Business

Business

Stephen King testifies in Simon & Schuster’s antitrust trial

King Stephen. Photo: Michael Reynolds/EPA-EFE/Shutterstock As expected, Stephen King knows a thing or two Platform. The author testified to the government today in an antitrust trial that will decide whether two of the nation’s largest publishing houses can be merged. King has publicly criticized the proposed $2.2 billion acquisition of Penguin Random House by his …

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Bank of England braces for biggest rate hike in 27 years as inflation soars

London, February 3: Andrew Bailey, Governor of the Bank of England, leaves after a press conference at the Bank of England on February 3, 2022 in London, England. The bank is expected to raise interest rates for the fifth consecutive meeting on Thursday, but it faces a difficult balancing act between supporting growth and curbing …

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Airbnb stock fell sharply despite outperforming earnings, and plans to buy back $2 billion in stock

Airbnb said Tuesday that it made a second-quarter profit as a public company, and that it’s so confident in its business that it’s buying back $2 billion of its stock. “Our results for the second quarter show that Airbnb has achieved broad-based growth and profitability,” CEO Brian Chesky said during prepared remarks on the company’s …

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Tinder to kill virtual currency, metaverse plans amid Match Group profit loss; Tinder loses its CEO – TechCrunch

Dating giant Match Group announced a series of changes to its Tinder management team along with announcing disappointing second-quarter earnings on Tuesday. Notably, Tinder CEO Rinat Nyborg will be leaving the company after less than a year in the top position. Match Group is also killing off Tinder’s plans to adopt new technology, such as …

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Glucerna, Oatly among 53 drinks recalled for possible microbial contamination

Lyons Magnus, which produces nutritional drinks and coffee in its own name as well as Oatly, Glucerna and Premier Protein, has announced a recall of 53 products due to possible microbial contamination, the Food and Drug Administration announced over the weekend. “Preliminary root cause analysis shows that the products do not meet commercial sterility specifications,” …

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The founders of Indian startup Zepto share tips on how to start a company

When Kaivalya Vohra wanted to leave Stanford University to run his startup, it took “two long conversations” to convince his parents. He said getting them on board was not too difficult. “They saw how this business was growing in front of them, and they saw how quickly we could achieve what we had.” It only …

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Payoneer generates more than 95% of free cash flow for investors in its earnings

Investment club holdings Pioneer Natural Resources (PXD) reported better-than-expected earnings after the closing bell on Tuesday. Total revenue of $6.92 billion exceeded expectations of $6.89 billion. Adjusted diluted earnings of $9.36 per share were better than the $8.81 per share forecast by Street. Operating cash flow for the quarter of $3.22 is a bit short …

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JetBlue CEO sees ‘too strong’ demand, no ‘dominance’ if it takes over Spirit

JetBlue CEO Robin Hayes sees no upside loss for consumer demand heading into the second half of the year, despite mounting recession fears and disappointing financial results from the airline. “Demand is still very strong,” Hayes said on Yahoo Finance Live Tuesday. “We continue to see very strong demand [into the fourth quarter.]” The upside …

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Credit card balances jump 13% as inflation outpace wage growth

Wages are rising – but not enough to keep up with the rising cost of living. Although average hourly earnings are up 5.1% from a year ago, prices have been rising faster. The Consumer Price Index, which measures the average change in the prices of consumer goods and services, jumped a higher-than-expected 9.1% in June, …

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