Reported about 1 month ago
Following an E. coli outbreak linked to sliced onions from supplier Taylor Farms, McDonald's has removed onions from about 20% of its U.S. restaurants and other fast-food chains like Burger King and Yum Brands are also withdrawing fresh onions from their menus. The outbreak has affected 49 individuals and led to one death, prompting health authorities to investigate the source of contamination while McDonald's attempts to manage the fallout and reassure customers.
Source: YAHOO
Reported about 1 month ago
CVS workers in Southern California, represented by unions, have secured a tentative contract agreement following a weekend strike that demanded better pay, staffing, and affordable healthcare. The strike impacted several stores, prompting claims of unfair labor practices against CVS. Union members will now have the chance to review and vote on the proposed contract, which has been unanimously recommended by their bargaining committee.
Source: YAHOO
Reported about 1 month ago
Nobel Laureate Paul Krugman provides an optimistic outlook on the current economic situation, indicating that the economy is effectively navigating away from recession and managing inflation. He highlights the recent jobless claims data, which fell below expectations, and characterizes the current environment as a successful soft landing. Despite concerns about future Federal Reserve rate cuts, Krugman reassures that these decisions should not overly concern investors.
Source: YAHOO
Reported about 1 month ago
The Biden administration is launching a public inquiry into competition in the air travel market, with a focus on preventing airline consolidation and enhancing customer protections. The Department of Justice has already blocked JetBlue's acquisition of Spirit Airlines and is scrutinizing major airlines' loyalty programs. The move comes as part of a broader effort to ensure competition and affordability in air travel, with public comments being sought until December 23. Critics, however, suggest the inquiry is politically motivated given its timing before the November elections.
Source: YAHOO
Reported about 1 month ago
Lilium, the German air-taxi manufacturer, announced that two of its subsidiaries are filing for insolvency after failing to secure financial support from the government, leading to a 57% drop in its U.S.-listed shares. The company is also considering its own insolvency options as it struggles with a cash crisis while still in the process of developing passenger-carrying aircraft.
Source: YAHOO
Reported about 1 month ago
JPMorgan Chase CEO Jamie Dimon did not endorse any presidential candidate during a recent conference, and with less than two weeks until Election Day, an endorsement seems unlikely. While he has shown some private support for Kamala Harris, Dimon emphasizes the need for collaboration in politics without aligning fully with either candidate. As speculation grows around his potential future roles, including a possible position in a Harris administration, Dimon remains focused on his current responsibilities at JPMorgan and has expressed skepticism about serving in government.
Source: YAHOO
Reported about 1 month ago
A cyberattack on UnitedHealth's technology unit, Change, has compromised the personal data of 100 million individuals, marking it as the most significant healthcare data breach in the U.S. The attack, attributed to the hacking group ALPHV (BlackCat), led to extensive disruptions in claims processing and has resulted in UnitedHealth notifying affected patients since June. The breach includes potentially stolen health insurance member IDs, diagnoses, treatment details, and social security numbers, with the company estimating a $705 million impact on its business due to the incident.
Source: YAHOO
Reported about 1 month ago
During the IMF and World Bank annual meetings, Managing Director Kristalina Georgieva cautioned that the global economy is at risk of a low-growth, high-debt scenario, leading to dissatisfaction among populations. She highlighted the potential for governments to struggle with fewer resources to address opportunities and climate challenges, as global GDP growth is projected to decline and governmental debt exceeds $100 trillion. Georgieva also pointed out that while a 'soft landing' is possible, the sense of economic well-being remains low, exacerbated by challenges including pressures in the U.S. and weakening growth prospects in countries like China.
Source: YAHOO
Reported about 1 month ago
A recent selloff in U.S. Treasuries has paused after a drop in oil prices attracted buyers, although yields remain at their highest levels since July. Economic indicators suggest a stable labor market and strength in manufacturing, bolstering concerns about ongoing inflation. Speculation around a potential Trump presidential win has further contributed to rising yields, as investors react to signs of economic resilience amidst looming uncertainties around upcoming elections.
Source: YAHOO
Reported about 1 month ago
A recent spike in silver prices, exceeding $33.6 per ounce, has put five major U.S. banks at risk of massive financial losses due to their significant short positions, estimated to be underwater by $1.3 billion. This increase in silver's value, driven by strong industrial demand and market dynamics, raises concerns over market integrity as critics believe excessive short-selling is artificially depressing prices. The situation reflects a growing trend among investors turning to precious metals as a hedge against market uncertainty.
Source: YAHOO
Reported about 1 month ago
The American Trucking Associations' recent conference highlighted optimism for the trucking industry as Chief Economist Bob Costello anticipates a return to normalcy in freight demand following a freight recession. Costello noted that the recovery hinges on improvements in the manufacturing sector, stating that the historic growth of private fleets has impacted the for-hire market. While challenges remain, including potential waves of bankruptcies triggered by elevated costs and lender pressures, overall market trends suggest a hopeful outlook for the trucking segment in the coming months.
Source: YAHOO
Reported about 1 month ago
Gina Strum, a former employee of Avenue Capital Group, has filed a lawsuit against co-founder Marc Lasry, alleging sexual harassment, discrimination, and retaliation, following Lasry's claim that she attempted to extort $50 million from him. Strum alleges that Lasry acted inappropriately towards her and participated in workplace harassment. Lasry's representatives dismissed her claims as false, asserting that her lawsuit is a counterattack to his previous defamation filing against her.
Source: YAHOO
Reported about 1 month ago
The bankrupt Weiss Multi-Strategy Advisers LLC is in discussions with its largest creditor, Jefferies Financial Group, to settle a lawsuit related to the firm's collapse. The lawsuit claims Jefferies used litigation threats to extract $20 million from the hedge fund before its bankruptcy. Both parties are considering a settlement while Jefferies seeks to recover $30 million in bonuses paid by Weiss before the bankruptcy. The bankruptcy judge has encouraged mediation to resolve these disputes.
Source: YAHOO
Reported about 1 month ago
The Nevada lithium mine project by Ioneer Ltd. has received federal approval, marking a significant step towards enhancing domestic lithium supplies crucial for electric vehicle battery production. Despite this advancement, environmentalists are concerned about potential threats to the endangered Tiehm's buckwheat wildflower, arguing that the mine's construction could endanger the species and its habitat. While the U.S. Interior Department assures that the project will not jeopardize the wildflower's survival, activists plan to challenge the decision, claiming it violates conservation laws.
Source: YAHOO
Reported about 1 month ago
The Nevada lithium mine has received final federal approval, even though it poses potential risks to an endangered wildflower species, raising environmental concerns.
Source: YAHOO
Reported about 1 month ago
Yum Brands has announced the removal of fresh onions from select Taco Bell, Pizza Hut, and KFC locations as a precautionary measure following an E.coli outbreak linked to McDonald's Quarter Pounders, which resulted in one death and nearly 50 illnesses across several U.S. states.
Source: YAHOO
Reported about 1 month ago
Yum! Brands, including Taco Bell, Pizza Hut, and KFC, along with Burger King, have removed onions from various locations due to an E. Coli outbreak linked to McDonald's. The precautionary measures follow recalls from suppliers, including Taylor Farms. Although there's been no confirmation of E. Coli in their products, the chains are prioritizing food safety as health authorities investigate the matter.
Source: YAHOO
Reported about 1 month ago
Hedge fund D.E. Shaw has shifted its strategy and is now supporting Mantle Ridge in its campaign for board changes at Air Products and Chemicals, opting not to nominate its own directors. This decision follows concerns about Air Products' rising capital expenditures and its focus on clean hydrogen strategies, with D.E. Shaw suggesting that leadership changes could significantly increase the company's equity value. The stock price of Air Products rose sharply after the news of this collaboration between two major investors.
Source: YAHOO
Reported about 1 month ago
New Jersey enjoys substantial revenue from online sports betting, yet there are growing concerns about gambling addiction and its effects on Atlantic City's casinos reliant on in-person gambling. A recent legislative hearing revealed a divide between the economic benefits brought by online betting and the alarming rise in problem gambling, with more than 6% of New Jersey adults affected. The state has witnessed an increase in calls for gambling support, particularly from young adults, prompting discussions about the need for stronger protections and responsible gaming measures.
Source: YAHOO
Reported about 1 month ago
Tesla's third-quarter earnings report showed impressive profit growth and improved margins, leading to increased price targets from various analysts. Key highlights include the anticipated launch of a more affordable vehicle and a projected 20-30% growth in unit deliveries by 2025. Analysts are bullish about Tesla's potential, emphasizing its advancements in technology and profitability, which may significantly enhance its market position.
Source: YAHOO
Reported about 1 month ago
American Airlines CEO Robert Isom has voiced concerns over Boeing's ongoing delivery issues, expressing a desire for the company to resolve its struggles and deliver aircraft on time. Isom's comments highlight the frustrations shared by major airlines, including Southwest Airlines, as Boeing faces significant operational challenges, including a labor stoppage and contract disputes. The inability to meet delivery schedules is impacting airlines' growth plans and overall financial outlook.
Source: YAHOO
Reported about 1 month ago
In a recent episode of the Women & Money podcast, Suze Orman advised a listener, a single mother with $1.5 million in retirement savings and a $12,000 monthly income, against marrying her partner due to their significant income disparity. Orman suggested alternatives to marriage such as trusts and beneficiary designations to protect assets without legal complexities. She encouraged the listener to reflect on her hesitation about marriage and to consider the potential implications on her adult children, emphasizing the importance of financial and emotional considerations before making such a significant decision.
Source: YAHOO
Reported about 1 month ago
Tesla's third-quarter earnings exceeded expectations, leading to gains in the S&P 500 and Nasdaq indexes. Additionally, new home sales in September showed a notable increase of 4.1% from the previous month and 6.3% year-over-year. The market remains optimistic as investors look forward to earnings reports from other key companies.
Source: YAHOO
Reported about 1 month ago
European Central Bank's Governing Council member Madis Muller advocates for gradual and measured interest rate cuts, resisting calls for larger reductions from some colleagues. Muller emphasized the importance of maintaining a steady approach as confidence in reaching inflation targets grows. The ECB has already cut rates three times since June, with another reduction likely in December. While some members suggest more aggressive moves due to economic concerns, Muller remains optimistic about a gradual recovery.
Source: YAHOO