Deutsche Bank has cautioned that a “major recession” is on the horizon in a note to clients on Tuesday. The Frankfurt-headquartered bank issued the stark warning in a report titled “Why the coming recession will be worse than expected,” in which it noted that the Federal Reserve must act more quickly and aggressively to prevent…
Thousands of Nurses at Top California Hospitals Strike Over Wages and Burnout
April 27, 2022
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Business & EconomyCaliforniaCompanieseconomyLocal NewsLucile Packard Children’s HospitalNursesRegional-Local NewsSouthern CaliforniaStanford Health CarestrikeUSUS News
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Thousands of nurses at Stanford Health Care and Lucile Packard Children’s Hospital in California are striking this week over contract issues, staff shortages, burnout, and exhaustion. Nurses began their strike on Monday morning. The labor union representing the nurses, the Committee for Recognition of Nursing Achievement (CRONA) announced the strike on Sunday, saying 93 percent…
Tech Stocks Slump Again; Nasdaq Has Worst Loss Since 2020
NEW YORK —More sharp declines in Big Tech stocks sent the Nasdaq composite down 4 percent Tuesday, the worst drop for the tech-heavy index since September 2020. The Nasdaq is now down 20 percent so far this year as investors shun the ultra-pricey tech sector, which had made gangbuster gains for much of the pandemic….
GM Reports First-Quarter Profit of $2.9 Billion, Affirms Full-Year Outlook
General Motors Co’s first-quarter profit beat analyst estimates on Tuesday, as the automaker focused on sales of more expensive models with higher margins, even with production still limited by chip shortages and supply chain disruptions. GM’s net income dipped slightly to $2.9 billion in the quarter, compared with analysts’ estimates of $2.45 billion, as higher…
Chipotle Sees Quarterly Sales Above Wall Street View Amid Strong Demand
Chipotle Mexican Grill Inc forecast second-quarter same-store sales above analysts’ estimates on Tuesday, betting demand for its burritos and rice bowls will remain buoyant despite a few rounds of price increases. The burrito chain forecast comparable restaurant sales growth of 10 percent to 12 percent for the current quarter, compared with estimates of 8.8 percent growth, according…
U.S. Sends Hazard Alert Letter to Amazon After 2021 Fatal Warehouse Collapse
WASHINGTON—The U.S. Occupational Safety and Health Administration issued a hazard alert letter to Amazon.com Inc on Tuesday after six contractors were fatally injured and another was severely injured when a tornado struck Amazon’s Edwardsville, Illinois, warehouse in December 2021. OSHA did not issue any violations or citations after the warehouse collapse following the Category 3…
Republican Senator Blasts US Justice Dept’s Boeing 737 MAX Plea Deal
WASHINGTON—Texas Republican Senator Ted Cruz backed the families of passengers killed in two fatal Boeing 737 MAX crashes and sharply criticizing the Justice Department’s deferred prosecution agreement with Boeing. The $2.5 billion Boeing deferred prosecution agreement, a type of corporate plea agreement, was reached in January 2021 near the end of former President Donald Trump’s…
France Gives Leeway on Food Labels as Firms Switch From Sunflower Oil
April 27, 2022
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Business & EconomyCompanieseconomic policieseconomyEuropefood labelFranceInternationalMarketsRussia-Ukraine Warsunflower oilWorld
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PARIS—France will give food companies up to six months to change product labels to reflect recipe changes if they replace sunflower oil, supplies of which have been strained by the war in top exporter Ukraine, the economy ministry said on Tuesday. Ukraine usually accounts for about half of global exports of sunflower oil, one of…
Russian Court Orders Seizure of $7 Million in Google’s Russian Funds, Property: Reports
April 27, 2022
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Business & EconomyCompanieseconomic policieseconomyEuropefund seizureGoogleInternationalMarketsRussiaRussia-Ukraine WarSocial MediaTechTech NewsWorld
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A Moscow court has ordered the seizure of 500 million roubles ($7 million) worth of Google’s property and funds in Russia, news agencies said, in a lawsuit concerning restrictions the U.S. tech firm has placed on the YouTube channel of a prominent television firm. Alphabet Inc.’s Google did not immediately respond to a request for…
PepsiCo Raises Revenue Forecast on Boost From Price Increases
April 27, 2022
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Business & EconomyBusinesses in COVID-19CompanieseconomyMarketspepsicoPrice Increase Boostrevenue forecaststocksUSUS News
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PepsiCo Inc. beat estimates for quarterly revenue on Tuesday and raised its full-year forecast on steady demand for its sodas and snacks even in the face of several rounds of price increases. Pandemic-induced disruptions to the global supply chain and runaway inflation have sent costs soaring on everything from aluminum cans to labor and shipping,…
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