Smithfield Foods Inc said on Wednesday it will pay $83 million to settle litigation that accused several companies of conspiring to limit supply in the $20 billion-a-year U.S. pork market to inflate prices and their own profits. The settlement with Smithfield resolves antitrust claims by “direct” purchasers such as Maplevale Farms that accused the nation’s largest pork companies of having fixed prices beginning in 2009. Smithfield’s settlement requires approval by Chief Judge John Tunheim of…
Ford to Shut Some North American Plants for Few Weeks on Chip Shortage
Ford Motor Co said on Wednesday several of its North American factories will be shut for a few weeks in July and August due to a global shortage of semiconductors. The supply crunch would cost it $2.5 billion this year and halve vehicle production in the second quarter, the Dearborn, Michigan-based company had said in…
The 8 Psychological Truths of Entrepreneurship
Article by Emily Anhalt After a decade of working clinically with executives and founders as a researcher and therapist, I felt I had a strong understanding of the in’s and out’s of the founder personality. But it wasn’t until I became a co-founder myself and experienced these psychological concepts firsthand that I gained a deeper…
Robinhood Pays $70 Million to Settle Range of Allegations
NEW YORK—Robinhood Financial will pay nearly $70 million to settle a wide range of allegations, including that it gave customers misleading information and improperly allowed some users to make riskier trades after they lied about their trading experience. The financial penalty is the largest ever ordered by the Financial Industry Regulatory Authority, a non-governmental organization…
Gap to Sell Stores in France, Italy to Cut Costs in Europe
Gap Inc is in talks with its partners to sell its stores in Italy and France, the U.S. apparel chain said on Wednesday, as it looks to limit its presence to online in Europe and save costs. The retailer is also planning to shut all Gap Specialty and Gap Outlet stores in the United Kingdom…
On the Job Training
Dear Dave, I’ve been in sales for 15 years. I love my job, and I love my company. Our business wasn’t affected as much as some during the pandemic, but my numbers have become stagnant. They’re still good, but I feel I can do better. Do you have any advice for someone who wants to…
Amazon Seeks Recusal of FTC Chair and Antitrust Hawk Lina Khan
Amazon has filed a request asking for newly minted Federal Trade Commission (FTC) Chair Lina Khan to be recused on antitrust matters related to the online retail giant, citing concerns about lack of impartiality in light of her past criticisms of the company, according to documents filed with the agency. “Given her long track record…
US Pending Home Sales Increase to Highest Reading for May Since 2005
Contracts to purchase previously owned U.S. homes rose strongly in May to the highest level for that month since 2005. The National Association of Realtors (NAR) said on Wednesday its Pending Home Sales Index, based on contracts signed last month, rose 8.0 percent to 114.7. Economists polled by Reuters had forecast pending home sales would…
Pending Home Sales See Sharp Rebound in May, Beating Forecasts
Contracts to buy previously owned homes in the United States saw a sharp rise in May, with the National Association of Realtors’ (NAR) index of pending home sales hitting its highest level for the month of May since 2005 and blowing by economists’ expectations. The index rose by 8 percent in May to 114.7, up…
Walmart to Sell Own Line of Budget Analog Insulin
Walmart announced on Tuesday that it will soon start selling private-brand analog insulin that it says will save customers up to 75 percent off the cash price of branded versions of the drug and will “revolutionize” access and affordability of diabetes care. The big-box retailer will sell the product, marketed as ReliOn NovoLog Insulin, to…
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