The Dow jumped more than 500 points on Friday, recovering some losses from the previous session, as Amazon’s strong earnings countered Apple’s weaker China sales and investors assessed a significant drop in US jobs growth in October. In recent trading, the Dow Jones Industrial Average was up 496 points, or 1.2%, to 42,259. The S&P 500 added 0.9%, … Read more
Wendy’s plans to close 140 U.S. restaurants before the end of this year on top of the 100 it said it would close in May. But in a conference call with investors Thursday, the company said those closures will be offset by new restaurant openings. Wendy’s said it plans to open between 250 and 300 … Read more
Boeing reportedly dismantled its global diversity, equity and inclusion (DEI) department as part of an overhaul of its operations ordered by the company’s new top executive — becoming the latest major company to ditch the controversial initiative. The aerospace giant — which was slammed by tech mogul Elon Musk for prioritizing DEI over safety and … Read more
Apple committed about $1.5 billion to satellite communications company Globalstar to fund the expansion of iPhone services, the companies disclosed in a securities filing on Friday. The tech giant’s deal with Globalstar includes $1.1 billion in cash, of which $232 million will go toward the satellite company’s current debt, and a 20% equity stake. The … Read more
Ferragudo, Portugal. Gonzalo Azumendi | Stone | Getty Images A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. A growing number of wealthy Americans are making plans to leave the country in … Read more
NBC “Nightly News” anchor Lester Holt could retire next year — and his would-be successor, Tom Llamas, “waits impatiently” for his exit in what looks like a “slow motion coup d’état” at 30 Rock, according to a report. Holt, who is reportedly earning a hefty wage of around $10 million per year, has been anchoring … Read more
The government’s new Value for Money chief has headed up several big projects that went massively over-budget. David Goldstone has previously worked as a top executive on the London Olympics, Parliament’s restoration and HS2 high speed rail. He will now head up the government’s new Office for Value for Money (OfVM), advising Chancellor Rachel Reeves … Read more
Jobs growth in the US slowed sharply in October as hurricanes and strikes disrupted the economy. Employers added 12,000 jobs last month, much lower than the 223,000 created in September, according to the Labor Department. But while hiring slowed, the unemployment rate held steady at 4.1%. The closely watched figures, which give an indication about … Read more
Employers added just 12,000 jobs in October — far slower growth than expected — for the lowest job total since December 2020 as devastating hurricanes and a major strike across US ports crushed jobs, according to government data. Economists surveyed by Dow Jones had expected payrolls to expand by 100,000, which still would have been … Read more
People seen around the Starbucks coffee store in Shenzhen, China. Jakub Porzycki | Nurphoto | Getty Images On Starbucks’ fourth-quarter earnings call, newly installed CEO Brian Niccol told investors he needed to spend more time in China to understand the challenges. The company’s same-store sales in the country plummeted 14% as foot traffic and the … Read more