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GM Hummer EV production in Detroit.Photo by Jeffrey Sauger for General MotorsDETROIT – General Motors said Thursday it will record $7.1 billion in special charges for the fourth quarter of last year related to its pullback in electric vehicles and restructuring efforts in China.The Detroit automaker said in a public filing that the charges include roughly $6 billion related to changes to its EV plans amid weakening demand and $1.1 billion, including $500 million in cash, largely related to its previously announced overhaul of a Chinese joint venture.The charges will impact GM’s net income but not adjusted results. The announcement…

President Donald Trump is targeting the bank accounts of defense contractor CEOs.On Wednesday, Trump signed an executive order outlining new rules for defense contractors that would ban stock buybacks and dividends “until such time as they are able to produce a superior product, on time and on budget” — as well as limit executive compensation.The order stipulates that in future contracts, if the Secretary of War were unsatisfied with a company’s performance, executive base salaries would be capped at current levels. Future contracts would also ensure compensation “not be tied to short-term financial metrics” and instead be “linked to an…

The Tin Can phone, a “landline” designed for kids, is having growing pains.It’s become so popular that its service crashed on Christmas, leaving kids upset that they couldn’t make calls on the gifts they’d just opened under the tree.Tin Can has emailed customers at least three times since the holiday hiccup with updates on fixes in the works.”Call volume on Christmas Day increased more than 100x from the start of the month, which impacted people’s abilities to set up their devices or make calls,” Tin Can founder Chet Kittleson told Business Insider. “Despite spending months and months preparing for it,…

The Treasury Department and the Internal Revenue Service issued proposed regulations Thursday to revise the threshold for when third-party settlement organizations need to perform backup withholding to comply with changes under the One Big Beautiful Bill Act.Processing ContentThe OBBBA changed the threshold for when taxpayers need to file a Form 1099-K when they’ve received payments through companies such as eBay, PayPal, Venmo, Etsy, Airbnb, Stubhub and others. The OBBBA revived the old threshold for reporting such payments, raising it to $20,000 and over 200 transactions. The threshold had been lowered by the American Rescue Plan Act of 2021 to $600…

‘The Big Money Show’ panel discusses Wall Street’s bold 2026 forecasts, the A.I. boom reshaping the economy and how President Donald Trump’s policies could drive the next major market rally. The IRS on Thursday announced the start date for the 2026 tax filing season later this month, when taxpayers will be able to start filing their returns for the past year. Taxpayers may begin filing their 2025 tax returns on Monday, Jan. 26, the IRS announced. That will give taxpayers more than two months to file their returns ahead of the Wednesday, April 15 deadline to file or request an extension until…

2026-01-08T20:18:01.889Z Share Copy link Email Facebook WhatsApp X LinkedIn Bluesky Threads lighning bolt icon An icon in the shape of a lightning bolt. Impact Link Save Saved Read in app This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in. Major city mayors like Zohran Mamdani earn more than their state governors. Mayoral salaries vary widely, with some small towns paying more than large cities. San Francisco mayor, Daniel Lurie, forgoes his $383,760 salary, the highest in the nation. It pays big to lead a city — sometimes more…

Add Rokos Capital to the list of macro hedge funds that outperformed in 2025.The firm, run by former Brevan Howard cofounder Chris Rokos, made 21% last year, a person close to the London-based manager told Business Insider.That follows gains of nearly 31% in 2024. The manager, which manages $22 billion, declined to comment.Macro hedge funds had a strong 2025 thanks to a choppy geopolitical environment caused by, among other things, President Donald Trump’s tariff policies and conflicts in the Middle East and Ukraine.Bridgewater Associates had its most profitable year ever, Business Insider previously reported, with gains of 33% in its…

The head of Paramount Skydance’s streaming product and tech is leaving the company, Business Insider has learned.Vibol Hou told colleagues in the company’s streaming tech Slack channel that he’s leaving Paramount at the end of January.”After nearly 12 years of exhilarating work pushing our businesses to new heights, it feels like the right time to hand the torch to the next wave of leaders while I take a much-needed pause to rest, focus on my health (including some serious marathon training), and spend more time with my family before I jump into whatever comes next,” Hou wrote in the Slack…

Taxpayers eager to receive their tax refunds should mark Jan. 26, 2026, on their calendars, as the IRS said Thursday it will begin accepting federal income tax filings on that date.Annual tax refunds are typically the largest checks that households receive each year, with last year’s average payment amounting to almost $3,200, according to IRS data. This year’s refund season could be even larger, with the typical check set to increase by an additional $1,000, financial services company Piper Sandler said in a recent analysis.2025 tax returns will be impacted by a number of major changes signed into law through…

U.S. Secretary of Health and Human Services Robert F. Kennedy Jr. attends a briefing at the White House in Washington, Jan. 7, 2026.Kevin Lamarque | ReutersNew federal dietary recommendations have sparked mixed reactions from the embattled restaurant industry, as changing guidelines could encourage Americans to dine out less often or choose from a smaller pool of restaurants when they do leave home.The departments of Health and Human Services and Agriculture unveiled the nutrition guidelines on Wednesday. The recommendations, which are updated every five years, pushed for higher consumption of protein and full-fat dairy and reduced intake of processed foods and…