Tag: business news usa

Stellantis EV battery plant could cost Canada $19 billion in subsidies

Posted on By
Stellantis EV battery plant could cost Canada billion in subsidies
Business News
Breadcrumb Trail LinksNews energy Electric Vehicles CommoditiesThe price tag may reach as much as $19 billion over a decade, far exceeding the $13 billion promised to VolkswagenAuthor of the article:Bloomberg News Brian Platt and Gabrielle CoppolaPublished May 31, 2023 • Last updated 2 days ago • 3 minute readPrime Justin Trudeau speaks at a Stellantis facility in Windsor, Ont., last year. Photo by Dan Janisse/Windsor StarArticle content Stellantis NV is likely to receive more in subsidies for a new electric-vehicle battery plant in Canada than the $13 billion Volkswagen AG extracted for a…

FAA orders grounding of all Air Canada and Rouge flights in US lifted

Posted on By
FAA orders grounding of all Air Canada and Rouge flights in US lifted
Business News
A brief ground stop order for all Air Canada and Rouge flights in the US due to an unspecified computer issue has been lifted. A little after 11 am ET on Thursday, the US Federal Aviation Administration (FAA) ordered what’s known as a “ground stop” to all of the airline’s destinations in the US due to unspecified “internal computer issues.” According to the FAA, the order came at the request of the airline. Peter Fitzpatrick, a spokesperson for the airline, confirmed that the FAA directive was lifted after about an hour, and that all systems are returning to normal. “Air…

Berkshire Hathaway shareholder meeting takeaways: Warren Buffett’s remarks

Posted on By
Berkshire Hathaway shareholder meeting takeaways: Warren Buffett’s remarks
Business News
Warren Buffett, chairman and CEO of Berkshire Hathaway, criticized the government’s intervention in recent bank failures, saying on Saturday it averted what could have become an even bigger crisis. Yet he said the US banking system had become too complicated — and it was not surprising that the banks failed. He said he’d been selling bank stocks, first at the start of the pandemic and more recently over the past six months as banks increasingly face mismanagement and respond to bad incentives. “The American public doesn’t understand their banking system — and some people in Congress don’t understand it anymore…

Snack manufacturer launches Cereal Pop with Fruity Pebbles

Posted on By
Snack manufacturer launches Cereal Pop with Fruity Pebbles
Business News
ORLANDO, FL. — SNAX-Sational Brands, a producer of flavored popcorn snacks, is partnering with Post Consumer Brands to launch Cereal Pop popcorn made with Fruity Pebbles. SNAX-Sational currently has two other lines of popcorn, Cookie Pop and Candy Pop, that each feature partnerships with notable companies in their respective sectors. The Fruity Pebbles partnership is the first product in SNAX-Sational’s new Cereal Pop brand. Like the Cookie Pop and Candy Pop brands, Cereal Pop is made using non-GMO corn and comes in at 150 calories per serving. Currently available at Sam’s Club in 20-oz “Club Size” bags, the all-new Cereal…

Rupert Murdoch calls off proposed Fox-News Corp merger

Posted on By
Rupert Murdoch calls off proposed Fox-News Corp merger
Business News
Rupert Murdoch has withdrawn his proposal to re-combine Fox Corp and News Corp. Fox said Tuesday its board received a letter from Murdoch, its chairman, and his son and Fox CEO Lachlan Murdoch that “determined that a combination is not optimal for the shareholders” of either of the companies at the time. The withdrawal proposal comes as News Corp has been in advanced discussions to sell its stake in Move Inc., the parent company of Realtor.com, to commercial real estate company CoStar Groupaccording to a person familiar with the matter. The deal could be valued at more than $3 billion,…

United CEO apologizes for flying private

Posted on By
United CEO apologizes for flying private
Business News
New York – United CEO Scott Kirby is apologizing to customers and his own employees after taking a private jet during a week when his airline was canceling thousands of flights. The airline confirmed Kirby flew from Teterboro Airport in New Jersey to Denver, Colorado, on Wednesday, and that the company did not pay for his flight. Teterboro is about 17 miles from Newark, New Jersey, where one of United’s largest hubs is located and which was the center of the airline’s meltdown this week. In a statement, Kirby said he regretted that his actions distracted the professionalism of United…

What’s spending slowdown? Retail sales suggest Canadians aren’t ready to quit shopping

Posted on By
What’s spending slowdown? Retail sales suggest Canadians aren’t ready to quit shopping
Business News
Up to date retail sales numbers from Statistics Canada on Wednesday show that despite high prices and dire warnings about debt loads, Canadians remain in the mood to shop. The data agency reported Wednesday that retailers took in $65.9 billion in April. That’s an increase of 1.1 per cent from March’s level. Just about every type of store booked higher sales during the month, with the exception of furniture, electronics and appliances retailers, where sales shrank by 1.6 per cent from March’s level. So-called core retail sales, which strip out volatile items like gas, cars and car parts, actually increased…

Uh-oh. More good news that may be bad for your economic health

Posted on By
Uh-oh. More good news that may be bad for your economic health
Business News
At first glance, the response of “sold over asking” real estate signs may seem like an encouraging signal for the Canadian economy, especially for highly invested homeowners who have watched prices fall from last year’s highs. But a growing number of economists worry that a recent series of indicators, the latest being Wednesday’s rise in Canadian retail sales, may instead be a red flag for central bankers, leading them to more rate hikes that could ultimately make many Canadians feel miserable. With each new smidgen of optimistic data, money market traders point to a rising chance that central bankers will…