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Automakers head north to test new cars. This year is proving more difficult

VolvoWhen Swedish automaker Volvo opened its proving ground in Kiruna, Sweden, 30 years ago, the mission was clear: "Making sure that our products are truly fit for the harshest of winter conditions."The remote location was ideal. Kiruna, situated about 90 miles north of the ...
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Economists say Trump tariff threats, DOGE job cuts are chilling the economy

(WASHINGTON) -- Economists say the uncertainty from President Donald Trump’s tariff threats and mass layoffs of government workers are starting to have a “chilling” effect on the U.S. economy.“It’s a very difficult business environment, because they can’t plan for what their cost structure is ...
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Consumer confidence falters, signaling worry about economy under Trump

(NEW YORK) -- Consumer confidence plummeted in February, indicating worry about the direction of the U.S. economy under President Donald Trump.A gauge of consumer confidence registered its largest monthly drop since August 2021, the nonpartisan Conference Board said on Tuesday.Meanwhile, the share of ...
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Americans credit card debt reaches new record high: New York Federal Reserve

(NEW YORK) -- Americans' household debt -- including credit cards, mortgages, auto loans and student loans -- is at a new all-time high $18.04 trillion, according to a report released Thursday by the Federal Reserve Bank of New York.Overall debt grew by $93 billion ...
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Tesla shares have plunged while Musk takes on Washington. Is that the reason?

(NEW YORK) -- While Elon Musk has vaulted into a powerful role overhauling government agencies and upending Washington, the world's richest person has suffered a $106 billion drop in wealth due to steep decline in shares of his Tesla electric car company.Tesla's stock price ...
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Inflation increased in January, posing obstacle for Trump tariff plans

(NEW YORK) -- Consumer prices rose 3% in January compared to a year ago, ticking up from the previous month and posing an obstacle for Trump administration tariff policies that many economists expect to raise some prices, government data on Wednesday showed. The inflation ...
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Ex-employees say Tom Krause, tapped by Musk to overhaul Treasury, was a hatchet man

(NEW YORK) -- An Elon Musk ally hired to overhaul the U.S. Department of Treasury has a lengthy record of undertaking hardline reforms in the private sector that demoralized staff and made them fear for their jobs, according to interviews with several former employees ...
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Quiksilver, Billabong and Volcom stores are closing in the US in 2025

(NEW YORK) -- Quiksilver, Billabong, and Volcom, known for their surf and skate products, are closing stores in the United States.The parent company of the brick-and-mortar stores, Liberated Brands, filed voluntary Chapter 11 bankruptcy on Sunday, which will result in over 100 retail ...
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Trumps tariffs could increase home prices and mortgage rates, some experts say

(WASHINGTON) -- Housing prices are soaring twice as fast as overall inflation. The average rate on a 30-year mortgage topped 7% in January for the first time since last spring. Observers as disparate as J.P. Morgan and the left-leaning nonprofit Center for American Progress have declared ...
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Trumps tariffs threaten job losses, experts say. These may be the hardest hit

(WASHINGTON) -- Autoworkers, farmers and alcohol distillers are among a set of U.S. workers who risk losing their jobs as a result of potential tariffs on Canada, China and Mexico, experts told ABC News.The U.S. president was expected to sign executive orders on Tuesday ...
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