‘Blue dot fever’? What's really behind a tricky summer dynamic for live musicAs prices rise everywhere, consumers are choosing to be more intentional with how they're spending on live music and concerts this year.{}
High fuel prices test limits of summer vacation spendingThe unofficial start of the summer travel season on Memorial Day weekend will show just how much travelers want to fly and how much they're willing to pay.{}
Disney's 'Star Wars: The Mandalorian and Grogu' tallies lowest Thursday preview sales in franchise historyDisney's "Star Wars: The Mandalorian and Grogu" tallied $12 million in Thursday night previews, the lowest collection of advance tickets in franchise history.{}
Two top Walmart executives leave company under new CEO John FurnerTom Ward, chief operating officer of Walmart's warehouse chain Sam's Club, is retiring, and Cedric Clark, Walmart's EVP of U.S. store operations, is leaving.{}
Whole Foods minestrone soup recalled in 17 states over possible life-threatening allergic reactionCups of minestrone soup sold at Whole Foods in 17 states have been recalled after undeclared shrimp was discovered, posing a possible life-threatening allergy risk.
Cups of minestrone soup sold at Whole Foods in 17 states and Washington, D.C. have been recalled over possible "undeclared shrimp" that could cause a life-threatening allergic reaction in certain people, according to the U.S. Food and Drug Administration.
Massachusetts-based company Kettle Cuisine decided this week to recall 24oz cups of Whole Foods Market Kitchen Minestrone Soup.
The minestrone was sold in Whole Foods in Alabama, Connecticut, Washington, D.C., Florida, Georgia, Massachusetts, Maryland, Maine, Mississippi, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Tennessee, and Virginia.
The soup was also available nationwide through Whole Foods’ and Amazon’s online stores. Amazon owns Whole Foods.
The company issued the recall after discovering a single cup of the soup in-store which contained the wrong product and included shrimp.
No illnesses have yet been reported.
POPULAR COSTCO KITCHEN GADGET RECALLED AFTER FIRE HAZARD LEAVES PERSON BURNED
The recalled soup is packaged in a 24-ounce, clear plastic cup that has the Lot Code: 1762181 and, use by 05/27/26 on the top rim of the cup.
It also has the UPC identifier of 099482502065 on the back label.
Customers can take the soup back for a full refund.
https://www.foxbusiness.com/retail/whole-foods-minestrone-soup-recalled-17-states-over-possible-life-threatening-allergic-reactionHosting a Memorial Day cookout? Here's how much it could costMemorial Day grilling costs are notably higher as inflation data shows beef, hot dogs, and fresh vegetables all saw significant year-over-year increases.
Americans who are planning to grill this Memorial Day weekend are likely to see prices notably higher for a number of barbecue staples as persistent inflation squeezes household budgets.
The Bureau of Labor Statistics' most recent consumer price index (CPI) inflation data from April showed that prices have risen significantly compared with a year ago for several popular dishes at cookouts – with burgers and steaks experiencing a notable jump.
Ground beef prices have risen 14.5% over the last year, while the cost of a steak is 16.1% higher in that period.
U.S. cattle inventories have sunk to the lowest level in over 70 years as ranchers deal with the impacts of droughts, which caused them to liquidate cows and shrink their herds, as well as rising overhead costs.
INFLATION CONTINUED TO RISE IN APRIL AS IRAN WAR IMPACTED ENERGY PRICES
The BLS' index for frankfurters is up 10.7% year over year, so switching to hot dogs could bring modest price relief to consumers relative to beef prices.
Chicken is one type of meat that has seen prices decline in the last year, with a decrease of 0.7% from a year ago as of April. Fresh whole chicken prices were down 1.8%, while fresh and frozen chicken parts decreased 0.1% in that period.
The cost of fresh vegetables is up 11.5% over the last year, with the price of tomatoes surging 39.7% and lettuce prices up 7.9% in that time. By contrast, the price of potatoes has fallen 3% over the past year.
DOJ CONFIRMS ANTITRUST PROBE OF MAJOR MEATPACKERS OVER BEEF PRICE INFLATION
Fresh fruits have seen more modest price increases, with the BLS index showing a 2.1% increase year over year through April. Citrus fruits rose the most at 6.5%, followed by bananas at 4% and apples at 3.1%.
Several popular desserts are also more expensive this Memorial Day weekend. BLS data showed that the prices of cakes, cupcakes and cookies are up 5.1% compared with last April.
Ice cream prices have also risen and are up a more modest 2.7% in the last year.
NEW ICE CREAM TRENDS CHURN UP INTEREST, BUT ONE CLASSIC STILL RULES THE $7.5B INDUSTRY
Beverage prices have also risen at a modest pace compared with a year ago, as carbonated drinks are up 3.7% while nonfrozen, noncarbonated juices and drinks are up by a more modest 2.3% year over year.
Prices for alcoholic beverages consumed at home have been relatively flat overall in the last year with the index up just 0.4%, so consumers who wish to consume them this Memorial Day weekend will see less of a price impact.
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Beer prices have risen the most in the category, climbing 2.2% year over year, while distilled spirits are up 0.1% and wine declined by 0.8% in that period.
https://www.foxbusiness.com/economy/hosting-memorial-day-cookout-heres-how-much-could-costTrump said he'd 'remember' companies that didn't apply for tariff refunds. Many of them are anywayWalmart confirmed to CNBC it has sought a tariff refund and plans to use any money it receives back to invest in lower prices for shoppers.{}
Wall Street thinks IMAX is ripe for a sale. Here's who could buy itA source told CNBC that IMAX has held "preliminary talks" through intermediaries, but no official pitches have been made by the company.{}
Kevin Warsh sworn in as Federal Reserve chairSupreme Court Justice Clarence Thomas swore in Kevin Warsh as the chair of the Federal Reserve during a ceremony at the White House on Friday, after his pick to succeed Jerome Powell was confirmed last week.
Kevin Warsh was sworn in as the new chair of the Federal Reserve by Supreme Court Justice Clarence Thomas in a ceremony at the White House on Friday.
The 56-year-old Warsh previously served at the Fed as a member of its Board of Governors from 2006 to 2011, and became the youngest-ever Fed governor having been nominated at the age of 35. Trump nominated Warsh to the role in January, and he was confirmed by the Senate last week on a 54-45 vote.
Warsh steps into the top role at the nation's central bank at a pivotal time, with inflation rising due to an energy price shock caused by the Iran war and markets viewing the prospect of interest rate cuts as increasingly unlikely in the near term.
He replaces former Fed Chair Jerome Powell, whose term as chairman expired earlier this month. Powell has indicated he will continue to serve as a member of the Fed Board of Governors for the foreseeable future, as his term in that capacity runs until January 2028.
Powell has said that he won't be "shadow Fed chair" and will seek to build consensus with Warsh and the other members of the Federal Open Market Committee, which sets monetary policy, when it's possible to do so.
WHO IS KEVIN WARSH, TRUMP'S PICK TO SUCCEED JEROME POWELL AS FED CHAIR?
Warsh's nomination faced a delay in the Senate as Sen. Thom Tillis, R-N.C., held up the nomination over his concerns about the Justice Department's investigation into Powell's testimony about the Fed's costly renovation project and the implications for central bank independence – as it occurred against the backdrop of Trump urging Powell to cut interest rates and threatening to fire him.
Tillis dropped his hold after U.S. Attorney for the District of Columbia Jeanine Pirro closed her office's investigation, with the Fed's inspector general, Michael Horowitz, taking it over. That allowed his nomination to proceed from the Senate Banking Committee to the Senate floor.
Senate Banking Committee Chairman Tim Scott, R-S.C., whose panel held Warsh's confirmation hearing, said in a statement that the new Fed chair is a "serious, experienced leader" who will "help restore trust in the Fed, protect its independence, and keep it focused on stable prices and maximum employment."
President Trump said during the ceremony that "I want Kevin to be totally independent. I want him to be independent and just do a great job. Don't look at me, don't look at anybody. Just do your own thing and do a great job, okay?"
The president added that he thinks Warsh will "safeguard the Fed's integrity" and will be a leader whom other Fed policymakers listen to and collaborate with.
"Thankfully, unlike some of his predecessors, Kevin understands that when the economy is booming, that's a good thing. We don't have to go crazy, just let it boom," Trump said. "We want it to be like nobody has ever had before, because we do have some debt we'd like to take care of, and the way you do that is through growth."
"We want to stop inflation, but we don't want to stop greatness," the president said. "And you know as we discussed, economic growth doesn't mean inflation… you don't have to stop the world because you're doing well."
FEDERAL RESERVE LEAVES INTEREST RATES UNCHANGED AS POWELL'S CHAIRMANSHIP NEARS END
After his oath of office was administered by Supreme Court Justice Clarence Thomas, Warsh said he was grateful for the opportunity to step into the role "at a time of great consequence" and that it's the "honor of a lifetime to be called back into public service."
Warsh said that he intends to "fill the role of chairman with energy and purpose" as former Fed Chair Alan Greenspan did, acknowledging his predecessor recently marked his 100th birthday and that he was thinking about him as someone whose example he wishes to follow.
"Our mandate at the Fed is to promote price stability and maximum employment. When we pursue those aims with wisdom and clarity, independence and resolve, inflation can be lower, growth stronger, real take-home pay higher," Warsh said. "America can be more prosperous, and no less important, America's place in the world more secure."
"To fulfill this mission, I will lead a reform-oriented Federal Reserve, learning from past successes and mistakes both, escaping static frameworks and models, and upholding clear standards of integrity and performance."
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"Today marks a return to an institution that I do in fact cherish. It was nearly a generation ago, at another time of great consequence, that I with some outstanding public servants at the Fed, both here in Washington and at the Reserve banks," Warsh continued.
"My goal now is to create an environment in which the best people can do their life's best work, and to face every challenge in the spirit of common purpose and devotion to the national interest. In a word, to excellence. These duties are now mine, Mr. President, because of the trust you have placed in me, I accept them with gratitude and will strive every day to serve our fellow citizens well," Warsh said.
https://www.foxbusiness.com/economy/kevin-warsh-sworn-federal-reserve-chair-president-trumpJamie Dimon tells NYC’s Mamdani to ‘grow and build’ or watch more jobs fleeJPMorgan Chase CEO Jamie Dimon tells NYC Mayor Zohran Mamdani that city governance requires lower crime and competitiveness, not empty "morality" slogans.
JPMorgan Chase Chairman and CEO Jamie Dimon put New York City’s new progressive mayor, Zohran Mamdani, on notice, telling the self-described ideologue that city governance is about lower crime and economic survival, not empty "morality" slogans.
Following a high-stakes face-to-face meeting, the Wall Street titan openly criticized far-left tax talking points like "fair share" and warned that treating wealth creators as political punching bags is actively destroying the city’s talent pool.
"Every city has to compete. And they have to compete at every level – arts, science, schools, that is what it is. I'm not inventing that, he can be an ideologue, he has to compete, too," Dimon said Thursday in a Bloomberg TV interview.
"And we'll see: will he learn that he's got to make this city a place where people want to grow and build and live and have families and work?" he continued. "And he's gotta compete with Shanghai and Hong Kong and Singapore and Nashville, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that?"
MAMDANI'S WALL STREET COURTSHIP SPARKS CRITICISM OF ANTI-BILLIONAIRE AGENDA
On Monday, Dimon and Mamdani met in person at the bank’s new headquarters in Manhattan, as the democratic socialist mayor intensifies outreach to Wall Street leaders following backlash over proposals to raise taxes on wealthy New Yorkers.
The meeting was "constructive and the tone was friendly," a JPMorgan spokesperson told Reuters. According to City Hall, the pair discussed reducing government waste, cutting red tape tied to development projects and expanding public-private partnerships. JPMorgan said the conversation also focused on New York City’s competitiveness.
"I don't care what he says. What does he do? I will judge that," Dimon said. "And so what actually happens, because you can talk about morality and ideology all you want, but if things don't get better, you didn't do a good job… And so, hopefully, he'll learn. I want him to do a good job. I'm not against him."
The CEO also expanded on Mamdani’s controversial wealth tax proposals: "I don't think... people making under a certain amount [should] pay taxes at all. I would agree with that, but when they say, 'fair share,' what do they mean? They should give a number."
Dimon added that New York City’s existing tax landscape "already" makes the Big Apple uncompetitive, with just 26,000 JPMorgan employees based there today versus 33,000 in Texas.
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"The Dallas mayor calls up all the time saying, 'What can I do to help you? I have land over here,' you know, and that is pro-business and pro-people-love-living there," he said.
"New York’s a wonderful place too, but… [people] think that somehow being anti-business is going to help a city. It's not."
FOX Business’ Bradford Betz contributed to this report.
https://www.foxbusiness.com/politics/jamie-dimon-tells-nycs-mamdani-grow-build-watch-more-jobs-fleeEgg prices are plunging due to oversupply — and producers say margins are taking a hit as costs riseEgg prices are plunging from oversupply after avian flu shortages, but producers say persistent feed, fuel and labor costs are squeezing margins.{}
What the AvalonBay, Equity Residential megamerger means for the apartment industry and rentsThe deal will create one of the largest real estate companies in the U.S., with more than 180,000 rental apartments.{}
Workers face growing 'automation anxiety' as tech layoffs surge, AI adoption acceleratesAI automation anxiety is growing as over 85,000 tech jobs were cut through April 2026. One CEO says short-term job creation will come from AI tool adoption.
As the AI revolution continues to rapidly expand throughout the corporate world, many employees are facing "automation anxiety" that their job may be replaced by technology.
Speaking on Centre Stage at Web Summit Vancouver, Kyle Hanslovan said, "I think many will be pressured in the next five years, where their job can be automated."
Just this week, Meta began laying off another 8,000 employees, roughly 10% of its workforce, while TurboTax maker Intuit said it was cutting 17% of its global staff – about 3,000 jobs – as it accelerates its AI integration. In a company-wide memo announcing the cuts, Meta CEO Mark Zuckerberg told employees, "success isn't guaranteed" in the AI era, though he said he doesn't plan another round of layoffs this year.
META SHIFTS 7,000 WORKERS INTO AI ROLES AS LAYOFFS, MANAGER CUTS LOOM
Through April 2026, more than 85,000 technology sector jobs have been eliminated, a 33% increase from the same period last year, according to placement firm Challenger, Gray & Christmas. Still, despite more than 300,000 total layoffs across all industries year-to-date, that figure is roughly half of last year's reductions – a number skewed by the mass federal government layoffs announced in the first months of the second Trump administration.
"Inevitably there will be some disruption. We can't pretend that there won't be," said Sim Desai, CEO of pre-IPO marketplace Hiive Capital, speaking on the same panel. But, he added, "in the short term, there's a lot of job creation, because a lot of people are investing in adopting AI tools."
That cautiously optimistic view was echoed by Amazon founder Jeff Bezos, who recently told CNBC, "I think there will be a labor shortage because of AI… it's going to elevate all of these people. We're going to have so much productivity."
EXPERT SAYS MASSIVE AI INVESTMENT IS ‘LAYING THE GROUNDWORK’ FOR AMERICA’S FUTURE
The average American is less sanguine. A recent Stanford University study found nearly two-thirds of Americans (64%) expect AI to lead to fewer jobs in the next 20 years. That anxiety was on full display in the now-viral video of former Google CEO Eric Schmidt's commencement address at the University of Arizona, where he was met with loud boos after telling graduates that AI's technological transformation would be "larger, faster and more consequential than what came before."
New graduate hires may be the most vulnerable. Anthropic co-founder and CEO Dario Amodei has predicted that AI could wipe out as much as half of all entry-level white-collar jobs over the next one to five years. The unemployment rate for recent college graduates has already climbed to 5.6%, well above the 35-year average of 4.5%, according to the New York Federal Reserve.
US ECONOMY ADDED 115,000 JOBS IN APRIL, BEATING EXPECTATIONS
Despite the negative sentiment, companies are still hiring.
"I am definitely hiring, even now more than I was before," Hanslovan said, noting that Huntress continues to add software engineers, detection engineers, product managers and sales leaders.
Steven Schwartz, co-founder and CEO of $1.6 billion creator marketplace Whop, said, "the future of work is in question in the era of AI," but added that he is not "bearish that AI will take everyone's job." He expects he'll "have a bigger team in two years than today."
In spite of the percolating worker anxiety, the U.S. economy has added 304,000 jobs so far in 2026, according to the establishment survey measure of the Labor Department's monthly employment report. The jobless rate is still sitting at a historically low 4.3%.
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That backdrop appeared to factor into President Donald Trump's decision Thursday afternoon to postpone the signing of a planned AI executive order – one focused on having the federal government pre-vet frontier AI models for cybersecurity risks. Trump told reporters in the Oval Office that he pulled the order at the last minute because he was worried it could "be a blocker" to U.S. competitiveness in a global AI race that America still leads.
https://www.foxbusiness.com/economy/workers-face-growing-automation-anxiety-tech-layoffs-surge-ai-adoption-acceleratesCostco patio swings recalled after seat detachments lead to injuriesCostco-exclusive Agio Menlo Woven Patio Swings are being recalled after eight reports of seats detaching from the frame and causing injuries.
A Costco-exclusive patio swing is being recalled after multiple reports that the seat detached while consumers were using it, causing injuries and posing what federal safety officials called a risk of "serious injury or death."
World Bright International Limited is recalling about 18,500 Agio Menlo Woven Patio Swings, according to a recall notice posted by the U.S. Consumer Product Safety Commission on May 14.
The recall involves Agio Menlo Woven Patio Swings with model number 1934256 that were sold exclusively at Costco stores nationwide and online at Costco.com from February 2026 through March 2026 for between $549 and $649.
POPULAR COSTCO KITCHEN GADGET RECALLED AFTER FIRE HAZARD LEAVES PERSON BURNED
According to the recall notice, the swing seat can detach from the frame while in use, creating a fall hazard.
The company has received eight reports of the swing seat detaching from the frame, resulting in eight reported injuries, including impact injuries to consumers’ heads and arms.
The recalled swings feature a black metal frame and swing arms, a fabric canopy and a padded brown outdoor wicker seat. The swing frame measures about 75 inches high, 71 inches wide and 48 inches deep.
Consumers are being urged to immediately stop using the recalled patio swings and contact World Bright International Limited for a free repair kit that includes replacement hooks and installation instructions.
Consumers can contact the company toll-free at 888-383-1932 from 9 a.m. to 7 p.m. ET Monday through Friday, by email at recall@agioliving.com, or online at agioliving.com/pages/recall/patioswing for additional information.
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The swings were manufactured in China and imported by Costco Wholesale Corporation, based in Issaquah, Washington.
https://www.foxbusiness.com/lifestyle/costco-agio-patio-swing-recall-injuriesStellantis CEO sees opportunity in growing partnerships, bringing China-branded vehicles to North AmericaStellantis CEO Antonio Filosa said there could be an opportunity to bring Chinese-branded vehicles into Mexico and potentially Canada, but not the U.S.{}
IMAX has held ‘preliminary talks’ with potential buyers, source saysIMAX has held "preliminary talks" through intermediaries, but no official pitches have been made directly by the company, a source told CNBC.{}
Iran War Deepens Activist Dangers
LONDON, May 22 (IPS) - Narges Mohammadi, awarded the Nobel Peace Prize for her human rights activism in Iran, has been allowed to go home. After guards found her unconscious in her cell, the apparent victim of a heart attack, she was granted temporary release from prison and transferred to a hospital. However, she still faces the threat of being taken back to jail once her condition has improved.
Read the full story, “Iran War Deepens Activist Dangers”, on globalissues.org →
https://www.globalissues.org/news/2026/05/22/43112 {"url":"https://static.globalissues.org/ips/2026/05/Rizwan-Tabassum-100x100.jpg"}Scarcity of Treatment Makes Syrians More Vulnerable to Mental Health Crisis
IDLIB, Syria, May 22 (IPS) - The protracted years of conflict in Syria have inflicted profound scars that transcend physical destruction, permeating the psychological well-being of millions.
https://www.globalissues.org/news/2026/05/22/43111 {"url":"https://static.globalissues.org/ips/2026/05/IMG-20250306-WA0072-100x100.jpg"}Trump said he'd 'remember' companies that didn't apply for tariff refunds. Many of them are anywayWalmart confirmed to CNBC it has sought a tariff refund and plans to use any money it receives back to invest in lower prices for shoppers.{}
Waymo pauses freeway robotaxi routes after safety and software concernsWaymo temporarily pauses all U.S. freeway robotaxi operations to address construction zone performance issues while surface street routes remain active.
Waymo is temporarily halting freeway operations for its robotaxi service in several U.S. markets as the company works to address performance issues in construction zones, FOX Business has learned.
The Alphabet-owned company confirmed Thursday that it was pausing freeway operations while updating its software.
"Safety is Waymo’s top priority, both for our riders and everyone we share the road with," a Waymo spokesperson said in a statement to FOX Business. "We have temporarily paused freeway operations, as we work to integrate recent technical learnings into our software and expect to resume these routes soon."
Waymo said the pause affects only freeway driving and that surface street operations remain active.
WAYMO TO BRING DRIVERLESS CARS TO CHICAGO, EYES MIDWEST EXPANSION
The company said its vehicles navigate construction zones more than 10,000 times per day and that it is using the pause to improve robotaxi performance on freeways.
The announcement comes after Waymo paused operations in Atlanta following flash-flooding incidents, while separately working to improve performance around construction zones and flooded roadways.
That pause followed reports of Waymo vehicles encountering floodwater in Atlanta on Wednesday; AJC reported one vehicle required recovery, while Waymo said a handful of others were temporarily waylaid.
STELLANTIS UNVEILS $70B TURNAROUND STRATEGY WITH 60 NEW MODELS
The move also comes after Waymo filed a recall covering 3,791 vehicles equipped with fifth- and sixth-generation Automated Driving Systems over a flooding-related software issue that NHTSA said could result in loss of vehicle control.
The recall followed an April 20 incident in which an unoccupied Waymo vehicle detected a potentially untraversable flooded section of a roadway with a 40 mph speed limit and proceeded at reduced speed, according to NHTSA.
The NHTSA report found that when a Waymo robotaxi approaches standing water on higher-speed roads, it may slow down but fail to fully stop after detecting the hazard.
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Nearly 3,800 vehicles equipped with the company’s fifth and sixth-generation Automated Driving Systems (ADS) were recalled. Regulators estimated the defect rate at 100%.
According to NHTSA, Waymo applied an interim remedy to all affected vehicles on April 20, modifying the approved scope of operation of its ADS to exclude additional conditions that present an elevated risk of encountering a flooded, higher-speed roadway. Waymo is still developing a final remedy.
Waymo operates thousands of vehicles across the U.S., including in San Francisco, Los Angeles, Phoenix and Austin.
FOX Business' Bonny Chu and Reuters contributed to this report.
https://www.foxbusiness.com/technology/waymo-pauses-freeway-robotaxi-routes-after-safety-software-concernsHyundai recalls more than 54,000 Elantra hybrids over potential fire riskHyundai is recalling more than 54,000 Elantra Hybrid vehicles over a fire risk tied to an overheating component in the hybrid power control unit.
Hyundai Motor Company is recalling more than 54,000 Elantra Hybrid vehicles in the U.S. due to a defect in the hybrid power system that could overheat and spark a fire, federal regulators said.
The recall covers certain 2024–2026 Hyundai Elantra Hybrid models. About 54,337 vehicles are being recalled, though Hyundai estimates only 1% may actually contain the defect, according to notices this past week from the National Highway Traffic Safety Administration (NHTSA).
At the center of the recall is the vehicle’s hybrid power control unit (HPCU), which regulates electrical power in the hybrid system. NHTSA said a transistor inside the unit can overheat under heavy electrical loads.
TESLA RECALLS MORE THAN 218K VEHICLES OVER REARVIEW IMAGE ISSUE THAT POSES CRASH RISK
Drivers could experience a "no start" condition, reduced-power "limp mode," or warning lights while driving. In rare cases, the overheating could damage internal components and raise the risk of a fire.
"Overheating of the HPCU could increase the risk of a fire," NHTSA said.
Hyundai said it knows of four U.S. incidents tied to the issue, including one reported fire. No injuries or crashes have been reported.
WAYMO RECALLS MASSIVE AUTONOMOUS FLEET AFTER INCIDENT FLAGS MAJOR SAFETY ISSUE
Hyundai dealers will fix the problem with a free HPCU software update. Owner notification letters are expected to be mailed starting July 13.
"All owners of the subject vehicles will be notified by first class mail with instructions to bring their vehicle to a Hyundai dealer, where technicians will update the HPCU software," NHTSA said.
"This remedy will be offered at no cost to owners for all affected vehicles."
MASSIVE HONDA RECALL IMPACTS 440K VEHICLES OVER AIRBAGS POTENTIALLY DEPLOYING ‘UNEXPECTEDLY’
Earlier this year, Hyundai said it was recalling more than 61,000 Palisade SUVs in the U.S. after an issue with powered seats was linked to the death of a child.
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Hyundai did not immediately respond to FOX Business' request for comment.
https://www.foxbusiness.com/lifestyle/hyundai-recalls-more-54000-elantra-hybrids-potential-fire-riskPhiladelphia voters approve first city-run retirement savings program for workers without 401(k) plansPhiladelphia passed a ballot measure creating PhillySaves, the nation's first city-run auto-IRA program for workers lacking employer retirement plans.
Voters in Philadelphia passed a ballot measure on Tuesday that will create the country's first city-run savings program for workers whose jobs don't offer retirement benefits.
The measure will create a new program called PhillySaves that allows private sector workers whose employers don't sponsor retirement plans like a 401(k) to automatically enroll in individual retirement accounts (IRAs) set up by the city.
Participation in PhillySaves is voluntary and allows workers to opt out of enrolling in the auto-IRA or change how much they're contributing out of their paychecks at will.
The accounts will also follow workers to future jobs, and workers can withdraw contributions early if needed on a tax-free basis – though any gains or interest withdrawn would be subject to tax.
NEARLY HALF OF GEN X WORKERS ARE DELAYING RETIREMENT AS RISING COSTS, STAGNANT WAGES DRAIN SAVINGS
An estimated 208,000 private sector workers in Philadelphia will be able to enroll in PhillySaves. Many such workers are in the service industry with higher employee turnover or are employed by small businesses that would face compliance burdens in establishing and maintaining a retirement plan.
The program also doesn't charge businesses who are registered in the program to enroll their employees.
PhillySaves will be managed by a third-party firm overseen by the Philadelphia Retirement Savings Board created under the initiative. Pew estimates that the program will cost the city up to $1 million initially and around $500,000 annually in subsequent years.
WHY GEN Z IS SAYING 'NO' MORE OFTEN – AND SAVING MONEY
"Philadelphia voters took an important step this week by approving PhillySaves," said Patrick Morgan, project director for The Pew Charitable Trusts' Philadelphia research and policy initiative.
"It's imperative that PhillySaves gets off to a fast start. We know from looking at similar efforts that appointing a strong board, hiring the right leader, and education employers and employees about how the plan works is critical to the success of these programs," Morgan added.
RETIREMENT 'MAGIC NUMBER' JUMPS AS AMERICANS GROW ANXIOUS ABOUT THEIR FINANCIAL FUTURES
The measure passed with the support of 78% of voters and follows the Philadelphia City Council passing legislation last year that was signed into law by the mayor in January.
That allowed the program to move forward with the public vote needed to create the governing board under the city's charter.
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"Philadelphia now has a real opportunity to show that smart policy design, strong execution and sustained support can expand Philadelphians' retirement security in a practical and affordable way," Morgan said.
https://www.foxbusiness.com/economy/philadelphia-voters-approve-first-city-run-retirement-savings-program-workers-without-401k-plansJell-O gets MAHA makeover with new dye-free, lower-sugar product lineKraft Heinz rolls out Jell-O Simply, a new gelatin line made with real fruit juice and no artificial colors or sweeteners, available nationwide now.
Kraft Heinz is bringing a cleaner-label makeover to one of America’s most iconic desserts.
The company announced Tuesday that it is launching Jell-O Simply, a new line of gelatin products made without artificial sweeteners or FD&C artificial colors, as consumers increasingly seek foods with simpler, more recognizable ingredients.
The updated recipe also uses real fruit juice and contains 25% less sugar than traditional Jell-O products, according to Kraft Heinz.
"For more than 125 years, Jell-O has brought colorful, jiggly fun to dessert tables across America," Kraft Heinz said in a statement. "Now, one of the country’s most iconic food brands is entering a new era."
The launch comes as food companies face growing pressure from consumers and policymakers to simplify ingredient labels.
"We know families are looking for treats that strike the right balance between great taste and ingredients they can feel good about – and they don’t want to sacrifice the brands they know and love to get there," Kathryn O’Brien, head of marketing of desserts at Kraft Heinz, said in a statement.
"Jell-O Simply delivers everything people love about Jell-O – the delicious taste, the iconic jiggle and the vibrant fun – now made with no FD&C colors or artificial sweeteners. It’s a meaningful evolution for the brand and an important milestone in Kraft Heinz’s broader modernization journey."
Jell-O Simply ready-to-eat cups are available nationwide now for $3.99 per four-pack and come in orange, raspberry lemonade and blueberry flavors.
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Kraft Heinz said additional Jell-O Simply gelatin and instant pudding mixes will hit store shelves nationwide in August for $2.24 per box, with flavors including vanilla, chocolate, banana and strawberry.
The rollout is part of Kraft Heinz’s broader effort to eliminate FD&C artificial colors from its U.S. product portfolio by the end of 2027, including the entire Jell-O lineup.
The move comes amid increased federal scrutiny of synthetic food dyes.
In January 2025, during the final few days of the Biden administration, the Food and Drug Administration (FDA) banned Red 3 from the U.S. food supply.
ONE OF AMERICA’S OLDEST BEER BRANDS DISCONTINUED AFTER 177 YEARS IN US
A few months later, the Department of Health and Human Services (HHS) and the FDA announced plans to phase out petroleum-based food dyes as part of the Trump administration’s "Make America Healthy Again" initiative.
"We’re restoring gold-standard science, applying common sense, and beginning to earn back the public’s trust," HHS Secretary Robert F. Kennedy, Jr. said in a statement at the time. "And we’re doing it by working with industry to get these toxic dyes out of the foods our families eat every day."
https://www.foxbusiness.com/lifestyle/jell-o-gets-maha-makeover-new-dye-free-lower-sugar-product-lineTrump makes major investment in trendy revolving sushi chainPresident Donald Trump disclosed a potentially multimillion-dollar investment in a popular sushi chain amid a broader portfolio shift involving restaurant and tech stocks.
President Donald Trump has invested millions of dollars into the popular revolving sushi chain Kura Sushi USA.
The purchase was among a series of investments Trump made in early 2026, according to a report detailing his financial transactions. The document, signed by Trump on May 8, was released last Thursday by the U.S. Office of Government Ethics.
The investment, valued between $1 million and $5 million, was made on Feb. 2.
Based in Irvine, California, Kura Sushi operates 88 restaurant locations across 22 states and the District of Columbia, with a total of more than 650 worldwide. The chain is known for its revolving conveyor-belt sushi service, where diners select plates as the items pass each table.
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According to the filing, Trump purchased Class A common stock in Kura Sushi USA Inc., the U.S. subsidiary of the Japan-based restaurant chain.
The transaction was listed as "solicited," meaning the investment recommendation came from a financial broker or investment adviser managing the account.
The Trump Organization has previously reported that his accounts are managed by third-party financial institutions without input from Trump or his family in an effort to avoid potential conflicts of interest.
Trump’s investments are "maintained exclusively through fully discretionary accounts independently managed by third-party financial institutions with sole and exclusive authority over all investment decisions," Kimberly Benza, a spokesperson for the Trump Organization, told NOTUS on Thursday.
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The president has previously been reported to dislike raw fish. According to the 1993 book Lost Tycoon: The Many Lives of Donald J. Trump, Trump said he would not "eat any f—ing raw fish" during a 1990 visit to Japan, according to Mashed.
While the total value of Trump’s transactions was not specifically disclosed, the reported range of stock purchases and sales totaled hundreds of millions of dollars.
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Trump also made major sales involving holdings in Amazon, Microsoft and Meta, with transactions valued between $5 million and $25 million.
Kura Sushi was not the only restaurant-related investment listed in the portfolio. Trump also reportedly purchased shares in Chipotle Mexican Grill valued between $500,000 and $1 million, Domino's Pizza valued between $250,000 and $500,000, and Starbucks valued between $50,000 and $100,000.
https://www.foxbusiness.com/politics/trump-makes-major-investment-trendy-revolving-sushi-chainAsbestos fears spark urgent recall of 120K+ squeeze toys sold at Walmart, Ollie’sThe Orb Factory recalled more than 121,000 squeeze toys nationwide after tests found fibrous tremolite, a form of asbestos, inside the products.
More than 120,000 Orb Funkee squeeze toys have been recalled after it was discovered that the sand filling inside the toys may contain fibrous tremolite, a form of asbestos.
Imported by the Canadian company The Orb Factory Limited, the toys were sold nationwide at major retailers, including Walmart and Ollie's Bargain Outlet, according to an alert from the U.S. Consumer Product Safety Commission.
If the sand inside the toy is inhaled, it can cause adverse and potentially serious health issues.
POPULAR COSTCO KITCHEN GADGET RECALLED AFTER FIRE HAZARD LEAVES PERSON BURNED
No injuries or incidents have been reported to date.
The toys retailed for between $5 and $40 and were on shelves from February 2025 through April 2026.
Roughly 121,340 units are affected by the recall.
COSTCO RECALLS POPULAR PRODUCT IN 2 STATES OVER POTENTIAL INGREDIENT MIX-UP
Since the recall targets two specific models of soft, stretchable toys, consumers should check for the date code 3102491A, which is printed on the hand of the large golden monkey or on the back of the smaller versions.
Those who own the toys are urged to immediately take them away from children and stop using them.
The Orb Factory is offering refunds for the defective products.
CHECK YOUR FREEZER: ORGANIC ICE CREAM RECALLED IN 17 STATES OVER POSSIBLE METAL FRAGMENTS
To claim a refund, customers must place the toy in a heavy-duty plastic bag, seal it securely with tape and email a photo of the bagged product to customerservice@orbtoys.com.
If the toy has ruptured and sand has leaked out, the company said consumers should wear a mask and gloves, and clean up the escaped sand with a damp cloth before placing the toy, cloth, mask and gloves into a heavy-duty plastic bag.
The bag must then be double-bagged, sealed with tape and disposed of according to local or state regulations.
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Anyone with questions can contact The Orb Factory directly at 800-741-0089 or via the recall information section on their website.
The Orb Factory Limited, Walmart and Ollie's Bargain Outlet did not immediately respond to FOX Business' requests for comment.
https://www.foxbusiness.com/lifestyle/asbestos-fears-spark-urgent-recall-squeeze-toys-sold-walmart-olliesMortgage rates jump as inflation fears, Iran war weighThe average rate on a 30-year fixed mortgage rose this week to 6.51%, according to the latest Freddie Mac data released Thursday. That is up from last week's reading of 6.36%.
Mortgage rates jumped this week, mortgage buyer Freddie Mac said Thursday.
Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage climbed to 6.51% from last week's reading of 6.36%.
The average rate on a 30-year loan was 6.86% a year ago.
"As rates fluctuate, aspiring buyers should remember that by shopping around for the best mortgage rate and getting multiple quotes, they can potentially save thousands," said Sam Khater, Freddie Mac's chief economist.
LOS ANGELES LEADS NATION IN MASSIVE POPULATION EXODUS AS ‘BREAKING POINT’ HITS GOLDEN STATE
The average rate on a 15-year fixed mortgage rose to 5.85% from last week's reading of 5.71%.
"The conflict in the Middle East continues to play an outsized role in how investors are assessing the economic outlook, and mortgage rates are moving accordingly," said Realtor.com senior economist Anthony Smith. "In recent weeks, headlines suggesting escalation have tended to push longer-term yields higher, while signs of progress toward resolution have had the opposite effect. That dynamic, rather than any domestic policy development, remains the primary force shaping borrowing costs right now."
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The rise in mortgage rates comes a day before President Donald Trump is due to swear in Kevin Warsh as the Federal Reserve's new chair, succeeding Jerome Powell, whom Trump criticized tirelessly for keeping interest rates too high.
Notwithstanding the change in guard, financial markets are betting the central bank will not cut short-term rates at all this year and may actually increase them if higher oil prices work their way into inflation more broadly, as some Fed policymakers say they worry is already happening.
MIAMI OVERTAKES LOS ANGELES AND NEW YORK AS WORLD'S RISKIEST HOUSING MARKET FOR BUBBLE RISK
"A Fed leadership transition is underway this week, but given that the chair is one vote among many, and that a resurgence in inflation is likely to reinforce caution among FOMC members regardless of leadership, that story is unlikely to move rates in a meaningful way," Smith said.
Trump this week told the Washington Examiner that he will let Warsh do as he wishes with rates, and Warsh told lawmakers last month that he has made Trump no promises.
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Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics. Though mortgage rates are not directly affected by the Fed's interest rate decisions, they closely track the 10-year Treasury yield. The 10-year yield hovered around 4.57% as of Thursday afternoon.
Reuters contributed to this report.
https://www.foxbusiness.com/economy/mortgage-rates-may-21-2026Stellantis unveils $70B turnaround strategy with 60 new modelsStellantis announces a $70 billion turnaround strategy focusing on core brands, external partnerships and more efficient factory capacity use.
Stellantis on Thursday announced a $70 billion turnaround strategy that aims to refocus the automaker on core brands, partnerships and more efficient use of factory capacity.
The investment is over five years and includes the production of 60 new models by 2030, including a mix of internal combustion engine, hybrid and fully electric vehicles.
The pivot marks a shift under the leadership of new CEO Antonio Filosa to more external partnerships for Stellantis – the parent company of brands such as Chrysler, Jeep, Dodge and Ram.
"The plan is grounded in reality," Filosa told investors at the company's capital markets day. "It is designed to create a condition for profitable and sustainable growth."
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New partnerships for Stellantis include production tie-ups with Chinese firms Leapmotor and Dongfeng, as well as cooperation with Tata Motors and its U.S. unit JLR.
Those partnerships will allow Stellantis to utilize some of its excess manufacturing capacity to generate revenue through contract production by third-parties instead of unused plants sitting idle and accumulating costs.
The strategic shift also includes technology partnerships with Qualcomm, Applied Intuition and self-driving startup Wayve. The approach will allow the company to share costs with partners while accelerating development in areas like software and autonomous driving.
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Filosa also outlined a new hierarchical structure for Stellantis' 14 brands that will affect how product investment is directed.
Stellantis will focus about 70% of brand and product investment on Jeep, Ram, Peugeot and Fiat, as well as its Pro One division that makes commercial vehicles.
Brands like Chrysler and Alfa Romeo will be repositioned to have more of a regional focus, while Lancia and DS will shift into specialized roles under Fiat and Citroen.
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The product focus at Stellantis will focus on a range of more affordable vehicles that can support volume growth in addition to profitability.
Stellantis said it's planning to invest over $27 billion in its platforms, powertrains and technologies, while it's aiming to cut nearly $7 billion in annual costs by 2028 compared with a year ago.
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Shares in the automaker were up slightly with prices up 0.2% as of early afternoon Thursday, rebounding after the stock opened the day in the red. Stellantis shares are down nearly 34% year to date and over 28% in the last year.
Reuters contributed to this report.
https://www.foxbusiness.com/markets/stellantis-unveils-70b-turnaround-strategy-60-new-modelsThree major hospital systems accuse CVS of secretly siphoning hundreds of millions in drug savingsThree major hospital systems have accused CVS of allegedly diverting hundreds of millions from the federal 340B Drug Pricing Program.
Three major hospital systems on Monday filed lawsuits accusing CVS Health and its subsidiaries of running a secret scheme that allegedly siphoned hundreds of millions of dollars away from hospitals serving vulnerable and uninsured patients.
The lawsuits – filed by Mount Sinai in New York, University of Michigan Health and Sparrow Hospital, and the University of Kansas Hospital Authority – claim CVS manipulated reimbursements tied to the federal 340B Drug Pricing Program and kept the difference as profit, according to complaints obtained by FOX Business.
The hospitals allege insurers and patients paid full price for specialty drugs, but CVS later reduced payments to hospitals through affiliated companies, including CaremarkPCS, CVS Specialty, Caremark LLC and WellPartner.
The lawsuits estimate massive financial losses. Mount Sinai claims more than $121 million in losses since 2020. University of Michigan and Sparrow allege more than $66 million in losses. University of Kansas Hospital Authority alleges nearly $62 million in losses.
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At the center of the cases is the federal 340B Drug Pricing Program, which allows qualifying hospitals to buy expensive medications at discounted prices and use the savings to help fund community health services.
"Hospitals use 340B savings to provide, for example, free care for uninsured patients, offer free vaccines, provide services in mental health clinics, and implement medication management and community health programs," the American Hospital Association states on its website.
A spokesperson for CVS told FOX Business in an email: "We do not comment on matters that are subject to ongoing litigation and remain focused on serving our customers and executing our business priorities."
The University of Michigan complaint claims CVS and its subsidiaries "diverted (and continue to divert) 340B revenue for themselves by implementing a secret pricing scheme for 340B drugs, which required cooperation among its affiliated entities within the 340B drug supply chain."
"CaremarkPCS charged the plan/payor the original higher amount, and the 340B eligible patient the original higher copay just so that defendants retain 340B profits," the Mount Sinai complaint alleges.
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The complaints point to examples involving high-cost specialty drugs, including Stelara, which is used to treat chronic inflammatory conditions like plaque psoriasis, according to Stelara's website.
The Michigan lawsuit cites one example in which a Stelara prescription allegedly generated more than $24,000 for the University of Michigan’s specialty pharmacy, but only about $18,000 when processed through CVS Specialty — a difference of more than $6,500.
"The $6,523.18 reflects the ‘spread’ artificially created and pocketed by the defendants as pure profit," the complaint alleges.
The lawsuits also accuse CVS of refusing audit requests and terminating some pharmacy agreements after hospitals raised concerns.
"Defendants refused to permit an audit and terminated plaintiff from the 340B Contract Pharmacy Arrangement, in retaliation for uncovering the fraudulent scheme described herein and seeking to fulfill their obligations under the 340B Program and HRSA regulations," the Kansas complaint alleges.
ANTI-THEFT MEASURES AT CVS ARE 'WORSE FOR BUSINESS THAN ORGANIZED SHOPLIFTING,' COLUMNIST ARGUES
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The hospitals are seeking damages, repayment of alleged profits, court orders requiring CVS to turn over records and for the business to stop the alleged practices.
Last year, a federal judge ordered CVS Health's Caremark to pay nearly $290 million after a whistleblower accused the company of overcharging Medicare on prescription drugs.
A spokesperson for University of Michigan Medicine told FOX Business: "Because this involves pending litigation, I have no information to share."
Dan Peters, senior vice president and general counsel for The University of Kansas Health System, told FOX Business that the health system attempted to work through its dispute with CVS.
"The University of Kansas Health System tried to resolve differences with CVS, but CVS refused to permit a contractually required audit and terminated our 340B agreement," Peters said. "The 340B program allows hospitals to help serve patients in need. We will work to ensure patients continue to benefit from the program."
FOX Business reached out to Mount Sinai for comment.
FOX Business' Alexandra Koch contributed to this report.
https://www.foxbusiness.com/markets/three-major-hospital-systems-accuse-cvs-secretly-siphoning-hundreds-millions-drug-savingsSergey Brin spends $500K to fight tax targeting companies with high-paid executivesSergey Brin donated $500,000 to oppose San Francisco Measure D, which will be on the ballot next month and would tax companies with high-paid executives in the tech hub.
Google co-founder Sergey Brin is continuing his foray into California politics with a newly reported donation to a group fighting against a proposed tax in San Francisco that would hit companies with high-paid executives in the tech hub.
A political contribution filing submitted on Wednesday revealed that Brin donated $500,000 to a group that's opposing San Francisco Measure D, which will appear on voters' ballots on June 2.
Advocates for the measure have argued it would crack down on wealth inequality by taxing what they view as excessive executive pay, while critics have warned it would cause employers to leave and could cause startups to locate elsewhere.
Brin's contribution comes after the billionaire backed a group called Building a Better California with $57 million earlier this year to help it fight against California's proposed wealth tax on billionaires. He was also among the wealthy residents of California to move their residence and some of their business interests out of the state ahead of the potential effective date for the tax at the start of this year.
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Measure D would impose a tax on the pay of executives who earn more than 100 times the median compensation rate of their employees.
Starting in 2027, it would raise the top executive pay tax rates for businesses to range from about 0.183% to 1.121% of their gross receipts, and rates based on payroll expenses would range from 0.75% to 4.47%, depending on the pay ratio.
In effect, it would amount to an eight-fold increase in the gross receipts tax, with the city estimating it would bring in about $250 million to $300 million in annual tax revenue.
San Francisco Mayor Daniel Lurie expressed opposition to Measure D, arguing it "will cause major employers to leave San Francisco and prevent new companies from setting up shop here."
Measure D is backed by several union groups as well as several prominent politicians on the left, including Sen. Bernie Sanders, I-Vt., and Rep. Nancy Pelosi, D-Calif. Sanders has argued that it would address wealth inequality by making "corporations pay their fair share."
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The group Brin contributed to is also advocating in favor of San Francisco Measure C, which would increase the exemption threshold from the gross receipts and executive pay tax for small businesses from $5 million to $7.5 million in San Francisco gross receipts.
Bloomberg reported that Brin has spent over $60 million on state politics this year amid his effort to push back on what he views as harmful policies for California's business climate.
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The outlet noted that he launched a nonprofit called Compass4 to use for some of his political donations, and the entity was used for his contribution regarding the San Francisco ballot measures.
https://www.foxbusiness.com/politics/sergey-brin-spends-500k-fight-tax-targeting-companies-high-paid-executivesTrump administration says new EPA rules will save you money at the supermarket. It's not clear they willTrump delayed Biden-era EPA refrigerant rules, saying the move will lower grocery costs, though the impact on food prices remains unclear.{}
Cruise giants could owe $440M after Supreme Court rules they used property seized in Cuba revolutionSupreme Court dealt a major blow to four cruise lines accused of profiting from Cuban property seized during Fidel Castro's communist revolution in 1959.
The Supreme Court dealt a major blow Thursday to four major cruise lines accused of profiting from Cuban property seized during Fidel Castro’s communist revolution, reviving lawsuits that could cost the companies hundreds of millions of dollars.
In an 8-1 ruling, the justices sided with Havana Docks Corporation, a U.S. company that operated docks in Havana before the Cuban government took the property in 1959.
The decision revives more than $440 million in judgments against Carnival, Norwegian Cruise Line, Royal Caribbean and MSC Cruises for using the Havana port during the Obama-era thaw in U.S.-Cuba relations.
Justice Clarence Thomas wrote that a lower court wrongly dismissed the claims because the cruise companies "used confiscated property to which Havana Docks owns the claim."
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The lawsuits stem from the Helms-Burton Act, a 1996 law allowing Americans to sue companies that profit from property seized by Cuba’s government after the revolution.
Justice Elena Kagan wrote in the dissent that her colleagues had misconstrued the statute's text, writing that "what Havana Docks owned was only a property interest allowing it to use those docks for a specified time." Kagan wrote that the decision will "allow plaintiffs to recover for trafficking in property that was not theirs."
For years, U.S. presidents suspended the Helms-Burton Act to avoid clashes with allies and businesses operating in Cuba. The cruise lines had resumed stops in Havana in 2016 after President Barack Obama reopened travel ties with Cuba.
President Donald Trump reversed course in 2019, activating the law and tightening pressure on Cuba’s communist regime.
A federal judge in Miami previously ruled the cruise operators were liable and awarded Havana Docks more than $400 million combined. An appeals court later overturned that ruling before the Supreme Court issued its decision on Thursday.
The case now heads back to the lower courts, where the cruise lines are expected to continue fighting the claims.
The ruling lands amid renewed tensions between Washington and Havana. Just one day earlier, the U.S. announced murder charges against former Cuban leader Raúl Castro tied to the 1996 shooting down of planes flown by Miami-based exiles.
Reuters contributed to this report.
https://www.foxbusiness.com/lifestyle/cruise-giants-could-owe-440m-after-supreme-court-rules-used-property-seized-cuba-revolutionLockheed Martin CEO unveils AI-powered warfare tech built to stop drone swarmsLockheed Martin CEO Jim Taiclet details systems like Sanctum, the company's AI-powered counter-drone system designed to detect and track drones before they're destroyed.
A top U.S. defense contractor pulled back the curtain on next-generation AI-powered systems designed to hunt down and destroy swarms of enemy drones as the U.S. rapidly expands its next-generation warfighting capabilities.
"We are inserting technology of all types into our systems," Lockheed Martin CEO Jim Taiclet told FOX Business on Thursday, detailing the company's AI-powered counter-drone system, Sanctum.
Taiclet said the system uses artificial intelligence to detect incoming drones, determine whether they pose a threat and predict where they are headed before they can be intercepted or disabled.
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"This technology alone is fantastic in being able to essentially hit a bullet with a bullet in space and destroy an incoming ballistic missile that's threatening our people, threatening our bases, threatening our allies," he said.
"But along with that, we've got to match — with technology — other threats, and we want to match the threat to the cost of our counterthreat."
The company is also focusing on a device called MORFIUS, a system capable of flying close to small enemy drones and "zapping" them with high-powered microwave pulses before moving on to the next target.
"This drone that we're building with the help of AI will enable us to attack 50 different drones with one mission without firing any weaponry," he shared.
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Taiclet also spoke about the company's investment in an internal AI center in 2020 and credited a pipeline partnership with chipmaker Nvidia, which supplies the graphics processing units, or GPUs, used to support such national security missions.
He also described how Lockheed is repurposing existing battlefield weaponry to create cheaper, more scalable defenses against drone attacks.
More specifically, the company has modified Hellfire missiles — traditionally used as air-to-ground weapons on Apache helicopters — into lower-cost ground-to-air interceptors capable of taking down enemy drones.
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"We're actually showing that we can do that as well," he said.
"We basically have a four-pack of these Hellfire missiles. We've reconfigured them with new technology. We connect it with the Sanctum AI, and we can now use that type of missile to destroy these incoming cheap drones." he added.
"That's some ways we're using technology and Nvidia has been a great partner for us in this."
https://www.foxbusiness.com/media/lockheed-martin-ceo-unveils-ai-powered-warfare-tech-built-stop-drone-swarmsStellantis unveils $70 billion turnaround plan, targets positive cash flow by 2027Stellantis CEO Antonio Filosa unveiled a new five-year strategic plan Thursday worth 60 billion euros ($69.7 billion).{}
Stellantis targets 35% North American sales increase, led by Ram Trucks and Chrysler revivalStellantis said at an investor day Thursday that it plans to increase its North American sales by 35% by 2030.{}
Walmart warns shoppers could face higher prices as fuel costs surge, tax refunds dry upWalmart warns that skyrocketing fuel costs could soon hit consumers at checkout as tax-refund safety nets dry up and inflation outpaces wages for the first time in years.
Hard-working Americans could soon face another blow at the checkout counter.
Retail giant Walmart issued a warning Thursday after its Q1 earnings report, signaling that rising fuel costs could soon hit consumers at the checkout counter as seasonal tax-refund boosts dry up and inflation outpaces wages for the first time in years.
"I think higher tax returns muted some of the pressure related to higher fuel prices and as we’re in a period of time right now where those tax refunds are largely not coming in, I think consumers are going to feel more of that pressure from higher fuel prices," Walmart CFO John David Rainey told CNBC.
Rainey said Walmart leadership is closely monitoring the economic headwinds: "It’s something that we’re keeping a close eye on."
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During Thursday morning’s earnings call, Rainey also highlighted a widening gap between income groups, noting that while wealthier households are "spending with confidence [in] many categories," lower-income Americans are becoming increasingly "more budget conscious" as they find themselves "navigating financial distress."
High inflation has created financial pressure in recent years for many U.S. households, which are paying more for everyday necessities like food and rent. Price increases are particularly difficult for lower-income Americans because they tend to spend more of their paychecks on necessities and have less flexibility to save.
Energy prices rose 3.8% in April amid disruptions to Middle Eastern oil supplies tied to the Iran conflict, with prices up 17.9% over the past year. Gasoline prices increased 5.4% in April and are up 28.4% from a year ago.
April’s 3.8% inflation rate marked the highest level in three years and the first time since 2023 that prices have outpaced wage growth.
Despite affordability pressures, Walmart reported strong top-line revenue numbers, with total first-quarter revenue climbing 7.3% to $177.8 billion. However, that growth fell below analyst expectations.
Walmart’s position comes amid broader changes in the retail landscape, where major companies are navigating shifting consumer loyalties, corporate transitions and political pushback.
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Amazon has surpassed Walmart as the world’s largest company by revenue, while competitor Target reported net sales growth of more than 6% compared to the previous year.
Walmart declined Fox News Digital’s request for additional comment.
FOX Business’ Eric Revell contributed to this report.
https://www.foxbusiness.com/retail/walmart-warns-shoppers-could-face-higher-prices-fuel-costs-surge-tax-refunds-dry-upDetroit bankruptcy case officially closes more than 13 years after historic filingDetroit formally closed the largest municipal bankruptcy case in U.S. history after years of debt restructuring, balanced budgets and improving credit ratings.
Detroit’s historic bankruptcy case — the largest municipal bankruptcy in U.S. history — has officially closed more than 13 years after the city first sought Chapter 9 protection amid a financial collapse that reshaped the city’s finances, pensions and long-term fiscal strategy.
U.S. Bankruptcy Judge Thomas Tucker granted the city’s motion for a final decree this week, formally ending the case after determining administration of the bankruptcy had been completed.
The closure marks the end of a years-long restructuring effort that eliminated roughly $7 billion in debt and restructured another $3 billion, according to the city, freeing up an estimated $150 million annually for city services.
Mayor Mary Sheffield called the milestone evidence that Detroit "has its financial house in order," pointing to 12 consecutive balanced budgets and surpluses, reserve funds topping $500 million and the city’s return to investment-grade status.
The formal closure also comes as major credit-rating agencies have highlighted Detroit’s improved fiscal position.
One day before the bankruptcy case officially closed, S&P Global Ratings upgraded Detroit’s general obligation bond rating to BBB+ from BBB, citing the city’s "sustained strong financial performance and governance conditions."
Moody’s similarly said Detroit had strengthened its "financial resiliency" in recent years, citing strong reserves and improved fiscal management since emerging from bankruptcy in 2014.
MAJOR US CITY OFFERS CASH INCENTIVES TO SPARK GROWTH, ATTRACT NEWCOMERS
Still, both ratings agencies warned the city remains vulnerable to broader economic pressures tied to the automotive sector, inflation and long-term pension obligations.
The closure came after Detroit completed a final distribution of roughly $10 million tied to accrued interest on "Class 14 B notes," financial recovery bonds issued to unsecured creditors during the restructuring.
Detroit filed for bankruptcy in July 2013 under a state-appointed emergency manager after years of population decline, shrinking tax revenues and rising pension liabilities pushed the city into insolvency.
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The city officially exited bankruptcy in late 2014 under a restructuring plan that became a national case study in municipal financial recovery.
https://www.foxbusiness.com/politics/detroit-bankruptcy-case-officially-closesWalmart issues worse-than-expected outlook as high gas prices hit shoppers, shares drop 7%Walmart's CFO, John David Rainey, said higher tax returns helped offset the effect of elevated gas prices in the first quarter.{}
LIV Golf seeks to raise up to $350 million from investors as post-PIF reality sets inLIV Golf is preparing to take its updated business plan and investor pitch on the road as soon as Thursday, in an effort to raise fresh capital.{}
Socialism Is Slow to Mature
In 1921, a few years into the Soviet experiment, V. I. Lenin published an essay with the revealing title ‘New Times and Old Mistakes in a New Guise’. The essay opened a line of inquiry that would remain with Lenin until the end of his life three years later. What captivated him was the issue of how to build socialism in a country ravaged by war, with minimal capital at its disposal, a largely peasant society with high rates of illiteracy (around 70%), and no public administration capable of running a socialist-oriented state. In the essay, Lenin reflected:
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https://www.globalissues.org/news/2026/05/22/43105 {"url":"https://static.globalissues.org/ips/2026/05/vijard_1-100x100.jpg"}GOP lawmaker unveils bill to codify a strategic bitcoin reserveRep. Nick Begich unveils the American Reserve Modernization Act to establish a U.S. strategic bitcoin reserve within the Treasury Department with bipartisan support.
EXCLUSIVE: Rep. Nick Begich, R-Alaska, is unveiling the American Reserve Modernization Act to establish a U.S. strategic bitcoin reserve in an attempt to diversify America’s reserves balance sheet.
This bill, which is receiving bipartisan support, would establish the reserve within the Treasury Department with a separate digital asset stockpile for federally held digital assets different from bitcoin. Begich told FOX Business that bitcoin draws similarities to gold in the crypto asset class.
"When you look at gold, it is the dominant precious metal reserve," Begich said. "When you look at bitcoin, it represents about 60% of all market cap for the entire crypto space. So the market has decided, in the case of gold and in the case of bitcoin, that this will be the predominant store of value within that asset class."
US TARGETS IRAN’S $7.7 BILLION CRYPTO NETWORK TIED TO REGIME OPERATIONS
In March 2025, President Donald Trump signed an executive order to establish a strategic bitcoin reserve, but it’s not yet fully operational. The Trump administration has been working on establishing a reserve with the hope that the U.S. will claim global dominance in crypto.
In the past, Trump shared his belief in crypto.
"This could be perhaps the greatest revolution in financial technology since the birth of the internet itself," Trump said at the signing of the Genius Act in July 2025.
TRUMP CREATES STRATEGIC BITCOIN RESERVE, OTHER CRYPTOCURRENCIES TO BE USED IN STOCKPILE
Over the past month, the Treasury Department launched Operation Economic Fury to obstruct Iran’s revenue streams and pressure its financial systems, as the fragile ceasefire between the U.S. and Iran continues. As of late April, the Treasury Department announced it had seized nearly $500 million in Iranian cryptocurrency assets.
However, Rep. Pat Harrigan, R-N.C., who is one of more than a dozen co-sponsors of the bill, says the U.S. needs to find out how to manage previously seized bitcoin.
"The United States government already holds billions in seized bitcoin with no coherent strategy for managing it, and that needs to change," Harrigan said.
KEVIN O’LEARY REVEALS THE ONLY TWO CRYPTOCURRENCIES HE SAYS ARE WORTH OWNING
This comes as the Senate Banking Committee passed the Clarity Act with bipartisan support in a 15-9 vote to send the bill to the Senate floor. Sen. Cynthia Lummis, R-Wyo., says this could be voted on by the middle of June, but adds that it is "probably pretty optimistic."
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Begich hopes the U.S. will hold about 5%, or about 1 million coins, of the world’s bitcoin in the reserve. This would be roughly equivalent to what the U.S. government currently holds in gold.
https://www.foxbusiness.com/politics/gop-lawmaker-unveils-bill-codify-strategic-bitcoin-reserveNvidia CEO Jensen Huang warns China has ‘all the chips they need’ despite US bansNvidia CEO Jensen Huang says China's Huawei is flourishing in America's absence and now exports its technology worldwide, competing with U.S. companies globally.
In a stark warning to Washington policymakers, Nvidia CEO Jensen Huang revealed that U.S. technology export bans may be triggering unintended consequences, declaring that China already has "all the chips they need" while state-backed rival Huawei is actively "flourishing in our absence."
"Critics would say that selling advanced chips to China helps China close the gap and perhaps beat the U.S. in AI," FOX Business host Maria Bartiromo told Huang, "and yet the other angle is the fact that if we block all sales, then China does it anyway, simply accelerating the growth coming out of companies like Huawei."
"You've summarized it really well… The president would like us to win in every aspect," Huang responded. "The United States has to be absolutely certain and determined to lead the world in every aspect, every layer of that five-layer cake, from energy, of course, from chips."
"China obviously has all the chips they need. That's the reason why they don't need ours. And Huawei has done a very good job there, obviously, one of the largest companies in the world. They had a record year. They're flourishing in our absence. And they're now exporting their technology out to the rest of the world, competing with American companies around the world," he continued.
TRUMP'S TAIWAN ‘NEGOTIATING CHIP’ REMARK SPARKS ALARM OVER HOW FAR HE'D SHIFT U.S.-CHINA POLICY
"And so I think that their ability to secure technology for their national security reasons, I think they have more than ample… for their own needs."
The tech pioneer's admission exposes a critical national security dilemma: instead of crippling Beijing's capabilities, aggressive decoupling has forced the communist regime into tech self-sufficiency, turning domestic competitors into a global threat to American industry.
Huang’s comments come on the heels of his recent trip with the president to Beijing, and the U.S. government officially approving licenses for Nvidia’s advanced H200 chips for select Chinese clients.
"[President Trump’s] been very clear that he would like American companies to win around the world. Winning around the world allows us to, one, export, generate revenues for the country, bring back tax dollars for the country, create jobs in America," Huang said. "It allows us also to diffuse and spread the American technology stack around the world, so that the rest of the world can be built on top of American technology and standards."
The CEO also highlighted Nvidia’s critical role in American defense infrastructure, specifically confirming that U.S. military intelligence and radar run on its systems.
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"We do a lot of work in imaging, and most of the world's radar systems and imaging systems has Nvidia chips in it. And, and we're just incredibly honored," Huang said. "The Department of War has access to Nvidia's technology, and our technology is completely open-source so that it could be modified and enhanced for the applications of our military."
"We're a very large technology company, and we're [an] American technology company. We want America’s technology industry to be a national treasure of the United States," he added. "And manufacturing is a core part of our national security. And we play a very central role in doing that."
https://www.foxbusiness.com/technology/nvidia-ceo-jensen-huang-warns-china-has-all-chips-despite-us-bansEli 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.{}
How the wealthiest families invest: CNBC and Addepar launch Family Office Portfolio TrackerPublic stocks are the fastest-growing asset class for family offices, while their real estate assets are shrinking, per the CNBC Family Office Portfolio Tracker.{}
Brazil’s Indigenous Communities Receive $9M in GEF Funding to Protect Lands, Traditions Under Threat
BELÉM, Brazil, May 21 (IPS) - On Brazil’s northeastern coast, the Indigenous community, Tremembé da Barra do Mundaú, lives on a preserved stretch of land shaped by mangroves, dunes, and deserted beaches. The group of around 160 families is led by women and depends on the 3,500-hectare territory for fishing and subsistence farming.
https://www.globalissues.org/news/2026/05/21/43102 {"url":"https://static.globalissues.org/ips/2026/05/The-community-works-to-preserve-its-identity-amid-pressure-from-real-estate-development-and-non-Indigenous-settlers.-Credit_-Samuel-Tremembe_@samuel_tremembe_-100x100.jpeg"}UN General Assembly Votes for Resolution on ICJ Advisory Ruling on Climate Obligations
UNITED NATIONS, May 21 (IPS) - Member states this week (May 20) deliberated over a draft resolution on states’ obligations in respect of climate change following the advisory opinion from the International Court of Justice (ICJ). The General Assembly agreed to take measures to uphold the ICJ’s advisory opinion for member states to meet their existing obligations to climate justice under international law and multilateral frameworks.
https://www.globalissues.org/news/2026/05/21/43101 {"url":"https://static.globalissues.org/ips/2026/05/Odo-Tevi-Permanent-Representative-of-Vanuatu-to-the-UN-speaks-before-the-General-Assembly.-Credit-_-UN-WEB-TV.png"}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."
MAMDANI MEETS JAMIE DIMON AS WALL STREET OUTREACH INTENSIFIES AMID TAX BACKLASH
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-rhetoric