Latest Business News
Trump Threatens Canada with 50% Tariff on Aircraft Sold to U.S.
U.S. President Trump has threatened a 50% tariff on Canadian aircraft sold to the U.S., escalating trade tensions. This move comes amid broader U.S.-Canada disputes, potentially impacting aviation and manufacturing sectors.
Canadian officials have not yet responded publicly to this specific threat.
Tesla Plans to Phase Out Model S and X for Humanoid Robot Investment
Tesla announced plans to discontinue Model S and X production while increasing investments in humanoid robots. This strategic shift aims to pivot toward robotics and AI amid slowing EV demand.
Investors await details on timelines and financial impacts.
Xiaomi Reports 81% Jump in Q3 Profit Driven by EV Sales
Xiaomi's third-quarter profit surged 80.9% year-over-year, fueled by strong electric vehicle sales and innovations. The company achieved its first net profit from EV operations in a single quarter.
This growth underscores Xiaomi's expanding role in the competitive EV market.
AkzoNobel and Axalta to Merge into $25 Billion Paint Giant
AkzoNobel, maker of Dulux paint, and Axalta Coating Systems announced a merger valuing the new entity at $25 billion. AkzoNobel shareholders will receive a 2.5 billion euro dividend.
The deal aims to create a dominant player in the global paints industry.
Hyundai Pledges Record $85.8 Billion Investment in South Korea
Hyundai Motor Group plans to invest $85.8 billion in South Korea over five years in AI, robotics, and EVs. This massive commitment seeks to boost innovation and vehicle exports.
It represents the largest investment in the nation's history.
US Jobless Benefit Rolls Hit Two-Month High Amid Shutdown Delay
Continued jobless claims rose to 1.957 million for the week ending October 18, per Labor Department data. The increase coincides with delays in government shutdown resolutions.
This signals rising labor market pressures in the U.S.
Google DeepMind's David Silver Launches AI Superintelligence Startup
David Silver, key researcher behind AlphaGo, left Google DeepMind to start Ineffable Intelligence for superintelligence development. The startup uses methods from DeepMind's breakthroughs.
This move intensifies competition in advanced AI research.
Trump Sues IRS and Treasury for $10 Billion Over Tax Leak
Trump filed a $10 billion lawsuit against the IRS and Treasury over a leak revealing years without tax payments. The suit claims reputational and financial harm from the unprecedented disclosure.
Legal proceedings could impact U.S. tax policy debates.
Canada Introduces Groceries and Essentials Benefit with $11.7 Billion Support
New legislation proposes a Canada Groceries and Essentials Benefit, including a spring top-up and 25% increase from July 2026. It provides $11.7 billion over six years, building on GST credits for affordability.
Additional funds target supply chains and food production.
Exxon and Chevron Pause New Spending in Venezuela Amid Trump Threats
Exxon and Chevron declined new investments in Venezuela while monitoring future opportunities despite U.S. policy shifts. Exxon retains long-term interest; Chevron eyes volume hikes without extra capital.
Trump's stance adds uncertainty to energy sector operations.
BlackRock Ties Executive Pay to Private Markets and Alts Expansion
BlackRock linked $14 trillion in assets' executive compensation to growth in private markets and alternatives. This 'golden handcuffs' strategy aims to retain talent amid competition.
It reflects the firm's push into non-traditional investments.
The Boring Co Seeks Expansion with Greater Transparency
After a decade of silence, The Boring Co president Steve Davis emphasized transparency to support expansion plans. The company aims to move past past setbacks.
This could accelerate tunneling projects globally.