Retail sales of Bud Light crashed amid calls for a boycott in the weeks following the brand’s partnership with transgender influencer Dylan Mulvaney, according to a beer industry report. Tracking data on Bud Light sold in places like supermarkets and liquor stores—known as scanner volumes—fell by double digit percentages during the first two weeks of…
SpaceX Wins Approval to Add 5th US Rocket Launch Site
WASHINGTON—The U.S. Space Force said on Monday that Elon Musk’s SpaceX was granted approval to lease a second rocket launch complex at a military base in California, setting the space company up for its fifth launch site in the United States. Under the lease, SpaceX will launch its workhorse Falcon rockets from Space Launch Complex-6…
Global Retailers Seek New Ways to Lure in Shoppers as Spending Slows
April 25, 2023
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Business & MarketsCompanieseconomic policieseconomyglobalinflationInternationalMarketsretailersspendingWorld
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BARCELONA—Europe’s cost of living crisis has benefited discount retailers but mid-market names are being squeezed as shoppers watch their spending, executives and analysts at an industry conference said on Tuesday. Luxury is also continuing to perform well, with hopes that China’s reopening will give fresh impetus as a months-long post-pandemic splurge by Americans starts to…
Government Borrowing Jumps by £18 Billion Owing to Interest Payments and Energy Bills Support
April 25, 2023
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borrowingBusiness & Marketseconomic policieseconomyenergyinflationOffice of National StatisticsUKWorld
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Government borrowing jumped by £18 billion in the year to March 2023, with the figure blamed on rising interest rates and the cost of supporting energy bills. The Office for National Statistics (ONS) said public sector borrowing reached £139.2 billion in 2022/23, the fourth-highest figure since records began and £18.1 billion more than in 2021/22,…
Yellen Warns of ‘Economic and Financial Catastrophe,’ but Insists It’s ‘Preventable’
April 25, 2023
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Business & Marketsdebt ceilingeconomic policieseconomyJanet YellenPolicies & ImpactsPoliticsUSUS News
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Treasury Secretary Janet Yellen on Tuesday warned of an “economic and financial catastrophe” that would decimate jobs and make loans more expensive for years to come if Congress fails to raise the debt ceiling and the government defaults on its obligations. Yellen issued the warning in prepared remarks for the 51st annual Sacramento Metro Chamber’s…
Recession Fears Grow in US Manufacturing Despite Biden’s Investments
President Joe Biden has made manufacturing a centerpiece of his administration’s initiative to build a green energy economy, touting investments the White House put forward to resuscitate towns that were “shadows of what they used to be.” Supporters say that the president’s efforts to revive the manufacturing sector appear to be working as taxpayer-funded investments…
GM Partners With Samsung for a $1 Billion Electric Vehicle Battery Factory
General Motors Co. and Samsung SDI announced plans on Tuesday to build a $3 billion joint-venture electrical vehicle (EV) battery plant in the United States. The news comes as South Korean president Yoon Suk Yeol is in Washington to meet President Joe Biden on what is the first state visit to the United States by…
Nestle Beats Quarterly Sales Estimates With Price Hikes
LONDON—Nestle reported slightly better-than-expected first-quarter sales on Tuesday, as the world’s biggest packaged food company increased prices to offset weak sales volumes. The Swiss company, which makes KitKat chocolate bars, Nescafe coffee, and Maggi stock cubes, said sales rose 5.6 percent to 23.5 billion Swiss francs ($26.48 billion) in the quarter ended March 31, beating…
McDonald’s 1st-Quarter Results Beat on Price Hikes, More Visits
McDonald’s Corp. beat Wall Street expectations for quarterly global comparable sales and profit on Tuesday, boosted by higher menu prices and more customer visits. The burger chain’s shares rose about 1 percent in premarket trading, as comparable sales jumped by 12.6 percent for all of McDonald’s geographical segments. Global comparable sales also climbed 12.6 percent,…
PepsiCo’s Price Hikes, Steady Demand Add Sparkle to Annual Forecast
PepsiCo Inc. raised its annual forecasts on Tuesday after price hikes undertaken to offset higher costs and steady demand helped the soda and snack giant beat first-quarter results. The results pointed to a resilient consumer and followed similar quarterly performances by rival Coca-Cola and Nestle. PepsiCo’s shares rose 2 percent in early trading. Average prices…
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