Nestlé, Procter & Gamble product prices rise during inflation

Nestlé, Procter & Gamble product prices rise during inflation

Surging inflation will continue to hammer US households in the coming months – with one consumer-goods giant warning of further price increases and another warning Americans may cut back on purchases. The latest results from Swiss-based Nestlé, whose brands include Nescafe, Gerber and Purina, and US-based Procter & Gamble, the maker of Tide and Gillette … Read more

Bill Ackman loses $400 million after Netflix shares tank

Bill Ackman loses $400 million after Netflix shares tank

Hedge fund billionaire Bill Ackman has quickly given up on Netflix. The head of Pershing Square Capital Management is $400 million poorer after selling the 3.1 million shares of Netflix that he bought for $1.1 billion in January. Shares of Netflix nosedived by 35% on Wednesday after the streaming service announced that it had shed … Read more

Companies have ‘no business’ in politics

Companies have 'no business' in politics

Former McDonald’s CEO Ed Rensi said companies have “no business” being in politics – and has now launched a conservative initiative to fight “woke” corporate policies. The 78-year-old — who led the Golden Arches from 1991 to 1997 — speaheaded The Boardroom Initiative to push back against boardrooms of American corporations that have become too … Read more

Elon Musk’s Tesla beats Q1 sales, profit estimates

Elon Musk's Tesla beats Q1 sales, profit estimates

Tesla surged past Wall Street estimates for quarterly revenue on Wednesday after the electric-vehicle maker raised prices in response to inflation, offsetting the impact of a Shanghai factory shutdown. Revenue rose to 81% to $18.76 billion in the first quarter ended March 31, from $10.39 billion a year earlier. Analysts had expected $17.8 billion, according to … Read more

Tesla investors’ efforts to muzzle Elon Musk could undermine Twitter bid: lawyer

Tesla investors' efforts to muzzle Elon Musk could undermine Twitter bid: lawyer

An attempt to muzzle Elon Musk during his ongoing legal battle with Tesla shareholders over his infamous 2018 “funding secured” tweet could improperly limit his ability to discuss his ongoing bid to buy Twitter, the billionaire’s legal team argued in a new court filing Wednesday. Musk’s attorney, Alex Spiro, slammed the plaintiffs’ motion for temporary … Read more