Boeing's Starliner losses top $2 billion after spacecraft program reports worst year yet
Boeing has lost more than $2 billion and counting on its Starliner spacecraft after a rough year in which the capsule’s first astronaut flight turned into a headache for NASA. The Starliner program reported charges of $523 million for 2024 — its largest single-year loss to date — Boeing reported in a filing on Monday. The company noted that Starliner is under a fixed-price contract from NASA, so “there is ongoing risk that similar losses may have to be recognized in future periods.” Since 2014, when NASA awarded Boeing with a nearly $5 billion fixed-price contract to develop Starliner, the company has recorded losses on the program almost every year.
As Trump considers ways to dismantle the Education Deparment, here's what to know about your student loans
With the Trump administration looking for ways to close parts or all of the U.S. Department of Education, many of the country’s 42 million federal student loan borrowers are likely feeling on edge. One of the Education Department’s functions is underwriting the loans that enable millions of people each year to attend college and graduate school. It also administers the country’s $1.6 trillion outstanding education debt tab. “The anxiety levels are pretty high for borrowers right now,” said Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit that helps borrowers navigate the repayment of their debt.
Disney tops quarterly profit estimates but starts to lose Disney+ streaming subscribers
Disney posted fiscal first-quarter earnings Wednesday that beat on the top and bottom lines, but revealed the beginnings of expected streaming subscriber losses at Disney+. The company’s streaming business reported another quarter of profitability despite a 1% decline in subscribers for Disney+, the company’s flagship service. While domestic subscriptions for the platform increased around 1%, international numbers declined around 2%. Disney warned during its fiscal fourth-quarter report in November that it expected a “modest decline” in subscriptions during the December period. Disney told investors Wednesday that it expects another “modest decline” in subscribers during the second quarter.
Postal Service to resume accepting China shipments
The U.S. Postal Service has agreed to resume accepting shipments from China, less than 12 hours after announcing it would stop doing so. "Effective February 5, 2025, the Postal Service will continue accepting all international inbound mail and packages from China and Hong Kong Posts," it said in an updated statement Wednesday morning. "The USPS and Customs and Border Protection are working closely together to implement an efficient collection mechanism for the new China tariffs to ensure the least disruption to package delivery." The Postal Service had earlier announced it would stop accepting packages from China, as well as Hong Kong, in the wake of the Trump administration's decision to impose a new round of 10% tariffs on all goods coming from the country.
What has DOGE cut so far?
The Department of Government Efficiency (DOGE), led by Elon Musk, is working to cut federal spending, shrink the government's workforce and increase the efficiency of federal agencies. DOGE was created by President Donald Trump through an executive order he signed on Inauguration Day. Under the order, DOGE will be a temporary organization within the White House that will spend 18 months until July 4, 2026, carrying out its mission. The group has faced criticism over its access to federal systems, including the Treasury Department's payment system, as well as moves to cancel federal contracts and make cuts at various agencies. A treasury official told lawmakers in a letter to Congress that DOGE has "read-only" access to the payment system, although the agency later acknowledged a DOGE team member briefly had the ability to edit code as the result of an accident.
Google to tout AI impact on small businesses during Super Bowl
The Super Bowl is one of the biggest stages for marketing. This year, Google is using it to turn the spotlight on small businesses throughout America that are benefitting from its artificial intelligence (AI) models. As part of its "50 Stories, 50 States" campaign, Google will illustrate the impact of AI on small businesses by featuring 50 customer stories from all 50 states. The ads will appear next to commercials from some of the biggest brands in the world that doled out millions for the coveted airtime. Massachusetts' Joe the Architect, Oregon's Jacobsen’s Salt Co, New Jersey's Nuts.com and Texas' Bison Coolers will be among the businesses profiled, along with their use of Google Gemini.
Trump moves to develop sovereign wealth fund to 'create value for American citizens'
President Donald Trump said Monday he would create a sovereign wealth fund, a pool of assets like those that exist in other countries that can help pay out regular funds to ordinary citizens. However, full details on how the fund would work were not immediately available. Trump made the announcement in an Oval Office ceremony. He had floated the idea of creating such a fund during his 2024 presidential campaign. Treasury Secretary Scott Bessent offered brief remarks at the event outlining the fund.
Political uncertainty remains as Trump strikes temporary tariff deals
The impacts of Donald Trump’s long-promised pledge to use tariffs as a political cudgel started to come into focus Monday, even as the president cut last-minute deals with some of the country’s closest allies allowing him to back down from his initial threats. On Saturday, Trump announced that he would slap broad 25% tariffs on Canada and Mexico, both U.S. allies, and 10% tariffs on China, a political foe. The move was expected, but it still sparked fears about the rising costs of goods across the U.S. economy. That concern is particularly potent because Trump campaigned heavily on lowering costs and easing inflation. If they are fully implemented, Trump's tariff proposals would affect American households' purchasing power by $1,000 to $1,200 annually, according to the Budget Lab at Yale University.
Fox reveals plans to launch subscription streaming service this year
Fox Corp. is finally getting into the direct-to-consumer streaming game. The company known for its news and sports TV content said Tuesday it’s aiming to launch a subscription streaming service by the end of the year. The streaming service is not meant to upend Fox’s place in the traditional bundle, CEO Lachlan Murdoch said on the company’s quarterly earnings call. Murdoch offered few details on the streaming service beyond the high-level announcement. He said the company is designing the app now, and further information will be released in the coming months. Fox’s upcoming streaming option is expected to include both its sports and news content, Murdoch said.
Waffle House announces 50-cent surcharge on eggs because of bird flu
Waffle House announced it will be adding a 50-cent surcharge to all egg items sold at its more than 2,000 locations because of soaring egg prices caused by the bird flu. The surcharge went into effect Monday. In a statement, the comfort food franchise said the surcharge was triggered by the highly infectious virus, which has affected the chicken population and caused an egg shortage. More than 13 million hens have been lost or slaughtered since December after the bird flu outbreak, according to the Agriculture Department’s latest egg markets overview. Economists and market analysts have cited the bird flu as the chief reason for the price spike, along with the typical consumer demand for eggs during the winter holiday season.