Business News

A gas pump stands at a station in Manhattan on April 21, 2026 in New York City. (Spencer Platt/Getty Images) (NEW YORK) -- Gasoline prices in the United States hit their highest level in four years on Tuesday as negotiations over the Iran war appeared to show little signs of a resolution.This is a developing story. Please check back for updates. Copyright © 2026, ABC Audio. All rights reserved.

(OAKLAND, Calif.) -- Billionaire entrepreneur Elon Musk and prominent AI executive Sam Altman are facing off in court with major implications for OpenAI, the San Francisco-based tech giant led by Altman.The federal case, which concerns OpenAI's evolution from nonprofit to profit-seeking, kicked off on Monday in Oakland, California. Judge Yvonne Gonzalez Rogers is managing proceedings alongside nine jurors and no alternates, according to a court filing last month.The star-studded list of potential witnesses includes Altman, Musk […]

(NEW YORK) -- The United Arab Emirates on Tuesday said it would leave the Organization of the Petroleum Exporting Countries (OPEC) next month.This is a developing story. Please check back for updates. Copyright © 2026, ABC Audio. All rights reserved.

A General Motors Co. Chevrolet dealership in Colma, California, US, on Friday, Jan. 23, 2026. (David Paul Morris/Bloomberg via Getty Images) (NEW YORK) -- General Motors said on Monday it expects to receive $500 million in refunds from tariffs that were ruled illegal by the Supreme Court.The automaker is now boosting its full-year profit forecast by $500 million, GM CEO Mary Barra said in a letter to shareholders as the […]

(NEW YORK) -- Thousands of canceled flights in Europe over a spike in jet fuel prices. An energy emergency declaration in the Philippines. A two-week school holiday in Pakistan to conserve fuel used by commuters.The U.S.-Israeli war with Iran triggered dramatic steps in a slew of countries bent on weathering one of the worst oil shocks in history, stoking concern by some about a possible global recession.Economists disagree about whether […]

David Zaslav, CEO & President, Warner Bros. Discovery at TCL Chinese Theatre on April 07, 2026 in Hollywood, California. (Monica Schipper/Getty Images) (NEW YORK) -- Warner Bros. Discovery shareholders on Thursday voted to approve the Paramount Skydance takeover bid, completing a major step toward the $111 billion media mega-deal.The offer from Paramount encompasses the HBO Max streaming service, the Warner Bros. film production company, and cable channels such as CNN. […]

U.S. President Donald Trump speaks during a Cabinet meeting in the Cabinet Room of the White House on May 27, 2026 in Washington, DC. (Win McNamee/Getty Images) (NEW YORK) -- A court filing shows how businesses are getting money back from the U.S. government after the Supreme Court ruled many of President Donald Trump's tariffs were illegal.The Trump administration has sent out $20.6 billion in tariff refunds so far, according […]

(WASHINGTON) -- President Donald Trump’s selection to chair the Federal Reserve, Kevin Warsh, testified in a Senate confirmation hearing on Tuesday as his nomination faces bipartisan opposition centered on a federal criminal investigation into the central bank’s current leader.The probe into Fed Chair Jerome Powell, which focuses on alleged false testimony to Congress about an office renovation, threatens to derail or delay Warsh’s nomination.Powell, who was appointed by Trump in 2017, has rebuked the probe […]

(NEW YORK) -- The top financial officer in New York City on Thursday warned that artificial intelligence could put thousands of workers in the nation’s largest metropolis out of a job as soon as this year, while acknowledging that the ultimate impact of AI remains uncertain.The only sure thing, New York City Comptroller Mark Levin said in a new report: AI promises a “radical transformation” in the globe’s financial capital, influencing everything from wages to […]