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☆ Starbucks, Estée Lauder, Qualcomm: Global companies warn of slower-than-expected recovery in China
▼ + stars: | 2023-05-11 | by ( Michelle Toh | ) edition.cnn.com time to read: +6 min

Starbucks (SBUX) and Qualcomm (QCOM) have also flagged uncertainties related to the country, which is a top market for both. Beijing abandoned its zero-Covid policy in December and scrapped longstanding quarantine requirements for international arrivals in January, ending restrictions that had isolated its economy. The welcomed, if abrupt, policy U-turn led to hopes that China could help propel global growth as it had before the pandemic. The idea was that as soon as the zero-Covid policy would be over, the Chinese households and consumers would just go berserk. Starbucks warned last Tuesday that sales growth in China was starting to cool — and likely would continue that trajectory over the next six months.

☆ N.Y. Congestion Pricing Plan Moves a Step Closer to Reality
▼ + stars: | 2023-05-05 | by ( Ana Ley | ) www.nytimes.com time to read: +2 min

Vehicles carrying people with disabilities and authorized emergency vehicles would be exempt from the tolls. will literally pilfer out of the pockets of Jersey families will go to the M.T.A.”Other critics include taxi drivers, as well as Lyft and Uber drivers. Manhattan residents who live north of the tolling zone have said they fear that motorists, to skirt the new charge, will cluster in their neighborhoods. To the disappointment of those who oppose the plan altogether, protests will most likely not stop transportation officials from moving ahead, though officials have made tweaks to ease concerns. What’s NextOpponents have threatened legal action if the plan continues to advance.

SummarySummary Companies Co expects annual net sales to fall 10% to 12%Expects annual adj. Barclays analyst Lauren Lieberman said in a note Estee's profit forecast was the "last thing" expected even by the Street. Even though China relaxed pandemic-related restrictions, the company saw January 2023 pressured by retailers destocking due to an increase in COVID-19 cases. Estee expects full-year 2023 net sales to fall between 10% and 12%, compared with its prior forecast of a 5% and 7% decrease. It also forecast adjusted profit per share to fall between 50% and 51%, compared with a 27% to 29% decrease it expected earlier.

Shares of the company hit a six-month low of $190.30 during trading hours after Estee Lauder slashed its fiscal-year forecasts for a third time. Estee expects full-year 2023 net sales to fall between 10% and 12%, compared with its prior forecast of a 5% to 7% decrease. Even though China relaxed pandemic-related restrictions, the company saw January 2023 pressured by retailers destocking due to an increase in COVID-19 cases. Estee has also been challenged by the growth of smaller competitors in the beauty space, according to Travis. Estee forecast adjusted per-share profit to fall by 50% to 51%, compared with a 27% to 29% decrease it expected earlier.

☆ After Student’s Suicide, an Elite School Says It Fell ‘Tragically Short’
▼ + stars: | 2023-04-30 | by ( Benjamin Weiser | Tracey Tully | ) www.nytimes.com time to read: +1 min

Last April, Jack Reid, a 17-year-old junior at one of the nation’s elite boarding schools, tucked a Bible into his gym shorts and a note into his pocket directing his parents to a Google document explaining his feelings of despair. Then, inside his dorm room, he took his own life. On Sunday, the anniversary of Jack’s death, the Lawrenceville School in New Jersey offered an extraordinary admission of failure, publicly acknowledging that it had been aware that Jack was being bullied by other students, but that it had fallen “tragically short” of its obligation to protect him. “The school acknowledges that bullying and unkind behavior, and actions taken or not taken by the school, likely contributed to Jack’s death,” Lawrenceville officials wrote in a statement posted Sunday morning on the school’s website. The school committed to taking a series of corrective actions including endowing a new dean’s position that will be focused on mental health issues, with a goal of becoming a model for anti-bullying and student mental health.

☆ Jail Guards Charged in Death of Detainee Who Was Forcibly Restrained
▼ + stars: | 2023-04-25 | by ( Tracey Tully | ) www.nytimes.com time to read: +1 min

After being handcuffed by the police, Mario Terruso Jr. was hallucinating, complaining of extreme nausea, and appeared to be high on drugs. But the New Jersey officers instead brought him directly to jail, concerned about getting bogged down on a Sunday shift awaiting a lengthy medical evaluation, according to an investigation by the state attorney general’s office. Thirteen hours later, after being forcibly restrained in jail, Mr. Terruso, 41, was dead. On Monday, a grand jury took the unusual step of handing up indictments against eight officers involved in the 2019 arrest and the subsequent restraint of Mr. Terruso inside Atlantic County’s jail. Eric Tornblom and Mark Jenigen, both correction officers at the jail, are charged with manslaughter.

☆ Former MoviePass CEO Mitch Lowe looks back on the mistakes that led to the startup's collapse
▼ + stars: | 2022-09-06 | by ( Jason Guerrasio | ) www.businessinsider.com time to read: +19 min

Mitch Lowe, who has been a leader at Netflix, Redbox, and MoviePass, is releasing his book "Watch and Learn" on September 6. (L-R) MoviePass CEO Mitch Lowe and Helios and Matheson Chief Executive Ted Farnsworth. I never tried to quiet people internally, if they said something wasn't going well I always embraced it. Like you wrote that you "didn't know jack shit" when you first started at Netflix. When I was offered to be CEO of MoviePass, I felt my whole career had led up to this moment.

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