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Business news written here, in plain English, for people who run something. Every story is ours.
Monday, October 19
GSK investing $800M in biopharma manufacturing in Pennsylvania
GSK is spending $800 million on a new Pennsylvania hub. The project in Upper Merion Township starts construction in 2027. It will combine research, commercial production, and digital labs. The massive expansion will create over 300 new jobs.
Ex-OpenAI engineer Abdulrahman Alfozan denied bail over hidden recording device in California
Abdulrahman Alfozan worked at OpenAI for around a year. Prosecutors say he planted a secret recording device behind a meeting room TV. US District Judge Alex Tse denied bail on Monday. He faces up to five years in prison if convicted.
Google adds customization controls for Gemini Notebook slide decks and video overviews
Google is giving users more control over Gemini Notebook features. The AI tool now pauses and asks how to proceed before generating slides and videos. A new review toggle lets you check outlines and give feedback before anything renders.
Capital One offers up to 12x miles and 20% back at Vrbo
Capital One is running a top deal right now. You can get up to 12x miles on cardholder offers. You can also get up to 20% back via the Shopping portal. This applies to Vrbo vacation rental bookings. Check your accounts before booking your next trip.
OnDeck report shows 67% of US construction business owners have no college degree
OnDeck analyzed US census data to find industries with non-degree owners. Construction took the top spot at 67 percent without degrees. ZipRecruiter data shows construction owners earn average annual pay of $127,973. Top earners in the sector see salaries reaching as high as $339,500.
Amazon offers $25 credit when you spend $100 on select pet products
Amazon gives you a $25 credit right now. You must spend $100 or more on select pet supplies. This deal stacks with page discounts of 30 percent. You can also use shop with points deals.
A24 documentary about Elizabeth Holmes opens to $15 million
A new documentary from movie company A24 about Elizabeth Holmes opened to $15 million in only 855 theaters. Reporter Julia Boorstin shared the details about the huge debut.
Opendoor launches Own shared-equity pilot in North Carolina with 2% down and fixed payments
Opendoor launched a new shared-equity pilot in North Carolina called Own. Qualified buyers pay 2% down and a fixed monthly payment for five years. Eligible homes are limited to Opendoor properties priced up to $750,000. Applicants need a minimum 660 credit score and $60,000 annual income.
Bank of America projects 2027 mortgage volume at $1.72 trillion
Bank of America projects 2027 US mortgage originations at $1.72 trillion. Refinances will make up just $344 billion of that total. Analysts warn high rates and fading demand will create a tough market. This outlook sits well below other major industry forecasts for the year.
Verizon launches daily Shine loyalty rewards and sweepstakes for customers
Verizon launched daily loyalty drops for customers through the Shine program. The offers run from October 19 through October 25. Perks include freebies from Grubhub, AMC, and HomeGoods. A sweepstakes offers a visit to Walt Disney Studios. Check your Verizon app to claim your daily drop.
Howard Schneider says AI spending of hundreds of billions drives inflation
Howard Schneider says artificial intelligence companies are spending hundreds of billions of dollars to build out technology. That massive spending is driving up inflation across the economy.
Elon Musk pledges 1 SpaceX share worth $150 to every U.S. child
Elon Musk promised one SpaceX share to every kid in America next year. A single share traded at about $150 on Monday morning. About 73 million children live in the United States under age 18. The total giveaway would reach nearly $11 billion based on current values.
Apple announces special event for October 28 titled Pro and tell
Apple announced a special event for next Wednesday, October 28 at 10 a.m. PT. The gathering takes place in Los Angeles with the tagline Pro and tell. Rumors point to the first MacBook Pro with a touchscreen and OLED. Watch for new hardware releases next week.
American Express launches 10% cash back offer on Shell gas purchases up to $10
American Express is running a new gas rewards offer for cardholders. You can earn 10 percent back on Shell gas fill-ups. The maximum total savings allowed per card is $10. The discount applies across multiple fill-ups until you reach the limit. Check your account offers today.
American Express offers $25 statement credit on Best Buy purchases of $250
American Express launched a new shopping promotion for cardholders. Spend $250 or more at Best Buy to earn a $25 credit. The fine print excludes gift card purchases. Check your account to see if the offer is loaded.
Meta's Muse AI agent shared a Toronto creator's home address during a sale
Robb let Meta's Muse AI agent handle a Facebook Marketplace sale. Muse accepted an offer and gave out his home address. A stranger showed up outside his house late at night. The bot even sent automated messages from his account without permission.
Former Estée Lauder executive John Demsey leaves beauty advisor role at Gap Inc
John Demsey is no longer advising Gap Inc. As executive director of beauty. He began advising the retailer about a year ago to help revamp its beauty business. The company confirmed his departure to Retail Dive on Friday. Gap Inc.
Amazon cuts AirPods Pro 3 to $199 and discounts Apple TV 4K
Amazon just marked down the brand new AirPods Pro 3 by $50 to $199. You can also grab the next-gen Apple TV 4K for $289.99 with release-day shipping. Best Buy is offering M4 Mac mini units starting at $649 shipped. Amazon is also shipping these Apple pre-orders faster than Apple itself can manage.
Ahold Delhaize U.S. grocery websites remain down all week following cybersecurity incident
Ahold Delhaize digital sales grew more than 14 percent in its recent quarter. A multi-day cyber outage has kept websites down across five U.S. supermarket chains. Shoppers can only order online through third-party apps like DoorDash and Uber Eats.
MSCI downgrade threatens to wipe $5.6 billion from Indonesian markets
Global funds have already pulled over $5 billion from Indonesia in 2026, making this its biggest market exit ever recorded. MSCI, an index provider that creates stock market indexes used by global investors, is threatening a two-level downgrade.
Character.ai files for Chapter 11 bankruptcy and seeks sale after legal battles
Chatbot provider Character.ai filed for Chapter 11 bankruptcy protection. The company cited significant legal, regulatory and operational headwinds. The Walt Disney Co. Agreed to pay $20 million for a license.
Former Fidelity manager Adam Benjamin sues after leaving for Michael Dell family office
Adam Benjamin managed a $48 billion fund at Fidelity Investment Management. He left for Michael Dell family office DFO Management on October 1. Fidelity fired him and withheld a multimillion-dollar compensation package using a non-compete clause.
NJEDA expands Food Desert Relief Tax Credit Auction funding to $30 million in Trenton
The New Jersey Economic Development Authority expanded tax credits to $30 million. Bidders can offset their New Jersey tax liability by up to 15 percent. Corporate taxpayers and insurance companies qualify for the auction. Applications close on Friday, October 9, 2026, at 5 p.m.
Comcast hit with $213 million streaming video verdict in California court
A California jury hit Comcast with a huge verdict today. The cable giant lost a patent fight over streaming video tech. The penalty reached $213 million after a long legal battle. Check your vendor contracts if you build video platforms. Patent risks keep growing across the tech sector.
KFC switches from Pepsi to Coca-Cola after 40 years across U.S.
KFC is dropping PepsiCo after 40 years for a new deal with Coca-Cola. The switch starts in January 2027 at U.S. restaurants. All locations will pour Coke products by the spring of 2027. PepsiCo bought KFC back in 1986 and kept the pouring rights ever since.
Apple pledged $275 billion to Chinese factories
Apple executive Tim Cook promised a $275 billion investment into Chinese factories over five years. In May 2016, Cook visited Zhongnanhai, the central headquarters for the Communist Party of China, with Lisa Williams and operating chief Jeff Williams.
IHG One Rewards loyalty program guide outlines elite benefits and point redemptions
IHG hotels range from 10,000 points to 100,000 points per night. Members earn Milestone Rewards after 20 qualifying nights in a year. The InterContinental Ambassador program costs $225 or 45,000 points annually. Check your account to track your elite nights and rewards.
Nike cuts 1% of workforce and slashes Dunk revenue by 50 percent
Nike CEO Elliott Hill faces double-digit drops in China and Jordan. Sales sank as classic sneakers lost their cool factor. The footwear giant just announced another round of job cuts. New leadership steps in to fix sliding revenue numbers. Check your retail inventory plans for the upcoming season.
Chase offers $900 checking bonus with $10,000 direct deposit
Chase is paying a $900 checking account bonus right now. You must set up a $10,000 direct deposit to qualify for the funds. Other banks are also running major cash promotions this week. Check your accounts before these offers expire.
Lumentum CEO Michael Hurlston plans 3 years ahead for laser chips
Lumentum CEO Michael Hurlston spends money on new tech 3 years before he even knows if buyers will want it. His company owns its own manufacturing plants and operates as the Taiwan Semiconductor Manufacturing Company of laser chips.
