Martin Winterkorn has agreed to pay Volkswagen nearly $14 million after an investigation found the former CEO failed to respond properly to signs that the company may have been using illegal diesel engine technology. He also failed to ensure that questions from US authorities about the German carmaker’s 2015 emissions scandal were answered “truthfully, completely
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Lordstown Motors, the startup electric truck maker, warned Tuesday it is close to running out of cash and may be forced out of business in the next year. The news, which sent Lordstown shares down about 20% in midday trading Wednesday, is a blow to not only the company but also to the gritty industrial
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Retailers are reporting challenges hiring workers to staff stores and warehouses as the US economy reopens and shoppers spend on clothes, home goods and more. There were 965,000 open jobs in the retail sector in April, the Labor Department said Tuesday, more than double the figure from last April. And 106,000 retail workers quit their
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Ferrari has turned to a top tech executive to be its new CEO and lead the company into the age of electric supercars. Benedetto Vigna, currently the president of micro-electromechanical systems and sensor groups at the Geneva-based computer chip maker STMicroelectronics, will take over as CEO September 1. “His deep understanding of the technologies driving
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El Salvador has become the first country to adopt bitcoin as legal tender. A majority of lawmakers have approved a proposal from Salvadorian President Nayib Bukele that will allow bitcoin to be used as legal tender in the country alongside the US dollar. The law states that “all economic agents shall accept bitcoin as a
Continue Reading China’s dominance over the world’s solar industry just took a hit. First Solar unveiled plans Wednesday to double its US manufacturing capability by building a new state-of-the-art factory in Ohio. The $680 million investment by First Solar, the only US-headquartered major manufacturer of solar panels, will be the company’s third factory in the Toledo area.
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In a landmark move, El Salvador has become the first country to adopt bitcoin as a legal form of payment. But there’s still tons of pressure on the cryptocurrency. What’s happening: A majority of lawmakers have approved a proposal from Salvadorian President Nayib Bukele that will allow bitcoin to be used as legal tender in
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The Biden administration said Tuesday it is investigating how tax information from several of the world’s richest people — including Jeff Bezos, Elon Musk and Warren Buffett — was leaked to the public. “The unauthorized disclosure of confidential government information is illegal,” said Treasury spokeswoman Lily Adams. “The matter is being referred to the Office
Continue Reading Add paint to the growing list of things that are getting more expensive. Sherwin-Williams announced Tuesday that “demand remains strong” for its paint and other products, forcing the retailer to hike prices 7% beginning in August. The company blamed rising costs of raw materials for the price increases — a pandemic trend as consumers have
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The company behind Tuesday’s massive internet outage has apologized for making a costly mistake that knocked out websites, apps and online services across the world. Fastly, which runs a content delivery network of servers and data centers, also said in a statement late Tuesday that it would work to prevent such a widespread failure in
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COLUMBIA, Mo. (KMIZ) The Columbia Regional Airport saw a 500% increase in travelers last month compared to May of last year, but traveler numbers are still not back up to pre-pandemic levels. In May, the Columbia Regional Airport saw 13,672 passengers travel through the airport, which was a 506.3% increase in travelers compared to May
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Britain’s antitrust regulator is investigating whether Ryanair and British Airways broke the law by refusing to refund customers for flights that they could not legally take during coronavirus lockdowns. In a statement on Wednesday, the Competition and Markets Authority said that the airlines may have breached consumers’ legal rights by refusing cash refunds on flights
Continue Reading Steel, lumber, plastic and fuel. Corn, soybeans, sugar and sunflower oil. Houses, cars, diapers and toilet paper. Prices are rising almost everywhere you look. The post-pandemic recovery is in full swing and the global economy is struggling to keep up. Following a collapse at the start of the pandemic as businesses closed and millions of
Continue Reading China is getting pummeled by rising costs that have pushed producer price inflation to its highest level in nearly 13 years. Surging inflation in the world’s factory threatens to spill over into the rest of the globe and drive prices that were already ballooning even higher. But economists also say the pressure could begin to
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Tesla’s best-selling Model 3 sedan lost two designations from Consumer Reports after the company made changes to the car’s automatic braking and front collision warning systems. The car also was stripped of its designation as Top Safety Pick+ from the Insurance Institute for Highway Safety. The moves came after Tesla announced that, as of May
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One of the most surprising announcements from Apple’s Worldwide Developers Conference keynote on Monday wasn’t a new feature for its own customers — it was something new for Android and Windows users. As part of its unveiling of iOS 15, Apple said users of other operating systems will be able to join FaceTime calls when
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Chipotle raised its menu prices by about 3.5% to 4% to cover the cost of higher wages for employees, the company’s Chief Financial Officer John Hartung said Tuesday. “You take about a 4% price increase to cover the dollar cost of the extra labor,” he told an analyst during a conference. Chipotle announced in May
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Senator Mitt Romney wants answers from Microsoft after the company blocked images and videos around the world of “Tank Man,” the unidentified protester during China’s brutal crackdown on pro-democracy demonstrations in Beijing’s Tiananmen Square on June 4, 1989. In a letter to Microsoft CEO Satya Nadella provided exclusively to CNN, Romney said he was concerned
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Former Florida Senator and veteran of spaceflight, Bill Nelson, has taken the helm at NASA. The space agency has the ball rolling on plans to return humans to the moon for the first time in a half century (including the first woman and the first person of color), private companies like SpaceX are working more
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Move over, AMC and GameStop. Wendy’s is the latest hot stock with the WallStreetBets crowd. Shares of Wendy’s surged more than 25% in late afternoon trading Tuesday after Reddit investing communities started circulating bullish comments about the fast food chain, talking up the company’s irreverent social media feed and its “chicken tendies” that make it
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