Babies “R” Us will reopen its first store at New Jersey’s American Dream Mall this summer, nearly five years after its parent Toys “R” Us closed shop across the country, the retailer’s owner WHP Global said on Tuesday. Babies “R” Us was the go-to destination for parents looking for cribs, pacifiers, and diaper bags until…
John Deere Vows to Let American Farmers Repair Their Own Machines
John Deere & Co., the world’s largest manufacturer of agricultural equipment, may finally allow American farmers to repair the company’s products on their own. A pioneer of integrating advanced computer systems into farming machinery, John Deere controls more than half of the tractor market in the United States. As John Deere machines became increasingly high-tech…
American Banks Prepare for Decline in Profits, 17 Percent Drop Predicted for Top Six Banks in the Fourth Quarter
January 10, 2023
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Big banks in the United States are getting ready to deal with shrinking profits due to factors like an overall difficult economic environment, despite the fact that interest incomes have risen over the past year. JP Morgan Chase, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley are the six largest lenders in…
Gas Stations Yielded Record Gross Margins in 2022
Gasoline retailers had a banner year in 2022, earning $59.2 billion nationwide, surpassing the prior record by almost $15 billion. A study by Lundberg Survey, which provides statistical reports to the oil industry, found that retail margins surged in July and onward, following President Joe Biden’s drawdown of the Strategic Petroleum Reserve (SPR). A year…
Boeing Airliner Orders Hit 4-Year High, Led by 737 Max Jets
Boeing said Tuesday it took more than 200 net orders for passenger airplanes in December and finished 2022 with its best year since 2018, which was before two deadly crashes involving its 737 Max jet and a pandemic that choked off demand for new planes. The biggest boost came from United Airlines, which placed large…
The Biggest US Retail Bankruptcies in 5 Years
The biggest bankruptcies over the past 5 years are listed below by assets and liabilities at the time of their filings: Ascena Retail Group Assets: $13.69 billion Liabilities: $12.52 billion Stores: More than 2,800 The owner of Ann Taylor, Lane Bryant, and Loft filed for Chapter 11 bankruptcy protection in July 2020, then sold off…
Mercedes-Benz Sells 2.05 Million Passenger Cars in 2022
BERLIN—Mercedes-Benz delivered 2.05 million passenger cars in 2022, the company said on Tuesday, down 1 percent on the previous year as the carmaker felt the impact of COVID-19 measures and bottlenecks. Still, fourth-quarter sales rose 17 percent as logistics and supply chain bottlenecks eased, and battery-electric sales grew 124 percent over the course of the…
Rolls-Royce Rides Ongoing Luxury Demand to Sales Record in 2022
LONDON—Rolls-Royce on Monday reported record sales last year despite an average price tag of around $534,000 for its luxury cars and a drop in Chinese demand, with orders stretching into 2023. The British carmaker, which began as Rolls-Royce in Manchester, England nearly 120 years ago and is now owned by Germany’s BMW, said that it…
Social Media Bosses Could Face Jail If They Breach Rules on Children Under UK’s Online Safety Bill
Tory MPs are planning an amendment to the Online Safety Bill that would make tech executives criminally liable for children’s duty of care failures. Conservative MP Miriam Cates and other MPs including Sir William Cash, Andrea Leadsom, Julian Lewis, Lia Nici, Tim Loughton, Lee Anderson, and former Home Secretary Priti Patel are backing an amendment (pdf)…
New Jersey Prohibits Use of TikTok and 14 Other Social Media Apps on State-Owned Devices
January 10, 2023
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New Jersey is the latest state to ban the use of TikTok on all state-owned or managed devices, along with 14 other social media apps. Democrat Gov. Phil Murphy issued a directive on Monday to remove high-risk software on state government devices. TikTok, a popular video-based social media platform, is gradually being banned by both state and federal authorities for…
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