News That Matters

Tag: business

WWW’s Vince McMahon Is Back After Misconduct Investigation
News

WWW’s Vince McMahon Is Back After Misconduct Investigation

Vince McMahon is rejoining the board of WWE several months after he retired from the sports entertainment company during an investigation into alleged misconduct.WWE said Friday that McMahon, the founder and majority shareholder of WWE, would return as executive chairman. It also announced a board shakeup.Shares surged more than 22%.McMahon retired as WWE's chairman and CEO in July. He had stepped down temporarily from the posts a month earlier. The Wall Street Journal reported over the summer that McMahon agreed to pay more than $12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity.The Stamford, Connecticut, company said Friday that it would be looking at "all strategic alternatives to maximize shareholder value.”Political CartoonsThere have bee...
Chinese regulators approve capital expansion for Ant Group
Technology

Chinese regulators approve capital expansion for Ant Group

HONG KONG (AP) — Chinese regulators have said e-commerce giant Alibaba’s finance affiliate Ant Group can raise $1.5 billion for its consumer finance unit in an important step forward after the government called off a planned IPO two years ago and ordered the firm to restructure.The China Banking and Insurance Regulatory Commission (CBIRC) in the southwestern city of Chongqing said in a notice dated Dec. 30 that Ant’s consumer credit unit had gained approval to increase its capital to 18.5 billion yuan ($2.7 billion) from 8 billion yuan ($1.16 billion).The approval came weeks after Beijing signaled at an economic work conference that it would support technology firms to boost economic growth and create more jobs.Under the latest capital expansion plan, Ant would contribute 9.25 billion y...
Tesla Says It Sold a Record 1.3 Million Vehicles Last Year
News

Tesla Says It Sold a Record 1.3 Million Vehicles Last Year

AUSTIN, Texas (AP) — Tesla said Monday that sold a record 1.3 million vehicles last year, but the number fell short of CEO Elon Musk's pledge to grow the company's sales by 50% nearly every year.The 2022 figure topped the prior record of 936,000 vehicles delivered in 2021, but it was shy of the 1.4 million needed to reach the company's 50% growth target. Sales grew 40% year over year, while production climbed 47% to 1.37 million.Tesla Inc., which is based in Austin, Texas, also had to deal with rising cases of the novel coronavirus in China, which cut into production at its Shanghai factory.With the extra U.S. push, Tesla delivered more than 405,000 vehicles worldwide in the fourth quarter. But that missed Wall Street projections. Analysts polled by data provider FactSet expected 427,00...
Philippine Health Dept: No Need to Restrict Chinese Visitors
Health

Philippine Health Dept: No Need to Restrict Chinese Visitors

The Philippines’ top health official said there’s no need yet to shut the country’s borders or impose tighter Covid restrictions on inbound Chinese travelers, bucking moves by other nations like the US to require tests for visitors from China amid a renewed surge in infections there.“The direction of this administration is that as much as possible, restrictions should be minimal where we don’t compromise health but we also favor the opening up of the economy,” Maria Rosario Vergeire, the officer in charge at the Department of Health said at a briefing Thursday. The agency is confident that existing health protocols are sufficient, she added. Source link
AMC Entertainment, Tesla, Micron, Under Armour and more
Entertainment

AMC Entertainment, Tesla, Micron, Under Armour and more

Pedestrians pass in front of an AMC theater in New York.Scott Mlyn | CNBCCheck out the companies making headlines in midday trading.AMC Entertainment — Shares plummeted 14.8% after the company proposed a reverse stock split and announced a new $110 million capital raise in an attempt to minimize its debt load. Shares of its preferred stock surged more than 64%.Tesla — Shares fell more than 9% during Thursday trading. Tesla offered a $7,500 discount on its Model 3 and Model Y vehicles delivered in the United States by year-end, as well as 10,000 miles of free supercharging for those vehicles, according to its website.Micron Technology — The semiconductor stock shed 5% after the company shared disappointing quarterly earnings and revenue, which it attributed to slowing demand expected to ...
Amazon May Breach Trademark Rights Over Fake Louboutin Ads
News

Amazon May Breach Trademark Rights Over Fake Louboutin Ads

BRUSSELS (AP) — Online retail giant Amazon could be held responsible for breaching luxury shoemaker Christian Louboutin's trademark rights over the sale of counterfeit red soled high-heeled shoes on its platform, the European Court of Justice ruled on Thursday.Third-party sellers on Amazon regularly advertise red-soled stilettos that are not made by Louboutin. The French designer brought cases against the company in Belgium and Luxembourg, arguing that he did not give his consent for these products to be put on the market.Louboutin shoes’ red outer sole, for which they are known, is registered as an EU and Benelux trademark.The EU’s top court said that users could mistakenly think that Amazon itself is selling shoes on behalf of Louboutin.The EU court said it’s now up to the local juris...
New Label Law Has Unintended Effect: Sesame in More Foods
News

New Label Law Has Unintended Effect: Sesame in More Foods

A new federal law requiring that sesame be listed as an allergen on food labels is having unintended consequences — increasing the number of products with the ingredient.Food industry experts said the requirements are so stringent that many manufacturers, especially bakers, find it simpler and less expensive to add sesame to a product — and to label it — than to try to keep it away from other foods or equipment with sesame.As a result, several companies — including national restaurant chains like Olive Garden, Wendy’s and Chick-fil-A and bread makers that stock grocery shelves and serve schools — are adding sesame to products that didn’t have it before. While the practice is legal, consumers and advocates say it violates the spirit of the law aimed at making foods safer for people with ...
Asian Markets Follow Wall St Lower Amid Gloomy Outlook
News

Asian Markets Follow Wall St Lower Amid Gloomy Outlook

BEIJING (AP) — Asian stock markets extended their losses Tuesday amid gloom about weaker global economic growth as central banks raise interest rates to cool inflation.Shanghai, Tokyo, Hong Kong and Sydney declined. Oil prices edged higher.Markets are sliding after the U.S. Federal Reserve raised its key lending rate last week and the European Central Bank said more rate hikes are ahead. That fueled investor fears central bankers might be willing to cause a recession to fight inflation that is at multi-decade highs.Wall Street declined Monday for a fifth day after the Fed said last week rates might have to stay elevated longer than previously forecast.“The tone in markets reflects a cloudy outlook for the global economy,” said Anderson Alves of ActivTrades in a report.Political Cartoons...