Business News

80,000 furloughed as bus industry grinds to a halt

80,000 furloughed as bus industry grinds to a halt

Clarence Cox took over a 35-year-old motorcoach business from his father and uncle and had hopes of one day giving it to his daughters. But with a $5 million fleet parked for months during a pandemic, and no federal aid, his goal now is just to make it to the end of 2020. His business,…

Jay-Z launches his very own cannabis line called Monogram

Jay-Z launches his very own cannabis line called Monogram

You could say that Jay-Z is on fire. To be blunt, there’s not much that the Grammy Award-winning billionaire rapper and entrepreneur doesn’t have his hand in. From streaming service founder to music executive to memoir writer, the 50-year-old is adding yet another title to his repertoire. He launched a cannabis line called Monogram Friday.…

New York’s famous Strand bookstore says it could become a Covid casualty

New York’s famous Strand bookstore says it could become a Covid casualty

The Strand has survived almost a century as perhaps New York’s most famous bookstore, with its “18 Miles of Books” earning diehard loyalty from countless tourists and locals alike. Founded in 1927, it has survived the Great Depression, two World Wars, Big Box stores, and e-commerce challengers. But now, its owner says the store —…

What’s new in fast food: Spicy donuts and cheeseburger pizzas

From a new cheeseburger pizza to a spicy donut, Americans’ taste buds were taunted with culinary delights — and a few disasters — this month. Major fast food chains including Dunkin’, Wendy’s and Papa John’s added a variety of new menu items nationwide in October to attract attention and customers. Companies add quirky menu items…

More than 63 million people watched the final presidential debate

More than 63 million people watched the final presidential debate

More than 63 million people watched Thursday night’s debate between President Trump and Joe Biden, according to Nielsen TV ratings. For comparison’s sake, 73 million people watched the first Trump-Biden debate. Frequently the first debate is the most-watched of the election cycle, so this year’s results followed a familiar pattern. The high ratings for both…

A year ago, this company had 750 customers. Today it has 6,000

A year ago, this company had 750 customers. Today it has 6,000

Subscription services can bear a resemblance to the story of Goldilocks: Sometimes you end up with way too much of what you ordered, risking spoilage. Other times, you run out faster than planned. The answer, according to one company, is a scale. Seattle upstart Bottomless set out to nail that “just right” aspect by creating…

A government agency just paid a record $114 million to an anonymous whistleblower

A government agency just paid a record $114 million to an anonymous whistleblower

Someone just scored a $114 million payday — without playing the lottery or stepping into a casino. Instead, the check was signed by Uncle Sam. The Securities and Exchange Commission awarded the staggering $114 million to a whistleblower who tipped the government off to misconduct and provided “extraordinary” assistance in an investigation, the agency announced…

Meet the woman who could lead the Treasury in a Biden administration

Meet the woman who could lead the Treasury in a Biden administration

The US election is still more than a week away, but speculation about who might lead the Treasury Department under a Biden administration is already in full swing. Analysts from Washington to Wall Street say a leading contender would be Lael Brainard, a current Federal Reserve governor with years of practical experience for the job.…

Recession risk grows as Covid-19 cases continue to surge

Recession risk grows as Covid-19 cases continue to surge

The world’s top economies took huge steps in recent months to recover from the worst recession in a generation. Now, with coronavirus cases surging again, that progress could be reversed. What’s happening: Business activity has fallen back into decline in Europe, according to the latest reading of the Purchasing Managers’ Index from IHS Markit, which…

Morgan Stanley to cover tuition for 60 students at three HBCUs

Morgan Stanley to cover tuition for 60 students at three HBCUs

Morgan Stanley announced a new program to provide full scholarships for 60 students at three historically Black colleges and universities, known as HBCUs — the latest move by a major bank to try to confront racial inequalities in the United States. The scholarships are part of the bank’s HBCU Scholars program, which will provide four-year…

Santa is skipping Macy’s for the first time in 159 years

Santa is skipping Macy’s for the first time in 159 years

There will be no miracle on 34th Street this year. Santa Claus won’t be visiting any Macy’s stores in 2020, ending a 159-year holiday season tradition. The department store’s tradition started in 1861, but Santa meet-and-greets won’t be happening this year because of concerns about the coronavirus pandemic. Instead, Macy’s is creating an interactive virtual…

Guinness may actually be good for you now: There’s a non-alcoholic version

Guinness may actually be good for you now: There’s a non-alcoholic version

Every Guinness Irish stout has contained alcohol for the past 261 years. Until next week. Guinness announced 0.0, a non-alcoholic version of its famous stout, will go on sale in the UK and Ireland Monday at select retailers, and it will go on sale elsewhere — including pubs — in the spring. The drink isn’t…

Viagogo’s $4 billion purchase of Stubhub is in trouble

Viagogo’s $4 billion purchase of Stubhub is in trouble

The $4 billion takeover of US ticketing resale platform StubHub by its European rival Viagogo was thrown into jeopardy on Thursday after Britain’s competition watchdog said it could require the companies to part ways. The Competition and Markets Authority (CMA) said in a statement that the deal is “likely to result in a substantial lessening…

Invisalign maker gets big boost from TikTok star Charli D’Amelio

Invisalign maker gets big boost from TikTok star Charli D’Amelio

Invisalign maker Align Technology just blew past Wall Street’s forecasts, thanks to endorsements from one of TikTok’s biggest stars. Align Technology said in its third quarter earnings report Wednesday that sales of its Clear Aligner cases for teenagers rose nearly 26% from a year ago. That helped lift overall revenue and earnings, which topped Wall…

Tesla is knocking on the door of the S&P 500

Tesla could have been added to the S&P 500 earlier this year. Instead, it was snubbed, shocking the bullish investors that have driven the company’s shares up more than 400% this year. But the electric carmaker’s pitch for joining the exclusive index of top US companies appears to be strengthening. What’s happening: Tesla reported its…

American Airlines and Southwest trim losses but still lose billions of dollars

American Airlines and Southwest trim losses but still lose billions of dollars

American Airlines and Southwest Airlines both reported billions of dollars in losses Thursday, but that’s what passes for an improvement in the battered industry these days. American, the world’s largest airline, reported it lost $2.8 billion in the third quarter excluding special items. That’s down from the $3.4 billion it lost in the second quarter…

Wendy’s just released a new fried chicken sandwich

Wendy’s just released a new fried chicken sandwich

Wendy’s is reentering the fried chicken sandwich battle with a new competitor. The chain has a rolled out the Classic Chicken Sandwich, which features a crispier and juicier fried-chicken filet compared to its predecessor and is topped with mayo, a slice of tomato, lettuce, and pickles — all placed on a toasted bun. The sandwich…

HBO Max has added 8.6 million US subscribers

HBO Max has added 8.6 million US subscribers

HBO Max — WarnerMedia’s answer to Netflix, Disney+ and the like — is catching on quickly. The company doubled the number of HBO Max subscribers last quarter and now has 38 million HBO and HBO Max customers. That’s enough to surpass HBO’s year-end target. AT&T, which owns CNN parent company WarnerMedia and the fledgling streaming…