Your next burrito could cost you more than $12 thanks to a California law that will dramatically increase wages for fast food workers next month, a cost increase that big chains like Chipotle say they can pass on to consumers.During an earnings call in February, Jack Hartung, Chipotle's chief financial and administrative officer, warned: “To cover the cost of the wage increase, we will need to increase prices by a moderate percentage in California.” The law, Assembly Bill 1228, was signed by Gov. Gavin Newsom in September and goes into effect Monday. The order requires the restaurants — which are…
Author: ricardofrancois
2024 Toyota Tacoma Trail HunterToyotaNew York -” toyota motor The company is evaluating expanding its U.S. truck lineup that could include all-electric or hybrid-electric versions of its Tacoma and Tundra pickup trucks.The Japanese automaker is evaluating its options to determine what makes the most sense based on anticipated customer demand and tightening federal regulations on emissions and fuel economy, said Jack Hollis, executive vice president of Toyota Motor Corporation North America.”I think there's room to grow our entire truck footprint. Whether it's a Tundra or a Tacoma or something else in addition to the lineup,” Hollis told CNBC on Tuesday…
Martin Boddy | Digital Vision | Getty ImagesA version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide for the high-net-worth investor and consumer. Sign up to receive future issues, straight to your inbox.The wealth of the richest 1% reached a record $44.6 trillion at the end of the fourth quarter, as a year-end rally in stocks lifted their investment portfolios, according to new data from the Federal Reserve.The total net worth of the top 1%, defined by the Fed as those with wealth greater than $11 million, rose by $2 trillion in…
As polls continue to show the public's deep antipathy to reparations, it's easy to forget that just three years ago all elected officials were participating in them, pointing to what many quietly thought would be a one-time model of righting wrongs. To systemic racism. It's easy to forget, unless you're Cavon Ward.The Where Is My Land founder was present when Gov. Gavin Newsom signed a bill relinquishing government control of Bruce Beach — the property that once belonged to Willa and Charles Bruce and served as a popular inn and dance hall for black beachgoers in the 1900s before it…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.Trafigura pleaded guilty to bribery charges brought by US prosecutors in Brazil, agreeing to pay $127 million in fines and forfeit profits, the latest in a series of corruption cases against the world's largest commodities trading companies.Under the plea agreement, Trafigura will pay $80.5 million in fines and forfeit $46.5 million in profits after paying nearly $19.7 million in “corrupt kickbacks” to Brazilian officials in an attempt to obtain “improper advantages” in oil contracts between 2003 and 2014. . .The company pleaded…
Man, what a race it was. The S&P 500 is closing out the first quarter with an epic winning streak: The index is up 10% year to date and an astonishing 25% in the past five months. Achieving 25% in any five-month period is a very rare event. Since 1950, there have been only seven other periods that have performed better: The S&P 500's epic monthly gain streak through March 2024 24.6% (current five-month streak) August 31, 2020, up 35.4% (five-month streak) August 31, 2009 up Up 27.9% (six-month line) January 31, 1999 Up 33.6% (five-month line) March 31, 1986…
FTX: Sam Bankman-Fried, founder of cryptocurrency exchange FTX, is scheduled to be sentenced in federal court in Manhattan. He was convicted of fraud and money laundering late last year. US prosecutors told a judge earlier this month that he should be sent to prison for up to 50 years. Walgreens Boots Alliance: The drugstore chain is expected to report a revenue increase of about 3 percent in the three months ending in February. Earnings are expected to fall 59 percent to 32 cents per share, according to analysts polled by LSEG. US Unemployment Claims: New claims for unemployment aid are…
a AscentMedia | E+ | Getty ImagesRents for one- and two-bedroom apartments rose in March for the first time in six months.The monthly cost of a one-bedroom apartment across the United States rose to $1,487, an increase of 0.3% from February. The price of a typical two-bedroom apartment also jumped 0.5% to $1,847, according to a new report from real estate data site Zumper. While prices have risen overall, some metro areas have seen a decline. For example, the rent for a one-bedroom apartment in Baltimore, Maryland, is $1,390, down 0.7% from last year, per Zumper.Arizona is unique, as rent…
A person walks in front of a Walgreens truck, owned by Walgreens Boots Alliance, Inc., in Manhattan, New York City, US, November 26, 2021. Andrew Kelly | ReutersWalgreens On Thursday, it reported fiscal second-quarter sales that beat Wall Street expectations, but lowered the top end of its full-year adjusted earnings forecast due in part to a “challenging” retail environment in the United States.The company also posted a sharp net loss for the quarter as it posted a massive charge of about $6 billion related to the impairment of its investment in primary care provider VillageMD. Walgreens has closed its 140…
On Thursday, December 28, 2023, Chinese consumer electronics company Xiaomi unveiled its long-awaited electric car, but refused to reveal its price or specific launch date.CNBC | Evelyn ChengBEIJING — Chinese smartphone maker Xiaomi said Thursday it will sell its first car at a much lower price than the Tesla Model 3, as price wars intensify in China's hotly contested electric vehicle market.Xiaomi CEO Lei Jun said the standard version of the SU7 would sell for 215,900 yuan ($30,408) in the country — a price he admitted meant the company was selling each car at a loss.Tesla Model 3 price starts…