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☆ Disney's Iger says Peltz proxy battle was a 'distraction,' board is focused on picking his successor
▼ + stars: | 2024-04-04 | by ( Sarah Whitten | ) www.cnbc.com time to read: +1 min

Iger noted that the activism has not changed Disney's succession process. Chapek held the post for more than two years before Iger returned to it. "Obviously, we all learn from the past, and we're prepared for this process to be successful," Iger said. In an interview with CNBC on Thursday, Peltz said he did not have any personal vendetta against Iger but wanted to ensure the company had a leadership plan in place. "The only issue I had with Bob was the succession plan, which again is at the feet of the board," he said.

Persons: Nelson Peltz's, Bob Iger, Iger, Bob Chapek, Chapek, we're, Peltz, Bob Organizations: Disney, CNBC

DETROIT (AP) — Tesla sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to draw more buyers. In its letter to investors in January, Tesla predicted “notably lower” sales growth this year. In March it temporarily knocked $1,000 off the Model Y, its top-selling vehicle. During the quarter, Tesla lost production time in Germany after a suspected arson attack cut its power supply. But sales growth slowed toward the end of the year.

Persons: Tesla, FactSet, Dan Ives, ”, Elon Musk, ” Ives, Ives, Itay Organizations: DETROIT, Tesla, Citi, U.S, EV Locations: Austin , Texas, Fremont , California, Red, China, Germany

The temblor set off at least nine landslides, collapsing hillsides onto the Suhua Highway in Hualien, according to local media reports. The quake was centered in the waters off Hualien, according to the United States Geological Survey. The epicenter was about 10 miles under the earth’s surface, according to Taiwan. Here is the latest: In Japan, tsunami waves as high as 30 centimeters hit the shore on Yonaguni Island at 9:14 a.m. local time. People in China took to social media saying they felt the tremors as far as away as Hangzhou, Xiamen, and Shanghai.

Persons: Tobin, Motoko Rich Organizations: Rail, United States Geological Survey, Weather Administration, U.S . Pacific, Warning Locations: Taiwan, Japan, Hualien, Taiwan’s, Taipei, People, China, Hangzhou, Xiamen, Shanghai

☆ Disney's cinematic drought may have opened a door for activist investor Peltz
▼ + stars: | 2024-04-02 | by ( Sarah Whitten | ) www.cnbc.com time to read: +4 min

DisneyDisney has struggled to return to the lofty box office records of 2019 — and that may have helped open the door for its recent troubles with activist Nelson Peltz. Just four years ago, the studio had seven billion-dollar films, which contributed to a global box office haul of more than $13.2 billion. Sony produced and distributed "Spider-Man: No Way Home," which made $1.9 billion, although Disney's Marvel Studios did serve as a co-producer. "People go to watch a movie or a show to be entertained," Peltz said in recent interview with The Financial Times. Peltz has also taken particular issue with Disney's failed succession plans and what he's described as a disjointed streaming strategy.

Persons: Harrison Ford, Indiana Jones, Nelson Peltz, Disney's, Strange, Peltz, Jay Rasulo, he's, Marvel, Ike Perlmutter Organizations: Disney Disney, Disney, Century Fox, Star, Sony, Disney's Marvel Studios, Guardians, Galaxy, Trian Fund Management, Financial Times, Marvel, U.S . Air Force, Financial, Marvel Entertainment Locations: U.S

NEW YORK (AP) — The IRS says it's making progress with initiatives to claw back money improperly distributed under the Employee Retention Credit. The ERC was designed to help businesses retain employees during pandemic-era shutdowns, but it quickly became a magnet for fraud. Its complex eligibility rules allowed scammers to target small businesses, offering help applying for the ERC for a fee — even if they didn't qualify. An ongoing program that lets small businesses withdraw unprocessed claims has led to 1,800 businesses withdrawing $251 million worth of claims. “We remain deeply concerned about widespread abuse involving these claims that have harmed small businesses,” said IRS Commissioner Danny Werfel.

Persons: “, ”, Danny Werfel Organizations: IRS, ERC

☆ Tesla sales plunge far more than expected
▼ + stars: | 2024-04-02 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

Tesla has responded to increased competition by cutting prices. Although Tesla is more profitable than traditional automakers, the price cuts have been squeezing the profit margins that helped boost the stock. But the increased competition in the EV space is a big factor in the decline in demand. In the fourth quarter, Tesla lost the title of the world’s best-selling maker of EVs to Chinese automaker BYD. That has prompted some traditional automakers, such as General Motors and Ford, to pull back on their EV production plans.

Persons: New York CNN — Tesla, Elon, it’s, Tesla, Dan Ives, ” Ives, ” Organizations: New, New York CNN, Western, Tesla, Wedbush Securities, Motors, Ford Locations: New York, Fremont, China, Europe

☆ Tesla shares fall after deliveries drop 8.5% from a year ago
▼ + stars: | 2024-04-02 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +4 min

Tesla on Tuesday published its first-quarter vehicle production and deliveries report for 2024 that showed deliveries fell 8.5% from the year-ago quarter and about 20% from the fourth quarter. Tesla doesn't break out sales by model but reported that it produced 412,376 Model 3/Y cars and delivered 369,783. In the fourth quarter of 2023, Tesla reported 484,507 deliveries and production of 494,989 vehicles. Deliveries are the closest approximation of sales reported by Tesla but are not precisely defined in the company's shareholder communications. The system is marketed as Full Self-Driving but doesn't make Tesla cars autonomous.

Persons: Tesla, Troy Teslike, Martin Viecha, Elon Musk Organizations: Tesla, FactSet, Independent, CNBC Locations: Fremont, Gigafactory, Berlin, China, Shanghai, U.S, North America

☆ Tesla can't outrun the EV slowdown
▼ + stars: | 2024-04-02 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

AdvertisementElectric-vehicle leader Tesla is finally starting to feel the pinch of a slowdown in EV sales that is already rocking the rest of the industry. This rough quarter is the first sign that the EV leader is not immune to a slowdown in electric vehicle sales that has dogged its competitors since the latter half of 2023. Related storiesSo far, Tesla has largely been able to keep up with a changing demographic of electric vehicle shoppers by flexing its hefty profit margins to lower prices. Is Tesla ready for the next wave of EV buyers? For the newest electric car shoppers in the market, simply lowering prices may not be enough to win them over.

Persons: —, Tesla, Elon, Deutsche Bank's Emmanuel Rosner Organizations: EV, Service, Boston Consulting Group, Deutsche

☆ Macy's shutdowns: How other retail competitors are smelling opportunity
▼ + stars: | 2024-04-01 | by ( Melissa Repko | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMacy's shutdowns: How other retail competitors are smelling opportunityCorey Tarlowe, Jefferies equity analyst, joins 'The Exchange' with CNBC's Melissa Repko to discuss how consumer habits benefit certain retailers, why some retailers are closing stores while others report strong earnings, and more.

Persons: Corey Tarlowe, CNBC's Melissa Repko Organizations: Jefferies

☆ A boomer who moved from California to Florida started a Facebook group to help friends make similar moves. 300,000 members later, guiding Californians to new states is his full-time job.
▼ + stars: | 2024-03-31 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +11 min

A few years ago, Terry Gilliam, 64, packed his bags, sold his East Bay, California home, and moved to Florida. After founding two Facebook groups for California movers, he realized thousands more were in the same boat. His groups, Leaving California and Life After California, have nearly 300,000 members between them. Gilliam moved to Winter Park, a city of 29,000 outside Orlando, to help care for his parents. Van Edom, the Knoxville realtor, said Knoxville is a newly popular destination for California movers.

Persons: Terry Gilliam, Gilliam, It's, they're, I've, Terry Gilliam Terry Gilliam, Haley Van Edom, California Gilliam, I'm, he's, He's, Craig Blessing, Van Edom, Shay Felknor, Berkshire Hathaway, Dan Joyner, there's, Felknor, Ethan Lanagan, Lanagan Organizations: Service, Business, Golden State, realtors, Golden, Edom Home Group, Disney, California Facebook, Universal, Estate Services, Berkshire Hathaway C, Dan Joyner Realtors, Sacramento — Locations: Bay , California, Florida, California, . Texas , Arizona, Golden State, Knoxville , Tennessee, Connecticut, Texas, Tennessee, Arkansas, Orlando, shutdowns, Texas , Florida, Georgia, South Carolina, Southern California, Central Florida, Van, Knoxville, Berkshire, Greenville , South Carolina, San Diego, Sacramento, Atlanta, North Carolina , Tennessee, Nashville , Tennessee, Franklin , Tennessee, Orange County, Franklin

☆ Russia launches barrage of 99 drones and missiles on Ukraine’s energy system, officials say
▼ + stars: | 2024-03-29 | by ( ) www.cnbc.com time to read: +5 min

Moscow launched a large-scale attack on Ukraine's energy infrastructure Friday, with a mass barrage of 99 drones and missiles hitting regions across the country, Ukraine's armed forces said. Ukraine's state-owned grid operator, Ukrenergo, said Friday's attack deliberately targeted thermal and hydroelectric power plants across central and western regions. Five people, including a 5-year-old girl, were wounded during the attack in Ukraine's Dnipropetrovsk region, said local Gov. He later said that another man had been killed and one more injured in a separate drone attack Friday. Vyacheslav Gladkov later said on social media that one man had died as the result of a separate drone attack which struck an apartment block.

Persons: Ihor Klymenko, Volodymyr Zelenskyy, Zelenskyy, Serhii, Vyacheslav Gladkov Organizations: Kyiv, Gov, Polish Armed Forces, NATO, Russia's Ministry of Defense, Regional Gov Locations: Kharkiv, Ukraine, Moscow, Russia, Kyiv, Russian, Belgorod, Dnister, Novodnistrovsk, Moldova, Odesa, Ukraine's Dnipropetrovsk, Mykolaiv, Warsaw, Braila county, Romania

As Tax Day approaches, there are plenty of things small business owners should keep in mind when filing taxes this year. Since business tax filing is complex, most experts recommend small business owners work with a professional tax adviser rather than trying to file on their own or even with tax-filing software. Here are things small business owners should consider as the April 15 deadline looms. There’s also a tax credit based on employer contribution, up to $1,000 annually per employee, over the plan’s first five years. Designed to help small businesses keep employees during pandemic-era shutdowns, the generous credit let businesses file amended tax returns to claim the credit.

Persons: ”, Amber Kellogg, “, it’s, Mitch Gerstein, Gerstein, There’s, Scott Orn, Orn, ” Orn, Danny Castro, Occams Organizations: Occams Advisory, Isdaner, Congress, Kruze Consulting, BDO USA, BBO, ERC, IRS Locations: Florida

☆ 'There's going to be a problem': House Republicans ramp up pressure campaign on Speaker Johnson after budget saga
▼ + stars: | 2024-03-24 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

Before House Speaker Mike Johnson, R-La., can exhale, he will have to face the House Republican hardliners of the Freedom Caucus. Johnson is already in hot water with the Freedom Caucus for his concessions to pass the budget bill and avert a government shutdown. "I think Speaker Johnson — I've been public about this — made a mistake," said Roy. Compromising with Democrats was one of the central grievances that led to former House Speaker Kevin McCarthy's ouster from his post. With the budget finally agreed upon, the Ukraine funding decision will be more challenging for Johnson to dodge.

Persons: Chip Roy, shutdowns, Mike Johnson, haven't, Johnson, Johnson — I've, Roy, Marjorie Taylor Greene, Kevin McCarthy's, Johnson's speakership, Republicans tanked, Donald Trump Organizations: Caucus, U.S, Capitol, Republican, Freedom Caucus, hardliner, Democratic, Republicans Locations: Washington, Ukraine, Israel, Russia, United States

WASHINGTON — The Senate voted 74-24 early Saturday morning to pass a sweeping $1.2 trillion government funding bill after heated last-minute negotiations caused senators to breach the midnight deadline to avert a shutdown. The legislation, which passed the House on Friday morning by a vote of 268-134, now goes to President Joe Biden, who has said he'll sign it into law. Sen. John Kennedy, R-La., said it was "typical" and "juvenile" for the Senate to wait until the 11th hour to act on the bill. And at nearly six months into the fiscal year, it's unusually late in the game to be haggling over the funding measures. The latest bill was released Thursday and passed by the House on Friday morning, leaving little time for the Senate to act.

Persons: WASHINGTON —, Joe Biden, Biden, Sen, Chris Murphy, Conn, Murphy, John Kennedy, Chuck Schumer, It's, Schumer, it's Organizations: U.S . Capitol, WASHINGTON, White, NBC News, State , Defense, Labor, Health, Human Services, Homeland Security, Senate Locations: Washington , DC, Congress

☆ Biden signs $1.2 trillion spending package for government funding until October
▼ + stars: | 2024-03-23 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

President Joe Biden on Saturday signed Congress' $1.2 trillion spending package, finalizing the remaining batch of bills in a long-awaited budget to keep the government funded until Oct. 1. The Senate passed the budget in a 74-24 vote at roughly 2 a.m. However, the White House said that it would not begin official shutdown operations since a deal had ultimately been secured and only procedural actions remained. Hours before the House passed the spending package Friday morning, hardline House Republicans held a press conference to lambast the bill. If ousting a House speaker for budget disagreements feels like a familiar story, that's because it is.

Persons: Joe Biden, Kamala Harris, Mitch McConnell, Mike Johnson, Chuck Schumer, Hakeem Jeffries, Biden, Marjorie Taylor Greene, Johnson, Kevin McCarthy Organizations: White, Saturday, Department of Homeland Security, Republicans, Georgia Republican, Republican, Freedom Caucus Locations: Washington , DC

☆ Border policy a key sticking point in Congress with shutdown deadline just days away
▼ + stars: | 2024-03-18 | by ( Clare Foran | ) edition.cnn.com time to read: +2 min

Lawmakers are scrambling to avert a partial shutdown ahead of a federal government funding deadline at the end of the week. The Department of Homeland Security has proven to be a particularly thorny issue in the funding fight amid partisan disagreements over border policy. Since then, lawmakers have faced a series of fiscal cliffs as a result of funding deadlines created by short-term extensions. In the Senate, lawmakers will need to reach a time agreement to pass the legislation before Friday’s shutdown deadline. The objection of any one senator could slow the process down and threaten to take lawmakers right up to, or past, the deadline.

Persons: Mike Johnson, –, Joe Biden, Johnson, Kevin McCarthy Organizations: Defense, Homeland Security, Labor, Health, Human Services, Education, State, Department of Homeland Security, Senate, Republican, Democratic, Agriculture, Commerce, Justice, Veterans Affairs, Energy, Housing, Urban, and Drug Administration, Republicans Locations: Transportation

☆ Healthcare deals are picking up as VCs finally reopen their wallets. Here's what they are betting on.
▼ + stars: | 2024-03-14 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +6 min

Investors aren't anticipating healthcare funding to surge to anything resembling 2021 levels this year, and fewer deals could mean shutdowns for many companies running low on cash. Multiple healthcare startups have announced raises this year at Series B and beyond. Investors said there's now a higher bar for which startups get venture funding compared to 2021, however. Exits and shutdowns aheadWhile a number of biotech startups have jumped into the public markets already this year, the IPO window for healthcare startups has remained firmly shut. Still, many investors are optimistic that a few healthcare startups will test the waters later this year.

Persons: Anargha Vardhana, There's, they're, Christina Farr, haven't, Richard Drury, Scott Barclay, Shiv Rao, Vardhana, there's, Farr, Sara Choi, Ritankar Das, Supriya Jain, Jain, Barclay Organizations: Business, Insight Partners, Investors, Entrepreneurs, Wing Venture Capital, Boston Consulting Locations: orthopedics

☆ Virtual-reality concerts could redefine the live-music experience — but it'll take more time
▼ + stars: | 2024-03-13 | by ( Ngozi Nwanji | ) www.businessinsider.com time to read: +8 min

VR concerts have emerged as a creative outlet for artists such as Travis Scott and Teflon Sega. The enigmatic singer Teflon Sega, who performs as a virtual-reality avatar, also worked with Wave to put on a virtual concert in 2022. Why artists and fans are interested in VR concertsThe appeal of VR concerts lies heavily in their experimental nature. Sarah Malkin, the director of metaverse entertainment content at Meta, told BI that the virtual concerts served both creative and strategic purposes. Over three months, the artist's VR concert was available to watch at select theaters in different cities.

Persons: Travis Scott, —, Justin Bieber, John Legend, Calvin Harris, Victoria Monét, Jack Harlow, Jorja Smith, Sarah Malkin, AmazeVR, Megan Thee, Steve Lee, Malkin, Cat's, Jason Diamond, Diamond, Lee, There's, Amy Dorsey Organizations: Sega, Companies, Meta, Service, Business, Forbes, Wave, Meta Quest, VR, Sony Music, Diamond Bros, Detroit, Arris Composites, Apple Vision, Food and Drug Administration, Dorsey Pictures Locations: AmazeVR

☆ A founding partner of VC firm 776 explains why she's still optimistic about creator-economy startups as the hype cycle ends
▼ + stars: | 2024-03-11 | by ( Marta Biino | ) www.businessinsider.com time to read: +3 min

Read previewFor Katelin Holloway, the people who say creator startups are "dead" are missing the point of the creator economy entirely. "I'm not talking about the epic stars and the MrBeasts of the world," Holloway told Business Insider. This story is available exclusively to Business Insider subscribers. Holloway is a founding partner at Seven Seven Six, the early-stage VC firm started in 2020 by Reddit founder Alexis Ohanian. The end of the hype cycle around creator-economy startups is part of the intrinsic nature of venture capital — VC "loves hype cycles," said Holloway.

Persons: —, Holloway, Alexis Ohanian Organizations: Service, Business, Seven Seven Locations: —

☆ Biden's 2025 budget marries progressive tax hikes with populist campaign planks
▼ + stars: | 2024-03-11 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Like all presidential budgets, Biden's 2025 plan is more of a wish list than it is a policy document. "Do you really think the wealthy and big corporations need another $2 trillion in tax breaks? Biden's populist, progressive, tax-the-rich funding plan is not a novel proposal from his White House. House Republicans tried to preempt Biden's budget proposal last week, by passing their own 2025 budget resolution in a party-line committee vote. Back-and-forth disagreements in Congress have meant that six months into the fiscal year, lawmakers have still not settled on a permanent budget.

Persons: Joe Biden, Joe Biden's, Donald Trump, Biden, Kevin McCarthy Organizations: Hylton Performing Arts Center, Capitol, Biden, White, Social Security, Republicans, Republican Locations: Manassas , Virginia, U.S, Washington

☆ Biden signs key government funding bills into law averting shutdown
▼ + stars: | 2024-03-09 | by ( Clare Foran | Ted | ) edition.cnn.com time to read: +3 min

CNN —President Joe Biden signed a package of six government funding bills into law Saturday, a day after lawmakers raced to fund critical government departments and agencies through the remainder of the fiscal year. The White House thanked top congressional lawmakers from both parties “for their leadership” in getting the bills to the president’s desk. The Office of Management and Budget said late Friday that agencies would continue their normal operations and had ceased shutdown preparations after Congress finally passed updated funding legislation. But the work isn’t over yet: Lawmakers still need to finalize and pass a second slate of funding bills ahead of a March 22 deadline. The package also includes funding for rental assistance and other child nutrition programs, including the school lunch program.

Persons: Joe Biden, “, Biden, Mike Johnson, ”, Samantha Waldenberg Organizations: CNN, Republicans, Management, Budget, Agriculture, Commerce, Justice, Veterans Affairs, Energy, Housing, Urban Development, and Drug Administration, House Republicans, WIC, Department of Justice, Biden, ATF, FBI, Biden Administration, Caucus Locations: Transportation, China

☆ Cramming for the Oscars
▼ + stars: | 2024-03-09 | by ( Melissa Kirsch | ) www.nytimes.com time to read: +2 min

I’m in competition with no one but myself in trying to view all the major-category nominees for the Oscars before the ceremony tomorrow night. I’m doing well this year, probably because the slate is fairly small: Most of the films with acting and screenplay nominations are also contenders for best picture. The problem with cramming for the Oscars, as I do every year to varying degrees of success, is that it renders one cinematically wearied. If I fail to squeeze in a nominated film before the ceremony, I’ll probably never see that film at all. I love the Oscars, with all their pageantry and pomposity.

Persons: I’ll, Mark Harris, ”, Harris, ’, “ we’d Organizations: Hollywood

☆ Senate races the clock to pass key government funding bills ahead of shutdown deadline
▼ + stars: | 2024-03-08 | by ( Clare Foran | Ted | ) edition.cnn.com time to read: +3 min

The Senate is racing the clock to pass a package of six government funding bills ahead of a shutdown deadline at the end of the day Friday. Once the package of funding bills passes the Senate, it can be sent to President Joe Biden to be signed into law as the House passed the measure on Wednesday. The finalized package of spending bills – backed by the top Democrats and Republicans in both chambers – represents a major breakthrough for lawmakers. But the work isn’t over yet: Lawmakers still need to finalize and pass a second slate of funding bills prior to the March 22 deadline. The package also includes funding for rental assistance and other child nutrition programs, including the school lunch program.

Persons: Joe Biden, Mike Johnson, Biden, “ Organizations: Lawmakers, Republicans, Agriculture, Commerce, Justice, Veterans Affairs, Energy, Housing, Urban Development, and Drug Administration, House Republicans, WIC, Department of Justice, Biden, ATF, FBI, Biden Administration, Caucus Locations: Transportation, China

☆ U.S. Employers Add 275,000 Jobs in Another Strong Month
▼ + stars: | 2024-03-08 | by ( Lydia Depillis | ) www.nytimes.com time to read: 1 min

If the economy is slowing down, nobody told the labor market. Employers added 275,000 jobs in February, the Labor Department reported Friday, in another month that exceeded expectations even as the unemployment rate rose. It was the third straight month of gains above 200,000, and the 38th consecutive month of growth — fresh evidence that four years after going into pandemic shutdowns, America’s jobs engine still has plenty of steam. Previously reported figures for December and January were revised downward by a total of 167,000, reflecting the higher degree of statistical volatility in the winter months. That does not disrupt a picture of consistent, robust increases.

Persons: We’ve, we’re, ”, Rubeela Farooqi Organizations: Employers, Labor Department

☆ Vineyards Use AI, IoT Tools to Make Wine Effectively, Sustainably
▼ + stars: | 2024-03-07 | by ( Bella Sayegh | ) www.businessinsider.com time to read: +10 min

The company's president and winemaker, Chris Kajani, wanted to stay connected with customers and distributors amid shutdowns and social-distancing practices. AdvertisementIn March 2020, Kajani started reworking her operations, hosting virtual tastings, keeping in contact with members of the vineyard's wine club, and meeting with distribution partners using a Cisco videoconferencing platform. Chris Kajani, the winemaker and president of Bouchaine Vineyards, is using technology to improve harvesting. Jyotsna Bhamidipati for BIRemy, a former wine technical consultant, said that buying wine without knowing what's good can be overwhelming. AI-powered tools are making headway in the commercial wine market by helping vineyards find optimal wine blends.

Persons: Chris Kajani, Kajani, Vintners, McClenehan, Alexandre Remy, Remy, Jyotsna, Vaughn Walton, Walton, Piper, Pied Piper, Katerina Axelsson, Axelsson Organizations: Cisco, Bouchaine, Atlas Wine, Oregon Wine Research, Oregon, University's Oregon Wine Research Institute, OSU, BI Remy Locations: Napa , California, Bouchaine, Somerset , California, Oregon, California, America, Walton

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