Business News

  • Please disregard US--Media-Variety-Zucker, published on November 20, 2023, and datelined in NEW YORK. It is a story that originally moved on July 28, 2023, and was filed inadvertently.

    November 20, 2023
  • Congress has ended the threat of a government shutdown until after the holidays. The Senate gave final approval to a temporary government funding package Wednesday night and sent it to President Joe Biden for his signature. The bill sets up a final confrontation on the government budget in the new year. The Senate worked into the night to pass the bill with days to spare before government funding expires Saturday. The spending package keeps government funding levels at current levels for roughly two more months while a long-term package is negotiated.

    November 16, 2023
  • Today in History Today is Sunday, Oct. 29, the 302nd day of 2023. There are 63 days left in the year. Today’s Highlight in History: On Oct. 29, 1929, “Black Tuesday” descended on the New…

    October 29, 2023
  • Today in History Today is Sunday, Oct. 29, the 302nd day of 2023. There are 63 days left in the year. Today’s Highlight in History: On Oct. 29, 1929, “Black Tuesday” descended on the New…

    October 29, 2023
  • Shares have skidded in Asia after Wall Street tumbled as bond yields tightened their chokehold. Sentiment also dimmed after some of the most influential companies turned in mixed profit reports. Tokyo's Nikkei 225 and the Kospi in Seoul were more than 2% lower. U.S. futures slipped and oil prices also fell. On Wednesday, the S&P 500 tumbled 1.4%, falling back to where it was in May. Some of the heaviest losses hit Big Tech stocks, which dragged the Nasdaq composite to its second-worst drop of the year, at 2.4%. The Dow Jones Industrial Average fell 105 points. The yield on the 10-year Treasury jumped.

    October 26, 2023
  • Waiting is never easy, but it’s worth it for car shoppers who want the most car for their money. The automotive experts at Edmunds have picked five vehicles coming soon that have attention-grabbing exterior designs, increased off-road capability, and high-tech cabins with tons of passenger space. The five choices include full-electrics such as the all-new Kia EV9 and Honda Prologue SUVs, redesigned versions of the three-row Chevrolet Traverse and Hyundai Santa Fe midsize SUVs, and the Toyota Tacoma, which receives a long-awaited redesign.

    October 25, 2023
  • Police in South Africa say a group of gold miners from an unregistered, rival union are holding hundreds of colleagues underground for the second day over a union dispute. The head of the mine says some 15 miners have been injured in scuffles. Details are sketchy and there are conflicting statements about what has happened. The unregistered union asserts that it represents the majority of employees at the mine and it wants to be formally recognized. It denies there is any hostage situation. There has been limited contact with the people underground.

    October 24, 2023
  • Donald Trump’s fixer-turned-foe Michael Cohen faced off with him at the former president’s civil fraud trial. Cohen testified Tuesday that he worked to boost Trump’s asset values on paper to whatever number Trump wanted. Trump’s lawyers — and Trump himself — are seeking to portray Cohen as a serial liar. While being cross-examined, Cohen, a disbarred attorney, even floated his own objections and responded to some queries with “asked and answered!” Cohen is a key witness in New York Attorney General Letitia James’ lawsuit alleging that Trump and his company duped banks, insurers and others by giving them financial statements that inflated his wealth. Trump denies any wrongdoing.

    October 24, 2023
  • An ambitious 2021 agreement by more than 140 countries and territories to weed out tax havens and force multinational corporations to pay a minimum tax has been weakened by loopholes and will raise only a fraction of the revenue that was envisioned, a tax watchdog backed by the European Union has warned. The landmark agreement, brokered by the Organization for Economic Cooperation and Development, set a minimum global corporate tax of 15%. The idea was to stop multinational corporations from using accounting and legal maneuvers to shift earnings to low- or no-tax havens. Those havens are typically places like Bermuda and the Cayman Islands where the companies actually do little or no business.

    October 24, 2023
  • Women across Iceland, including the prime minister, went on strike Tuesday to push for an end to unequal pay and gender-based violence. Schools and shops closed after organizers called on women and nonbinary people to refuse paid and unpaid work for 24 hours. The strike comes almost half a century after Iceland’s first women's strike in 1975, when 90% of women refused to work, clean or look after children. The following year, Iceland passed a law guaranteeing equal rights irrespective of gender. Iceland is now ranked the world’s most gender-equal country by the World Economic Forum, but a gender pay gap remains.

    October 24, 2023
  • To appeal to a new generation of philanthropists, the Brooklyn Community Foundation is ditching the word “foundation” and establishing itself with a new name: Brooklyn Org. Jocelynne Rainey, who took over as president of the 14-year-old grantmaker two years ago, said the name change is meant to convey that the foundation serves the residents of Brooklyn and highlights the expertise of its people, instead of suggesting a “top-down” approach sometimes taken by grantmakers. Rainey’s goal is to attract new donors and make the grantmaker — which awards about $12 million each year to a range of causes, including justice reform, housing, and health — as recognizable as the Brooklyn Museum or the Brooklyn Academy of Music.

    October 24, 2023
  • A strike by autoworkers against General Motors is expected to cut the automaker's pretax earnings by $800 million this year, and another $200 million per week after that. That's according to the company’s chief financial officer. And those figures just include factories that are on strike now by the United Auto Workers union. So if more plants are added, the losses will pile up further, CFO Paul Jacobson told reporters. His statements came as GM reported Tuesday just over $3 billion in net income from July through September, a figure that was 7% below a year ago due to lost production from the strike and increased warranty costs. But the results soundly beat Wall Street estimates.

    October 24, 2023
  • Cruel joke for trick-or-treaters or coveted seasonal delight? The great Halloween debate over candy corn is on. In the pantheon of high-emotion candy, the shiny tricolor kernels in white, orange and yellow are way up there. Fans and foes alike point to the same attributes: a texture that's plastic or candle-like, depending on who you ask. And the mega-sugar hit it packs. Some say it conjures childhood memories. Love it or loathe it, market leader Brach’s churns out about 30 million pounds of candy corn for the fall season each year. Last year, that amounted to $75 million of $88.5 million in candy corn sales.

    October 24, 2023
  • Coca-Cola is raising its full-year revenue forecast after a stronger-than-expected third quarter. The Atlanta beverage giant said its net revenue grew 8% to $11.9 billion. That topped the $11.4 billion Wall Street forecast, according to analysts polled by FactSet. Net income was up 9% to $3.1 billion. Adjusted for one-time items, Coke earned 74 cents per share, higher than the 69 cents analysts had forecast. Coke said its global case volumes rose 2% for the July-September period. The company continued to raise prices to offset higher ingredient costs, but at a more moderate pace. Prices were up 9%; Coke raised prices by double-digit increases in the previous five quarters.

    October 24, 2023