Happy New Year 2025

Category: Business

Popular brand of pet food recalled due to salmonella concerns

Texas residents shared if they’d noticed an increase in pet food prices and whether the commodity could ever get so pricey that they’d have to give up their pet.

A pet food brand is recalling nearly 6,000 pounds of its products due to concerns about salmonella.

Blue Ridge Beef is recalling 5,700 pounds of its Natural Mix due to salmonella contamination, according to a news release published by the Food and Drug Administration (FDA).

Specifically, the brand is recalling the 2-pound logs of its Natural Mix with a lot number of N25/12/31 and an UPC number is 854298001054. The recall began after the North Carolina Department of Agriculture’s Food and Drug Protection Laboratory tested the product and found that it contained salmonella.

The dog food was sold in Virginia, Maryland, Pennsylvania, Connecticut, Massachusetts, New York, Tennessee and Rhode Island.

POPULAR FROZEN MEAL SOLD AT ALDI RECALLED ACROSS 31 STATES FOR METAL CONTAMINATION: ‘DISCARD IT IMMEDIATELY’

Blue Ridge Beef is recalling 5,700 pounds of its Natural Mix due to a salmonella contamination, according to the FDA. (FDA / Fox News)

The recall comes months after Blue Ridge Beef recalled 9,600 pounds of its puppy food, citing a similar salmonella contamination. According to the statement, the risk of salmonella can pose a threat to both animals and humans.

“Salmonella can affect animals eating the products and there is risk to humans from handling contaminated pet products, especially if they have not thoroughly washed their hands after having contact with the products or any surfaces exposed to these products,” the release explained.

“Healthy people infected with Salmonella should monitor themselves for some or all of the following symptoms: nausea, vomiting, diarrhea or bloody diarrhea, abdominal cramping and fever,” the statement added. “Rarely, Salmonella can result in more serious ailments, including arterial infections, endocarditis, arthritis, muscle pain, eye irritation, and urinary tract symptoms. Consumers exhibiting these signs after having contact with this product should contact their healthcare providers.”

According to Blue Ridge Beef’s website, the brand provides “the best known source of protein, appropriate natural nutrition for dogs and cats of all ages.”

GERBER TEETHING STICKS DISCONTINUED, RECALLED AFTER EMERGENCY ROOM VISIT: ‘RETURN THE PRODUCT’

FDA headquarters in White Oak, Md. (Sarah Silbiger/Getty Images / Getty Images)

“Since 1979, Blue Ridge Beef has been committed to providing the best nutritional quality raw food, price, and service,” the site reads. “More people are realizing the benefits in feeding real food to their pets of all ages.”

Blue Ridge Beef advised that animals suffering from a salmonella infection may suffer a range of symptoms ranging from lethargy to diarrhea, while others may only have a decreased appetite.

“Infected but otherwise healthy pets can be carriers and infect other animals or humans,” the statement read. “If your pet has consumed the recalled product and has these symptoms, please contact your veterinarian.”

Blue Ridge Beef asks customers who purchased the impacted products to return or destroy the contaminated food.

Blue Ridge Beef customers are encouraged to throw out any contaminated products. (iStock / iStock)

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“Do not feed the recalled product to pets or any other animals,” the company said. “Wash and sanitize pet food bowls, cups, and storage containers. Always ensure you wash and sanitize your hands after handling recalled food or any utensils that come in contact with recalled food.”

FOX Business reached out to Blue Ridge Beef for comment.

February 5, 2025
Trump Treasury head defends Elon Musk’s DOGE despite critics’ ‘squawking’

U.S. Treasury Secretary Scott Bessent addresses President Donald Trump’s economic and fiscal goals during his first interview on ‘Kudlow’ since joining the administration.

Since billionaire Elon Musk joined forces with President Donald Trump to head the Department of Government Efficiency (DOGE), various Democrats and other critics have complained over the Tesla founder’s influence on the federal government.

U.S. Treasury Secretary Scott Bessent, however, came to Musk and DOGE’s defense on “Kudlow” Wednesday.

“Elon Musk is the greatest entrepreneur of this generation,” Bessent told FOX Business host Larry Kudlow in his first interview since joining the Trump administration.

“DOGE is not going to fail. They are moving a lot of people’s cheese here in the capital, and when you hear this squawking, then some status quo interest is not happy,” he continued.

WHAT HAS DOGE CUT SO FAR?

Bessent’s defense comes after weekend reports claimed the Treasury Department granted DOGE personnel access to the federal government’s payment system. The Treasury spends roughly $6 trillion per year on payments for federal agencies.

Since then, a Treasury Department official told members of Congress on Tuesday that a tech executive working with DOGE, will have “read-only access” to the government’s payment system, stressing that it is committed to safeguarding the system after the department was granted access.

‘Varney & Co.’ host Stuart Varney discusses Elon Musk’s DOGE helping President Trump shut down USAID as more government slashing could be on the way.

The official wrote a letter in response to lawmakers who were concerned that DOGE’s access to the government’s payment system for the federal government could lead to security risks or missed payments for various programs, including Social Security and Medicare.

“At the Treasury, our payment system is not being touched,” Bessent said Wednesday. “We process 1.3 billion payments a year. There is a study being done — can we have more accountability, more accuracy, more traceability that the money is going where it is. But in terms of payments being stopped, that is happening upstream at the department level.”

PALANTIR CEO TOUTS ELON MUSK’S DOGE, ABILITY TO HOLD ‘SACRED COW OF THE DEEP STATE’ ACCOUNTABLE

The Treasury’s payments are managed by its Bureau of the Fiscal Service, which disburses nearly 90% of all federal payments and conducts more than 1.2 billion transactions per year, according to its website.

While lawmakers have expressed concerns that Musk possesses too much power within the U.S. government, Bessent emphasized the billionaire’s efforts are part of the Trump administration’s “mandate” from the American people.

“The U.S. doesn’t have a revenue problem. We have a spending problem. I think we can up the revenues, we can up the growth, and most importantly, President Trump got elected because of this affordability crisis… What is he going to do for the affordability crisis? Real wage growth for working Americans is the best way to fix this,” Bessent said.

U.S. Treasury Secretary Scott Bessent addresses President Donald Trump’s economic and fiscal goals during his first interview on ‘Kudlow’ since joining the administration. (Getty Images/Fox News / Fox News)

Bessent argued “gigantic government spending” fueled economic growth under the Biden administration but failed to bring about “real” wage growth.

In contrast, Bessent explained how the newly-elected Trump administration will tackle the affordability crisis by re-privatizing the economy, cutting taxes and regulations, addressing the growing deficit and boosting domestic energy production.

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FOX Business’ Landon Mion and Fox News Digital’s Emma Colton and Alex Nitzberg contributed to this report.

February 5, 2025
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The Congressional Budget Office [CBO] just re-estimated its 10-year budget forecast — and lo and behold, they’re raising their tax revenue baseline by $1.9 trillion.

This is the same outfit that has been telling us for years that lower tax rates always reduce tax revenues and increase the budget deficit. But wait a minute: the 2017 Trump Tax Cuts have been in place for over 7 years. So is the CBO now suggesting they were wrong all along by admitting that the Laffer Curve really worked? And lower tax rates produced higher tax revenues? That’s what their new forecast seems to be saying.

In fact, since President Trump’s huge reduction in the corporate tax rate from 35% to 21%, over the past 7 years, corporate tax revenues have essentially doubled. And indeed, throw in the lower personal income taxes and other pro-growth measures, the entire federal tax revenue base has gone up about 50%. So how in the world can the CBO come right back and now say that if the Trump Tax Cuts are simply extended, the 10-year cost is going to be $4 trillion? Cost of what? There’s no cost.

U.S. Treasury Secretary Scott Bessent unpacks the power tariffs have in world negotiations on ‘Kudlow.’

Keep taxes low and revenues will remain high. There will be less tax avoidance and better growth. Laffer’s been right for about 50 years. The CBO’s been wrong for about 50 years. And here they go again, trying to tell us that extending the Trump Tax Cuts is going to increase the budget deficit by $4 trillion because revenues will be lower.

It is absolute nonsense and Republicans in the House, Senate and White House should fight this CBO nonsense. So far, one of the fighters has been Senator Mike Crapo(R) of Idaho — who keeps arguing that if you’re just extending current law, we’re not raising taxes or lowering taxes. There’s no $4 trillion new deficit. But if the tax bill is not extended, then you’ll have a $4 trillion tax hike and that will over time make the budget deficit even worse. Mr. Crapo calls it current policy and hopes the Republicans will fight to officially change budget rules.

Sen. Mike Crapo, R-Idaho, unpacks the tax code and tariffs proposal under President-elect Donald Trump on ‘Kudlow.’

There is precedent. In 2012, Congress and President Obama extended the George W. Bush tax cuts by using the current policy argument which assumed that the Bush tax cuts would continue — not expire. Mr. Crapo has said time and again that the CBO doesn’t score permanent spending increases as hiking the deficit every year — and therefore they should not score permanent tax increases. Otherwise, the whole federal fiscal system is like a pinball machine on permanent tilt: always promoting higher taxes, higher spending, and even higher deficits.

Republicans should work hard to reduce unnecessary and counterproductive federal spending. They should shrink the size and scope of government. But if they let the tax cuts expire, they’re going to find themselves with a terrible economy and higher deficits at the same time.

It’s a lose-lose.

Mr. Trump said we should never get tired of winning. Let’s start by extending the Trump Tax Cuts and growing the economy by 3- or maybe even 4% per year.

Call it the blue-collar boom.

February 5, 2025
Senate banking panel hears debanking testimony: ‘extremely disruptive’

Rep. James Comer, R-Ky., addresses claims of conservatives being debanked and weighs in on Joe Biden’s last-minute pardons.

The Senate Banking Committee on Wednesday held a hearing on debanking in the financial services industry amid challenges facing businesses in the crypto and cannabis industries as well as politically motivated debanking of other customers.

Federal laws and financial regulations require institutions in the banking industry to close accounts over concerns about things like money laundering or illicit financial activities and concerns over reputational risk.

Uncertainty surrounding emerging industries that have unclear regulatory frameworks, such as digital assets like crypto or cannabis businesses in states with legal marijuana, have contributed to debanking, while regulatory guidelines have also resulted in firearm makers and dealers being debanked.

Lawmakers from both sides of the aisle raised concerns about debanking and argued that there should be more regulatory clarity to prevent such incidents from happening without explanation.

TRUMP’S DAVOS COMMENTS REIGNITE DEBANKING CONTROVERSY

Senate Banking Committee Chair Tim Scott, R-S.C., said he wants a bipartisan solution to debanking issues. (Win McNamee/Getty Images)

Senate Banking Committee Chair Tim Scott, R-S.C., said that it’s “incredibly alarming and disheartening to hear stories about financial institutions cutting off services to digital asset firms, political figures and conservative-aligned businesses and individuals.”

“This issue should concern every single American, regardless of political affiliation, and that’s why I’m committed to a bipartisan solution to stop this form of discrimination,” Scott added. “The message is crystal clear: No regulator and no bank is above the principles of fairness and market access.”

Senate Banking Committee ranking member Elizabeth Warren, D-Mass., noted that debanking at one institution can cause a chain reaction that leaves the customer unable to access financial services at other institutions.

“Once the bank shuts someone out, the bank may share that information with companies that get paid to maintain a ‘do not bank’ list with the result that the customer is blacklisted everywhere,” Warren said. “People shouldn’t be arbitrarily denied access to their banks, locked out of their accounts or stripped of their banking privileges.”

TRUMP CONFRONTS BANK OF AMERICA CEO FOR NOT TAKING ‘CONSERVATIVE BUSINESS’

Warren said her staff identified 11,955 complaints from customers who were debanked in the past three years, with many reporting they received no warning or explanation and didn’t have an opportunity to dispute or appeal the decisions.

She said four banks – JPMorgan Chase, Bank of America, Wells Fargo and Citi – account for half of all debanking complaints. Those are the four largest commercial banks in the U.S., according to Federal Reserve data.

Tim Scott, R-S.C., chair of the Senate Banking Committee, and ranking member Elizabeth Warren, D-Mass., are shown during a hearing on the impact of debanking in the United States on Feb. 5, 2025. (Stefani Reynolds/Bloomberg via Getty Images)

The committee heard testimony from four witnesses: Nathan McCauley, CEO and co-founder of Anchorage Digital; Stephen Gannon, partner at Davis Wright Tremaine LLP; Mike Ring, CEO and co-founder of Old Glory Bank; and Aaron Klein, senior fellow in economic studies at the Brookings Institution.

HOUSE OVERSIGHT CHAIR: BANKS WILL FACE ‘A LOT OF QUESTIONS’ OVER ALLEGED DEBANKING OF CONSERVATIVES

McCauley, whose firm is a crypto bank that received a federal charter in 2021, said that in 2023 a partner bank where the firm held corporate accounts for two and a half years told them they would close their accounts in 30 days. The reason given was because the bank was uncomfortable with crypto clients, and the decision was made without offering Anchorage an opportunity to talk to the bank’s risk management team.

“Why did this happen? I believe that regulators pressured banks to shut an entire industry out of the federal banking system,” McCauley said. He added that while Anchorage eventually found a new home for the bank, the “impact of nearly being shut out of the banking system was devastating.”

“It was extremely disruptive to our business and our clients and contributed to the very difficult decision to lay off 70 employees here in the United States, about 20% of our staff. To this day, our clients lack the ability to send wire transfers to third parties,” he added. “The irony of having trouble accessing the federal bank system, despite the fact that we ourselves are a federally chartered bank, cannot be overstated.”

JPMorgan Chase CEO Jamie Dimon recently called for financial institutions to have more clarity about what they need to do and can’t do in debanking situations. (Victor J. Blue/Bloomberg via Getty Images)

Klein explained during the hearing that while reputational risks and the preservation of consumer trust is vital for banks, there may be a need for safeguards to prevent them being abused and used as a reason to end client relationships.

“Trust is the cornerstone of all banks,” Klein said. “Consumers trust that the banks have their money, and when a bank loses trust, it has the possibility to have a run on it. So the need to consider reputational risk is real and it is important. It is possible that it is abused, and you need to have guardrails on it. But it is absolutely a certain and important part of bank regulation and supervision.”

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Debanking incidents have prompted accusations that financial institutions are cutting certain clients loose for political or ideological reasons.

Bank of America and JPMorgan Chase have denied that politics contributed to debanking decisions. JPMorgan Chase CEO Jamie Dimon recently said there should be better guidance for banks about how to handle such situations.

“I think we should be allowed to tell you. … When we report stuff, the federal government should probably know about it, and there should be far cleaner lines about what we have to do and what we don’t have to do,” Dimon said in January on the bank’s “The Unshakeables” podcast. “We’ve been complaining about this for years. We need to fix it.”

February 5, 2025
Target hit with class action suit claiming they mislead investors over DEI policies

Former Target vice chairman and Toys ‘R’ Us CEO Gerald Storch says it’s not the role of companies to get ’embroiled’ in politics and controversy on ‘Maria Bartiromo’s Wall Street.’

Target was hit with a class action lawsuit Friday after shareholders alleged the national retailer misled investors about the risks of its DEI initiatives, which led to consumer boycotts and its stock price to tank.

The class action suit, led by the City of Riviera Beach Police Pension Fund, alleges that Target misused investor funds for “political and social goals,” and duped investors into buying stock at “artificially inflated prices.” The suit claims that Target made fraudulent public statements regarding the board overseeing the risks of its DEI initiatives, and the executives and board misled investors about the risks those programs posed.

Target’s stock price plummeted 22% on November 20, 2024, destroying nearly $16 billion in market cap in a single day after the retailer reported disappointing earnings. The dive in prices, came after Target became embroiled in a nation-wide controversy surrounding its DEI and Pride initiatives.

TARGET HOLDS ‘EMERGENCY’ MEETING OVER LGBTQ MERCHANDISE IN SOME STORES TO AVOID ‘BUD LIGHT SITUATION’

Target’s new Pride adult one piece swimsuit featuring “tuck-friendly construction” and “extra crotch coverage.” (Brian Flood/FOX Business / Fox News)

The retailer faced severe backlash in 2023 after they sold “tuck friendly” female-style bathing suits and mugs displaying the term “gender fluid” as part of their Pride store displays. Target executives were forced to hold an emergency meeting as they feared consumer backlash would lead to a “Bud Light” situation. Target’s sales fell 5.4% in the quarter ending Jul 2023, the first time its sales dropped in six years, according to the lawsuit.

The lawsuit claims that Target’s board only oversaw the risks of not adopting DEI and ESG initiatives, and was only concerned with backlash from the left. The left-wing backlash Target was concerned with was not authentic, the suit alleges, and was instead associated with nonprofit “stakeholders” that the store was actively working with to adopt DEI mandates which were detrimental to the business. The suit claims that the so-called risks posed by these nonprofits was little more than a pretext to establish DEI mandates in the first place.

Additionally, Target’s CEO Brian Cornell and board failed to disclose the “known risks” of the store’s 2023 and 2024 pride campaigns, the lawsuit alleges.

TARGET CONFIRMS ‘ADJUSTMENTS’ TO PRIDE PLANS AFTER LGBTQ MERCHANDISE CAUSED ‘THREATS’ TO EMPLOYEES

Target sales suffered after a controversy erupted over its Pride merchandise. (Getty Images)

“This deceit, through misleading statements in the Company’s public filings, including its 10-Ks and proxy statements, caused Target’s investors to purchase Target stock at artificially inflated prices and to unknowingly support Target’s Board and management in their misuse of investor funds to serve political and social goals,” the filing stated.

Target allegedly had executives implement their DEI initiatives who had “disabling” conflicts of interest. Senior executive Carlos Saavedra and Vice President and Chief Food and Beverage Officer, Rick Gomez both held positions at the LGBTQ rights organization GLSEN. The lawsuit alleges that these roles imposed “conflicting duties” on the executives.

TED CRUZ EXPLAINS WHY A TARGET BOYCOTT WON’T WORK LIKE BUD LIGHT

The lawsuit claims investors were duped. (David Paul Morris/Bloomberg via Getty Images / Getty Images)

“Target’s chief diversity officer also indicated her personal commitment to advancing “racial equity” for its own sake, even if it was “provocative,” and singled out “white women” for special obligations to this cause,” the lawsuit claimed.

The company announced it was rolling back its DEI programs in January. In response, organizers of the Twin Cities Pride Festival have announced that the retailer is no longer welcome at the parade.

February 5, 2025
Super Bowl LIX to highlight small businesses with help from Google’s AI

Evercore ISI head of internet research Mark Mahaney joins ‘The Claman Countdown’ to discuss Google potentially putting some of their A.I. capabilities behind a paywall.

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 models.

As part of its “50 Stories, 50 States” campaign, Google will illustrate the impact of artifical intelligence 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.

It comes as AI is taking center stage across a wide range of industries and in aspects of everyday life. At the same time, it’s also fueling panic among politicians and investors, as China’s DeepSeek begins to catch up with U.S. tech companies.

THROWING A SUPER BOWL PARTY? WHAT THIS YEAR’S FOODS WILL COST

“We wanted to show what’s possible with AI in Workspace today, and how real businesses are using it,” Harris Beber, head of Global Marketing for Workspace, said. “What better way to show the unexpected ways AI helps real businesses in America than to let them share their stories?”

Gemini, Google’s generative AI chatbot formerly known as Bard, has a core functionality included with Workspace business and enterprise plans, allowing customers to access tools that can help them with everything from writing grant proposals to developing marketing copy to mocking up designs in Slides, Harris said.

Jeremy and Dennis Denson are the co-founders of Bison Coolers, a family-owned business that makes coolers in the United States. (Bison Coolers)

Google said it specifically highlighted the impact of its technology on small businesses as they are a critical driver of the U.S. economy. The more than 34 million small businesses in the U.S. account for 43.5% of gross domestic product, according to the Small Business Administration (SBA). They also account for 99.9% of all businesses.

SUPER BOWL ADS FEATURE BILLY CRYSTAL, SHANIA TWAIN, POST MALONE AS STARS GEAR UP FOR THE BIG GAME

“Small businesses are the lifeblood of our economy. We take a lot of pride in knowing that we’re helping create jobs here in the US,” Bison Coolers co-founder Jeremy Denson said. “We’ve been able to save and create jobs at both of our domestic plants, and it’s incredibly rewarding to know that we’re contributing to both our local communities as well as our economy.”

Denson said that the company doesn’t have the resources its competitors do because it’s a small, family-owned business. His company provides heavy-duty coolers ideal for camping, hunting and marine use. It manufactures everything in the U.S.

The Caesars Superdome is being prepared for Super Bowl LIX at the Caesars Superdome on Jan. 16, 2025, in New Orleans, Louisiana. (Chris Graythen/Getty Images / Getty Images)

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Denson said his company relies on Workspace and Gemini to be more efficient in its daily operations as well as our marketing needs.

“We use AI to help craft marketing emails, product descriptions, social media posts or any other opportunities that can help improve efficiency and quality,” he said.

It has helped them maintain profitability despite higher manufacturing costs.

“Being able to accomplish more with less allows us to focus more on strategy, product development and driving growth,” Denson said.

Other businesses highlighted vary across a range of industries. Some of the other 50 businesses include the Custard Stand in Webster Springs, West Virginia; the American Cornhole League in Rock Hill, South Carolina; and Morgan Ranch in Omaha, Nebraska, which produces premium wagyu beef for global markets.

February 5, 2025
US Trade deficit hits record that will be a Trump target

Stephen Miller, White House deputy chief of staff for policy, breaks down President Donald Trump’s tariffs on ‘Kudlow.’

America’s trade deficit with other nations hit a fresh record last year, according to new data released Wednesday, in the midst of President Donald Trump’s aggressive campaign to close the gap while promoting tariffs as a way to achieve that end.

President Donald Trump speaks via video-conference during the 55th annual meeting of the World Economic Forum in Davos, Switzerland, Jan. 23, 2025. (Halil Sagirkaya/Anadolu via Getty Images / Getty Images)

The Commerce Department reported the U.S. goods deficit soared 14% to $1.2 trillion in 2024, with imports reaching an all-time high of $364.9 billion in December ahead of Trump’s return to office.

The report shows the U.S. has significant deficits with several trade partners, including China, Mexico and Canada, which have been targeted by Trump for broad or additional tariffs.

KEVIN O’LEARY: CHINA NEEDS ‘A LOT MORE SQUEEZING’ THAN CURRENT TARIFF THREAT

The president on Monday suspended a 25% tariff on Mexican and Canadian goods until next month.

MonetaryMacro.com CIO Joseph Wang argues President Donald Trump’s tariffs on Canada and Mexico are more than just a negotiating tactic on ‘Making Money.’

An additional 10% levy on goods from China went into effect Tuesday.

Though the new administration has mostly explained the tariffs as related to controlling illegal immigration and movement of illicit drugs, the surge in the deficit could strengthen its argument for a protectionist trade policy.

Trump says Xi Jinping, China’s president, knows where he stands on tariffs. (Ton Molina/Bloomberg via Getty Images / Getty Images)

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Trump has often lamented China’s large trade deficit with the U.S., which reached nearly $1 trillion last year.

FOX Business’ Danielle Wallace and Reuters contributed to this report.

February 5, 2025
What has DOGE cut so far?

Rep. Pete Sessions, R-Texas, argues the current federal government is inefficient and not meeting the needs of the American people on Making Money.

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, and 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.

In the weeks since its inception, DOGE has canceled a number of diversity, equity and inclusion (DEI) initiatives at federal agencies as well as certain consulting contracts, canceling leases for underused federal buildings, while also working to consolidate duplicative agencies and programs.

ELON MUSK’S DOGE MAKES ANOTHER HIRING PUSH

Billionaire Elon Musk has been named a “special government employee” to lead DOGE. (Matteo Nardone/Pacific Press/LightRocket via Getty Images/File)

What has DOGE cut or targeted?

DOGE has focused much of its initial work on canceling DEI programs, consulting contracts and lease terminations for federal buildings.

DOGE wrote on Feb. 4 that it canceled 12 contracts in the Government Services Administration and the Department of Education that resulted in a total savings of about $30 million. It also canceled 12 underutilized leases for savings of $3 million.

On Feb. 3, DOGE said it canceled 36 contracts, leading to savings of about $165 million across six agencies.

ELON MUSK’S DOGE SETTING ITS SIGHTS ON THE PENNY

DOGE wrote in a post on Feb. 2 that it has canceled 22 leases in the past six days, saving $44.6 million.

On Jan. 29, DOGE said in a post on X that it had eliminated 85 contracts related to diversity, equity, inclusion and accessibility (DEIA) at more than a dozen federal agencies worth roughly $1 billion. It also canceled a $45 million scholarship program for students in Burma.

USAID is facing pressure from DOGE, and the Trump administration could try to merge it with the State Department. (Getty Images/Photo illustration/FoxBusiness)

Musk and DOGE have also focused on the U.S. Agency for International Development (USAID) as a target for potential savings. USAID was created in the early 1960s to deliver aid around the world, particularly to impoverished and underdeveloped regions. The agency currently operates out of 60 nations and employs 10,000 people, according to the Congressional Research Service.

USAID’s website went dark and its employees were barred entry into its headquarters on Monday, while others had their work put on hold. The Trump administration announced Tuesday that all USAID direct-hire personnel will be put on administrative leave starting Feb. 7.

Secretary of State Marco Rubio has been named acting director of the independent agency, and the Trump administration has signaled some parts of USAID may be absorbed by the State Department.

WHAT IS USAID AND WHY IS IT IN TRUMP’S CROSSHAIRS?

President Donald Trump tasked Elon Musk with leading DOGE. (Brandon Bell/Getty Images/File)

How much has DOGE saved?

DOGE posted on Jan. 28 that the group is “saving the Federal Government approx. $1 billion/day, mostly from stopping the hiring of people into unnecessary positions, deletion of DEI and stopping improper payments to foreign organizations, all consistent with the President’s Executive Orders.”

“A good start, though this number needs to increase to > $3 billion/day,” DOGE added.

DOGE hasn’t provided a detailed breakdown of its cuts, so it’s unclear how it’s calculating the savings it’s claiming.

Musk claimed on Jan. 31 that he was “cautiously optimistic that we will reach the $4B/day FY2026 reduction this weekend.”

He previously suggested that cutting an average of $4 billion a day in spending would be needed to reduce the federal deficit by $1 trillion in fiscal 2026, but he didn’t post a follow-up about whether the goal was achieved.

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Most federal spending comes from mandatory spending programs such as Social Security and Medicare as well as interest on the national debt.

DOGE has thus far focused on areas included in discretionary spending, which is subject to annual appropriations by Congress.

Fox News Digital’s Caitlin McFall and Reuters contributed to this report.

February 5, 2025
Nissan, Honda respond to reports of potential merger being scrapped

Auto expert Mike Caudill joins ‘Cavuto: Coast to Coast’ to discuss the likelihood of a merger between Honda and Nissan and how it could impact the brands.

Nissan and Honda responded on Wednesday to reports that a potential merger of the companies could be at risk of being abandoned.

The Wall Street Journal, citing people familiar with the matter, reported that Nissan was weighing backing out of the memorandum of understanding with Honda and other options after the company found terms put forward by Honda to be “unacceptedable.” Nissan planned to reject an idea Honda had of Nissan being one of its subsidiaries, according to the outlet.

The Wall Street Journal, citing people familiar with the matter, reported that Nissan was weighing backing out of the memorandum of understanding with Honda and other options after the company found terms put forward by Honda to be “unacceptedable.” (Getty Images / Getty Images)

A Reuters report also indicated Nissan could halt discussions.

Nissan said Wednesday in a statement to FOX Business the two companies “planned to decide on the direction of the management integration by the end of January, but Integration Preparatory Committee discussions are ongoing.”

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The integration preparatory committee was set up by Nissan and Honda for discussions of a possible merger.

Nissan “aim[s] to finalize our direction by mid-February and will announce it at that time,” the company said.

Nissan logo seen on Nissan vehicle parked in Krakow center, on Monday, April 17, 2023, in Krakow, Poland. ((Photo by Artur Widak/NurPhoto via Getty Images) / Getty Images)

Honda, meanwhile, said Wednesday that it is “still in discussions,” but declined to provide more details.

The reports of turmoil came about six weeks after Nissan and Honda revealed they had inked a memorandum of understanding weighing merging their companies via a joint holding company.

NISSAN, HONDA ANNOUNCE PLANS TO CONSIDER MERGER

In late December, the automakers said in a press release that the memorandum “aimed to serve as an option to maintain global competitiveness and for the two companies to continue to deliver more attractive products and services to customers worldwide.”

A merger of Honda and Nissan, if it comes to fruition, could result in the formation of a company that would be the world’s third-largest automaker.

The logo of Honda seen at a dealership store. Honda is a Japanese multinational automotive manufacturing company. (Photo by Igor Golovniov/SOPA Images/LightRocket via Getty Images / Getty Images)

The companies could seek to “integrate their respective management resources such as knowledge, human resources, and technologies; create deeper synergies; enhance the ability to respond to market changes; and expect to improve mid- to long-term corporate value” should they agree to a merger, Nissan and Honda said in December.

WHAT A HONDA-NISSAN MERGER COULD MEAN FOR THE AUTO INDUSTRY AND CONSUMERS

Honda makes vehicles under its namesake brand and Acura. Nissan counts Nismo, Autech and Infiniti among its brands.

The number of vehicles Honda produced in 2024 totaled over 3.7 million, the automaker said in late January. Globally, Nissan made over 3.1 million in the same year.

Honda’s market capitalization hovered around $50.11 billion as of Wednesday. Nissan’s stood at $9.44 billion.

February 5, 2025
Consulting giant PwC discourages White, Asian students from career program

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Major consulting firm PwC is hosting a conference this summer that offers “high-performing” college students the opportunity to check out the company’s career offerings, but the firm excludes White and Asian applicants based on their race as part of its diversity, equity and inclusion (DEI) program.

PwC’s Career Preview is a three-day seminar to be held in June that allows potential future hires to rub elbows with the accounting giant’s employees, and the company will pay for the travel expenses and accommodations at the event in Orlando, Florida.

The logo of PricewaterhouseCoopers International in front of the company’s Munich headquarters Aug. 29, 2024. (Matthias Balk/picture alliance via Getty Images / Getty Images)

The application form states that to be eligible for the program, an applicant must be a student on track to achieve a bachelor’s degree within a certain timeframe and someone who “self-identifies as a member of (a) traditionally underrepresented group in the professional services industry (Black or Latino/Hispanic).”

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The Daily Wire, which first flagged the race-based criteria, noted that the Career Preview application requires applicants to affirm whether they identify as Black or Hispanic, with a mandatory question. No other races are mentioned.

PwC’s Career Preview Experience encourages Black and Latino students to apply, leaving out other races. (FOX Business / FOXBusiness)

The outlet pointed to another PwC program for college students, the company’s Start Experience, which is for career development and leadership. The company encourages any array of racial backgrounds to apply but leaves out Caucasian people and East Asians.

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“As part of the firm’s commitment to equal employment opportunity, we encourage students who identify as Black or African American, Hispanic or Latinx, American Indian or Alaska Native, Native Hawaiian or Other Pacific Islander, or two or more races, protected veterans, individuals with disabilities, and/or first generation college students to apply,” the eligibility requirement begins.

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PwC did not immediately respond to FOX Business’ request for comment on its programs favoring certain races over others. In a statement on its website, PwC says its inclusion strategy is “grounded in data and accountability, supports measurable progress and helps create an environment where everyone feels valued and empowered.”

Race-based programs became commonplace at corporations during the diversity, equity and inclusion (DEI) movement that surged in 2020 amid the Black Lives Matter protests, but the initiatives have fallen under increased scrutiny amid questions over their legality, given that many discriminate on the basis of race.

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A string of major U.S. companies, including Walmart, McDonald’s, Amazon, Ford and Lowe’s, have rolled back DEI initiatives in the past year in response to a cultural shift that included customer backlash, pressure from conservative-leaning groups and activists and possible legal ramifications.

President Donald Trump made promises during his campaign to scale back federal DEI programs. In his first week back in office, Trump signed an executive order ending DEI offices and initiatives across the federal workforce.

February 5, 2025