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☆ Could Fed Chair Powell’s Jackson Hole speech send stocks plunging again?
▼ + stars: | 2023-08-24 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —With Nvidia earnings out of the way, the next test for US markets is Federal Reserve Chair Jerome Powell’s annual speech at the Jackson Hole economic summit on Friday. “In August of 2022, Powell knew the Fed had several more rate hikes to go. Macy’s sounds the alarm on credit card delinquenciesMacy’s is warning of a spike in customers who are failing to make credit card payments, adding to the evidence of mounting financial stress on consumers, reports my colleague Matt Egan. This situation is hurting Macy’s business, driving down credit card revenue by 36% year over year and contributing to a quarterly loss, he said. Citing worsening consumer leverage metrics, Macy’s is bracing for a further increase in “bad debt” in its credit card portfolio.

Persons: Jerome Powell’s, Powell, ”, — Powell, “, Tom Graff, Matt Egan, ” Adrian Mitchell, Danielle Wiener, Bronner, Qiana Di, Di Bari, Read Organizations: CNN Business, Bell, New York CNN, Nvidia, Kansas, Fed, Dow Jones, “, Bureau of Labor Statistics Locations: New York, Wyoming, Maui, United States, Qiana Di Bari, Lahaina, Kahului

☆ Many Maui restaurants were destroyed in the fires. For those that survived, their future remains uncertain
▼ + stars: | 2023-08-23 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +8 min

An aerial view of destruction on Front Street on August 11, 2023 in Lahaina, Hawaii. In Lahaina, a historic area and popular tourist destination that was hit particularly hard by the fires, restaurants are big business. Restaurants are an important part of the tourism sector, which is responsible for 75% of all private-sector jobs in Maui. Their restaurants survived, but their future is uncertain. In Kula, about an hour’s drive from Lahaina, fires damaged the Kula Sandalwoods Inn & Cafe, which has been in Monica Loui’s family for decades.

Persons: Qiana Di, Di Bari, ”, Di Bari’s, Pepe, …, Di, ” Di Bari, Justin Sullivan, Baris, Sheryl Matsuoka, They’re, Javier Barberi, Barberi, Robert Gauthier, Barberi couldn’t, Hana Hou, “, it’s, Monica Loui’s, you’re, ” Loui, she’s, Caleb Hopkins, We’re, Hopkins, he’s, “ We’re, Hou Hospitality, Josh Green’s, Hawaii Josh Green, Rick Bowmer, Barry Allison, Kihei, we’ve, —, Catherine Thorbecke Organizations: New, New York CNN, Bureau of Labor Statistics, Hawaii Restaurant Association, Los Angeles Times, Hawaii Gov, FEMA, ” Locations: New York, Maui, Qiana Di Bari, Lahaina, Italian, Di Bari, Lahaina , Hawaii, United States, Kahului, “, Kula, Loui’s, GoFundMe, Hawaii

☆ Starbucks’ Pumpkin Spice Latte is back, and it’s celebrating its 20th anniversary
▼ + stars: | 2023-08-23 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +5 min

New York CNN —The Pumpkin Spice Latte is coming back, again. Starbucks' Pumpkin Spice Latte was introduced 20 years ago. StarbucksAnd Starbucks’ Reserve stores, more upscale locations, will also sell pumpkin spice beverages for the first time this year. Pumpkin spice is everywhere now, to the point where people roll their eyes when they see yet another pumpkin spice product, or mourn the arrival of pumpkin spice anything as marking the end of summer. Seasonal items like the Pumpkin Spice Latte are also an important marketing tool because they only come around once a year.

Persons: “ it’s, ”, Thomas Prather, ” Prather, you’ve, Peter Dukes, “, ” Dukes, likeliness, Dukes, Tapping, Paige Leyden, Kelly Haws Organizations: New, New York CNN, Starbucks, PSL, Olin Graduate School of Management, Vanderbilt University . Pumpkin Locations: New York, ., Washington ,, Vancouver, North America, Mintel

☆ Starbucks must pay another $2.7 million to employee who said she was fired for being White
▼ + stars: | 2023-08-17 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +3 min

New York CNN —A New Jersey court ordered Starbucks to pay an additional $2.7 million to a former employee who successfully sued the company for wrongful termination, claiming she was fired for being White. In June, a jury had ruled in favor of Shannon Philips, who worked at Starbucks as regional director over the Philadelphia area. In an order Wednesday, Judge Joel Slomsky said Starbucks has to make the additional payment for damages. Starbucks did not have a comment about the order Wednesday, but said in June that it was disappointed in the decision. In that suit, Phillips said that when Starbucks fired her following the arrest, it was discriminating against her because of her race.

Persons: Shannon Philips, Judge Joel Slomsky, Phillips, Starbucks “, White, “, ” Phillips, — CNN’s Kristina Sgueglia, Laura Ly, Zenebou Sylla Organizations: New, New York CNN, Starbucks, Philadelphia Starbucks, City, Partner Resources Locations: New York, New Jersey, Philadelphia, City of Philadelphia

☆ Three ways Covid changed the restaurant industry
▼ + stars: | 2023-08-13 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +7 min

Now, over three years later, the restaurant industry is back. In the early days of the pandemic, people got used to eating their restaurant food at home. Too many jobs, too few workersEarly in the pandemic, many restaurant workers got laid off. Now, over three years since the pandemic hit the US, some restaurant jobs remain unfilled. But many of these have at the same time vehemently opposed proposed legislation that could raise the minimum wage for fast food workers.

Persons: Anderson Cooper, Bobby Flay, Esther Choi’s, we’re, ” Choi, Mŏkbar, ”, Choi, Esther Choi, Masaharu Morimoto, Roy Rochlin, Joe Pawlak, Carbone, Covid, Chris Kempczinski, Taco, Spencer Platt, “, Uber, Doordash, Bonnie Morales, Leah Nash, Israel Morales, Flay, ” Donna, ” Pawlak Organizations: CNN, New, New York CNN, National Arts Club, Getty, National Restaurant Association, Washington Post, Bonnie Locations: New York, Manhattan, New York City, Israel, Kachka, Portland , Oregon, Portland

☆ Don’t be fooled by rising consumer price data, take a peek behind the numbers
▼ + stars: | 2023-08-11 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

CNN —US consumer prices rose 3.2% for the 12 months ending in July, according to the latest Consumer Price Index, which landed Thursday. “Don’t be fooled by the uptick in [year-over-year] inflation,” noted Julia Pollak, chief economist for ZipRecruiter. Gimme (cheaper) shelter: Shelter (i.e. “Our baseline forecast suggests that year-over-year shelter inflation will continue to slow through late 2024 and may even turn negative by mid-2024,” the researchers wrote. Uncooked beef steak prices rose 2.3% and uncooked ground beef rose 1.5%.

Persons: It’s, Don’t, ”, Julia Pollak, Joe Brusuelas, ” Brusuelas, —, Anna Bahney, Danielle Wiener, Bronner, That’s, Douglas Elliman, Miller Samuel, Spencer Platt, Jonathan Miller, “, Read, Biden, Michelle Toh Organizations: CNN Business, Bell, CNN, ZipRecruiter, RSM US, Federal Reserve, Commerce Department, San Francisco, Big Apple, Getty Locations: Manhattan, New York, New York City, China, Silicon

☆ Grocery prices rose in July
▼ + stars: | 2023-08-10 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +4 min

New York CNN —Grocery prices ticked up 0.3% in July, after staying flat in June, driven largely by rising beef prices. Uncooked beef steaks prices rose 2.3% and uncooked ground beef rose 1.5%. Tyson (TSN) reported that while its prices for pork and chicken were down in the quarter ending in July, beef prices went up. Altogether, grocery prices rose 3.6% for the year, higher than the overall 3.2% increase of consumer prices — but not by much. What’s going on with menu pricesIn the month of July, menu prices rose a tiny bit, just 0.2%.

Persons: Joe Raedle, ”, Donnie King, Tyson, Bread, Rice, Sweets, Milk, WEN, Papa Johns, Rob Lynch, “, we’ve, I’ve, Lynch Organizations: New, New York CNN, Bureau of Labor Statistics, TSN, USDA, Burger, Papa Johns Locations: New York

☆ Why orange juice futures are spiking
▼ + stars: | 2023-08-09 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +4 min

New York CNN —Orange juice futures are hitting record highs because of bad weather and a nasty citrus disease. “Record-high orange juice prices in 2023 are a consequence of a very tight market, with smaller-than-expected production and low inventories,” he added. Spiking futures prices could mean higher prices at the grocery store, he said. On Walmart’s website, a 52-ounce bottle of Tropicana Original orange juice currently goes for about $4. Shoppers may not tolerate prices getting any higher, especially when they don’t see orange juice as a staple.

Persons: ”, Billy Roberts, Hurricanes Ian, Nicole, Chandan Khanna, Citrus, Mathew Joyner, Roberts, “, Andrés Padilla, Jack Scoville Organizations: New, New York CNN, OJ, Hurricanes, Getty, US Department of Agriculture, Citrus Mutual, Rabobank, Price Futures Group, Bureau of Labor Statistics Locations: New York, Florida, America, Brazil, Mexico, United States

☆ Burger King's next challenge: Getting people in the door
▼ + stars: | 2023-08-08 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +4 min

In the second quarter ending on June 30, sales at Burger King’s US restaurants open at least 13 months jumped 8.3% year over year. Globally, including in the US, sales at Burger King restaurants open at least a year grew 10.2%. One part of the plan has hinged on getting people to try a Whopper, Burger King’s signature hamburger, again. More kiosks, newer restaurantsIn order for customers to walk through the door, Burger King locations need to look modern, according to executives. For Burger King, one way to update restaurants is by focusing on restaurant tech, like ordering kiosks.

Persons: Josh Kobza, Burger, Tim Hortons, Justin Sullivan, ” Tom Curtis, Kobza, “, ”, “ We’re, ” Kobza, “ We’ve, ” Burger Organizations: New, New York CNN, Burger, Burger King, Restaurant Brands, Burger King North, CNN Locations: New York, Burger, Burger King, Burger King North America

☆ Tyson is closing four plants as chicken sales slump
▼ + stars: | 2023-08-07 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +3 min

New York CNN —Chicken prices are down. The company reported earnings for the quarter ending July 1 that showed chicken revenue fell about 3.5%. Nathan Papes/Springfield News-Leader/ImagnTyson CEO Donnie King pointed to these market conditions when discussing Tyson’s chicken sales decline during an analyst call Monday. “We’ve had a number of fits and starts from the breeder side to demand,” King said. “We’re on the right path.”Plant closuresIn March, the company announced the closure of one chicken processing plant in Glen Allen, Virginia, and another in Van Buren, Arkansas.

Persons: Nathan Papes, Imagn Tyson, Donnie King, ”, It’s, Tyson, “ We’ve, ” King, “ We’re, King, “ I’m, ” Tyson Organizations: New, New York CNN, Tyson Foods, Rabobank, Springfield News, CNN, TSN Locations: New York, United States, Missouri, Indiana, Arkansas, Noel , Missouri, hatchings, Glen Allen , Virginia, Van Buren , Arkansas

☆ Oil prices are up 20% and energy stocks are rebounding
▼ + stars: | 2023-08-04 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

New York CNN —Energy stocks are making a comeback after being left for dead earlier this year. Energy stocks faltered in the beginning of the year, defying investors’ expectations for last year’s boom to accelerate on a lack of global supply. That drop in energy stocks came despite OPEC+ producers, the cartel of oil producing countries plus Russia, announcing several output cuts in a bid to bump up crude prices. US WTI crude oil prices have gained 22% since June 11, while global benchmark Brent is up by 19%. Jobs report will likely be strongMarkets and economists are expecting another solid jobs report on Friday, reports my colleague Alicia Wallace.

Persons: That’s, what’s, ”, Rebecca Babin, Chevron, Derek Amey, Jobs, Alicia Wallace, Daniel Zhao, Refinitiv, Read, Here’s what’s, Danielle Wiener, Bronner, We’ve, ” Read Organizations: CNN Business, Bell, New York CNN — Energy, Energy, OPEC, Brent, Federal Reserve, CIBC Private Wealth, titans, Shell, Reuters, Glassdoor, USA Rice Federation Locations: New York, Russia, Saudi Arabia, China

☆ India rice export ban, explained
▼ + stars: | 2023-08-03 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +6 min

But for importers and loyal consumers of Indian-grown non-basmati varieties, the ban has been disruptive, including in the United States. Internationally, the ban is causing an upheaval in the market and could especially impact places that rely on Indian rice exports. “So we’re looking to have a really healthy, robust US rice crop.”The United States primarily imports specialty and fragrant rice, he said, like arborio rice used to make risotto; jasmine rice; basmati rice and other varieties. “We are completely dependent on non-basmati rice,” said Kiran Kumar Pola, director of Deccan Foods, an importer and distributor of non-basmati Indian rice that operates out of Arizona. “We at India Bazaar understand the concerns raised in light of the recent ban on Indian Non-Basmati Raw Rice,” the post reads.

Persons: We’ve, USA Rice, what’s, “, ”, Tanner Ehmke, Anupam Nath, Ehmke, Joseph Glauber, it’s, Glauber, El Niño, “ There’s, Peter Bachmann, Charles Hart, ” Rice, Rory Doyle, Kiran Kumar Pola, Sona Masoori, Kerala Matta, Rice Organizations: New, New York CNN, ” USA Rice Federation, ”, International Food Policy Research, International Food Policy Research Institute, USA Rice Federation, BMI, Bloomberg, Deccan Foods, Facebook Locations: New York, United States, USA, India, CoBank, Asia, ” India, Guwahati, Philippines, Malaysia, Vietnam, Southeast Asia, Nigeria, Ivory Coast, Senegal, West Africa, Pakistan, South Asia, California, Pace , Mississippi, Arizona, Kerala, South India, Pola, Dallas

☆ Papa Johns’ prices are driving some customers away
▼ + stars: | 2023-08-03 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +5 min

New York CNN —Consumers are pulling back on discretionary spending, and Papa Johns is taking a hit. Lynch joined Papa Johns (PZZA) in 2019. The vast majority, roughly 2,900 out of about 3,400 total North American Papa Johns restaurants, are franchised, according to the company. Sales at Papa Johns locations open at least a year fell in the second quarter. But now, they’re pushing back – and not just at Papa Johns.

Persons: Papa Johns, ”, Rob Lynch, “, we’ve, I’ve, Lynch, American Papa Johns, Luke Sharrett, Papa, Kraft Heinz, Oscar Mayer, Kraft, Miguel Patricio, ” Patricio, George Frey, James Quincey, Steven Cahillane, “ We’re, ‘, ’ ”, ” Lynch, it’s Organizations: New, New York CNN, American Papa, Papa Johns, Bloomberg, Kraft Mac, Kraft Locations: New York, Papa Johns, Capri Sun, Philadelphia, Europe

☆ Starbucks’ sales in China come roaring back
▼ + stars: | 2023-08-01 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +2 min

New York CNN —Starbucks’ China business is back after dropping due to Covid restrictions last year. In the three months ending on July 2, sales at Chinese locations open at least 13 months spiked 46% year-over-year, the company said Tuesday. Starbucks sales in China took a major hit last spring. “I am encouraged by our performance in the quarter,” Starbucks CEO Laxman Narasimhan said during an analyst call discussing the financial results Tuesday, noting that in the quarter revenue in China grew 51% year-over-year. Tingshu Wang/ReutersAs of July, there were nearly 6,500 Starbucks locations in China.

Persons: Laxman Narasimhan, Tingshu Wang, there’s, Narasimhan, ”, “ Organizations: New, New York CNN, Starbucks Locations: New York, China, “, Beijing, underpenetrated, Japan, United States, North America

☆ Mattel's Barbie is a hit. Retailers and restaurants want in
▼ + stars: | 2023-07-29 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +8 min

Around that time, it started planning Barbie parties: Celebrations with themed cocktails, pink food and plenty of opportunities to show off Barbiecore outfits in the Instagram-friendly venue, including life-size hot pink Barbie and Ken boxes. By marketing Barbie products to adults, large retailers may be able to get them to buy similar products for kids. With Barbie products that appeal to grown-ups, marketers are “getting that interactivity between adults and children, that bonding,” which can also be used as a selling point. The clothing retailer offers a Barbie line that includes Gap and Barbie branded t-shirts, jackets and more, for both kids and adults. Nordhielm pointed to Cold Stone Creamery’s Barbie pink cotton candy ice cream as a standout.

Persons: Barbie ”, “ Barbie ”, Moshe Isaacian, Isaacian, Richard Drew, “, ”, Tim Calkins, Barbie, Ken, Leana Chavez, cabana, Lauren McCord, Christie Nordhielm, Richard Dickson, Richard B, Levine, Levine Roberts, “ Barbie, Oppenheimer, David Canales, David Reibstein, University of Pennsylvania’s Wharton, we’re, Mike Blake, ” Reibstein, “ it’s, Northwestern’s Calkins, Mattel, Chrissy Teigen Organizations: New, New York CNN, Twitter, Mattel, Warner Bros, CNN, Warner Bros ., Northwestern University’s Kellogg School of Management, Wunder, Georgetown University’s McDonough School of Business, Press, University of Pennsylvania’s, Reuters, Creamery Locations: New York, Wunder Garten, Washington , DC, Zara, Gran Via, Madrid, Malibu, Malibu , California

☆ Chick-fil-A wants to send your drive-thru chicken on a conveyor belt and down a chute
▼ + stars: | 2023-07-27 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +2 min

Customers can either order ahead via the Chick-fil-A app and then receive their meals at one of two lanes dedicated for mobile orders or order as usual through a regular drive-thru lane. The pick-up location is just that: Customers order ahead and then walk into the store to pick up their orders. Speedy service is key for fast food restaurants, especially at the drive-thru, where a long line or a bad experience can scare off customers. Taco Bell has also been testing out drive-thru locations with second-story kitchens, delivering tacos to drive-thru customers via a “vertical lift.”Chick-fil-A tends to earn top marks for its drive-thru, and for its service in general. In a drive-thru survey last year in which Chick-fil-A, along with Carl’s Jr., earned the top spot for satisfaction with service, the chicken chain failed to make the top five for order accuracy.

Persons: New York CNN —, It’s, Chick, Taco Bell, Carl’s Jr Organizations: New, New York CNN, Inc Locations: New York, Atlanta, New York City

☆ Grimace shakes help send McDonald’s sales surging
▼ + stars: | 2023-07-27 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +3 min

In the United States, sales at McDonald’s locations open for at least 13 months jumped 10.3% in the quarter ending on June 30. Grimace’s birthday, and the kickoff date for the special meal and shake McDonald’s offered to celebrate, was on June 12. When McDonald’s introduced the special products for Grimace in early June, it wasn’t all about the shake. The Grimace Birthday Meal also came with McNuggets or a Big Mac and fries. “Grimace is the perfect lovable icon to have McDonald’s meet our fans at the intersection of nostalgia and culture.”But in TikTok videos where people wish Grimace a happy birthday before sampling the shake, Grimace is not presented as a lovable icon.

Persons: McDonald’s, “, ”, Chris Kempczinski, ” Tariq Hassan, “ Grimace, Grimace, tweeting Organizations: New, New York CNN, McDonald’s, Plant Locations: New York, United States, China, Placer.ai

☆ Domino’s is still struggling with delivery. One solution? More cars
▼ + stars: | 2023-07-24 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +4 min

New York CNN —Domino’s is still suffering declines in its delivery business. But Domino’s (DPZ) still doesn’t want to use outside delivery drivers. Nathan Papes/Springfield News-Leader/USA Today Network/ImagnWeiner said that Domino’s is getting more applications for delivery drivers now than it did in 2019, an encouraging sign. In addition to the electric vehicles, Domino’s has more than 1,000 non-EV cars in its fleet, Weiner said on Monday. By using its own drivers, Domino’s has more control over the delivery experience.

Persons: New York CNN — Domino’s, Uber, Russell Weiner, Nathan Papes, Imagn Weiner, Domino’s, ”, Weiner, Sandeep Reddy, ” Reddy, Reddy, Christopher Carril, ” Weiner Organizations: New, New York CNN, Chevy, Springfield News, USA, RBC Capital Markets Locations: New York, “

☆ Here’s how Bud Light became the latest corporate bogeyman for Ron DeSantis
▼ + stars: | 2023-07-21 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +10 min

Partnering with a young, popular trans woman could help a brand like Bud Light reach a more youthful demographic. But because Bud Light managed to alienate everyone, it hasn’t gotten the benefit of a buycott. In the week ending on July 8, Bud Light sales, by dollar, fell nearly 24% year-over-year, according to data provided by Williams. Others are more breezy, showing people enjoying Bud Light despite the inconveniences of summer (sunburn, thunderstorm). Bud Light is “coming back,” said Marcel Marcondes, AB InBev’s chief marketing officer, during the Cannes Lions International Festival of Creativity in June.

Persons: Ron DeSantis, Bud Light, influencer Dylan Mulvaney, Bud, BUD, “, Mulvaney, Lamar Taylor, “ prudently, DeSantis, Taylor, Scott Olson, Bud Light’s, Dylan Mulvaney, Anheuser Bush, — Anheuser, Brendan Whitworth, ”, LIV, Rob Carr, buycotts, hasn’t, Bump Williams, Williams, Busch, Whitworth, ” Whitworth, Marcel Marcondes, ” Daniel Korschun, ” Korschun, Erin Reed, Elon Musk, he’s Organizations: New, New York CNN, Florida Gov, Republican, Bud Light, Anheuser, Busch InBev, State Board of Administration, AB InBev, CNN, Busch, “ Anheuser, Gallup, — Anheuser Busch’s, America, Trump National Golf Club, Modelo Especial, InBev’s, Cannes Lions International, Creativity, Drexel University, InBev, Republicans, Target, Twitter, Tesla, Disney Locations: New York, Florida, Sterling , Virginia, Central Florida

☆ How America fell out of love with ice cream
▼ + stars: | 2023-07-16 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +9 min

Ice cream is “the ultimate comfort food.”Drinkers swapped a pint for a scoop, and for ice cream makers, Prohibition was a boon. “In fact they say that the ice cream business is bound to increase in volume from year to year as more people are using ice cream since the coming in of nation-wide prohibition and the going out of the saloon.”The interest in ice cream continued in World War II, buoyed by the government’s use of the frozen dessert to help boost morale. Margaret Bourke-White/The LIFE Picture Collection/Shutterstock“We built pop-up ice cream factories on the front lines, delivered individual ice cream cartons to foxholes and spent more than a million dollars on a floating ice cream barge that patrolled the Pacific delivering ice cream,” Siegel said. Scoops of Falooda ice cream are placed on top Blueberry Lavender ice cream at Pints of Joy in Sunnyvale, California. Today, she teaches aspiring ice cream entrepreneurs how to make ice cream.

Persons: Earl Leaf, Michael Ochs, Baskin Robbins, —, Matt Siegel, ” Siegel, Yuengling, ”, Margaret Bourke, “, Siegel, John Robbins, Robbins, Burt Baskin, Robbins ’, ” Robbins, Robbins “, Deepak Chopra, Marianne Williamson, Lucas Fuess, Richard B, Levine, Levine Roberts, Fuess, John Crawford, “ There’s, Circana, Aric Crabb, Talenti, Earl Grey, ” Crawford, Bryan Olin Dozier, Deborah Lee Organizations: New, New York CNN, US Department of Agriculture, Michael Ochs Archives, Food, Anheuser, Busch, Manufacturers, Cream, Baskin, New York Times, Rabobank, MediaNews, East Bay Times Locations: New York, NY, American, USS Maryland, Chicago , Illinois, Circana, Joy, Sunnyvale , California, Van Leeuwen, North Carolina

☆ Another earnings season begins, but investors are already looking beyond it
▼ + stars: | 2023-07-13 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —As the second-quarter earnings season kicks off this week, investors want answers on the health of the United States’ companies and its economy. The projected second-quarter earnings decline for companies listed in the S&P 500 is roughly 7.6% compared to the prior year, according to FactSet. That would be the third consecutive quarter of declines and the largest earnings decline reported by the broad-based index since a roughly 32% loss during the second quarter of 2020. But investors will be looking even more closely at what companies forecast for their financial performance and the broader economy. Energy secretary vows to replenish Strategic Petroleum ReserveEnergy Secretary Jennifer Granholm said the United States will refill the depleted Strategic Petroleum Reserve, reports my colleague Matt Egan.

Persons: It’s, ”, Paul Eitelman, What’s, Steve Wyett, Jennifer Granholm, Matt Egan, Joe Biden, “, ” Granholm, Biden, Granholm, ” Read, Danielle Wiener, ” Jared Bernstein, Read Organizations: CNN Business, Bell, New York CNN, United, Wealth Management, Gross, North America, Russell Investments, Macy’s, Costco, JPMorgan Chase, Citigroup, BOK Financial, Energy, Strategic Petroleum Reserve Energy, Strategic Petroleum Reserve, CNN, The Energy Department, Bronner, of Labor Statistics, of Economic Advisers Locations: New York, United States, Wells Fargo, BlackRock, Ukraine, That’s

☆ Grocery prices held steady in June, offering some relief
▼ + stars: | 2023-07-12 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +4 min

New York CNN —Grocery prices stayed steady in June after ticking up in May, offering some relief to shoppers. Together, food prices rose 0.1% for the month, according to the latest Consumer Price Index, released Wednesday by the Bureau of Labor Statistics. In that time, grocery store prices grew 4.7%, while menu prices went up by 7.7%. “We’ve seen a persistent slowing of grocery prices,” Jared Bernstein, chair of the Council of Economic Advisers, a group that advises the president, told CNN. How prices changed in JuneFrom May to June, when grocery prices stayed flat, some specific items notched increases.

Persons: “ We’ve, Jared Bernstein, ”, Jordan Vonderhaar, Ham, Bacon, Milk, Bernstein Organizations: New, New York CNN, Bureau of Labor Statistics, BLS, of Economic Advisers, CNN, Bloomberg, Getty, Assistance, SNAP Locations: New York, Ukraine

☆ With home improvement projects down, it’s Ikea’s moment
▼ + stars: | 2023-07-08 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +5 min

Over the next three years, it plans to open eight large stores and nine smaller “plan and order points,” where customers can chat with design consultants and order products. “We see endless opportunities to grow” in the US, Tolga Öncü, head of Ikea Retail for the Ingka Group, Ikea’s Dutch holding company, said in a statement at the time. After splurging on home improvement projects during the pandemic, consumers are pulling back. Home improvement retailer Lowe’s lowered its profit and sales outlook for the year in May, saying consumers were spending less on home improvement. Ikea, which is not publicly traded, reported that its retail sales rose by 6.5% in fiscal year 2022, but didn’t post quarterly results.

Persons: ”, Michael Brown, Spencer Platt, Tolga Öncü, Karl Zimmermann, “, Sucharita Kodali, Forrester, “ they’re, Zimmermann, Paul Bersebach, Marisa Ortega, splurging, Ethan Allen, ” Ortega, —, Anna Cooban, David Goldman, Nathaniel Meyersohn, Parija Kavilanz Organizations: New, New York CNN, Ikea, Ikea Retail, Ingka, Bain, MediaNews, Orange, Register Locations: New York, Aldi, Long Beach , California

☆ Cultivated chicken debuts in San Francisco restaurant
▼ + stars: | 2023-07-01 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +3 min

New York CNN —Chicken made from cultivated cells is officially on the menu at Bar Crenn in San Francisco. On Saturday, cultivated chicken tempura will be on Bar Crenn’s menu, served with a burnt chili aioli and garnished with greens and edible flowers. Ujpside Foods' cultivated chicken is on the menu at Bar Crenn. UPSIDE FoodsAfter Saturday, there will be other opportunities to try cultivated chicken at Bar Crenn, but not right away. Cultivated meat at scale could use far less land and water than conventional agriculture, experts say.

Persons: hasn’t, José Andrés, it’s Organizations: New, New York CNN, US Department of Agriculture, Foods, Innovation, Food and Drug Administration, FDA, Service Locations: New York, San Francisco, Washington, China

☆ Dylan Mulvaney says Bud Light’s backlash response was ‘worse than not hiring a trans person at all’
▼ + stars: | 2023-06-29 | by ( Clare Duffy | ) edition.cnn.com time to read: +4 min

New York CNN —Dylan Mulvaney on Thursday broke her silence about the fallout that occurred after the trans influencer made two Instagram posts sponsored by Bud Light earlier this year. Bud Light’s sponsorship of an April 1 Instagram post by Mulvaney set off a firestorm of anti-trans backlash and calls for a boycott. But later it released a vague statement from the CEO that failed to offer support for Mulvaney or the trans community. The Bud Light backlash also coincided with anti-LGBTQ+ campaigns against other big brands, including Target. “I think the conversation surrounding Bud Light has moved away from beer, and the conversation has become divisive, and Bud Light really does not belong there, Bud Light should be about bringing people together,” Whitworth said.

Persons: New York CNN — Dylan Mulvaney, Bud Light, Bud Light’s, Mulvaney, ” Mulvaney, Bud, Brendan Whitworth, ” Whitworth, I’ve, ” –, Danielle Wiener, Bronner Organizations: New, New York CNN, American Civil Liberties Union, UCLA School of Law, Target, Bud Light, Anheuser, Busch, CBS, CNN Locations: New York

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