Xiaomi and other Chinese companies slapped with US restrictions as Trump’s term winds down

The Trump administration is inflicting even more damage on Chinese businesses — including smartphone maker Xiaomi — with just days to go before President-elect Joe Biden takes office. The US Defense Department on Thursday added nine Chinese firms, including Xiaomi, to a list of companies the agency claims are owned or controlled by China’s military.…MORE

The power of pets: Chewy and Petco have become Wall Street darlings

Editor’s Note: A version of this story appeared in CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. In today’s business news: Costco has some sad news for analog photographers, Taco Bell is bringing back potatoes, and Petco is taking on Chewy. Let’s get into it. PICTURE THIS  Costco is…MORE

Watch out, Chewy. This 55-year-old pet store is coming for you

Petco is hoping the third time is the charm. The 55-year-old pet retailer launched its third IPO in company history Thursday — and this time it’s taking aim at fast-growing online rivals like Chewy. The red-hot IPO market welcomed Petco back to the public markets with open arms. After raising $817 million, Petco’s shares surged…MORE

TikTok launches incubator for Black creators

TikTok is launching an incubator program to support 100 Black creators, a strategy to attract audiences that’s become popular with other social media sites. The incubator announced Wednesday, called “TikTok for Black Creatives,” is designed to invest in emerging Black creators and musical artists on the video platform. The three-month program will supply funds that…MORE

US debt surged by $7 trillion under Trump. It will go much higher under Biden

President Donald Trump certainly lived up to his self-proclaimed status as the King of Debt during his term in office. The national debt spiked by $7 trillion during Trump’s tenure — and it’s about to soar much higher under his successor. Armed with a slim majority in the US Senate, President-elect Joe Biden is expected…MORE

Capitol riot denialism is already here

Law enforcement agencies are rounding up suspected rioters, combing through social media evidence, and uncovering the true depth of the plot to overtake the Capitol and stop the certification of Joe Biden’s election. The story is getting bigger every day. But there is also a concerted effort underway, all across the pro-Trump media landscape, to…MORE

Bitcoin prices roar back towards $40,000

The bitcoin roller coaster continues. The price of the top cryptocurrency hit an all-time high of nearly $42,000 less than a week ago before quickly falling back to around $30,000 — more than a 20% plunge. But it has roared back in recent days and is once again trading just shy of $40,000. The drastic…MORE

Before Substack, there was Medium — and its network is about to get bigger

Substack has become synonymous with writers looking to go independent. But for many years prior, there was a different go-to place for self-publishing: Medium. Medium, launched in 2012 by Twitter cofounder Ev Williams, has been the platform of choice for public figures to air newsworthy moments: Hillary Clinton used it to endorse President-elect Joe Biden…MORE

No alcohol and no checked guns: Airlines tighten security for Inauguration Day

Airlines and the Transportation Security Administration are stepping up security for flights to and from Washington, DC, amid threats of additional violence. The FBI has received information indicating “armed protests” have been planned at all 50 state capitols and the US Capitol in Washington in the days leading up to President-elect Joe Biden’s January 20…MORE

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