Michelle Mack, the ringleader of a nationwide organized retail crime operation that targeted major retailers such as Ulta Beauty and Sephora, has been sentenced to more than five years in a California state prison. Alongside her husband, Kenneth, she orchestrated a sophisticated operation from their mansion in Bonsall, California, overseeing a network of individuals who
Business
Ford Motor Company recently announced its plans to expand production of its large Super Duty trucks to a Canadian plant, diverting from the original plan of converting the plant into an all-electric vehicle hub. This strategic shift involves investing approximately $3 billion, with $2.3 billion allocated to Ford’s Oakville Assembly Complex in Ontario, Canada. The
General Motors has recently announced its plans to increase production of the Cadillac Escalade V-Series performance model as part of updates to the flagship SUV for the 2025 model year. The new SUV will come equipped with a standard 55-inch diagonal display across the dash, including a passenger-only screen, an “executive package” for the second
Morgan Stanley recently reported second-quarter earnings that exceeded analysts’ expectations. The company’s profit and revenue outperformed estimates, with earnings coming in at $1.82 per share compared to the estimated $1.65 per share. Revenue also surpassed expectations, reaching $15.02 billion as opposed to the projected $14.3 billion. The bank attributed its success to stronger-than-expected results in
Macy’s, a department store giant, recently announced that its board has decided to terminate negotiations with Arkhouse and Brigade, an activist group that was in talks to take the retailer private for $6.9 billion. The reason cited for this decision was the lack of certainty of financing and the failure to deliver compelling value. Despite
SpaceX’s Falcon 9 rocket recently faced an unexpected setback, leading to the grounding of the vehicle pending an incident investigation. The incident occurred during the “Starlink Group 9-3” mission, where the rocket was supposed to launch 20 satellites into low Earth orbit. While the lower first stage of the rocket performed as expected, the upper
The upcoming Paris Olympics have undoubtedly brought great joy to over 10,000 athletes who have the honor of competing. However, the same cannot be said for potential tourists. Delta Air Lines reported a significant decrease in travel to the city of Paris this summer, resulting in a staggering $100 million loss for the airline. CEO
The National Football League is exploring the idea of allowing minority private equity ownership for its 32 teams, with a cap of up to 10% ownership stake. This consideration comes at a time when the landscape of sports ownership is evolving, and the NFL wants to ensure that its policies are in line with the
In the midst of the chaos caused by the collapse of fintech intermediary Synapse, there seems to be a ray of hope for the many Americans who have had their savings locked in frozen accounts for the past two months. Banks involved in the situation have reportedly made significant progress in piecing together account information
The Federal Trade Commission (FTC) is gearing up to file lawsuits against three major U.S. health companies for their practices as middlemen who negotiate prices for medications like insulin, claiming that these practices drive up costs for patients. The companies in the spotlight are UnitedHealth Group’s Optum Rx, CVS Health’s Caremark, and Cigna’s Express Scripts,
Athletic Brewing Company, a leading nonalcoholic brewer, made headlines with its recent announcement of raising an additional $50 million in equity financing. This round was led by General Atlantic, with expectations of further investment beyond the initial amount. The company, founded by CEO Bill Shufelt, has big plans for using this investment to expand its
Boeing, a prominent player in the aerospace industry, recently made headlines for a different reason – a guilty plea to criminal fraud charges related to the 737 Max crashes. This decision has painted the U.S. aerospace giant as a felon but has allowed it to avoid a trial. The repercussions of this guilty plea will
The summer air travel demand in the United States has reached unprecedented levels, setting records for passenger numbers. However, this surge in demand has not translated into record profits for U.S. airlines. While some carriers have anticipated record demand and revenue, they are still facing financial challenges due to higher labor and operational costs. The
The semiconductor industry is currently facing a myriad of challenges in recruiting skilled workers amid a tight labor market. As the competition for talent continues to intensify and funds from the CHIPS and Science Act are allocated to boost domestic production, companies in the industry are finding it increasingly difficult to find qualified individuals to