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Subway CEO John Chidsey told the WSJ he eats at the chain three times a week. His favourite sandwiches are the Turkey Cali Club and its controversial tuna sub. John Chidsey, who's served as CEO of the sandwich chain since 2019, eats there about three times a week, he told The Wall Street Journal. Chidsey told The Journal that his favorite sandwich on Subway's menu is the Turkey Cali Club, which is made with turkey, bacon, mozzarella, smashed avocado, and salad and released as part of its menu overhaul. He told CNN in 2021 that his other favorite sub from the chain was its controversial tuna sandwich.
Persons: John Chidsey, , who's, Chidsey, Fries, Chris Kempczinski, Andrew Puzder, Carl's Jr, Greg Brenneman Organizations: Turkey Cali Club, Service, Wall Street, CNN, Burger King Locations: Turkey, Miami
Kellogg's cold cereal products are pictured in a market after Kellogg Company announced it would split. REUTERS/Mike Segar/File Photo Acquire Licensing RightsNEW YORK, Oct 2 (Reuters) - Shares of Kellanova (K.N) fell more than 7% on Monday after the packaged food giant, previously known as Kellogg Company, completed the spinoff of its North American cereal business into a new standalone entity called WK Kellogg Company (KLG.N). Under the separation agreement, Kellanova shareholders received one share of WK Kellogg common stock for every four shares of Kellanova stock held as of September 21, a statement said. Kellanova shares fell to as low as $51.83, down 7.2%, after opening at $55.70, while WK Kellogg Company dropped by more than 11% and was last at $13.79. Kellanova will retain its place on the benchmark S&P 500 (.SPX) index, while WK Kellogg shares will join the S&P SmallCap 600 index (.SPCY) on Tuesday, before market open.
Persons: Mike Segar, WK Kellogg, Kellanova, Michael Ashley Schulman, Rice, Piper Sandler, Research's Arun Sundaram, Chibuike Oguh, Lance Tupper, Christina Fincher Organizations: Kellogg Company, REUTERS, WK Kellogg Company, WK Kellogg, New York Stock Exchange, Running, Capital Advisors, MorningStar, Jefferies, Thomson Locations: New York, U.S, Kellanova, California, American, Bengaluru
What could break under higher-for-longer interest rates?
  + stars: | 2023-09-29 | by ( ) www.reuters.com   time to read: +5 min
Yet, the strain from interest rate hikes has just started to come through and with central banks signalling that rates will likely stay higher for longer, the notion of something "breaking" remains strong. Reuters Graphics Reuters Graphics1/ PROPERTY PAINNowhere is the impact of higher rates being felt more acutely than in real estate, still reeling from COVID-19. "We have many zombie companies in the United States and Europe from the low interest rates era, and I cannot imagine how they can survive now with high interest rates." Still, big question marks remain over their future, not least from a global property rout. Miller noted that European banks are also vulnerable given their bigger size relative to the economy that leaves them more exposed to risks from various pockets.
Persons: Jonathan Ernst, Heimstaden, Markus Allenspach, Julius Baer, Guy Miller, Miller Organizations: . Federal, REUTERS, Reuters Graphics Reuters, SBB, China Evergrande, HK, Federal, European Central Bank, Zurich Insurance, The Bank of Japan, Capital, Thomson Locations: Washington, Sweden, Europe, Stockholm, Berlin, CHINA, China, United States, Big U.S
WASHINGTON (AP) — After being thwarted by Congress, President Joe Biden will use his executive authority to create a New Deal-style American Climate Corps that will serve as a major green jobs training program. The climate corps had been proposed in early versions of the sweeping climate law approved last year but was jettisoned amid strong opposition from Republicans and concerns about cost. Democrats and environmental advocacy groups never gave up on the plan and pushed Biden in recent weeks to issue an executive order authorizing what the White House now calls the American Climate Corps. White House climate adviser Ali Zaidi said the administration will work with at least six federal agencies to create the climate corps and will pair with at least 10 states. California, Colorado, Maine, Michigan and Washington have already begun similar programs, while five more are launching their own climate corps, Zaidi said: Arizona, Maryland, Minnesota, North Carolina and Utah.
Persons: Joe Biden, Biden, Franklin D, Roosevelt, Biden's, Massachusetts Sen, Ed Markey, Alexandria Ocasio, Bruce Westerman, Joe Neguse, Ali Zaidi, Zaidi Organizations: WASHINGTON, Corps, House, American Climate Corps, Civilian Conservation Corps, Sunrise Movement, Democratic, New York Rep, Republicans, FDR, , Natural Resources, Colorado Democrat Locations: Paris, Massachusetts, Alexandria, Cortez, federal, ” Arkansas, U.S, California , Colorado , Maine , Michigan, Washington, Arizona , Maryland, Minnesota, North Carolina, Utah
Bloomberg’s Christopher Palmeri and Thomas Buckley reported that Disney has “held exploratory talks” about selling ABC to Nexstar Media Group. The duo also reported that media mogul Byron Allen has also spoken with Disney about a possible deal. “Everyone is freaking the f**k out,” one ABC News staffer bluntly told me about the state of affairs inside the network. Whether a deal to offload ABC and Disney’s linear stations is ultimately in the cards remains to be seen. “I’m ridiculously passionate about news,” Iger told senior company leaders.
Persons: Bloomberg’s Christopher Palmeri, Thomas Buckley, Byron Allen, , anxiousness, Will, Robert F, Kennedy Jr, Disney, Bob Iger’s, ABC News’ers, they’re, Iger —, ” Iger, Organizations: CNN, ABC News, Disney, Magic Kingdom, ABC, Nexstar Media Group, Nexstar, CW, ESPN, Bloomberg, CNBC, Sun Locations: New York City
The S&P Global logo is displayed on its offices in the financial district in New York City, U.S., December 13, 2018. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsLONDON, Sept 13 (Reuters) - The number of new corporate defaults globally reached 16 in August, the highest August monthly number since 2009, S&P said in a report released on Wednesday, the latest sign that corporate stress is building. While defaults tend to slow down during the summer, last month's number was well above the 8.6 average for August seen in previous years. This brought the global corporate default tally to 107, with most of the defaults coming from Europe and the United States. Sector-wise, media and entertainment accounted for one third of defaults in the United States and 25% of the total defaults in August, while the consumer products sector was the most hit in Europe, S&P noted.
Persons: Brendan McDermid, Chiara Elisei, Dhara Ranasinghe Organizations: REUTERS, Thomson Locations: New York City, U.S, Europe, United States, America
.SPX YTD mountain S & P 500 YTD My last column before a late-summer hiatus, published July 15 with the S & P about 1% higher than Friday's close, began: "Enough for now? There's been no net progress since then after a modest push higher, 5% pullback and partial bounce. There's no doubt the market is sensitive to these yield moves, unsure how the economy and market might handle them. There's an insistence among plenty of cautious market participants that stocks are only as high as they are because eventual Fed rate cuts are anticipated. Not to be too literal, but this at least would suggest some more seasonal choppiness before a potential break higher.
Persons: There's, Oleg Melentyev, , Goldman Sachs, Tony Pasquariello, China's Organizations: Federal Reserve, U.S ., Federal, Treasury, Labor, Bank of, UAW, Atlanta Fed, Investment Locations: Europe, China, U.S
China's "stalling" economy is putting some US companies at risk, according to Bank of America. The bank highlighted the top 10 stocks that have the most revenue exposure to China. Applied MaterialsApplied Materials’ new corporate signage photo in Santa Clara California ReutersTicker: AMATMarket value: $122.6 billionRevenue exposure to China: 33%9. Wynn ResortsAdvertisementAdvertisementFILE PHOTO: Wynn Resorts Ltd property in Las Vegas ReutersTicker: WYNNMarket value: $10.7 billionRevenue exposure to China: 40%4. ReutersTicker: LVSMarket value: $38.2 billionRevenue exposure to China: 67%Other companies that have considerable revenue exposure to China include: Intel (27%), Tesla (26%), and Nvidia (26%).
Persons: Savita Subramanian, Santa Clara California, Lam, Shanghai Aly Song Organizations: Bank of America, Service, Santa Clara California Reuters, Broadcom Reuters, IPG Photonics, Wynn, Wynn Resorts Ltd, Las Vegas Reuters, WYNN, Qualcomm, China, Vegas Sands Corp, Reuters, Intel, Nvidia Locations: China, Wall, Silicon, Santa Clara, Las Vegas, Shanghai, Macau
At his State of the Union address this year, President Biden celebrated the fact that his new climate and tax law would no longer allow some of America’s largest corporations to pay zero in federal taxes. “Because of the law I signed, billion-dollar companies have to pay a minimum of 15 percent,” Mr. Biden said, referring to the Inflation Reduction Act of 2022. “God love them.”The new corporate minimum tax was one of the most significant changes to the U.S. tax code in decades. Its logic rested on the idea that rich companies should not be able to find loopholes and other accounting maneuvers in order to pay lower tax rates than their workers. Those groups have been flooding the Treasury Department with letters asking for lenient interpretations of the law and trying to create new loopholes before their tax bills come due next year.
Persons: Biden, Mr, Elizabeth Warren of, Janet L, Yellen Organizations: Treasury Locations: Elizabeth Warren of Massachusetts
Morning Bid: Restive markets simmer after oil sideswipe
  + stars: | 2023-09-06 | by ( ) www.reuters.com   time to read: +4 min
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 20, 2023. That's a moment in the whole disinflation story as it virtually wipes out the negative annual base effect so powerful this year in helping drag headline inflation rates back down. The more complicated inflation picture comes against the week's downbeat business surveys from Europe and Japan. That take was reinforced overnight by a New York Fed study that suggested the theoretical 'neutral' interest rate keeping the economy at equilibrium continued to fall in the second quarter. The energy picture saw Asia and European bourses in the red again, with Japan's Nikkei (.N225) bucking the trend.
Persons: Brendan McDermid, Mike Dolan Roiled, Lorie Logan, Susan Collins, Mike Dolan, John Stonestreet Organizations: New York Stock Exchange, REUTERS, Treasury, Bank of Canada, New, New York Fed, NY, Japan's Nikkei, Dallas Federal, Boston Fed, Reuters Graphics Reuters, Thomson, Reuters Locations: New York City, U.S, Saudi Arabia, Russia, That's, Europe, Japan . U.S, New York, Asia, European, Canada
Morning Bid: Caution the watchword for inflation tests
  + stars: | 2023-08-07 | by ( ) www.reuters.com   time to read: +3 min
[1/2] Produce is seen at El Progreso Market in the Mount Pleasant neighborhood of Washington, D.C., U.S., August 19, 2022. REUTERS/Sarah Silbiger/File PhotoA look at the day ahead in European and global markets from Wayne Cole. It's been a slow start in Asia, with little in the way of market-moving news over the weekend. Both Bank of America and JPMorgan last week ditched their forecasts for a U.S. recession and embraced the soft landing theme. Inflation figures from the United States and China will be major tests for investors this week.
Persons: Sarah Silbiger, Wayne Cole, It's, Walt Disney, Huw Pill, Raphael Bostic, Michelle Bowman, Edmund Klamann Organizations: El Progreso Market, Washington , D.C, REUTERS, Nasdaq, Bank of Japan, Bank of America, JPMorgan, U.S, CPI, New Corp, Fox, Sony, Bank of England's, Atlanta Fed, Thomson Locations: Mount Pleasant, Washington ,, Wayne, Asia, U.S, United States, China, Beijing, Japan
It did not say when the combined company will start trading. Pipestone Energy has a market capitalization of $756.83 million, according to Refinitiv Eikon data. Pipestone shareholders will receive about 9.05% of the pro forma equity in the amalgamated company, with existing Strathcona shareholders owning the rest. Including debt, the combined company will have a market capitalization of C$11.5 billion. Calgary, Alberta-based Strathcona was formed in 2020 by the merger of two Waterous Energy Fund-backed companies, Strath and Cona.
Persons: Strathcona, Rob Morgan, Juby Babu, Savio D'Souza, Rashmi Organizations: Strathcona Resources, Pipestone Energy Corp, Strathcona, Pipestone Energy, Energy, Thomson Locations: Strathcona, Calgary , Alberta, Bengaluru
I'm a freelancer, so when my husband and I bought our house, we did it with his income. We were lucky to be able to buy at a time when houses were affordable, and we refinanced last year. We could have had a bigger house, but I'm glad we're investing more and not having to make hard budget choices. I'm a freelancer, and my husband was starting a new corporate job, and we decided to purchase a house solely on his earnings. We didn't want to be 'house poor'While being "house poor" is a lot more common these days, I knew it wasn't the right choice for us.
Persons: I'm, I've, we're, spender I've, we've Organizations: Service Locations: Wall, Silicon, Florida
Summary White House readying actions in new corporate sectorsCompetition Council to have fifth meeting on WednesdayIndustry chafes at 'regulatory overreach'WASHINGTON, July 18 (Reuters) - President Joe Biden has created a new role on the National Economic Council (NEC) to tackle anticompetitive business practices, naming NEC member Hannah Garden-Monheit as Director of Competition Council Policy, the White House said on Tuesday. One may be the retail sector, which National Economic Council Director Lael Brainard singled out last October before leaving her job as Federal Reserve vice chair, arguing it had "ample room" to "recompress margins" after COVID-19 price hikes. "Institutionalizing competition policy within the National Economic Council and the White House is another critical step ... to make sure we right the wrongs of failed antitrust enforcement and competition policy enforcement for the last several decades." Columbia University Professor Timothy Wu, who led the White House antitrust push until December, said Biden's decision to create a specific role centered on the competition council reflected its importance. "Creating a White House director of competition policy is a big deal — it cements the White House role in antitrust policy and ensures a lasting impact," he said.
Persons: Joe Biden, Hannah Garden, Biden, Monheit, Lael Brainard, Morgan Harper, Timothy Wu, Andrea Shalal, Josie Kao, Matthew Lewis Organizations: Competition Council, Industry, National Economic Council, NEC, Competition, Reuters, Economic, Reserve, U.S . Chamber, Commerce, Council, Consumer Financial, Bureau, American Economic Liberties, Columbia, White, Thomson Locations: WASHINGTON, U.S, Wednesday's, Washington
Biden created the council as part of an executive order two years ago to crack down on anti-competitive practices in sectors from agriculture to drugs and labor, and find ways to lower prices for consumers. She said would work with Congress to curb anti-competitive practices in agriculture, while seeking new focal areas. One may be the retail sector, which National Economic Council Director Lael Brainard singled out last October before leaving her job as Federal Reserve vice chair, arguing it had "ample room" to "recompress margins" after COVID-19 price hikes. Columbia University Professor Timothy Wu, who led the White House antitrust push until December, sans the new title, said Biden's decision to create a specific role centered on the competition council reflected its importance. "Creating a White House director of competition policy is a big deal — it cements the White House role in antitrust policy and ensures a lasting impact," he said.
Persons: Joe Biden, Hannah Garden, Biden, Monheit, Lael Brainard, Timothy Wu, Andrea Shalal, Josie Kao Organizations: Competition Council, Industry, National Economic Council, NEC, Competition, Reuters, Economic, Reserve, U.S . Chamber, Commerce, Council, Columbia University, White, FDR, Thomson Locations: WASHINGTON, U.S, Wednesday's, Washington
The new corporate earnings season revs up next week, and some stocks could do well on the back of their reports. The regional bank has beat earnings expectations in 70% of its past reports and typically advances 1.7% on the back of a report. Blackstone Investment firm Blackstone also made the list, with the company beating expectations 70% and 79% of the time for earnings and revenue, respectively. Horton , which is also set to report Thursday, has beat earnings expectations 76% of the time and sales forecasts 70%. The company, which reports Thursday after the bell, has beat earnings and sales expectations 87% and 83% of the time, respectively.
Persons: revs, Morgan Stanley, Goldman Sachs, they've, Wells, Jared Shaw, WAL, Blackstone, D.R, Horton D.R, — CNBC's Michael Bloom, Fred Imbert Organizations: Bank of America, Netflix, United, Investors, CNBC Pro, Investment, Western Alliance, Western Alliance Bancorp, Regional Banking, Blackstone Investment, Truland Locations: Horton, Friday's
Without following the words, it would be nearly impossible to have any idea what was going on in this non-narrative but intensely text-focused work. The attempt to tie together the work’s many thematic strands by enacting onstage what Hearne’s program note called “a new corporation, powered by quasi-religious fervor,” was confusing — though maybe things were clearer in the original, outdoor conception. The central pairing of Penn and Bezos, the two pioneers — their vast differences, their essential similarities — would probably have been a more than sufficient subject here. To what extent are Bezos’s manipulative doublespeak and high-minded invocations of empowerment through selling a break with Penn’s colonial promises? To what degree are they merely a continuation of what were sour lies to begin with?
Persons: , Ashley, , there’s, Penn, Bezos
It will allow retail investors to join the high-value art market, purchasing fractional ownership. The IPO is led by Artex, with shares only available on a specially made art stock exchange. Shares will be valued at around $100 each and will trade on a newly formed art stock exchange in Liechtenstein. By splitting a work's cost into more-affordable shares, retail investors can join the market without having to pay millions of dollars. While other companies have offered fractionalized ownership for artwork before, Artex is the first to take a piece public, allowing shares to be traded more easily.
Persons: Francis Bacon, Artex, , George Dyer Organizations: Street Journal, Service, Wall Street Locations: Liechtenstein
Hong Kong CNN —Joseph Tsai, executive vice chairman and cofounder of Alibaba Group, will succeed Daniel Zhang as chairman, according to an announcement by the Chinese tech giant on Tuesday. Eddie Wu, chairman of Alibaba’s e-commerce platform Taobao and Tmall Group, will succeed Zhang as chief executive officer and replace him on the company’s board of directors. Following the transition, Zhang will continue to serve as the chairman and CEO of Alibaba’s cloud unit. “I am grateful for the trust of the Alibaba Group board of directors and am honored to succeed Daniel as Alibaba’s CEO,” he said. Zhang was appointed by Alibaba as CEO in May 2015, eight years after he joined the company.
Persons: Hong Kong CNN — Joseph Tsai, Daniel Zhang, Jack Ma, Eddie Wu, Zhang, ” Zhang, Wu, , Daniel, , Alibaba, Ma, Masa Son Organizations: Hong Kong CNN, Alibaba, Alibaba’s, Tmall, Alibaba Cloud Intelligence Group, Ant Group, Alibaba Group, University of Hong Kong, University of Tokyo Locations: Hong Kong, Beijing, Japan, China
Women are more likely to be promoted to top jobs when times are tough. Research shows that women and people of color are more likely to be promoted to top jobs when companies are going through tough times, or when a company is most likely to fail. CNN is certainly going through tough times. His tenure at the Warner Bros. Discovery-owned CNN was a rough run, defined by layoffs, a shrinking audience, and an increasingly angry newsroom. Two of the three editorial leads put in charge of the network on Wednesday in the interim are women.
Persons: CNN's, shouldn't, Chris Licht, Licht, Dylan Byers, Puck, Zucker, Jennifer Reynolds, Michelle Ryan, Elon Musk, Linda Yaccarino, Rebecca Knight Organizations: Research, CNN, Warner Bros ., Trump, Corporate, Twitter Locations: WBD
Nevertheless, in 2007, the Blackstone Group bought Mr. Zell’s firm — then known as Equity Office Properties Trust — for $39 billion. A Deal Comes With DebtLike many newspapers, the Tribune properties were hemorrhaging advertising revenues and readers to the internet. The company had been on the auction block for months when Mr. Zell — insisting that his interests were purely economic, not editorial — offered $34 a share in a complex transaction to take the company private under an employee stock-ownership plan. In that highly leveraged buyout, the debt was to be paid off almost entirely by cash generated by the company’s continuing operations. The new corporation was exempt from federal income taxes, and the debt was reduced by the sale of Newsday, the Cubs and Wrigley Field.
The future of growth
  + stars: | 2023-05-15 | by ( Sponsor Post | Sponsor Content Ey | ) www.businessinsider.com   time to read: +6 min
But even when there's an economic recession, we invariably find a way to spend ourselves back to growth. New product launches, seasonal fashion, increasing portion sizes and an endless aisle of choice have collectively supported growth in consumer spending. It's become an accepted principle that progress is measured through growth and growth is driven by consumption. These changes are weakening the links between consumption, growth, and success. Today, growth and margin are indicative factors of how well a consumer company has delivered to the needs of the market.
The result is the largest-ever database of one-on-one Zoom conversations. And while the average loudness of speakers didn't change across bad or good conversations, the "good" talkers varied their decibel levels more than the "bad" talkers did. The machine found that women rated as better Zoom conversationalists tended to be more intense. Good conversationalists are those who appear more engaged in what their partners are saying. Studying Zoom calls may help us have better conversations on Zoom.
The result is the largest-ever database of one-on-one Zoom conversations. It may shed new light on what we talk about when we talk about talking today — the conversation of the future. And while the average loudness of speakers didn't change across bad or good conversations, the "good" talkers varied their decibel levels more than the "bad" talkers did. The machine found that women rated as better Zoom conversationalists tended to be more intense. Good conversationalists are those who appear more engaged in what their partners are saying.
Nichole Maffey worked in startups for nearly a decade but got her first corporate job this month. Despite the negative connotation of corporate work, she said it's saving her mental health. Startups drove me to embrace the hustleI began my startup career right out of college and have ranged from the ninth hire to the 30th. My roles gave me opportunities to learn at a much faster rate than a siloed, corporate job would have because I was part of so many projects at once. This is just one example: In eight years of working, I'd never been onboarded before this corporate job.
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