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Samsung(NEW YORK) — Samsung has just revealed the cause behind its exploding Galaxy Note 7 phones. The company blamed battery manufacturing and design flaws, which resulted in recalls and stopped production of the igniting phones.


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iStock/Thinkstock(MOSCOW) — A Russian company has unveiled the perfect accessory for a wealthy, religious person looking to curb an Internet addiction. Or something. Gresso's 988, also known as the "Orthodox phone," is covered in gold leaf, with 18-carat gold buttons, and is adorned on the back with an Orthodox cross.

What it doesn't have is any smartphone capability, or a camera that can compete with offerings from say, Samsung or Apple.

“We wanted to minimize users’ Internet addiction and concentrate on the mobile itself and the real world, not a virtual one,” said Anatoly Sautin, a PR rep for Gresso to the Russian outlet RT.

The company also has more luxe options like diamond-inlaid buttons, and a more economical version with less bling, for a little over six grand.

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Raymond Boyd/Michael Ochs Archives/Getty Images(NEW YORK) -- United Airlines has lifted a ground stop on all of its domestic flights after the airline said it experienced an IT issue Sunday evening.

Flights resumed at 9 p.m. ET, 2.5 hours after they were grounded because of issues with "getting information to pilots that allows flights to depart," United said in a statement to ABC News.

“...we have resolved the issue and flights are resuming," the statement said in part. "Customers may experience additional delays as we work to get flights out this evening. We are issuing a system-wide waiver, and apologize for the inconvenience to our customers.”

United said more than 200 flights were impacted as of 10 p.m. ET, but the number was expected to rise.

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iStock/Thinkstock(PARK CITY, Utah) -- The Sundance Film Festival was hit by a cyberattack briefly on Saturday, according to event officials.

The festival said on social media that the cyberattack caused network outages, shutting down Sundance's box office. All screenings were set to take place as planned, organizers assured filmgoers, but there was no further information available on the attack.

"The show must go on, and our artist's voices will be heard," the Sundance Film Festival said.

We have been subject to a cyberattack that has shut down our box office. Our artist's voices will be heard and the show will go on.

— SundanceFilmFestival (@sundancefest) January 21, 2017

Following the cyberattack, our team is working hard to get our systems back up asap. Screenings will take place as planned. #Sundance

— SundanceFilmFestival (@sundancefest) January 21, 2017

Organizers later updated filmgoers to say online ticketing for future shows and the Salt Lake City box office were both back up and running.

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iStock/Thinkstock(NEW YORK) -- U.S. stocks closed higher on Inauguration Day, but the Dow and the S&P posted weekly declines.

The Dow jumped 94.85 ( 0.48 percent) to finish at 19,827.25.

The Nasdaq gained 15.25 ( 0.28 percent) to close at 5,555.33, while the S&P 500 finished at 2,271.31, up 7.62 ( 0.34 percent) from its open.

Crude oil prices were at $53 a barrel, up 2 percent.

Winners and Losers: Shares in Rite-Aid Corp tumbled 16 percent after a report from Bloomberg said the Federal Trade Commission was not satisfied with the proposed offer to merge with Walgreens, and the deadline for the deal is just a week away.

Skyworks Solutions Inc.'s quarterly report beat investors' expectations and shares surged 13 percent. The semiconductor company is Apple Inc.'s chip supplier.

Fourth-quarter revenue of General Electric fell short of analysts' estimates, causing the stock to plummet 2 percent.

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ABC News(WASHINGTON) -- In his Inaugural Address Friday, President Donald Trump harshly criticized the Washington establishment.

“The establishment protected itself but not the citizens of the country,” he said.

But just 15 hours earlier, at an exclusive black-tie dinner, Trump saluted the corporate bosses and wealthy elite who had contributed close to $100 million for his inaugural committee.

“I want to thank all our donors,” he said to the donors whose names, under the law, can be kept secret for at least three months.

Each donor left the dinner with the President-elect carrying a large Tiffany blue gift bag.

The biggest donors were seated near the Trump family and members of Congress during the Inaugural swearing-in.

Later, many of them were at the Trump hotel bar where waiters used sabers to cut off the top of expensive bottles of champagne.

The $100 million raised by the Trump Inaugural committee is almost twice as much as was raised by President Obama’s team for is first inauguration in 2009.

The former chairman of the Obama Inaugural committee, Steve Kerrigan, said he could not understand why the Trump people appear to have raised far more than was needed for what was described as a scaled-down, “workmanlike” inaugural with far fewer balls and events than the Obama inauguration.

“The $100 million is far too much,” said Kerrigan. “They need maybe $30 million so the additional $70 million or whatever it’s going to be, I question where that’s going to go, what they’re going to do with it.”

Trump Inaugural committee officials say any money left over will be donated to charity.

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NICHOLAS KAMM/AFP/Getty Images(WASHINGTON) -- Incoming first lady Melania Trump channeled another first lady Friday with her choice of Inauguration Day fashion.

Trump, 46, was spotted entering St. John’s Episcopal Church alongside her husband, Donald Trump, wearing a sky-blue dress with a structured shrug and matching gloves.

She also wore her hair pulled back in a styled bun.

The look was reminiscent of former first lady Jacqueline Kennedy Onassis, who was well-known for her classic style.

Melania Trump’s dress was a custom design by American designer Ralph Lauren.

“We walked into today with a lot of speculation of different designers she would wear and Ralph Lauren was definitely at the top of the list, but there were also several European designers,” Joe Zee, editor-in-chief of Yahoo Style, said Friday on ABC News' Good Morning America. “I think it would have been a big mistake for her to appear for the first time at the inauguration in a non-American designer.

“I think to wear one of the biggest [designers] in the country was a really big coup,” he said.

Trump's Inaugural Day outfit included a Ralph Lauren Collection cashmere cropped cutaway jacket, cashmere mock turtleneck dress, suede gloves and suede clutch, a Ralph Lauren spokesperson confirmed to ABC News.

The choice by Trump to wear a Lauren-designed dress on Inauguration Day comes as some designers have spoken publicly about being conflicted over whether to dress the incoming first lady. Michelle Obama was a darling of the fashion world, stepping out in bold styles and boosting the careers of young designers, but some designers have been wary to dress his wife due to their feelings about Donald Trump.

“This is a very interesting inauguration because for the first time with any first lady, designers are very divided,” Zee said. “We’re walking into today with a whole list of designers who refuse to dress the first lady and a list of designers who are proud to.”

“I think Ralph Lauren was one of the first American designers to step up and say that he would [dress Trump],” he said.

Lauren, a New York native like Donald Trump, also designed the Italian-made silk crepe jumpsuit that Melania Trump wore on election night.

The jumpsuit, which retails at upscale Fifth Avenue department store Bergdorf Goodman for about $4,000, grabbed attention because of its fashion-forward silhouette, a one-shoulder neckline and a half sleeve at the left side.

Trump wore a floor-length, long-sleeve gold gown to an Inauguration Day-eve dinner Thursday night held at Union Station in Washington, D.C.

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iStock/Thinkstock(NEW YORK) -- The Dow dropped on Thursday, setting the stage for its worst losing streak since November as investors remain cautious ahead of Donald Trump’s presidential inauguration.

The Dow slid 72.32 (-0.37 percent) to finish at 19,732.40.

The Nasdaq gave up 15.57 (-0.28 percent) to close at 5,540.08, while the S&P 500 finished at 2,263.69, down 8.20 (-0.36 percent) from its open.

Crude oil prices gained under 1 percent, hitting just over $52 a barrel.

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KENA BETANCUR/AFP/Getty Images(WASHINGTON) -- Steven Mnuchin, President-elect Donald Trump’s pick for Treasury secretary, faced tough questioning at his confirmation hearing Thursday, as members of the Senate Finance Committee grilled him on his role in IndyMac, the failed bank that was seized by the U.S. government, and his stance on sanctions.

“In the press, it has been said that I ran a foreclosure machine,” Mnuchin said at the start of his hearing.

He insisted that he made efforts to keep people in their homes by providing 100,000 loan modifications.

“I felt great empathy for the thousands of Americans who lost their home because of a system that failed them,” he stated.

When asked about the nation’s tax code, Mnuchin, a former hedge fund manager, said he supported changing the laws so they’re “simpler and more effective.”

He said he wants to fix “the tax gap” and close “these tax issues that make no sense.”

“My number one priority is growth in the economy,” Mnuchin said. “Tax reform will be our first and most important part of that.”

He added: “There is excess regulation that is hurting growth.”

But Mnuchin found himself on the defensive about his company’s use of offshore bank accounts in the Cayman Islands to avoid taxes. He said these accounts were used only to benefit nonprofits and pension funds and were allowable by law.

“I did not use a Cayman Island entity to avoid paying taxes for myself,” he said. “We shouldn’t be encouraging people to set up Cayman Island funds."

When Sen. Ben Cardin, D-Md., asked Mnuchin about his stance on sanctions, particularly the sanctions imposed on Russia, Mnuchin said he was "100 percent" committed to enforcing sanctions against Moscow.

"I will use [sanctions] to the maximum amount of the law," he vowed.

When Sen. Claire McCaskill, D-Mo., brought up the topic of sanctions again, Mnuchin testified that he opposes lifting current sanctions on Russia. But he refused to answer if he would recommend additional sanctions on the country, saying that he needed access to classified reports before deciding.

On the topic of divesting, Mnuchin asserted that Trump was not in violation of the Constitution by refusing to put his business assets into a blind trust, as recommended by various ethics experts.

"I know the president-elect is absolutely following the law and is committed to following the law and has set out a series of -- although not a blind trust -- he has removed himself from his business, he put his sons in charge of his business," he said. "I can assure you that in my job of Treasury secretary, whatever responsibilities I have to monitor these issues which are very important, I can assure you that I will do."

Mnuchin indicated that he would support raising the debt ceiling if necessary to avoid a U.S. default.

“I firmly believe that the U.S. has to honor its debt,” Mnuchin told the committee, despite previous statements made by Trump that the U.S. could potentially renegotiate its debts or print more money.

Mnuchin promised he would “commit to work with Congress so we don’t get to the last minute and run out of money,” adding that the debt ceiling might need to be raised “sooner rather than later.”

Mnuchin dodged questions, however, about what specific level of debt he finds “unacceptable.” One senator claimed that Trump’s economic plan would increase the nation's debt by an estimated $7.2 trillion over 10 years, a statement Mnuchin disputed based on “dynamic” scoring.

“Trump has a pro-economic growth tax plan and we are sensitive to the cost of that plan,” Mnuchin said.

Mnuchin also testified that he would help modernize the IRS.

“I will use my expertise in technology to bring the IRS up to date,” Mnuchin said. "In this world of cybersecurity, we need to protect the privacy of Americans.”

Mnuchin, 53, is a Goldman Sachs veteran and a Hollywood producer. In 2009, during the height of the financial crisis, he and a group of investors bought the remains of the failed IndyMac, renaming it OneWest Bank.

While campaigning for president, Trump appointed Mnuchin as his national finance chairman. After winning the election, Trump announced Mnuchin as his pick for treasury secretary in November.

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ABC News(NEW YORK) -- Meet Tim Ferriss, who's known as the "four-hour guy"

It all started in 2007 with his first book, The 4-Hour Workweek, which landed the No. 1 spot on the New York Times, Wall Street Journal and BusinessWeek best-seller lists. It stayed consecutively on the New York Times best-seller list for more than four years and has been translated into 35 languages, with nearly two million copies sold worldwide. His other books, The 4-Hour Body, The 4-Hour Chef and Tools of Titans have also sold millions of copies.

He’s been described as “this generation’s self-help guru” by The New Yorker and the “Oprah of Audio” for his podcast, which has more than 80 million downloads. There is even a publicly recognized “Tim Ferriss effect,” first cited in a 2012 Forbes profile, that notes how a mention on his blog or podcast will incur tens of thousands more sales for a product than any typical media promotion.

He’s also an angel investor whose portfolio boasts companies like Uber, Facebook, Twitter and many more.

So how does someone famous for giving advice to others make his own decisions?

During an interview on "Real Biz With Rebecca Jarvis," Ferriss told ABC’s Chief Business, Technology and Economics Correspondent Rebecca Jarvis how he methodically breaks down large decisions using a simple, three-column system.

“I just take a piece of paper and I put what I’m considering doing,” Ferriss said. “And you write down all of the worst things that could happen in the left-hand side, just bullets. In the middle for each of those bullets, what you can do to mitigate or minimize the likelihood of them happening. And then the very last column for each, what you can do to get back to where you are now.”

The first two columns are a straightforward breakdown of theoretical "worst-case-scenarios" and their possible preventions or solutions. But the third column is noteworthy because it can provide comfort by showing that even if you fail, you can still land right back where you started.

“We very often look at the risks of action or the potential downside of action, and that’s the only analysis we do,” said Ferriss. “But it’s really important to look at the costs of inaction. So OK, let’s say you don’t do this thing, let’s telescope out six months, a year, three years. What does your life look like? Is it better or worse?”

Ferriss used this exact method in 2004 when he decided to book a one-way ticket to Europe after having what he called a “complete meltdown.” Fast-forward more than a decade later, and it appears to still be working for him.

“I still do [it] very often,” he said.

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iStock/Thinkstock(WASHINGTON) — Jobless claims slumped last week, decreasing by 15,000, according to the latest figures released Thursday by the Labor Department.

For the week ending Jan. 14, the number of people filing for benefits fell from a revised level of 249,000 the previous week to 234,000.

The Labor Department said there were no "special factors" impacting that week's figures.

The four-week moving average decreased by 10,250 to 246,750.

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ABC News(WASHINGTON) — The owner of a gift store across from the White House has been selling presidential merchandise since the '80s and has his own way of predicting who will win the election every four years -- button sales.

“Since 1988, I’ve been predicting who would win based on button sales that year," White House Gifts store owner Jim Warlick said. "We predicted it right every time except for Gore in 2000. And this time we got it wrong.”

The gift shop staff had planned “to turn the store into the Hillary inauguration location," Warlick said. "We had no Trump inaugural [items] and we had no vendors that had anything."

Warlick says it took a few days to stock up on goods related to President-elect Donald Trump's inauguration, but now the store shelves are full.

Before election day, the most popular campaign items for sale at White House Gifts featured each candidate's slogan.

“The best-selling [Trump] item during the campaign was the red hat, ‘Make America Great Again.’ And then the ‘Stronger Together’ Hillary items were big sellers for her,” he said.

But the candidate whose merchandise flew off the shelves more than any other's didn't make it past the Democratic primary. “Bernie [Sanders] items sold better all year than Trump or Hillary,” Warwick said.

As the shop gears up for Trump’s inauguration, Warlick is cognizant of the fact that his customers will be a mix of supporters and protesters of the incoming administration. He says they have merchandise for sale that caters to both groups.

Warlick estimates he has sold over 10 million pieces of political memorabilia over more than three decades. He first began selling inaugural merchandise in 1980 when President Ronald Reagan took office. He says sales of inauguration memorabilia really picked up during Bill Clinton's inauguration in 1993.

But, according to Warlick, no president to date can compete with the excitement surrounding Barack Obama's inauguration in 2009.

That inaugural, which drew an estimated 1.8 million people, “was unlike any other,” Warlick said. “There were so many people here, the store was packed; they were down the street and around the corner. Anything with Obama’s face on it would sell.”

And he soon realized the president was not the only Obama in high demand. His customers started asking for items with the first lady's image, too.

"They liked Michelle better than they liked the president,” Warlick said.

The popularity of Obama merchandise has continued over his two terms, so the store has created a “legacy line” of items that they plan to offer through the spring.

Learn more about Jim Warlick and the next chapter for the White House Gifts store in the video below.

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EDUARDO MUNOZ ALVAREZ/AFP/Getty Images(WASHINGTON) -- Critics are gearing up for a confirmation fight Thursday over Steven Mnuchin -- Donald Trump’s pick for treasury secretary -- who previously ran a bank that has faced criticism over its foreclosure record.

Mnuchin, a Goldman Sachs veteran and former Hollywood producer, and a group of investors bought up the remains of the failed IndyMac Bank in 2009, renaming it OneWest Bank, during the financial crisis.

Although he rebuilt the bank into a thriving operation, Mnuchin's bank has been accused by housing advocates of seeking to kick people out of their homes quickly and discriminating against minorities.

Senate Democrats who oppose his nomination have been soliciting personal stories from people who say they were victimized by OneWest’s practices ahead of Mnuchin’s hearing.

California-based IndyMac Federal Bank, which was a leading subprime lender, failed in July 2008 and control was transferred to the Federal Deposit Insurance Corporation.

Mnuchin led a group of investors and bought most of the bank’s assets at an auction held by the FDIC for about $1.3 billion in cash. The FDIC agreed to cover almost all the loan losses from soured mortgages and the lender was renamed OneWest, which soon became profitable again.

By August 2015, Mnuchin and his partners sold the bank for around $3.4 billion in cash and stock to CIT Group Inc.

Since the FDIC, which supervises banks, agreed to absorb the costs on the majority of the losses on the bad loans, some have questioned whether Mnuchin made money off the housing calamity, which devastated many communities, including in California.

During Mnuchin’s time overseeing OneWest, the bank carried out 36,000 foreclosures in California, according to the California Reinvestment Coalition, an advocacy group.

The CRC based its information on data collected by PropertyRadar, a company which specializes in foreclosure data, and analysis from the Urban Strategies Council, an Oakland-based activist group.

The CRC also claims, based on analysis from a freedom of information request to the FDIC, that the bank had completed enough foreclosures as of 2014 to garner some $1 billion in loss share payments from the FDIC, relating to losses concerning IndyMac and another bank it had partially aquired.

"Mr. Mnuchin’s nomination and his track record... make[s] it clear, the fox has been nominated to guard the henhouse," said Paulina Gonzalez, executive director of the California Reinvestment Coalition.

The California Reinvestment Coalition, along with another advocacy group called Fair Housing Advocates of Northern California, filed a federal discrimination complaint with the Department of Housing and Urban Development against OneWest in mid-November, more than a week and a half before Mnuchin was announced as Trump’s Treasury pick.

The complaint alleges that OneWest violated the Fair Housing Act by allegedly failing to open branches near communities of color and offering few mortgage loans to minority applicants. The complaint cites instances of alleged violations as early as 2011 but the investigation that prompted the debate started in April 2014 and carried through 2016. No bank officials -- including Mnuchin -- are specifically named in the complaint but he did not sell the bank until August 2015 so the issues would have allegedly taken place partially during his tenure.

Sean Coffey, the communications manager for the CRC, told ABC News that they have not yet heard if HUD has accepted the complaint.

When a spokesman for CIT Group, which now owns OneWest, was asked to comment on the allegations made by the CRC and on the status of the complaint, he responded with the following statement.

“CIT completed the acquisition of OneWest Bank in August 2015. Since that time, CIT has and continues to remain committed to meeting the credit and banking needs of borrowers in our communities,” Matt Klein, director of communications and government relations, said in a statement emailed to ABC News.

Prepping for a Contentious Hearing

Senate Democrats who oppose Mnuchin's nomination have been public in their preparation for Mnuchin’s hearing, as they want to hear from people who claim they were hurt by OneWest.

A website was set up by these Senate Democrats soliciting stories from Americans who, as these Democrats say, were "impacted by the 'Foreclosure King' Steve Mnuchin."

The site says that the repossession of "tens of thousands" of homes between 2009 and 2015 "only intensified the economic pain of the Great Recession."

Specifically the site highlights what it calls "robo-signing," a practice of "falsifying key documents" which the site alleges OneWest did. The spokesman from CIT, which now owns OneWest, would not answer specific questions.

Hearing from Mnuchin

Mnuchin has been largely silent since he released a statement accepting his nomination from Trump, and is scheduled to air his views at the hearing Thursday.

He did release a statement Tuesday, however, after receiving a letter of support from Faith Schwartz, the former executive director of Hope Now, an alliance of mortgage companies, regulators, investors and counseling agencies that work to help homeowners avoid foreclosure.

Schwartz’s letter, which Trump’s transition team announced in a statement, was sent to Senate Finance Committee Chairman Sen. Orrin Hatch, R-Utah. In the letter, Schwartz wrote that while she does not know Mnuchin personally, she knows that under his leadership OneWest “took an active and leading role in rolling out homeowner assistance programs to its borrowers.”

Mnuchin said in that Tuesday statement that he is "immensely grateful for the support of Faith Schwartz, a leading voice for homeowners during the housing crisis," Mnuchin said. "If confirmed, I look forward to listening to the concerns of the American people and working to make sure families never face another crisis like they did in 2008."

And on Wednesday, the Trump transition team released remarks that Mnuchin is slated to deliver to the U.S. Senate Finance Committee.

"Since I was first nominated to serve as Treasury Secretary, I have been maligned as taking advantage of others' hardships in order to earn a buck. Nothing could be further from the truth," Mnuchin will say, according to the preview of his remarks. "During the summer of 2008, I saw the devastation that was caused by the housing crisis when I watched people line up to get their life savings out of IndyMac Bank. It was the middle of the financial crisis and despite the global panic, I saw a way to save the bank."

His remarks continue, "Our bid was almost $1 billion dollars higher than the next best bid. We were willing to invest $1.6B into the costliest bank failure ever to the FDIC. We did this because we believed in our ability to rebuild and create a successful regional bank. We believed in recovery for the American economy."

Mnuchin is also expected to promise, "If confirmed as Treasury Secretary, I will work diligently and compassionately for the American people, so that we never endure anything like the meltdown of 2008 again."

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American Airlines(NEW YORK) -- American Airlines has joined other carriers in offering customers "Basic Economy" fares.

In a press release Wednesday, the airline said the new, lower fares will be available starting Feb. 10 in select markets and expanding to other markets later in the year.

"American Airlines now has something to offer every customer, from those who want simple, low-price travel to those who want an ultra-premium experience via First Class," American Airlines President Robert Isom said in a statement. "Importantly, this new fare product also gives American the ability to compete more effectively with the growing number of ultra low-cost carriers."

With "Basic Economy" fares, customers can expect the same in-flight experience -- free drinks, snacks and free entertainment options -- as all other passengers in the main cabin. However, they will not get their seat assignments until they check in and they will be among the last boarding group.

Customers will also not be allowed to stow a carry-on item in the overhead bin without incurring a cost, and they will no be able to upgrade, refund or change their tickets.

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iStock/Thinkstock(WASHINGTON) — The confirmation hearing for Wilbur Ross, President-elect Donald Trump’s pick for Commerce Secretary, has begun before the Senate Committee on Commerce, Science and Transportation.

On Nov. 30, Trump announced his intent to choose Ross, a billionaire Wall Street investor who amassed a fortune restructuring failed companies primarily in the manufacturing and steel industries, earning him the moniker, the “King of Bankruptcy.”

The Trump transition team says Ross will be “instrumental” in implementing Trump’s America First economic plan, which aims to create more than 25 million jobs in the next decade.

“Together, we will take on the special interests and stand up for American jobs,” Trump noted in a news release tapping Ross for Commerce. “Wilbur knows that cutting taxes for working families, reducing burdensome government regulations and unleashing America's energy resources will strengthen our economy at a time when our country needs to see significant growth.”

While he was one of Trump’s strongest backers during the presidential campaign, Ross, 79, is a former registered Democrat.

But his relationship with Trump dates back to the 1990s, when Ross represented investors who were considering whether to oust Trump from his perch as head of his Taj Mahal casino in Atlantic City. Ross reportedly believed the casinos would remain profitable if Trump were to stay on -- allowing Trump to save his image, according to The New York Times. Trump sold his interest in the Trump Taj Mahal in 2009 and the casino closed last October after enduring years of financial losses.

As the owner of the Sago mine, Ross was accused of ignoring safety regulations that cost the lives of 12 miners in the 2006 disaster. Days after the mine explosion, Ross defended his company's management of the mine amid multiple warning signs in the form of previously-issued safety citations.

If confirmed, Ross would take over for Penny Pritzker, another billionaire, though loyal to President Obama.

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