(Brands & Consumers)
A jury has delivered a verdict in favor of former Starbucks regional director Shannon Phillips, who filed a lawsuit against the company alleging wrongful termination based on her race as a White employee. Phillips, who had been employed by Starbucks for approximately 13 years and managed a region of stores, was fired following the arrest…
In a significant shift, Modelo Especial, the Mexican lager brewed by Constellation Brands near Mexico City, has emerged as the top-selling beer in May, dethroning Bud Light from its longstanding position. This development further highlights the challenges faced by the Anheuser-Busch brand, particularly after a transgender influencer’s Instagram post featuring a customized Bud Light can…
Instant Brands, the manufacturer of popular products like Instant Pot, Corelle, and Pyrex, has filed for bankruptcy under Chapter 11. This type of bankruptcy allows for the reorganization of the company rather than its complete liquidation. The filing occurred on Monday, citing tighter credit and higher interest rates as factors contributing to the decision. Despite…
A US judge has granted the Federal Trade Commission’s (FTC) request to temporarily block Microsoft Corp’s acquisition of Activision Blizzard, a video game maker. The judge, Edward Davila, scheduled a two-day evidentiary hearing on the FTC’s request for a preliminary injunction to take place on June 22-23 in San Francisco. Without the court order, Microsoft…
Amazon is testing the use of artificial intelligence (AI) to summarize customer feedback on its platform, potentially reducing the time shoppers spend reading reviews before making a purchase. For instance, on the product page for Apple’s third-generation AirPods, the AI feature now provides a summary of over 4,000 user ratings. It highlights positive feedback about…
Elizabeth Holmes, the disgraced former Theranos CEO, is arguing that she has “limited financial means” and should not be required to pay $250 per month to the victims of her crimes once she is released from prison, according to a court filing by her lawyers. This development comes after federal prosecutors acknowledged in a separate…
When Tim Cook took over as Apple CEO from Steve Jobs nearly 12 years ago, there were doubts about whether the company had reached its peak. However, under Cook’s leadership, Apple’s market cap has skyrocketed by over 700%, reaching almost $3 trillion. The iPhone business has continued to thrive, driven by innovative features and pricing…
Grubhub, the food delivery brand, is facing challenges and has decided to lay off 400 corporate employees, which accounts for approximately 15% of its workforce. The CEO of Grubhub, Howard Migdal, acknowledged the tough decisions in a letter sent to the staff and posted on the company’s website. He emphasized the need to maintain competitiveness,…
Fool.com contributor and finance professor Parkev Tatevosian compares Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) and Meta Platforms (NASDAQ: META) to determine which growth stock is better for long-term investors. This video was originally published on the Parkev Tatevosian, CFA YouTube channel
The Federal Trade Commission (FTC) has taken action to halt Microsoft’s proposed acquisition of Activision Blizzard, seeking a court order to block the $69 billion deal. The FTC filed a lawsuit against the companies in San Francisco and requested a temporary restraining order. The regulatory body expressed concerns that if the deal were to proceed…
The Reddit community is currently in the midst of a significant rebellion. Many of the platform’s most popular subreddits, where users gather to discuss various topics, have chosen to “go dark” as a form of protest against announced changes to Reddit’s application programming interface (API) pricing policies. This move has effectively shut down large portions…
Microsoft is exploring the use of its AI capabilities to enhance its advertising business. The company has filed a patent for a machine learning model that incorporates “incrementality estimation” to predict the performance of sponsored content. Microsoft defines incrementality as the impact of ad budget on performance. The model is trained to forecast how content…
Today, we have an exciting video lined up as we dive into the full impressions of the highly anticipated Apple Vision Pro AR and VR headset as captured by MrWhoseTheBoss, a YouTube channel dedicated to the latest tech reviews and insights. With its unique blend of virtual reality and augmented reality, this headset represents Apple’s…
JPMorgan Chase has agreed to pay $290 million to settle a class-action lawsuit brought by Jeffrey Epstein’s sexual abuse victims, according to attorney David Boies representing the victims. The victims accused the bank of facilitating sex trafficking while Epstein was a client. In a joint statement, JPMorgan Chase and the victims’ attorneys announced that they…
Fred Ryan, the publisher and chief executive of The Washington Post, has announced his departure from his position after nearly a decade of leading the newspaper. Ryan, who had previously worked for former President Ronald Reagan, revealed that he will be heading the nonpartisan Center on Public Civility, a new initiative by the Ronald Reagan…
Days after Apple unveiled its $3,499 mixed reality headset, Meta CEO Mark Zuckerberg took a veiled swipe at the company’s pricing and product vision. Speaking at an all-hands meeting with Meta employees, Zuckerberg contrasted Apple’s demos of a person sitting alone on a couch with Meta’s focus on active engagement through its Quest VR headset…
The Biden administration is poised to approve New York City’s Central Business District Tolling Program, popularly known as “congestion pricing,” after the conclusion of a public review period on Monday. This program, the first of its kind in the United States, aims to toll vehicles entering Lower Manhattan below 60th street to alleviate traffic congestion….
The Securities and Exchange Commission has declared the activities of a cryptocurrency site known as Binance illegal in Nigeria. The Commission disclosed this in a statement posted on its website recently. It stated that Binance is neither registered nor regulated by it, and its operations in the country are illegal. It noted that anyone conducting…
Tesla (TSLA) stock experienced a surge this week after General Motors (GM) announced that their electric vehicles would be compatible with Tesla’s charging network. This news followed a similar announcement made by Ford just two weeks prior. At the time of writing, Tesla’s stock had risen by approximately $12 per share or 5% for the…
During Apple’s recent unveiling of its high-priced mixed reality headset, one notable absence was the executives wearing the device themselves. Speculation suggests that Apple’s decision may stem from a desire to avoid becoming the subject of memes and ridicule. However, the bigger issue lies in the challenge of making VR headsets appear cool. Over the…
Netflix’s crackdown on password sharing in the United States is yielding positive results, as early data suggests a significant increase in new subscriber sign-ups compared to the early days of the Covid pandemic. According to streaming analytics company Antenna, late May marked Netflix’s “four single largest days” of new user sign-ups in over four years…
Adobe, known for its innovative software, has embraced the potential of artificial intelligence (AI) and is positioning itself as a frontrunner in the AI revolution. Despite concerns that AI could negatively impact Adobe’s sales, the company believes that AI will actually enhance the usage and interest in its creative software applications such as Photoshop, Illustrator,…
Shares of Affirm Holdings (AFRM) experienced a significant surge on Wednesday following the announcement of a partnership with Amazon Pay (AMZN). This collaboration will enable merchants utilizing Amazon Pay to integrate Affirm’s “Adaptive Checkout” feature, providing customers with the option to pay for their purchases over time. The technology is already accessible on Amazon.com and…
“The Little Mermaid” has faced a disappointing response from moviegoers in China and South Korea, partly due to racist criticisms surrounding the casting of Black actress Halle Bailey as the main character Ariel. In mainland China, the Disney live-action remake has only earned $3.6 million since its release on May 26, according to Box Office…
Coca-Cola is set to introduce a new limited-edition flavor called Coca-Cola Ultimate, targeting the growing demographic of gamers that has caught the attention of mainstream food and beverage brands. The soda giant has collaborated with Riot Games, the publisher of the popular multiplayer online battle arena game League of Legends, for this venture. Coca-Cola Ultimate…
Chris Licht, the CEO and chairman of CNN, has announced his departure from the company after a brief one-year tenure marked by significant missteps. The news was shared with CNN employees during the network’s daily editorial call by David Zaslav, the CEO of parent company Warner Bros. Discovery. Licht’s exit comes in the wake of…
Apple announced new software for its iPhone, iPad, Mac, Apple Watch at WWDC on Monday, June 5, alongside a new MacBook Air and Apple Vision Pro, its pricey but exciting mixed-reality headset. Most years, though not all, the news of great new software isn’t good news for some Apple device owners. We can expect that…
Spotify, the popular audio streaming company, is implementing a workforce reduction in its podcasting unit, resulting in 200 employees being laid off, which accounts for approximately 2% of the company’s global workforce. In a statement released on Monday, the Sweden-based company acknowledged the difficult decision it had to make, describing it as a strategic realignment…
Apple has unveiled Apple Vision Pro, a revolutionary spatial computer that seamlessly blends digital content with the physical world, while allowing users to stay present and connected to others. Vision Pro creates an infinite canvas for apps that scales beyond the boundaries of a traditional display and introduces a fully three-dimensional user interface controlled by…
Prominent Yoruba Nollywood actress, Iyabo Ojo takes a stand against the excessive tax levy imposed by the Lagos State Government. In a recent Instagram post, she expressed her refusal to pay the exorbitant amount of N18,640,092 issued by the Lagos Internal Revenue Service. The actress questioned the methodology behind the frequent issuance of such tax…
According to the International Air Transport Association (IATA), the global airline industry is set to rebound from the pandemic and make nearly $10 billion in profit this year. IATA has more than doubled its 2023 profit forecast, projecting net profit of $9.8 billion for airlines, up from the previous estimate of $4.7 billion in December….
Airbnb has taken legal action against New York City in a lawsuit filed challenging the city’s restrictions on short-term housing rentals. The lawsuit specifically targets the Short-Term Rental Registration Law, a local ordinance set to be enforced next month. Under this law, short-term rental hosts in the city are required to register with the mayor’s…
It appears that there is a growing demand for car seats in the United States. In response, Volkswagen introduced the ID. Buzz, an electric van with a retro design, last year, and mentioned that the North American version would be longer and feature three rows of seats. Now, the North American edition of the ID….
A unique collaboration has emerged between streaming giant Netflix and one of the leading nonalcoholic craft breweries in the United States, Athletic Brewing Company, resulting in a brew inspired by the popular Netflix series “The Witcher.” In an official news release, Athletic Brewing Company announced its partnership with Netflix to introduce limited edition, co-branded nonalcoholic…
As inflation continues to put a strain on family budgets, one well-known footwear manufacturer is taking a different approach to provide relief to weary consumers. Keen, an Oregon-based company that specializes in walking shoes, boots, and water sandals for all ages, is lowering prices on its products amid a period when many customers are cutting…
Apple is poised to unveil its latest hardware product at its upcoming developer event, and it could be the company’s most ambitious venture in years. The highly-anticipated release is rumored to be a “mixed reality” headset, combining virtual reality (VR) and augmented reality (AR) technologies. This move has the potential to revolutionize how people interact…
If you dream of studying in Canada but are concerned about the cost of universities, there is good news for you. Canadian colleges offer affordable options and opportunities for work and permanent residency (PR). With deposits as low as $1000, these colleges are accessible to students from various academic backgrounds. Whether you hold a 2nd…
Ford, along with the National Highway Traffic Safety Administration (NHTSA), is issuing a warning to owners of approximately 143,000 Lincoln MKC compact SUVs. These owners are advised to park their vehicles outside and away from buildings and other vehicles due to a potential fire risk, even when the vehicles are not running. The issue arises…
An Amazon worker who played a prominent role in organizing an unsuccessful unionization effort at a warehouse in Alabama has been fired by the company. Jennifer Bates, known for testifying about her challenging experience at Amazon, was terminated after returning from medical leave due to job-related injuries. The Retail, Wholesale and Department Store Union (RWDSU),…
Diamond Sports, the owner of Bally Sports regional sports networks, has been ordered by a bankruptcy judge to make full media rights payments to four Major League Baseball (MLB) teams. The company, which filed for bankruptcy in March, aimed to restructure its debt and reset its media rights deals with teams to reflect market rates…
Microsoft is reportedly set to spend potentially billions of dollars over several years on cloud computing infrastructure from startup CoreWeave, which recently raised $200 million in financing. CoreWeave offers simplified access to Nvidia’s graphics processing units (GPUs), which are highly regarded for running AI models. Microsoft’s agreement with CoreWeave aims to ensure that OpenAI, which…
Sneakers have become highly coveted collectible items, but they are also a prime target for scalpers. The global sneaker industry is valued at $86 billion, with projections of reaching $128 billion by 2030. The resale market is thriving as well, estimated to grow to $30 billion by the end of the decade. Unfortunately, this popularity…
Sean “Diddy” Combs has filed a lawsuit against multinational spirits company Diageo, accusing them of racial discrimination in their handling of his vodka and tequila brands. Combs alleges that Diageo typecast his brands, Ciroc vodka and DeLeon tequila, as “Black brands.” The lawsuit, filed with the New York Supreme Court, claims that Diageo neglected these…
Meta, the parent company of Facebook, Instagram, and WhatsApp, has joined the growing trend of tech companies calling their employees back to the office after more than three years of flexible work-from-home policies prompted by the COVID-19 pandemic. The company has announced that employees currently assigned to an office will be required to return to…
A Fidelity fund has significantly reduced its valuation of Twitter, suggesting that the social media platform may be worth only a third of its value compared to when Elon Musk acquired it in October. The Blue Chip Growth Fund, managed by Fidelity, disclosed that its stake in Twitter was valued at $6.55 million at the…
Amazon corporate workers staged a visible walkout to express their lack of trust in the company’s leadership. Organizers claimed that over 1,000 employees participated, while Amazon disputed the number, estimating around 300 participants. The walkout aimed to address employee frustrations, including Amazon’s insistence on employees working in the office at least three days a week….
Elon Musk has regained his position as the wealthiest individual in the world, according to the latest Bloomberg Billionaires tally. With an estimated net worth of approximately $192 billion, the CEO of Tesla (TSLA) has surpassed the CEO of LVMH (LVMHF), Bernard Arnault, who currently holds a net worth of around $187 billion. Musk and…
Elizabeth Holmes, the disgraced CEO of Theranos, has reported to prison to commence her sentence of over 11 years for defrauding investors by misleading them about her company’s blood-testing technology. U.S. District Judge Edward Davila had previously ordered Holmes to surrender by 2 p.m. local time on Tuesday at a minimum-security facility in Bryan, Texas….
Nvidia (NVDA) has joined the elite group of companies with a market capitalization of $1 trillion, thanks to the surging demand for its AI chips. Only eight other companies worldwide have achieved this milestone, including Apple (AAPL), Microsoft (MSFT), Alphabet (GOOG), Amazon (AMZN), and Saudi Aramco. The chipmaker’s recent earnings report and strong revenue forecast…
Goldman Sachs, a prominent Wall Street firm, is making preparations for its third round of layoffs since September, responding to a decline in deals activity. According to an individual familiar with the plans of the New York-based bank, the company is expected to reduce less than 250 positions in the upcoming weeks. In September, Goldman…
