Former President Donald Trump floated limiting annual credit card interest rates to a maximum of 10% during a campaign stop on Long Island Wednesday night, prompting banking groups to push back against the plan as the Republican version of Democrat Kamala Harris’ widely panned “price controls.” “While working Americans catch up, we’re going to put … Read more
Warner Music Group said on Thursday it would lay off about 150 employees, in addition to its earlier job cuts this year, totaling to about 13% of its workforce as part of a revised strategic restructuring plan to free up funds. In February, Warner Music said that it would cut 600 employees. The company is now … Read more
WASHINGTON — The Biden administration is awarding over $3 billion to U.S. companies to boost domestic production of advanced batteries and other materials used for electric vehicles, part of a continuing push to reduce China’s global dominance in battery production for EVs and other electronics. The grants will fund a total of 25 projects in … Read more
Olive Garden said Thursday it’s teaming up with Uber to offer delivery for the first time. Darden Restaurants, which owns Olive Garden, LongHorn Steakhouse and other chains, said Olive Garden will be the first of its brands to offer third-party delivery starting later this year. Individual orders will be picked up and delivered by Uber … Read more
The average rate on a 30-year mortgage in the U.S. edged closer to 6% this week to its lowest level since early February 2023. The rate fell to 6.09% from 6.20% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.19%. The last time the average rate was this low … Read more
SALEM, Ore. — Oregon Gov. Tina Kotek is using a new land use law to propose a rural area for a semiconductor facility, as officials seek to lure more of the multibillion-dollar semiconductor industry to the state. Kotek has proposed expanding the city boundaries of Hillsboro, a suburb west of Portland that’s home to chip … Read more
Apple is giving more people the chance to test a software update that will implant artificial intelligence into its virtual assistant Siri and automate a variety of tedious tasks on the latest iPhone coming out Friday. The free update was made available Thursday to an audience that has signed up to test Apple’s software before … Read more
NEW YORK — A broad group of civil rights organizations called on the CEOs and board members of major companies Thursday to maintain their commitments to diversity, equity and inclusion initiatives that have come under attack online and in lawsuits. An open letter signed by 19 organizations and directed at the leaders of Fortune 1000 … Read more
RENO, Nev. — U.S. land managers said Thursday they’ve completed a final environmental review of a proposed Nevada lithium mine that would supply minerals critical to electric vehicles and a clean energy future while still protecting an endangered wildflower. “This environmental analysis is the product of the hard work of experts from multiple agencies to … Read more
Nike Inc. has named Elliott Hill as its president and CEO effective, replacing John Donahoe, who will retire next month BEAVERTON, Ore. — Nike Inc. said Thursday it has named Elliott Hill as its president and CEO, replacing John Donahoe, who will retire next month. Hill is returning to the company from which retired in … Read more