Wonder Group, a food-delivery startup, secured a significant financial boost through a $100 million investment from Nestle in conjunction with a strategic partnership. The company is directed towards offering high-tech kitchen equipment and prepared ingredients, targeting various commercial sectors like hotels, hospitals, and sports arenas. Founded by Marc Lore, the former Walmart e-commerce chief, Wonder… Continue reading Food-delivery startup Wonder Group gets $100 million investment from Nestle

Chicago Federal Reserve President Austan Goolsbee expressed optimism about achieving a “golden path” amid the current economic challenges, where the Fed aims to combat inflation without causing a significant economic downturn. Goolsbee highlighted the possibility of reducing inflation without a recession, referring to a scenario where unemployment would rise only modestly while inflation decreases substantially.… Continue reading Fed’s Goolsbee says ‘golden path’ of a huge drop in inflation without a recession is still possible

Citigroup’s CEO, Jane Fraser, is facing increasing pressure to address the bank’s ongoing challenges, which have persisted through several predecessors since 2007. Since Fraser took over in early 2021, Citigroup has fallen further behind its rivals in terms of performance and valuation, trading at a significantly lower price-to-tangible book value ratio. To remedy this situation,… Continue reading Citigroup considers deep job cuts for CEO Jane Fraser’s overhaul, called ‘Project Bora Bora’

General Motors (GM) is planning to invest approximately $13 billion in U.S. facilities by April 2028, according to a tentative agreement with the United Auto Workers (UAW) union. Some of the planned investments, such as $4 billion in Orion Assembly near Detroit and $2 billion in Spring Hill, Tennessee for new electric vehicles, have already… Continue reading GM is expected to invest $13 billion in U.S. facilities under new UAW deal

Berkshire Hathaway reported a substantial increase in its third-quarter operating earnings, with a 40.6% rise from the same period last year, reaching $10.761 billion. The company also held a record amount of cash at $157.2 billion, reflecting Warren Buffett’s cautious approach in a market with limited dealmaking opportunities. Berkshire has been investing in short-term Treasury… Continue reading Berkshire Hathaway posts a 40% jump in operating earnings, cash pile swells to a record $157 billion

The stock market experienced gains as bond yields dropped following a weaker-than-expected jobs report, marking the best week for stocks in 2023. The Dow Jones Industrial Average rose by 165 points (0.5%), the S&P 500 climbed 0.5%, and the Nasdaq Composite advanced 0.4%. Investors are growing more optimistic that the Federal Reserve’s rate-hiking campaign may… Continue reading Stocks rise on soft jobs report as market heads for best week of 2023

Shipping giant Maersk has announced plans to cut more than 10,000 jobs as it faces challenges in the global trade industry. The company cited subdued demand, prices returning to historical levels, and inflationary pressure on its cost base as contributing factors. CEO Vincent Clerc noted overcapacity in many regions leading to reduced prices. Despite maintaining… Continue reading Shares of Maersk plunge 18% as shipping giant announces 10,000 job cuts, says profit will be at lower-end of guidance

Peloton reported a wider-than-expected quarterly loss, leading to a 6% drop in its premarket trading shares. The company’s performance in its first fiscal quarter did not meet Wall Street’s expectations, with a loss per share of 44 cents, while analysts anticipated a loss of 34 cents. Additionally, Peloton’s revenue was $595.5 million, slightly surpassing the… Continue reading Peloton shares sink on wider-than-expected loss, ‘bad news’ for paid subscriptions

In a recent interview with CNBC, Target’s CEO Brian Cornell discussed the challenges the retailer is facing as consumers appear to be scaling back their spending, even on groceries, due to budgetary concerns. Target has experienced seven consecutive quarters of declining sales in discretionary categories like apparel and toys, both in terms of dollars and… Continue reading Target CEO says shoppers are pulling back, even on groceries

The Federal Reserve held the benchmark interest rates steady amid an expanding economy and elevated inflation, maintaining the rate in a target range of 5.25%-5.5%. This decision marked the second consecutive meeting where the rate-setting group chose not to adjust rates, following a series of 11 rate hikes, including four in 2023. The post-meeting statement… Continue reading Fed holds rates steady, upgrades assessment of economic growth

In a recent interview on CNBC’s “Squawk Box,” billionaire investor Stanley Druckenmiller expressed concern over the reckless spending by the federal government. He pointed out that federal spending as a percentage of GDP had increased from 20% to 25% during the pandemic and noted the widening budget deficit. Druckenmiller highlighted the need to address the… Continue reading Stanley Druckenmiller says government needs to stop spending like ‘drunken sailors,’ cut entitlements

The Federal Reserve is expected to maintain the status quo in its upcoming meeting, with no anticipated changes to interest rates. Recent economic data has provided the Fed with time to make its next move. Inflation, although slowing, remains elevated, and the economy is growing steadily despite having the highest benchmark interest rates in years.… Continue reading Here’s everything to expect from the Fed’s policy announcement Wednesday