Jean-Claude Arnobit
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General Mills Recalls Over 1 Million Box of Cheerios, Undeclared Allergen Cited as Cause
General Mills, Inc. has voluntarily recalled several days of production of Cheerios and Honey Nut Cheerios cereal that were produced at the company’s facility in Lodi, California, according to a press release issued by General Mills. The recall was due to an undeclared allergen, wheat, which has a potential to cause adverse health effects.
Kathryn Mikells to Step Down as CFO of Xerox, WIll Move to Diageo
Xerox Corporation has announced in a press release that Kathryn Mikells, the CFO of the company, will be stepping down to pursue other professional opportunities. Mikells will be joining Diageo, the maker of the Johnnie Walker whisky, as their CFO.
Emil Brolick to Retire as CEO of Wendy's, Current CFO Expected to be Successor
Emil Brolick, the president and CEO of Wendy’s Company, is planning to retire from management duties with the company in May 2016, according to a press release issued by Wendy’s. Todd Penegor, the executive vice president and CFO of Wendy’s, is expected to be named as the successor to Brolick.
Trian Partners Discloses $2.5 Billion Stake at GE, Believes in GE's Long-Term Potential
Trian Fund Management L.P., a firm led by activist investor Nelson Peltz, has disclosed in a press release that they have become one of the top ten shareholders of General Electric (GE) with a beneficial ownership of 98.5 million GE shares that are currently valued at approximately $2.5 billion. Trian believes in GE’s long-term potential that will generate attractive stockholder returns.
Managers of Air France Flee after Angry Workers Disrupt Meeting, Airline Plans to Cut 2,900 Jobs
The managers of Air France forced to flee a meeting after a mob of angry workers waving banners and flags stormed the room, according to a report from Reuters. The airline has confirmed during the meeting that they plan to cut 2,900 jobs by 2017 and shed 14 aircraft from its long-haul fleet.
American Apparel Files Chapter 11 Bankruptcy, Will Reorganize Company, Revitalize Brand
American Apparel, Inc. has announced in a press release that the company and certain of its domestic subsidiaries have filed for a Chapter 11 of the U.S. Bankruptcy in the U.S. Bankruptcy Court for the District of Delaware.
Deere Workers Ratifies New Labor Contract, Many Workers Still Not Satisfied
Deere & Company said in a press release that the United Auto Workers (UAW) union have informed them that its members have ratified the new six-year master labor agreement with the company. Many workers though are still not satisfied with the new labor contract, which was held on Sunday at the McLeod Center on the University of Northern Iowa campus.
EPA Strengthens Limit on Ground Level Ozone, New Policy Pleases No One
The Environmental Protection Agency (EPA) announced in a video that it is strengthening the standard of air quality for ground level ozone, or smog. The new standard didn’t please anyone, from the businesses who will need to meet the new requirements, to the Environmentalists who are calling for tighter Environmental regulations.
Mortgage Rates Largely Unchanged, Stays Below 4% for 10th Straight Week
The Primary Mortgage Market Survey of Freddie Mac has shown that mortgage rates have been largely unchanged, according to a press release issued by Freddie Mac. This week’s results shows that mortgage rates have stayed below four percent for 10 consecutive weeks.
World Bank Calling for Boost in Capitals, Citing Several Factors to Warrant Need for Greater Resources
Jim Yong Kim, the president of the World Bank, is calling for global leaders to increase the institution’s capital base, according to a report from the Financial Times. Kim argues that the slowdown in emerging markets and the agreed upon developmental goals of the UN are reasons for the bank to need greater resources.
Rolls-Royce to Cut 400 Management Jobs, Attempts to Increase Confidence in Diversification Strategy
Rolls-Royce Holdings Plc, a maker of jet engines, may be announcing a plan to cut 400 management jobs in its flagging marine division, people with knowledge of the matter told the Financial Times. The job cuts are the company’s attempt to increase the confidence in diversification strategy that is being challenged by investors.
Staples to Close Stores on Thanksgiving Day, Will Feature Amazing Deals Online
Staples, Inc. will be closing its stores on Thanksgiving Day while offering amazing deals on Staples.com, allowing customers to still shop at the convenience of their own homes, according to a press release issued by Staples.
Walmart Lays Off 450 Workers at its Headquarters, Increase Competitive Edge
Wal-Mart Stores, Inc. laid off 450 employees last Friday at its headquarters, which is located in Bentonville, Arkansas, according to a report from USA Today. The layoffs are part of the retail giant’s plan to increase its competitive edge.
Sweden Trying Out 6-Hour Workday, Provides More Productivity, More Focus and Better Morale to Employees
Several Swedish companies are veering away from the 8-hour workday and are shifting into 6-hour workday or a 30-hour workweek, according to a report from Fast Company. The 6-hour workday provides the company’s employees more productivity, more focus and a better morale.
JC Penney Cuts Pension Plan Obligation, Taps Prudential Insurance to Take Over
JC Penney Company, Inc. has announced in a press release that it will be significantly reducing the benefits obligations of the company’s qualified pension plan. JC Penney has also reached an agreement for The Prudential Insurance Company of America to settle a large portion of the company’s remaining pension benefits obligations.
Sprint to Cut Jobs, Part of Cost-Cutting Effort to Reduce Expense by $2.5 Billion in the Next Six Months
Sprint Corporation will be reducing jobs as part of its cost-cutting efforts to reduce its expense in the next six months, according to a report from The Wall Street Journal.
ConAgra Announces $300 Million Efficiency Plan, Will Cut about 30% of Total Workforce
ConAgra Foods, Inc. has announced in a press release a restructuring plan that will realize at least $300 million of efficiency benefits within the next three years through a combination of reductions in SG&A and enhancements in the company’s trade spend processes and tools.
Apple Adds James Bell in its Board of Directors, Puts Diversity Program into Action
Apple Inc. will be adding James A. Bell, a former CFO and corporate president of The Boeing Company, to its board of directors, according to a press release issued by Apple. The addition of Bell puts Apple’s diversity program into action.
AMD to Cut about 5% of Total Workforce, Part of Restructuring Plan
Advanced Micro Devices, Inc. (AMD) will cut approximately 5 percent of its total global workforce as part of its restructuring plan, according to a regulatory filing by the company.
Deere Reaches Tentative Agreement with UAW, Will Present to Members for Ratification Vote
Deere & Company has announced in a press release that they reached a tentative agreement with the United Auto Workers Union (UAW) to replace the six-year master labor contract, which expired on midnight of September 30, 2015.
News Corp Completes Sale of Amplify Digital Education Business, Marks Exit from Heavily Invested Business
News Corp. has announced in a press release that it has successfully completed the sale of its Amplify Insight and Learning businesses to a management team supported by a group of private investors. The sale marks the company’s exit from its heavily invested five-year-old initiative.
PBF Energy to Acquire Torrance Refinery for $537.5 Million, Increases its Total Througput Capacity
PBF Energy Inc. has announced in a press release that it will be purchasing the Torrance refinery and its related logistics assets from ExxonMobil for $537.5 million. The acquisition increases PBF Energy’s total throughput capacity to approximately 900,000 barrels per day.
Axel Springer to Acquire Minority Stake in Thrillist Media, Part of Strategy to Broaden Global Reach
Axel Springer SE has announced in a press release its intention to acquire a minority stake in Thrillist Media Group, a leading digital media company and lifestyle destination for millennial men who are based in New York City.
Amtrak to Start Charging Fee for Excess Baggage on October 1, Helps Established Policies, Preserve Space on Crowded Trains
Amtrak has said on their website that they will be charging an extra fee for passengers who exceed their allotted carry-on bags beginning on Thursday, October 1, 2015.
Twitter Expands Availability of Buy Button, Allows Millions of Merchants to Sell Products Through Tweets
Twitter Inc. has announced in a blog post a new partnership with three e-commerce platform that will expand the availability of its Buy Now button. The new partnership allows millions of merchants to sell a product through a tweet.
Target Expands Price-Matching Policy, Match Online Prices of 29 Retailers, Marks Big Step for US Retailer
Target Corp. will be expanding its price-matching policy and match the online prices of 29 retailers, up from five, according to a report from the StarTribune. The change in policy marks a big step for the retail company.
Chesapeake Energy Cuts 15% of Jobs, Plans to Reduce Costs, Better Align Workforce
Chesapeake Energy Corporation is planning an approximately 15 percent reduction in its workforce, according to a regulatory filing that the company submitted on Sept 29, 2015. The company said that the planned reduction is part of its overall plan to reduce costs and better align its workforce.
Qatar Investment Authority Opens Office in New York, Plans to Expand in U.S., Internationally
The Qatar Investment Authority (QIA), a $300 billion sovereign-wealth fund, has opened an office in New York on Monday, according to a report from The Wall Street Journal.
Ralph Lauren to Step Down as CEO, Will Continue to Lead the Company as Executive Chairman and CCO
Ralph Lauren is stepping down from his post as CEO of Ralph Lauren Corporation and has appointed Stefan Larsson, one of the most successful executives in the fashion industry, as his replacement, according to a press release issued by the company.
Exelon, Pepco Asked Regulators to Reconsider Merger, Working with District of Columbia Government to Reach Settlement
Exelon Corporation and Pepco Holdings, Inc. have filed a request for the Public Service Commission (PSC) of the District of Columbia to reconsider their merger, according to a press release issued by Exelon. Both companies are working with the District of Columbia government to reach a settlement agreement.
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