All Rite Aid stores will close or be sold to a new owner in the coming weeks and months as the struggling retailer goes through its second Chapter 11 bankruptcy filing.
Why it matters: The Philadelphia-based drugstore chain is looking to sell both its pharmacy business and its stores, according to bankruptcy protection documents.
The Trump administration will scrap a looming Biden-era rule Thursday that would have restricted how American technology is exported overseas, and is planning to issue new guidance within a few months, a source familiar with the matter told Axios.
Why it matters: The so-called AI diffusion rule was a top target for the Trump administration and a number of AI and chip companies, who said it imposed overly complex rules that would make it difficult for American companies to sell abroad.
The big buzzword on stage during this week's Milken Global Conference was "tariffs."
In the private hotel suites and at $25,000 restaurant tables, it was "midterms."
The big picture: Some of the world's most influential economic leaders hoped President Trump might soften his aggressive tariffs if Republicans get a sense they could lose control in Washington over them.
Why it matters: The Fed warned about the potential of higher prices and a spike in joblessness, as President Trump presses on with aggressive efforts to reset global trade.
Senate Democrats are considering asking Senate Republican leadership to delay a vote on the GENIUS Act this week to allow for more time for negotiations, Axios has learned.
Why it matters: Lawmakers made progress toward saving the crypto bill during 11th-hour meetings Wednesday, sources tell Axios. But Democrats want more time for talks.
NBCUniversal on Wednesday announced it will sell ads for Versant, the new name for Comcast's spinoff of most of its cable networks including USA, CNBC and MSNBC.
Why it matters: The deal allows Versant to focus on programming and product while outsourcing ads to NBCU, which already intimately understands the portfolio.
Why it matters: USAGM can't dictate what its outlets like Voice of America choose to cover by law, but Lake said the deal was brokered to "ensure our outlets have reliable and credible options as they work to craft their reporting and news programs."
If you're flying any time soon, you may be wise to avoid Newark Liberty International Airport.
Why it matters: Newark has been a mess lately — including major disruptions this week that left hundreds of flights delayed or canceled — and there's little immediate relief in sight.
Shares in Google parent Alphabet plunged Wednesday, dragging broader markets lower, after Apple reportedly said it was exploring AI search engines for the Safari browser.
Why it matters: Being the default search engine on Apple devices is a key placement for Google, enough so that historically it paid Apple north of $20 billion a year in revenue sharing.
The digital transformation of the auto industry has hit a speed bump: Slower-than-expected electric vehicle adoption has delayed the rollout of intelligent, software-defined vehicles.
The big picture: Automakers are forecasting billions of dollars in recurring revenue from software and services that improve over time through constant updates.
The digital transformation of the auto industry has hit a speed bump: Slower-than-expected electric vehicle adoption has delayed the rollout of intelligent, software-defined vehicles.
The big picture: Automakers are forecasting billions of dollars in recurring revenue from software and services that improve over time through constant updates.
That requires a next-generation electrical architecture — think of it as the car's brain — to handle everything from ride dynamics and safety functions to the in-car experience that consumers want.
Automakers dream of being more like Apple, with an elegant operating system like iOS that enables the same digital experience across all their vehicles.
China is no longer tops among the cheapest places to make vehicles — today Morocco, Romania and Mexico are the auto industry's emerging low-cost production centers, according to a new labor-cost analysis by Oliver Wyman.
Why it matters: Amid all the disruption in the auto industry — geopolitical tensions, economic headwinds and rising competition — automakers must reconsider where it makes sense to produce future vehicles.
Cirrus, a leading maker of small planes, is adding a feature to its G7 model that allows it to land itself in an emergency, Axios' Ina Fried writes.
Why it matters: The move is a step toward autonomous passenger travel, though landing a plane in an emergency is a long way from removing pilots from the cockpit.
How it works: A red button in the new G7 allows any passenger to initiate the self-landing procedure should the pilot become incapacitated.
The plane can also land itself automatically if it detects a lack of pilot input or erratic behavior.
It'll find the nearest safe airport, communicate with air traffic control and complete the touchdown itself.
📴 Buttons and knobs are back! European safety officials say automakers should make wipers, lights, turn signals, horn and hazard warning lights accessible with physical switches rather than touchscreens if they want to earn a five-star safety rating. — Wired
💭 If automakers are smart, they'll do the same in the U.S., before regulators make them.
🚖 Zoox has resumed robotaxi testing after a minor crash in Las Vegas that prompted it to issue a software recall for 270 of its vehicles. — CNBC
🚗 Tesla has started taking orders for a cheaper version of its newly redesigned Model Y amid warning signs of soft demand for its best-selling EV. — Electrek
🇲🇽 Ford is hiking prices on three popular models built in Mexico, becoming one of the first major automakers to adjust sticker prices because of Trump's tariffs. — Reuters
One of the most affordable electric vehicles on the market might not be for much longer — assuming you can even buy one.
The Hyundai Kona Electric is stylish, comfortable, roomy and surprisingly fun to drive.
Pricing starts at $32,975 and goes up to $41,150 for the Limited version I drove.
Yes, but: U.S. tariffs will almost certainly make it more expensive because it's built in South Korea with a Chinese battery — the same reasons it doesn't qualify for a federal tax credit.
Hyundai has said it will hold pricing steady until June 2, but after that, it's anyone's guess.
The base Kona EV has a smaller battery and a driving range of 200 miles. I think it's worth getting the larger battery for a more respectable 261 miles.
Unrivaled Sports, a youth sports properties and programming group, raised $120 million led by Dick's Sporting Goods at more than a $650 million post-money valuation.
Why it matters: Youth sports has become professionalized, at least on the operator side, even if lots of us parents yearn for the days of rec league monopolies.
The Federal Aviation Administration announced plans Wednesday to update technology and other functions at Newark Liberty International Airport, which has been plagued by delays all week.
Why it matters: A perfect storm of technology failures and the nationwide shortage of air traffic controllers caused hours-long ground delays at the airport, forcing United to cancel dozens of daily flights into the hub.
Homebuyers in Dallas-Fort Worth need to earn over $63,000 more a year than renters to afford their monthly housing payments, according to a recent Redfin report.
Why it matters: A "triple whammy" of rising home prices, high mortgage rates and a shortage of houses for sale is making it harder for renters to make the leap to homeownership, the report says.
Workers are anxious: The share of those talking about uncertainty on the workplace review site Glassdoor is up 80% from last year, per a new report from the company.
Why it matters: The unemployment rate has remained fairly low, but the labor market slowdown and rising concerns over a recession are shaking Americans' feelings of job security.
There are now 233 U.S. cities where a typical starter home costs at least $1 million — nearly triple the number from March 2020, according to a Zillow report.
Why it matters: It's a sharp reminder that homeownership is slipping further out of reach, especially for younger people.
Why it matters: Democrats see the potential forgob-smacking corruption in Trump's lucrative crypto projects, which they consider to be the clearest conflicts of interest in a sea of new business ventures launched by the president and his inner circle.
Why it matters: A drastic reduction in immigration could lead to labor shortages,especially in some critical roles — building houses, taking care of the growing elderly population, or staffing farms and meatpacking plants.
If you've found yourself salivating over menu items or recipes infused with za'atar, saffron, black sesame, cardamom, raspberry-rhubarb or miso lately — you're not alone.
The big picture: Since home cooking boomed among the cooped-up during 2020 lockdowns, palates have expanded and gotten more colorful. Businesses are trying to keep up with the hunger for hyphenated flavor combos and artisanal tastes.
Senate Democrats and Republicans are set to meet Wednesday in an eleventh-hour meeting to try to save the bipartisan GENIUS Act, according to people familiar with the matter.
Why it matters: Legislation to regulate stablecoins isn't dead, but even its advocates acknowledge the GENIUS Act is in danger of failing the procedural vote that Senate Majority Leader John Thune (R-S.D.) has scheduled for Thursday.
