In recent news, the ringleader of a nationwide organized retail crime operation that targeted major retailers such as Ulta Beauty and Sephora has been sentenced to over five years in a California state prison. Michelle Mack, residing in Bonsall, California, received a delayed sentence of five years and four months, set to begin officially in
Business
Penn Entertainment, a major player in the media and gaming industry, has recently announced plans to lay off approximately 100 employees in order to refocus its efforts on growth for ESPN Bet. These changes are aimed at enhancing operational efficiencies following the company’s 2021 acquisition of theScore, a Canadian media and gaming powerhouse. CEO Jay
Ford Motor’s recent decision to expand production of its Super Duty trucks in a Canadian plant instead of converting it into an all-electric vehicle hub has raised eyebrows and sparked conversations within the automotive industry. The shift in plans, which involves a significant investment of $3 billion, including $2.3 billion at Ford’s Oakville Assembly Complex
General Motors recently announced that they will be ramping up production of the Cadillac Escalade V-Series for the 2025 model year. This comes as part of a series of updates to the popular luxury SUV, which has been a flagship model for Cadillac for the past 25 years. The new 2025 model will feature a
New Balance recently announced a multiyear partnership with the WNBA, joining other major brands in supporting women’s sports. This agreement will make New Balance an official partner of the WNBA and include various forms of marketing and advertising, featuring Los Angeles Sparks rookie forward Cameron Brink. This partnership solidifies New Balance’s commitment to expanding into
Morgan Stanley reported that its second-quarter profit and revenue surpassed analysts’ estimates, driven by stronger trading and investment banking results. The company disclosed earnings of $1.82 per share, higher than the $1.65 per share estimated by LSEG. Additionally, the revenue exceeded expectations at $15.02 billion, compared to the $14.3 billion estimate. The bank experienced a
General Motors’ ambitious goal of producing 1 million all-electric vehicles in North America by the end of 2025 seems to be in jeopardy. CEO Mary Barra cast doubt on this target during a virtual CNBC CEO Council event, citing the slow development of the market for electric vehicles. Barra’s statement raises questions about the feasibility
Macy’s, the iconic department store, recently announced the termination of negotiations with a group of activists looking to take the retailer private for approximately $6.9 billion. The board cited concerns about financing and the lack of compelling value in the proposal as the reasons for ending talks. The Failed Proposal The activist group, Arkhouse and
The recent incident involving SpaceX’s Falcon 9 rocket has left the company grounded as they conduct a thorough investigation into what went wrong. The mission, labeled “Starlink Group 9-3,” saw the rocket successfully launch from California’s Vandenberg Space Force Base. However, the upper second stage of the rocket failed to reignite its engine as planned,
Paris, known as the City of Light, is seeing a significant decrease in tourism this summer due to the influx of Olympic athletes. Delta Air Lines reports that travelers are choosing to book flights to other destinations instead of Paris, resulting in a $100 million loss for the airline. CEO Ed Bastian stated that unless
