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Starbucks workers kick off 65-store US strike on Red Cup Day

More than 1,000 unionized Starbucks workers went on strike at 65 U.S. stores Thursday to protest a lack of progress in labor negotiations with the company. The strike was intended to disrupt Starbucks’ Red Cup Day, which is typically one of the company’s busiest days of the year. Since 2018, Starbucks has given out free, reusable cups on that day to customers who buy a holiday drink. Starbucks Workers United, the union organizing baristas, said Thursday morning that the strike had already closed some stores and was expected to force more to close later in the day. Starbucks ...

Visa-Mastercard settlement could lead to merchants rejecting rewards credit card

NEW YORK (AP) — Visa and Mastercard have proposed a settlement in their long-running legal dispute with merchants and retailers over how much they charge merchants to accept their cards. The most important part of the settlement could directly impact how customers use their Visa- and Mastercard-issued credit cards, and may result in some consumers getting denied at the point-of-sale for purchases Visa and Mastercard have been in litigation with a class-action group of merchants for nearly 20 years over the costs they impose on merchants to use their payment networks, known as ...

Japan’s SoftBank says it has sold its shares in Nvidia for $5.8 billion, turning its focus to OpenAI

TOKYO (AP) — Japanese technology giant SoftBank said Tuesday it has sold its stake in Nvidia, raising $5.8 billion to pour into other investments. It also reported its profit nearly tripled in the first half of this fiscal year from a year earlier. Tokyo-based SoftBank Group Corp. said it sold the stake in Silicon Vally-based Nvidia in October, a move that reflects its shift in focus to OpenAI, owner of the artificial intelligence chatbot ChatGPT. SoftBank reported its profit in April-September soared to about 2.5 trillion yen (about $13 billion). Its sales for the six month period ...

The Dow rallies 550 points to a record as most US stocks rise

NEW YORK (AP) — Most U.S. stocks rose on Tuesday and carried the market back to where it was before last week’s swoon. The S&P 500 added 0.2% after erasing a loss taken during the morning. It’s been bouncing around lately, coming off Monday’s vigorous rebound following its first losing week in four. The Dow Jones Industrial Average rallied 559 points, or 1.2%, to a record, surpassing its prior all-time high set two weeks ago. The Nasdaq composite lagged the market, though, as Nvidia got back to falling amid continued concerns that stocks caught up in the ...

Tesla Cybertruck executive leaving the Musk-led automaker

The executive leading Tesla’s Cybertruck business is leaving the Elon Musk-led automaker after eight years. Siddhant Awasthi, the program manager for Tesla’s Cybertruck and Model 3, said on LinkedIn that it wasn’t an easy decision to depart the company. He did not provide details on what he will be doing next. Awasthi said he began as an intern at Tesla and was involved in “ramping up Model 3, working on Giga Shanghai, developing new electronics and wireless architectures, and delivering the once-in-a-lifetime Cybertruck - all before hitting 30. The icing on the cake was ...

Wendy’s to close hundreds of US stores in bid to halt falling profit

Wendy’s plans to close hundreds U.S. restaurants over the next few months in an effort to boost its profit. The Dublin, Ohio-based chain said during a conference call with investors Friday that it planned to begin closing restaurants in the fourth quarter of this year. The company said it expected a “mid-single-digit percentage” of its U.S. stores to be affected, but it didn’t give any more details. Wendy’s ended the third quarter with 6,011 U.S. restaurants. If 5% of those locations were impacted, it would mean 300 store closures. The new round of closures comes on top ...