House Republicans have sent a letter to Secretary of Veterans Affairs Denis McDonough, criticizing his department for making “baseless political talking points” about the GOP legislation to raise the debt ceiling while cutting future spending. In a May 4 letter led by Rep. Jen Kiggans (R-Va.), a former Navy helicopter pilot, 56 House Republicans fended…
56 House Republicans Criticize Veterans Affairs Secretary Over Debt Limit Bill Claims
Iowa Gov. Kim Reynolds to Sign Bill Rolling Back Child Labor Laws
Iowa Gov. Kim Reynolds has said she plans to sign into law new legislation allowing children to work in roles that were previously prohibited and for longer hours. Reynolds, a Republican, told The Washington Post in a statement on May 4, “Iowans are proud to be known for our strong work ethic, and we want to instill those…
TD Pulls $13.4 Billion First Horizon Purchase, Leaves US Bank in Limbo
Canada’s Toronto-Dominion Bank Group on Thursday called off its $13.4 billion takeover of First Horizon Corp., triggering a near 40 percent fall in the U.S. regional bank’s shares. First Horizon and TD said in a statement they had mutually decided to end the deal because there was no clarity on when they would get regulatory…
Kroger to Pay $68 Million to Settle West Virginia Opioid Claims
The Kroger Co. has agreed to pay West Virginia $68 million to settle claims that it fueled the opioid epidemic through lax oversight of its pill sales, bringing the state’s years-long litigation over the opioid crisis to a close. The deal, announced Thursday by West Virginia Attorney General Patrick Morrisey, comes a month before the…
Darden Buys Ruth’s Chris Steak House for About $715 Million
The Ruth’s Chris Steak House chain is being acquired by Darden Restaurants for about $715 million. The original Chris Steak House was opened on New Orleans’ Broad Street in 1927, and it was acquired by Ruth Fertel in 1965. The company has 154 locations worldwide, including 80 company-owned or -operated restaurants and 74 franchised restaurants….
Ford Sees $1.5 Billion to $2 Billion Restructuring Charges in 2023
Ford Motor Co. expects to take up restructuring charges between $1.5 billion and $2 billion in 2023, it said in a regulatory filing on Wednesday, as part of the U.S. automaker’s move to exit unprofitable locations and cut headcount. The charges will be primarily attributable to “employee separations and supplier settlements,” the automaker said, adding…
Google Wins US Patent Trial Over Data-Retrieval Technology
Alphabet’s Google LLC won a jury trial on Tuesday in a long-running patent lawsuit in Delaware federal court over features in Google’s smartphones and apps. The jury decided that Luxembourg-based patent owner Arendi SARL’s patent was invalid and that Google did not infringe it, according to the verdict made public on Wednesday. Attorneys for Arendi…
Arconic Taken Private by Apollo Global in $5.2 Billion Deal
Aluminum maker Arconic is being taken private by Apollo Global Management in a deal worth approximately $5.2 billion. Arconic shareholders will receive $30 per share in cash. Arconic is the company once known as Alcoa. Alcoa Inc. spun off its alumina and bauxite operations in 2016 into a company called Alcoa Corp., while Arconic became…
Royal Caribbean Raises Profit Forecast Buoyed by Travel Boom, Higher Prices
Royal Caribbean Group raised its annual profit forecast after upbeat quarterly results on Thursday, cruising on the back of higher ticket prices and pent-up leisure travel demand, sending shares up nearly 8 percent. The Miami, Florida-based company also projected current-quarter earnings well above Wall Street estimates and said bookings outpaced 2019 levels by “a very…
Canberra Must to Make the Hard Decisions Now to Control Inflation
May 4, 2023
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Commentary Reserve Bank of Australia (RBA) governor, Philip Lowe, has fired a warning shot over the bow of the federal treasurer by raising official interest rates another quarter of a percent this week to 3.85 percent. The hard work on inflation has to be done by the government which has access to a large number…
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