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…
Trump Responds to Tucker Carlson’s Sudden Exit From Fox: ‘I’m Surprised’
Former President Donald Trump said he was “surprised” in his first reaction to this week’s sudden departure of Tucker Carlson from Fox News, praising the now-former popular prime-time host as a “very talented” man. “I’m shocked. I’m surprised,” Trump said in an interview with Newsmax on Monday. “He’s a very good person, a very good…
Wall Street Opens Lower on Mixed Earnings, First Republic Shares Plunge
Wall Street’s main indexes opened lower on Tuesday following a mixed batch of earnings reports, while a plunge in deposits of regional lender First Republic Bank stoked concerns about the banking sector. The Dow Jones Industrial Average fell 47.06 points, or 0.14 percent, at the open to 33,828.34. The S&P 500 opened lower by 10.61…
First Republic Shares Crash Following Massive Deposit Outflows
First Republic Bank announced “unprecedented deposit outflows” in the quarter ended March 31, with the news sending the company’s stock crashing by over 20 percent. For the quarter ended March 31, 2023, First Republic deposits have declined by 40.8 percent since Dec. 31, 2022, according to an April 24 press release (pdf) by the bank….
3M to Cut 6,000 Positions Globally to Improve Cash Flow
3M Co said on Tuesday it would cut about 6,000 positions globally as the U.S. industrial conglomerate looks to focus on high-growth businesses, including automotive electrification and home improvement. The move comes as an uncertain economy along with rising interest rates and stubbornly high inflation forces corporate America to get leaner in recent months. 3M,…
Newsmax, OAN Eye Tucker Carlson After Fox Exit
Conservative news outlets Newsmax and One America News Network (OAN) are weighing the possibility of hiring media personality Tucker Carlson after his surprise departure from rival network Fox News Channel. OAN issued a statement saying that its executives want to meet with Carlson, whose last appearance on Fox took place on April 21. “One America…
UK Targets Subscription Traps and Fake Online Reviews With New Law
April 25, 2023
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Business & MarketsCompanieseconomic policiesKevin HollinrakeMedia & Big TechsubscriptionTechTech NewsUKWorld
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Digital platforms could be hit with huge fines for failing to protect consumers from subscription traps and online scams, a new UK regulator has said. The Digital Markets Unit (DMU) will be given new powers to ensure that online customers and businesses are not unfairly disadvantaged by the biggest players. Firms deemed to have “strategic…
Stocks Fall, Dollar Gains Await Earnings Litmus Test
April 25, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsMedia & Big Techrecessionstocks
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LONDON—Stocks fell on Tuesday, while the dollar got a lift as investors prepared for corporate earnings and macro data this week to paint a clearer picture of the health of the global economy. Last week’s U.S. bank earnings came in stronger than expected, and this week brings results for Big Tech and a number of…
Brian Kilmeade Fills Tucker Carlson’s News Slot After Ouster from Fox
Brian Kilmeade took over the time slot formerly occupied by the “Tucker Carlson Tonight” show on Fox on Monday, hosting the first episode of “Fox News Tonight,” in which Kilmeade briefly addressed Carlson’s shock departure from the network. Kilmeade, who co-hosts the “Fox & Friends” program, was the first in what’s expected to be a…
ESPN Announces Layoffs as Part of Cost Cutting by Disney
ESPN began informing employees of layoffs Monday, which are job cuts that are taking place throughout its corporate owner, the Walt Disney Company. Disney CEO Bob Iger announced in February that the company would reduce 7,000 jobs either through not filling positions or layoffs. ESPN President Jimmy Pitaro said in a company memo sent to…
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