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☆ Opponents of Biden's student-loan forgiveness are spotlighting another way to give borrowers debt relief
▼ + stars: | 2023-03-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

A challenger to Biden's student-debt relief argued he could have used the Higher Education Act of 1965 to cancel student debt. "During the campaign, they were talking about doing broad-based debt relief," he said. Senator Warren and others passed resolutions urging the Secretary to use the Higher Education Act to pass debt forgiveness. She added at the end of the arguments that Biden's relief "is a pandemic-related program. So unlike the HEROES Act, the Higher Education Act would allow for the canceling of debts without the existence of an emergency like COVID-19.

☆ Rolls-Royce shares soar by 23% after annual results crush expectations
▼ + stars: | 2023-02-23 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Rolls Royce Trent XWB engines, designed specifically for the Airbus A350 family of aircraft, are seen on the assembly line at the Rolls Royce factory in Derby, November 30, 2016. Shares of London-listed aviation manufacturer Rolls-Royce soared Thursday, after the company sharply beat expectations with a 57% year-on-year increase in underlying profit, driven by its civil aerospace and power systems. The company recorded £652 million ($786 million) of underlying profit last year, £238 million higher than in 2021 — exceeding analyst forecasts near £478 million, as polled by Reuters. The company attributed the results to recovering demand for international travel, noting a 35% year-on-year hike in large engine flying hours for civil aerospace. The surge brings Rolls-Royce shares in line with the Deutsche Bank analysts' price target of £1.36.

☆ New Rolls-Royce boss says more to come after profit beat
▼ + stars: | 2023-02-23 | by ( Paul Sandle | ) www.reuters.com time to read: +2 min

SummarySummary Companies FY op profit 652 mln stg, up 57%Profit beats consensusNew CEO says 2023 profit will riseLONDON, Feb 23 (Reuters) - The new chief executive of Britain's Rolls-Royce (RR.L) forecast more profit growth in 2023 after last year beat expectations, and said the engineering company was capable of "much more" as his transformation plan starts to take shape. As Rolls-Royce announced a 57% rise in underlying operating profit on Thursday, he said his transformation programme was already underway and moving at pace. The company posted operating profit of 652 million pounds ($786.4 million) for 2022, beating an analyst forecast of 478 million pounds, helped by an improving performance in civil aerospace, its biggest division, as travel recovers from the pandemic. For 2023, Rolls guided to underlying operating profit of 0.8-1.0 billion pounds and free cash flow of 0.6-0.8 billion pounds, helped by the early benefits of the transformation. ($1 = 0.8291 pounds)Reporting by Paul Sandle; additional writing by Sarah Young and Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ Rolls-Royce strategy bind is a problem best shared
▼ + stars: | 2023-02-23 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +4 min

That’s way better than the 1.5 billion pound cash outflow in 2021, but also four times what analysts had expected. Even so Rolls, which makes 45% of its revenue from making, selling and servicing commercial aircraft engines, is on the wrong side of the energy transition. But reaching net zero emissions by 2050 may involve ditching gas turbines entirely. One solution could come from hydrogen-powered fuel cell engines - Rolls clinched a partnership with easyJet (EZJ.L) in July to carry out a joint project to test a hydrogen engine. Rolls-Royce’s plans to reach net zero emissions by 2050 date back to 2021.

☆ How Bed Bath & Beyond ended up on the verge of bankruptcy
▼ + stars: | 2023-02-08 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

Here’s how Bed Bath & Beyond, once a retailer pioneer, veered to the edge of bankruptcy and where it turns next. Brands coveted a spot on Bed Bath & Beyond’s shelves, knowing it would lead to big sales. Discount chains such as HomeGoods and TJ Maxx and have also undercut Bed Bath & Beyond’s prices. Without the differentiators of the lowest prices or widest selection, Bed Bath & Beyond’s sales stagnated from 2012 to 2019. Otherwise, too much of Bed Bath & Beyond’s revenue will go toward repaying debt that it won’t be able to turn a profit.

☆ Bed Bath & Beyond's 4 key bets that became its biggest blunders
▼ + stars: | 2023-02-06 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +4 min

Bed Bath & Beyond's spiral toward bankruptcy is the result of four big missteps, Bloomberg reports. But it also bet too big on private-label brands and initiated a too-ambitious stock buyback program. But its challenges began years ago, with four key decisions leading to its financial woes, company insiders told Bloomberg. Here are Bed Bath & Beyond's biggest missteps over the years:Missing out on the online shopping boomBed Bath & Beyond's success in brick-and-mortar retailing meant that it was slow to recognize the importance of e-commerce and invest in selling goods online. "Our customer has communicated clearly that national brands are a really important part of their shopping experience with us," Mara Sirhal, Bed Bath & Beyond's brand president, said during a financial-update call.

☆ Bed Bath & Beyond's founders admit their biggest mistake: 'We missed the boat on the internet'
▼ + stars: | 2023-01-27 | by ( Alex Bitter | ) www.businessinsider.com time to read: +2 min

Bed Bath & Beyond's founders say they "missed the boat on the internet." But they admit that there was one trend they weren't ahead of: "We missed the boat on the internet," Eisenberg told the Wall Street Journal on Friday. That mistake is one of the main reasons that Bed Bath & Beyond is dealing with a loan default and a potential bankruptcy and struggles to keep items on its shelves. While other retailers invested in online options like store pick-up and delivery options, Bed Bath & Beyond was slower to introduce those services. Eisenberg, 92, and Feinstein, 85, founded Bed Bath & Beyond in 1971 and made it an early success among discount retailers.

☆ Rolls-Royce slumps as new CEO warns of 'last chance' to change
▼ + stars: | 2023-01-27 | by ( Sarah Young | ) www.reuters.com time to read: +3 min

According to the Financial Times, Tufan Erginbilgic told staff at Rolls-Royce's main British site in Derby, central England, that the company's performance was "unsustainable" and it faced a "last chance" to change. "He was honest about our financial underperformance compared with our peers," a Rolls-Royce spokesperson said in an emailed statement on Friday. Shares in Rolls-Royce, which before the Financial Times report were at their highest for about a year, lost 4% in morning trading. Rolls-Royce was plunged into crisis when most air travel stopped for months during the pandemic, and then recovered only slowly. Many rounds of restructuring and asset sales were already undertaken under prior CEO Warren East, putting to question just how much more can be implemented," Zhao said.

☆ Ron DeSantis just notched a win in court. But the judge says he still violated a prosecutor’s free speech rights.
▼ + stars: | 2023-01-20 | by ( Marc Caputo | Marc Caputo Is A Senior National Political Reporter For Nbc News. | ) www.nbcnews.com time to read: +15 min

In a statement posted on Twitter, DeSantis' office lauded the ruling without addressing those nuances. By suspending Warren, DeSantis also elevated the Democrat’s political profile in his own party. And no one in Hillsborough County was charged with violating that state law when Warren was the county prosecutor. Court testimony from DeSantis administration officials showed that the abortion letter was the major cause of Warren's suspension. Abortion was the only issue mentioned in the first draft of DeSantis' suspension order.

☆ University of Georgia football player killed in auto wreck days after championship title
▼ + stars: | 2023-01-15 | by ( Associated Press | ) www.nbcnews.com time to read: +3 min

Two other members of the football program were injured in the crash, which occurred in Athens, south of the Georgia campus. The driver of the vehicle, 24-year-old Chandler LeCroy, was transported to a hospital, where she died from her injuries. “We are all heartbroken and devastated with the loss of Devin Willock and Chandler LeCroy,” Georgia coach Kirby Smart said in a statement. “The entire Georgia family is devastated by the tragic loss of football student-athlete Devin Willock and football staff member Chandler LeCroy,” the school’s statement said. “Devin and Chandler were two special people who meant so much to the University of Georgia, our football program and our athletic department.

☆ Warren Buffett's daughter-in-law was stumped by what to get the investor for Christmas - so she shared her company's finances with him
▼ + stars: | 2022-12-24 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Warren Buffett's daughter-in-law showed the investor her company's finances as a Christmas gift. "I put together our music company's balance sheet to show him that we were making money," she said. "I didn't know what to get him, so I put together our music company's balance sheet to show him that we were making money," she said. Unlike most people who walk Warren Buffett through their assets and liabilities, Mary Buffett wasn't seeking an investment. Since divorcing Peter Buffett, Mary Buffett has worked as a consultant and speaker, founded an online school, and taught business and finance to university students.

☆ Warren Buffett's Berkshire warns about crypto website using its name
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +2 min

Nov 18 (Reuters) - Berkshire Hathaway Inc (BRKa.N), run by billionaire Warren Buffett, on Friday warned investors it has no affiliation with a purported cryptocurrency brokerage website using the Berkshire Hathaway name. It includes purported customer testimonials and says the broker is regulated in the United States, United Kingdom, Cyprus and South Africa, using incorrect names for two regulators. In a statement, Buffett's company said it learned about the website, berkshirehathawaytx.com, on Friday afternoon. "The entity who has this web address has no affiliation with Berkshire Hathaway Inc or its Chairman and CEO, Warren E. Buffett," Berkshire said. Buffett has run Berkshire Hathaway Inc since 1965.

☆ The Republican 'red wave' didn't happen, and that's a good thing for corporate-diversity efforts. Yet here's why some advocates are still wary.
▼ + stars: | 2022-11-12 | by ( Marguerite Ward | ) www.businessinsider.com time to read: +6 min

America didn't experience a Republican "red wave," and that's good for corporate-diversity efforts. That's according to some diversity consultants and execs who champion abortion and LGBTQ rights. Yet the political landscape and rising hate in America will make diversity efforts difficult. This is a welcome development for workers and business leaders who prioritize diversity and inclusion efforts, according to consultants and executives. This could result in a form of more discreet challenges to efforts around DEI, Marshall said.

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