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    Jeep reveals new Cherokee SUV, confirms hybrid model

    Jeep revealed the first details and image of its new Cherokee SUV, which the company expects to assist in the brand’s turnaround when it arrives later this year.
    The Stellantis brand said the new midsize SUV will feature a hybrid powertrain option.
    Jeep has reported six consecutive years of annual sales declines, with a 10% decline through the first quarter of this year.

    2025 Jeep Cherokee SUV
    Stellantis

    DETROIT — Jeep on Thursday revealed the first details and image of its new Cherokee SUV, which the company expects to assist in the brand’s turnaround when it arrives later this year.
    The Stellantis brand said the new midsize SUV will feature a hybrid powertrain option but declined to specify if it would be a traditional hybrid or plug-in hybrid electric vehicle (PHEV), which the company currently offers on several SUVs.

    “The all-new Jeep Cherokee headlines our efforts to deliver more product, innovation, choice and standard content to customers than ever before,” Jeep CEO Bob Broderdorf said in a statement. “Jeep Cherokee will boast competitive pricing that strikes at the core of the largest vehicle segment and sits perfectly between Jeep Compass and Jeep Grand Cherokee to bolster our winning mainstream lineup.”
    Affordability has been a problem for Jeep sales amid price increases in recent years. An entry-level model of the Cherokee started around $30,000 for the 2022 model year, according to Cars.com. That is close to the current Jeep Compass at about $27,000. The 2025 Grand Cherokee starts at roughly $36,500.
    The company declined to release other details of the vehicle, including its production location. Analysts and union officials have said the new SUV is expected to be produced at a plant in Mexico — a decision that was made prior to President Donald Trump’s election and ongoing automotive tariffs of 25% on imported vehicles into the U.S.

    2019 Jeep Cherokee Trailhawk
    Source: Fiat Chrysler

    The last generation of the Cherokee was produced at a plant in Illinois, which has been idled since the vehicles was discontinued in early 2023 amid cost-cutting efforts and production realignments.
    The cancellation of the Cherokee and a smaller SUV called the Renegade after the 2023 model-year contributed to ongoing sales declines for the brand.

    Jeep, a coveted brand in the automotive industry, has reported six consecutive years of U.S. annual sales declines, with a 10% decline through the first quarter of this year.
    The SUV brand is expected to be a priority for incoming Stellantis CEO Antonio Filosa, who was leading Jeep’s turnaround before being promoted last year to lead the company’s Americas region. More

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    United Airlines plans to return to JFK — again — in new partnership with JetBlue

    United and JetBlue announced a deal that allows the carriers to sell seats on each others’ flights and includes reciprocal frequent flyer benefits.
    It will also allow United to return, again, to John F. Kennedy International Airport in New York, as early as 2027.
    JetBlue has been eager to find an airline partner to better compete against bigger carriers, while United CEO Scott Kirby has long wanted to return to Kennedy Airport.

    United Airlines has a new friend in Queens.
    The airline plans to return to New York’s John F. Kennedy International Airport again, this time through a new partnership with JetBlue Airways.

    The partnership, called Blue Sky, will allow the airlines to sell seats on each other’s sites and let JetBlue customers earn frequent flyer miles on United and vice versa. It also includes reciprocal loyalty benefits like priority boarding and roomier seats for travelers with elite status. The deal is subject to regulatory review, the airlines said.
    Some aspects of the partnership, which the carriers announced Thursday, will begin as early as the fall, though the airlines didn’t provide exact timing. They also did not provide financial details of the deal.
    JetBlue’s leaders have long said they need a partnership to better compete against larger airlines like United and their shared rival Delta Air Lines, the most profitable U.S. carrier.
    United CEO Scott Kirby told CNBC’s “Squawk Box” on Thursday that in addition to the JFK access, the airlines together will have the largest presence in Boston and that United will be able to extend its reach in Florida and the Caribbean, where JetBlue has a robust network. In turn, JetBlue loyalists will get access to United’s globe-spanning destinations.
    “It makes each airline more competitive,” Kirby said.

    Read more CNBC airline news

    The new partnership stops short of the flight coordination that JetBlue had in its former alliance in the Northeast with American Airlines, which was struck down by a federal court on antitrust grounds two years ago. Last year, a judge blocked JetBlue’s plan to buy struggling budget carrier Spirit.
    “This collaboration with United is a bold step forward for the industry — one that brings together twocustomer-focused airlines to deliver more choices for travelers and value across our networks,” JetBlue CEO Joanna Geraghty said in a news release.

    United left JFK in 2015, and Kirby has called that a mistake because moving transcontinental flights to Newark, New Jersey, allowed American to win over some corporate clients. It briefly returned in 2021, thanks to a Covid-era lull in traffic at the airport, where capacity is normally tightly controlled by the Federal Aviation Administration.
    United left JFK again in 2022 because it wasn’t able to secure longer-term slots there.
    Kirby has repeatedly said he wants the airline to return to JFK. The carrier has struggled in recent weeks with air traffic staffing shortages and congestion at its Newark hub.
    Under the new agreement, United will be able to fly up to seven daily round-trip flights at congested Kennedy Airport, giving it more breadth in the New York City area, though the new operation will still be dwarfed by United’s main hub in the area at Newark Liberty International Airport.
    United’s JFK flights will begin in 2027 at the earliest, the carriers said. JetBlue, meanwhile, will get eight flights at Newark. United didn’t say which routes it plans to operate at JFK, though its last foray was for service to Los Angeles and San Francisco.
    They airlines called the swap a “net neutral exchange.” 

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    Best Buy cuts full-year sales and profit guidance as tariffs raise cost of electronics

    Best Buy posted better-than-expected first-quarter earnings but cut its outlook as President Donald Trump’s tariffs raise the cost of imported electronics.
    Earlier this year, CEO Corie Barry said the retailer will likely have to raise prices due to the duties.
    Best Buy joins other companies like Abercrombie & Fitch and Macy’s in cutting its profit outlook this week due to tariffs.

    Logo of Best Buy displayed outside a Best Buy store in Edmonton, Alberta, Canada, on March 22, 2025.
    Artur Widak | Nurphoto | Getty Images

    Best Buy on Thursday missed quarterly revenue expectations and cut its full-year sales and profit guidance as higher tariffs increase the costs of many consumer electronics that it sells.
    For its fiscal 2026, the retailer said it now expects $41.1 billion to $41.9 billion of revenue, down from its previous range of $41.4 billion to $42.2 billion. It said it expects adjusted earnings per share to range from $6.15 to $6.30, which compares to prior guidance of $6.20 to $6.60.

    On the company’s earnings call, CEO Corie Barry said the company’s outlook anticipates that tariffs will stay at the current levels and there is “no material change in consumer behavior from the trends we have seen in recent quarters.”
    “As you can imagine, and based on our history, we will continue to scenario-plan and adjust with agility as the situation evolves,” she said.
    Barry said Best Buy is increasing some prices to cover tariff-related costs, but called it “a last resort” after it takes other steps to offset higher expenses. She did not specify on the earnings call what items could end up costing consumers more.
    First-quarter earnings reports have highlighted just how disruptive Trump’s ever evolving trade policy has been to many U.S. companies that rely on a global supply chain. Best Buy joins other companies like Abercrombie & Fitch and Macy’s in cutting its profit outlook this week due to tariffs. Other businesses, such as E.l.f. Beauty, have declined to provide full-year guidance because of the levies. 
    Barry pointed to Best Buy’s strategic priorities for the year that will help the company increase profits and control costs. She said the company aims to improve the customer experience to better connect its digital and in-store businesses, launch and grow its third-party marketplace and advertising businesses and drive efficiency “to fund strategic investments and offset pressures.”

    Here’s how the consumer electronics company did compared with what Wall Street was expecting for the company’s fiscal first quarter, based on a survey of analysts by LSEG:

    Earnings per share: $1.15 adjusted vs. $1.09 expected
    Revenue: $8.77 billion vs. $8.81 billion expected

    Shares fell nearly 3% in premarket trading.
    Best Buy’s net income in the three-month period that ended May 3 declined about 18% to $202 million, or 95 cents per share, from $246 million, or $1.13 per share, in the year-ago period. Excluding one-time expenses, including restructuring charges for its Best Buy Health business, the company reported earnings of $1.15 per share.
    First-quarter revenue dropped from $8.85 billion in the year-ago period.
    Comparable sales, defined by Best Buy as revenue from online sales and stores open at least 14 months, dropped 0.7% year over year. In the U.S., comparable sales also fell 0.7% year over year as shoppers bought fewer home theaters, appliances and drones than a year ago. The company said weakness in those categories was partially offset by growth in the computing, mobile phone and tablet categories.
    Best Buy is a closely watched name when it comes to the impact of tariffs since it sells iPhones, TVs, laptops, kitchen appliances and many other consumer electronics that tend to be made in China or other parts of Asia. That’s why Barry said on a March earnings call that the retailer would likely have to raise prices because of the duties.
    However, Barry said on an earnings call Thursday that Best Buy’s mix of imports has changed in recent months. China continues to be a major source of merchandise, but the country now accounts for 30% to 35% of its merchandise compared to the 55% metric that it shared on its March earnings call.
    About 25% of its merchandise comes from U.S. or Mexico, which do not have tariffs due to domestic production or exemptions, she said. The remaining roughly 40% comes from other areas, including Vietnam, India, South Korea and Taiwan, which are subject to a 10% tariff.
    The U.S. currently has an up to 30% tariff on imports from China, while goods compliant with the United States-Mexico-Canada Agreement are exempt from the Trump administration’s 25% duty on Mexico. It is unclear now how those rates will change after a federal trade court struck down many of Trump’s tariffs on Wednesday.
    Barry on the Thursday earnings call outlined ways that Best Buy is adjusting to current tariffs, while acknowledging the backdrop could change after the court ruling. The vast majority of what the retailer sells — about 97% or 98% of its merchandise — is imported by vendors rather than directly by the company.
    Best Buy has encouraged vendors to manufacture in multiple countries, negotiated lower costs and adjusted the mix of merchandise that it carries, she said.
    As of Wednesday’s close, shares of Best Buy are down nearly 17% so far this year. That trails behind the roughly flat performance of the S&P 500 year to date. Shares of Best Buy closed at $71.52 on Wednesday, bringing the company’s market value to $15.14 billion. More

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    Trump’s financial watchdogs promise a revolution

    After an election, America’s financial agencies experience what is known as the “regulatory pendulum”. Priorities and philosophies change as the new president picks appointees to supervise American markets, banks and other financial institutions. Although the pendulum has swung violently in the past, it has never swung quite as violently as now. More

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    India has a chance to cure its investment malaise

    At a get-together entitled “Recent Global Events: Opportunities for India”, Narendra Modi, the prime minister, stressed that his government was boosting its own capital spending and called on his country’s business titans to do the same. He asked the assembled bosses to “take risk and increase investments”, according to one participant. That was in 2015. More

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    High school sports at PBS stations could be at risk with potential federal funding cuts

    PBS stations across the U.S. have been adding high school sports — mainly state championships — over the years in a bid to expand local content and appeal to a wider audience.
    For some states, especially those without professional sports teams, high school sports are some of the broadcasters’ most popular content.
    But President Donald Trump has signed an executive order looking to cut federal funding to PBS and NPR. If this happens, high school sports programming could be impacted.

    Iowa PBS covers the 2024 State Girls Softball Championships live from Fort Dodge, Iowa in July 2024.
    Courtesy: Iowa PBS

    High school sports games and related coverage have become some of the most popular local programs on PBS stations across the U.S., especially in states without professional sports.
    PBS stations in states like South Dakota, Arkansas and Nebraska have spent years bulking up on high school sports programming — mainly championship coverage — in a bid to broaden their local offerings.

    The content has led to a bigger audience for public broadcasters. Live sports on every level tend to boost TV and streaming viewership, and that’s especially true when hometown athletes are being aired to local communities. In many cases, it’s even led to increased donor support, according to interviews with station executives.
    But that programming is at risk if the federal government cuts its funding to PBS.
    “The Friday night lights phenomenon is real in the South, and we have all these viewers that look forward to that like you would an NFL game,” said Bert Wesley Huffman, president and CEO of Georgia Public Broadcasting.
    Select regular-season high school football games are aired on GPB, in addition to other sports championships. “We’ve watched a lot of our players go on to the professional leagues,” Huffman added.
    PBS television stations are funded by their state governments, as well as by federal subsidies and private donors and sponsors

    But President Donald Trump signed an executive order earlier this month to cut federal funding to the Corporation for Public Broadcasting — the nonprofit corporation that stewards the government’s investment for NPR, PBS and other services — alleging “biased and partisan news coverage.” On Thursday, Politico reported the White House plans to soon send a “rescissions” bill to Congress, which includes cuts to NPR and PBS.
    This week NPR, which was also included in the executive order, sued Trump in response, arguing the order violates First Amendment protections of speech and the press.
    A spokesperson for PBS, which had earlier sued Trump over his move to fire some of its officials, said in a statement that “PBS is considering every option, including taking legal action, to allow our organization to continue to provide essential programming and services to member stations and all Americans.”
    A White House spokesman said in a statement that “The President was elected with a mandate to ensure efficient use of taxpayer dollars, and he will continue to use his lawful authority to achieve that objective.”
    While the conversation surrounding PBS has largely focused on nationally aired shows, like children’s program “Sesame Street” or news mainstays like “Frontline” and “PBS News Hour,” locally produced content makes up the majority of the lineup for PBS stations.
    “I think the challenge is so much of the debate ends up being around news [programming], which is an important part of what we do but is less than 10% of it,” said Paula Kerger, PBS CEO and president. “I think most people don’t realize all of our stations are locally owned, operated and governed. They’re run by people who love their communities and understand them really well. They decide everything that’s on their air.”

    Sports spotlight

    Big Red Wrap Up is an exclusive sports show on Nebraska Public Media.
    Courtesy: Nebraska Public Media

    In a show of how far local sports broadcasting can go, one of the first TV profiles of breakout WNBA star Caitlin Clark took place on Iowa’s local PBS station in 2020 when she was making a run at a state championship in her home state.
    Now, years later, Clark has helped lead the WNBA to record ratings nationally.
    Iowa began broadcasting girls’ high school sports championships, including basketball, more than 10 years ago, said Andrew Batt, the executive director and general manager of the station.
    “Girls’ sports weren’t being produced or broadcast consistently,” Batt said. “We found an underserved audience there at a time prior to the explosion of interest in women’s athletics.”

    While Iowa has a number of businesses that underwrite its sports coverage, a loss of any federal or state funding “would seriously undermine our ability to have the staff and the resources” to produce sports programming, Batt said.
    Other state PBS executives said they and their viewers are concerned about potential cuts in funding.
    “It would be a disaster for us; it would be an absolute disaster,” said Courtney Pledger, the executive director and CEO of Arkansas PBS. “If we lost CPB funding, sports would probably go and we would be limited in the things that we can make and the things that we could do.”
    Arkansas’ PBS receives about 40% of its funding from the state legislature, which mostly covers salaries and benefits and a small part of operations. The remainder of the operations are funded by federal subsidies or donations.
    Nebraska Public Media gets about 16% of its budget from the federal government. The station offers a variety of local high school and other sports programming, and is particularly known for its volleyball coverage.
    “One of the very first stations I visited was Nebraska, and for them, sports coverage is big time. One of the first big HD mobile trucks I actually saw was owned by Nebraska,” Kerger said.
    Kerger also noted that some stations would be more affected than others if they were to lose federal subsidies. For those that count less than 10% of their budget from the federal government, the loss in funding would be “a hit,” but for others that could lose up to 40% of their budget, “it’s more existential.”
    “I was speaking with someone today who said she has a staff of 18, and if they lose funding, they’d have to cut 10 people,” Kerger said.

    Budget fights

    SDPB at the Girls’ Basketball Class AA quarterfinals between Rapid City Stevens and Spearfish.
    Courtesy: SDPB

    While the executive order from the Trump administration has drawn concerns, budget fights are not new for most stations.
    “I’ve been doing this for over 36 years,” said Julie Overgaard, executive director of South Dakota Public Broadcasting. “I’ve been through more budget funding fights than I like to admit.”
    Overgaard added that “even in a very red state,” budget cuts have been unpopular, largely because of the public outcry about sports cuts.
    SDPB recently faced a potential $3.6 million budget cut proposed by former Gov. Kristi Noem — who is now secretary of Homeland Security. In March, members of the legislature’s main budget committee voted against the cut. Republican South Dakota state Rep. Liz May reportedly vowed to keep SDPB funding safe “because I have got to watch basketball.”
    SDPB receives $2.2 million in federal funding, and $5.6 million from the state. While the state dollars cover most of the infrastructure costs, the money that comes through the CPB is what pays for most production costs and local coverage, according to Overgaard.
    The broadcaster has been airing high school sports championships for more than 20 years, and other state directors credit Overgaard as their inspiration for adding sports content.
    Pledger of Arkansas said she ended up talking to Overgaard at an event years ago about high school sports.
    “I thought that is something that would really work in Arkansas. It turned out to be one of those things that everybody loves, but isn’t necessarily a moneymaking venture so commercial networks aren’t going to really commit to high school sports,” Pledger said.
    PBS stations often see a spike in viewership during games. The stations also air the games via streaming and on their websites outside of state lines, allowing extended family members to watch.
    Overgaard said streaming hasn’t hurt the networks. In some instances, traditional TV broadcasts are the best option for viewers in rural areas that still don’t have broadband connections — and in other instances the addition of digital platforms has just meant more viewers who wouldn’t normally watch PBS, she said.
    “I joke that some times of the year public broadcasting is the only thing on in every South Dakota bar,” Overgaard said. More

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    How might China win the future? Ask Google’s AI

    If China dominates the 21st-century economy, its industrial policy will get a lot of the credit. The state’s efforts to cultivate new industries, breed winners and foster technological advances inspire awe and anger from outside observers. Kyle Chan of Princeton University recently compared China’s policies to the Manhattan Project, which invented the atomic bomb. On present trends, he argues, “the battle for supremacy” in artificial intelligence (AI) will be fought not between America and China but between leading Chinese cities like Hangzhou and Shenzhen. More

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    The courts block Trump’s tariffs. Can he circumvent their verdict?

    Decades ago, when Victor Owen Schwartz first tasted cold, polished ginjo sake, it was a “light-bulb moment”, he has written. His firm, which imports alcohol to America from over a dozen countries, began adding the drink to its list. It now offers varieties from 19 breweries. More