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The ‘little guy’ may have the biggest say in Disney’s $70 million proxy fight
The fierce boardroom battle over Disney’s direction heads to a vote during the week of March 31. It is expected to be the most expensive proxy fight in history, with all sides dropping a collective $70 million to influence shareholder votes. Disney’s main foe is activist investor Nelson Peltz, who wants two seats on the…
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Is higher credit card debt actually good for the economy?
Americans are facing a record amount of credit card debt in 2024 at more than $1 trillion total. Adjusted for inflation, WalletHub says credit card debt is about 10% below its peak, which Americans hit in 2008 during the Great Recession. However, WalletHub estimates growing balances this year could put the inflation-adjusted record in striking…
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US credit card debt nearing 2008 record when adjusted for inflation
Credit card debt in the U.S. hit a record at the end of 2023 while high interest rates continue to push the debt balance even higher this year. The Federal Reserve recently reported U.S. credit card debt reached $1.13 trillion in the fourth quarter of 2023, up $143 billion from the year before. According to…
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SEC warns companies against ‘AI washing,’ announces $400,000 penalty
AI is the new buzzword in business and the Securities and Exchange Commission is putting companies on notice for how it’s used. On Monday, March 18, the SEC fined two investing firms a collective $400,000 for “AI washing,” named after greenwashing. “One shouldn’t greenwash and one shouldn’t AI-wash, I don’t know how else to say…
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Blame game: What’s causing massive layoffs in video games amid record year?
Projects are being canceled and studios shuttered amid a wave of layoffs in the video game industry that has put thousands out of jobs. But many are wondering what’s driving these deep cuts after video game revenue hit another record in 2023. The new year is off to a rough start for those working in…
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1 year after banking crisis, is NYCB the early sign of another?
A year ago, New York Community Bank was in a position of strength. Amid last year’s banking crisis, the bank’s subsidiary took control of $38 billion in assets from failed Signature Bank. But this week, it was New York Community Bank that required a billion-dollar boost. Donald Trump’s former Treasury secretary, Steven Mnuchin, orchestrated the…
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Dartmouth basketball players made history with union vote. What now?
For a team that loses more than it wins, Dartmouth College basketball players racked up two victories on March 5. They bested Harvard in the season finale and voted to be the first college athletes to unionize. Voting 13-2, Big Green’s basketball players elected to join Service Employees International Union Local 560, which already represents…
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Apple faces nearly $2 billion fine as EU rules against tech giant
Apple is facing a nearly $2 billion fine from the European Union. The EU leveled the fine in response to an antitrust penalty against Apple on Monday, March 4, ruling it forbade rivals like Spotify from notifying customers of how they could pay for cheaper subscriptions outside of Apple’s app store, according to The Associated…
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JetBlue, Spirit ditch $3.8 billion budget airline deal
JetBlue Airways and Spirit Airlines announced the termination of their proposed $3.8 billion merger, a development nearly two years in the making. The decision follows a federal court’s move to block the merger, siding with the government’s antitrust lawsuit that argued the deal would reduce competition and eliminate Spirit as a low-cost travel option. The…
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How Macy’s closures signal a major transformation in shopping habits
Macy’s has been a part of American culture for more than 165 years. However, the brick-and-mortar stores are disappearing. The company announced it is closing 150 of its namesake stores over the next three years, according to USA Today. Macy’s is one of the most notable U.S. department store, but that doesn’t make it exempt…
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Wendy’s clarifies dynamic pricing system after online backlash
Wendy’s will not raise prices at peak times, according to the company. The announcement comes after the chain said CEO Kirk Tanner’s comments were “misconstrued” during the week of Feb. 25 by several “media reports,” according to Reuters. Wendy’s said the dynamic pricing system will still be implemented but only to provide discounts to customers…
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Confidence in economy takes another hit. Here’s what’s behind the bad vibes.
Americans’ confidence in the economy is wavering. After three consecutive months of growing consumer confidence, The Conference Board’s index took a hit in February. Economists all over the map continue to point out that the U.S. economy is very strong right now. They can’t quite put a finger on why many Americans don’t feel the…
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Wendy’s to test ‘surge’ pricing, some accuse chain of price ‘gouging’
Wendy’s announced a new AI-powered menu that could potentially result in some customers paying more for their food depending on the time of day they visit. The company calls it a dynamic pricing system, and it is set to roll out next year, according to ABC News. The dynamic pricing system is akin to Uber’s…
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