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(NEW YORK) — Gordon Moore, the co-founder and former chairman of tech giant Intel, died Friday at the age of 94, the company and the Gordon and Betty Moore Foundation announced.

A press release stated Moore died “surrounded by family” in Hawaii.

Moore and Robert Noyce founded Intel in 1968. Moore initially served as executive vice president until 1975, when he became president. In 1979, Moore was named chairman of the board and chief executive officer, positions he held until 1987, when he stepped down as CEO and continued as chairman.

Moore became chairman emeritus of Intel in 1997, stepping down in 2006.

“Those of us who have met and worked with Gordon will forever be inspired by his wisdom, humility and generosity,” said foundation president Harvey Fineberg in a statement. “Though he never aspired to be a household name, Gordon’s vision and his life’s work enabled the phenomenal innovation and technological developments that shape our everyday lives. Yet those historic achievements are only part of his legacy.”

Today, we lost a visionary.

Gordon Moore, thank you for everything. pic.twitter.com/bAiBAtmd9K

— Intel (@intel) March 25, 2023

Pat Gelsinger, the CEO of Intel, said, “Gordon Moore defined the technology industry through his insight and vision. He was instrumental in revealing the power of transistors, and inspired technologists and entrepreneurs across the decades.”

Prior to Intel’s founding, Moore and Noyce were involved in the founding of Fairchild Semiconductor, where they played central roles in the initial commercial production of diffused silicon transistors and later the world’s first commercially viable integrated circuits.

“The world lost a giant in Gordon Moore, who was one of Silicon Valley’s founding fathers and a true visionary who helped pave the way for the technological revolution,” Apple CEO Tim Cook tweeted. “All of us who followed owe him a debt of gratitude. May he rest in peace.”

Along with his wife of 72 years, Betty Irene Whitaker, he established the Gordon and Betty Moore Foundation, which has donated more than $5.1 billion to charitable causes since its founding in 2000, according to the foundation.

Moore received the National Medal of Technology from President George H.W. Bush in 1990, and the Presidential Medal of Freedom from President George W. Bush in 2002.

In addition to his wife, Moore is survived by his sons, Kenneth and Steven, and four grandchildren.

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(NEW YORK) — United Nations Secretary-General Antonio Guterres said that the world is “on thin ice” and called for “climate action on all fronts” earlier this week while revealing the latest U.N. climate report.

The report said that greenhouse gas emissions continue to grow as chances of slowing climate change shrink — unless those emissions are cut drastically by the 2050s.

Ford CEO Jim Farley unveiled the company plans to reduce those emissions, including its new green manufacturing plant and the plant’s first vehicle, an electric truck codenamed Project T3. Farley joined “GMA3” to discuss the plans and what they mean for the future of manufacturing.

DEMARCO MORGAN: The U.N. secretary general says it will take a quantum leap and climate action to mitigate global warming. Can you tell us about the BlueOval City plant behind you and how it’s a game changer in your eyes?

JIM FARLEY: It’s a game changer for us. And good afternoon to you. Game changer for us, because we’re really starting to scale EVs. We’re number two in the U.S., and with this plant, we’re adding not only 6,000 American jobs, but, you know, hundreds and hundreds of thousands of capacity and the plant will be completely green. All the electrons that power the plant will be green electricity. So it’s not just a story about an electric vehicle. It’s actually a much bigger story about modernizing and decarbonizing our American manufacturing industrial system.

EVA PILGRIM: And today, Ford’s announcing the first vehicle to be built at that plant you’re at today, an electric vehicle codenamed Project T3. It’s a truck. What are we going to see that we haven’t seen yet in other EVs? And when will it roll out?

FARLEY: Well, you know, our Lightning is the best-selling electric pickup in the U.S., but this will be its successor and it will be fully software updatable. So over the air we’ll be able to change and improve the truck every day for our customers. And we think it’ll be the first technology we’re going to land where on a sunny day in the highway, you’ll be able to go to sleep in your Ford truck. So we don’t have autonomous features for commuters where you know you’re going to get the most precious thing in your life back, which is time.

MORGAN: And Jim, it is no secret that Ford has clearly embraced the electrical vehicle market as have others, and yet EVs have faced their share of problems. About 18 Ford F-150 Lightnings had to be recalled for a battery fire issue earlier this year. There have been Tesla battery fires, GM, BMW, Volvo, all had recalls due to EV fire risks. How can you assure people that your EVs are safe?

FARLEY: Well, I mean, I’m so proud of the Lightning team. They stopped production. We stopped the battery production. We did everything we needed to do. We found that fire. It happened at Ford, not in customer’s hands. We did exactly the right thing. Unlike other brands, we stopped the production. None of them got out in customer’s hands. And that’s exactly what we have to do to build a trusted brand on EV. We’re also going to diverse battery chemistry that has less risk, like the LMP battery plant we’re building in Michigan.

PILGRIM: We have to talk about money. EVs are expensive, more expensive than traditional cars. So if this is supposed to be better for our planet, how do you make these vehicles affordable so everyone who wants one can actually have one?

FARLEY: Yeah, great question. And that’s a big part of Ford, obviously. You know, we democratized affordable vehicles, so that’s a big part of our DNA. I think the first part is we have to design the vehicle differently to be a lot simpler. We have to scale to hundreds of thousands from tens of thousands. Like today, we’re going to have a more efficient distribution without inventory like we have today with our dealers. And we’re going to have to build it with less labor content. So we have to change everything, basically.

MORGAN: Jim, before you go, the U.N. climate report says we have to cut global emissions in half by 2030 and net-zero by 2050 to limit global warming to 1.5 degrees. Are you optimistic that the world can reach that goal? Is it possible?

FARLEY: It’s possible if companies like Ford do what we’ve got to do. It’s absolutely possible.

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(NEW YORK) — One woman who said her family was in debt and one step away from financial disaster made a change in her spending at the grocery store that’s paying off big.

Becky Guiles, known as the “Freebie Lady” on social media, shared her money-saving method with ABC News’ Good Morning America, which she said helped her save $1,000 a month on her grocery bills.

“Since we’ve been doing this, we save about $1,000 a month, which equals out to about $12,000 in [the] entire year,” she said.

The mother of two told GMA she uses five easy steps, which she said can be remembered using the acronym “B.O.R.E.S.”: B stands for “budget,” O stands for “organized,” R is for “reuse,” E is for “eliminating waste,” and S stands for “simplify.”

“These are just basic principles that anybody can do, no matter where you are in life or what your family situation is like,” Guiles said. “B.O.R.E.S. is the method that I have used to cut our groceries down from $1,200 to $1,400 a month to only $400 a month.”

Guiles recommended putting aside $100 a month for food per person in the household.

“I go into my pantry and I take out everything that is expired or we’re not going to eat,” she said of the second letter in the acronym to get organized. “And that’ll just kind of give you a clear plate for what you have and what you need to get.”

She said that you can repurpose — or “reuse” — food, by turning things like chip crumbs into breading, stale bread into croutons and vegetable scraps into vegetable broth.

For her next letter of advice, “E,” Guiles said, “We try to eliminate waste as much as possible.”

“Every time you throw food away, you’re actually throwing money away,” she continued. “Once you start thinking about food like that, it totally changes your mindset.”

The final letter stands for simplify and Guiles suggested “the more you do it, the more you are going to save.”

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(NEW YORK) — From the iconic Egg McMuffin at McDonald’s to French Toast Sticks at Wendy’s, the competition among fast food chains to serve Americans breakfast has registered another entry.

Dunkin’ launched its latest menu offering, Breakfast Tacos, on Wednesday to capitalize on consumers’ love of on-the-go options to start the day.

The tacos are made with a flour tortilla, scrambled eggs, melted sharp white cheddar cheese, fire-roasted corn and a drizzle of lime crema. Customers can enjoy the tacos as they come or order them topped with crumbled bacon.

The quick service coffee and doughnut chain noted in a press release that the tacos have “spring-forward ingredients” including the fire-roasted corn, though it wasn’t clear whether those ingredients are fresh, frozen or canned. According to the Seasonal Food Guide, corn is at its peak from May through September, so whatever the case, Dunkin’ seems to be getting a head start.

Jill McVicar Nelson, Dunkin’s chief marketing officer, said in a statement that the culinary team developed the tacos with “the vibrancy of Spring in mind” and hailed them as “undoubtedly one of the tastiest savory items we’ve launched.”

The Massachusetts-based chain’s tacos differ in ingredients and flavors from that of the beloved Tex-Mex breakfast item.

Breakfast tacos have a long history as a beloved favorite across Texas, from San Antonio to Austin, where chains like Veracruz All Natural and Torchy’s offer a variety of fresh, locally made tortillas filled with flavorful fillings, such as the classic Migas taco — made with eggs, tortilla chips, tomatoes, onion and peppers or chiles, cheese and, most times, avocado.

Dunkin’s new offering leans more towards Southwestern flavors, treating the corn like a traditional Mexican street food, esquites, which are charred kernels with white cheese, spices, mayonnaise and lime.

With its new Breakfast Tacos, Dunkin’ is going up against the likes of Taco Bell, which offers an array of breakfast burritos and breakfast quesadillas, McDonald’s, which offers sausage breakfast burritos and more traditional breakfast sandwiches, Burger King’s eggnormous burrito, Carl’s Jr.’s Big Country Breakfast Burrito and even more from regional chains.

The new menu item is slated to be served any time of day as breakfast, a midday snack or late night bite and can be purchased for $2.59 without bacon or $2.99 with the crispy crumbled bacon topping.

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(WASHINGTON) — A high-stakes standoff between the U.S. government and social media app TikTok over a potential ban is set for a reckoning on Thursday when TikTok CEO Shou Zi Chew testifies before a committee of House lawmakers.

The China-based app, which counts more than 150 million U.S. users each month, has faced growing scrutiny from government officials over fears that user data could fall into the possession of the Chinese government and the app could be weaponized by China to spread misinformation.

There is no evidence that TikTok has shared U.S. user data with the Chinese government, but policymakers fear that the Chinese government could compel the company to do so.

Here’s how the news is developing. All times Eastern:

Mar 23, 9:53 AM EDT
TikTok CEO will likely face opposition from lawmakers

TikTok CEO Shou Zi Chew will likely encounter sharp criticism from some members of the Republican-led House committee, which oversees energy and commerce.

A number of Republican members of Congress have backed a ban of the app.

The House Foreign Affairs Committee, a separate body, voted earlier this month to approve a bill that would give Biden the authority to ban TikTok.

The Biden administration this month endorsed a different bipartisan bill, which does not specifically target TikTok but empowers the federal government to ban electronics or software with foreign ties, such as TikTok.

Stiffening its stance further, the Biden administration last week demanded that TikTok’s owner, ByteDance, sell its stake in the app or risk getting banned, the company and a U.S. official previously told ABC News.

Mar 23, 9:39 AM EDT
TikTok CEO expected to directly confront possible ban

TikTok CEO Shou Zi Chew will address a potential ban, outlining how such a measure would ultimately harm the U.S. economy, according to his prepared remarks posted on the House committee’s website.

TikTok hosts accounts for 5,000 U.S.-based businesses and employs 7,000 workers across the country, Chew said in a video posted on Tuesday.

“We do not believe that a ban that hurts American small businesses, damages the country’s economy, silences the voices of over 150 million Americans, and reduces competition in an increasingly concentrated market is the solution to a solvable problem,” his prepared remarks say.

Chew plans to tout Project Texas, an ongoing effort that he says keeps all data on U.S. users within the country through a partnership with Austin, Texas-based cloud computing company Oracle.

“Bans are only appropriate when there are no alternatives. But we do have an alternative,” Chew will say.

Copyright © 2023, ABC Audio. All rights reserved.

(WASHINGTON) — A high-stakes standoff between the U.S. government and social media app TikTok over a potential ban is set for a reckoning on Thursday when TikTok CEO Shou Zi Chew testifies before a committee of House lawmakers.

The China-based app, which counts more than 150 million U.S. users each month, has faced growing scrutiny from government officials over fears that user data could fall into the possession of the Chinese government and the app could be weaponized by China to spread misinformation.

The prospect of a nationwide TikTok ban has escalated from a theoretical possibility to a serious policy consideration, drawing growing support in Washington, D.C.

The Biden administration last week demanded that TikTok’s owner, ByteDance, sell its stake in the app or risk getting banned, the company and a U.S. official previously told ABC News.

In the high-profile appearance on Capitol Hill, Chew will directly confront the possibility of a ban, outlining how such a measure would ultimately harm the U.S. economy, according to his prepared remarks posted on the committee’s website.

He also aims to dispel concerns among U.S. officials that ByteDance could be compelled to share information with the Chinese government or to comply with directives to manipulate U.S. users, the prepared remarks say.

Chew plans to tout Project Texas, an ongoing effort that he says keeps all data on U.S. users within the country through a partnership with Austin, Texas-based cloud computing company Oracle.

“Bans are only appropriate when there are no alternatives. But we do have an alternative,” Chew will say.

“We do not believe that a ban that hurts American small businesses, damages the country’s economy, silences the voices of over 150 million Americans, and reduces competition in an increasingly concentrated market is the solution to a solvable problem,” he will say, according to the prepared remarks.

The Chinese government has not requested U.S. user data from TikTok, nor would the company fulfill such a request if it were made, Chew will say.

There is no evidence that TikTok has shared U.S. user data with the Chinese government, but recent news stories have called into question the security of U.S. user data.

TikTok engineers based in China gained access to intimate information on U.S. users, BuzzFeed reported in June.

Months later, in December, a Forbes report found that Bytedance tracked the location of multiple U.S.-based Forbes journalists as part of an effort to identify the source of company leaks.

Before the House, Chew plans to denounce the “misguided attempt” to unearth the leakers, saying the employees involved are no longer at the company.

“Another important part of being a responsible steward of user data is owning up to our mistakes and making changes to address them,” his prepared remarks say. “I condemn this misconduct in the strongest possible terms.”

Chew will likely encounter stiff opposition from some members of the Republican-led committee, which oversees energy and commerce. A number of Republican members of Congress have backed a ban of the app.

The House Foreign Affairs Committee, a separate body, voted earlier this month to approve a bill that would give Biden the authority to ban TikTok.

The Biden administration this month endorsed a different bipartisan bill, which does not specifically target TikTok but empowers the federal government to ban electronics or software with foreign ties, such as TikTok.

A potential TikTok ban raises concerns about limits placed on free speech and would likely face a legal challenge, some experts and civil liberties advocates previously told ABC News.

In a letter to federal lawmakers last month, the American Civil Liberties Union voiced opposition to a full ban of TikTok.

“Congress must not censor entire platforms and strip Americans of their constitutional right to freedom of speech and expression,” said Jenna Leventoff, senior policy counsel at the ACLU.

In testimony on Wednesday, Chew is expected to mention the importance of free expression but he will sustain an emphasis on the safety of user data and the value of TikTok for the U.S. economy, according to his prepared remarks.

TikTok hosts accounts for 5,000 U.S.-based businesses and employs 7,000 workers across the country, Chew said in a video posted on Tuesday.

“Although some people may still think of TikTok as a dancing app for teenagers, the reality is that our platform and our community have become so much more for so many,” Chew’s prepared remarks say.

Copyright © 2023, ABC Audio. All rights reserved.

(NEW YORK) — Foot Locker plans to close 400 stores in North America by 2026 as it rebrands part of its business, the company announced Monday.

The company plans to close many underperforming stores in shopping malls while focusing on strengthening its standalone stores with new concepts, Foot Locker said during its Investor Day presentation.

“We are entering 2023 with a focus on resetting the business — simplifying our operations and investing in our core banners and capabilities to position the company for growth in 2024 and beyond,” Foot Locker president and CEO Mary Dillon said in a news release on the company’s website.

One of its announced plans is called “Lace Up,” which aims to target consumers and focus on “all things sneakers,” the company announced in its presentation.

“We are incredibly excited to introduce our ‘Lace Up’ plan with a new set of strategic imperatives and financial objectives that are designed to set us up for success for the next 50 years,” Dillon said.

Next year Foot Locker celebrates its 50th anniversary.

Despite the plan to close hundreds of stores in North America within the next three years, the company plans to expand its footprint by opening 280 stores that focus on its community, power store and house of play concepts.

The sports apparel company also announced the closing of 125 of its Champ Sports stores in 2023 and resetting the brand to focus heavily on people who are more active in sports and fitness.

As of January, the company operates over 2,700 stores in 29 countries in North America, Europe, Asia, Australia and New Zealand.

Sales decreased by 0.3% during the company’s fourth quarter compared to the same quarter in 2021.

According to the company, Foot Locker plans to decrease its overall real estate footprint by 10% in 2026, leaving it with 2,400 stores.

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(WASHINGTON) — Federal Reserve Chair Jerome Powell on Wednesday called the U.S. banking system “strong and resilient,” voicing confidence in the nation’s financial system and the safety of bank deposits less than two weeks after the failure of Silicon Valley Bank, the second-biggest bank collapse in U.S. history.

“All depositors’ savings in the banking system are safe,” Powell added in remarks made at a press conference in Washington, D.C.

While characterizing recent financial problems as limited to a small part of the banking sector, Powell defended the swift and extraordinary actions undertaken by the Fed and other federal agencies to protect the financial system.

“In the past two weeks serious difficulties at a small number of banks have emerged,” Powell said. “History has shown that isolated banking problems, if left unaddressed, can undermine confidence in healthy banks and threaten the ability of the banking system as a whole to play its vital role in supporting the savings and credit needs of households and businesses.”

The remarks from Powell came minutes after the Fed announced a 0.25% increase of its benchmark interest rate, intensifying the central bank’s fight against inflation despite concern that previous rate increases helped trigger the nation’s banking crisis.

Inflation has fallen significantly from a summer peak, though it remains more than triple the Fed’s target of 2%.

“Inflation remains too high,” Powell said. “We remain strongly committed to bringing inflation back down to our 2% goal.”

The rapid rise in interest rates, however, tanked the value of bonds held by Silicon Valley Bank, precipitating its failure and cascading damage for the financial sector, including the collapse of New York-based Signature Bank.

Fearing wider spread of the crisis, the Federal Deposit Insurance Corporation, the Treasury Department and the Fed took a major step, telling depositors in Silicon Valley Bank and Signature Bank that the FDIC would protect all of their funds, including those that exceed the $250,000 limit.

Some members of Congress have criticized Powell for allegedly lax bank oversight at the Federal Reserve, as well as an aggressive series of interest rate hikes, which they say led to the collapse of Silicon Valley Bank.

On Wednesday, Sen. Elizabeth Warren, D-Mass., and Sen. Rick Scott, R-Fla., proposed legislation that would establish an independent inspector general to oversee the Federal Reserve.

Speaking on Wednesday, Powell said the Federal Reserve is watching developments in the financial sector and remains open to taking further action.

“We will continue to closely monitor conditions in the banking system and are prepared to use all of our tools as needed to keep it safe and sound,” Powell said.

He went on, “We’re committed to learning the lessons from this episode and to work to prevent events like this from happening again.”

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(WASHINGTON) — The Federal Reserve on Wednesday raised its short-term borrowing rate another 0.25%, intensifying the central bank’s fight against inflation despite concern that previous rate increases helped trigger the nation’s banking crisis.

The Fed’s benchmark interest rate has contributed to the financial emergency facing U.S. banks.

Inflation has fallen significantly from a summer peak, though it remains more than triple the Fed’s target of 2%.

The rapid rise in interest rates, however, tanked the value of bonds held by Silicon Valley Bank, precipitating its failure and cascading damage for the financial sector.

In a statement, the Fed rejected concerns about the financial system. “The U.S. banking system is sound and resilient,” the central bank said.

The Fed left the door open for further rate increases, noting that “additional policy firming may be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time.”

Nearly 190 banks are at risk of collapse amid high interest rates and declining asset values, according to a study released by a team of university researchers earlier this month.

A continuation of rate hikes risks further intensifying the banking crisis, nudging additional financial institutions toward the brink of collapse.

A pause on rate increases, however, could have undermined the Fed’s fight against inflation, allowing high prices to persist and eat away at household budgets, economists previously told ABC News.

A survey by Bloomberg last week found that most economists expected the Fed to raise interest rates by 0.25% on Wednesday, matching the increase that the central bank imposed at its most recent meeting last month.

Over the last year, the Fed has raised its benchmark interest rate by 4.5%, the fastest pace since the 1980s.

The Fed has put forward a string of borrowing cost increases as it tries to slash price hikes by slowing the economy and choking off demand. The approach risks tipping the U.S. economy into a recession and putting millions out of work.

Persistent rate hikes also threaten the stability of the banking system.

Still, the Fed could avoid facing a choice between slowing price increases and preserving financial stability, since tighter lending practices taken up by private sector banks in response to the financial distress may cool the economy on its own accord, allowing the Fed to forego raising rates while still bringing down inflation.

“No matter what the Fed does later this month, financial conditions are tightening,” Julia Pollak, chief economist at Zip Recruiter, said last week.

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(WASHINGTON) — Policymakers and investors will closely watch a decision from the Federal Reserve on Wednesday about whether to raise interest rates as the U.S. economy weathers two pressing challenges: a banking crisis and persistent inflation.

The precarious moment poses a dilemma for the Fed because its strongest tool, the benchmark interest rate, is a key cause of the financial emergency but the primary solution for high prices.

The central bank has aggressively raised interest rates over the past year, bringing inflation down significantly from a summer peak, though it remains more than triple the Fed’s target of 2%.

The rapid rise in interest rates, however, tanked the value of bonds held by Silicon Valley Bank, precipitating its failure and cascading damage for the financial sector.

Nearly 190 banks are at risk of collapse amid high interest rates and declining asset values, according to a study released by a team of university researchers earlier this month.

A continuation of rate hikes risks further intensifying the banking crisis, putting additional financial institutions at risk of collapse. However, a pause on rate increases could undermine the Federal Reserve’s fight against inflation, allowing high prices to persist and eat away at household budgets, economists previously told ABC News.

A survey by Bloomberg last week found that most economists expect the Fed to raise interest rates by 0.25% on Wednesday, matching the increase that the central bank imposed at its most recent meeting last month.

In recent days, some forecasters have predicted the Fed will forego an interest rate hike as it monitors the continuing fallout from the Silicon Valley Bank failure.

Goldman Sachs, for instance, told investors on Monday that it expects the Fed “to pause at its March meeting this week because of stress in the banking system.”

Over the last year, the Federal Reserve raised its benchmark interest rate by 4.5%, the fastest pace since the 1980s.

The Fed has put forward a string of borrowing cost increases as it tries to slash price hikes by slowing the economy and choking off demand. The approach, however, risks tipping the U.S. economy into a recession and putting millions out of work.

Persistent rate hikes also threaten the stability of the banking system.

Still, the Fed could avoid facing a choice between slowing price increases and preserving financial stability, since tighter lending practices taken up by private sector banks in response to the financial distress may cool the economy on its own accord, allowing the Fed to forego raising rates while still bringing down inflation.

“No matter what the Fed does later this month, financial conditions are tightening,” Julia Pollak, chief economist at Zip Recruiter, said last week.

Copyright © 2023, ABC Audio. All rights reserved.