Business News

Since the COVIC-19 pandemic hit, many retailers have started closing their stores on Thanksgiving. Holiday shopping and Black Friday deals meant massive crowds and the potential spreading of the virus. This temporary measure has now become the new normal for many businesses.  However, CNN Business noted, “…with the growth of online shopping, retailers aren’t as reliant on specific days to drive sales anymore. The extended shopping...

The winner of the largest lottery prize ever was announced Tuesday morning. The winning ticket was sold at Joe’s Service Center located in Altadena, Calif., per the California Lottery.  According to the Powerball website, there was one sole winner of the Powerball grand prize with an estimated total of $2.04 billion and a cash value of $997.6 million. The winning numbers were: 10-33-41-47-56-Power 10. CNN reported, “The...

On Monday, Tesla shares were down 5%, reaching the lowest level in 18 months, according to The Motley Fool.  Tesla, along with many other companies, has experienced many issues with production while dealing with the implications of inflation.  The electric car company has been experiencing problems at its Shanghai, China plant considering the country’s zero-Covid policy, still enforcing restrictions and quarantines. This has negatively affected productivity.  Another...

Kohl’s announced on Tuesday that the CEO, Michelle Gass, would be stepping down to pursue a new opportunity with Levi Strauss & Co. Levi & Strauss announced that Gass would be taking over the company's CEO role in early January.  Gass’s departure from the company comes after much scrutiny from investors. According to CNBC, “Activist investor Ancora Holdings pushed Kohl’s to remove Gass from the position. Another...

Mark Zuckerberg announced he would be reducing the size of the Meta team by about 13%, resulting in the cut of more than 11,000 “talented” employees. “I know this is tough for everyone, and I’m especially sorry to those impacted,” Zuckerberg shared on Wednesday in a blog post to employees. He also admitted the decision was “some of the most difficult changes we’ve made in Meta’s...

James Zhong has pleaded guilty to committing wire fraud in order to steal 51,680.32473733 BTC from Silk Road, per Bitcoin Magazine.  U.S. Attorney, Damian Williams said it was over a decade ago when James Zhong stole approximately 50,000 Bitcoin. “For almost ten years, the whereabouts of this massive chunk of missing Bitcoin had ballooned into an over $3.3 billion mystery.” Silk Road was a dark web internet...

Shipments of the iPhone 14 Pro are being impacted by a Covid-19 outbreak at an assembly factory in Zhengzhou, China. The facility is the primary assembly plant for the iPhone 14 Pro and Pro Max, Apple said in a press release.  “We continue to see strong demand for iPhone 14 Pro and iPhone 14 Pro Max models. However, we now expect lower iPhone 14 Pro and...

John Tyson, CFO of Tyson Foods and son of board chairman, was arrested on Sunday, Nov. 6 after being found in a stranger’s bed.  KNWA / Fox 24 broke the news of the incident. Tyson was found asleep in a woman’s bed around 2 a.m. on Sunday after she called the police. Tyson was unable to speak to police upon arrival and smelled of alcohol. He...

No price is too high for coffee. Starbucks’ fiscal fourth-quarter earnings beat expectations while navigating “higher prices, ongoing unionization efforts, COVID-19 lockdowns in China, and more,” according to Yahoo Finance.  The earnings and revenue topped analysts’ estimates because customers complied with the hike in Starbucks’ higher prices.  CNBC reported, “Net sales for the period rose 3.3% to $8.41 billion. Global same-store sales increased 7%, fueled by increased spending...

Last week, Washington’s King County court granted a nationwide temporary restraining order on Albertsons’ $4 billion payout to investors. This is a wrench in Kroger’s plans to buy Albertsons for $25 billion, which was announced weeks ago. Albertsons’ $4 billion dividend payout to shareholders was part of the deal.  According to Fox Business, State Attorney General, Bob Ferguson, filed the lawsuit to prevent Albertsons’ from paying shareholders....