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Judge who Nixed Musk’s Pay Mulls Massive Fee Request from Lawyers
WILMINGTON, Del. (AP) — A Delaware judge heard arguments Monday over a massive and unprecedented fee request by lawyers who successfully argued that a massive and unprecedented pay package for Tesla CEO Elon Musk was illegal and should be voided. Attorneys for a Tesla stockholder who challenged Musk’s 2018 compensation package are asking Chancellor Kathaleen St. Jude McCormick to award them legal fees in the form of stock in the electric vehicle company valued at more than $7 billion at current trading prices. The 2018 compensation package for Musk that was rescinded by the judge was potentially worth more than $55...
Small Businesses Continue to Suffer from Rent Inflation
NEW YORK (AP) — Cost pressures continue to hurt small businesses. In particular, rent inflation is a pressure point for small businesses, according to new data from the Bank of America Institute. The average monthly share of rent in total payments through May is 9.1%, up significantly from the 2019 average of 5.9%. Some parts of the country have higher rents. In Las Vegas, for example, the average share of rent in May was more than double the national average. But easing wage inflation has taken some pressure off of small businesses. Bank of America Institute found total nonfarm payroll growth remains strongest...
Debate as AI-Driven Car Hits Person Crossing Against Light in China
BEIJING (AP) — A driverless ride-hailing car in China hit a pedestrian, and people on social media are taking the carmaker’s side, because the person was reportedly crossing against the light. The operator of the vehicle, Chinese tech giant Baidu, said in a statement to Chinese media that the car began moving when the light turned green and had minor contact with the pedestrian. The person was taken to a hospital where an examination found no obvious external injuries, Baidu said. The incident on Sunday in the city of Wuhan highlights the challenge that autonomous driving faces in complex situations, the Chinese...
Fed’s Powell Highlights Slowing Job Market in Possible Rate Cuts Sign
WASHINGTON (AP) — The Federal Reserve faces a cooling job market as well as persistently high prices, Chair Jerome Powell said in written testimony Tuesday, a shift in emphasis away from the Fed’s single-minded fight against inflation of the past two years that suggests it is moving closer to cutting interest rates. The Fed has made “considerable progress” toward its goal of defeating the worst inflation spike in four decades, Powell said in his testimony to the Senate Banking Committee. "Inflation has eased notably” in the past two years, he added, though it still remains above the central bank’s 2% target. Powell pointedly...
King Arthur Baking’s CEO on the Flour Company’s Post-Pandemic Rise
As America’s oldest flour company, King Arthur Baking Co. has seen a lot. It opened in 1790, when George Washington was president. But little could have prepared it for the start of the coronavirus pandemic, when demand for King Arthur's products jumped six-fold almost overnight. The company, based in Norwich, Vermont, scrambled to manage supply chains, ramp up production and to focus on in-demand items like bread flour. CEO Karen Colberg, who worked in marketing at Gap Inc. before joining King Arthur in 2005, says the company leaned into its strengths. King Arthur already had a robust mail-order business, which makes up...
Work Friends Can Be Hard to Find: How to Combat Loneliness at Work
Twice each month, executives at the dating app company Hinge gather for a team meeting. But rather than dive into discussions about metrics or revenue, they begin by simply talking. For the first 30 minutes of the two-hour meeting, these coworkers reveal hopes and anxieties — what they worry about, what they’re grateful for, what they’re feeling. Even at a company focused on connecting people, forging real relationships in the workplace takes effort, Hinge CEO Justin McLeod told an audience at the South by Southwest conference earlier this year. He was co-presenting at the event with Ann Shoket, whose initiative to...
U.S. Housing Slump Deepened This Spring
LOS ANGELES (AP) — The housing market shows few signs of busting out of its three-year funk after a disappointing spring season and amid a gloomy outlook for the summer and fall. Home shoppers came into 2024 with optimism that mortgage rates would ease further after a decline late last year. But those hopes faded as stronger-than-expected data on inflation and the economy clouded the timing of a possible rate cut by the Federal Reserve. By April, the average rate on a 30-year home loan moved above 7% for the first time since November. That, plus record-high home prices, forced many would-be...
Paramount and Skydance Merge Forming $28 Billion Combined Company
NEW YORK (AP) — The entertainment giant Paramount will merge with Skydance, closing out a decades-long run by the Redstone family in Hollywood and injecting desperately needed cash into a legacy studio that has struggled to adapt to a shifting entertainment landscape. It also signals the rise of a new power player, David Ellison, the founder of Skydance and son of billionaire Larry Ellison, the founder of the software company Oracle. Shari Redstone's National Amusements has owned more than three-quarters of Paramount’s Class A voting shares through the estate of her late father, Sumner Redstone . She had battled to maintain control...
Documenting the History of Amex as an In-House Historian
NEW YORK (AP) — Ira Galtman is part of a small community of corporate archivists. They are historians, cataloguers and documentarians for large companies. They keep track of how companies change their products over time, while also looking for ways for the company to harken back to its history. For nearly three decades, Galtman’s job has been to document how American Express went from a packing, shipping and express stagecoach company in New York in 1850, to the inventor of the traveler’s cheque in the 1890s to the credit card company it is today. He’s also popular on TikTok, where cardmembers...
Air Travel is Getting Worse, Passenger Surveys tell U.S. Government
WASHINGTON (AP) — Air travel got more miserable last year, if the number of consumer complaints filed with the U.S. government is any measure. The Transportation Department said Friday that it received nearly 97,000 complaints in 2023, up from about 86,000 the year before. The department said there were so many complaints that it took until July to sort through the filings and compile the figures. That's the highest number of consumer complaints about airlines since 2020, when airlines were slow to give customers refunds after the coronavirus pandemic shut down air travel. The increase in complaints came even as airlines canceled far...
Wall Street Up On Jobs Report Rate-Cut Hopes
NEW YORK (AP) — U.S. ticked toward more records Friday after a highly anticipated report on the job market bolstered Wall Street’s hopes that interest rates will soon get easier. The S&P 500 was 0.3% higher in midday trading and on track to set an all-time high for a third straight day following Thursday's pause for the Fourth of July holiday. The Dow Jones Industrial Average was essentially flat, as of 12:10 p.m. Eastern time, and the Nasdaq composite was adding 0.7% to its own record. The action was more decisive in the bond market, where Treasury yields sank following the nuanced...
Big Business This Week: Engagements, Reunions, and Hot Dogs
Three Cheers for the Nepo-Moguls! Skydance Media is ready to wed Paramount. Skydance, the movie studio created by David Ellison, whose dad, Larry, is the gazillionaire founder of software giant Oracle, has reportedly agreed to pay $1.75 Billion for control of National Amusements, Inc., the holding company of Shari Redstone, whose dad, Sumner, used the one-time movie theater business to acquire CBS, Viacom, Paramount, MTV, and a host of other media properties. National Amusements will refer the deal to a special committee of Paramount directors for review, The Wall Street Journal reported, citing a source with knowledge of the proposed...
The Best Beaches in the West, According to the ‘Beach Doctor’
The rankings for the best beaches in the United States are in, and several are located out West. Stephen P. Leatherman, PhD , a professor and director of the Laboratory for Coastal Research at Florida International University, is commonly referred to by his nickname “Dr. Beach.” As a kickoff to the summer season , Dr. Beach is sharing his professional take on top beaches, which he’s announced every year since 1991. In his explanation, he also reflected on the key differences between West and East Coast conditions. “The sand on the West Coast is softer and whiter, keeping it cool even...
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