Business news

• Meta just acquired a Chinese-founded AI startup for $2B. Here's why that matters

  30-12-2025 21:36 via cbc.ca
  A darling of the artificial intelligence startup scene was just acquired by Meta — capping off a year of intense competition between U.S. tech giants vying for dominance of the world's most coveted technology.
  
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• Elon Musk calls himself a 'maker,' slamming politicians like Bernie Sanders: 'They take'

  30-12-2025 21:32 via foxbusiness.com
  
  Billionaire business tycoon Elon Musk described himself as a "maker" in a Tuesday post on X, while reasserting his claim that Sen. Bernie Sanders, I-Vt., is a taker."My Tesla and SpaceX shares, which are almost all my ‘wealth’, only go up in value as a function of how much useful product those companies produce and service," Musk wrote."This means my ‘wealth’ can only increase due to producing more products and services for the public. Moreover, anyone else who is a share
  
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• IRS hands workers bigger tax break for business expenses in 2026

  30-12-2025 20:09 via foxbusiness.com
  
  People who use their cars for work will be able to deduct more money per mile on their taxes in the new year. The Internal Revenue Service (IRS) announced this week that the standard mileage rate for business driving will increase by 2.5 cents per mile. Additionally, vehicles used for medical purposes will decrease by half a cent, which the agency said reflects "updated cost data and annual inflation adjustments." The standard mileage rate is an IRS-set figure, which is expressed in ce
  
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• Trump calls Fed chair Powell a 'fool,' threatens lawsuit over headquarters renovation

  30-12-2025 18:03 via foxbusiness.com
  
  President Donald Trump on Monday launched a renewed attack on Federal Reserve Chair Jerome Powell, accusing Powell of "gross incompetence" and threatening to sue him over the costly renovation of the central bank's headquarters.Trump spoke at a Mar-a-Lago press conference alongside Israeli Prime Minister Benjamin Netanyahu and slammed Fed Chair Powell as a "fool." Powell, who was appointed as Fed chair by Trump in 2017 and was reappointed by then-President Joe Biden in 2021, will see h
  
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• US fusion strategy stuck in past as China moves ahead, CEO warns

  30-12-2025 17:46 via foxbusiness.com
  
  During the Cold War, the U.S. and the Soviet Union competed across nearly every arena, including space. The rivalry shifted dramatically on Oct. 4, 1957, when the U.S.S.R. launched Sputnik, the world’s first artificial satellite, officially ushering in the Space Age. Nearly 70 years later, the U.S. is facing a new technological race over fusion energy, and one CEO is warning Washington could be headed for another "Sputnik moment" as China accelerates."Fusion is at an inflection point,
  
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• Luxury retail giant Saks weighs bankruptcy filing, report

  30-12-2025 17:19 via foxbusiness.com
  
  Saks could be the next department store to seek relief in bankruptcy court amid growing liquidity challenges.Saks Global Enterprises, the parent corporation of Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, and Bergdorf Goodman, is weighing a Chapter 11 bankruptcy filing as they contend with mounting debt, people familiar with the matter told Bloomberg. This decision comes as the retailer is facing a more than $100 million debt payment due at the end of December, the people said. The compa
  
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• Renting vs buying: What's the better option in the current economy?

  30-12-2025 17:00 via foxbusiness.com
  
  Renting still offers significant monthly savings over buying in most of the country, but an economist says the long-standing affordability gap is gradually starting to close.Realtor.com senior economist Joel Berner told FOX Business that renting is still significantly more affordable than buying a starter home in 49 of the 50 largest metros across the U.S., with Pittsburgh being the lone exception. This hasn't changed since Realtor.com issued its June 2025 report, which noted that renting saves
  
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• Workers in 19 states get pay boost as minimum wages jump nationwide on New Year's Day

  30-12-2025 14:30 via foxbusiness.com
  
  American workers at the bottom end of the pay scale are set to see the minimum wage rise in 19 states effective on New Year's Day, while three other states are also planning minimum wage increases later in 2026.While 20 states opt to leave their minimum wage at the federal minimum of $7.25 an hour, the majority of states have set higher minimums which may be periodically adjusted to account for inflation or to account for a change in state labor compensation laws.The minimum wage helps
  
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• Warren Buffett pens last letter as Abel prepares to take over

  30-12-2025 14:00 via foxbusiness.com
  
  Legendary investor Warren Buffett will officially step down on December 31, 2025, ending his storied career that spanned over 60 years. He published a letter to shareholders in November letting them know he will be handing off the duties of writing Berkshire Hathaway's annual report and speaking at shareholder meetings to his successor, Greg Abel.Buffett, the 95-year-old chairman and CEO of Berkshire Hathaway, wrote that, "I will no longer be writing Berkshire's annual report or t
  
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• Outback Steakhouse sued after man suffers 'serious bodily injury' from toilet shattering under him

  30-12-2025 11:32 via foxbusiness.com
  
  A Florida man filed a lawsuit against Outback Steakhouse alleging that he was on a handicapped toilet when the seat "suddenly shattered and collapsed" while he was doing his business, resulting in injury.Michael Green said he suffered "severe bodily injury" during the incident at an Outback Steakhouse location along Southwest College Road in Ocala, according to the lawsuit.The injuries include "significant and permanent loss of an important bodily function" and "loss of capacity for the enjoymen
  
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• Ground beef recalled in 6 states over possible E. coli contamination

  30-12-2025 03:20 via foxbusiness.com
  
  Grass-fed ground beef that was distributed to six states has been recalled over possible E. coli contamination, according to the U.S. Department of Agriculture’s Food Safety and Inspection Service.The recall by Mountain West Food Group, LLC, based in Idaho, affects more than 2,800 pounds of raw 90/10 ground beef that may be contaminated with E. coli O26, the department announced on Saturday.The "Forward Farms Grass-Fed Ground Beef" items packed in 16-ounce packages were produced on Dec. 16
  
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• Duty free shops say they're still losing sales as cross-border travel plummets

  30-12-2025 01:04 via cbc.ca
  Owners of duty free shops in Windsor and Sarnia say they continue to suffer the fall-out from the U.S. trade war, seeing drops in business in the 30 per cent range year over year. 
  
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