Day: May 11, 2026
GM cutting hundreds of salaried IT workers as it trims costs, evaluates needs
The General Motors global headquarters in Detroit, Jan. 12, 2026. Jeff Kowalsky | Bloomberg | Getty Images DETROIT – General Motors is laying off hundreds of salaried employees in its information technology operations as the automaker reevaluates its workforce needs and cuts costs, CNBC has learned. The global reductions began Monday and will impact about […]
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Redistricting war isn’t over, Democrats say. Planning huddle this week in Washington
U.S. House Minority Leader Hakeem Jeffries (D-NY) holds a news conference at the U.S. Capitol on Jan. 5, 2026 in Washington, DC. Joe Raedle | Getty Images House Minority Leader Hakeem Jeffries, D-N.Y., on Monday promised a “massive Democratic redistricting counteroffensive” and said House Democrats would huddle Thursday on the ongoing partisan gerrymandering wars ahead […]
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Trump says Iran ceasefire is ‘on life support’ after rejecting Tehran’s counter proposal
President Donald Trump on Monday said that what remains of the U.S. ceasefire with Iran is “on life support” after Tehran sent an “unacceptable” counter to Washington’s proposal to end the war. The state of the month-old truce is “unbelievably weak,” Trump told reporters in the Oval Office. “I would call it the weakest, right […]
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JPMorgan Chase-led bank group reins in credit line to troubled KKR private credit fund as losses mount
Key Points JPMorgan-led lenders cut FS KKR Capital’s credit facility by roughly $648 million, or 14%, while raising borrowing costs. FS KKR reported deepening losses and announced a $300 million support package from KKR for the troubled BDC days after the credit-line amendment. The fund, known by its ticker FSK, reported roughly $560 million in […]
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Microsoft CEO Satya Nadella takes stand in Musk v. Altman trial
Chairman and CEO of Microsoft Satya Nadella delivers a speech during the World Economic Forum (WEF) Annual Meeting in Davos, Switzerland on January 20, 2026. Harun Ozalp | Anadolu | Getty Images Microsoft CEO Satya Nadella took the stand to testify in the Musk v. Altman trial in federal court in Oakland, California, on Monday. […]
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Trump invites Elon Musk, Tim Cook, Larry Fink and other CEOs to join China trip for Xi summit
U.S. President-elect Donald Trump greets Elon Musk as he arrives to attend a viewing of the launch of the sixth test flight of the SpaceX Starship rocket on November 19, 2024 in Brownsville, Texas. Brandon Bell | Getty Images News | Getty Images President Donald Trump has invited executives from some of the biggest U.S. […]
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Former Tesla CFO Deepak Ahuja joins EV battery recycler Redwood Materials
Deepak Ahuja Source: Verily Redwood Materials, the electric vehicle battery recycling business started by Tesla board member and former CTO JB Straubel, is bringing on another former Tesla executive, Deepak Ahuja, as CFO, the company announced Monday. Ahuja served as finance chief at Tesla from March 2017 to March 2019, his second term at Elon Musk’s […]
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The wealthy keep buying Manhattan real estate despite potential pied-à-terre tax
Central Park Tower, center, along Billionaire’s Row in New York, US, on Friday, May 1, 2026. Michael Nagle | Bloomberg | Getty Images High-end real estate sales in Manhattan increased in the past month, according to new data, despite New York Mayor Zohran Mamdani’s proposed pied-à-terre tax that brokers warn could cause a wealth flight. […]
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Michael Burry is not a believer: ‘For any stocks going parabolic reduce positions almost entirely’
Key Points Michael Burry said investors should “reject greed” as enthusiasm around artificial intelligence and momentum-driven trades pushes valuations sharply higher. “An easier way for most is to simply reduce exposure to stocks, to tech stocks in particular. For any stocks going parabolic reduce positions almost entirely,” Burry wrote. Source
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Hassett says AI isn’t costing anybody their job right now — but tech layoffs keep coming
White House National Economic Council Director Kevin Hassett on Monday shrugged off any negative impact of artificial intelligence on employment, saying the emergent technology isn’t costing anyone their jobs right now. “There’s no sign in the data that AI is costing anybody their job right now, but we are studying the future of AI and […]
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