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NEW YORK (AP) — Walmart Inc. is raising the starting base pay for store managers, while redesigning its bonus plan that will put more of an emphasis on profits for these leaders. Roughly 75% of its store management started out as hourly workers, Walmart said. Walmart said that the store managers' new starting annual base wage ranges will be from $90,000 to $170,000. Walmart announced in January 2023 that U.S. workers would get pay raises the following month, increasing starting wages to between $14 and $19 an hour. Starting wages had previously ranged between $12 and $18 an hour, depending on location.

Persons: Cedric Clark, Clark, “ They're, ”, “ We’re Organizations: — Walmart Inc, Walmart, Walmart's U.S, Auto Care Centers Locations: Bentonville , Arkansas, U.S

☆ Oil retreats on caution ahead of OPEC+ meeting
▼ + stars: | 2023-11-21 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Brent crude futures fell 51 cents, or 0.6%, to $81.81 a barrel by 0746 GMT, while U.S. West Texas Intermediate crude futures were at $77.32 a barrel, down 51 cents, or 0.7%. Both contracts climbed about 2% on Monday after three OPEC+ sources told Reuters that the group, made up of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, was set to consider whether to make additional oil supply cuts when it meets on Nov. 26. "Market participants have started to price in an extension of the current quantum oil supply cut into 2024 or even deeper cuts in the upcoming OPEC+ meeting," he added. OPEC+ is likely to extend or even deepen oil supply cuts into next year, eight analysts have predicted. Weekly stockpile reports from the American Petroleum Institute and the Energy Information Administration are due later on Tuesday and Wednesday, respectively.

Persons: Kelvin Wong, Helima Croft, Florence Tan, Yuka Obayashi, Sonali Paul, Jacqueline Wong Organizations: cnsphoto, REUTERS, Walmart Inc, SINGAPORE, Brent, U.S, West Texas, Reuters, Organization of, Petroleum, RBC Capital, Traders, Walmart, American Petroleum Institute, Energy Information Administration, Thomson Locations: Zhoushan, Zhejiang province, China, Singapore, OPEC, Saudi Arabia, U.S, Tokyo

"Going forward, the market will focus on U.S. and Chinese economic indicators and U.S. crude oil inventory levels to assess global demand trend," Ueno said, adding that investors will also consider a weakening U.S. dollar, which will provide support for oil prices. The oil market has dropped almost 20% since late September as crude output in the U.S., the world's top producer, held at record highs, while the market was concerned about demand growth, especially from China, the No. U.S. crude and gasoline stockpiles likely rose last week, while distillates inventories were seen dropping, a preliminary Reuters poll showed on Monday. A weekly report from the American Petroleum Institute is due later on Tuesday, and from the Energy Information Administration is due on Wednesday. On the supply side, the OPEC+ are likely to extend or even deepen oil supply cuts into next year, eight analysts have predicted.

Persons: Brent, Tsuyoshi Ueno, Ueno, Goldman Sachs, Yuka Obayashi, Stephen Coates Organizations: cnsphoto, REUTERS, Walmart Inc, OPEC, West Texas, Reuters, Organization of, Petroleum, NLI Research, Traders, Walmart, American Petroleum Institute, Energy, Administration, Thomson Locations: Zhoushan, Zhejiang province, China, Russia, U.S, OPEC, timespreads

☆ The hot word for CEOs on earnings calls is 'choiceful'
▼ + stars: | 2023-11-20 | by ( Amelia Lucas | ) www.cnbc.com time to read: +4 min

So far in 2023, choiceful has appeared in 15 quarterly earnings calls for S&P 500 companies, according to a CNBC analysis of FactSet transcripts. In 2021, only the CEOs of Molson Coors and McCormick said "choiceful" when speaking to investors on their quarterly conference calls. But the Oxford English Dictionary notes the earliest known use of the word in the late 1500s. These days, CEOs have used it to describe a consumer whose behavior has changed over the last two years. That's where "choiceful" comes in handy again.

Persons: Doug McMillon, choiceful, That's, McCormick, Laxman Narasimhan, it's, Ralph Lauren, Patrice Louvet, Molson Coors, Gavin Hattersley, we've, McDonald's Kempczinski Organizations: Walmart Inc . Corporation, Automation, Innovation, CNBC, Molson Coors, Webster, Oxford English, Consumers Locations: Washington , DC, Merriam, McDonald's

☆ Walmart is at work on a new degree-free message about getting hired at its corporate headquarters
▼ + stars: | 2023-11-01 | by ( Bob Woods | ) www.cnbc.com time to read: +10 min

"In prior years, people would pursue a cybersecurity college degree," Stomski said. At the same time, Wildavsky stressed that being dismissive about the value of a college degree is a mistake. "This is not about getting rid of college degrees," Stomski said, and she added that many of Walmart's corporate jobs will still require them. Examples of Walmart corporate roles that will not require college degrees including positions in operations and merchandising, but Stomski declined to be more specific. In August 2022, Walmart began eliminating around 200 corporate jobs as part of a restructuring effort amid a more challenging economic environment.

Persons: Terra, Stomski, We're, Lorraine Stomski, Julie Gehrki, Ben Wildavsky, Wildavsky, it's, —, OpenAI, We've, Colleen Ammerman, Walmart's Organizations: Walmart, Walmart Inc, Terra Fondriest, Bloomberg, Getty, Target, Southern New Hampshire University, University of Arizona, University of Denver, Google, IBM, Tesla, GM, Accenture, University of Virginia, College, Marines, LinkedIn, Harvard Business School Locations: Bentonville , Arkansas, workforces, U.S, Minnesota

☆ Walmart changes pay and titles for corporate staff, Wall Street Journal reports
▼ + stars: | 2023-09-30 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Kamil Krzaczynski/File Photo Acquire Licensing RightsCompanies Walmart Inc FollowSept 30 (Reuters) - Walmart (WMT.N) corporate staff are getting new titles and pay packages in the coming weeks to manage labor costs and simplify the structure of the company's workforce, the Wall Street Journal reported on Saturday. Starting in November, many corporate workers at Walmart and Sam's Club, its warehouse chain, will be reclassified into fewer groups of possible titles and pay, the report added. Around 4%, or 2,000, will receive an eventual reduction in stock-option awards as part of the change, the report said. The change is "good compensation hygiene," and ensures Walmart is "appropriately rewarding similar levels of work," Lupo said. Earlier this month, Walmart changed the hourly starting wage structure for entry-level store workers.

Persons: Kamil Krzaczynski, Kim Lupo, Lupo, Gursimran Kaur, Andrea Ricci, Marguerita Choy Organizations: REUTERS, Walmart, Wall Street, Sam's, Base, Workers, Thomson Locations: Chicago , Illinois, U.S, Bengaluru

Demonstrators hold placards next to a banner as they attend a protest against the sharing of Cauvery river water with neighbouring Tamil Nadu state, in Bengaluru, India, September 26, 2023. Schools and colleges were shut in the capital of the southern state of Karnataka, home to more than 3,500 tech companies. "I can shed my blood but I don't want to give water to Tamil Nadu," said one protester, Ravi Mallikarjuna. The delay provoked small demonstrations near a railway station in Tamil Nadu. The Cauvery river originates in the Karnataka region of Talakaveri, flowing through Tamil Nadu into the Bay of Bengal.

Persons: Dhanya, Santosh Babu, Ravi Mallikarjuna, Shivakumar, Ramachandra, Rupam Jain, Miral Fahmy, Clarence Fernandez Organizations: REUTERS, Inc, Walmart, Police, Farmers, Google, Schools, Supreme, Tamil, Ecological Sciences, Indian Institute of Science, Thomson Locations: Tamil Nadu, Bengaluru, India, BENGALURU, India's, Karnataka, Farmers, Bengal

Equal Employment Opportunity Commission (EEOC)on Tuesday accused Walmart Inc of failing to put an end to severe sexual harassment of female workers by the manager of a West Virginia store and of firing a woman after she complained to the commission. Debra Lawrence, the EEOC's regional attorney in Philadelphia, said preventing sexual harassment requires employers to act "promptly and forcefully." The EEOC filed Tuesday's lawsuit on behalf of a class of female workers who were allegedly harassed by the manager. The commission is seeking an order requiring Walmart to revise its policies on preventing sexual harassment and retaliation, along with backpay and other money damages for the class of women. The case is EEOC v. Walmart Stores East LP, U.S. District Court for the Southern District of West Virginia, No.

Persons: groped, Debra Lawrence, Lawrence, Delaney Anderson, Jason Bailey, Daniel Wiessner Organizations: Walmart, Opportunity Commission, Walmart Inc, Southern District of, Thomson Locations: West Virginia, Lewisburg, Bentonville , Arkansas, Philadelphia, Southern District of West Virginia

☆ Walmart to explore buying majority stake in ChenMed, Bloomberg reports
▼ + stars: | 2023-09-09 | by ( ) www.reuters.com time to read: 1 min

A shopper is seen without a mask after leaving a Walmart store in Bradford, Pennsylvania, U.S. July 20, 2020. REUTERS/Brendan McDermid Acquire Licensing RightsSept 8 (Reuters) - Walmart Inc (WMT.N) is exploring buying a majority stake in ChenMed, a closely held operator of primary care clinics for seniors, Bloomberg News reported on Friday. The companies are in talks for a deal that would value ChenMed at several billion dollars, Bloomberg reported, citing people familiar with the matter. A deal could still be weeks away, the report said, adding that the terms are not finalized and talks could still fall apart. Walmart and ChenMed did not immediately respond to Reuters requests for comment.

Persons: Brendan McDermid, ChenMed, Nilutpal, Will Dunham Organizations: Walmart, REUTERS, Walmart Inc, Bloomberg, Thomson Locations: Bradford , Pennsylvania, U.S, ChenMed, Bengaluru

☆ Walmart changes starting pay structure for entry-level store workers
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Kamil Krzaczynski Acquire Licensing RightsCompanies Walmart Inc FollowSept 7 (Reuters) - Walmart (WMT.N) is changing the hourly starting wage structure for entry-level store workers, as companies seek to reduce costs in a slowing job market. Deli, auto center and bakery workers will continue to receive higher starting wages as they are higher-skilled roles, she added. The Wall Street Journal, which was the first to report the wage structure changes that went into effect in mid-July, said the changes mean paying some new store workers less than it would have three months ago, citing documents seen by the Journal and store workers. Walmart pays its employees different starting wages based on where the store is based. The new wage structure will not change Walmart's minimum hourly wage of $14 or result in any pay cuts for existing employees, the spokesperson said.

Persons: Kamil Krzaczynski, Anne Hatfield, Hatfield, Walmart's, Ananya Mariam Rajesh, Siddharth Cavale, Maju Samuel, Frances Kerry Organizations: REUTERS, Walmart, Street, Journal, Midwest, Reuters, Thomson Locations: Chicago , Illinois, U.S, United States, Bengaluru, New York

Its shares had lost almost half their value in the last 12 months prior to news of its exploring a sale. The Irvine, California-based company is being advised by investment bank Qatalyst Partners on its discussions with potential acquirers, which include private equity firms, the sources said. Alteryx shares ended trading on Wednesday up 14% on the news at $34.58. In recent years, Alteryx has transitioned to a subscription-focused business model as part of a strategy to tap into growing demand for data analytics services. In its most recent quarter, Alteryx posted a net loss of $120 million due to higher sales and marketing expenses.

Persons: Alteryx, Dean Stoecker, Qatalyst, Milana Vinn, Nick Zieminski, Stephen Coates Organizations: Alteryx, Microsoft Corp, Oracle Corp, Qatalyst Partners, Insight Partners, Cola, Vodafone Plc, Walmart Inc, Ford Motor Company, North America, Thomson Locations: Irvine , California, Alteryx, New York

☆ EV startup Canoo names board member Greg Ethridge as CFO
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +1 min

Companies Canoo Inc FollowWalmart Inc FollowAug 28 (Reuters) - Electric-vehicle startup Canoo (GOEV.O) on Monday named board member Greg Ethridge as its chief financial officer, succeeding Ken Manget. The company, whose shares have fallen 57% so far this year, said this move was effective immediately. Ethridge has agreed to resign from Canoo's board of directors, a position he has held since 2020, by the end of the year. Canoo has contracts with the U.S. Defense Department for supply of advanced battery packs, Walmart (WMT.N) and National Aeronautics and Space Administration (NASA) for supplying electric vehicles. Reporting by Jaspreet Singh in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Greg Ethridge, Ken Manget, Ethridge, Manget, Canoo, Jaspreet Singh, Shilpi Majumdar Organizations: Walmart, U.S . Defense Department, National Aeronautics and Space Administration, NASA, Thomson Locations: Bengaluru

An employee arranges shopping carts outside a Walmart store in Chicago, Illinois, U.S., November 20, 2018. Shares in Walmart, which have climbed 12.3% this year, were up about 3% in premarket trading. Smaller rival Target (TGT.N) on Wednesday beat quarterly profit estimates, benefiting from leaner inventory, but in contrast to Walmart, cut its forecast for the year. Online sales rose 24% in the second quarter, mainly driven by double-digit growth in store-fulfilled pickup and delivery. The company's global advertising business, called Walmart Connect, rose 35%.

Persons: Kamil Krzaczynski, Hogan, John David Rainey, Aishwarya Venugopal, Siddharth Cavale, Sriraj Kalluvila, Sharon Singleton Organizations: Walmart, REUTERS, Walmart Inc, Riley, Walmart's, Wednesday, Thomson Locations: Chicago , Illinois, U.S, United States, Bengaluru, New York

☆ Walmart vs Target: When it comes to groceries it's not really a competition
▼ + stars: | 2023-08-17 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Walmart posted surprisingly strong sales growth in the last quarter, while Target reported a decline. As shoppers increasingly prioritize essentials, one in four US grocery dollars are spent at Walmart. When Walmart's grocery sales are combined with those of its subsidiary warehouse club Sam's Club, the total approaches a third of total US grocery spending. Target meanwhile accounts for 3% of grocery dollars, or about a tenth of Walmart Inc., per Numerator. Target sells those things too, of course, but if shoppers are already heading to Walmart for groceries, they may not want to make a second stop.

Persons: headwind, Walmart's, John David Rainey, Rainey, Target's, Sara Batchelder, Neil Saunders Organizations: Walmart, Target, Service, Costco, Walmart —, Kroger, Albertsons, Sam's Club, Walmart Inc, Target's Locations: Wall, Silicon

Despite these challenges, Walmart International has performed strongly under McKenna's leadership, under which it exited poorly performing operations in Japan, Britain, Argentina and Brazil. McKenna has led Walmart International since 2018, overseeing a multi-year transformation that resulted in the unit delivering more growth and stronger financial results across the board, Walmart CEO Doug McMillon wrote in a memo to employees. Sam's Club, a rival to Costco (COST.O), for years had been an underperforming business with muted sales growth. Sam's Club, a business unit with $84 billion of yearly revenue, has posted 12.7% average annual comparable sales growth since McKay took over the division, according to a Reuters calculation. Walmart also announced that Christopher Nicholas, currently chief operating officer of Walmart U.S., would replace McLay as CEO of Sam's Club.

Persons: Mario Anzuoni, Kathryn McLay, Judith McKenna, McKenna, Doug McMillon, Piper Sandler, McKay, she's, Edward Jones, Brian Yarbrough, Christopher Nicholas, Ananya Mariam Rajesh, Siddharth Cavale, Anil D'Silva, Sandra Maler, Jamie Freed Organizations: Walmart, REUTERS, Walmart Inc, Walmart International, Sam's, Woolworths, Sam's Club, Costco, Walmart U.S, McLay, Jan, Thomson Locations: Rosemead , California, U.S, China, Mexico, South Africa, Japan, Britain, Argentina, Brazil, India, Walmart's U.S, Walmart Mexico, Bengaluru, New York

☆ A hedge fund manager shares 2 ChatGPT prompts and the AI plugin he used to filter top stock picks
▼ + stars: | 2023-08-12 | by ( Laila Maidan | ) www.businessinsider.com time to read: +9 min

He fed the LLM data from a terminal and asked it to filter its findings through top academic literature and fund managers. Building on the knowledgeIn his earlier experiments, Patel and his team manually pasted increments of stock data into ChatGPT's text box. Using Julius AI, Patel was able to input data for over 6,800 stocks to see if the outcomes or accuracy would change. The metrics Patel chose to input were based on company fundamentals that he felt were important when picking stocks. Patel concluded that whether it's a human analyst or AI that's picking stocks, there are no guarantees in the stock market.

Persons: Alpesh Patel, it's, Patel, Julius AI, Julius, Price, ChatGPT's, Warren Buffett, Cisco Systems Inc Patel, Johnson, Eli Lilly, Rahul Sonwalkar, you've Organizations: NYSE, Nasdaq, US Securities and Exchange Commission, FTSE, New York Stock Exchange, Alpha, Broadcom, Cisco Systems Inc, Apple Inc UnitedHealth, Johnson, Johnson Exxon Mobil Corp Visa Inc Tesla, Walmart, Taiwan Semiconductor Manufacturing Procter, Gamble, Chevron Corp Mastercard, Depot Inc, Pfizer, AbbVie Inc Merck, Co Inc, Cola Co, Pepsico, Broadcom Inc Alibaba

[1/2] Activists take part in a tribute to the victims of the August 3, 2019 Walmart shooting in El Paso, at Ponder Park in El Paso, Texas, U.S., August 3, 2021. REUTERS/Jose Luis Gonzalez/File PhotoCompanies Walmart Inc FollowJuly 7 (Reuters) - A federal judge on Friday sentenced a white supremacist to 90 consecutive life terms in prison for a 2019 shooting in which he killed 23 people and wounded 22 others at a Texas Walmart while targeting Hispanics, the El Paso Times newspaper reported. The shooter still faces Texas state charges that could result in the death penalty. Just before the assault, the shooter posted on the internet a manifesto that declared, "This attack is a response to the Hispanic invasion of Texas. He's going to be serving 90 consecutive life sentences."

Persons: Jose Luis Gonzalez, David Guaderrama, Patrick Crusius, Genesis Davila, Thomas Hoffman, Alexander Hoffman, Prosecutors, Joe Spencer, Spencer, Daniel Trotta, Brad Brooks, Paul Thomasch Organizations: Walmart, REUTERS, Texas Walmart, El Paso Times, U.S, District, Dallas Morning News, AK, Thomson Locations: El Paso, El Paso , Texas, U.S, Texas, Hell, Dallas, Romanian

☆ Forecasts show U.S. earnings decline in second quarter
▼ + stars: | 2023-06-23 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +4 min

Analysts expect earnings for S&P 500 companies to fall 5.6% in the second quarter from a year ago, according to IBES data from Refinitiv. Fourth-quarter 2022 earnings for S&P 500 companies declined 3.2%, so a first-quarter profit fall would have been a second straight quarterly decline, which some strategists call an earnings recession. Package delivery firm FedEx (FDX.N) this week posted disappointing quarterly earnings and said waning global demand is pressuring its profit margins. "S&P 500 EPS estimates and stock prices will need to reset lower." The S&P 500 (.SPX) is down about 1% this week, but remains up more than 13% for the year to date.

Persons: COVID, Jerome Powell, Oliver Pursche, Olive, Morgan Stanley, Nick Raich, Caroline Valetkevitch, Alden Bentley, Nick Zieminski Organizations: YORK, Microsoft Corp, Apple Inc, Reserve, Bank of England, Wealthspire Advisors, Walmart Inc, FedEx, Olive Garden, Darden, Nike, Thomson Locations: Refinitiv, Washington, U.S, Westport , Connecticut

☆ Walmart-backed fintech ONE raises savings rate as battle for deposits heats up
▼ + stars: | 2023-06-14 | by ( Siddharth Cavale | ) www.reuters.com time to read: +1 min

NEW YORK, June 14 (Reuters) - ONE, a fintech company backed by Walmart Inc (WMT.N), is offering 5% interest on savings accounts of up to $100,000 as of Wednesday, a source close to the company said, as the battle for consumer deposits intensifies. The rate is more than 12 times the national average of 0.4%, the source said, citing Federal Deposit Insurance Corporation data. Apple Inc began offering 4.15% on its Apple Card savings accounts in April in partnership with Goldman Sachs Inc. Step, a fintech app catering to younger customers, offered 5% in May. All other savings balances will continue to receive a 1.00% annual percentage yield.

Persons: Goldman Sachs, Siddharth Cavale, Richard Chang Organizations: YORK, Walmart Inc, Federal Deposit Insurance Corporation, Apple Inc, Apple, Goldman, Goldman Sachs Inc, Valley Bank, Signature Bank, Coastal Community Bank, Walmart, Thomson Locations: U.S, New York

☆ Dollarama beats sales estimates on strong demand for essentials
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

June 7 (Reuters) - Canadian discount store chain Dollarama Inc (DOL.TO) beat market expectations for quarterly sales on Wednesday, benefiting from strong demand for its cheaper groceries and household supplies. The company's U.S. counterpart Dollar Tree Inc (DLTR.O), however, trimmed its annual profit forecast in May, while Dollar General Corp (DG.N) cut its annual profit and sales forecast, both citing slowing demand for discretionary goods. Last month, retail bellwether Walmart Inc (WMT.N) said it saw strong demand for its low-priced groceries and other essentials, and is expecting this trend to continue in the back half of the year. Dollarama on Wednesday reaffirmed its fiscal 2024 same store sales forecast and gross margin at 5.0% to 6.0% and 43.5% to 44.5%, respectively. The company's sales rose to C$1.29 billion ($964 million) in the first quarter, from C$1.07 billion a year earlier, compared with analysts' average estimate of C$1.25 billion, according to IBES data from Refinitiv.

Persons: Dollarama, Juveria Tabassum, Aatrayee Chatterjee, Shailesh Organizations: Inc, Dollar, Corp, Walmart Inc, Thomson Locations: U.S, Refinitiv, Bengaluru

☆ UK supermarket Asda to buy petrol stations operator EG Group UK
▼ + stars: | 2023-05-30 | by ( ) www.cnbc.com time to read: +1 min

British supermarket group Asda said it would buy petrol station operator EG Group's UK and Ireland business to accelerate its move into the convenience sector, creating a company with combined revenues of nearly 30 billion pounds ($38 billion). Asda, Britain's third-largest grocer, and EG are both owned by brothers Zuber and Mohsin Issa and private equity group TDR Capital. The deal, which includes around 350 petrol stations and over 1,000 food-to-go locations, values EG at 2.27 billion pounds, including debt, the groups said on Tuesday. 2 supermarket and the deal will enable it to roll out Asda Express across the EG petrol estate. Since the Issa brothers bought Asda in 2021, 166 EG sites have already been converted to the "Asda on the Move" format.

☆ UK's Asda to buy EG petrol stations unit in $2.9-bln deal
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

Asda, Britain's third-largest grocer, and EG are both owned by brothers Zuber and Mohsin Issa and private equity group TDR Capital. The unit of around 350 petrol stations and over 1,000 food-to-go locations will be valued at 2.27 billion pounds. The deal will help spur Asda in its drive to overtake Sainsbury's (SBRY.L) and become Britain's No. 2 supermarket as it rolls out the Asda Express across the EG petrol estate. The Issa brothers bought Asda in 2021 and have already converted 166 EG sites to the "Asda on the Move" format.

☆ India's PhonePe raises additional $100 mln from General Atlantic
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, May 22 (Reuters) - Walmart Inc (WMT.N)-owned Indian payments firm PhonePe on Monday said that it has secured an additional $100 million from private equity firm General Atlantic, in the latest round of its ongoing $1 billion fundraising. Including the latest round, PhonePe has raised a total of $850 million so far. PhonePe is India's most valuable payments firm with an estimated value of $12 billion and among the country's most highly-valued startups. The company plans to deploy these funds to build and scale new businesses including insurance, wealth management and lending, PhonePe said in March. American retailer Walmart, which acquired a majority share in PhonePe in 2018, will continue as a majority investor in the company.

CompaniesCompanies Law Firms Mondelez International Inc FollowWalmart Inc FollowMay 19 (Reuters) - A federal judge in Illinois has dismissed a lawsuit accusing Mondelez International Inc (MDLZ.O) of deceiving consumers into believing its Trident "Original Flavor" gum contained real mint. U.S. District Judge Iain Johnston said it was "fanciful" to believe reasonable consumers would expect the gum to contain mint or peppermint because its packaging featured an "unnaturally blue" leaf with condensation bubbles. "At most, Trident 'Original Flavor' packaging hints that its flavor is mint, not that its ingredients include mint or peppermint," he added. The lawsuit covered consumers in Illinois and eight other U.S. states, and accused Chicago-based Mondelez of violating various consumer protection laws. The case is Lesorgen v Mondelez International LLC, U.S. District Court, Northern District of Illinois, No.

☆ Growing debt ceiling deal hopes send stocks higher
▼ + stars: | 2023-05-18 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The benchmark S&P 500 index (.SPX) rebounded from early declines on news that top U.S. congressional Republican Kevin McCarthy said a deal to raise or suspend the debt ceiling could potentially be reached in time to hold a House vote next week. On Wednesday, President Joe Biden and McCarthy reiterated their aim to strike a deal soon to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as Sunday. The debt ceiling has drawn attention away from uncertainty about the Federal Reserve's stance on interest rates. Advancing issues outnumbered decliners on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.14-to-1 ratio favored advancers. The S&P 500 posted 27 new 52-week highs and seven new lows; the Nasdaq Composite recorded 88 new highs and 83 new lows.

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