Tag Archives: business

Dow Closes Up 1300 Points After Historically Bad Week

CNBC reports: Stocks rose sharply in volatile trading on Monday, clawing back out of correction territory and regaining a big chunk of their losses from Wall Street’s worst week since 2008. The Dow Jones Industrial Average closed 1,293 points higher, or 5.1%. The S&P 500 and the Nasdaq Composite climbed 4.6% and 4.5%, respectively. Those gains snapped seven-day losing streaks …

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Dow Jones Craters Another 1200 Points On Virus Fears

MarketWatch reports: Investors’ growing fears about virus outbreak sends Dow Jones Industrial Average down about 1,200 points. At last check, the decline would rank within the top 20 for the Dow’s steepest weekly selloffs, with a drop of 9.18%, according to FactSet data. The worst week for the Dow was the 18.15% drop during the period ended Oct. 10, 2008, …

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Wells Fargo To Pay $3 Billion In Fake Accounts Scandal

The New York Daily News reports: Wells Fargo will pay $3 billion to settle investigations into its long-running scam that had company employees opening millions of bogus bank accounts in order to meet unrealistic sales goals. Since the fake-accounts scandal was revealed in 2016, the San Francisco-based bank has paid out billions in fines to state and federal regulators, reshuffled …

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Wicker Apocalypse: Pier 1 Imports Declares Bankruptcy

Bloomberg reports: Pier 1 Imports Inc. filed for Chapter 11 bankruptcy protection to facilitate a company sale after the retailer of eclectic home furnishings found itself squeezed by online rivals and crushed under too much debt. The Fort Worth, Texas-based retailer is in talks with multiple potential buyers, according to a statement Monday. Pier 1 also reiterated a plan to …

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Second-Largest Newspaper Group Files For Bankruptcy

McClatchy reports on itself: McClatchy Co. filed for bankruptcy Thursday, a move that will end family control of America’s second largest local news company and hand it to creditors who have expressed support for independent journalism. The Chapter 11 filing will allow McClatchy to restructure its debts and, it hopes, shed much of its pension obligations. Under a plan outlined …

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Macy’s To Close Additional 125 Stores Over Three Years

The Wall Street Journal reports: Macy’s Inc. plans to close 125 department stores over the next three years, an admission that a fifth of its locations cannot thrive as shoppers buy more online and make fewer trips to malls. The company is also cutting about 2000 corporate jobs and closing several offices. It will abandon a dual national headquarters location …

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Iconic NYC Grocery Chain To Shutter All Locations

The New York Post reports: Legendary Big Apple grocer Fairway Market is getting ready to call it quits, The Post has learned. The New York City chain — known for its wide selection of cheeses and cheap produce — is planning to file for a Chapter 7 bankruptcy, which means the grocery chain does not currently have a plan to …

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Macy’s To Shutter 30 Locations In First 2020 Quarter

Business Insider reports: Macy’s is closing 30 stores in early 2020. In 2016, Macy’s said it would close 100 stores after it reported six consecutive years of declining sales. Since then, it has been closing these locations as their leases expire. A representative for the company did not comment on whether this recent wave of closures was included in the …

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New Year To Bring New State Taxes On Electric Cars

The Associated Press reports: The new year will bring new charges for some owners of electric vehicles, as an increasing number of states seek to plug in to fresh revenue sources to offset forgone gas taxes. In Hawaii, the charge will be $50. In Kansas, $100. In Alabama and Ohio, $200. For the first time, a majority of U.S. states …

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Saturday Shopping Sales At All-Time Record $34B

Bloomberg News reports: Holiday shopping set records over the weekend, with Super Saturday sales reaching $34.4 billion, the biggest single day in U.S. retail history, according to Customer Growth Partners. “Paced by the ‘Big Four’ mega-retailers — Walmart, Amazon, Costco and Target — Super Saturday was boosted by the best traffic our team has seen in years,” said Craig Johnson, …

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Boeing Fires CEO Amid Safety Scandal

The New York Times reports: Boeing on Monday fired its chief executive, Dennis A. Muilenburg. It said Dave Calhoun, the chairman, would replace Mr. Muilenburg, on Jan. 13. Until then, Boeing’s chief financial officer, Greg Smith, will serve as interim chief executive, the company said. Boeing said in a statement that its board of directors “decided that a change in …

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Hallmark Channel Reverses, Apologizes On LGBT Ads

CNN reports: The Hallmark Channel is reversing its decision to pull advertisements featuring same-sex couples and apologizing for removing them in the first place, a network spokeswoman told CNN Business. The decision comes after Hallmark parent company Crown Media Family Networks faced calls for viewers and advertisers to boycott its television channel. The ads, from online wedding planning company Zola, …

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Forecast: Credit Card Delinquencies Near 10-Year High

Bloomberg News reports: Americans are projected to fall seriously behind on their credit card bills at the highest rate in a decade as banks push a record number of people to get plastic. The share of credit card borrowers who are at least 90 days past due on their accounts will probably tick up to 2.01% next year, the highest …

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London Yanks Uber’s License Over “Fake” Drivers

The Guardian reports: Uber has lost its licence to operate private hire vehicles in London after authorities found that more than 14,000 trips were taken with more than 40 drivers who had faked their identity on the Uber app. Transport for London announced the decision not to renew the ride-hailing firm’s licence at the end of a two-month probationary extension …

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Chick-Fil-A: No More Donations To Anti-LGBT Groups

As you surely recall, they’ve said this before: As Chick-fil-A expands globally and into more liberal parts of the U.S., the chicken chain plans to change which charities it donates to after years of bad press and protests from the LGBT community. Beginning next year, Chick-fil-A will move away from its current philanthropic structure, Bisnow has learned. After donating to …

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McDonald’s Cans CEO Over “Consensual Relationship”

The Associated Press reports: McDonald’s chief executive officer has been pushed out of the company after violating company policy by engaging in a consensual relationship with an employee, the corporation said Sunday. The fast food giant said former president and CEO Steve Easterbrook demonstrated poor judgment, and that McDonald’s forbids managers from having romantic relationships with direct or indirect subordinates. …

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REPORT: Dick’s CEO Mulls Third-Party White House Bid

Politico reports: Ed Stack, the CEO of Dick’s Sporting Goods and a longtime Republican donor, is testing the waters for a possible third-party presidential bid that could scramble the dynamics of the 2020 general election. Various messages were presented to a focus group in southern Wisconsin this week centering on the billionaire businessman, along with possible three-way match-ups against Donald …

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New Bernie Plan: Tax Companies With Highly-Paid CEOs

Politico reports: Bernie Sanders has a new plan to reduce the widening gap between the rich and poor. The presidential candidate and decades-long crusader against income inequality unveiled a proposal Monday to raise taxes on businesses whose CEOs make at least 50 times more than their median workers. The boost in corporate taxes would be imposed on companies that bring …

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Corporations Advise Investors On Mass Shooting Risks

CBS News reports: When publicly listed companies disclose risks for shareholders in their filings with the Securities and Exchange Commission, they typically cite business factors such as potential economic downturns, labor costs and currency fluctuations. But a new threat is starting to appear in annual earnings reports: The danger of getting shot. The Cheesecake Factory and Dave & Buster’s Entertainment …

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Equifax To Pay Up To $700M Over Massive Data Breach

USA Today reports:  Credit-reporting company Equifax will pick up the tab in a deal with the Federal Trade Commission, Consumer Financial Protection Bureau and 50 states and territories to settle allegations that it did not implement sufficient security measures to protect its network. The deal calls for Equifax to pay at least $575 million, including $300 million for free credit …

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