Starbucks is selling its Seattle’s Best Coffee brand to Nestlé for an undisclosed amount. Nestlé, which is based in Vevey, Switzerland, has been in a partnership with Seattle-based Starbucks since 2018 and already distributes Starbucks-branded coffee in more than 80 markets worldwide. David Rennie, head of Nestlé’s coffee brands, said …
Read More »Biden administration proposes new rule that could upend “gig” work
The Biden administration is proposing a rule that could result in more “gig” workers being considered full-time employees, a potentially major shift in the nation’s labor laws that could disrupt ride-sharing, delivery, construction and other companies that employ independent contractors. The draft rule, to be formally published on Thursday, is …
Read More »Stocks roar back, posting third
Stocks rose sharply on Tuesday, lifting the S&P 500 index to its third-best start to an October since 1930, according to FactSet. The benchmark index has rallied since hitting its lowest point of the year on Friday to close out a September slump. On Tuesday, the S&P 500 soared 3.1%, …
Read More »Amazon to kick off holidays with Prime Day
Amazon said Monday that next month it will hold a second Prime Day-like shopping event, making it the latest major retailer to offer holiday deals earlier this year to entice cautious consumers struggling with tighter budgets. During the October 11-12 event, Amazon Prime members will get early access to discounted …
Read More »Kim Kardashian, after taking over popular culture, is launching a takeover firm
Kim Kardashian is diving into the private equity game, starting a buyout firm that will invest in and buy a range of companies. The new firm, called Skky Partners, will target consumer products, e-commerce companies, consumer media, hospitality services and luxury brands, the firm said in a tweet Wednesday. Kardashian, …
Read More »Musk cites more reasons to exit Twitter deal, including whistleblower “Mudge”
Elon Musk and Twitter lobbed salvos at each other Tuesday in the latest round of legal filings over the billionaire Tesla CEO’s efforts to rescind his offer to buy the social media platform. Musk filed more paperwork to terminate his agreement to buy Twitter, this time based on information in …
Read More »Homeowning while Black: Couple alleges bias in appraisal
How much does it pay to hide the photos of your family at your home, or anything else that shows your race? If you’re Black and trying to find out how much your house is worth, one family suggests it could be hundreds of thousands of dollars. A couple in …
Read More »Elon Musk says he lives in a $45,000 house: “It’s very small”
Elon Musk, the world’s wealthiest person, said his main home is now a three-bedroom property that he bought for $45,000, chiefly for its location in Boca Chica, Texas, near his SpaceX facility. “It cost like $45,000 or something,” Musk said on the Full Send podcast, which aired late Thursday. “It’s …
Read More »Democrats want to close a “stain” of a tax break. Some say it’s not enough.
The “carried-interest” tax loophole is a provision that seems to be loved only by those who enjoy its benefits: Private-equity executives, hedge fund managers and others who manage money for a living. But Democrats are seeking to partially close that loophole as part of the Inflation Reduction Act, and in the …
Read More »Facebook parent company Meta posts first revenue decline in history
Facebook and Instagram’s parent company Meta posted its first revenue decline in history Thursday, dragged by a drop in ad spending as the economy falters — and as competition from rival TikTok intensifies. The company’s stock dropped slightly in after-hours trading following the results, suggesting Wall Street was largely expecting …
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