Store operators outraged at Subway’s COVID-19 demands

Store operators outraged at Subway's COVID-19 demands

After getting kudos for its early response to the coronavirus, Subway Restaurants is now being blasted by store operators for demanding that they return to business as usual despite still-sagging sales in the midst of the pandemic. Subway this month told its roughly 23,000 US restaurants to resume operating 84 hours a week, or an … Read more

Nike profit, revenue boosted by China demand and online sales

Nike profit, revenue boosted by China demand and online sales

Nike comfortably beat analysts’ estimates for quarterly revenue and profit on Tuesday, powered by a rebound in demand in China and strong online sales, sending its shares up about 9 percent. The footwear maker has benefited from its focus on direct-to-consumer sales, especially through its own outlets and apps, as the pandemic has forced customers … Read more

Elon Musk says Tesla will sell a $25,000 car by 2023, stock falls

Elon Musk says Tesla will sell a $25,000 car by 2023, stock falls

There’s a $25,000 Tesla not too far down the road, Elon Musk announced Tuesday. “Three years from now, we’re confident we can create a really compelling $25,000 vehicle that is also fully autonomous,” Musk announced at the company’s closely watched Battery Day event on Tuesday. That’s more than $12,000 less than Tesla’s least expensive car, … Read more

Playboy in exclusive talks with Mountain Crest on IPO bid

Playboy in exclusive talks with Mountain Crest on IPO bid

Playboy Enterprises is in exclusive talks with Mountain Crest Acquisition Corp. a blank check company headed by Chinese national Suying Liu, that would enable the once-iconic brand to return as a publicly traded company. A key ambition of the firm, which in March dropped the print version of the magazine founded by the late Hugh … Read more

NBCUniversal CEO planning revamp, set to focus on streaming

NBCUniversal CEO planning revamp, set to focus on streaming

NBCUniversal, which owns cable networks like Bravo, E!, USA and Syfy, is reportedly overhauling its entertainment division to focus on video streaming. The rise of cord cutting and the coronavirus pandemic has pushed NBCU Chief Executive Jeff Shell to take a scalpel to the media conglomerate’s business, and has made him rethink the inner workings … Read more

Wells Fargo CEO ruffles feathers with comments about diverse talent

Wells Fargo CEO ruffles feathers with comments about diverse talent

Wells Fargo Chief Executive Charles Scharf exasperated some black employees in a Zoom meeting this summer when he reiterated that the bank had trouble reaching diversity goals because there was not enough qualified minority talent, two participants told Reuters. He also made the assertion in a company-wide memo June 18 that announced diversity initiatives as … Read more

Senators slam bonuses for execs of OxyContin maker Purdue Pharma

Senators slam bonuses for execs of OxyContin maker Purdue Pharma

Five US senators want a federal judge to stop disgraced opioid seller Purdue Pharma from paying top executives up to $9.8 million in bankruptcy bonuses. The Democratic lawmakers said they’re particularly concerned about Purdue CEO Craig Landau potentially getting a $3.5 million bonus even though he “may have presided over significant criminal activity” during his … Read more