Business

The New York Times reports: The condo board at a troubled 1,400-foot luxury tower on New York City’s Billionaires’ Row is accusing developers of “deliberate and far-reaching fraud” by failing to disclose early cracks in the facade that it says could lead to dangerous structural issues. Condo board members say that CIM Group and other developers of 432 Park Avenue …

USA Today reports: If you’ve recently purchased tomatoes, you may want to check the label. There have been two separate recalls affecting tomatoes sold across 14 states. Ray & Mascari Inc. was notified by Hanshaw & Capling Farms of Florida that they were recalling the lot of tomatoes it sent to be repackaged into the 4 Count Vine Ripe Tomatoes …

Axios reports: Temu has stopped shipping products from China to the U.S. ahead of an executive order from President Trump that went into effect on Friday. The “de minimis” loophole was an important protection for businesses overseas and U.S. customers, exempting low-value packages from tariffs — until now. Temu changed its website and app to only display listings from products …

The Guardian reports: Voters in a small patch of south Texas are casting their ballots on Saturday in an election that could give Elon Musk a town to call his own. The vote would officially create a new city called Starbase in the area where Musk’s SpaceX holds its Texas rocket launches. The outcome, which will be decided almost entirely …

Yahoo Finance reports: Microsoft is raising the price of its Xbox consoles, games, and accessories worldwide amid ongoing tariff uncertainty surrounding consumer technology goods. Video game companies manufacture consoles and accessories in China, which is currently subject to 145% reciprocal tariffs, and areas like Vietnam, subject to a 10% blanket tariff. Physical games, discs, and cartridges are also produced in …

Yahoo Tech reports: Need a real-world example of how Trump’s tariffs are hitting the electronics industry? Wyze says it paid $255,000 with import fees to ship just $167,000 worth of product. On Wednesday, Wyze posted a screenshot of a shipment receipt. “Just got our first tariff bill. We imported $167k of floodlights and then paid $255k in tariffs. That’s more …

The Dallas News reports: Airbus SE said it won’t cover the cost of tariffs on its planes imported by U.S. airlines, setting up a clash with carriers unwilling to shoulder surcharges imposed by President Donald Trump. The European planemaker is responsible for any added duties on supplies it imports to its own aircraft assembly plant in Mobile, Alabama, and then …

The New York Times reports: General Motors cut its profit forecast for 2025 on Thursday by more than 20 percent and said that the Trump administration’s tariffs would increase its costs by $4 billion to $5 billion this year. In a conference call with analysts, G.M. executives said the company now expects to make $8.2 billion to $10.1 billion this …

The Wall Street Journal reports: Kohl’s fired its chief executive Ashley Buchanan after it discovered he had instructed the retailer to enter into a “highly unusual” business deal involving a woman with whom he has had a romantic relationship, according to people familiar with the situation. Buchanan met the woman, Chandra Holt, when they were both working at Walmart several …

CNN reports: Some of the last cargo ships carrying Chinese goods without crippling tariffs are currently drifting into US ports. Come next week, though, that will change. Cargo on ships from China loaded after April 9 will carry with them the 145% tariff President Donald Trump slapped on goods from that nation last month. Next week, those goods will arrive, but …

CNBC reports: Shares of Tesla were flat in premarket trading Thursday after the EV maker denied a Wall Street Journal report that its board was searching for a replacement for chief executive Elon Musk. The report, citing comments from sources familiar with the discussions, said that Tesla’s board members reached out to several executive search firms to work on a …

The Daily Beast reports: The Los Angeles Times lost roughly $50 million last year, according to AdWeek, as its right-leaning billionaire owner Dr. Patrick Soon-Shiong takes a bludgeon to the paper’s operations. L.A. Times Studios President Anna Magzanyan’s disclosure to staff comes after Soon-Shiong has tried to remake the paper he purchased in 2018 into one less focused on politics—or …

Axios reports: Walmart on Tuesday rejected the idea that it would apply an itemized surcharge to purchases to account for President Trump’s increased tariffs. A report Tuesday that Walmart rival Amazon was poised to add a tariff fee to sales in the U.S. triggered outrage in the White House, which condemned it as a “hostile and political act.” Walmart, the …

The New York Times reports: Displaying the import fees would have made clear to American consumers that they are shouldering the cost of President Trump’s tariff policies rather than China, as he and his top officials have often claimed would be the case. An Amazon spokesman said the company had considered a similar idea on part of its site, Amazon …

Reuters reports: Amazon’s Prime Day is losing its luster among a critical group: sellers. Some third-party merchants who previously sold China-made goods during Amazon’s premier July shopping event are sitting it out this year or reducing the amount of discounted merchandise they offer. The planned pullback, which hasn’t been previously reported, is a way for sellers to protect profit margins …

Supermarket News reports: Albertsons is taking a hard-line approach with suppliers regarding cost increases tied to tariffs. Omer Gajial, the grocer’s head of merchandising, told suppliers via letter that Albertsons will not accept cost increases. Those wishing to propose a price change must follow a multi-step process, Forbes reported. The letter, sent in March, stated that suppliers may not include …

Forbes reports: Nearly two-fifths of corporations plan on scaling back engagement for LGBTQ Pride Month this June, while another two-fifths said their support would remain unchanged, according to a survey of corporate executives by Gravity Research. Of the 49 executives surveyed from Fortune 1000 companies, those who said they were pulling back on Pride support cited pressure from conservative activists …

Politico Europe reports: The European Commission issued the first fines under its Digital Markets Act on Wednesday, slapping tech giants Apple and Meta with penalties for breaching the EU’s new digital rulebook. Apple faces a €500 million fine for breaching the regulation’s rules for app stores, while Meta drew a penalty of €200 million for its “pay or consent” advertising …

Reuters reports: Tesla CEO Elon Musk said on Tuesday he would cut back “significantly” the time he devotes to the Trump administration from next month and spend more time running the electric-vehicle maker. Tesla shares, which had risen 4% in after-hours trading right before an earnings conference call began, spiked to trade up 5.5% on Musk’s comments. The remarks came …

The New York Times reports: Tesla said Tuesday that its profits fell 71 percent in the first three months of the year, which could increase the pressure on Elon Musk, the automaker’s chief executive, to curtail his work for President Trump and spend more time managing the company. The company said it earned $409 million, down from $1.4 billion in …