down on his home state, even if it means fighting an uphill battle against a system he says is making him "love it less."
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"We did not get into this business to get rich. It's not a get-rich business. You're in the restaurant and the hospitality industry because you love what you do. You love hosting people. You love having people at your place of business and showing them a good time. We're starting to love it less. And eventually, you're gonna have all the cookie-cutter chain restaurants if we're not careful," Georgopoulos warned.
But even with the "sticker shock" of his own home solar bill and the exodus of staff, he isn't walking away yet.
"California has given me everything. I've worked for it, it didn't come easy. So I still believe we can make it work. We just bought a new local company called Ballast Point that we're remaining here in San Diego. It would be much cheaper for me to move it out of state. We would get significant profits from that. But we're going to stay and we're gonna fight it out and we'll keep Ballast Point here, and we are going to make it work. We're going to speak out when we can and try to get some relief where we can. And hopefully, someday, soon, things will change in our favor."
https://www.foxbusiness.com/economy/california-business-owners-working-for-peanuts-costs-record-gas-prices-regulations-devour-profitsPopular Costco kitchen gadget recalled after fire hazard leaves person burnedA popular electric kettle sold at Costco and HomeGoods is being recalled nationwide after more than 160 reports of loose or detached handles, including one second-degree burn.
More than 113,000 electric kettles sold at Costco and HomeGoods have been recalled after reports that the handles can detach and spill hot water, including one reported second-degree burn, according to the Consumer Product Safety Commission (CPSC).
The recall, announced May 14, involves ZWILLING J. A. Henckels Aktiengesellschaft Enfinigy Kettle and Enfinigy Kettle Pro electric stainless-steel kettles after reports of the handles loosening and separating, posing a risk of serious injury due to a burn hazard.
About 113,440 kettles were recalled in the United States, according to the CPSC report. An additional 43,963 were sold in Canada and 48 were sold in Mexico.
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The firm received 163 reports of kettle handles loosening or separating, including five incidents involving handle separation and one reported second-degree burn.
The affected kettles can be identified by model numbers 53101-200 and 53101-201 for the 1.5L ENFINIGY Electric Kettle, and 53101-500, 53101-501, 53101-502, 53101-503 and 53101-504 for the 1.5L ENFINIGY Electric Kettle Pro.
The model numbers and "ZWILLING" branding can be found on the bottom of the kettle and the power base.
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The electric stainless-steel kettles came in several colors, including black, silver, rose gold and white, according to the recall notice. ZWILLING branding appears on the kettle itself.
The kettles were sold at Costco, HomeGoods stores nationwide and online at zwilling.com from December 2019 through February 2026 for between $120 and $200.
Customers are urged to stop using the kettles immediately and to contact the brand in exchange for a full refund.
Consumers in the U.S. should also visit the brand's website for instructions before disposing of the recalled product, including unplugging the kettle, cutting the cord and uploading a photo of it.
A representative for Costco did not immediately respond to FOX Business' request for comment.
https://www.foxbusiness.com/lifestyle/popular-costco-kitchen-gadget-recalled-after-fire-hazard-leaves-person-burnedOne of America’s oldest beer brands discontinued after 177 years in USSchlitz Premium, the Milwaukee-born lager that once dominated the U.S. brewing industry, is being discontinued after more than 175 years.
One of America’s once-dominant beer brands is being discontinued after more than 175 years.
Schlitz Premium, a beer brand that traces its roots to Milwaukee in the 1840s and was once among the largest breweries in the country, is being put "on hiatus," parent company Pabst Brewing Co. confirmed Friday after Wisconsin Brewing Company announced it would brew the brand’s final batch later this month.
"Unfortunately, we have seen continued increases in our costs to store and ship certain products and have had to make the tough choice to place Schlitz Premium on hiatus," Zac Nadile, Pabst head of brand strategy, said in a statement to Milwaukee Magazine.
"Any brand or packaging configuration that is put on hiatus is still a cherished part of our history and hopefully our future. We continually look for opportunities to bring back beloved brands, and customer feedback is important in shaping those discussions."
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The Schlitz brand became famous for its longtime slogan, "the beer that made Milwaukee famous," and was once the nation’s largest brewery before Anheuser-Busch overtook it in the late 1950s.
The company was originally founded in 1849 after August Krug opened a tavern brewery in Milwaukee. Joseph Schlitz later took over the business after marrying Krug’s widow and helped transform it into one of the world’s largest beer brands.
Schlitz rose to prominence after the Great Chicago Fire in 1871, when the brewery shipped beer to Chicago as residents struggled to access clean drinking water.
"It's a nostalgia factor," Joseph Conforti, general manager of Milwaukee Brat House, told ABC7 Chicago. "People from out of town are surprised that they still make it."
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Schlitz began losing popularity in the 1970s after cost-cutting recipe changes altered the beer’s flavor. The brand was later sold to Stroh Brewing in 1982 before Pabst acquired it in 1999.
Kirby Nelson, brewmaster at Wisconsin Brewing Company, said the company wanted to give the historic beer brand a proper farewell after learning production was ending.
"We decided that, Schlitz being what Schlitz was, it deserved a proper sendoff. One with dignity and respect," Nelson said.
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Wisconsin Brewing Company said it plans to brew "the last Schlitz" at its Verona, Wisconsin, brewery on May 23, with a limited release scheduled for June 27. Milwaukee-area bars and breweries are also planning farewell events tied to the final batches.
Representatives for Schlitz and Pabst Brewing Co. did not immediately respond to FOX Business’ request for comment.
https://www.foxbusiness.com/lifestyle/one-americas-oldest-beer-brands-discontinued-after-177-years-usNYC airport debuts AI-powered hologram 'concierge' to help travelersLaGuardia Airport unveils Bridget, an AI-powered hologram concierge in Terminal B that chats with passengers and helps them navigate the busy terminal.
New York City's LaGuardia Airport is bringing science fiction to the terminal with the debut of an AI-powered hologram concierge designed to help travelers find gates, lounges and baggage claim through face-to-face conversations.
The digital assistant, nicknamed "Bridget," was unveiled this week inside Terminal B, where the hologram chats with passengers in real time and helps them navigate the busy area.
Unlike prerecorded holograms used elsewhere for greetings or ads, Bridget responds to travelers’ questions conversationally, offering directions to gates, baggage claim, lounges and shops.
The hologram speaks English and Spanish, with more languages planned, and includes accessibility features such as closed captioning and wheelchair-friendly controls.
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Airport officials say the system is designed to support — not replace — human customer service staff, especially during crowded travel periods.
"Most people think of airports as stressful and confusing environments, but LaGuardia's Terminal B leads the world in changing all that," said David Nussbaum, founder of Proto Hologram, which developed the hologram software.
Nussbaum said the technology will provide a more personalized experience "in ways that feel natural and intuitive," adding "the future of travel has begun at LaGuardia."
The hologram currently stands near Terminal B’s food hall, with additional units expected to roll out across the terminal’s concourses.
LaGuardia’s Terminal B has become known for testing new travel technology as airports increasingly look for ways to speed up navigation and reduce passenger frustration.
https://www.foxbusiness.com/lifestyle/nyc-airport-debuts-ai-powered-hologram-concierge-help-travelersSpirit Airlines lawyer apologizes to Americans 'priced entirely out' of air travel after sudden collapseA lawyer representing Spirit Airlines apologized to Americans now priced out of air travel after the budget carrier's sudden shutdown leaves families stranded.
Spirit Airlines’ sudden overnight collapse has left budget-conscious families stranded just weeks before the traditional launch of the summer travel season on Memorial Day.
Shortly after Spirit’s operational shutdown, a company lawyer apologized in bankruptcy court to Americans who are now priced out of air travel.
"We apologize most specifically to those Americans who may now be priced entirely out," Spirit lawyer Marshall Huebner said in bankruptcy court, The Associated Press and Fortune reported, before he thanked longtime passengers who "could not otherwise have afforded air travel."
Huebner said earlier this month that the surge in jet fuel prices left the company with "no remaining way out" of bankruptcy and caused it to cease operations last weekend, while it seeks permission to sell assets on an ongoing basis and pay bonuses to remaining employees.
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Spirit Airlines announced on May 2 that it would cease operations, effective immediately, after a bailout from President Donald Trump failed to materialize. The carrier had been seeking a $500 million lifeline from the federal government, but the deal could not be finalized in time due to financial complications, the Wall Street Journal reported.
Though Spirit’s ultimate demise and bankruptcy troubles had been years in the making, the airline faced additional pressure from rising jet fuel prices after conflict involving Iran disrupted Middle East oil shipments about 11 weeks ago. Budget airlines are especially vulnerable to rising costs because they cannot easily offset fuel spikes with premium cabins, corporate travel programs or loyalty rewards, driving ticket prices further out of reach for middle-class travelers.
When the oil market volatility began, the Association of Value Airlines — representing Spirit, Allegiant Air, Avelo Air, Frontier Airlines and Sun Country Airlines — reportedly asked the Trump administration for $2.5 billion in temporary aid.
The trade group representing American Airlines, Delta, JetBlue, Southwest and Alaska Airlines quickly rejected the idea, arguing it would create an unfair advantage.
"Government intervention on behalf of those airlines would punish other airlines that have engaged in self-help in order to deal with increased costs and reward airlines who haven’t made those tough decisions," Airlines for America wrote in a press release statement. "And, in the long-term, sustaining businesses that cannot earn their cost of capital harms competition and consumers by making it more difficult for other airlines to compete."
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"Not all airlines are struggling equally," Barron’s associate editor Jack Hough said on Barron’s Roundtable last week. "Delta and United are the strongest. They could each generate maybe around $2 billion in free cash this year, but JetBlue and Frontier, they are burning cash right now as they have for years. And of course, Spirit Airlines has folded, so it takes away a lot of the price competition for major carriers."
"I think it suggests that cheap flights are going to be harder to come by for a while," Hough warned.
FOX Business' Matthew Kazin, Eric Revell and Sophia Compton contributed to this report.
https://www.foxbusiness.com/fox-news-travel/spirit-airlines-lawyer-apologizes-americans-priced-entirely-out-air-travel-after-sudden-collapseExpert says massive AI investment is ‘laying the groundwork’ for America’s futureExpert Anthony Pompliano says investors are pouring billions into AI infrastructure as the U.S. lays the groundwork for the next century.
Massive investment in artificial intelligence infrastructure is helping shape the next phase of the digital economy, according to one investment expert watching Wall Street’s AI race.
ProCap Financial Chairman and CEO Anthony Pompliano joined FOX Business’ Maria Bartiromo on "Mornings with Maria" to discuss the surge in AI investment, growing interest in digital assets and how his firm’s AI-powered financial platform is helping users navigate increasingly complex markets.
"The market is showing us that the AI trade is real," Pompliano said. "One of the things is that the United States of America is laying the groundwork for the next century."
Pompliano said artificial intelligence requires significant energy, data center capacity and computing power as companies work to expand the infrastructure behind the technology.
His comments come as major technology companies continue ramping up spending on AI chips, cloud infrastructure and energy-intensive data centers to meet demand tied to generative AI tools. Companies including Nvidia, Microsoft, Amazon and Google have committed billions to expanding AI capacity as Wall Street races to capitalize on the technology boom.
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Pompliano also pointed to growing demand for personalized AI tools in finance, arguing that models with access to an individual’s portfolio data can provide more tailored guidance than general-purpose chatbots.
"One of the problems with the general purpose models like a ChatGPT or a Claude is that it doesn't have the context of your personal financial information," Pompliano said.
The discussion also touched on cryptocurrency markets, where Pompliano said institutional adoption of Bitcoin continues to grow despite ongoing volatility.
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Pompliano said adoption is increasingly being driven by large financial firms seeking risk-adjusted returns for clients.
"Wall Street's getting in the game," Pompliano said. "You're starting to see these really big firms that are very smart, who are looking for risk-adjusted returns."
The conversation underscores how AI investment and digital assets remain central to Wall Street’s evolving strategy as firms search for long-term growth opportunities.
https://www.foxbusiness.com/media/expert-says-massive-ai-investment-laying-groundwork-americas-futureThe 3Ds for a Credible Post-2030 Development Agenda
HELSINKI, Finland / SANTIAGO, Chile / SUVA, Fiji / TOKYO, Japan, May 20 (IPS) - Just four years of the Agenda 2030 for Sustainable Development remain. What comes after 2030 is already a political battleground.
Read the full story, “The 3Ds for a Credible Post-2030 Development Agenda”, on globalissues.org →
https://www.globalissues.org/news/2026/05/20/43086 {"url":"https://static.globalissues.org/ips/2026/05/Bibbi-Abruzzini-Forus-Rabat-Morocco-100x100.jpg"}The UN Vote that Could Reshape Climate Justice
KATHMANDU, Nepal, May 20 (IPS) - Normally, resolutions voted at the United Nations General Assembly do not make the headlines.As nonbinding and mostly symbolic, rich in principles yet empty and lacking the power to carry consequences, these statements are shrugged off and ignored.
Read the full story, “The UN Vote that Could Reshape Climate Justice”, on globalissues.org →
https://www.globalissues.org/news/2026/05/20/43087 {"url":"https://static.globalissues.org/ips/2026/05/Vanuatu-has-spearheaded_-100x100.jpg"}Meta shifts 7,000 workers into AI roles as layoffs, manager cuts loomMeta is restructuring its workforce around artificial intelligence, shifting thousands of workers into AI roles while flattening management layers and cutting jobs.
Meta is preparing a sweeping workforce overhaul tied to its aggressive artificial intelligence push, including plans to move thousands of employees into AI-focused roles while cutting managers and laying off workers this week.
The Facebook parent plans to lay off roughly 10% of its workforce Wednesday as part of a broader restructuring tied to CEO Mark Zuckerberg’s effort to remake the company around AI tools and autonomous agents, according to an internal memo obtained by Reuters.
In the memo circulated Monday, Meta Chief People Officer Janelle Gale said the company plans to transfer roughly 7,000 employees into new AI initiatives while eliminating layers of management and flattening organizational structures.
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The shake-up, along with previous transfers and role eliminations, will ultimately affect about 20% of Meta’s workforce, according to the memo.
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The company had nearly 78,000 employees as of the end of March, according to securities filings.
The overhaul comes as Meta pours billions into AI infrastructure and tools amid intensifying competition with OpenAI, Google and Microsoft. The company increasingly wants AI agents to perform tasks now handled by human employees internally, according to Reuters.
"As org leaders worked on the changes, many of them incorporated AI native design principles into their new org structures," Gale wrote in the memo. "Many orgs can operate with a flatter structure with smaller teams of pods/cohorts that can move faster and with more ownership."
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Some of the employees being reassigned — a process workers reportedly refer to as being "drafted" — are moving into teams like Applied AI Engineering and Agent Transformation Accelerator, groups focused on building AI systems capable of autonomously performing workplace functions.
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Meta has also reportedly closed roughly 6,000 open job postings during the restructuring process – changes which have triggered growing backlash inside the company.
https://www.foxbusiness.com/fox-news-tech/meta-ai-workforce-restructuring-layoffs