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Rupert Murdoch's Attempt to Alter Family Trust Fails

By Elizabeth Taylor / Dec 11, 2024

A Nevada commissioner has made a decisive ruling that prevents Rupert Murdoch from altering his family trust to vest control of his media empire in his preferred successor. This decision followed confidential testimonies from various Murdoch family members earlier this year. The commissioner, Edmund J. Gorman Jr., issued a verdict over the weekend, with a 96-page document that, according to an insider, severely criticized both Rupert Murdoch and his son Lachlan Murdoch for their conduct. Gorman accused them of acting in "bad faith," a factor that could influence any potential appeals.
Business

Hershey's Shares Soar After Report of Mondelez Acquisition Offer

By Daniel Scott / Dec 11, 2024

Mondelez International, the confectionery giant behind iconic brands such as Oreo and Cadbury, is reportedly in the early stages of considering a takeover bid for its competitor, Hershey Company. This potential merger could result in the formation of one of the world's largest confectionery empires. According to a Bloomberg report, preliminary discussions between the two companies have already sent Hershey's stock soaring by nearly 15% during midday trading on Monday. Mondelez, which is larger in terms of market capitalization, has allegedly initiated these discussions, although it's important to note that there is no guarantee that these talks will culminate in a definitive agreement. Both Mondelez and Hershey have chosen to remain tight-lipped about the matter, with Mondelez stating that it does not engage with "market rumors and speculation," and Hershey echoing a similar sentiment.
Business

American Airlines Selects Citi as Exclusive Credit Card Partner, Ends Partnership with Barclays

By Daniel Scott / Dec 6, 2024

In the ever-evolving financial landscape of the aviation industry, a significant milestone has been reached as American Airlines finalizes a highly anticipated credit card partnership with Citigroup, signifying the end of its collaboration with Barclays. This strategic move marks a new chapter in the airline's financial endeavors, with the potential to reshape its revenue streams and strengthen its position in the competitive world of air travel.
Business

JetBlue Eliminates Additional Unprofitable Routes and Adjusts European Flights

By Olivia Reed / Dec 6, 2024

JetBlue Airways has announced a strategic shift in its operations, aiming to streamline its flight routes and enhance profitability. In a recent communication to its staff, the airline detailed its plans to eliminate certain unprofitable flights, reallocate aircraft equipped with its premium business class, Mint, and adjust its European service offerings. These moves are part of JetBlue's broader efforts to achieve consistent profitability and reduce operational costs.
Business

Dollar General Trials Same-Day Delivery in Pursuit of Competing with Walmart

By Amanda Phillips / Dec 6, 2024

Dollar General, a prominent discount retailer, is venturing into same-day delivery services in an effort to compete more effectively against industry giants like Walmart. During a recent earnings call, the company's CEO, Todd Vasos, revealed that they had initiated a trial of this delivery service in September, which is now accessible at approximately 75 of their stores. The service is facilitated through an unnamed third-party provider. Vasos emphasized that the company is committed to delivering goods in a manner that aligns with their strategic vision, stating, "We've always said here, 'We're going to do delivery our way when it's time,' and we believe it's time." He also indicated that the company anticipates expanding this service to thousands of stores in the future.
Business

Ulta Beauty Stock Jumps as Retailer Exceeds Earnings Expectations Amidst Demand Concerns

By Megan Clark / Dec 6, 2024

On Thursday, the beauty retailer reported better-than-anticipated results for its fiscal third quarter, surpassing Wall Street's expectations. This performance alleviated concerns regarding increased competition and a potential decline in demand for cosmetics and skincare products.
Business

Lululemon Shares Soar as Overseas Expansion Compensates for Waning Domestic Revenue

By William Miller / Dec 6, 2024

Despite a slowing U.S. economy, the athletic wear retailer has experienced significant growth internationally, resulting in a 9% increase in sales compared to the previous year. On Thursday, the yoga wear company not only surpassed Wall Street's financial expectations but also expressed satisfaction with the initial performance of the holiday season. However, during a discussion with financial analysts, CEO Calvin McDonald adopted a reserved stance regarding the company's projections for the fourth quarter. He stated, "While we are optimistic about the holiday season's start, we still face substantial sales weeks ahead. Considering the abbreviated holiday shopping season, we remain cautious in our planning for the fourth quarter."
Business

Powell Indicates Robust US Economy Allows Fed to Exercise 'Caution' on Interest Rate Cuts

By Noah Bell / Dec 6, 2024

Federal Reserve Chairman Jerome Powell indicated on Wednesday that the robust state of the US economy allows the central bank to exercise caution when it comes to rate reductions. "The US economy is in excellent condition, and there's no reason to believe this won't persist," Powell stated at an event organized by The New York Times. "The encouraging news is that we have the luxury to be somewhat more prudent" regarding decisions on interest rate adjustments, the Fed chief remarked. His comments arrive as the Fed is anticipated to lower interest rates for the third time this year later this month. The central bank initiated a reduction in borrowing costs in September following a slowdown in inflation and a cooling of the job market. However, despite the Fed's actions, borrowing has not become significantly cheaper. This is because interest rates for the majority of loans, including mortgages and credit cards, are tied to the yield on the 10-year US Treasury note. That yield surged last month to its highest level since the summer and has only slightly declined this week.
Business

What to Anticipate from Friday's Employment Report: A Substantial Recovery from October's Dismal Numbers

By James Moore / Dec 6, 2024

As autumn transitions into winter, the labor market's performance in October was marred by the impact of two successive hurricanes and a significant labor dispute, resulting in a meager job increase of merely 12,000 positions. This figure is a stark contrast to the robust expectations for November, with economists forecasting a substantial surge to the tune of 17 times the previous month's gains. The Bureau of Labor Statistics is poised to unveil the November employment figures at 8:30 am ET on Friday, and the consensus anticipates a marked recovery from the anomalies of October.
Business

Amazon Allegedly Halted Express Deliveries to 2 Predominantly Black ZIP Codes in Washington, D.C.

By Emily Johnson / Dec 6, 2024

On Wednesday, the District of Columbia initiated legal action against Amazon, claiming that the corporation covertly ceased to offer its swiftest delivery options to residents of two predominantly African American neighborhoods, despite continuing to charge for a membership that includes this benefit. The lawsuit, lodged in the District of Columbia Superior Court, focuses on Amazon's Prime subscription, which entails an annual fee of $139 or a monthly charge of $14.99 for expedited shipping services, including one-day, two-day, and same-day deliveries, in addition to other perks.
Business

Chrysler Sells Only Minivans; Iconic Brand's Future in Jeopardy

By Joshua Howard / Dec 6, 2024

Once a titan in the American automotive landscape, Chrysler was synonymous with innovation and success, its name gracing one of the world's tallest structures and its presence felt through a vast network of factories and dealerships across the United States. However, the term "once" is pivotal in this context. The company has experienced a precipitous decline, with the once-esteemed brand now a mere shadow of its former glory, clinging to existence and facing an uncertain future.
Business

If Trump Initiates a Trade War with Mexico and Canada, Where Will Americans Source Their Goods?

By Christopher Harris / Dec 6, 2024

With President-elect Donald Trump seemingly intent on initiating a trade conflict with the United States' three largest trade partners—Mexico, China, and Canada—the potential financial burden on American consumers could be mitigated if businesses opt to shift their operations away from these nations. However, the question arises: where might they relocate?
Business

Cyber Monday Becomes the Largest Online Shopping Day in US History

By Jessica Lee / Dec 4, 2024

On a single Monday evening, American shoppers spent an astonishing $15.8 million every minute, culminating in a two-hour shopping marathon that shattered previous records. The five-day shopping bonanza that spanned from Thanksgiving to Cyber Monday saw consumers parting with a staggering $13.3 billion, marking a 7.3% increase from the year prior, as reported by Adobe Analytics. Despite ongoing inflation concerns, the allure of holiday season discounts has propelled spending to new heights. Over the Thanksgiving holiday weekend, a record-breaking $41.1 billion was spent, surpassing the previous year's figures.
Business

Elon Musk's Net Worth Can Still Soar by Billions Despite Rejected Pay Package

By Amanda Phillips / Dec 4, 2024

Despite not securing the $101 billion windfall he had hoped for, Elon Musk remains one of the wealthiest individuals globally and is on track to amass even greater wealth in the future. Recently, Delaware Chancery Court Chancellor Kathaleen McCormick dismissed a 2018 compensation plan from Tesla that would have granted him the right to purchase 304 million shares at the remarkably low price of $23.34 per share, a fraction of the stock's current market value of over $350 per share. McCormick stated that even though 84% of non-Musk shareholders, including his brother Kimbal, had approved the options package following her initial rejection, such a generous compensation for the CEO was unjust to shareholders, and her previous ruling stands. In response, Musk labeled McCormick as "a radical far-left activist disguised as a judge." However, there's no need to start a fundraising campaign for Musk, as he is already among the world's richest, if not the richest, even without the错失的 billion-dollar package.
Business

What Does the Future of Pizza Hut Look Like?

By Lily Simpson / Dec 4, 2024

Pizza Hut is embracing a new era of dining with a restaurant revamp that brings the pizza-making process into the spotlight. The company has introduced a fresh design concept, placing a pizza preparation area at the heart of the eatery, offering patrons a front-row view of their pizzas being crafted. This innovative approach is part of a broader transformation at a revamped Pizza Hut location in Plano, Texas, as the brand navigates the challenges of lagging sales and mounting competition.
Business

Trump Reiterates Commitment to Halt Controversial Takeover by Japanese Firm at US Steel

By Laura Wilson / Dec 4, 2024

President-elect Donald Trump has reiterated his stance to thwart a $15 billion acquisition of U.S. Steel by a Japanese corporation once he assumes the presidency, asserting that the former titan of American industry can regain its footing independently. In a statement on his Truth Social platform, Trump declared, "We will revitalize U.S. Steel through strategic tax incentives and tariffs, ensuring its strength and greatness. As President, I will prevent this acquisition from proceeding. Buyer Beware!!"
Business

Why Your Employer Might Love for You to Quit

By Benjamin Evans / Dec 4, 2024

Employers are well aware that their success hinges on their ability to attract and retain top talent. However, there are instances where they might prefer certain employees to leave voluntarily, rather than just the underperformers they would typically dismiss. Instead of passively hoping for their departure, some employers resort to creating conditions that, while perfectly legal, encourage employees to resign.
Business

Wall Street Skeptical of Trump's Deportation Threats and Musk's Spending Cut Assertions

By Joshua Howard / Dec 4, 2024

The incoming President, Donald Trump, has pledged to deport millions of undocumented immigrants, a move that would constitute the most extensive deportation initiative in U.S. history. However, financial experts on Wall Street are skeptical that the scale of the immigration enforcement will match the grand promises made during Trump's campaign. A recent Goldman Sachs survey indicates that only a small fraction, 6%, of investors anticipate that net immigration—calculated as the balance between arrivals and departures—will become negative under Trump's tenure. This suggests that the financial sector is wagering on the likelihood that the number of individuals entering the U.S. will surpass those being deported, despite the stringent measures promised by Trump. This outlook could be a relief to business owners who have expressed concerns that mass deportations, as repeatedly threatened by Trump, would lead to labor shortages and increased costs for consumers.
Business

Cargill: America's Largest Private Firm Announces Thousands of Layoffs

By Sophia Lewis / Dec 4, 2024

Minnesota-based food production colossus, Cargill, is implementing a workforce reduction of approximately 5% due to a decline in food commodity prices. Recognized by Forbes as the largest privately-owned company in the United States, Cargill also holds the title of the world's leading trader in agricultural commodities. In a recent statement, the corporation disclosed that these adjustments are in alignment with a "long-term strategy" that was initiated earlier this year. Cargill plays a pivotal role in the ingredients sector, acting as a distributor of grains, meats, and other agricultural products on a global scale. The company experienced significant profits during the pandemic era, largely due to inflation and geopolitical tensions that caused food prices to fluctuate wildly. However, the current trend shows a decrease in grocery prices.
Business

Enron Resurrected in an Elaborate Prank

By Natalie Campbell / Dec 4, 2024

Unanticipated and unwelcome, a brand notorious for its association with corporate malfeasance has seemingly risen from the ashes, more than two decades after its infamous downfall. Yes, you heard it right: Enron is making a comeback, albeit in a peculiar fashion. To summarize succinctly: An apparel company has acquired the Enron trademark and seems to be leveraging it to promote merchandise for the creator of the tongue-in-cheek conspiracy theory "Birds Aren't Real." No, this is not a joke.