Business

NBC News reports: More than 50 locations of Red Lobster are being auctioned off amid questions about the stalwart seafood chain’s long-term future. In a post Monday on LinkedIn, Neal Sherman, founder and CEO of TAGeX Brands, a liquidation firm, announced he was leading the closure of more than 50 Red Lobster locations, with the restaurants’ equipment to be auctioned …

Reuters reports: SpaceX is building launch facilities, office buildings and even a shopping center in rural Texas, as billionaire Elon Musk’s space venture rapidly expands its rocket and satellite business across the Lone Star state. But a Reuters review of Texas property records shows that SpaceX and its contractors can be far slower to pay builders and suppliers than they …

Reuters reports: Major U.S. airlines are suing the U.S. Transportation Department over a new rule requiring upfront disclosure of airline fees, the latest clash between air carriers and the Biden administration. Airlines for America, along with American Airlines, Delta Air Lines, United Airlines, JetBlue Airways, Hawaiian Airlines. and Alaska Airlines filed suit against the department (USDOT) in the U.S. Fifth …

Reuters reports: Apple has apologized after an advertisement for its latest iPad Pro model sparked criticism by showing an animation of musical instruments and other symbols of creativity being crushed, Ad Age magazine reported. “Our goal is to always celebrate the myriad of ways users express themselves and bring their ideas to life through iPad. We missed the mark with …

NBC News reports:  Federal authorities said Friday they charged Fat Brands and its chair, Andy Wiederhorn, of committing a brazen scheme that netted him $47 million in bogus loans from the restaurant company that owns Fatburger, Johnny Rockets and Twin Peaks. Wiederhorn, who was convicted two decades ago in a criminal case that involved similar conduct, was separately criminally charged …

Bloomberg News reports: Target Corp. won’t sell LGBTQ-themed merchandise in some stores during Pride Month in June, after a backlash dented revenue last year. Target faced threats from some customers last year over its Pride merchandise. The Minneapolis-based retailer plans to offer the full assortment online but is considering store-level data to decide which physical locations will carry the products, …

Ars Technica reports: Amazon Prime Video subscribers will see new types of advertisements this broadcast year. Amazon announced today that it’s adding new ad formats to its video streaming service, hoping to encourage people to interact with the ads and shop on Amazon. Those who opted for Prime Video with commercials will soon see shoppable carousel ads, interactive pause ads, …

Bloomberg News reports: Surely someone in that Cupertino spaceship in California could comprehend the grim imagery of its new iPad ad — titled simply “Crush!”— in which a giant crushing machine slowly squeezes a pile of beloved creative tools. First, a trumpet, buckling. Then paint splattering everywhere. A bust, squashed. An upright piano, crushed, strings and hammers flying out with …

The New York Times reports: General Motors said on Wednesday that it would stop making the Chevrolet Malibu, the last sedan in its U.S. model lineup and a venerable nameplate that was introduced in the 1960s when the company was a dominant force in the U.S. economy. For years, American drivers have been gravitating toward sport utility vehicles and away …

Bloomberg News reports: Steven Mnuchin, the former US Treasury Secretary, said he’s still interested in buying TikTok’s US operation from its Chinese owner, and believes the social media app’s critical video recommendation technology could be replicated. “I’ve actually spoken to a lot of tech companies on working about rebuilding this,” Mnuchin said Tuesday in an interview with Bloomberg Television. “I …

The Sacramento Bee reports: California grocery and drug stores would be prohibited from operating self-service checkout stations without adequate staffing, under a proposed law being considered in Sacramento. The bill is being championed by organized labor and opposed by business groups. Under Senate Bill 1446, by Sen. Lola Smallwood-Cuevas, D-Los Angeles, grocery and drug stores would be required to provide …

Reuters reports: U.S. prosecutors are examining whether Tesla committed securities or wire fraud by misleading investors and consumers about its electric vehicles’ self-driving capabilities, three people familiar with the matter told Reuters. While Tesla has warned drivers to stay ready to take over driving, the Justice Department is examining other statements by Tesla and Chief Executive Elon Musk suggesting its …

Axios reports: President Biden will travel to Racine County, Wisconsin, on Wednesday to unveil a $3.3 billion investment by Microsoft to build a new artificial intelligence data center, according to Biden officials. It’s another high-profile announcement from the president on how he’s helping to create jobs with private sector investment — but with a twist. He’ll be taking a not-so-subtle …

CBS News reports: After being notified by Boeing that some company employees failed to complete specific inspections on some 787 Dreamliners but reported the checks as having been completed, essentially falsifying inspection records, the Federal Aviation Administration has opened a formal investigation. The inspections verify there is adequate bonding and grounding of the fasteners connecting the wings to the fuselage. …

The Wall Street Journal reports: TikTok said it filed a federal lawsuit Tuesday challenging the constitutionality of a new law that requires a sale or ban of the popular social-media app, setting up a court showdown over national security and free speech in the age of global information wars. The suit, filed directly with a federal appeals court in Washington, …

Media Matters reports: The Daily Wire announced the launch of a new “men’s lifestyle” company named Responsible Man on May 1, promoting its only current product — a men’s dietary supplement that it says is “designed to help … sharpen brain cognition” and that it suggests will help address what the outlet calls the “increasing health risk” of declining “sperm …

Bloomberg reports: The Swiss Army Knife, the iconic, more than century-old fold-up tool used by whittlers, soldiers and even astronauts, will soon be available without a blade. Victorinox, the company behind the quintessentially Swiss product, is responding to tighter regulations around weapons around the world, Chief Executive Officer Carl Eisner told the Blick newspaper on Monday. Instead, it plans to …

CNBC reports: The auditing firm for Trump Media and the auditor’s owner were charged Friday with “massive fraud” by the Securities and Exchange Commission for work that affected more than 1,500 SEC filings, the federal regulator announced. The auditor, BF Borgers CPA and its owner Benjamin Borgers have agreed to be permanently suspended from practicing as accountants before the SEC, …

CNN Business reports: Truth Social’s average number of daily active US users on iOS and Android dropped by 19% year over year in April to about 113,000, according to data shared exclusively with CNN from Similarweb, a data intelligence company. The Similarweb data, which captures the first 29 days of April, showed that the average number of users dipped 4% …

Courthouse News reports: A panel of automotive industry experts and advocates on Tuesday sought to dissuade lawmakers from moving forward with a bill that would require new vehicles to be fitted with analog radio receivers, despite growing bipartisan momentum behind the measure. Both the House and Senate are considering versions of the AM Radio for Every Vehicle Act, which would …