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Britain's Supreme buys Typhoo Tea out of administration
  + stars: | 2024-12-02 | by ( ) www.cnbc.com   time to read: +1 min
UK, Essex, Harlow, senior man holding a cup of tea whilst sitting on his garden patio in the morning. Britain's Supreme has bought out loss-making tea brand Typhoo Tea from administration in a 10.2 million pound ($12.94 million) deal, the fast-moving consumer products seller said on Monday. The 120-year-old tea brand had fallen into administration in November due to declining sales and mounting debt pressures. Supreme also expects to further its retail footprint with the acquisition, taking advantage of Typhoo Tea's expansive supply relationship with all major UK supermarkets and discounters. Typhoo Tea, the first pre-packaged tea brand in the UK, made about 20 million pounds in revenue and pre-tax losses of about 4.6 million pounds for the year ended Sept. 30.
Organizations: Britain's Locations: Essex, Harlow, Merseyside
An increasing number of non-Indigenous Australians now find it difficult to celebrate Australia Day, in the knowledge that many of their Indigenous fellow citizens treat it as a day of mourning. “It’s not for us to tell anyone whether or how to celebrate Australia Day,” it said in a statement posted on social media. “It certainly wasn’t our intention to offend anyone.”“Whether you choose to celebrate Australia Day or not, everyone is welcome in our pubs, always. We have been, and are always, open over Australia Day and we continue to book events for patrons,” added Australian Venue, which says it has 15 million customers a year and employs 9,600 people. Multiple local councils have also dropped celebrations on the day as attitudes have changed about the anniversary.
Persons: Arthur Phillip, Jack, , “ It’s, Aldi Organizations: CNN, British Royal Navy, Crown, Australia, Co, Woolworths, Australian, Kmart Locations: Australian, Sydney
AdvertisementEY is set to cut 150 UK consultancy jobs amid a fall in demand for advisory services. Big Four consulting firms have launched a number of small rounds of cuts in recent months. EY is set to cut 150 jobs in its UK consultancy division as demand slows for advisory services. Regrettably, proposals put forward in part of the UK consulting practice may result in a reduction of 150 roles," an EY spokesperson told Business Insider. EY employs around 4,700 people in its consulting division in the UK.
Persons: EY, Benoit Laclau, Laclau, Deloitte Organizations: Big, Revenue, Deloitte Locations: London, Ireland
AdvertisementOracle shares are set for their best year since 1999 after a 75% surge. Oracle has surged 75% since January, putting the stock on track for its best year since a tripling in 1999 during the dot-com boom. Oracle's soaring stock price has boosted the net worth of Larry Ellison, who cofounded the company and is chief technology officer. The chipmaker's stock has tripled in the past year and it now rivals Apple as the world's most valuable company. Yet Oracle is still headed for its best annual stock performance in a quarter of a century — and its bosses are promising there's more to come.
Persons: Larry, Trump, aren't, Larry Ellison, Elon Musk's, Safra Catz, Catz, Ellison Organizations: Oracle, Exxon Mobil, Mastercard, Costco, Netflix, Forbes, Microsoft, Google, Nvidia, Apple
AdvertisementTamesha Morris's dad told her he had AIDS in October 1989, when she was 11. She and her older sister cared for their dad every day after school for nearly two months. Related Video The truth behind the experimental therapy that kids say starts with 'legalized kidnapping'I loved my dad so much. On October 31, 1989, he sat us down and told us he had AIDS. The last time I saw my dad was on Christmas Day, 1989.
Persons: Tamesha Morris, , he'd, I've Organizations: Army, Social Security Locations: Colorado, Germany
The Biden administration expanded its efforts to lock in its climate policies on Monday, saying that it would lend almost $7 billion to help build battery factories in Indiana to supply vehicles made by Stellantis, the owner of Jeep, Chrysler, Dodge and Ram. The financing, which was the second multibillion-dollar loan related to electric-vehicle manufacturing in a week, is part of the administration’s efforts to create domestic supplies of batteries. President-elect Donald J. Trump has vowed to reverse Biden administration policies aimed at promoting electric-vehicle manufacturing. Last week, the Department of Energy said it would lend $6 billion to help Rivian build an electric-car factory in Georgia. Rivian, a relatively new company that makes only electric vehicles, plans to produce sport utility vehicles and hatchbacks at the factory, in Social Circle, near Atlanta.
Persons: Biden, Stellantis, Ram, Donald J, Trump Organizations: Chrysler, Dodge, Transportation, Department of Energy Locations: Indiana, United States, Georgia, Atlanta
AdvertisementTesla told employees on its Cybertruck production line that they didn't need to report to work for the next three days. Tesla shortened production hours for the Cybertruck line earlier this year. AdvertisementThe email said workers would return to the Cybertruck production line on Friday, December 6. AdvertisementFactory workers on the Cybertruck line said their schedule had been inconsistent since late October. The carmaker shortened the shifts for workers on its Cybertruck production line in April, according to a memo viewed by BI at the time.
Persons: Tesla, they'd, who'd Organizations: Austin, Business, Workers, BI
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe idea of a big China stimulus coming proved to be completely wrong: China Beige Book COOShehzad Qazi, China Beige Book COO, joins 'Squawk Box' to discuss the company's November report, impact of President-elect Trump's tariff proposals on Chinese factories, state of China's economy, stimulus plans, impact of Trump's election victory, and more.
Persons: Shehzad Qazi Locations: China
President-elect Donald J. Trump said on Monday night that he would block a Japanese company’s proposed acquisition of U.S. Steel upon taking office, declaring that he would not allow the iconic American business to be owned by a foreign firm. The assertion reiterated sentiments Mr. Trump expressed on the campaign trail this year, but it was his first time weighing in on the transaction since winning the presidential election last month. “I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan,” Mr. Trump wrote in a post on Truth Social. “As President, I will block this deal from happening. !”President Biden and Vice President Kamala Harris had also indicated this year that they opposed Nippon’s $15 billion bid for U.S. Steel, and the White House had appeared poised to block the transaction in September ahead of the election.
Persons: Donald J, Trump, Trump’s, , ” Mr, , Biden, Kamala Harris Organizations: U.S . Steel, Nippon Steel of, White, Nippon, Foreign Investment Locations: Nippon Steel of Japan, U.S
AdvertisementIntel's longtime CEO Pat Gelsinger is stepping down, the company said in a statement Monday. Gelsinger leaves the chipmaker with immediate effect, vacating his role both as CEO and as a member of the board. AdvertisementTwo senior Intel executives, David Zinsner and Michelle Johnston Holthaus, will take interim charge during the search for a new CEO. Frank Yeary, Intel's chairman, thanked Gelsinger but said the company needed to restore investor confidence. AdvertisementIntel stock has almost halved this year, but rose 6% in premarket trading on Monday.
Persons: Pat Gelsinger, Gelsinger, David Zinsner, Michelle Johnston Holthaus, Frank Yeary, Yeary Organizations: Intel
Charles Liang, CEO of Super Micro Computer Inc., during the Computex conference in Taipei, Taiwan, on June 5, 2024. Super Micro Computer surged more than 20% after a special committee ruled that it found "no evidence of misconduct" at the embattled AI server maker, and appointed a new chief accounting officer. Super Micro said it's also currently searching for a new chief financial officer, and looking to fill additional financial leadership positions. The news from Super Micro Computer comes on the heels of a volatile year for the company. The special committee consisted of a member of Super Micro's board, counsel from Cooley LLP and a team from forensic accounting firm Secretariat Advisors.
Persons: Charles Liang, it's, Kenneth Cheung, Ernst & Young, Cooley Organizations: Super, Computer Inc, Micro Computer, Finance, Super Micro, Hindenburg Research, Ernst &, Nasdaq, Ernst, Cooley LLP Locations: Taipei, Taiwan
The success of one of Kymera Therapeutics' experimental treatments could mean more upside ahead for the stock, Wells Fargo found. Analyst Derek Archila upgraded shares to overweight from equal weight and upped his price target by $19 to $57, which implies more than 21% upside from Friday's close. KYMR YTD mountain KYMR, year-to-date The analyst pointed to Kymera's oral treatment for multiple immuno-inflammatory diseases. He anticipates the data will likely demonstrate a "clean" safety profile, and his bull case scenario forecasts shares could trade higher by 75%. Kymera also has a consensus price target of $57.88, which reflects more than 20% upside from current levels.
Persons: Wells, Derek Archila, Archila, Kymera Organizations: Therapeutics, KT Locations: Wells Fargo
Straubel's company, Redwood Materials, is on track to make $200 million in revenue this year. Tesla cofounder JB Straubel said he learned "a huge amount" from Elon Musk — and we could all benefit from the billionaire's work ethic. The CEO disclosed Redwood Materials' estimated revenue with The Wall Street Journal, saying his company will bring in about $200 million. AdvertisementStraubel launched Redwood Materials in 2017 to create a "remanufacturing economy," which refers to extracting raw materials from used batteries and returning them to production after processing them. Representatives for Redwood Materials did not respond to a request for comment from Business Insider.
Persons: JB Straubel, Elon Musk, Tesla, Straubel, Musk, Automobility, Joe Biden, Donald Trump's Organizations: Wall Street, Elon, Redwood, Materials, Journal's Tech, Straubel, Redwood Materials, Business, Tristar Media, McKinsey & Company Locations: Northern Nevada, United States, China
Airbnb co-founder and CEO Brian Chesky isn't afraid to pick favorites. Bosses need to do that to be effective leaders, Chesky told Fortune last month. Figuring out how delegate between your favorites without ignoring other workers often makes for effective leadership, Chesky said. I will text a lot of employees ... or call employees if we want to talk." Plus, sign up for CNBC Make It's newsletter to get tips and tricks for success at work, with money and in life.
Persons: Airbnb, Brian Chesky isn't, Chesky, Fortune, Ginka, I'm Organizations: International Institute for Management Development, Harvard, McKinsey, CNBC
Bank price targets: We're updating our price targets on our two bank stocks after they wrapped up a big November. With these tailwinds ahead, we are increasing our Wells Fargo price target to $80 a share from $66 and Morgan Stanley to $140 a share from $130. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, , Trump, Wells, Morgan Stanley, Wells Fargo, Zscaler, It's, Jim Cramer's, Jim Organizations: CNBC, ., Dow Jones Industrial, Microsoft, Bank, Labor, Treasury, Traders, Jim Cramer's Charitable Locations: Wells, Wells Fargo, pullbacks
CNN —Former Formula One boss Bernie Ecclestone has announced he will sell his entire car collection, estimated to be worth “hundreds of millions” of dollars. The collection, which is made up of 69 cars, includes world championship-winning Ferraris raced by the likes of Michael Schumacher and Niki Lauda. Bernie Ecclestone and Tom Hartley Jr. stand with Ecclestone's car collection. Ecclestone has entrusted Hartley Jr with selling the collection. Tom Hartley Jnr/PAEcclestone tried his hand at racing in the 1950s, before becoming a driver manager for Stuart Lewis-Evans and Jochen Rindt, both of whom were tragically killed while competing.
Persons: Bernie Ecclestone, Ferraris, Michael Schumacher, Niki Lauda, Alberto Ascari’s, Brabham BT46B, Tom Hartley Jr, Tom Hartley, Ecclestone, , , Hartley, Hartley Jr, Stuart Lewis, Evans, Jochen Rindt, Lauda, Nelson Piquet Organizations: CNN, Formula, Brabham, F1 supremo, HM Revenue, Customs, BBC, Brabham F1 Team, Formula One, One Promoters Association, One, Liberty Media Locations: Singapore
Gap — The clothing retail stock jumped 4.7% after JPMorgan upgraded shares to overweight. Stellantis – Shares sank 9% after CEO Carlos Tavares stepped down from his role at the automaker, effective immediately. The company cited "different views" between Tavares and the board of directors as the reason for the departure. Goldman also initiated Commercial Metals Company as a buy, though shares of that company were flat premarket. Hasbro -- The toy and game company's stock ticked up 1.7% as investors monitored the sales results around Black Friday.
Persons: Carlos Tavares, Tavares, Tesla, Pat Gelsinger, David Zinsner, Michelle Johnston Holthaus, Goldman Sachs, Mike Harris, Donald Trump's, Goldman, Stifel, , Samantha Subin, Jesse Pound, Hakyung Kim nnd Sarah Min Organizations: JPMorgan, Intel, . Steel, , Commercial Metals Company, Hasbro, Black Locations: Cleveland
Hundreds of snow shovelers showed up at Highmark Stadium in Orchard Park, New York, to clear the 2 feet of snow that has buried the aisles and seats, according to Andy Major, the Bills’ vice president of operations. ET, and Orchard Park may receive anywhere from 8 to 20 inches of snow before Tuesday morning. Snow is cleared from the field at Highmark Stadium in Orchard Park, N.Y., on Sunday. Bills fans interested in helping prepare the stadium for future games can fill out a Google form to provide their availability. Prospective snow shovelers are likely notified about their shifts only a day in advance due to “unpredictable snowfall,” according to the Bills.
Persons: Andy Major, , ” Major, Gregory Fisher, Major, Organizations: Buffalo Bills, San Francisco 49ers, Highmark, Bills, NBC, Sunday Locations: Orchard Park , New York, Buffalo, Orchard, Orchard Park, N.Y, U.S, New York
Marissa Bode is addressing the derogatory comments made about her “Wicked” character. Despite enjoying seeing the outpouring of the love for the movie, Bode said there were reactions that made her feel “a bit uncomfortable.”Marissa Bode and Cynthia Erivo in a scene from the film "Wicked." She said it was “totally fine” to make jokes about Nessarose’s actions or personality because she is a fictional character. Bode said the most frustrating part about acknowledging such comments was how scared she was to voice her opinion. “These disabled creators’ comments are flooded with ableist comments,” she explained.
Persons: Marissa Bode, Bode, Cynthia Erivo’s Elphaba, she’s, Cynthia Erivo, Giles Keyte, , Marissa, , , they’re, ” Bode, I’m, John M, Chu, Nessarose, you’re, Organizations: Universal Pictures, Dramatic Academy Locations: Wisconsin, Los Angeles
TikTok is defending itself in federal court over legislation President Joe Biden signed in April that would ban TikTok if it doesn’t sell itself to an American owner by the time Trump takes office. Most Trump allies who oppose TikTok have cited claims of Chinese government influence over American users, which TikTok denies. They have both publicly criticized the legislation that would force a sale of TikTok or lead to a U.S. ban. “Don’t be fooled — the TikTok ban is not about China harvesting your data. Vivek Ramaswamy, who Trump has said will work alongside X owner Elon Musk in newly created government efficiency advisory roles, has over 855,000 TikTok followers.
Persons: Donald Trump, TikTok, Joe Biden, Trump, , hasn’t, that’s, Brendan Carr, Kevin Roberts, John Ratcliffe, ” Ratcliffe, JD Vance, Karoline Leavitt, Leavitt, ” Leavitt, ” Sebastian Gorka, Tulsi Gabbard, Robert F, Kennedy Jr, Don’t, ” Kennedy, Gabbard, Joe Rogan, Kennedy, , Mehmet Oz, Vivek Ramaswamy, Elon Musk, Ramaswamy, Jake Paul, ” Ramaswamy, Musk, ” Musk, Shou Chew, Michael Waltz, Waltz, ” Waltz, ” Trump’s, Sen, Marco Rubio, Rubio, ” “, ” Rubio, Kristi Noem, Doug Burgum, Noem, Lori Chavez, Elise Stefanik, Tik Tok, ” Stefanik, Doug Collins, Newsmax, ” Collins, Janette Nesheiwat Organizations: White House, Facebook, Federal Communications Commission, Heritage Foundation, CIA, Fox Business, Trump, Chinese Communist Party, CCP, , Trump’s, Democratic, Medicare, Services, X, Iowa, YouTube, Street Journal, Senate, Management, Fox News, TikTok, South Dakota Gov, North Dakota Gov, Chinese Community Party, , United Nations Locations: U.S, America, China, CCP, USA, Soviet Union, American
Romania's defense council says TikTok's algorithm fueled the rise of a far-right candidate. TikTok is facing accustions from regulators in Romania that content on the platform improperly influenced the country's presidential election. AdvertisementIn its statement, the Romanian defense council said there is growing interest inside Russia to "influence the public agenda in Romanian society" and disrupt social cohesion. The defense council said that not labeling the content as campaign-related drastically increased its visibility on TikTok. TikTok has also faced scrutiny in the United States for allowing political ads that included disinformation in the lead-up to the 2024 presidential election.
Persons: TikTok, Călin Georgescu, Vladimir Putin, Marcel Ciolacu, Georgescu, , Donald Trump, Paolo Ganino Organizations: Romania's, of National Defense, Romanian Constitutional Court, Associated Press, NATO, AP, Supreme, TikTok, Facebook, Business, Politico Locations: Romania, NATO, Ukraine, Russia, Romanian, United States
Some users have complained about the redesigned Photos app. The Photos app now contains a "Customize & Reorder" option to adjust to users' preferences. Use the 'Customize & Reorder' option at the bottom of the Photos appThe 'Customize & Reorder' option is found at the bottom of the Photos app. Lauren Edmonds/Business InsiderClick into the Photos app and scroll to the bottom of the page. The Photos app should appear slimmed down and easier to navigate.
Persons: it's, Apple, Lauren Edmonds Organizations: Apple
CNN —Instead of lounging on the couch after Thanksgiving, Americans headed to movie theaters, as the premiere of Disney’s “Moana 2” and the draw of “Wicked” and “Gladiator II” provided a big boost to the domestic box office. The success of the three films brought a new perspective on where the box office year can wind up, he said, since no one expected this to be a $420 million Thanksgiving weekend. Reviving the moviegoing experienceLoria said Universal, Paramount and Disney focused on theatrical-driven marketing campaigns, which movie theater companies could lean into. It meant movie theaters stepped up to cater to three very different audiences: those looking for epic historical action, musical fantasy and animated adventure. Dergarabedian said the theater screen goes hand-in-hand with streaming services at home and can build up the success of a movie long-term.
Persons: , Moana, , Mario, ” Alan Bergman, Paul Dergarabedian, Barbie ”, “ Oppenheimer, Lionsgate’s “, Daniel Loria, Sony’s “ Kraven, Hunter ”, King ”, Michael O’Leary, Loria, Dergarabedian Organizations: CNN, Mario Bros, Disney Entertainment, Universal, Paramount Pictures, Amazon MGM Studios, Warner Brothers Discovery, Warner Bros, Boxoffice, National Association of Theatre Owners, Paramount, Disney
Volkswagen workers prepare to strike across Germany
  + stars: | 2024-12-01 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +3 min
London CNN —Tens of thousands of Volkswagen workers will participate Monday in strikes at plants across Germany, labor union IG Metall said, marking the largest walkouts at the carmaker’s domestic operations since 2018. “If necessary, this will become the toughest wage dispute Volkswagen has ever seen,” IG Metall’s chief negotiator Thorsten Groeger said in a statement Sunday. The walkouts will be the first large-scale strikes that Volkswagen has faced since 2018, according to IG Metall, when 50,000 workers idled plants over pay. Indefinite strikes could also be called as a last resort, but only after members have been consulted again, IG Metall said. Volkswagen has said it may need to close plants in Germany for the first time in its 87-year history.
Persons: Metall, IG, Thorsten Groeger, , IG Metall Organizations: London CNN, Volkswagen, VW, IG Metall’s, IG Metall Locations: Germany, China
AdvertisementA few months ago, I started using an AI notetaking app, Granola, in meetings. A few minutes after I'd hopped on a call with a tech founder, he mentioned that he'd started using an "amazing" AI notetaking app. AdvertisementI've been using Granola since midsummer, and it's changed my meetings. In fact, given the whac-a-mole way many of us work — quickly triaging the messages that bombard us throughout the day — AI notetaking apps could have our back. That's notable, in part, because in a recent survey, 57% of Granola users reported being in leadership roles.
Persons: I'd, he'd, Lizzie Widhelm, it's, Granola, I'm, Chris Pedregal, , Pedregal, Slack, He's, I've Organizations: Google Locations: Granola, London
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