(The Center Square) – Live Nation Entertainment, the events giant that operates Ticketmaster, is fighting to hold on to practices that states and the federal government allege are anti-competitive and hurt both fans and musicians. The company recently lost its bid to dismiss a lawsuit filed by the U.S. Department of Justice and a coalition Read More…
In a groundbreaking move that fuses artificial intelligence with social media, Elon Musk’s xAI has acquired X, the platform formerly known as Twitter, in an all-stock deal valued at $33 billion. Announced by Musk on X late Friday, the acquisition raises xAI’s valuation to an impressive $80 billion, creating a combined entity that aims to Read More…
Berkshire Hathaway, the conglomerate led by legendary investor Warren Buffett, is gearing up for its annual shareholder meeting scheduled for Saturday, May 3, 2025, in Omaha, Nebraska. Known as the “Woodstock for Capitalists,” this event draws tens of thousands of investors from around the globe to hear directly from Buffett and his team, while also Read More…
Boeing has announced that its annual bonus structure for over 100,000 employees will be tied to the company’s overall performance in 2025, marking a shift from the previous practice of awarding bonuses based on individual business unit results. According to the 2025 proxy statement filed with the U.S. Securities and Exchange Commission on Friday, 80% Read More…
NFL legend Tom Brady’s sports company TB12 INC. secured an almost $1 million Paycheck Protection Program (PPP) loan from the federal government amid the coronavirus pandemic. Though reports of Brady’s PPP loan was initially revealed in July, the amount was unknown. Data released by the U.S. Small Business Administration in December revealed that TB12 received $960,855. The PPP loan Read More…
Italy’s competition authority on Monday fined Apple €10 million for misleading consumers about the water-resistance of its iPhones. Apple advertised several iPhone models as resistant to water for up to 30 minutes, even a few meters under water, but it didn’t make clear that this is only true under specific conditions (pure water in a laboratory), which Read More…
Comcast is adding a data cap for some of its home-internet plans starting in January. The telecommunications giant recently confirmed it’s introducing a limit of 1.2 TB on Xfinity Internet plans in 14 states and the District of Colombia. If customers that don’t have unlimited plans go over that cap, they must pay $10 for Read More…
The U.S. Supreme Court turned away a bid by Walmart Inc. to start selling liquor at its Texas stores, leaving intact for now a state law that bars such retail sales by publicly-owned companies. The rebuff, which came without comment, sends Walmart’s challenge back to a federal trial court, where the world’s largest retailer will Read More…
As COVID cases surge across the US, Waffle House CEO Walt Ehmer does not want to shut down indoor dining. And, he really does not want the government to force him to do so. “A lockdown is going to put a lot of people out of work,” Ehmer told Business Insider. “It’s really not about Read More…
Fox News viewers appear to be deserting the network in droves as they tune into Newsmax TV. Nielsen data confirms the trend in the post-election period last week. During Wednesday through Friday last week, Newsmax TV led Fox Business and CNBC in all key day parts. Newsmax is also seeing a terrific surge across its media Read More…
McDonald’s chief executives joined Walmart’s CEO in calling for another stimulus package. “We need a stimulus measure, I think that is very clear,” McDonald’s CEO Chris Kempczinski said in an interview with CNBC on Tuesday. Kempczinski called for President-elect Joe Biden and Vice president-elect Kamala Harris to address the coronavirus pandemic and climate change, as well Read More…
The New York Times Co. for the first time Wednesday reported higher revenues from its digital business than its print operations, a “watershed moment” in the newspaper’s nearly 170-year history, according to CEO Mark Thompson. “And we don’t think it’s likely we’re going to go back from this moment,” Thompson said on CNBC’s “Power Lunch.” The Times reported Read More…
HOUSTON, Texas — Just in time for the holiday, Amazon is doing a mega-seasonal hiring event, which includes new jobs available in Houston. According to a release, the company is adding 100,000 new seasonal jobs across the U.S. and Canada, to complement its regular full- and part-time positions. Some 2,800 of those positions are in Read More…
Graphics chip giant Nvidia mopped up the floor with its competition in a benchmark set of tests released Wednesday afternoon, demonstrating better performance on a host of artificial intelligence tasks. The benchmark, called MLPerf, announced by the MLPerf organization, an industry consortium that administers the tests, showed Nvidia getting better speed on a variety of Read More…
The Senate Judiciary Committee on Thursday voted to subpoena Facebook CEO Mark Zuckerberg and Twitter CEO Jack Dorsey to testify about allegations of anti-conservative bias, ratcheting up GOP pressure on the social media companies’ content policies before the November elections. How the vote went down: The Judiciary Committee voted 12-0 to authorize the subpoenas, with all Read More…
Southwest Airlines has asked its unionized workers to take pay cuts in an effort to stave off layoffs and furloughs during the coronavirus pandemic. Southwest CEO Gary Kelly made the request in a Monday message to employees after rival carriers American and United started furloughing more than 32,000 workers last week following the expiration of a $25 Read More…
New York (CNN)One of Berkshire Hathaway’s largest units, BNSF Railway, just named Kathryn Farmer as its first female CEO. This appointment makes Farmer the first woman in America to lead a major railroad operator, the company announced Monday. Farmer is taking the place of Carl Ice, who has worked at Berkshire Hathaway (BRKA) for 42 years. Farmer has been Read More…
Elon Musk’s personal wealth is soaring along with Tesla’s stock. The CEO’s net worth increased by nearly $8 billion on Monday as Tesla’s stock price jumped 11% and closed at an all-time high. Musk’s net worth is now $84.8 billion, making him the world’s fourth-richest person, according to the Bloomberg Billionaires Index. Musk overtook Bernard Arnault, the French billionaire and Read More…
Christopher Vanderpool works shifts as a “health ambassador” at a Walmart in Fayetteville, N.C., For $11 an hour, he stands in the parking lot asking customers to put on masks before entering the store. Many abide by the rule. Others, the 18-year-old said, “will say ‘No, I am not wearing that garbage,’ or some expletive.” Read More…
It’s a device that looks like a blend between a beverage cart and a robot, but it is meant to help continue the fight against coronavirus. On Wednesday, JetBlue has become the first airline in the country to use new cutting-edge UV light technology in its cleaning efforts as a means to fight the coronavirus. Read More…
Tesla just reported its second-quarter results. Shares rose more than 4% after hours as the company beat expectations and reported its fourth straight quarter of profits. Here’s how Elon Musk’s electric car and renewable energy business did versus analysts’ expectations, according to estimates compiled by Refinitiv. Earnings: $2.18 (ex-items) vs. 3 cents per share, expected. Revenue: $6.04 billion vs. Read More…
Ford Motor is taking a run at the nation’s No. 1 off-road seller, the Jeep Wrangler, with its highly anticipated relaunch Monday night of the Bronco SUV — a boxy utility vehicle that developed a cult following after it was discontinued in 1996. Ford is pricing the new Bronco starting at $29,995, including destination charges, just $205 above Read More…
AT&T is notifying thousands of employees that their jobs are being eliminated as part of a $6 billion cost-cutting push, an attempt to slim down one of the most heavily indebted companies in the U.S. The cuts follow through on a plan that Chief Executive Officer Randall Stephenson outlined in October when he said the Read More…
The Securities and Exchange Commission told Hertz, which filed for bankruptcy during the coronavirus pandemic, that the regulator has issues with the rental car company’s plan to sell stock. “In this particular situation we have let the company know that we have comments on their disclosure,” SEC Chairman Jay Clayton said Wednesday on CNBC’s “Squawk on the Street.” “In Read More…
The Federal Reserve Bank of Kansas City announced on Thursday that its popular annual economic policy symposium will not be held in Jackson Hole, Wyoming, for the first time in nearly 40 years due to the coronavirus pandemic. Instead, the bank said that this year’s symposium, titled “Navigating the Decade Ahead: Implications for Monetary Policy,” will be 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…