McDonald’s, Chipotle to Raise Menu Prices , After California Approves $20 Fast Food Minimum Wage.
Fast food workers in California will receive at least $20 an hour starting April 1, 2024, Fox News reports.
Fast food workers in California will receive at least $20 an hour starting April 1, 2024, Fox News reports.
During an earnings call on Oct.
30, McDonald's CEO Chris Kempczinski said that the new law will have
"a wage impact for our California franchisees.".
Certainly, there’s going to be some element of that that does need to be worked through with higher pricing, McDonald's CEO Chris Kempczinski, via earnings call.
There’s also going to be things that
I know the franchisees and our
teams there are going to be
looking at around productivity.
, McDonald's CEO Chris Kempczinski, via earnings call.
How all of that plays out, there will
certainly be a hit in the short-term to
franchisee cash flow in California, tough
to know exactly what that hit will be
because of some of the mitigation efforts, McDonald's CEO Chris Kempczinski, via earnings call.
Chipotle Chief Financial Officer Jack Hartung also revealed
on an earnings call that the company will probably raise
prices in the state by a "mid-to-high single-digit" percentage.
Aside from wages, other rising costs often prompt restaurants to increase their prices.
Red Lobster Announces, Nearly 100 Locations , Will Be Shut Down.
NBC reports that approximately 99 Red Lobster locations
will be auctioned off as the seafood chain faces
questions regarding the company's long-term future.
Founder and CEO of the liquidation firm TAGeX Brands,
Neal Sherman, said he would lead the closure of over
50 locations in a May 13 LinkedIn post.
Sherman said equipment from the
locations will be auctioned off.
Locations will reportedly be closed across
the United States, including Denver,
Indianapolis, California and New York.
On May 14, Restaurant Business Magazine reported
a total of 99 locations would close, representing
about 15% of the company's 700 locations. .
NBC reports that the largest seafood
restaurant in the U.S. has struggled with debt,
unfavorable leases and executive turnover.
The chain's troubles also stem from ill-advised
strategies like an all-you-can-eat-shrimp promotion
in 2023 that resulted in a significant loss.
Earlier in 2024, the chain's largest investor,
Thai Union, announced that it would
seek to exit its position. .
The combination of Covid-19 pandemic,
sustained industry headwinds, higher
interest rates and rising material and
labor costs have impacted Red Lobster,
resulting in prolonged negative
financial contributions to
Thai Union and its shareholders, Thiraphong Chansiri, Thai Union Group’s CEO, via NBC.
After detailed analysis, we have
determined that Red Lobster’s
ongoing financial requirements
no longer align with our capital
allocation priorities and
therefore are pursuing an exit
of our minority investment, Thiraphong Chansiri, Thai Union Group’s CEO, via NBC
Credit: Wibbitz Top Stories Duration: 01:31Published
Harry and Meghan’s Archewell , Delinquent Over Unpaid Fees.
The Duke and Duchess of Sussex's charity is currently prohibited from raising money in California because it's
been found delinquent in the state, NBC News reports. .
California Attorney General Rob Bonta was responsible for issuing the delinquency notice. .
According to the state of California,
Archewell has yet to pay its yearly
registration fees or submit an annual report.
A source familiar with the situation said that the foundation's check was lost in the mail, but another one has been sent out. .
The issue will likely be resolved in a
matter of days, according to the source.
Meanwhile, Harry and Meghan have been in Nigeria supporting causes such as wounded veterans.
Meanwhile, Harry and Meghan have been in Nigeria supporting causes such as wounded veterans.
The Archewell Foundation was launched in 2020 after the couple stepped away from the royal family.
The foundation's mission is, "Show up, do good.".
We consciously partner with
key organizations and leaders
to identify immediate needs,
build meaningful initiatives,
and drive long-term change, Via the Archewell Foundation's website
Credit: Wibbitz Top Stories Duration: 01:31Published
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McDonald's Posts , Disappointing Q1 Results , Amid Ongoing Boycotts.
'The Independent' reports that McDonald's posted weaker-
than-expected results in the first quarter of 2024, as a result
of a boycott over the company's perceived support for Israel. .
'The Independent' reports that McDonald's posted weaker-
than-expected results in the first quarter of 2024, as a result
of a boycott over the company's perceived support for Israel. .
According to McDonald's, higher sales in the
United States helped the fast-food giant overcome
weakness in markets where the brand is being boycotted.
According to McDonald's, higher sales in the
United States helped the fast-food giant overcome
weakness in markets where the brand is being boycotted.
The company saw same-store sales rise by
1.9% worldwide between January and March,
below the Wall Street forecast of 2.1%.
Increased menu pricing and delivery demand
saw same-store sales in the U.S. increase by 2.5%.
In international markets, sales fell
by 0.2% for the first time since 2020.
Despite this, McDonald's said the company's revenue
increased 5% to reach $6.17 billion, while net income went
up 7% to $1.93 billion, in-line with Wall Street estimates.
'The Independent' reports that Muslim-majority
markets like Indonesia, Malaysia and the Middle East
have been boycotting McDonald's for months.
The boycotts started after a McDonald's franchise in
Israel announced in October that it would provide free
meals for Israeli troops amid the ongoing war in Gaza.
In the months since then, the company has tried to limit
the fallout by taking over all 225 McDonald's in the country
with the purchase of Alyonal Limited, its Israeli franchise.
Our hearts remain with
the communities and families
impacted by the war in the Middle East.
We abhor violence of any kind and
firmly stand against hate speech,
and we will always proudly
open our doors to everyone, McDonald's statement, via 'The Indepndent'.
Our hearts remain with
the communities and families
impacted by the war in the Middle East.
We abhor violence of any kind and
firmly stand against hate speech,
and we will always proudly
open our doors to everyone, McDonald's statement, via 'The Indepndent'
Credit: Wibbitz Top Stories Duration: 01:30Published
Fast Food Chains Warn Consumers , That Worker Pay Increases
Will Impact Prices.
'Newsweek' reports that franchises have
warned an increase of the minimum wage
for fast food workers in California could also
force menu prices to climb.
As of April 1, fast food restaurants in California
will have to pay employees at least $20 an hour, an
increase of four dollars from the current $16 an hour. .
Business owners have warned that the new law,
signed in by Democratic governor Gavin Newsom,
will have an impact on margins and consumer costs. .
At the end of October, McDonald's CEO Chris Kempczinski
said that the impact of the minimum wage rise would
be partially "worked through with higher pricing.".
At the end of October, McDonald's CEO Chris Kempczinski
said that the impact of the minimum wage rise would
be partially "worked through with higher pricing.".
According to McDonald's numbers, the price of
the signature Big Mac burger is currently $5.89
in California, the 10th highest in the United States.
The latest data compiled by 'The Economist' shows that
the average price of a Big Mac nationwide is currently
$5.69, which is up from $5.36 at the same time in 2023. .
Last year, McDonald's , reported net profits of , almost $8.5 billion.
According to the company's latest financial reports,
sales increased 8.7% in the U.S. in 2023, which the
company attributed to "strategic menu price increases.".
According to the company's latest financial reports,
sales increased 8.7% in the U.S. in 2023, which the
company attributed to "strategic menu price increases.".
Meanwhile, Jack Hartnung, the CFO of fast food
chain Chipotle, told investors that the wage
increase would impact consumer prices with a
"mid-to-high single digit" percentage increase.
Meanwhile, Jack Hartnung, the CFO of fast food
chain Chipotle, told investors that the wage
increase would impact consumer prices with a
"mid-to-high single digit" percentage increase.
In December, Pizza Hut cited the wage
increase as the reason behind laying off
the company's in-house delivery drivers. .
In December, Pizza Hut cited the wage
increase as the reason behind laying off
the company's in-house delivery drivers.
Credit: Wibbitz Top Stories Duration: 01:31Published
Credit Card Delinquencies , Are on the Rise.
New York Federal Reserve data that was published on May 15 shows that credit card delinquencies kept rising from January to March, Fox Business reports. .
In Q1 2024, delinquencies reached
8.9% at an annualized rate.
America hasn't seen this high of a
percentage of serious credit card
delinquencies since 2012, Fox News reports. .
In the first quarter of 2024, credit
card and auto loan transition rates
into serious delinquency continued
to rise across all age groups, Joelle Scally, regional economic principal within the Household and
Public Policy Research Division at the New York Fed, via Fox Business.
An increasing number of borrowers
missed credit card payments,
revealing worsening financial
distress among some households, Joelle Scally, regional economic principal within the Household and
Public Policy Research Division at the New York Fed, via Fox Business.
Researchers aren't sure why delinquencies
are so high since the unemployment rate
is low, but they have a few theories.
One of those theories is that consumers drained savings throughout the pandemic
but continue to spend at high levels.
Another theory is that some Americans switched to jobs with lower salaries.
Additionally, credit card eligibility may have been expanded for many whose student debt wasn't being reported to credit bureaus amid the pandemic.
These are all kinds of complex issues.
We don't exactly know what's behind the
increase of these delinquency rates. But it's
definitely something that we're tracking, New York Fed researchers, via Fox Business.
The average annual percentage rate for
credit cards hit a record of 20.72% recently.
Credit: Wibbitz Top Stories Duration: 01:31Published
US Military Looks to , Recruit Tech Experts While , Cutting Overall Troop Numbers.
United States special operations commanders have
been tasked with cutting overall forces by 5,000
troops, while also adding more high-tech experts. .
United States special operations commanders have
been tasked with cutting overall forces by 5,000
troops, while also adding more high-tech experts. .
United States special operations commanders have
been tasked with cutting overall forces by 5,000
troops, while also adding more high-tech experts. .
Fox News reports that the conflicting goals, which have
forced a broader restructuring of commando teams,
have been influenced by Russia's ongoing war in Ukraine.
U.S. Army Special Operations Command plans to
increase the size of Green Beret teams by adding
members with specialized technical abilities.
U.S. Army Special Operations Command plans to
increase the size of Green Beret teams by adding
members with specialized technical abilities.
Additional team members could include
computer software experts capable of
reprograming drones and other tech gear on the fly. .
Additional team members could include
computer software experts capable of
reprograming drones and other tech gear on the fly. .
Additional team members could include
computer software experts capable of
reprograming drones and other tech gear on the fly. .
Gen. Bryan Fenton, commander of U.S. Special
Operations Command, says the U.S. is "taking a lot
of lessons learned out of the experience in Ukraine.".
Gen. Bryan Fenton, commander of U.S. Special
Operations Command, says the U.S. is "taking a lot
of lessons learned out of the experience in Ukraine.".
According to Fenton, special operations
were ordered to cut about 2,000 personnel,
including 750 from the army. .
According to Fenton, special operations
were ordered to cut about 2,000 personnel,
including 750 from the army. .
In 2024, the department was
ordered to cut an additional 3,000
personnel over the next five years. .
So the real Army reduction in totality is
almost 4,000, and the remaining 1,000
will come from the joint force, SEALs,
Marine raiders, other Army units, Gen. Bryan Fenton, commander of U.S. Special Operations Command.
So the real Army reduction in totality is
almost 4,000, and the remaining 1,000
will come from the joint force, SEALs,
Marine raiders, other Army units, Gen. Bryan Fenton, commander of U.S. Special Operations Command.
Maj. Gen. Patrick Roberson, deputy commander of the
command at Fort Liberty in North Carolina, estimates
that at least 30% of those cuts will be in open jobs. .
According to Roberson, other cuts will be aimed at
redundancies among trainers and instructors, as
well as civil affairs and psychological operations. .
According to Roberson, other cuts will be aimed at
redundancies among trainers and instructors, as
well as civil affairs and psychological operations.
Credit: Wibbitz Top Stories Duration: 01:31Published
Iranian President Vows to Destroy Israel , if It Launches the ‘Tiniest Invasion’.
On April 13, Iran attacked Israel with
hundreds of drones and missiles.
It was the first time that Iran has ever launched a direct military attack on Israel, Fox News reports. .
Although Israel was able to fend off
about 99% of the projectiles, the
country is considering retaliation.
On April 17, Iranian President Ebrahim Raisi warned Israel that if it does decide to
attack with even the "tiniest invasion," .
Iran's response would be "massive and harsh.".
Nothing would remain
from the Zionist regime, Iranian President Ebrahim Raisi, via Fox News.
Raisi delivered his remarks during
a military parade north of Tehran.
Prior to Raisi's threats, Israel vowed
to respond to the attacks.
The country did not provide details,
but its military council met on April 16
to decide how to proceed.
Leaders around the world have
urged Israel to stand down. .
While Israel and Iran have been at odds
for decades, their conflict came to a
head recently since Iran supports Hamas, .
which attacked Israel on Oct. 7 and
prompted Israel's current offensive in Gaza.
Credit: Wibbitz Top Stories Duration: 01:30Published
Samsung Knocks Apple , From Top Phonemaker Spot.
Samsung Knocks Apple , From Top Phonemaker Spot.
Fox News reports that Apple's phone shipments have dropped by about 10%.
During Q1 2024, Apple had a 17.3% market share, while Samsung had 20.8%.
During Q1 2024, Apple had a 17.3% market share, while Samsung had 20.8%.
Xiaomi came in third with 14.1%.
Samsung shipped over
60 million phones during Q1 2024.
Samsung shipped over
60 million phones during Q1 2024.
Apple only shipped 50.1 million. .
Last year during the same time period,
Apple shipped 55.4 million. .
Overall, smartphone shipments rose 7.8% worldwide to 289.4 million units during Q1 2024.
The increase in Samsung shipments
could be attributed to the company's
release of Galaxy S24 series phones.
During a launch event at the beginning
of the year, Galaxy AI, which is incorporated
into the company's new smartphones,
was touted as "a new era of mobile AI.".
News of Samsung's triumph comes as
Apple is cutting over 600 jobs in California
following reports that the company
is abandoning its electric car efforts. .
News of Samsung's triumph comes as
Apple is cutting over 600 jobs in California
following reports that the company
is abandoning its electric car efforts.
Credit: Wibbitz Top Stories Duration: 01:31Published
Drug Shortages Reach , All-Time High in US, , Pharmacists Say.
According to the American Society of Health-System Pharmacists (ASHP) and
the Utah Drug Information Service.
the first quarter of 2024 saw
323 active drug shortages, Fox News reports.
The previous record of
320 shortages was set in 2014.
ASHP CEO Paul Abramowitz said,
"some of the most worrying shortages involve generic sterile injectable medications," .
... "including cancer chemotherapy drugs and emergency medications stored in hospital crash carts and procedural areas." .
... "including cancer chemotherapy drugs and emergency medications stored in hospital crash carts and procedural areas." .
Abramowitz went on to say that the
"ongoing national shortages of therapies for attention-deficit/hyperactivity disorder also remain
a serious challenge for clinicians and patients.".
A separate ASHP report said that "the most severe and persistent shortages are driven by economic factors that undermine investment in manufacturing capacity, manufacturing quality and supply chain reliability.".
These economic challenges are
driven by extreme price competition
among generic manufacturers, ASHP, via report.
ASHP will continue to engage
with policymakers regularly as we guide
efforts to draft and pass new legislation
to address drug shortages and continue
to strongly advocate on behalf of our
members for solutions that work, ASHP CEO Paul Abramowitz, via statement.
Last week, the Department of Health and Human Services issued a white paper recommending tactics for Congress to help.
With today’s white paper,
HHS offers solutions and stands
ready to work with Congress to
ensure no patient faces the devastating
consequences of drug shortages or
goes without needed medicines, U.S. Department of Health and Human Services, via press release
Credit: Wibbitz Top Stories Duration: 01:31Published
Stock Markets Rally , Amid Investor Hopes for , Interest Rate Cuts in 2024.
On the morning of May 15, both the S&P and the
Nasdaq hit all-time highs after new data suggested
inflation may be easing in line with expectations.
Quartz reports that the Dow Jones Industrial Average
is also inching toward the record-breaking
40,000 mark, which it almost hit in March. .
According to the latest Bureau of Labor
Statistics data, April saw the Consumer Price
Index, a key gauge of inflation, rise by 3.4%.
At the same time, consumer prices
increased by 0.3%, slowing slightly
from March's 0.4% increase.
The latest data also shows that core prices,
which don't include food and energy, saw the lowest
increase since April of 2021, rising just 3.6%. .
As a result, investors have a sense of
renewed hope that the Federal Reserve will
begin to cut interest rates at some point in 2024.
The latest inflation data was released one day
after the Producer Price Index, which
measures wholesale inflation, increased 0.5%. .
Over the past year, the
index has increased 2.2%.
Shortly after markets opened, the Dow
jumped up 147 points, hitting 39,705, while the
S&P 500 and the Nasdaq saw 0.5% increases.
Shares in GameStop were down 30% after
experiencing a boost earlier this week by
the online return of investor "Roaring Kitten."
Credit: Wibbitz Top Stories Duration: 01:30Published
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