Tag: Breaking News: Business

Jan312023 by Waqas-ChNo Comments

General Motors (GM) earnings Q4 2022

Mary Barra, CEO, GM at the NYSE, November 17, 2022.Source: NYSEDETROIT — General Motors is set to report its fourth-quarter earnings before the bell Tuesday. Here's what Wall Street is expecting, according to Refinitiv consensus estimates:Adjusted earnings per share: $1.69Revenue: $40.65 billionGM in November tightened its projected range for 2022 adjusted earnings to between $13.5 billion and $14.5 billion, compared with previous guidance of between $13 billion and $15 billion. It also increased its cash flow guidance to between $10 billion and $11 billion, up from $7 billion to $9 billion.While investors will be watching the fourth-quarter results for signs of any waning consumer demand or profit dilution, the automaker's 2023 guidance is expected to be in the spotlight.Goldman Sachs ...

Jan302023 by Waqas-ChNo Comments

Obamacare special enrollment for people who lose Medicaid

Business

An Obamacare sign is seen outside of the Leading Insurance Agency, which offers plans under the Affordable Care Act (also known as Obamacare) on January 28, 2021 in Miami, Florida.Joe Raedle | Getty ImagesMillions of people in the U.S. are at risk of losing Medicaid this year when coverage protections put in place during the Covid-19 pandemic come to an end in April.To make it easier for these individuals to transition to other coverage, the Health and Human Services Department has announced a special enrollment period for Obamacare.People who lose Medicaid coverage from March 31 through July 31, 2024 can apply for Obamacare outside of the normal enrollment period at healthcare.gov if they live in a state served by the federal marketplace, according to new guidance from HHS.A majority o...

Jan292023 by Waqas-ChNo Comments

EV carmakers work to fit auto dealers into their future plans

Business

Customers wearing protective masks looks at the interior of a vehicle for sale at a Ford Motor Co. dealership in Colma, California, Feb. 1, 2021.David Paul Morris | Bloomberg | Getty ImagesDETROIT — As automakers chase Tesla-like profits on new electric vehicles, they face an existential question: how best to bring franchised auto dealers along with them as they transition to EVs.Some, such as General Motors, are asking luxury dealers to go all-in on EVs or get out of the business. Others like Ford Motor are offering dealers different "EV-certification" levels, while most other carmakers, or OEMs, know they need to change the sales process to fit the evolving industry, but are still trying to figure out how to do it."I think we're all building this airplane as we fly," Michael Alford, p...

Jan242023 by Waqas-ChNo Comments

Rupert Murdoch calls off proposed Fox-News Corp merger

What's Hot

Rupert Murdoch, chairman of News Corp and co-chairman of 21st Century Fox, arrives at the Sun Valley Resort of the annual Allen & Company Sun Valley Conference, July 10, 2018 in Sun Valley, Idaho.Drew Angerer | Getty ImagesRupert Murdoch has withdrawn the proposal to re-combine Fox Corp and News Corp.Fox said Tuesday its board received a letter from Murdoch, its chairman, and his son and Fox CEO Lachlan Murdoch that "determined that a combination is not optimal for the shareholders" of either of the companies at the time.related investing newsThe potential merger had faced opposition from shareholders in recent months, who didn't believe a merger would show the true value of News Corp. if it merged with Fox.News Corp CEO Robert Thomson told employees Tuesday the decision to call off...

Jan242023 by Waqas-ChNo Comments

Oscar nominations announced: Read the list

Business

The nominations for the 95th annual Academy Awards were announced Tuesday morning, and it looks like a genre-blending comedy-drama set in the multiverse is the favorite to win big at March's ceremony."Everything Everywhere All at Once" dominated nominations for major categories, showing up in the fields of best picture, best director, best actress, best supporting actress, best supporting actor and best original screenplay. It snagged 11 nominations overall, leading the pack."The Banshees of Inisherin" and "All Quiet on the Western Front" had nine nominations each, and Steven Spielberg's "The Fabelmans" (seven nominations) were also among the leaders. "Top Gun: Maverick" and "Avatar: The Way of Water," the biggest blockbusters released in 2022, were nominated for best picture, as well.T...

Jan212023 by Waqas-ChNo Comments

GM, LG end plans for fourth U.S. battery cell plant; automaker seeks new partner

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GM CEO and Chairman Mary Barra and LG Chem Vice Chairman and CEO Hak-Cheol Shin at the automaker's battery lab in Warren, Mich., where the companies announced a new $2.6-billion joint venture on Dec. 5, 2019.GMDETROIT – General Motors and LG Energy Solution have indefinitely shelved plans to build a fourth battery cell plant in the U.S., as talks between the two sides recently ended without an agreement, a person familiar with the plans confirmed to CNBC.The Detroit automaker is expected to continue with its plans to build the plant but is searching for another partner, according to the person who asked not to be named because the talks are private."We've been very clear that our plan includes investing in a fourth U.S. cell plant, but we're not going to comment on speculation," GM said...

Jan192023 by Waqas-ChNo Comments

Procter & Gamble (PG) earnings Q2 2023

Business

Procter & Gamble reported year-over-year declines in revenue and profit on Thursday, as higher prices look to offset declining sales volumes.Here's how P&G performed in its fiscal second quarter of 2023 compared with what Wall Street anticipated, based on an average of analyst's estimates compiled by Refinitiv:related investing newsAdjusted earnings per share: $1.59 versus an expected $1.59Total revenue: $20.77 billion versus expected $20.73 billionFor the three-month period ended Dec. 31, the company reported net income of $3.9 billion, or $1.59 per share, excluding items, down from $4.22 billion, or $1.66 per share, a year earlier.Net sales fell to $20.77 billion, a 1% decrease from the previous year, which topped analyst's projections of $20.73 billion.The company's organic r...

Jan132023 by Waqas-ChNo Comments

Pfizer Covid booster likely doesn’t carry seniors’ stroke risk: CDC

Business

The Centers for Disease Control and Prevention on Friday said it is "very unlikely" the Pfizer omicron booster carries a risk of stroke for seniors after it launched an investigation into a preliminary safety concern detected by one of its monitoring systems.The CDC, in a statement posted to its website Friday, said a surveillance system called the Vaccine Safety Datalink detected a possible risk for stroke in people ages 65 and older who received the Pfizer booster shot targeting the omicron Covid variant. A CDC spokesperson said this issue was first detected in late November.By mid-December, the CDC concluded the concern was persisting and launched an investigation into whether seniors are more likely to have a stroke in the first 21 days after receiving the Pfizer booster, the spokes...

Jan112023 by Waqas-ChNo Comments

FAA halts all U.S. departures to fix system outage

Business

Shannon Stapleton | ReutersThousands of U.S. flights were delayed Wednesday morning after the Federal Aviation Administration suffered an outage of the system that sends messages to pilots.The FAA said early Wednesday domestic departures would be paused until at least 9 a.m. ET while the agency worked to restore the Notice to Air Missions System. All flights currently in the air were safe to land, the agency said.By 8:15 a.m. ET, flights out of Newark Liberty International Airport and Atlanta Hartsfield-Jackson International Airport were resuming, the FAA said. Still, more than 3,700 U.S. flights were delayed, according to FlightAware, and residual delays could last hours from the backup once the ground stop is lifted. "This technology issue is causing significant operational delays acr...

Jan72023 by Waqas-ChNo Comments

Who would buy WWE, as McMahon returns to board to pursue sale

Business

World Wrestling Entertainment Inc. Chairman Vince McMahon is introduced during the WWE Monday Night Raw show at the Thomas & Mack Center August 24, 2009 in Las Vegas, Nevada.Ethan Miller | Getty ImagesVince McMahon has returned to the World Wrestling Entertainment board of directors to facilitate potential sale talks ahead of the company's media rights renewal.The notion of WWE selling isn't new. CNBC reported it looked like a sale target in April and that it appeared only more attractive in July after a sexual misconduct scandal. The rationale is fairly straightforward: WWE is valuable intellectual property.Owning IP allows streaming services to exclusively offer content without the annoyance of winning licensing rights in an auction every few years. WWE also has value to offer in ...