Business news

• Alibaba Revenue Misses Views, Shares Fall

  29-01-2015 13:14 via feeds.foxbusiness.com
  
  Alibaba's December-quarter revenue fell short of Wall Street expectations, showing signs of a slowdown in the Chinese e-commerce company's growth during the hard-fought holiday shopping season.
  
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• RIP America's retailers, restaurants fall to bankruptcies, closings

  25-12-2024 20:00 via foxbusiness.com
  
  It's been a rough year for some of the nation's best known retailers and restaurants, some of which once marked the fabric of local communities and are now shutting their doors or shrinking their footprints. This year, store closures in the U.S. outnumber openings, something not seen in 2023 or 2022, according to CRE Daily. This comes after 2023 saw more than 4,000 stores announce closure plans, two times higher than the prior year, according to analysis by the Daily on Retail, an inve
  
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• Elon Musk shoots down 'wrong-headed economic thinking,' says there's 'infinite potential' for job creation

  25-12-2024 18:12 via foxbusiness.com
  
  Billionaire business tycoon Elon Musk shot down a scarcity mindset and suggested that there is basically unlimited potential for creating jobs and businesses."The ‘fixed pie’ fallacy is at the heart of much wrong-headed economic thinking. There is essentially infinite potential for job and company creation. Think of all the things that didn’t exist 20 or 30 years ago!" Musk declared in a post on X.Musk's comment was in response to a post from entrepreneur Joe Lonsdale who had m
  
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• Social Security's full retirement age is increasing in 2025: What to know

  25-12-2024 18:00 via foxbusiness.com
  
  Social Security's "full retirement age" is set to increase next year, meaning that those nearing retirement will have to hold off a little longer before they can claim a larger benefit.The full retirement age (FRA) for Social Security was 65 when the program was created in the 1930s, but reforms made in 1983 gradually increased the FRA from age 65 to 67 in two-month increments over a 22-year period that started for those who turned 62 in 2000.Next year, the FRA will rise to 66 years and 10 month
  
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• Where's the egg?: 5 fast-food restaurants that use 'real' whole eggs, 5 that don't

  25-12-2024 03:10 via foxbusiness.com
  
  When placing an order at the drive-thru for an egg sandwich, one might expect there to be a real egg inside. However, a look at ingredients in popular breakfast items sold at fast-food chains shows some restaurants are selling items that might not contain what customers consider "100% real egg."The U.S. Department of Agriculture's Food Safety and Inspection Service (FSIS) notes food manufacturers often use pasteurized egg products because of their convenience and ease in handling and storing.&nb
  
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• In-N-Out exec cites crime woes over Oakland location closure: 'gunshots went through the store'

  25-12-2024 01:56 via foxbusiness.com
  
  The heiress who runs California's beloved In-N-Out burger chain cited crime in Oakland as the reason she shuttered a profitable location in the city. The company closed the location in January because of crime issues that impacted customers and employees, the company said at the time. "I mean, there was a lot," Lynsi Snyder told the PragerU video network on Monday, SFGate reported. "There was actually — gunshots went through the store, there was a stabbing, there was a lot."BURGE
  
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• Streamers like Netflix, Disney Plus get court reprieve from paying for Canadian content

  25-12-2024 01:13 via cbc.ca
  
  In June, the CRTC said foreign streamers like Netflix and Disney Plus must contribute five per cent of their annual Canadian revenues to a fund devoted to producing Canadian content — a decision the companies are challenging in Federal Court.
  
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• Starbucks baristas strike to grow to 300+ stores nationwide

  24-12-2024 22:08 via foxbusiness.com
  
  Starbucks baristas' fast-growing unfair labor practice strike is expected to hit historic levels Tuesday as hundreds of stores nationwide prepare to join walkouts at the coffee giant.The Starbucks Workers United strike, prompted by failed union contract negotiations, began Friday and is expected to continue to escalate during the holidays - potentially affecting more than 300 stores nationwide, according to Workers United.Baristas in Boston, Philadelphia, Portland and Tucson walked out Monday an
  
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• These 5 auto recalls affected the largest number of vehicles in 2024

  24-12-2024 20:15 via foxbusiness.com
  
  Automakers recalled millions of vehicles over the course of 2024 to address a variety of issues, typically related to the safety of the driver and passengers.The five recalls with the largest potentially affected vehicle populations this year came from four different automakers: Tesla, Ford, Honda and FCA US, per the National Highway Traffic Safety Administration (NHTSA). Each involved upward of 1 million vehicles, with one of the recalls covering over 2 million. According to NHTSA dat
  
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• 'Stressed' Amazon delivery driver dumps 80 packages in wooded area: police

  24-12-2024 18:54 via foxbusiness.com
  
  An Amazon delivery driver dumped around 80 packages in a wooded area in Massachusetts just days before the holidays, police say. The Lakeville Police Department said one of its sergeants discovered the unattended items early Sunday morning while conducting a routine patrol. "Upon further investigation, Sgt. Shawn Robert determined they were three large totes full of Amazon packages that were spread out several feet into the woods," it said in a statement. "Police officers loaded the to
  
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• Christmas Eve lottery jackpot nears $1 billion

  24-12-2024 15:00 via foxbusiness.com
  
  Mega Millions’ jackpot edged even closer to the billion-dollar mark ahead of its rapidly approaching Christmas Eve drawing. The lottery said over the weekend that Friday night’s drawing didn’t have any players with tickets matching all the numbers, pushing the jackpot to a level just shy of 10 figures. It hovered at an annuitized $970 million as of Monday night, the day before Christmas Eve. As a one-time cash payout, it amounts to $439.9 million. The jackpo
  
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• How Walmart is winning with higher-income shoppers

  24-12-2024 14:00 via foxbusiness.com
  
  The Walmart of today is a far cry from what customers have seen historically, according to Walmart CFO John David Rainey. It's not an accident, either. Rainey, who joined the company in 2022 after holding significant positions at PayPal and United Airlines, told FOX Business that the nation's largest retailer has been "upleveling" its brand and enhancing the looks of stores, which are key factors behind its appeal to higher-income shoppers. "Today's Walmart is very different than the W
  
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• American Airlines lifts nationwide groundstop due to 'technical issue' on Christmas Eve

  24-12-2024 13:24 via foxbusiness.com
  
  American Airlines lifted a nationwide groundstop on Tuesday after reporting earlier a widespread "technical issue" affecting all flights as many Americans began traveling for the busy holidays.The airline said in a statement that the groundstop lasted approximately one hour, and all flight have since resumed."A vendor technology issue briefly affected flights this morning," the statement said. "That issue has been resolved and flights have resumed. We sincerely apologize to our customers for the
  
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• Need to buy a last-minute Christmas gift? Here are key retail hours

  24-12-2024 12:00 via foxbusiness.com
  
  Christmas Eve can be a busy day for many Americans as they get ready to celebrate the holiday. For some, that means shopping trips for groceries, gifts or other purchases.The times that consumers will be able to visit stores on Christmas Eve can depend on the company and the location.  That being said, wholesale retailers Costco, Sam’s Club and BJ’s Wholesale Club will plan to have their doors open on Christmas Eve. BJ’s Wholesale Club said its holiday hours
  
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• Starbucks workers expand strike, closing nearly 60 stores in several US cities

  24-12-2024 11:55 via foxbusiness.com
  
  Starbucks workers have expanded their strike to more cities and closed 59 stores across the U.S. as of Monday, according to the union, which represents more than 10,000 baristas.The strike began Friday in Los Angeles, Chicago and Seattle, but has since spread to stores nationwide, including in Boston, Dallas, Portland, New York City, Denver, Pittsburgh, Philadelphia and St. Louis."We respect our partners’ right to engage in lawful strike activity, and we appreciate the thousands of partner
  
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• Canada’s only Amazon workers’ union braces for 1st offer from employer

  24-12-2024 00:11 via cbc.ca
  
  After successfully unionizing in May of 2024, workers at an Amazon facility in Laval, Que., are expecting a first offer from the company in January after six months of negotiations and demands for wage increases.
  
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• Passengers facing flight disruptions could get more protections under Canadian proposals

  24-12-2024 00:05 via cbc.ca
  
  The Canadian Transportation Agency, the quasi-judicial tribunal and regulator tasked with enforcing air passenger rights and compensation rules, has unveiled proposed amendments to the Air Passenger Protection Regulations.
  
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• Competition Bureau sues Rogers for allegedly misleading customers about unlimited data

  23-12-2024 22:19 via cbc.ca
  
  Canada's antitrust regulator said on Monday it was suing Rogers Communications Inc. for allegedly misleading consumers about offering unlimited data under some phone plans.
  
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• FDA raises Costco egg recall to highest risk level over salmonella fears

  23-12-2024 22:14 via foxbusiness.com
  
  Hundreds of thousands of eggs sold at Costcos that were part of a recall issued last month have a "reasonable" likelihood that consumption may cause serious health problems or death, due to being contaminated with salmonella, according to the U.S. Food and Drug Administration (FDA).On Friday, the FDA slapped the Handsome Brook Farms eggs sold at Costco stores in the Southeastern United States with the highest risk level of Category 1.Category 1, the FDA notes on its site, means there is a recall
  
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• Nordstrom going private in $6.25B deal with founding family, Mexican retailer

  23-12-2024 17:32 via foxbusiness.com
  
  The family that founded Nordstrom and El Puerto de Liverpool are buying Nordstrom, paving the way for the retailer to return to operating as a privately held company.Nordstrom on Monday announced its agreement for the Nordstrom family and the Mexico-based company to buy out shares they don’t already own. The planned all-cash transaction, worth $6.25 billion, comes about 10 months after Nordstrom set up a special committee for weighing proposals from the Nordstrom family. The Nordstrom
  
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• Teamster driver vows to 'hit Amazon hard,' making case for strike ahead of Christmas: 'Tired of being abused'

  23-12-2024 17:06 via foxbusiness.com
  
  Teamster drivers have expanded their strike against Amazon mere days before Christmas, and thousands are staying strong, vowing to hold out for as long as it takes to bring the online retail giant to the table.Teamster driver Christopher Velez is among those marching in the picket line. Standing outside in frigid twelve-degree temperatures early Monday in Maspeth, New York, he spoke with FOX Business' Madison Alworth about the ongoing strike."Put yourself in our shoes," he said. "We're out here.
  
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• Canadian economy grew 0.3% in October, lifted by manufacturing, oil and gas extraction

  23-12-2024 16:05 via cbc.ca
  
  The Canadian economy grew 0.3 per cent in October, Statistics Canada said in its monthly GDP release, helped by strength in the mining, quarrying, and oil and gas extraction sector, following a 0.2 per cent increase in September.
  
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• The Container Store files for bankruptcy, insists it's here to stay

  23-12-2024 15:30 via foxbusiness.com
  
  The Container Store filed for Chapter 11 bankruptcy protection on Sunday in an attempt to save the business and ensure future profitability.The move had been anticipated by Wall Street analysts as the retailer's financial struggles continued to grow. The Texas-based company with 103 stores across 34 states and the District of Columbia sells storage products and custom closets.The Container Store said this doesn't mark the end of the retailer. The company said it filed for voluntary protection un
  
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• Honda and Nissan announce plans to merge, creating world's third-largest automaker

  23-12-2024 12:19 via cbc.ca
  
  Japanese automakers Honda and Nissan have announced plans to work toward a merger, forming the world's third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels.
  
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• In-person shopping makes a comeback amid record-spending holiday season

  23-12-2024 11:36 via foxbusiness.com
  
  Shoppers are ready to drop some cash this holiday season as total spending this year is expected to be at least $24 billion higher than last year, according to the National Retail Federation.Online shopping is still the biggest hit, but in-person shopping is making a comeback and the NRF predicts nearly half of all shoppers will head to department and discount stores to knock out their shopping lists. Store owners at the Galleria at Sunset in Henderson, Nevada, said it j
  
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• Nissan, Honda announce plans to consider merger

  23-12-2024 11:19 via foxbusiness.com
  
  Japanese automakers Nissan and Honda agreed to consider a merger and set up a joint holding company, which would create the world's third-largest automaker.The two companies said in a statement Monday that they would seek combined sales of $191 billion and an operating profit of more than $19 billion through the potential merger.The companies hope to wrap up negotiations around June 2025 and set up a holding company by August 2026, when both companies' shares will be delisted.The merger talks co
  
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• How a viral TikTok video led to a year-long global shortage of Swedish candy

  23-12-2024 10:00 via cbc.ca
  
  How a TikTok influencer's video showing off a bag of Swedish candy sent the internet spinning, resulting in an ongoing global shortage of the nation's prized sweets.
  
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• Air Canada was ordered to pay him $15K for his delayed flights. Now they're fighting back

  23-12-2024 10:00 via cbc.ca
  
  For the last two and a half years, Rejean Landry has been seeking compensation from Air Canada after his family arrived at their final destination more than 24 hours late. He won a settlement in Ontario's small claims court, but the airline has decided to appeal.
  
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• Bezos shoots down $600M wedding rumors: 'Don't believe everything you read'

  22-12-2024 18:34 via foxbusiness.com
  
  Billionaire Jeff Bezos on Sunday shot down reports that he is about to drop a staggering $600 million on a star-studded Aspen wedding to his fiancée, Lauren Sanchez.The nuptial news originated from an exclusive Daily Mail report which cited three anonymous sources saying the Amazon founder's lavish wedding was set for Dec. 28. The report claimed that actor Kevin Costner's Dunbar Ranch and sushi restaurant Matsuhisa would be the venues for the ceremony and reception.Numerous other sites pi
  
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• Disneyland places restriction on popular holiday item, as demand soars

  22-12-2024 15:05 via foxbusiness.com
  
  Disneyland Resort guests looking to stock up on a favorite holiday treat will have to settle for just a few per customer this year, or get creative as some have.Mickey Mouse-shaped gingerbread cookies are currently selling for $7.49 each, but are limited to "five per person, per transaction," according to the online menus for park eateries, including the Jolly Holiday Bakery Cafe and Market House."It’s literally Christmas in a cookie," parkgoer Tiffany Calderon said to SFGATE. She said her
  
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