Business
Business reporting, written for the person reading it.
Business · · 1 min
Fox Business Host Sues Whole Foods Over Dog Attack
A prominent Fox Business personality is pursuing legal action against Whole Foods following a serious dog attack incident at one of their locations, raising questions about store liability and safety protocols.
Business · · 1 min
Fox Business Host Files Lawsuit Against Whole Foods
A prominent Fox Business personality is pursuing legal action against Whole Foods Market following a serious dog attack incident at one of their store locations.
Business · · 1 min
U.S. Seeks 35% Venezuela Oil Stake
The Wall Street Journal reported Saturday that Washington plans a 35% passive stake in Venezuelan businessman Alejandro Betancourt's North American Blue Energy Partners, plus preferential rights to buy 20% of production at cost. The Pentagon's Office of Strategic Capital would allegedly structure the deal with penny warrants, yielding equity without a big cash outlay. The leak landed a day after President Trump said the U.S. had secured majority control of more than 65 billion barrels of Venezuelan reserves through a private partnership, about a fifth of Venezuela's claimed proven oil. Pentagon spokesman Sean Parnell pushed back, saying OSC's statute allows loans and guarantees, not equity stakes. The White House and NABEP did not comment after hours. Markets and critics are parsing whether the U.S. is nationalizing influence over OPEC-adjacent crude through a controversial middleman under foreign probes, and what that means for oil supply geopolitics.
Business · · 1 min
Glencore Writes Off Entire Radiant Hit
Glencore booked a provision of about $480 million covering its entire net exposure to iron ore trader Radiant World, people familiar with the matter told Bloomberg. Radiant owes Glencore $951 million while Glencore owes Radiant $471 million, the Financial Times reported Saturday citing a Radiant letter; sources confirmed the figures, which include Sapphire Minmetals. Earlier in August Glencore said the exposure was "well below" its $500 million materiality threshold. CEO Gary Nagle told investors the company had halted new business, was exiting remaining contracts, and had taken an unspecified provision. The $480 million charge is about a quarter of average annual EBIT over the past decade from metals and minerals trading, a blow to iron ore marketing head Peter Hill. Late in 2025 Glencore acquired unexercised warrants for a minority Radiant stake. Radiant's letter alleged Glencore reviewed hires, advised fundraising, and suggested trade prices. Glencore called the claims "meritless" and said it "will vigorously contest them." At least five banks have been told some Radiant invoices are not genuine. The U.S. Justice Department and Singapore police are investigating; Radiant has denied wrongdoing.
Business · · 1 min
Chipotle prank influencer pleads guilty
Heston James Cobb, the influencer who posts as "Heston James," pleaded guilty Friday in Arizona to criminal impersonation for posing as an employee during chaotic takeover pranks at businesses in Tempe, a Phoenix suburb, the Associated Press reported. Tempe police arrested him in July 2025 after he and others entered employee-only areas and refused to leave. In one video Cobb wore a Chipotle shirt, told staff he would "clean house," then a group in dark shirts flooded the restaurant; another man mopped a tabletop. Investigators said the videos drew millions of views and potentially large income. Attorney Vicki Lopez declined comment Saturday. Arizona Restaurant Association president Steve Chucri called for "severe" punishment to deter copycats, saying restaurants cannot afford the disruption. University of Tennessee professor Matthew Pittman said the case shows real-world law applies to content: "doing something that is illegal in real life would also be illegal on social."
Business · · 1 min
Tim Cook's Apple Era Ends Tuesday
Tim Cook steps down as Apple CEO on Tuesday, Sept. 1, ending a 15-year run that began when Steve Jobs resigned in August 2011. Hardware engineering chief John Ternus, at Apple since 2001 and SVP since 2021, takes over. Cook stays as executive chairman to handle policymakers, including White House relations. Apple hosted a farewell at Caffe Macs with OneRepublic and tributes from Laurene Powell Jobs, Jeff Williams, Eddy Cue, and Ternus. In a goodbye letter Cook called Ternus "a brilliant engineer and thinker" who is "obsessed with every detail." Bloomberg's Mark Gurman reports Ternus thinks a "major design shake-up is needed" after Cook's operations-first years sidelined industrial design. Ternus's first big stage is the Sept. 9 event, expected to show iPhone 18 Pro models and Apple's first foldable. Apple is also fighting a memory shortage that has already forced price hikes; the iPhone 17 was the world's best-selling phone in the second quarter of 2026.
Business · · 1 min
OpenAI Cuts Cursor After Musk Deal
OpenAI said Friday it will stop supplying its models to Cursor after SpaceX closed a $60 billion acquisition of the AI coding startup on Aug. 14. The proposed cutoff is Nov. 12, 2026, and OpenAI said it will not give Cursor future models. The lab wrote it "cannot be confident that SpaceX will use our technology within our terms of service, based on our experience with Elon Musk's companies violating contracts." Cursor CEO Michael Truell said OpenAI models are about 5% of Cursor traffic and that the companies are talking, calling OpenAI "neutral infrastructure" Cursor has used for years. Musk posted Saturday, "I couldn't care less," then called Sam Altman and Greg Brockman untrustworthy and repeated his claim they "stole" a nonprofit. Anthropic, which rents compute from SpaceX, said it will increase Claude support in Cursor, drawing jabs over Anthropic's earlier Windsurf cutoff. The feud sits on Musk's lost 2024 lawsuit over OpenAI's for-profit conversion.
Business · · 1 min
Memory Chips Now Rival Gold Prices
South Korea's Trade Statistics Promotion Institute says DRAM export prices for chips, not modules, averaged $92,183 per kilogram from Aug. 1 to 20, up 401% year over year and 12.5 times the January 2023 low after ChatGPT launched. That kilogram of Korean DRAM is worth about as much as 620 grams of 24-karat gold, 1.53 times platinum, and 41.7 times silver. Export value in the same window jumped 505% to $9.81 billion. AI data-center demand for high-bandwidth memory is starving conventional DRAM. Goldman Sachs sees a 5% shortage this year widening to 5.9% next, possibly into 2028. Micron said average DRAM selling prices rose more than 60% quarter on quarter in its fiscal third quarter of 2026. Apple has already raised product prices and is lobbying Washington to buy Chinese CXMT chips. Reports say NVIDIA Rubin GPU servers could cost 15 to 17% more, with memory a large slice of the bill. SK hynix and Samsung have paid large employee bonuses.