The financial news that actually matters
More than 2,000 logistics and manufacturing workers across multiple states received layoff notices as 2026 began, with state WARN filings showing cuts at distribution hubs and transportation service providers effective in late February. United Parcel Service is eliminating 128 positions at its Montgomery, Alabama facility, while Railcrew Xpress is cutting 29 jobs across two Virginia…
Federal agents arrested Tricolor Auto founder and CEO Daniel Chu on fraud charges tied to the subprime auto lender’s sudden collapse into Chapter 7 bankruptcy. The filing, entered around September 10, 2025, exposed more than $1 billion in liabilities and triggered criminal indictments against three top executives. At least one major bank has already disclosed…
Older Americans lost an average of more than $38,000 each to fraud last year, according to the FBI, with gift cards still ranking among the most common payment methods scammers demand. That per-victim figure lands hardest on people over 60, many of whom are on fixed incomes and have little chance of recovering funds once…
Workers at the Belvidere Assembly Plant in Illinois lost their jobs when Stellantis idled the facility, and now the promised investments that were supposed to bring them back, including a new EV battery plant, a parts distribution center, and a retooled truck production line, are in doubt. U.S. Senator Dick Durbin of Illinois publicly called…
Developers racing to build the data centers that power artificial intelligence are running into a wall that no amount of capital spending can fix: the electric grid cannot connect new facilities fast enough. The Federal Energy Regulatory Commission has taken direct action on co-location disputes tied to AI-driven power demand, and its interconnection reform orders…
Every single filer in the United States will be able to earn $16,100 in 2026 before owing a dollar of federal income tax, a figure the IRS locked in after factoring inflation adjustments and statutory changes from the One, Big, Beautiful Bill. The number applies to returns filed in 2027 and also covers married individuals…
Kroger plans to shut down roughly 60 supermarkets over the next 18 months, a move that will cost the company $100 million in impairment and closure charges. The closures target the grocery chain’s weakest-performing locations, and the company has not yet identified which stores will close. Interim CEO Ronald Sargent said the strategy is designed…
Federal prosecutors have charged the CEO, CFO, and COO of Tricolor Auto in connection with what authorities describe as a billion-dollar collapse built on falsified auto-loan data and double-pledged collateral. The fallout is hitting some of the largest names in banking. Barclays PLC disclosed credit impairments tied to Tricolor in its 2025 annual report, and…
Misam M. Abidi, a 47-year-old resident of Nolensville, Tennessee, now faces 11 federal counts after a grand jury in the Western District of Tennessee returned an indictment tying him to a cryptocurrency Ponzi scheme operated through a company called Star Credit Holdings. The charges span wire fraud, running an unlicensed money transmitting business, assisting in…
Every insured depositor at two failed U.S. banks in 2026 has been made whole, but the speed of both closures raises pointed questions about what stress signals regulators saw before pulling the trigger. Metropolitan Capital Bank and Trust and Community Bank and Trust, based in West Georgia, are the only FDIC-insured institutions to fail so…
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