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☆ Kraft Heinz must face Mac & Cheese lawsuit, judge rules
▼ + stars: | 2024-11-14 | by ( ) edition.cnn.com time to read: +2 min

Reuters —A federal judge said Kraft Heinz must face a proposed nationwide class action alleging that it defrauded consumers by claiming its Kraft macaroni and cheese, one of its best-known products, contains no artificial preservatives. Kraft Heinz and its lawyers did not immediately respond to requests for comment on Thursday. In July 2023, a Miami federal judge dismissed a lawsuit accusing Kraft Heinz of understating how long it took to prepare microwaveable Velveeta macaroni and cheese. Kraft Heinz is based in Chicago and Pittsburgh. The case is Hayes et al v. Kraft Heinz Co, U.S. District Court, Northern District of Illinois, No.

Persons: Kraft Heinz, Kraft, Mary Rowland, ”, Rowland, understating, Hayes Organizations: Reuters, District, Kraft Mac, . Food, Drug Administration, Kraft, Berkshire Hathaway, Kraft Heinz Co, Court, Northern District of Locations: Illinois, California, New York, Chicago, Miami, Pittsburgh, Northern District, Northern District of Illinois

☆ Opinion | The 21 Slivers of America That Could Decide the Election
▼ + stars: | 2024-10-18 | by ( Patrick Ruffini | ) www.nytimes.com time to read: +7 min

Opinion Guest Essay The 21 Slivers of America That Could Decide the Election Sebastian Siadecki for The New York TimesIn almost every presidential battleground state, polling suggests something close to a dead heat between Kamala Harris and Donald Trump. For Ms. Harris and Mr. Trump, each could be a crucial building block in a winning swing-state coalition. In 2016, with Mr. Trump in the race, these areas began to march to national trends: Rural areas trended Republican, while Milwaukee’s well-off, close-in suburbs zoomed left. Still, loyalties remain potent in Wisconsin, from Democratic-leaning, ancestrally Scandinavian voters in the state’s rural west to middle-class suburban Republicans outside Milwaukee. Mr. Trump lost Nash County by just 0.2 points in 2020 and Wilson County by three points.

Persons: Sebastian Siadecki, Kamala Harris, Donald Trump ., Harris, Trump, Nate Silver’s, Joe Biden, Badger State . Arizona Battlegrounds, Mark Kelly, Biden, Trump’s, Patrick Ruffini Organizations: The New York Times, Pennsylvania, Keystone, Philadelphia, Democratic, Milwaukee —, Washington, Mr, Republican, Republicans, Milwaukee, Badger State, Senate, Northampton, “ Party of, Populist Coalition Locations: America, Pennsylvania, Appalachia, Philadelphia, Philadelphia’s, . Wisconsin, Wisconsin, Milwaukee, Milwaukee — Waukesha, Ozaukee, Badger, Badger State . Arizona, Arizona, Phoenix, Florida and Texas, . North Carolina, North Carolina, Southern, Nash, Rocky, Wilson, Wilson County, Nash County, Northampton, Erie, Bethlehem, Georgia, Brown County, Green Bay, Outagamie County, Appleton, Winnebago County, Oshkosh, Maricopa County

☆ Modelo brewer Constellation falls despite an earnings beat. Here's why we're not concerned
▼ + stars: | 2024-10-03 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +10 min

Modelo and Corona brewer Constellation Brands is a tale of two businesses. Constellation Brands Why we own it : Constellation Brands' beer franchise, which includes popular Mexican brands Modelo, Corona and Pacifico, is the growth engine and by far the most attractive part of the business. And, the profitability of its beer business — operating margins were an impressive 42.6% in the quarter — puts Constellation in a position of strength. Still, raising an anchor is always welcome news, and talk of its booming beer business would, at last, no longer need the wine-and-spirits caveat. Looking ahead, its beer business should continue grabbing market share and its hard to imagine the wine-and-spirits unit getting much worse.

Persons: Bill Newlands, Thursday's, Newlands, Kim Crawford, There's, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Corona, Constellation Brands, LSEG, Modelo, Anheuser, Busch Inbev, Molson Coors, Investors, Constellation, National Football League, Bloomberg, Brier, Modelo Especial, CNBC Locations: Corona, Pacifico, Wednesday's, U.S, Campo, West Coast, San Rafael , California

☆ Russia's economy faces 'near stagnation' with sanctions whittling down annual GDP growth, European economist says
▼ + stars: | 2024-10-02 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Russia's economy is staring at "near stagnation," according to Anders Åslund. That's according to Anders Åslund, a Swedish economist who says Russia's economy is taking a bigger hit from Western sanctions than some believe. "My own view is that the current sanctions regime shaves off 2-3% of GDP each year, condemning Russia to near stagnation. AdvertisementRussia's GDP technically grew 3.6% last year, with another 3.2% real GDP growth expected in 2024, according to estimates from the International Monetary Fund. Consumer prices rose 8.5% year-per-year the week of September 17, according to official figures from Russia's Economic Development Ministry.

Persons: Anders Åslund, —, Putin, Åslund, SWIFT Organizations: Service, Ukraine, Syndicate, International Monetary Fund, Labor, Economic Development Ministry, Soviet Union, Wealth Fund Locations: Swedish, Moscow, Ukraine, Russia, Soviet

☆ War with Ukraine is the only thing preventing Russia from entering an immediate recession, economists say
▼ + stars: | 2024-09-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Russia would be in a recession by now if it weren't for the nation's hefty war budget, economists told BI. War spending is propping up the economy, which is becoming increasingly overheated, they added. AdvertisementWar may be the only thing keeping Russia's economy afloat. Russia's economy is also being plagued by currency problems, Gorodnichenko said, pointing to Russia's limited access to the dollar as the result of Western sanctions. That will ultimately depend on how long the war in Ukraine — and therefore, spending on the war — will last.

Persons: —, Jay Zagorsky, there's, Zagorsky, Yuriy Gorodnichenko, Gorodnichenko, That's Organizations: Service, Boston University's Questrom School of Business, Kremlin, Ukraine, University of California, Bank of, Russia, Ukraine — Locations: Russia, Moscow, Ukraine, Russian, Berkeley, Bank of Russia, Soviet, China

☆ Fed has 'nothing to lose' with 50 bp cut, says Wolfe Research's Stephanie Roth
▼ + stars: | 2024-09-17 | 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 EmailFed has 'nothing to lose' with 50 bp cut, says Wolfe Research's Stephanie RothStephanie Roth, chief economist at Wolfe Research, and CNBC's Steve Liesman join 'The Exchange' to discuss expectations for the Fed, why credit card data may be understating consumer spending, and more.

Persons: Wolfe, Stephanie Roth Stephanie Roth, Steve Liesman Organizations: Fed, Wolfe Research

☆ Israel could win Eurovision. That would cause major headaches for the song contest’s organizers
▼ + stars: | 2024-05-07 | by ( Rob Picheta | ) edition.cnn.com time to read: +13 min

But this year, “the presence of Israel has become such a big issue (that) I think it’s going to overshadow the event,” he said. And they are leading perhaps the tensest three minutes in the contest’s history, when Israel’s competitor, Eden Golan, performs live. It doesn’t make sense,” Bambie Thug, Ireland’s participant, told CNN of extensive rules restricting any form of pro-Palestinian statement during the event. Ireland's Bambie Thug told CNN they disagreed with Israel's involvement in the competition. Long-standing rules preventing flags of non-competing countries and territories mean that Palestinian flags are banned from the crowd, which Bambie Thug told CNN they “100%” disagreed with.

Persons: Eden Golan, Benjamin Netanyahu, Golan, ”, Jessica Gow, ” Paul Jordan, Weeks, Johan Nilsson, Israel, Noel Curran, KAN, Bambie Thug, Patricia J, Garcinuno, ” Curran, “, Fredrik Persson, –, ” Jordan, SuRie, Karin Karlsson, Karlsson, ” Elina Pahnke, Saturday’s, Mohammad Ghannam, ” Lara Yosef, ” Yosef, ” Bambie Thug, Alyona Alyona Organizations: CNN, Music, Malmo, Eurovision, European Broadcasting Union, EBU, Getty, TT, Agency, Reuters, Israel, RAI, United, AFP, Malmo Arena, Artists, Aftonbladet, Israel’s National Security Council Locations: Swedish, Malmo, Israel, Gaza, Israel's, AFP, Ukraine, United Kingdom, Azerbaijan, Russia, Stockholm, Sweden's, seeping, Sweden’s Palestinian, Denmark, Norway, Sweden, “

☆ Eurovision braces for its most tense contest yet, as protesters and artists bristle at Israel’s presence
▼ + stars: | 2024-05-06 | by ( Rob Picheta | ) edition.cnn.com time to read: +10 min

The competition – which tries desperately to retain its “apolitical” tag – has become the largest cultural event so far to be rocked by the repercussions of Israel’s war in Gaza. Those protesting or boycotting the song contest claim it is “artwashing” the conflict; others defend Israel’s inclusion, insisting the contest should not be dragged into geopolitics. It doesn’t make sense,” Bambie Thug, Ireland’s participant, told CNN of extensive rules restricting any form of pro-Palestinian statement during the event. Ireland's Bambie Thug told CNN they disagreed with Israel's involvement in the competition. Long-standing rules preventing flags of non-competing countries and territories mean that Palestinian flags are banned from the crowd, which Bambie Thug told CNN they “100%” disagreed with.

Persons: ” Paul Jordan, ”, Weeks, Eden Golan, ” Jordan, “, Carlos Garcia Rawlins, Bambie Thug, Patricia J, Garcinuno, Noel Curran, KAN, ” Curran, Golan, Fredrik Persson, –, SuRie, Karin Karlsson, Karlsson, ” Elina Pahnke, Johan Nilsson, Saturday’s, Mohammad Ghannam, ” Lara Yosef, ” Yosef, ” Bambie Thug, Alyona Alyona Organizations: CNN, Music, Malmo, Eurovision, European Broadcasting Union, EBU, TT, Agency, AFP, Getty, Malmo Arena, Artists, Aftonbladet, Israel’s National Security Council Locations: Swedish, Gaza, Israel, Malmo, Azerbaijan, Russia, Ukraine, Stockholm, Sweden's, seeping, Sweden’s Palestinian, Denmark, Norway, Sweden, “

☆ Buy this nuclear energy play with more than 25% upside, Goldman says
▼ + stars: | 2024-04-01 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Investors should load up on Cameco shares to take advantage of growing uranium demand, according to Goldman Sachs. The bank initiated coverage of the Canada-based uranium producer, one of the largest in the world, with a buy rating and a $55 per share price target. The analyst said U.S. spot uranium prices could average $95 per pound over the next seven years, which is roughly 170% higher than the historical average from 2013 to 2023. Mehta's price forecast for uranium is "supported by a combination of meaningful supply deficit and a mis-calibration of enrichment requirement assumptions that is potentially understating demand." U.S.-listed shares of Cameco were up more than 4% on the day.

Persons: Goldman Sachs, Neil Mehta, Mehta Organizations: U.S Locations: Canada, France, Cameco

☆ You're probably not getting a big raise this year. But don't worry, it's for the good of the economy.
▼ + stars: | 2023-11-09 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

Wage growth has slowed; average hourly earnings increased 4.1% year over year in October. That measure of wage growth has steadily slid from the almost 6% year-over-year increases in March 2022 and April 2022. Even with slowing wage growth, workers may finally be seeing their earnings catch up to the big spike in inflation. Year-over-year changes from BLS show there has been real wage growth in recent months, based on average hourly earnings outpacing CPI inflation. "I think if we continue to see wage growth moderate, hopefully inflation moderates even more, and we continue to see more workers getting more inflation-adjusted raises."

Persons: —, Julia Pollak, Lydia Boussour, Jerome Powell, Pollak, Nick Bunker, Bunker Organizations: Service, of Labor Statistics, Fed, Economics, Wells, Wells Fargo Bank, BLS, North America Locations: Wells Fargo

Risk factors usually flag uncertainties in how Chinese laws are interpreted and enforced as well as the government's "substantial oversight and influence" over businesses. Chinese regulators want those boilerplate disclosures dropped; if not, offshore listing applications could be denied approval. Trying to appease both American and Chinese regulators will get tougher. On Friday, Chinese regulators held a rare meeting with KKR (KKR.N), Blackstone (BX.N), Carlyle (CG.O) and others to ensure they can continue to invest in the country. China's new offshore listing rules came into effect on March 31.

Persons: Didi Global, underwriters Goldman Sachs, Morgan Stanley, JPMorgan Chase, Carlyle, Una Galani, Thomas Shum Organizations: Reuters, Global, U.S . Securities, Exchange Commission, underwriters, JPMorgan, KKR, Blackstone, Bloomberg, Communist Party, China Securities Regulatory Commission, SEC, Thomson Locations: HONG KONG, Beijing, Hong Kong, United States, New York, China

☆ 30% of Americans say ‘tipping culture is out of control,' as some businesses agree to scrap tip prompts
▼ + stars: | 2023-07-05 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

watch now"Honestly, I think the prompt irritates most people," said Lyn James, owner of Flowers & Cappuccino by Lasting Visions in Bowman, North Dakota. James said that's why she opted out of the tip screen when she implemented her store's contactless point-of-sale system. "Small businesses can deactivate the tip screen or customize the amounts they show on the tip screen or just ask customers to skip it," she said. "I do also understand tips are not 'needed' in all situations." "I often get asked how much I tip, and I don't," Lynn said of most point-of-sale tip prompts.

Persons: Lyn James, James, that's, Ted Rossman, We've, Cornell's Lynn, Rossman, Molly Burke, Matt Vizcaino, Lynn, I've Locations: Bowman , North Dakota, Birmingham , Alabama

☆ Credit Suisse delays filing its annual report, reviving fears about the Swiss bank's finances
▼ + stars: | 2023-03-09 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Credit Suisse has delayed filing its annual report after a call from the US financial watchdog. "Management believes it is prudent to briefly delay the publication of its accounts in order to understand more thoroughly the comments received," Credit Suisse said. Credit Suisse ADRs have plunged 61% over the past year, with a restructuring plan announced on October 27 also failing to reassure markets of the bank's resilience. The SEC's late call isn't Credit Suisse's only regulatory worry. Read more: Credit Suisse is fending off concerns about its financial health, fanning fears of another Lehman Brothers moment that could roil the global financial system.

☆ Former Allianz Fund Manager Accuses Firm and Its Lawyers of Double-Crossing Him
▼ + stars: | 2023-01-31 | by ( Dylan Tokar | ) www.wsj.com time to read: +5 min

In his brief, Mr. Tournant excerpted a slide containing photos of himself and two other former Allianz executives, which his lawyers likened to a most-wanted poster. Mr. Tournant was also represented by a third firm that wasn’t jointly retained by Allianz, according to his motion. The firms’ agreements required them to inform Mr. Tournant in the event that a conflict of interest arose, according to his motion. Allianz’s posture toward Mr. Tournant changed after Mr. Bond-Nelson broke ties with the firm’s defense team and began shifting blame to Mr. Tournant, according to his brief. The pivot was a direct result of the policies outlined in recent years by officials such as Deputy Attorney General Lisa Monaco, according to Mr. Tournant.

☆ Some students are graduating college with 'unmanageable' debt — but it's not their fault, a government watchdog finds
▼ + stars: | 2022-12-06 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Specifically, 91% of colleges are understating the net price, which can mislead students into taking on more debt. Current federal law does not require colleges to follow standards when presenting financial aid packages. Not counting student loans in the total cost could present a misleading picture of how expensive a degree would be, pushing students further into debt. "Colleges that estimate the net price by subtracting student loans from the cost of attendance do not present the full net price because students generally must repay their student loans eventually," the report said. "Additionally, subtracting student loans in the net price estimate presents loans as the default method for paying for college, potentially encouraging students to borrow more than they otherwise would."

☆ If you're making at least $600 from Fantasy Football, the IRS wants to know about it – and you should tell them
▼ + stars: | 2022-12-03 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Starting in 2022, $600 and over in Fantasy Football gambling winnings must be reported to the IRS. The IRS defines a 1099-K form as an "IRS information return used to report certain payment transactions to improve voluntary tax compliance." The payment transactions include those from third-party payment networks. "Loan providers want to see copies of your tax returns, and if you're understating income, you're hurting yourself because you're not really showing all of your income," Bronnenkant said. It takes at least 40 credits to qualify for Social Security benefits.

☆ Brian Eno Reveals the Hidden Purpose of All Art
▼ + stars: | 2022-11-14 | by ( David Marchese | ) www.nytimes.com time to read: +19 min

I think I’m still answering it. I’m absolutely fascinated by this question, because I think I have an answer, and I don’t think it has ever been well answered. Since we’re talking about how things work: How do you want your new album to work for people? You have to take that on board as being one of the things that’s happening in culture and quite different from the story that we’re generally hearing. I don’t think many people take that as seriously as I do.

☆ Pollsters Try to Learn From Mistakes of 2016 and 2020 Elections
▼ + stars: | 2022-10-23 | by ( Aaron Zitner | ) www.wsj.com time to read: 1 min

Pollsters this year are taking a range of steps to try to improve the accuracy of their surveys, after significantly understating support for Donald Trump and other GOP candidates in the past two presidential elections. Whether those steps will work is a subject of concern for pollsters and strategists in both parties—and no one will know the level of accuracy of this year’s surveys until the votes are counted.

☆ Toymaker Mattel agrees to pay $3.5 million SEC fine for misstatements in 2017 earnings
▼ + stars: | 2022-10-21 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Toymaker Mattel has agreed to pay a $3.5 million fine to settle charges related to misstatements in two quarters of earnings in 2017, the Securities and Exchange Commission announced Friday. The SEC said Mattel "violated numerous professional standards" by understating its tax-related valuation for the third quarter of 2017 by $109 million. Mattel's $109 million tax expense error went uncorrected until its November 2019 restatement. The SEC said Mattel did not admit or deny the findings of its probe. While we're not going to comment on the underlying facts, we appreciate the SEC's recognition of the company's remedial measures," a Mattel company spokesperson said Friday.

Investors' focus on the Fed's policy rate is understandable, but they should not underestimate how much the Fed's other policy lever - quantitative tightening - could tighten financial conditions and crush asset prices even further. chartBut as the wild post-pandemic gyrations in markets, economic activity, inflation, and policy have shown, no one really knows. Are markets ready for QT to kick in as well? "Fed QT training wheels are off. He estimates that every $100 billion of QT is the equivalent to a 12 bps increase in the policy rate.

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