Telsa and Twitter owner Elon Musk added about $21 billion to his profits over the seven days since last week, according to a Bloomberg-monitored index. According to the Bloomberg Billionaires Index, Musk’s fortune increased by $21 billion between Jan. 19 and 26. It now stands at around $156 billion. Recent filings show Musk holds about 423,622,000 shares in…
Fashion Retailer H&M’s Profits Tumble as Costs Bite
STOCKHOLM—Fashion retailer H&M’s profits were almost wiped out in the September-November quarter by soaring costs, which the Swedish company held back from passing on in full to cash-strapped customers. The world’s second-biggest fashion chain, which raised some prices, will continue with this pricing strategy even though it will not fully compensate for the higher costs,…
Walmart’s Sam’s Club Opening Dozens of New Locations Amid ‘Remarkable’ Sales Growth
Sam’s Club will be opening 30 new new locations amid strong sales growth over the next few years. Walmart, the nation’s largest retailer and the parent company of Sam’s Club, announced the move on Jan. 26, in its subsidiary’s first expansion since 2017, when it opened a location in Hanover, Pennsylvania. In 2018, the club…
ACLU Backs Trump’s Reinstatement on Facebook: ‘This Is the Right Call’
January 27, 2023
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The American Civil Liberties Union (ACLU) defended Meta’s decision to allow former President Donald Trump back on Facebook and Instagram, saying that it is appropriate for the public to have wider access to messaging from one of the most popular political candidates in the country. “This is the right call. Like it or not, President…
Ford Recalls Nearly 383,000 SUVs to Fix Backup Camera Problem
DETROIT—Ford is recalling nearly 383,000 SUVs in the U.S. because the touch screens may not display a camera image when backing up. The recall covers certain 2020 to 2023 Ford Explorers and Lincoln Aviators, and some 2020 to 2022 Lincoln Corsairs. All are equipped with 360-degree cameras. Ford says in government documents posted Friday that…
Wall Street Opens Lower on Intel Warning, Inflation Data Limits Fall
Wall Street’s main indexes opened lower on Friday after Intel’s bleak outlook dragged chipmakers lower, though data showing easing inflation spurred hopes of a policy shift from the Federal Reserve, helping limit losses. The S&P 500 opened lower by 6.71 points, or 0.17 percent, at 4,053.72, while the Nasdaq Composite dropped 41.94 points, or 0.36…
‘What Happens in Vegas Will No Longer Stay in Vegas’: Four Casinos Face Lawsuit for Allegedly Fixing Room Prices
A class-action lawsuit filed Wednesday against four of the largest gaming and hospitality companies in Las Vegas alleges that the businesses engaged in “an illegal price-fixing scheme to raise the cost of hotel rooms.” Rainmaker, a platform that is said to be used by roughly 90 percent of hotels in the Vegas strip, collects real-time…
Bed Bath & Beyond Defaults on Debt Payment Amid Bankruptcy Fears
Struggling retailer Bed Bath & Beyond warned that it has insufficient funds to pay off its debt and has defaulted on its credit line with lender JPMorgan, sparking fears of a possible near-future bankruptcy. In a filing (pdf) with the U.S. Securities and Exchange Commission (SEC) on Jan. 26, the retailer, headed by Sue Gove, said that it…
Hasbro Shaving Off 15 Percent From Global Workforce as Top Executive Leaves Toy Firm
Global branded entertainment leader Hasbro announced a 15 percent reduction in its workforce as well as the exit of its chief operating officer while projecting weaker revenues for the fourth quarter. In October 2022, Rhode Island-headquartered Hasbro announced that it would deliver $250–300 million in annualized run-rate cost savings by the end of 2025. In…
Intel Shares Plunge on Disappointing Earnings Report, Weak Year Ahead Forecast
The stock of chip giant Intel plunged on Jan. 26 after the company reported disappointing fourth-quarter results and forecast more losses for the first quarter of 2023. Intel’s stock price fell nearly 10 percent in extended trading after the Santa Clara, California-headquartered giant reported fourth-quarter revenue of $14 billion, down 32 percent year over year. Market analysts…
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