Tag Archives: business

Bloomberg Law reports: General Mills Inc., a Kraft Heinz Co. unit, Kellogg Co., and Nestle SA for years likely overpaid for eggs because the nation’s largest producers and two trade groups conspired to restrict the supply, an Illinois federal jury decided on Tuesday. A US District Court for the Northern District of Illinois jury of nine men and three women …

CBS News reports: Amazon.com is warning that scammers are just as eager as consumers to take advantage of holiday shopping deals, with bad actors trying to gain access to customers’ Prime accounts through scam emails, calls and texts. The online retailer said it has seen a surge in criminal activity involving the ecommerce platform as shoppers use Amazon to make …

The New York Times reports: WeWork, the real estate company that offered start-ups and individuals sleek quarters to pursue their entrepreneurial dreams, filed for bankruptcy protection in the United States on Monday after years of struggling to find its footing. The company filed for Chapter 11 bankruptcy protection in New Jersey, as part of what it described as a “comprehensive …

ABC News reports: The U.S. economy grew at a blistering pace over three months ending in September, more than doubling growth in the previous quarter and rebuking worries about a possible recession. The robust performance, however, complicates the fight to dial back inflation. Fresh GDP data released on Thursday, which exceeded economist expectations, reinforces other recent indicators of a strong …

Reuters reports: Rite Aid filed for Chapter 11 bankruptcy on Sunday, a move that would halt lawsuits the drugstore chain is facing over its alleged role in the U.S. opioid crisis and named a new CEO. Rite Aid said it has received a commitment for $3.45 billion in new financing from some of its lenders, which will provide enough liquidity …

The Washington Post reports: The Federal Trade Commission and 17 state attorneys general filed a sweeping antitrust lawsuit against Amazon Tuesday, a long-awaited move that seeks to bar the company from allegedly abusing its powers to raise prices for shoppers and levy high fees against businesses that sell on its platform. The FTC alleges that Amazon engages in illegal behavior …

Reuters reports: U.S. consumer prices increased by the most in more than a year in August amid a surge in the cost of gasoline, but a moderate rise in underlying inflation could encourage the Federal Reserve to keep interest rates on hold next Wednesday. The consumer price index increased by 0.6% last month, the largest gain since June 2022, the …

NBC News reports: Spirit Airlines has agreed to pay up to $8.25 million to settle a class action lawsuit by passengers who said the low-cost carrier blindsided them with surprise carry-on bag fees on tickets bought through third-party travel services. Lawyers for the passengers disclosed the deal in a motion late Wednesday in federal court in Brooklyn and asked a …

The Associated Press reports: Still haven’t seen “Barbie” or “Oppenheimer”? This Sunday, you’ll be able to catch up for $4 a ticket in movie theaters nationwide. Theater owners announced Monday that the second annual National Cinema Day will be held Sunday, Aug. 27. For one day, all movies — in all formats and at all showtimes — will be $4 …

The Real Deal reports: A City law that demands landlords squash illegal weed shops went into effect on Monday. The enacted bill, from Queens Council member Lynn Schulman, will slap fines up to $10,000 on landlords who knowingly lease commercial space to unlicensed marijuana sellers, according to a press release. Weed sellers themselves get off a lot easier. They face …

The New York Times reports: Three years after receiving a $700 million pandemic-era lifeline from the federal government, the struggling freight trucking company Yellow is filing for bankruptcy. After monthslong negotiations between Yellow’s management and the Teamsters union broke down, the company shut its operations late last month, and said on Sunday that it was seeking bankruptcy protection so it …

The Associated Press reports: Apple became the first publicly traded company to close a trading day with a $3 trillion market value, marking another milestone for a technology juggernaut that has reshaped society with a line-up of products that churn out eye-popping profits. Apple shares closed up 2.3% at $193.97 Friday, bringing its market value to $3.04 trillion. Apple is …

The Washington Post reports: Fake reviews are ruining the web. But there’s some new hope to fight them. The Federal Trade Commission on Friday proposed new rules to take aim at businesses that buy, sell and manipulate online reviews. If the rules are approved, they’ll carry a big stick: a fine of up to $50,000 for each fake review, for …

The Verge reports: If you currently try to access Twitter without logging in to your user account, you may find you’re unable to see any of the content that was previously available to the wider public. Instead, you’ll likely be met with the Twitter window that asks you to either sign in to the platform or create a new account, …

Reuters reports: Overstock.com intends to sunset its company name and rebrand as Bed Bath & Beyond after purchasing that company’s intellectual property assets in bankruptcy, Overstock CEO Jonathan Johnson said on Thursday. Overstock, which chose not to bid on any of Bed Bath & Beyond’s retail locations or inventory, will remain an online-only home goods retailer, combining Overstock’s strengths with …

NBC News reports: Bed Bath & Beyond will live on in name only after Overstock.com won an auction for the failed home goods retailer’s intellectual property and digital assets, according to court records filed early Thursday. The e-commerce discounter, which was selected as the stalking horse bidder for Bed Bath’s bankruptcy-run auction, will buy the chain’s brand name, business data …

The Hill reports: An overwhelming majority of Americans who do not identify as LGBTQ believe companies should publicly support the community, according to a survey from the LGBTQ media watchdog GLAAD. In a report released Thursday, the official start of LGBTQ Pride Month, roughly 70 percent of more than 2,500 adult respondents who are not LGBTQ said companies should support …

Courthouse News reports: Tesla CEO Elon Musk failed to overturn corporate monitoring of some of his tweets imposed by the SEC. In a 7-page ruling made public Monday, a three-judge panel for the Second Circuit found no reason to terminate oversight to which Musk had voluntarily agreed. The Securities and Exchange Commission mandated oversight of Musk’s social media posts concerning …

Reuters reports: Vice Media Group, popular for websites such as Vice and Motherboard, filed for bankruptcy protection on Monday to engineer its sale to a group of lenders, capping years of financial difficulties and top-executive departures. Vice said that the lender consortium, which includes Fortress Investment Group, Soros Fund Management and Monroe Capital, will provide about $225 million in the …

Reuters reports: Amazon.com is offering customers $10 to pick up a purchase rather than have it shipped to a home address, as the e-commerce giant joins other retailers in racing to slash costs for home delivery and returns amid slack consumer demand. Amazon over the last few days has emailed an unknown number of Prime subscribers offering them $10 to …