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ABC Business News
DOJ investigating conduct at Abbott infant formula plant
GETTY/HUIZENG HU (MICHIGAN) — The Justice Department is investigating conduct at Abbott Laboratories’ infant formula plant in Sturgis, Michigan, in connection with a contamination investigation that closed the plant last year, a source familiar with the [Read More…]
Tech layoffs 2023: Companies that have made cuts
Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images (NEW YORK) — Companies across the tech industry have announced layoffs, affecting thousands of workers in the first few weeks of 2023. Company officials have often cited economic uncertainty [Read More…]
T-Mobile breached by hackers as 37 million customers impacted
franckreporter/Getty Images (NEW YORK) — T-Mobile says they discovered a “bad actor” was taking information through a single application, according to an SEC filing by the company this week. “The preliminary result from our investigation [Read More…]
Google to cut 12,000 jobs from global workforce
400tmax/Getty Images (NEW YORK) — Alphabet Inc., the parent company of Google, said Friday that it will cut about 12,000 jobs from its global workforce, affecting approximately 6% of the company’s employees. “I have some [Read More…]
Why the holiday season ended with a sales slump, and what it means for the 2023 economy
Tetra Images/Getty Images (NEW YORK) — The holiday shopping season began with a boom but ended with a whimper. U.S. retail sales fell in December, offering the latest sign of an economic slowdown driven by [Read More…]
OSHA cites Amazon for workplace conditions that were ‘failing to keep workers safe’
shaunl/Getty Images (NEW YORK) — The Occupational Safety and Health Administration cited Amazon on Wednesday for failing to furnish a place of employment that was free from recognized hazards that were causing serious physical harm [Read More…]
Microsoft is laying off 10,000 workers amid tech downturn
NicolasMcComber/Getty Images (NEW YORK) — Microsoft said it will lay off 10,000 employees this year, the latest tech firm to slash jobs as the sector contracts after a pandemic-era boom. The layoffs will affect nearly [Read More…]
Trump requests meeting with Meta to discuss ‘prompt reinstatement’ to Facebook
Eva Marie Uzcategui/Bloomberg via Getty Images (NEW YORK) — Former President Donald Trump is looking to get back on Facebook. Attorneys for Trump, who was banned from Facebook after the Jan. 6 insurrection, have written [Read More…]
Here’s why your natural gas bills could be much higher this winter
Tetra Images/Getty Images (NEW YORK) — Even as U.S. households begin to enjoy relief from inflation woes, a spike in heating bills could crunch budgets this winter due to a rise in natural gas prices. [Read More…]
Collection of voice data for profit raises privacy fears
Karl Tapales/Getty Images (NEW YORK) — A customer-service center uses artificial intelligence to identify a caller’s agitation, an insurance company scans voice data to flag illness and raise rates, a five-star restaurant denies a reservation [Read More…]
Delta denies customer refund backlog after company tweeted that it was ‘months’ behind
Urbanandsport/NurPhoto via Getty Images (NEW YORK) — As the Department of Transportation increases its call on airlines to promptly refund passengers, Delta Air Lines is telling some people on social media that it could be [Read More…]
First hybrid Corvette unveiled: What to know about the E-Ray
Chevrolet (NEW YORK) — Seventy years and eight generations later, the fabled, mesomorphic Corvette will join the world of electrification with the “E-Ray,” a hybrid sports car that bolts from 0-60 mph in 2.5 seconds, [Read More…]
Three tips to save money on your energy bills this winter
MStudioImages/Getty Images (NEW YORK) — Electricity bills are a fact of life for many Americans, but with energy prices expected to rise in many parts of the country, you may be looking for a way [Read More…]
Company creates 2 artificial intelligence interns: ‘They are hustling and grinding’
Bloomberg/Getty Images (NEW YORK) — Artificial intelligence isn’t just making inroads in technology. Soon, AI may replace human beings in jobs as evidenced by one company that has created two AI interns. Kyle Monson, co-founder [Read More…]
Tesla slashes car prices as much as 20%
Smith Collection/Getty Images (NEW YORK) — Electric vehicle company Tesla slashed the price of its cars across global markets as much as 20%, the automaker announced on Thursday night. The move aims to bolster demand [Read More…]
Trump Organization sentenced to maximum fine following tax fraud conviction
RapidEye/Getty Images (NEW YORK) — Former President Donald Trump’s namesake family real estate firm was sentenced to the maximum allowable fine Friday in New York following its conviction on 17 counts, include a 13-year scheme [Read More…]
Trump Organization to be sentenced following tax fraud conviction
RapidEye/Getty Images (NEW YORK) — Former President Donald Trump’s namesake family real estate firm will be sentenced Friday in New York following its conviction on 17 counts, include a 13-year scheme to defraud. The company [Read More…]
Egg prices reach historic highs amid avian flu outbreak, inflation woes
d3sign/Getty Images (NEW YORK) — Fans of three-egg omelets and bacon-egg-and-cheese sandwiches have more to worry about than just high cholesterol. The wholesale price of a dozen eggs has more than quadrupled year over year, [Read More…]
City National Bank to pay $31M in redlining settlement with DOJ
Marilyn Nieves/Getty Images (WASHINGTON) — The U.S. Department of Justice announced a $31 million settlement with City National Bank over allegations that the Los Angeles-based bank engaged in “redlining” – a pattern of lending discrimination [Read More…]
5 takeaways from Sam Bankman-Fried’s surprising Substack blog post
Lev Radin/Pacific Press/LightRocket via Getty Images (NEW YORK) — Stuck in house arrest and awaiting trial, disgraced crypto executive Sam Bankman-Fried spoke out on Thursday with the most extensive remarks since his arrest a month [Read More…]