Legendary investor Warren Buffett, CEO of Berkshire Hathaway (NYSE: BRK.A, NYSE: BRK.B), continues to captivate the financial world with his investment moves. As of November 14, Berkshire’s Class A shares have delivered a staggering cumulative return exceeding 5,660,000% under Buffett’s nearly six decades of leadership. Recent filings with the Securities and Exchange Commission (SEC) reveal Read More…
Goldman Sachs is considering spinning out its technology platform under the bank’s digital assets business, the company announced on Monday. The spin-out is still in its early planning stages, with the firm aiming to establish the new entity within the next 12 to 18 months. The platform, known as GS DAP, focuses on digital assets Read More…
The Wyoming Business Council (WBC) is proud to announce the launch of a new Job Board through Wyoming Venture Capital (WYVC), aimed at enhancing support for its portfolio companies and partners. This initiative addresses the ongoing challenges of recruiting qualified talent in Wyoming while providing job seekers with a streamlined resource to explore employment opportunities Read More…
After closing over 100 locations and filing for Chapter 11 bankruptcy protection in May, Red Lobster has announced the appointment of Damola Adamolekun as its new CEO. The seafood restaurant chain, which has been a staple for 56 years, has faced significant challenges, including a leadership shake-up with five CEOs since 2021. Adamolekun, 35, expressed Read More…
Economists were shocked on Friday as the Bureau of Labor Statistics said US employers added 2.5 million payrolls in May, defying expectations of 7.5 million jobs lost. The surprise increase came on the heels of the record 20.5 million jobs lost in April. The unemployment rate declined to 13.3%, bucking forecasts of a near-record 19% rate. April’s Read More…
One trader bought 250,000 barrels of oil and secured a rare payout as oil prices turned negative last month, causing jitters in markets and leaving most other traders scrambling to find storage options across both sides of the Atlantic, Bloomberg reported on Thursday. But for BB Energy, a trading house based in London, the historic oil-market crash was Read More…
US states are rushing to court Tesla CEO Elon Musk, after he threatened to move the company’s HQ out of California. The billionaire is in a spat with California’s Alameda County over the closure of Tesla’s Fremont facility as part of a shelter-in-place order during the pandemic. He tweeted on Saturday that he would be Read More…
After recently announcing a new mask/face covering policy going into effect Monday, Costco will also now begin temporarily limiting fresh meat purchases at its warehouses. Costco says fresh meat purchases will be temporarily limited to a total of three items per member among the beef, pork and poultry products. “Costco has implemented limits on certain items Read More…
SEATTLE — Face masks will soon be mandatory for all passengers and flight crews on Alaska Airlines planes, the airline announced Friday. The policy goes into effect on May 11 for passengers, but on Monday for employees whose jobs makes it difficult to maintain 6 feet of space between others, including pilots, flight attendants and customer Read More…
Gross domestic product fell 4.8% in the first quarter, according to government numbers released Wednesday that provide the first detailed glimpse into the deep damage the coronavirus wreaked on the U.S. economy. Economist surveyed by Dow Jones had expected the first estimate of GDP to show a 3.5% contraction. This marked the first negative GDP Read More…
More than 2.9 million homeowners have taken advantage of a program designed to provide relief to holders of government-backed mortgages, part of the coronavirus CARES Act relief package. This represents 5.5% of all active mortgages, according to Black Knight, a mortgage data and analytics company that is now tracking the growing numbers daily. The program Read More…
The coronavirus pandemic has created a desperate clamber for vital medical supplies, like N95 masks, that has led the federal government to award massive contracts to third-party vendors to help fill the gaps. In this chaotic effort to obtain supplies, the Trump administration awarded a $55 million contract to Panthera Worldwide LLC, a company with Read More…
A special committee of WeWork’s board is suing SoftBank after SoftBank withdrew its $3 billion tender offer, the company announced Tuesday. WeWork is claiming that SoftBank breached its obligations under their agreement. SoftBank originally made the tender offer to buy shares of WeWork at an agreed upon price last year as part of a package to bail out Read More…
Unemployment claims have spiked to 6.65 million across the country, the Department of Labor said in a press release on Thursday. Unemployment claims have doubled since last week when the Labor Department reported that about 3 million people were seeking unemployment. That figure was already by far the highest number of unemployment claims the department had ever seen. READ Read More…
Boeing CEO Dave Calhoun told the aerospace company’s employees that it is starting a “voluntary layoff plan” that will allow eligible workers to leave the company with a pay and benefits package. The program is designed to shrink the company’s workforce at a time when air travel is plummeting because of the coronavirus pandemic. In a memo, Read More…
Theranos founder Elizabeth Holmes will head to trial apart from fellow C-suite exec and one-time lover, Ramesh “Sunny” Balwani, according to a report. Holmes, who served as the company’s CEO, will head to trial starting Aug. 4 with a separate jury from Balwani, who will be tried following the conclusion of Holmes’ case, Bloomberg reported. The judge did not provide any Read More…
About 10 years ago, SoftBank released a slideshow presentation on the company’s 300-year plan. “Unknown virus” got one reference, on slide 69 of 133. Perhaps coronavirus will just be a blip in the company’s long-term plan for world domination. Perhaps SoftBank’s vision of investing in artificial intelligence and other dominant technology companies will pay off in the long run, Read More…
Warren Buffett sold more than $800 million worth of Apple stock last quarter, according to SEC filings published on Friday. That might seem like a massive sale, but it’s closer to a rounding error for the billionaire investor and Berkshire Hathaway CEO. Berkshire is Apple’s biggest shareholder with a 5.4% stake worth $72 billion, according to Bloomberg data. Read More…
NBA legend Kobe Bryant, 41, died in a helicopter crash on Sunday morning in Calabasas, Calif., along with his 13-year-old daughter Gianna, the Los Angeles County Sheriff’s Office confirmed. Seven other people were on board Bryant’s helicopter and were all killed in the tragic accident. Bryant’s impact on basketball is obvious: five-time NBA champion; two-time NBA Finals MVP; league Read More…
The Massachusetts Institute of Technology said Friday that it had placed one of its tenured professors on paid administrative leave after finding that he “purposefully failed to inform MIT” that convicted sex offender Jeffrey Epstein was source of two donations in 2012 to support the professor’s research, and that the professor got a $60,000 personal gift from Epstein. Read More…
The pain kept coming for hedge funds in 2019: if they weren’t being killed off, they were bleeding cash or wringing out dismal returns. The industry is now on track to record more closures than launches for a fifth straight year, a blow to a market that once minted millionaires at a heady pace. More Read More…
Dennis Muilenburg, the CEO of Boeing, resigned Monday morning after a string of malfunctions in Boeing’s 737 Max airliner led to the worst year on record for the plane-maker. Boeing has struggled to rectify issues related to its 737 Max, which President Trump grounded in March after two crashes took the lives of more than 300 people. Read More…
Pernod Ricard, France’s largest spirits maker, is busy raiding America’s liquor cabinet. In 2019, the purveyor of Absolut vodka and Jameson Irish whiskey has bought Jefferson’s Bourbon, Firestone & Robertson Distilling, and a majority share of Rabbit Hole Distillery, all bets on America’s whiskey boom. This comes on top of recent new vodka distillery openings Read More…
In a festive opening to the sale of its best known company, Saudi political and economic elite were out on Wednesday to show their full support for the sale of their country’s crown jewel. Saudi Arabia’s Aramco oil company had its first IPO on Wednesday and is now being heralded as the world’s most valuable company with Read More…
SALT LAKE CITY — The waste is piling up in landfills, from grocery stores and restaurants and stinky manure from hog and dairy farms. What to do with it? Dominion Energy has the answer through transforming some of that waste into renewable natural gas through a number of ways, including a $500 million corporate partnership Read More…
It may seem that no matter where you go in the U.S. you see chain stores — those ubiquitous big box stores with Starbucks (SBUX) – Get Report inside of them. But fear not: Small business in America is not dead. In fact, it’s the majority of the country’s business, according to the Small Business and Entrepreneurship Council. Read More…
T-Mobile CEO John Legere is stepping down in May 2020, the company announced on Monday morning. His replacement is coming from within T-Mobile: Current COO and president Mike Sievert is taking the reins from Legere next May. It’s not clear just yet where Legere is going, but as of November 11 he was reported to be Read More…
It’s a fascinating time for fintech. What was once a disruptive force in the financial world has become standard practice for many industry leaders. Fintech industry funding has already reached new highs globally in 2018, with overall funding hitting $32.6 billion at the end of Q3. Some new regions, including South America and Africa, are Read More…
Wall Street’s final act of 2019 will hinge on whether investors should believe the messages being sent by corporate credit, crowd consensus and the calendar characteristics. The broad market has been a sloppy stalemate between supportive and antagonistic forces for many months: The S&P 500 is hovering around the 3000 level it first reached in Read More…
PG&E Corp. PCG +2.84% ’s chief executive said Friday that it could take as long as 10 years for the company to improve its electric system enough to significantly diminish the need to pull the plug on customers to reduce the risk of sparking fires. Bill Johnson, who joined the company in May, made the disclosure at a California Read More…
Banks are getting back into the business of building mortgage bonds, laying the groundwork for a market that stands to grow as the Trump administration tries to reduce the government’s role in housing finance. Citigroup Inc., Goldman Sachs Group Inc., Wells Fargo & Co., and JPMorgan Chase & Co. over the past year have restarted Read More…
Ari Emanuel’s company Endeavor detailed its plans Monday to go public, listing 19.4 million Class A shares, according to a filing with the Securities and Exchange Commission. The global entertainment, sports and content company expects to price its initial public offering at $30 to $32 a share, hoping to raise more than $600 million. Endeavor is planning Read More…
Facebook is considering a test to hide likes on News Feed posts. The company already tested a similar move on Instagram in August as a way to help break users’ fixation with getting likes on their pictures. Data miner Jane Manchun Wong discovered that Facebook is experimenting with the change in its Android app Monday. The company said Monday Read More…
In the days before Uber, Travis Kalanick wasn’t much different than other San Francisco Bay Area entrepreneurs, except that he was fresh off a $20 million exit and had a penchant for Pulp Fiction. In a sparsely furnished apartment in the city’s Castro district, Kalanick sought to become a “fixer,” reports Mike Isaac in “Super Pumped: Read More…
Target CEO Brian Cornell still thinks the U.S. consumer is strong and spending, despite fears that some shoppers may be pulling back with the threat of another economic recession looming. He told members of the media Wednesday morning after reporting quarterly earnings that blew past estimates: Target CFO “Cathy [Smith] and I —we meet with our banking partners, Read More…
J.C. Penney Co. Inc. stock plummeted 12.1% in Friday trading after the department store retailer announced that it received a letter from the New York Stock Exchange on August 6 alerting it that it is no longer in compliance with listing criteria. The criteria requires listed companies to maintain an average closing share price of Read More…
As the worldwide grounding of the Boeing 737 Max enters its sixth month, airlines are turning to older jets to help meet growing demand, prompting a surge in rental rates. “Used 800s are like a gold dust at the moment,” said Phil Seymour, CEO of London-based aerospace consulting firm IBA, referring to Boeing 737-800s, an older model Read More…
A sizable group of community banks are in various stages of consolidation, highlighting how the industry-wide merger and acquisition (M&A) trend is extending down market, as community and regional banks pursue greater scale and cost efficiencies. M&A fever has already gripped the nation’s super-regionals and top banks. BB&T announced in February that it was acquiring SunTrust for Read More…
The country’s two largest newspaper chains agreed to combine their businesses in a roughly $1.4 billion deal, further consolidating an industry reeling from strong economic headwinds. New Media Investment Group Inc., the parent of GateHouse Media, is buying Gannett Co. in a cash-and-stock transaction, the companies said Monday. New Media will pay $6.25 in cash Read More…
Though the Nordstrom Anniversary Sale officially opened to the public on Friday, July 19, the bargain hunting had already been well underway for an exclusive group of people — Nordstrom card holders. For several years, the department store has granted its most loyal shoppers special access to the annual sale, an effort to generate buzz and clout Read More…
Walmart is making further organizational changes as it continues to integrate its store and digital operations and leadership, according to a memo obtained by CNBC that was sent by CEO Doug McMillon to the retailer’s employees. “Our customers want one, seamless Walmart experience,” McMillon wrote to employees. “Earning more of our customers’ business in food and Read More…
WASHINGTON— Amazon.com Inc. AMZN +1.38% Chief Executive Jeff Bezos tries never to schedule a meeting before 10 a.m. “I go to bed early, I get up early, I like to putter in the morning” reading the newspaper, drinking a cup of coffee and eating breakfast with his children, he said. Mr. Bezos schedules “high IQ” meetings before lunch, and tries Read More…
Now that the trade war between the US and China is on, observers on both sides are wondering what more China will do to retaliate against the US. One measure China could take that keeps popping up in conversation is that the country could start dumping its massive hoard of $1.1 trillion worth of US Read More…
Apple stock plunged nearly 6% Monday after the U.S. Supreme Court ruled that Apple customers can sue the company over prices on its App Store. The 5-to-4 ruling lets consumers move forward with a long-running lawsuit that claims Apple (ticker: AAPL) is using its market dominance to inflate prices via a 30% commission at its Read More…