The PM is expected to say he wants to extend the right to buy to people who rent from housing associations. It comes after four in ten of his MPs voted against him in a confidence vote triggered by Partygate. Boris Johnson is trying to repair relations with Tory MPs who revolted against him. Boris … Read more
Next-generation presidential aircraft risk further delay due to a tight labor market for mechanics and lower-than-expected security clearance rates. The need for Boeing to switch to an alternative supplier for some interior work was also cited as a major schedule risk by the GAO. The cutting-edge official airplane being worked by Boeing Co (BA.N) gambles … Read more
Spotify says it expects to reach $100 billion revenue annually in the next 10 years. The audio streaming company hosted its first investor day since going public in 2018. Spotify would need to make its revenue grow nearly 10-fold from 2021 revenue of $11.4 billion. Spotify Technology SA (SPOT.N) on Wednesday said it hopes to … Read more
Gina Raimondo said President Joe Biden has asked his team to look at the option of lifting some tariffs on China. The tariffs were put in place by former President Donald Trump, to combat the current high inflation. Some of the tariffs will be kept on steel and aluminum to protect U.S. workers. U.S. Trade … Read more
Tesla CEO Elon Musk seemed to retract his statements about job cuts. He said the amount of salaried staff may not change drastically. Tesla’s headcount is expected to increase over the next 12 months, he said in a reply to a Twitter account. Subsequent to sending an email about work cuts for salaried staff, Tesla … Read more
Spotless bathrooms were once a crucial selling point for gas stations. Oil companies’ ads in the early and mid-20th century assured travelers that their bathrooms were clean. The development of the interstate highway system and the rise of self-service marked the end of clean bathrooms’ heyday. As a contest for clients filled during the 1920s … Read more
The union claims Starbucks is violating federal labor law by closing an Ithaca, New York, store. Workers at the location voted to unionize in April. Starbucks says that it opens and closes stores “as a regular part” of its operations. It’s the latest escalation in a growing national labor movement. The laborers association at Starbucks … Read more
Abbott Nutrition resumes baby formula production at its Michigan plant. The company has been given the green light by the U.S. Food and Drug Administration. Production of EleCare, a formula for children who struggle to digest other products, will begin on June 20. Abbott Nutrition on Saturday continued child equation creation at its Sturgis, Michigan, … Read more
Frontier will pay $250 million if regulators don’t approve the planned combination of the two discount carriers. The fee is aimed at convincing investors to approve the deal next week. Spirit’s board rejected JetBlue’s advances to buy Spirit outright; JetBlue has urged Spirit shareholders to vote against the deal. Soul said an arrangement with JetBlue … Read more
At Walmart store thousands of employees gathered at a huge arena on Friday for the annual pep rally. CEO Doug McMillon acknowledged the new challenge facing the company: Inflation. Walmart’s workforce is “resilient and we love the challenge of retail,” he said. “We have been really buckling down on costs through and through, making a … Read more
Shanghai lifted its two-month lockdown on Wednesday. So far, Starbucks has reopened about 600 of its 940 stores in the city. The coffee chain is working with local authorities to resume indoor dining “as soon as possible,” says a spokesperson for Starbucks. China’s greatest city was under some type of lockdown from late March until … Read more
It could take several weeks, if not longer, for Kohl’s sale negotiations to come together. Talks have been particularly long because of the difficulty in securing financing. A likely per-share deal price at this point would be in the mid-$50s, a source says. “Anyone who purchases the business will require time,” said the individual, who … Read more
US employers added more jobs than expected in May. The unemployment rate held at 3.6% for the third month in a row but was the slowest increase in a year. The soundness of the work market on the planet’s biggest economy is firmly looked as quick rising costs raise fears of future slump. Lately, a … Read more
The company closed its Moscow office and paused investment in Russia in March. Marriott said Western restrictions made it “impossible” to keep operating there. The chain’s 22 hotels in the country are owned by third parties and remained open, but remain out of business. Marriott said the most common way of suspending activities was “mind-boggling”. … Read more
The last Howard Johnson’s restaurant has closed its doors. Open for the greater part of the beyond 70 years, the café was situated in Lake George, New York, a well-known summer place to get away close to the Adirondack Mountains. The café shut its entryways lately and the property is up for rent, as indicated … Read more
Jamie Dimon isn’t a meteorologist, but the JPMorgan Chase CEO predicts an economic “storm” fueled by the Ukraine conflict, rising inflationary pressures, and Federal Reserve interest rate hikes. “This moment it’s sort of radiant, things are doing fine. Everybody figures the Fed can deal with this,” Dimon said at a Bernstein meeting. “That storm is … Read more
A group of MPs has proposed giving the haulage industry a two-year deadline to hire additional lorry drivers and upgrade facilities or face a new levy. The Transport Committee said the area expected to “set its home up”. Throughout the last year, a deficiency of HGV drivers has added to supply issues, including at grocery … Read more
GM lowered the price of the 2023 Chevrolet Bolt EV on Wednesday, potentially making it the least costly electric vehicle on the market in the United States, despite growing commodity costs. The Detroit automaker cut the cost of the Bolt EV to a beginning cost of $26,595, down $5,900 from the 2022 model year. GM … Read more
