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Showing posts with the label company

Massachusetts investigates teen's death as company pulls spicy One Chip Challenge from store shelves

The maker of an extremely spicy tortilla chip says it is working to remove the product from stores as Massachusetts authorities investigate the death of a teen whose family pointed to the One Chip Challenge popularized as a dare on social media as a co... WORCESTER, Mass. -- The maker of an extremely spicy tortilla chip said Thursday it is working to remove the product from store s as Massachusetts authorities investigate the death of a teen whose family pointed to the One Chip Challenge popularized as a dare on social media as a contributing factor. The cause of Harris Wolobah's death on Sept. 1 has yet to be determined and an autopsy is pending, but the 14-year-old's family blamed the challenge. Since his death, Texas-based manufacturer Paqui has asked retailers to stop selling the individually wrapped chips, a step 7-Eleven has already taken. A vigil for the teen is planned for Friday evening at a park in Worcester in central Massachusetts. The One Chip Challenge chip s...

General Motors Q2 profit up 52% on strong sales, company confirms new Chevy Bolt EV is coming

General Motors posted $2.54 billion in second-quarter net income, a 52% increase over a year ago DETROIT -- Despite taking on a huge chunk of an expensive electric vehicle recall, General Motors posted $2.54 billion in second-quarter net income, a 52% increase over a year ago. Continued strong vehicle sales and pricing, as well as cost cuts, led to the better-than-expected quarter. The Detroit automaker on Tuesday raised its financial guidance for the full year with one qualification: that it can negotiate union labor contracts without a strike. Chief Financial Officer Paul Jacobson told reporters that customers paid about $1,600 more per vehicle last quarter than from January through March — with an average U.S. sale price of $52,000. Discounts and inventory remained flat as the company sold 19% more vehicles than a year ago in the U.S., its most profitable market. GM is being cautious on prices and not counting on them staying high all year, Jacobson said. “We’re not assuming majo...

Mexico's president offers to buy US company's coastal property for $375 million to end dispute

Mexico’s president says he has offered to buy an American company’s Caribbean coast property for $385 million to end a bitter, years-long dispute MEXICO CITY -- Mexico’s president said Thursday that he has offer ed to buy an American company ’s Caribbean coast property for about $385 million to end a bitter, years-long dispute . President Andrés Manuel López Obrador said a formal offer would be presented to Alabama-based Vulcan Materials. The company operated gravel extraction pits at the Yucatan peninsula site before López Obrador's administration closed them. The company said it had not yet received the president's proposal or responded to the idea. In papers filed for a case before an international arbitration panel, Vulcan Materials valued the almost 6,000-acre (2,400 hectare) property, located just south of the resort town of Playa del Carmen, at $1.9 billion. López Obrador said his much lower offer was fair and based on a government assessment. He said the most attra...

The secret to a successful sports car company? Build more SUVs

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Ferrari's Purosangue SUV is sold out for two years. Call it the "Cayenne effect." Enthusiasts scoffed, guffawed and protested when Porsche, maker of the venerated 911 sports car, launched its Cayenne sport utility vehicle in 2002. The large SUV boosted the marque's sagging sales, winning over Porsche loyalists. The Italians took notice. These days, Lamborghini factory workers in Sant'Agata Bolognese, Italy, are busy filling orders for the Urus, a high-performance SUV that has attracted new customers and electrified sales. Demand for the Urus eclipses the company's slinky Huracan and Aventador supercars, accounting for more than half of the company's deliveries. Lamborghini sold 5,367 Urus units last year compared to 3,113 Huracans and 753 Aventadors -- a record for the Italian brand. Lamborghini recently added the Urus Performante model, which bolts from 0 to 62 mph in 3.3 seconds and packs 657 horses under a twin-turbo V8 engine. The 5,314-pound Perfo...

Jury finds electric utility PacifiCorp liable in devastating Oregon wildfires; company to appeal

A jury in Oregon has found electric utility PacifiCorp responsible for causing devastating fires during Labor Day 2020 in a civil lawsuit PORTLAND, Ore. -- A jury in Oregon on Monday found the electric utility PacifiCorp responsible for causing devastating fires during Labor Day weekend in 2020, ordering the company to pay tens of millions of dollars to 17 homeowners who sued and finding it liable for broader damages that could push the total award into the billions. The Portland utility is one of several owned by billionaire Warren Buffett’s Omaha, Nebraska-based investment conglomerate Berkshire Hathaway. The property owners, suing on behalf of a class of thousands of others, alleged that PacifiCorp negligently failed to shut off power to its 600,000 customers during a windstorm, despite warnings from then-Gov. Kate Brown’s chief-of-staff and top fire officials, and that its power lines were responsible for multiple blazes. There has been no official cause determined for the Labor Da...

Starbucks' former CEO denies breaking law after Sen. Sanders accuses company of 'union busting'

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Howard Schultz faced sharp criticism over Starbucks' response to a union wave. Starbucks' former CEO Howard Schultz on Wednesday denied breaking the law in response to sharp criticism from Sen. Bernie Sanders, I-Vt., who accused the company of "the most aggressive and illegal union busting campaign in the modern history of our country." In response to questions from Sanders during a Senate hearing, Schultz affirmed the right of workers to choose whether to unionize and defended the company's actions. Starbucks "has not broken the law," Schultz said. "Let me set the tone for this very early on." Schultz, who served as Starbucks CEO for over 20 years across three stints and stepped down from the position last week, said Starbucks has negotiated in "good faith" with employees as they've sought to union ize and obtain collective benefits. More than a dozen decisions from federal officials have found that the company violated labor ...

Tesla shares tumble after company misses delivery target

Shares of Tesla tumbled more than 12% Tuesday, the first full day of trading since the company announced 2022 delivery numbers that fell short of targets DETROIT -- Shares of Tesla tumbled more than 12% Tuesday on the first full day of trading since the company announced 2022 delivery numbers that fell short of target s. The electric vehicle and solar panel maker's stock closed at $108.10, and it's down just under 70% since the start of last year. The stock hit its lowest point since August of 2020, and Tesla's market value, according to FactSet, slid to $341 billion, down from over $1 trillion as recently as April. Tesla said Monday that it sold a record 1.3 million vehicles last year, but the number fell short of CEO Elon Musk’s pledge to grow deliveries by 50% nearly every year. The 2022 figure topped the prior record of 936,000 vehicles delivered in 2021, but it was shy of the 1.4 million needed to reach the company’s 50% growth target. Sales grew 40% year o...

Southwest Airlines holiday meltdown will cost company up to $825 million

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Southwest Airlines canceled more than 16,000 flights over 11 days, a government filing said. The holiday meltdown at Southwest Airlines last month cost the company as much as $825 million in lost revenue and added expenses, the company said in a government filing on Friday. Southwest Airlines, the largest domestic airline in the U.S., canceled more than 16,000 flights over an 11-day period at the end of December, the filing said. The disarray amid a massive snowstorm stranded droves of customers during a peak travel season, prompting the company to apologize and offer reimbursement for inconvenienced travelers. "The cost is definitely a significant amount," Ross Feinstein, industry veteran and former director of operations communications at American Airlines, told ABC News. "I'm not surprised that this is the hit they will ultimately take, in terms of the sheer number of passengers affected and the number of flights canceled," added Feinstein. MORE: 'Disrup...