The Federal Reserve has brought in its inspector general to review a building expansion that has drawn fire from the White House, according to a source familiar with the issue. Fed Chair Jerome Powell asked for the review, following blistering criticism of the project, initially pegged at $2.5 billion but hit by cost overruns that
Amazon is extending its annual Prime Day sales and offering new membership perks to Gen Z shoppers amid tariff-related price worries and possibly some consumer boredom with an event marking its 11th year. For the first time, Seattle-based Amazon is holding the now-misnamed Prime Day over four days. The e-commerce giant’s promised blitz of summer
Boeing delivered 60 airplanes last month, the most since December 2023, as the plane maker seeks to raise production of its bestselling 737 Max jets after a series of manufacturing and safety problems. The tally was the highest since before a door plug from one of its new 737 Max 9 planes blew out midair
Chinese chain Luckin Coffee opened its first two U.S. locations this week, betting that mobile-only ordering and creative flavors can lure customers away from Starbucks. Both new Luckin stores are based in Manhattan, and at the midtown location on Wednesday, Sam Liu took a sip of her jasmine cold brew. “I’ve never tried anything like
In a year when the U.S. consumer has been weighed down by economic uncertainty, geopolitical tensions and inflation, Black entrepreneurs are eager to get to the Essence Festival of Culture to connect with their core customers. “Essence Fest is like my Black Friday,” said Rochelle Ivory, owner of beauty brand On the Edge Baby Hair.
Constellation Brands on Tuesday reported quarterly earnings and revenue that missed analysts’ estimates as beer demand slid and tariffs on aluminum weighed on its profitability. Still, the brewer reiterated its forecast for fiscal 2026, showing confidence that it can hit its financial targets despite the weaker-than-expected quarterly performance and higher duties. Shares of the company
Microsoft said Wednesday that it will lay off about 9,000 employees. The move will affect less than 4% of its global workforce across different teams, geographies and levels of experience, a person familiar with the matter told CNBC. The announcement comes on the second day of Microsoft’s 2026 fiscal year. Executives at the Redmond, Washington-based
Apple has accused a former engineer for its Vision Pro headset computer of stealing company trade secrets before starting a new job at Snap, according to a lawsuit filed in California last week. In the June 24 court filing, Apple accuses Di Liu, a senior design engineer, of downloading thousands of documents in his final
Elon Musk and President Donald Trump are fighting again. Now Musk’s business interests — and the billions in government contracts they enjoy — are once again in the crosshairs. Investors were already punishing Tesla on Tuesday, sending shares in the electric carmaker more than 4% lower in afternoon trading. The stock has experienced a late-spring