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☆ Americans have spent their savings. Economists worry about what comes next
▼ + stars: | 2024-05-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But now that extra spending money is gone, economists are concerned about what comes next. That means many Americans have more debt than savings and suggests “that American households fully spent their pandemic-era savings as of March 2024,” they wrote in a recent report. Consumer spending plays a crucial role in driving economic growth in the United States, and it has shown remarkable strength over the past two years. “A continuing strong labor market could help consumers maintain spending patterns similar to those observed recently, even without pandemic-era savings,” they wrote. What comes next: Disney, Airbnb, Uber, Anheuser-Busch, Tapestry and Dillards all report later this week — investors will look for any comments about how consumer spending, or lack thereof, is altering revenue forecasts for 2024.

Persons: Hamza Abdelrahman, Luiz Edgard Oliveira, ”, Austan Goolsbee, ’ ”, Fitch, Sarah Wyeth, Chris Kempczinski, Abdelrahman, Airbnb, Warren Buffett, Berkshire Hathaway, Greg Abel, Buffett, “, Abel, isn’t, Boeing “, Scott Stocker, Read Organizations: CNN Business, Bell, New York CNN, San Francisco Federal Reserve, Chicago Federal, Society for, ”, Shoppers, Tyson Foods, “, Disney, Anheuser, Busch, Berkshire, International Monetary Fund, Industries, Nvidia, Microsoft, FAA, Boeing, Federal Aviation Administration, CNN Locations: New York, United States, Omaha , Nebraska, Omaha, scamming

☆ I love Quarter Pounders. But I don’t get why people enjoy chicken
▼ + stars: | 2024-05-04 | by ( Saira Mueller | ) edition.cnn.com time to read: +6 min

I’ve never really understood why people enjoy eating chicken. Like the frenzy of people crowding Chick-fil-A or Popeyes when a limited-edition chicken sandwich goes on sale, as if it were the latest iPhone release. Or the fact that there’s something called the “chicken sandwich wars,” which could return in 2024 — thanks in part to the recent limited release of two new McDonald’s crispy chicken sandwiches. Compared to the aroma of freshly baked bread or the sizzle of bacon — scents that beckon me closer — the fried chicken smell is like an unwelcome intrusion. Why exactly do you enjoy eating chicken?

Persons: CNN —, I’d, ”, Shannon Stapleton, chow, Homer Simpson, I’ve, Michael Nagle, ” I’m, I’m Organizations: CNN, Reuters, Bloomberg, Getty Locations: Louisiana, New York City, New York, South Africa

☆ Restaurants are competing for frugal diners’ dollars
▼ + stars: | 2024-05-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

For some restaurants, it feels like a battle to get them to spend. Olive Garden-parent Darden Restaurants saw same-restaurant sales dip during its most recent quarter. Darden saw sales from households with incomes above $150,000 climb from the prior year. What to expect in Friday’s jobs reportThe US job market has been on a roll for the past three years. That’s about 25,000 more jobs per month than last year and 111,000 more per month than in 2019.

Persons: ”, Laxman Narasimhan, “, we’ve, Ian Borden, Ricardo Cardenas, Scott Sheffield, “ Mr, —, Matt Egan, Read, Alicia Wallace, ” Julia Pollak, ZipRecruiter Organizations: CNN Business, Bell, New York CNN, Starbucks, Darden, OPEC, Federal Trade Commission, Sheffield, Organization of, Petroleum, Saudi Arabia, Regulators, Pioneer Natural Resources, CNN, of Labor Statistics Locations: New York, China, Olive, American, Saudi, Sheffield, Texas, OPEC, Russia

☆ McDonald’s earnings miss estimates as diners pull back, Middle East boycotts hit sales
▼ + stars: | 2024-04-30 | by ( Amelia Lucas | ) www.cnbc.com time to read: +4 min

McDonald's reported mixed quarterly results Tuesday as its reorganization weighed on its profit and boycotts hurt its Middle Eastern sales. McDonald's reported U.S. same-store sales growth of 2.5%, missing expectations of 2.6%. A month into the second quarter, McDonald's U.S. same-store sales are roughly flat, executives said. McDonald's said the segment's same-store sales fell 0.2%, marking the first time since the pandemic that one of the chain's divisions reported a same-store sales decline. McDonald's international operated markets segment, which includes Germany and the United Kingdom, reported same-store sales growth of 2.7%.

Persons: McDonald's, Chris Kempczinski, Kempczinski, Ian Borden, we've, Borden Organizations: LSEG, U.S Locations: U.S, Israel, Japan, Latin America, Germany, United Kingdom

☆ Say goodbye to Ruby Tuesday and Chili’s. These are the hot new restaurants at the mall
▼ + stars: | 2024-04-28 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

As anchor department stores left malls, so did some name-brand chains like Ruby Tuesday, Chili’s, Applebee’s and others. What’s taking their place illustrates a large shift in US tastes: There’s a boom in smaller and regional restaurant chains with a local following. At the same time, many national chains are prioritizing drive-thru locations over their sit-down restaurants in malls. Chick-fil-A restaurants were only located in mall food courts for the company’s first 20 years. “Traditional mall restaurants were casual dining chains like Chili’s, TGI Fridays, and quick-service restaurants in food courts.

Persons: Ruby, What’s, Paul Hennessy, ”, Chris Simms, Simms, Gabby Jones, Mark Hunter, CBRE, RJ Hottovy, ” Hottovy, David Kim, ” Kim, It’s Organizations: New, New York CNN, Anadolu Agency, Getty, “, Food, JCPenney, Nordstrom, Green, Westfield Garden, Bloomberg, Deloitte, NV Locations: New York, Applebee’s, Orlando , Florida, Paramus , New Jersey, United States, Greenbriar, Atlanta, Korean, Henderson

☆ What is divestment? And does it work?
▼ + stars: | 2024-04-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

From Princeton University in New Jersey to the University of Southern California in Los Angeles, the same chant can be heard: “Disclose! The specifics of student protesters’ divestment demands vary in scope from school to school. Other students, like those at Cornell University and Yale, are asking their schools to stop investing in weapons manufacturers. Other common threads include demanding universities disclose their investments, sever academic ties with Israeli universities and support a ceasefire in Gaza. Proponents for divestment counter that its value lies in raising awareness and stigmatizing partnerships with targeted regimes or industries.

Persons: “, ” Israel, Witold Henisz, Henisz, ”, Nicholas Dirks, ” Dirks, Dirks, “ They’ll, Anna Cooban, Michelle Bowman, Eli Lilly, Estee Lauder, Jerome Powell Organizations: New, New York CNN, Palestinian, Princeton University, University of Southern, Columbia University Apartheid, Columbia, Cornell University and Yale, Research, The Wharton School, University of Pennsylvania, CNN, University of California, Columbia’s Faculty of Arts and Sciences, Federal Reserve, European Central Bank, Dallas Fed, Samsung, AMD, Starbucks, Benz Group, Volkswagen, PayPal, adidas, Diamondback Energy, Restaurant Brands, Pinterest, Caesars Entertainment, PMI, Conference Board, Mastercard, Qualcomm, Pfizer, Marriott, eBay, US Commerce Department, Apple, Novo Nordisk, Shell, ConocoPhillips, Cigna, Universal Music Group, Hershey, US Labor Department Locations: New York, New Jersey, University of Southern California, Los Angeles, Columbia, Palestine, Israel, Gaza, South Africa, Berkeley, United States, Europe, DoorDash

☆ Opinion | The Small-Business Tyrant Has a Favorite Political Party
▼ + stars: | 2024-04-23 | by ( Jamelle Bouie | ) www.nytimes.com time to read: +1 min

Despite the blue-collar affectations of some of its most visible leaders or the populist rhetoric of its most vocal cheerleaders, it has never been more obvious that the Republican Party is the party of the boss, and in particular the party of the small-business tyrant. Who or what is the small business tyrant? It’s the business owner whose livelihood rests on a steady supply of low-wage labor; who opposes unions, resents even the most cursory worker protections and employee safety regulations, and who views those workers as little more than extensions of himself, to use as he sees fit. The small-business tyrant is, to borrow an argument from the writer and podcaster Patrick Wyman, an especially reactionary member of America’s landowning gentry: local economic elites whose wealth comes primarily from their ownership of physical assets. Those assets, Wyman explains, “vary depending on where in the country we’re talking about; they could be a bunch of McDonald’s franchises in Jackson, Mississippi, a beef-processing plant in Lubbock, Texas, a construction company in Billings, Montana, commercial properties in Portland, Maine, or a car dealership in western North Carolina.”To look at Republican politics at the state level is to see an economic agenda dominated by the worst of this particular class.

Persons: podcaster Patrick Wyman, Wyman Organizations: Republican Party, Republican Locations: Jackson , Mississippi, Lubbock , Texas, Billings , Montana, Portland , Maine, North Carolina

☆ Opinion | Is the Internet the Enemy of Progress?
▼ + stars: | 2024-04-19 | by ( Ross Douthat | ) www.nytimes.com time to read: +5 min

But it’s 29 years old, written when the true internet era was still just a gleam in Al Gore’s eye. You could further argue that the passage predicted the Great Stagnation that Tyler Cowen identified in 2011, the productivity slowdown and disappointing economic growth that followed the initial 1990s-era internet boom. Writing for Quillette, he argues that globalization and homogenization have reduced cultural competition in roughly the way that the “Lost World” passage describes. It’s not just that we’re forgoing opportunities to improve our macro cultures. Shouldn’t we expect that macro cultures, when selection is weak, will drift into dysfunction just as firm cultures do?

Persons: Marc Andreessen, Michael Crichton’s, Crichton’s, Ian Malcolm, ” Malcolm, Al, John, Tyler Cowen, Malcolm, Crichton, Robin Hanson, It’s, Hanson, ” Organizations: Benetton, Western, George Mason University Locations: Bangkok, Tokyo, London, Al Gore’s, John Hammond’s, Davos, South Korea

☆ California just hiked minimum wage for fast food workers. Some restaurants are replacing them with kiosks
▼ + stars: | 2024-04-11 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +9 min

New York CNN —California just raised the minimum wage for the state’s fast food sector workers by $4 to $20. And, although many casual observers disagree, higher wages for fast food workers could actually help fast food owners, Dongoski said. The employment level in fast food restaurants still hasn’t reached pre-pandemic levels. This has nothing to do with minimum wage.”However, the minimum wage increase serves as an accelerant, Brown said. The changes are necessary, said Ghai, who employs 3,700 fast food workers in California.

Persons: ”, Rob Dongoski, Dongoski, hasn’t, ” Dongoski, McDonald’s, Katie Fogerty, “, David Paul Morris, Burger, Marbue Brown, we’ve, ” Brown, that’s, Brown, “ It’s, Taco, Ghai, “ Everyone’s, ” Ghai, he’s, Harsh Ghai, Condie, ” Condie Organizations: New, New York CNN, Bloomberg, Getty, Burger, Taco Bell, CNN, California Restaurant Association Locations: New York, California, Kearney, Larkspur , California, New York City

☆ Dollar stores are shutting down across America. They did this to themselves
▼ + stars: | 2024-04-11 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +7 min

Dollar Tree believed acquiring Family Dollar would help it compete against larger rivals. “When Dollar Tree bought Family Dollar, they didn’t really know what they were doing,” D’Arezzo said. Many Family Dollar stores were located too close to each other and cannibalized each other’s own sales, too, D’Arezzo said. Family Dollar “needs more work than the company originally thought.”A year later, an activist investor pushed for a sale of the “underperforming” Family Dollar business, and Family Dollar announced it would close 390 stores. Dollar Tree and Family Dollar executives say Family Dollar can still succeed, however.

Persons: Dollar, Ron Holman, ” Neil Saunders, GlobalData, “, ”, David D’Arezzo, Rick Dreiling, Kelly Bania, Carl Icahn, Nelson Peltz —, ” D’Arezzo, D’Arezzo, Dreiling Organizations: New, New York CNN, Visalia Times, USA, Dollar, BMO Capital Markets, “, Street, Justice Department, Bloomberg, Walmart, Costco Locations: New York, West Coast and Texas, West Memphis, ”, California , Nevada , Arizona, Texas, California

☆ McDonald’s buys all of its Israeli franchise restaurants amid damage from Middle East turmoil
▼ + stars: | 2024-04-04 | by ( Maisie Linford | Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —McDonald’s will buy every one of its 225 franchise restaurants in Israel, it announced Thursday, just weeks after saying that the Israel-Hamas war was hurting its business. The fast food giant said it had struck an agreement with Israeli franchise Alonyal to buy the firm’s McDonald’s (MCD) franchise restaurants in the country. The vast majority of McDonald’s stores around the world are run by local franchise operators. Many McDonald’s operators in the wider region quickly distanced themselves from the Israeli firm’s actions. Franchise groups in Kuwait and Pakistan, for example, issued statements saying they did not share ownership with the Israeli franchise.

Persons: London CNN —, Omri Padan, Alonyal, McDonald’s, “, Chris Kempczinski, , Kempczinski Organizations: London CNN, Alonyal Locations: Israel, Kuwait, Pakistan

☆ A double dose of hell: The Bataan Death March and what came next
▼ + stars: | 2024-04-03 | by ( Brad Lendon | ) edition.cnn.com time to read: +15 min

The Death MarchThat surrender site in Balanga doesn’t mark the beginning of the Bataan Death March. “It looked like they were really trying to kill us all.”White markers along a highway on the Bataan Peninsula show the route from the 1942 Bataan Death March. A boxcar used during the infamous 1942 Bataan Death March, displayed at the Capas National Shrine in Tarlac Province, north of Manila. All but Meyer also survived the Bataan Death March. A relief depicts the 1942 Bataan Death March on the Death March Memorial in Capas, Philippines.

Persons: Philippines CNN —, Edward P, King, Franklin Roosevelt, Douglas MacArthur, Edward King, “, …, ”, Matoo Nakayama, Masaharu Homma, Camp O'Donnell, AP Survivor James Bollich, ” Bollich, Brad Lendon, Tillman R, Rutledge, O’Donnell, defecated …, –, Manuel Abrazado, Emilio Aquino, Romeo Gacad, MacArthur’s, Robert Overbeck, Calvin Graef, Avery Wilber, Donald Meyer, Anton Cichy, Meyer, Overbeck, They’d, Charles, ” Overbeck, Arisan Organizations: Philippines CNN, Museum, Balanga Elementary, Bataan, Bettmann, US Army, US Navy, Gen, Army, AP Survivor, Air Force News Service, CNN, US Clark Air Base, Kyodo, Heritage Command, US Defense, Agency, Disabled, Getty, Mount, 14th Air Force, former Flying Tigers Locations: Philippines, Philippine, Bataan, American, Corregidor, Bataan As, Harbor, Hawaii, Luzon, Manila, Gen, Marileves, Mariveles, Capas, San Fernando, Tarlac Province, …, O’Donnell, ., Balanga, Tarlac province, AFP, Japan, China, Bashi, Taiwan, South China, Kunming, Asia, Washington, North Africa, Geneva, Arisan Maru

☆ Half a million California fast food workers will now earn $20 per hour
▼ + stars: | 2024-04-01 | by ( Natasha Chen | ) edition.cnn.com time to read: +7 min

CNN —As of Monday, about half a million fast food workers in California are making at least $20 per hour, $4 higher than the overall state minimum wage. This council can also recommend standards for fast-food worker safety and work with existing state agencies to investigate issues like wage theft. Mendelsohn, who owns six El Pollo Loco locations, has long championed workers’ rights, including helping trans workers connect with jobs. “I just wish it was being done over a longer period of time and it wasn’t just fast food,” Mendelsohn said. Additionally, they hope the council can discus fair working conditions, including wage theft, excessive heat and violence at work.

Persons: “, ”, Jaylene Loubet, We’re, Michaela Mendelsohn, Scott Rodrick, Rodrick, ” Rodrick, it’s, I’ve, Mendelsohn, you’re, ” Mendelsohn, Loubet, ” Loubet, isn’t Organizations: CNN, El, Workers, ” Locations: California, San Francisco Bay, “, Los Angeles

☆ McDonald’s CA franchisee on new minimum wage: The sheer scale of the impact is just breathtaking
▼ + stars: | 2024-04-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMcDonald’s CA franchisee on new minimum wage: The sheer scale of the impact is just breathtakingScott Rodrick, McDonald’s California franchisee, joins 'Squawk Box' to discuss news of the new fast-food minimum wage hike in California, the impact on franchise operators in the state, and more.

Persons: Scott Rodrick Organizations: McDonald’s Locations: California

☆ Taylor Swift’s father will not face charges for alleged paparazzi assault, Australian police say
▼ + stars: | 2024-03-26 | by ( Heather Chen | Hilary Whiteman | ) edition.cnn.com time to read: +2 min

CNN —Taylor Swift’s father will not face charges for allegedly assaulting a paparazzi photographer in Sydney last month, Australian police have confirmed. “No further police action” would be taken, the spokesperson said of the case involving Swift’s 71-year-old father Scott, dubbed “Papa Swift” by many of the megastar’s fans. Sharing his account with CNN, McDonald said one of Swift’s security guards had forced an umbrella into his face and camera. Scott Swift punched him after that, he said. In response to McDonald’s claims, a spokesperson for Swift told CNN that threats had been made against a member of her staff.

Persons: CNN — Taylor Swift’s, “, ”, Scott, “ Papa Swift, Ben McDonald, Scott Swift, McDonald, Swift’s, ” McDonald, Swift, Taylor Organizations: CNN, New, Police Force, NSW Locations: Sydney, New South Wales, NSW, Sydney Harbor, Australia

☆ Krispy Kreme doughnuts are coming to McDonald’s
▼ + stars: | 2024-03-26 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

Three types of Krispy Kreme donuts — original glazed, chocolate iced with sprinkles and chocolate iced “kreme” filled — will go on sale at McDonald’s restaurants starting later this year, the companies told CNN on Monday. Krispy Kreme is giving away a free glazed doughnut to guests who visit a Krispy Kreme location between 5 and 9 pm on Tuesday to celebrate the partnership. The addition of a Krispy Kreme donut to the McDonald’s customer’s breakfast order began as a test at 160 restaurants in Kentucky. But customers can buy Krispy Kreme doughnuts in other places, such as Walmart and other grocery stores. “By making Kreme Krispy accessible to fans nationwide through this partnership, we expect to more than double our points of access by the end of 2026,” said Krispy Kreme President and CEO Josh Charlesworth in a statement.

Persons: It’s, Wendy’s, McDonald’s, Ian Borden, Chris Kempczinski, ”, Krispy, Josh Charlesworth Organizations: New, New York CNN, CNN, Walmart Locations: New York, Cinnabon, Kentucky

Donald Trump-backed Senate Republican candidate Bernie Moreno, who won a tough primary race last week in Ohio, refused to say if he believes the 2020 presidential election was stolen from the former president. We’ve had like three elections since then,” he told CNN last week as he departed a meeting of the Republican conference in the Capitol. “This is not the topic I think people think about,” he said. In January, Moreno’s campaign released a digital ad in which Moreno looked directly into the camera and said, “President Trump says the election was stolen, and he’s right.”The primary pitted Moreno against more establishment Republican candidates such as Matt Dolan. it’s good to be a Republican, you get to have a spirited debate as to who your candidate should be,” he said.

Persons: Donald Trump, Bernie Moreno, “, We’ve, ”, Mitch McConnell, Moreno’s, Moreno, Trump, Matt Dolan, ” CNN’s Manu Raju Organizations: Republican, CNN, “, Democrats, Republicans Locations: Ohio, McDonald’s

☆ Tesco and Sainsbury’s working to fix technical issues that suspended food deliveries to customers
▼ + stars: | 2024-03-16 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +1 min

New York CNN —Some of the United Kingdom’s largest supermarket chains are grappling with technical issues that have left customers without grocery deliveries and unable to make contactless payments. Sainsbury’s, which owns 600 grocery stores and 800 convenience locations across the country, said on Saturday that “an error with an overnight software update” has prevented the company from fulfilling “the vast majority” of grocery deliveries to customers. Sainsbury’s did not specify how many customers were affected. The malfunction only affected a small portion of orders, and impacted customers have not been charged. In-store shopping and placing online orders are not affected, Tesco said.

Persons: Sainsbury’s, Sainbury’s, McDonald’s Organizations: New, New York CNN, United Kingdom’s, CNN, Tesco Locations: New York, United States, Australia, Japan, Hong Kong, United Kingdom

☆ Friday rapid fire: McDonald’s, Micron and Snowflake
▼ + stars: | 2024-03-15 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFriday rapid fire: McDonald’s, Micron and SnowflakeJim Cramer on Friday discussed McDonald’s technology outage, while also previewing Micron’s earnings report and reacting to an upgrade of tech firm Snowflake.

Persons: Snowflake Jim Cramer Organizations: Micron

London/Hong Kong CNN —McDonald’s has been hit by a system failure in Australia, Japan, Hong Kong and the United Kingdom, with many stores forced to close and online ordering suspended. “Many stores across the country have temporarily suspended operations,” McDonald’s Japan said in a post on X Friday. “There is currently a system failure,” it said earlier. McDonald’s stores around Australia were affected by a major outage Friday, with customers struggling to place orders, CNN affiliate 9 News reported. Please order directly at the restaurant counter.”In the UK, Maria Avram, who works at a McDonald’s store in London, told CNN that there was a system outage between 6 a.m. and 7 a.m. local time (2 a.m and 3 a.m.

Persons: Hong Kong CNN — McDonald’s, CNN McDonald’s Hong, Maria Avram, McDonald’s Organizations: Hong Kong CNN, CNN, CNN McDonald’s, Facebook Locations: Hong Kong, Australia, Japan, United Kingdom, CNN McDonald’s Hong Kong, London

☆ Premarket stocks: This investor predicted the dot-com bust. He thinks AI is a bubble that will ‘deflate’
▼ + stars: | 2024-03-14 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York (CNN) — Is the artificial intelligence boom on Wall Street a bubble primed to burst or the real deal? That’s the question investors have wrestled with since the Magnificent Seven tech stocks began turbocharging a powerful market rally last year. “A new bubble within a bubble like this, even one limited to a handful of stocks, is totally unprecedented,” he wrote in a Monday blog post. “The long-run prospects for the broad US stock market here look as poor as almost any other time in history,” he wrote. Still, the notorious market bear sees some areas of opportunity in the stock market.

Persons: —, Jeremy Grantham, ”, Grantham, Granthan, “, Hanna Ziady, Abu, Adnoc, NewMed Energy’s, Gan, Marc Stewart, Wayne Chang, ByteDance, ” Wang Wenbin, Wang Organizations: CNN Business, Bell, CNN, ” Tech, Monster, Nvidia, Boston, Federal Reserve, ChatGPT, BP, UAE, United Arab Emirates, NewMed Energy, Energy, Starbucks, McDonald’s, KFC, CNN Wednesday Locations: New York, Grantham, Israel, Gaza, Tel Aviv, China, America, American, Beijing

☆ BP and UAE suspend $2 billion gas deal in Israel as Gaza war drags on
▼ + stars: | 2024-03-13 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —BP and an oil company owned by the United Arab Emirates have shelved talks to buy a 50% stake in Israel’s leading natural gas producer, judging the $2 billion deal too risky as the war in Gaza rages. “There can be no certainty that discussions will resume or that an agreement will be reached in the future, nor as to the terms of an agreement should one be reached,” NewMed Energy said. But the war has strained those ties, and the UAE has repeatedly called for an “immediate ceasefire” in Gaza. Separately, BP was one of six companies awarded licenses by Israel’s energy ministry in October to explore for natural gas off the country’s Mediterranean cost. Last month, they announced a joint venture to develop natural gas assets in Egypt.

Persons: Abu, Adnoc, NewMed Energy’s, Delek Organizations: London CNN, BP, United Arab Emirates, Energy, Starbucks, McDonald’s, KFC, NewMed Energy, Reuters, NewMed, Chevron Locations: Gaza, Tel Aviv, Israel, UAE, Egypt

☆ McDonald’s prices are up, so lower-income consumers are eating at home
▼ + stars: | 2024-03-13 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

“It’s a challenging consumer environment,” said Ian Borden, McDonald’s CFO, noting that many consumers are trying to manage inflation, higher interest rates and dwindling savings. That includes their spending on food at restaurants such as McDonald’s, fast-food restaurants that historically prize value and affordability as core business values. According to February inflation data in the Consumer Price Index, food at home prices grew 1% year over year, while restaurant prices rose 4.5% over the last year. But the current surge in restaurant prices has flipped the script from a year ago, when it was cheaper to dine out. At that time, restaurant prices were up 8.4% and grocery prices were up 10.2% year over year.

Persons: “, ”, Ian Borden, ” Borden, Borden, McDonald’s, Dollar Organizations: New, New York CNN, Consumers, Company, Dollar General, Walmart Locations: New York, United States

☆ TikTok creators fear US ban as the House prepares to vote on crackdown bill
▼ + stars: | 2024-03-12 | by ( Brian Fung | ) edition.cnn.com time to read: +6 min

As House lawmakers prepare to vote on the bill Wednesday, TikTok is encouraging users to call their representatives with a full-screen notification about the legislation. Okamoto’s TikTok account features videos on women’s health, sex education and the occasional glimpse into her personal life. Her sisters are TikTok creators in their own right, one of whom is using her income from TikTok to pay her own way through college, Okamoto said. It’s so tired,” said Grey Prnce, who together with her spouse, Grayson France, co-manages the TikTok account @officiallyverygay. Thus was born @Got2GoNYC, a TikTok account that aims to map all the publicly accessible toilets in the city.

Persons: Washington CNN — TikTok, TikTok, Shou Chew, Nadya Okamoto, Okamoto, She’s, “, ” Okamoto, it’s Chew, ”, Grey Prnce, Grayson France, Teddy Siegel, Siegel, ducking, @Got2GoNYC, ” Siegel, it’s, Prnce Organizations: Washington CNN, Target, CNN, Chinese Community Party Locations: China, Beijing, United States, New York City, Utah, Salt Lake City

☆ Food prices hold steady, but Americans have a beef with the cost of a burger
▼ + stars: | 2024-03-12 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

For burger proprietors — including smaller, mom-and-pop shops — and burger lovers alike, the price environment may not get any easier. Nearly eight decades later, the Owl Burger remains a draw, but it’s become noticeably more expensive since Covid. “Maybe 45 cents each year,” Argabright told CNN in an interview, adding that the Owl Burger sits at $7.95 now. “When you’re ordering pounds and pounds and pounds of it, it adds up pretty quick.”Beth Steele, founder of Beth's Burger Bar, in Edgewood, Florida. Where’s the beef price headedLike most aspects of inflation, there are several contributing factors behind higher burger prices.

Persons: that’s, ”, Tyler Schipper, Thomas, “ We’re, Wendy’s, Fries, Burger, Frank Chavez, it’s, Janice Argabright, ” Argabright, Beth Steele, Steele, “, hasn’t, we’re, Schipper, “ Don’t, ” Schipper Organizations: CNN, University of St, Trinity, Beth’s, Beth's, American Farm Bureau Federation Locations: Minnesota, San Antonio , New Mexico, Orlando, Beth’s Burger, Beth's Burger, Edgewood , Florida, Texas

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