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Dollar General settles with the Labor Department over workplace safety violations 2024-07-11 21:19:00+00:00 - The U.S. Department of Labor announced a settlement Thursday with Dollar General , requiring the retailer and its subsidiaries to pay $12 million in penalties and implement significant workplace safety improvements in its more than 19,000 stores nationwide. The new set of fines adds to the more than $21 million in fines from the federal Occupational Safety and Health Administration that the discounter has racked up since 2017 due to blocked fire exits, dangerous levels of clutter and other safety claims. Gun violence has also been an issue for Dollar General stores: 49 people have been killed and 172 people have been injured at Dollar General stores by gun violence, according to 2023 data from nonprofit Gun Violence Archive. A repeat offender with the Department of Labor, Dollar General became the first company to be added to OSHA's "severe violators" of workplace safety rules list in 2023, after the agency expanded the reach of its safety enforcement program. "This agreement commits Dollar General to making worker safety a priority by implementing significant and systematic changes in its operations to improve accountability and compliance, and it gives Dollar General employees essential input on ensuring their own health and safety," Assistant Secretary for Occupational Safety and Health Douglas Parker said in a press release. Under the new settlement, the Tennessee-based retailer is required to hire additional safety managers, and significantly reduce its inventory and increase stocking efficiency to prevent blocked exits and clutter. It's also required to provide safety and health training to all employees and to develop a safety and health committee with employee participation. Dollar General has hired third-party consultants and auditors to identify hazards and perform unannounced annual compliance audits, created a new Safety Operations Center and maintained an anonymous hotline for employees and the public to report safety concerns. The third party-auditors were first commissioned as a response to a shareholder vote in May 2023 calling for one, a decision that the company opposed at the time. The settlement with the Department of Labor also requires Dollar General to monitor outcomes of those efforts and provide quarterly reports to OSHA. Under the agreement, Dollar General will be required to correct safety hazards such as blocked access to fire extinguishers and electrical panels and improper material storage at its stores within 48 hours and submit proof of correction. The discounter will be subject to additional fines of $100,000 a day up to $500,000 if it fails to do so. CNBC has reached out to Dollar General for additional comment.
Rep. Cori Bush: Reform the Supreme Court or watch democracy die 2024-07-11 21:13:48+00:00 - Last week, the Supreme Court’s far-right majority went home for the summer, but only after a stark reminder that they do not serve the people of this country — they serve Donald Trump and MAGA extremism. They serve wealthy corporations exploiting our communities. They serve whichever right-wing billionaire gives them the most gifts. This term, the same extremist justices who overturned Dobbs and ended affirmative action doubled down on the court’s legacy of protecting the interests of wealth and white supremacy. The Republican-appointed justices are fighting a war on behalf of far-right extremists against the people of this country. These unelected justices have pulled off a judicial coup on behalf of fascists and billionaires. They have enabled Trump to evade accountability. They have opened the door for the MAGA cult to destroy our rights through Project 2025. They have greenlit the criminalization of homelessness. They have left millions of people in states like Missouri vulnerable to bans on emergency abortions and other attacks on reproductive rights. And they have provided a road map for wealthy corporations to harm our planet and our communities by handcuffing the Environmental Protection Agency, the Food and Drug Administration and countless other agencies from regulating them. The Republican-appointed justices are fighting a war on behalf of far-right extremists against the people of this country, and they are just getting started. Congress has a choice to make: reform the court or bear witness to the death of democracy and the destruction of the communities it should protect. Court reform is often discussed in abstract terms, but the reality is that for communities like St. Louis, it is a matter of life or death. This court has determined that my constituents cannot access abortion care. That they deserve weaker labor protections. That it’s fine if they drink polluted water and breathe polluted air, are subject to voter suppression, are more likely to be unhoused, and are subject to the whims of fascist presidents who seek immunity and absolute impunity. Court reform is personal for me — not just as a member of the House Judiciary and Oversight committees, but as a survivor of gun violence, as someone who has had an abortion, as the daughter of a former union meat cutter, and as a congresswoman representing a community that has been systematically denied the right to vote. And it should be personal to everyone who cares about our democracy and our freedoms. The gavel’s fall should signify justice served, not lives destroyed. Our lives and our communities are worse off because of this unchecked, extremist Supreme Court. The time for reform is now. Congress must remove lawless justices through impeachment — that’s why this week my colleagues and I introduced articles of impeachment against Justices Clarence Thomas and Samuel Alito over their multiple ethical conflicts and failures to disclose. Congress must also pass legislation that imposes a binding code of ethics for every justice. We must expand the Court to 13 seats by passing the Judiciary Act, which I proudly co-lead. Congress must enact term limits for the justices. Finally, we must strip the Supreme Court of its power to invalidate federal laws that protect our fundamental rights. We cannot let the Supreme Court continue to sign death warrants for our communities. The longer we wait, the more vulnerable to fascism we become. I ask my colleagues in Congress: In this perilous moment, will we reform the court or will we watch democracy die?
Tesla Gigafactories: A look at the manufacturing hubs and their future 2024-07-11 21:10:09+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Elon Musk's Tesla's Gigafactory network is set to grow as the company aims to meet his ambition to build as many as 20 million electric cars a year. There are already six gigafactories around the globe where Tesla builds its Model S, Model X, Model Y, and Model 3 vehicles as well as the Cybertruck. A seventh, Tesla's first factory in Mexico, is also in the works, and more are likely to come as Tesla's sales volume increases. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. "Ultimately, we will end up building, I don't know, probably at least 10 or 12 Gigafactories," Musk said at Tesla's annual meeting in 2022. Here's a look at Tesla's Gigafactories and why they're so critical to the company's growth plans. Advertisement How many Tesla Gigafactories exist? Tesla currently has six massive Gigafactories located in Fremont, California; Sparks, Nevada; Berlin, Germany; Shanghai, China; Austin, Texas; and Buffalo, New York. Related stories In March of 2023, Tesla confirmed plans to build a Gigafactory in Mexico. The plant will sit in the industrial hub of Monterrey. After initially lauding the addition of a Mexico factory, Tesla has pumped the brakes on the project amid a tougher electric vehicle market. Do Tesla Gigafactories produce cars? Tesla's Gigafactories do a mix of battery and electric car production, depending on the location. Fremont, California — the first Tesla gigafactory — has manufacturing capacity for 550,000 Model S and Model X vehicles annually and 100,000 Model S and X vehicles. Tesla's Nevada factory is where it will eventually produce the Tesla 18-wheeler Semi, thanks to a $3.6. billion investment it announced in 2023. Right now, the Gigafatory produces batteries and electric motors. Tesla's Berlin Gigafactory, which opened in 2022, manufactures battery cells and has a capacity for over 375,000 Model Y cars per year. In Shanghai, China, Tesla builds Model 3 and Y cars, with capacity to ship more than 950,000 cars annually, up from an original capacity of 750,000 vehicles. Tesla's Gigafactory near Austin Texas — the company's global headquarters — produces Model Y cars the Tesla Cybertruck. It has a production capacity of 375,000 vehicles a year. Buffalo, New York is home to Tesla's Gigfactory where it produces batteries alongside its partner Panasonic. Advertisement Musk has said he hopes to build 10 to 12 more Tesla Gigafactories to reach his goal of making 20 million cars a year by 2030. Can Gigafactories power the world? Are they sustainable? Musk has said it would take 100 Gigafactories to supply the world with all its energy. Many of the Gigafactories have solar panels on the roof, including an array of panels that spell out Tesla on the roof of Gigafactory Austin. When it was under construction, Musk promised an "ecological paradise" with walking trails along the neighboring river for the public to enjoy. In Nevada, Gigafactory 1 was built without a natural gas connection, Tesla said in its 2019 impact report. The company "engineered thermal systems to maximize heat recovery resulting in significant energy efficiency gains compared to standard industrial designs," including heat pumps and the naturally dry desert air for the dehumidification necessary for some battery processes. Tesla says its Berlin Gigafactory is its "most advanced, sustainable and efficient facility yet." The plant was initially met with opposition from local environmental groups who decried the loss of forest land for the factory. Activism around the Berlin plant reignited this year over a planned expansion of the plant. Despite pushback, the German government recently gave Tesla the go-ahead on its expansion plans. How much electricity does a Gigafactory use? Ahead of the Nevada Gigavactory's construction, state officials estimated it would need up to 2,300 GWh of electricity annually. For context, an average American home uses only about 10,000 KWh annually, according to the US Energy Information Administration. How many batteries will a Gigafactory produce? From its opening in 2014 through the start of last year, The Gigafactory Nevada produced: Advertisement 7.3 billion battery cells (37 GWh+ annually) 1.5 million battery packs 3.6 million drive units In Berlin, Tesla currently builds 6,000 cars per week. It took the company a year to reach the 5,000 car-per-week milestone. It's a model Tesla's set to copy for new factories and helps support the company's goals of 25,000 cars per year per factory. How expensive is a Gigafactory to build? Tesla's Gigafactory planned in Mexico would cost $10 billion, making it the most expensive Gigafactory yet. For comparison, the Berlin Gigafactory — the second most expensive facility — cost around $5.5 billion, according to Reuters.
Thursday was a historically strange day in the stock market. That may be good news 2024-07-11 21:06:00+00:00 - Wall Street saw a dramatic shift in market trends on Thursday, with winning and losing stocks swapping places for a day. It may turn out to be just what the rally needs to keep going. The Russell 2000 small-cap index, which has struggled to find its footing all year, jumped more than 3% on Thursday. At the same time, every stock in the so-called "Magnificent 7" fell, including a more than 5% decline for Nvidia and a 2.3% drop for Apple , which dragged down both the S&P 500 and Nasdaq Composite . Bespoke Investment Group shared two statistics on the social media site X to demonstrate how rare it is to have that type of split. Thursday was just the second day since 1979 when the Russell 2000 rose more than 3% while the S&P 500 declined. The Nasdaq Composite underperformed the Russell 2000 by more than 5 percentage points in what appears to be biggest daily gap on record. The only other time the gap came in above 5 percentage points was in November 2020, right after Pfizer shared positive results from a Covid-19 vaccine trial. And while the major market averages and many individual 401k accounts may show a decline for the day, this odd set of results could be a positive sign for the market. Much of the recent rally has been driven by large tech companies, leading investment pros to worry about a narrow group of stock market leaders. "Today's an important day," Ed Yardeni of Yardeni Research said on CNBC's "Closing Bell. "This is the day where investors are starting to rotate out of the Magnificent 7 into the rest of the market. I don't think this is going to continue to pull the S&P 500 down — I think there's going to be enough money to keep the leading stocks that have done so well fairly elevated, but I think we are going to see more gains in the S&P 493, as well as in the small and mid-cap stocks," he added. The split trading came after the June report for the consumer price index early Thursday showed headline inflation declined last month and is now up about 3% over the past year. That bolstered confidence that the Federal Reserve will begin to cut interest rates as soon as September. Fed Chair Jerome Powell indicated in Congressional testimony this week that the central bank was aware that holding rates high for too long could hurt the economy.
Read Intuit CEO's message announcing over 1,000 layoffs due to performance — but the company is hiring 1,800 in areas like AI 2024-07-11 21:05:20+00:00 - Intuit's CEO wrote in an email to staff that 1,050 of 1,800 cut employees didn't meet expectations. The company plans to hire a roughly equal number of workers in roles in engineering and prudcut. The company is moving forward with a reorganization plan to focus on "key growth areas" like AI. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement Intuit announced Wednesday that it's cutting 1,800 employees, 1,050 of whom weren't meeting expectations, according to an email from the CEO. "We've significantly raised the bar on our expectations of employee performance," the CEO wrote in the email included in an SEC filing. CEO Sasan Goodarzi added in the email that the company believes the staff would find more success elsewhere, the report said. Intuit did not respond to a request for comment. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Autonomix's Trial Results Show Meaningful Reduction In Pain For Patients Suffering From Pancreatic Cancer - Autonomix Medical (NASDAQ:AMIX) 2024-07-11 20:56:00+00:00 - Autonomix Medical AMIX is a cutting-edge medical technology company developing targeted nerve therapies to revolutionize how diseases involving the peripheral nervous system are diagnosed and treated. The company’s ongoing proof-of-concept (PoC) human clinical trial is evaluating the safety and efficacy of radiofrequency (RF) ablation in a transvascular approach to reduce pain associated with pancreatic cancer and, to date, has demonstrated extremely compelling results. If successful, Autonomix has the potential to dramatically impact patient well-being and improve quality of life, offering new hope for patients enduring pancreatic cancer pain. Key Trial Insights The initial phase of the clinical trial involved five lead in patients who underwent the procedure without complications or significant adverse events. Some 60% of these subjects experienced a significant reduction in pain, with a mean decrease of 6.33 points on the Visual Analogue Scale (VAS) pain scale, dropping from a baseline of 8.0 to 1.67 just seven days post-procedure. Patients also reported quick pain relief, with some feeling better as soon as one day after the procedure. A detailed look at the data should provide Autonomix with important insight into optimizing the procedure, particularly the catheter entry point, where three of the five patients who benefited with meaningful pain reduction had femoral access to the catheter and the two that did not respond had brachial access. The primary objective of this PoC trial is to assess the success rate of ablating relevant nerves to mitigate pain in patients with pancreatic cancer using radiofrequency ablation. Secondary objectives include evaluating device- and procedure-related adverse events up to six weeks post-procedure, changes in pain levels and improvements in quality of life from pre- to post-procedure. Autonomix is proceeding with enrolling an additional 20 subjects to participate in the study and expects to complete enrollment by the end of 2024. The company expects to report topline results from all 20 subjects in the first half of next year. Clinical Trial Testimonials According to Autonomix, patients in the responder group reported substantial improvements in their quality of life. On average, these patients noted a 78% enhancement in how they viewed their overall health and a 45% boost in how they viewed their life quality, within seven days of the procedure. This rapid relief is crucial for individuals facing end-of-life situations due to advanced pancreatic cancer, offering them a better quality of life during their remaining time. Patient testimonials further emphasize the impact of the procedure. Before the procedure, patients can struggle with debilitating pain, which affects their ability to sleep, eat and perform daily activities. Post-procedure, patients experienced immediate, life-changing pain relief and could sleep on their back, return to work and attend social events. Additionally, one patient stated they no longer needed painkillers, and experienced significant improvements in overall health and quality of life. This transformation underscores the procedure’s potential to greatly enhance the lives of patients suffering from pancreatic cancer pain. Technical Approach And Future Plans Autonomix’s technology aims to improve upon current pain management methods, which often rely on systemic drugs like opioids or invasive procedures that can have severe side effects. Autonomix's catheter-based system is also designed to detect and ablate pain-associated neural signals more accurately. While the current trial focuses on pancreatic cancer-related pain, Autonomix also plans to explore other indications in the future based on these promising results. A New Dawn In Pain Management Autonomix's innovative approach to pain management for pancreatic cancer patients is showing encouraging potential. The initial success of its PoC clinical trial offers a glimpse into a possible future where patients suffering from severe pain can find relief through precise and effective medical technology. As the company gathers more data, the medical community awaits its results, which could revolutionize pain management far beyond just pancreatic cancer pain and have applications across all pain and diseases of the peripheral nervous system. Featured photo by Alexander Grey on Unsplash This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.
Joe Biden and Democrats must unite against Donald Trump 2024-07-11 20:50:54+00:00 - This is an adapted excerpt from the July 11 episode of "Morning Joe." In the Gospel of Matthew, Jesus issued a condemnation of judgmental religious leaders: “Every kingdom divided against itself is brought to desolation, and every city or house divided against itself will not stand." In 1858, with the specter of a civil war rising in the United States over the issue of slavery, Abraham Lincoln accepted the Illinois Republican nomination for Senate, quoting Jesus and remarking in a now well-known speech, “A house divided against itself cannot stand." Lincoln told his fellow Republicans, "I do not expect the Union to be dissolved — I do not expect the house to fall — but I do expect it will cease to be divided. It will become all one thing, or all the other." He then encouraged his party to stand together as they had done in the past, "Two years ago, the Republicans of the nation mustered over thirteen hundred thousand strong. We did this under the single impulse of resistance to a common danger, with every external circumstance against us." Lincoln’s words to Republicans in 1858 are all too relevant to Democrats today, as we approach a pivotal weekend for the future of our democracy. Lincoln’s words to Republicans in 1858 are all too relevant to Democrats today, as we approach a pivotal weekend for the future of our democracy. There's a rupture running deep throughout the Democratic Party: a split tearing at its very foundation. It's a divide that will only serve to elect a man who has repeatedly promised to be a dictator. President Joe Biden is on one side of this Democratic divide. In 2020, the president and his supporters saved American democracy by defeating Donald Trump, a malignant force promising to undermine the Constitution, make common cause with America’s enemies, and refuse to accept any democratic election result that declared him defeated. Against the grim backdrop of his predecessor, Biden passed more bipartisan legislation and created more jobs than any president this generation. He also led America out of Covid more successfully than any other country on the planet, and has overseen the strongest dollar in a half-century. America’s economy is now the envy of the world. Period. Under Biden, our military and alliances are stronger relative to the rest of the world than at any time since World War II. This is not a matter of debate, unless you get your news from hucksters on TikTok or a cable news channel allergic to the truth. Despite what Trumpists say, America is great, strong and respected across the world. Biden is showing as much by hosting a NATO summit this week — under his leadership, the alliance has become the strongest in the world’s history. On the other side of the divide, many of the most powerful Democratic politicians, thought leaders and donors say privately — and soon may say publicly — that Biden can't win in November. That's become an almost universal sentiment among dozens of Democrats over the last 36 hours. They say the polls are collapsing, fundraising is drying up and any chance of saving the Senate and House from Trump's rule is vanishing before their eyes. Those are the two sides to this Democratic divide both with compelling arguments. But the window for saving American democracy is closing. Biden is dug in: he has the votes and the delegates. In the president's eyes, it's his rightful nomination. Also dug in are those who revere Biden but cherish democracy even more, and for them this is a zero-sum game. Also dug in are those who revere Biden but cherish democracy even more, and for them this is a zero-sum game. That's why the handful of Democrats that Biden greatly respects — Nancy Pelosi, Ted Kauffman, Jim Clyburn, Chris Dodd, John Kerry, Ron Klain, and his family — Jill, Val and Hunter Biden — need to come together this weekend and talk about the consequences of this campaign and this candidacy on our country’s future. Democrats must come to a decision and unite against the immediate threat before America’s 240-year constitutional republic: Donald Trump. Lincoln finished that 1858 speech by telling his fellow party members that against the "strange, discordant, and even hostile elements, we gathered from the four winds, and formed and fought the battle through, under the constant hot fire of a disciplined, proud, and pampered enemy. Did we brave all then to falter now? Now, when that same enemy is wavering, dissevered and belligerent? This result is not doubtful. We shall not fail if we stand firm. We shall not fail.” So said Lincoln then. So says a watchful and worried nation now.
A Black jobseeker said he used a white-sounding name on his résumé and got a job interview. Now he's suing. 2024-07-11 20:41:00+00:00 - A Black man has filed a discrimination lawsuit against a boutique hotel in Detroit after he said his multiple job applications went ignored — until he changed the name on his résumé to a white-sounding name. Dwight Jackson said that he applied repeatedly for positions at the Shinola Hotel under his given name between January 2024 and April 2024, according to a legal complaint filed on July 3 in the Third Judicial Circuit of Michigan. When he changed the name on his otherwise identical résumé to “John Jebrowski,” according to the suit, Jackson said he was called in for an interview that same week. According to Jackson’s attorney, Jonathan Marko, Jackson’s work experience includes reception jobs at comparable hotels like the Westin Book Cadillac Detroit. “It made him question, ‘How many other jobs along the way have I not been given an opportunity for because of the color of my skin,’ and he’s questioning himself, he’s questioning his self worth,” Marko said to NBC News. The Shinola Hotel in Detroit. Google Maps When Jackson later applied twice for similar front desk positions at the hotel, according to the lawsuit, and was contacted for an interview under “a more readily apparent Caucasian name,” John Jebrowski, he concluded that the hotel’s “consideration of candidates was based on the racial appearance of the applicant’s name,” according to the lawsuit. The complaint alleges the Shinola Hotel violated the Michigan Elliott Larsen Civil Rights Act on the basis of disparate treatment and retaliation. The policy, established in 1977, secured opportunities to obtain employment, housing, public services and education without discrimination. Hotels Magazine recently called the Shinola Hotel “a centerpiece of the Detroit revival.” Sage Hospitality Group, the operating partner of the Shinola Hotel, said in a statement to NBC News that the company does not tolerate discrimination of any kind. “The preliminary findings of our internal investigation relating to this claim have revealed significant inconsistencies with the plaintiff’s allegations,” the company said in a statement. “It is unfortunate that the plaintiff’s counsel has chosen to take these unsubstantiated claims to the media before proper due diligence has been completed.” Marko, Jackson’s attorney, said his client revealed his true identity at the interview, confronting the interviewer by saying that he believed he was not given an interview as “Dwight Jackson” due to name discrimination. “Shortly after Jackson underwent the interview process, he was informed that he was no longer a viable candidate for the position,” the lawsuit states. “Upon information and belief, Jackson’s applications were disregarded by Defendant due to discrimination of his race,” the complaint reads. The complaint says that Jackson is seeking damages for stress, humiliation, economic and emotional damages. Marko also said that his client’s primary goal is to raise awareness about name discrimination and prevent it from happening to others. “He definitely doesn’t want it to happen at Shinola, he doesn’t want it to happen in his hometown of Detroit. But if he can make a difference to just other people across the United States, that’s what he wants to do,” Marko said. Studies have pointed to the prevalence of name-based discrimination by companies in the résumé reviewing process. In April of this year, the National Bureau of Economic Research issued “A Discrimination Report Card” of nearly 100 U.S. companies. By sending fake resumes with equal qualifications and different names, researchers found that employers contacted presumed white candidates 9.5% more than presumed Black candidates. For more from NBC BLK, sign up for our weekly newsletter.
Be Choosy When It Comes To Restaurant Stocks, But Pick This Fast-Casual Chain: Analysts - Cava Group (NYSE:CAVA), Chipotle Mexican Grill (NYSE:CMG) 2024-07-11 20:38:00+00:00 - Loading... Loading... SPDR S&P 500 Index SPY and Invesco QQQ Trust Series QQQ sit near all-time highs. But restaurant stocks have struggled to keep up with the overall market. Invesco's Food & Beverage ETF PBJ is down around 2% year-to-date compared to the S&P 500's gain of nearly 18%. Pick Of The Litter: But, in a recent analyst note, Wedbush highlights Cava Group Inc CAVA as a restaurant stock to watch. It has an outperform rating and a 12-month price target of $100 a share. Wedbush's target represents an upside of around 18% from Cava's current levels of around $85 a share. Read Also: Chipotle Mexican Grill’s Pricing Study Affirms Strong Value Proposition, Says Analyst Quoted: "We view CAVA as one of a handful of publicly traded restaurants positioned to deliver positive annual transaction growth over the longer-term, with realistic long-term revenue and unit growth targets," Wedbush analysts Nick Setyan and Michael Symington wrote in the note. The analysts pointed to the company's growth rate as attractive for investors. They argue that Cava's current EBITDA and margin expectations are "conservative." Cava went public in January 2023. Since then, its stock has increased more than 100% from its debut price of around $40 a share. Cava, a Mediterranean chain with a similar model to Chipotle Mexican Grill CMG, has around 350 locations throughout the U.S. It’s considered a healthier option compared to other fast food chains. Founded in Maryland and headquartered in Washington D.C., Cava has a strong presence in the Northeast and East Coast regions. Potential Risks: The analysts cited potential risks to their bullish thesis on Cava. Beware of unexpected fluctuations in input costs, as well as weaker sales in new markets where Cava expands. Now Read: Image: Unsplash
Chinese EV Maker Leapmotor's Global Ambitions Boosted By Stellantis - Stellantis (NYSE:STLA) 2024-07-11 20:37:00+00:00 - Loading... Loading... Chinese electric car maker Leapmotor is set to expand its global presence following a strategic partnership with Stellantis NV STLA, the company behind Chrysler, Fiat, Jeep, and Peugeot. Co-founder and CEO Zhu Jiangming believes the collaboration will allow Leapmotor's electric vehicles (EVs) to reach international markets more rapidly, Bloomberg reported. Founded in 2015, Zhejiang Leapmotor Technology Co. aims to capitalize on the shift from internal combustion engines to EVs. Although Leapmotor delivered just over 33,000 vehicles in the first quarter, far fewer than BYD Company BYDDY and Tesla Inc. TSLA, its technological expertise and affordable EVs with advanced features have drawn the attention of Stellantis. Leapmotor's C10 electric SUV, priced at 138,800 yuan ($19,100) with a 530-kilometer range, competes favorably with Tesla's Model Y. Also Read: Tesla Sold Over 3.2K Cybertrucks In June, Says Report: Here's How It Impacted EV Maker's Average Vehicle Prices Zhu, who previously worked at Motorola Solutions Inc. MSI and founded surveillance camera company b Dahua Technology Co., attributes Leapmotor's success to its focus on electrical systems technology. Producing core electrical components in-house allows Leapmotor to control costs and offer competitive pricing. This vertical integration and strategic cost management attracted Stellantis, which invested $1.6 billion (1.5 billion euros) for a 21% stake in Leapmotor and formed a joint venture to distribute Leapmotor's vehicles globally. The partnership is exploring assembly and sales of Leapmotor's T03 hatchback and C10 SUV in nine European countries, with Poland, France, and Italy as potential assembly locations. Leapmotor's Jinhua factory currently operates at over 70% capacity, with plans for a new plant in Hangzhou's Qiantang district by 2025. Read Next: Photo via Company Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Families of workers killed in Idaho airport hangar collapse sue construction company 2024-07-11 20:20:43+00:00 - BOISE, Idaho (AP) — The families of two construction workers killed when an airport hangar in Idaho collapsed are suing several companies that were involved in the building process, alleging the businesses recklessly cut corners and used inappropriate materials for the build. The private hangar at the Boise airport was still under construction when it collapsed under high winds on Jan. 31, killing three people and injuring nine others. The families of Mario Sontay and Mariano Coc filed the wrongful death lawsuit against Big D Builders, Steel Building Systems, Inland Crane and Speck Steel in federal court earlier this week, asking for unspecified monetary damages. Sontay, 32, and Coc, 24, had only been working on the hangar job for six days when the massive metal structure collapsed. They’d been sent to the hangar from another construction site by Big D Builders because the shell of the building was supposed to be completed by the end of January, according to the lawsuit, and that contract deadline was looming. Problems with the construction may have been evident in the days before the collapse, with some subcontractors on the site reporting that the metal beams that made up the skeleton of the building looked like they were twisting or weren’t properly braced. “Many subcontractors were critical of the rushed schedule,” Enrique Serna and Jane Gordon, the attorneys representing the families, wrote in the lawsuit. “They cited ‘cutting of corners,’ reported ‘bowing of beams,’ snapping cables, a lack of key cross bracing, flange bracing and cable bracing.” Big D Builders, based in Meridian, Idaho, declined to comment on the lawsuit. Both Inland Crane, based in Boise, and Steel Building Systems, based in Emmett, Idaho, expressed condolences to the families of the victims in written statements. “While we mourn the loss of our partners, friends, and colleagues, all evidence demonstrates that Inland Crane and our employees are not at fault for this tragedy,” Inland Crane wrote. “Family is the core of who we are at Steel Building Systems,” Andy Speck, the co-owner of SBS and Speck Steel, wrote in an email. “Our heartfelt condolences go out to the victims and their families. We cannot speak to a majority of the complaints filed as SBS was not the installer of the metal building, nor did we possess or demonstrate any authority over job site operations.” On the day of the collapse, Sontay and Coc were installing bolts to secure the rafters of the building, standing on a manlift that hoisted them 40 feet (12.19 meters) above the ground. Stiff winds were blowing at the airport, reaching between 25 miles and 35 miles per hour (about 40 to 56 kilometers per hour). Around 5 p.m., witnesses began hearing popping noises and a loud roaring sound. Some of the workers inside the building were able to run to safety, but others were trapped. The lift that was holding Coc and Sontay was struck by a falling rafter and slammed into the ground. Coc, who had moved to the United States from Guatemala in 2020, died instantly. Sontay, also a Guatemala citizen who came to the U.S. in 2021, succumbed to his injuries about five minutes later. Both men were supporting families in their home countries, according to the lawsuit. Big D Builders co-owner Craig Durrant, 59, was also in the building when it fell, and was decapitated. Serna, the attorney for the Coc and Sontay families, said in a press conference Wednesday that Big D Builders and the other companies acted negligently with disregard for the workers’ safety. Big D Builders had a set of construction plans that had already been approved by the city of Boise, but instead decided to use a second set of plans designed by Steel Building Systems that called for roughly 30% less bracing, according to the lawsuit. The building was also constructed using a combination of purchased prefabricated materials and locally-manufactured bracing and structural supports that weren’t properly designed to fit the prefabricated pieces, according to the lawsuit. It all resulted in “serious design and engineering defects,” the workers’ families contend, a problem that was exacerbated when the strong winds began. On that day, Inland Crane had removed three of the four cranes that were at the construction site, according to the lawsuit, but left an older model that was serving as an erection support. It wasn’t rated for high wind speeds and was improperly tied to the structure, according to the lawsuit. “They know better! They know better, not to act like this. But a lot of the time they think it’s going to be OK,” Serna said. “I hope these practices are not carried on because practices like this kill people. It clearly killed my clients.” The Occupational Health and Safety Administration is still investigating the collapse, and a report on the agency’s findings is expected to be released within the next several weeks.
Southwest adds flights to handle Taylor Swift hordes for fall Eras Tour shows in the U.S. 2024-07-11 20:18:00+00:00 - Southwest Airlines is looking to cash in on Taylor Swift mania by adding flights for the hordes of fans traveling to see the pop star in concert as her Eras Tour returns to the U.S. this fall. The budget carrier said Thursday it is adding flights to accommodate what is expected to be strong demand from so-called Swifties heading to her performances in Miami and New Orleans in October. "Following strong demand from last year's US tour, the airline is adding more than 10 flights to its schedule to help Swifties get to and from her concerts,' the airline said in a statement to CBS News, noting that flights can be booked immediately. As part of her Eras Tour, Swift is scheduled to perform at Hard Rock Stadium in Miami on October 18, 19, and 20. She'll then hold concerts at Caesars Superdome in New Orleans on October 25, 26 and 27. Flight number 22 In a nod to Swift's music, Southwest on October 17 will operate two extra routes that might ring a bell with her fans. Flight Number 22 — a reference to the singer's song "22" — will fly from Baltimore/Washington International Thurgood Marshall Airport to Fort Lauderdale-Hollywood International Airport. Flight 1989 — a reference to Swift's birth year and an album by the same name — will travel from Nashville International Airport to Miami International Airport. On October 20, Southwest is operating Flight 1313, a reference to Swift's favorite number, 13, from Miami to Nashville, the airline said. It will also operate Flight 1213 from Fort Lauderdale-Hollywood to Baltimore/Washington to return fans to their home states. The following week, the airline has its sights set on New Orleans, timed to Swift's concerts in the city. On October 24, Southwest is adding flights from Austin to New Orleans and from Baltimore/Washington to New Orleans. The following day, it's operating additional fights from Dallas Love Field Airport to Louis Armstrong New Orleans International Airport, and from San Antonio International Airport to New Orleans. On October 27, Southwest has beefed up its schedule in order to shuttle Swifties home from the concerts, operating one additional flight to each city of origin. "Southwest is excited to welcome Swifties and looks forward to celebrating with them as they hit the road to see one of the most successful female artists of all time!" Southwest said. The flights can be booked immediately on Southwest.com, according to the carrier. Flight Number 22, from Baltimore/Washington to Fort Lauderdale, has tickets available that are priced between $468 and $543. It's lowest cost fare for the route is sold out. Flight 1213 is also still available, with tickets offered at the same price. Southwest isn't the first business to respond to the so-called "Taylor Swift effect" on the economy, driven by her superstardom and legions of loyal fans. The Federal Reserve Bank of Philadelphia said last year that Swift's tour helped boost travel and tourism in regions where she was performing. The U.S. Travel Association also said that Swift fans spent an average of $1,300 in local economies on travel, hotel costs, food and merchandise.
Here's why the cooler consumer inflation we wanted flipped the stock market on its head 2024-07-11 20:16:00+00:00 - We finally got the consumer price index we were looking for, with both the June headline and core readings coming in slightly lower than expectations. The CPI bolstered the case for the Federal Reserve to start cutting interest rates. It also gave investors the green light to rotate out of this year's tech winners and into rate-sensitive stocks. Headline CPI dipped 0.1% from May, the first monthly decline since May 2020. On a year-over-year basis, it rose 3%, which was the lowest level in more than three years. The core rate, which excludes food and energy prices and tends to be more heavily considered by the Fed, rose just 0.1% from May. It increased 3.3% from a year ago, the smallest gain since April 2021. Thursday's data from the government represents the continuation of a downward trend in both inflation measures. Jim Cramer called the CPI data "perfect," in his analysis on CNBC shortly after the release. He said the cooler data paved the way for lower rates but was not so weak as to spark concerns about deflation or prompt the Fed to rush into things. Sure, there was a marginal uptick in the likelihood of a cut at the Fed's upcoming July meeting, according to the CME FedWatch tool . But the market still placed the highest odds on the first cut since the rate pause to be in September, with subsequent cuts starting to come into view in November and December. In other words, we're right back to the market expecting as many as three cuts by the end of the year. After its June meeting, the Fed was projecting only one cut this year. Of course, we'll have to see what the data tells us in the coming months to see where central bankers actually land. Investors will be looking for more clues Friday morning when the June producer price index is released. PPI is a measure of wholesale inflation. All this Fed talk boosted a number of our rate-sensitive stocks, including solar name Nextracker , toolmaker Stanley Black & Decker , and electronics retailer Best Buy . During the Club's Morning Meeting on Thursday, Jim said that members need to understand that we have a diversified portfolio exactly for days like this. Every stock can't go up at once; nor should they. It's no wonder that our tech stocks were getting killed on Thursday. That's why, as Jim explained, this late in the cycle we brought in some stocks that could benefit when interest rates dropped. As we keep playing the Fed guessing game, Thursday's consumer inflation report clears the way for earnings season and allows for the results and management commentary to drive the stock action. Price will be first and foremost on investors' minds. Jim said he thinks the Fed should stick to its guns and cut only once before the end of the year because companies have been reluctant to lower their prices; other than Walmart and Club name Costco . Jim talked about how PepsiCo 's reluctance to reduce prices led to mixed quarterly results and narrowed full-year revenue guidance. That's reflected in the food and beverage component for the CPI, which saw monthly increases in May of 0.1% and June of 0.2% after a flat April. We've also been watching shelter costs like a hawk because they have been a sticky source of inflation that represents a large, unavoidable cost for U.S. consumers. On a monthly basis, shelter advanced 0.2% in June, not great since it means prices are still rising, but welcome news considering the back-to-back 0.4% gains in April and May. June shelter costs year-over-year increased 5.2%, which was a continuation of the downtrend seen since March 2023. Bottom line Many investors might have expected a rip-your-face-off the stock market rally on Thursday's CPI news — after all, it's exactly the kind of report we've been waiting for. Bond yields were also lower, which tends to support stocks, especially tech stocks. However, the urge to take profits and buy some cheaper rate beneficiaries was too great. The Nasdaq , which was coming off six straight record highs, dropped nearly 2% on the session. .IXIC YTD mountain Nasdaq YTD While we're seeing a rotation out of the names that can grow in any rate environment to those that are far more sensitive to borrowing costs and the economy, seven of the 11 S & P 500 sectors were still higher, with real estate leading the way Thursday. There were more winners than losers on the session, but the sheer size of information technology and communication services, which combined account for over 40% of the S & P 500 index, were masking the strength seen elsewhere . (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. An Aldi supermarket in Alhambra, California, US, on Thursday, June 27, 2024. Eric Thayer | Bloomberg | Getty Images
Wall Street Bulls Look Optimistic About Abbott: Should You Buy? - Abbott Laboratories (NYSE:ABT) 2024-07-11 20:12:00+00:00 - Loading... Loading... Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter? Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Abbott ABT. Abbott currently has an average brokerage recommendation of 1.50, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 20 brokerage firms. An ABR of 1.50 approximates between Strong Buy and Buy. Of the 20 recommendations that derive the current ABR, 14 are Strong Buy and two are Buy. Strong Buy and Buy respectively account for 70% and 10% of all recommendations. Brokerage Recommendation Trends for ABT Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation. This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements. Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision. ABR Should Not Be Confused With Zacks Rank In spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures. Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5. Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide. In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research. In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks. Another key difference between the ABR and Zacks Rank is freshness. The ABR is not necessarily up-to-date when you look at it. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements. Should You Invest in ABT? In terms of earnings estimate revisions for Abbott, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at $4.62. Analysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Abbott. It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for Abbott. To read this article on Zacks.com click here.
As inflation cools, Social Security recipients can expect a smaller COLA increase for next year 2024-07-11 20:12:00+00:00 - Price growth is cooling across the economy. While that is good news for consumers, the timing of this progress on inflation could end up short-changing seniors and other Social Security recipients when they learn their annual cost-of-living increase later this year. According to the latest estimate from The Senior Citizens League, which regularly forecasts Social Security's cost-of-living adjustment (COLA), Social Security recipients can expect their monthly checks to increase by 2.63% — essentially unchanged from the 2.57% it forecast last month. The Social Security Administration calculates the annual COLA change by taking the average measure of the Consumer Price Index for urban wage earners and clerical workers (CPI-W) — a slightly different version of the regular CPI — for the months of July, August and September of the given year. It typically announces the official COLA change in October. But in using this methodology, Social Security recipients' checks can start falling behind the overall pace of inflation, according to The Senior Citizens League: Price surges can occur — and abate — at any time of the year, and the COLA may not account for those changes, said Alex Moore, the organization’s Social Security and Medicare statistician and managing partner at Blacksmith Professional Services. That's what's been happening in the pandemic and post-pandemic economy: Between January 2020 and December 2023, the CPI-W increased exactly 20% — while the COLA increases have totaled only 19%. A matching increase over that period would have netted Social Security recipients an extra $10 in their monthly payments by 2024, according to NBC News calculations. For fixed-income recipients, every count counts: In the League's most recent membership survey, 34% of retirees said they had visited a food pantry or applied for food stamps over the last 12 months. “About 50% of senior households depend on Social Security as the difference between [staying out of] poverty,” Moore said.
Analyst Sees Pent-Up Demand Impact On Astrana Health's Value-Based Care Model - Astrana Health (NASDAQ:ASTH) 2024-07-11 20:08:00+00:00 - Loading... Loading... Truist Securities upgraded Astrana Health Inc ASTH, a technology-powered healthcare company. Astrana serves over 10,000 providers and 1.0 million patients in value-based care arrangements. With Astrana Health reporting lower trends than peers in the space, Truist wrote the company’s care model has potentially captured “pent-up” demand, adversely impacting the value-based care industry. Thanks to its comprehensive delegation model, the Truist analyst was more confident in the company’s ability to manage utilization and monitor trends. Truist pointed out several underappreciated tailwinds for Astrana, including: Astrana has a significant presence in Southern California, where the CY25 rate updates showed a 5% increase in Los Angeles County compared to a nationwide decline of 0.16%. Astrana Health’s lower-than-average RAF score could be advantageous as the company improves its risk coding. Most investor meetings focused on Astrana’s differentiation from other VBC/Payvider companies, highlighting its profitability (~10% adjusted EBITDA margin) and positive free cash flow. Truist upgraded the rating from Hold to Buy, with a price target of $50, up from $44. The analyst noted the multiple is supported by the company’s attractive growth profile, relatively better visibility, strong profitability, and attractive balance sheet and cash flow profile. Astrana Health projects revenue growth of 25%-30% over the next few years and 15%-20% annually in the longer term, excluding M&A. Including small M&A and tuck-ins, the growth could rise to 20%-25%. EBITDA growth is expected to align with or be slightly below revenue growth, mainly if M&A is part of the strategy. Price Action: ASTH shares are up 16.22% at $44.40 at last check Thursday. Read Next: Photo: Unsplash
Jim Jordan’s latest hearing was a frightening look at American authoritarianism 2024-07-11 20:04:04+00:00 - At a hearing Wednesday, House Judiciary Committee Chairman Jim Jordan gave American businesses yet another preview of the authoritarian rule they can expect to run rampant if Donald Trump is elected president. Ever since Republicans regained control of the House of Representatives, Jordan has used his leadership position to press private businesses to bend to conservatives’ will. Under the guise of opposing government weaponization against conservatives, Jordan has weaponized his role as Judiciary chair to lean on social media companies to try to prevent them from stopping the spread of hate speech and disinformation online — efforts that Jordan and his allies revealingly paint as anti-Republican attacks. And as an extension of that crusade, they’ve targeted corporations that they dubiously claim have avoided advertising with conservatives. It’s all part of the conservative movement’s assault on free enterprise, which continued Wednesday when Jordan invited corporate advertisers to testify and then harangued them. In this clip, for example, Jordan suggests that the advertisers have nefariously avoided advertising on far-right commentator Ben Shapiro’s platform … as Shapiro sits right next to them. The executives, including Unilever USA President Herrish Patel and GroupM global CEO Christian Juhl, pushed back on Jordan’s claims and denied they make advertising decisions based on political views. But the real issue is that this hearing occurred at all. It had the feel of a kleptocracy — a government of people who use their powers to pry resources from citizens and hand those resources to well-connected elites. All this had me thinking about comments made by historian Ruth Ben-Ghiat on Wednesday’s episode of “The ReidOut.” Ben-Ghiat explained to Joy that authoritarian governments like the one Trump hopes to establish are known for their kleptocracy, which often takes the form of attacks on private businesses. You can watch the full segment here. It really puts Jordan’s authoritarian spectacle in context, and serves as a warning about the independence that Americans — and the businesses they run — stand to lose if Trump and his allies win in November.
Marathon Oil agrees to record penalty for oil and gas pollution on North Dakota Indian reservation 2024-07-11 20:03:00+00:00 - Clean-up of abandoned oil and gas wells could yield thousands of new jobs The federal government announced a $241.5 million settlement with Marathon Oil on Thursday for alleged air quality violations at the company's oil and gas operations in the Forth Berthold Indian Reservation in North Dakota. Marathon Oil will be required to pay a civil penalty of $64.5 million, the "largest ever" for violations of the Clean Air Act at stationary sources, officials said. These facilities can include oil and gas tank systems. The Environmental Protection Agency and Department of Justice said the settlement requires Marathon to reduce climate- and health-harming emissions from those facilities and will result in over 2.3 millions tons worth of pollution reduction. Extensive compliance measures will need to be implemented to achieve major reductions in harmful emissions from over 200 facilities across North Dakota, federal officials said. Marathon will also be required to obtain permits with federally enforceable emissions limits at production facilities on the Fort Berthold Indian Reservation and future operations in the state of North Dakota, the Department of Justice said. "This historic settlement - the largest ever civil penalty for violations of the Clean Air Act at stationary sources - will ensure cleaner air for the Fort Berthold Indian Reservation and other communities in North Dakota, while holding Marathon accountable for its illegal pollution," said Attorney General Merrick B. Garland. Marathon Oil is the nation's 22nd largest oil producer, the U.S. Department of Justice said. The company is the 7th largest emitter of greenhouse gas emissions in the oil and gas industry. Marathon officials did not immediately respond to a request for comment.
Want To Be A Pot Master? A New Degree Built Around Cannabis 2024-07-11 20:00:00+00:00 - Loading... Loading... Are you a Pot Master, with robust empirical experience in your cannabis crops? Or maybe someone that loves the plant and wants to build a future around it? If you are from New Jersey or don’t mind the trip, you can now have your knowledge certificated and enhanced. Beginning this fall, Stockton University will become the first college in New Jersey to offer an undergraduate degree in cannabis studies. The Bachelor of Science in Hemp and Cannabis Business Management will prepare students to join a industry that has seen a 66% increase in the number of jobs in the Garden State, according to Stockton Adjunct Professor Rob Mejia. "This year, New Jersey is on track to sell over $1 billion of cannabis products," said Mejia, who teaches Cannabis Studies classes. "You have to pay attention to a $1 billion business. Cannabis and hemp being so unique and regulated, you have to have special skills in order to get involved and be successful in the industry." Cannabis Degree Details Stockton's existing Cannabis Studies minor is already a successful academic program. Introduced in 2018, the minor has already seen over 70 graduates. Building on that hit, the new mayor will broaden its spectrum. It includes courses on cannabis cultivation, social justice, and medical cannabis. And also the much-needed core grounded in business classes such as business policy and strategies, marketing principles, and macroeconomics. The cannabis undergraduate degree emphasizes experiential learning through internships and hands-on projects. Students will gain practical experience in cultivation, processing, marketing. They will also learn about regulatory compliance and building a professional network. Read Also: EXCLUSIVE: Why Professionals With Mainstream Experience Are Crucial In The Cannabis Industry Build A Career In A New Industry “Stockton University is one of America’s most distinctive public universities, consistently ranking among the nation’s finest educational institutions.”, read on the college’s website. Graduates from the new mayor will be equipped with fundamental business skills in management, finance, accounting, marketing, operations, and business analytics. Moreover, they can identify problems, determine potential solutions, and deliver plans for marketable products or services. Stockton's commitment to providing high-quality, co-curricular experiences ensures that graduates are industry-ready. In March 2023, the number of cannabis- and hemp-related jobs in New Jersey was about 7,400, according to Vangst. Not surprisingly, that number jumped to about 12,200 in March 2024 and continues to grow as the state opens new licensing classes in distribution, wholesaling, and delivery. It’s no secret that professionals with high levels skills are much needed in the industry, so this cannabis degree might just be your opportunity to jump on board. Remember, salaries and job openings have been performing quite well recently.
Delta says the Olympics will cost it $100 million as travelers skip Paris 2024-07-11 19:49:00+00:00 - For more than 10,000 Olympic athletes, making it to Paris this summer is a dream come true. Thousands of potential tourists feel otherwise. Delta Air Lines says travelers are avoiding the city this summer and booking to destinations elsewhere, amounting to a $100 million hit for the airline during an otherwise bustling summer for European travel, CEO Ed Bastian said. Delta’s third-quarter profit and revenue forecast fell short of Wall Street expectations after airlines flooded the market with added flights. The airline reiterated its full-year outlook Thursday. “Unless you’re going to the Olympics, people aren’t going to Paris...very few are,” Bastian told CNBC. “Business travel, you know, other type of tourism is potentially going elsewhere.” Delta has the most service of any U.S. airline to Paris and has a joint venture with Air France. Together the two carriers have approximately 70% market share in nonstop service between the U.S. and France, according to consulting firm ICF. On July 1, Air France-KLM, the parent of Air France, forecast a revenue hit of as much as 180 million euros $195.5 million) in June through August because of the Olympic Games. “International markets show a significant avoidance of Paris,” the company said. “Travel between the city and other destinations is also below the usual June-August average as residents in France seem to be postponing their holidays until after the Olympic Games or considering alternative travel plans.” Bastian said Paris demand after the Olympics, which run July 26 through August 11, will likely be strong. “During the period itself there’s a little bit of a hesitation,” he said. Air France-KLM had a similar projection. One clear deterrent for mid-summer travel to Paris: Prices for hotel rooms are set to skyrocket. Hotel-data firm STR said revenue per available room for upscale hotels in Paris will soar as much as 45% in July and August from last year. Meanwhile, it forecast a 3% to 5% increase in the metric in London and 2% to 4% increase in Rome for the same months over 2023. Many travelers were already shifting their European vacations beyond the traditional summer travel season, Delta’s president, Glen Hauenstein, said on an earnings call on Thursday. That gives airlines a chance to earn more revenue outside of traditional peak seasons. “We see the season extending as a whole group of people, whether or not it’s retirees, whether or not it’s people with double incomes and without children, who don’t have the school concerns,” he said. “It’s actually a better time to go to Europe in September and October than it is potentially in July and August when the weather is so hot and everything is so packed.” He also said Delta is seeing a boom in travel to Japan, thanks in large part to a favorable exchange rate for U.S. tourists. “When the yen was 83 [per U.S. dollar], it was very difficult to be able to afford to go see Japan and all the great things that Japan has to offer. With the yen at 160, it’s a very different world for U.S. travelers and they seem to be taking great advantage of that,” he said. Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.