A Delaware judge ruled on Monday that Tesla CEO Elon Musk still is not entitled to receive a $56 billion compensation package despite shareholders of the electric vehicle company voting to reinstate it.The ruling by the judge, Chancellor Kathaleen McCormick of the Court of Chancery, follows her January decision that called the pay package excessive and rescinded it, surprising investors, and cast uncertainty over Musk’s future at the world’s most valuable carmaker.Musk did not immediately respond to an emai ...

Apple has been accused in a new lawsuit of illegally monitoring its workers’ personal devices and iCloud accounts while also barring them from discussing their pay and working conditions.The complaint filed in California state court on Sunday by Amar Bhakta, who works in digital advertising for Apple, claims the company requires employees to install software on personal devices that they use for work allowing Apple to access their email, photo libraries, health and “smart home” data and other personal infor ...

Intel Chief Executive Pat Gelsinger retired on Sunday after a 40-year career at the company that has lately been marred by missteps that have enabled rivals to overshadow the once-dominant chipmaker.David Zinsner and Michelle Johnston Holthaus have been named co-CEOs as the board searches for a new chief executive, the company said Monday. Zinsner is executive vice president and chief financial officer at the company. Holthaus is the chief executive of Intel Products, which encompasses the company’s client ...

Social media giant Meta plans to lay down its own private undersea fiber optic internet cable that will extend around the world, according to a new report.Early next year, Meta — the parent company of Facebook, Instagram and WhatsApp — is expected to announce the plan to lay over 25,000 miles of fiber optic cables under the sea, which could cost more than $10 billion, sources close to the company told TechCrunch. 4 Meta plans to lay more than 25,000 miles of undersea fiber optic cables, according to a new ...

Book bargain hunters will be disappointed to learn Costco plans to stop selling books at most of its US stores at the beginning of the year. In January, Costco will remove the store’s popular book section from the majority of its 600-plus stores in the United States.And it will only return during the holiday season, from September to December, and at other intermittent times, the discount store chain told publishers over the summer, according to The New York Times. Costco told the executives the change was ...

Core Viewpoint - The Container Store is facing a potential bankruptcy filing due to a weak housing market and high inflation impacting sales, following a pandemic-driven boost in 2020 and 2021 [1][2][3] Company Performance - The Container Store reported a sales decline of 10.5% in the latest quarter ending September 28, with losses amounting to $30.8 million [5] - The company is frequently ranked among the most financially distressed retailers by credit rating agencies [2] Market Conditions - A weak housing market has led to fewer people moving, resulting in decreased sales of storage products [2][9] - High mortgage rates, nearing 8% last year and remaining close to 7%, have deterred home purchases, further impacting demand for the company's products [8] Consumer Behavior - Consumers are reducing discretionary spending due to persistent inflation and high prices, affecting sales in the home goods sector [9][12] - The Container Store is perceived as a higher-priced option compared to competitors like Walmart and Amazon, which are gaining market share by offering cheaper alternatives [10][12] Future Outlook - Analysts predict a "high probability" of bankruptcy for The Container Store in the coming year, with no significant increase in holiday sales expected to improve the situation [3][13] - The holiday shopping season is anticipated to be underwhelming for the home goods category, with less sales growth compared to the previous year [13]

Amazon workers in more than 20 countries, including the U.S., plan to strike during the busy pre-Christmas shopping days between Black Friday and Cyber Monday to “make Amazon pay,” strike organizers said Thursday.The “days of resistance” aim to “hold Amazon accountable for [labor] abuses, environmental degradation and threats to democracy,” according to organizers UNI Global Union and Progressive International. “No matter how much they spend to fight us, corporations like Amazon cannot break the power of wo ...

The Federal Trade Commission has opened a broad antitrust investigation into Microsoft, including of its software licensing and cloud computing businesses, a source familiar with the matter said Wednesday.The probe was approved by FTC chair Lina Khan before her likely departure in January, following the presidential election victory of Donald Trump and the expectation he will appoint a fellow Republican with a softer approach towards business.CEO Satya Nadella’s Microsoft is facing a broad antitrust probe, ...

Company Performance - Starbucks is reducing corporate employees' holiday bonuses by 40% due to poor performance this year, marking the worst year since the pandemic in 2020 [1][3] - Revenue increased less than 1% in the fiscal year ended Sept 29, significantly lower than the double-digit growth in previous years [4] - Operating income dropped 8% in the same period [4] - Global same-store sales fell 2% this fiscal year, only the second such drop in the last 15 fiscal years, with the first occurring in 2020 during lockdowns [6] Bonus Structure and Impact - Corporate workers will receive only 60% of their overall bonuses, with payouts based on personal performance and company results [3] - Senior vice presidents and executives will face larger bonus cuts and will not be eligible for merit raises [9][12] - The portion of bonuses based on company performance considers revenue and operating income, heavily impacting senior positions [4][11] - US employees' bonus goals range from 5% of base pay for rank-and-file workers to 45% of base pay for senior vice presidents [10] Operational Challenges - Sales have slumped due to issues like long wait times of up to 40 minutes and a boycott linked to the company's perceived stance on the war in Gaza [2] - Customers are cutting back on pricey lattes and frappuccinos due to menu price hikes, reflecting broader struggles in the fast-food industry [1] Strategic Changes - New CEO Brian Niccol, who took the helm in September, is focusing on cutting down lines and revamping locations to improve customer experience [5][7] - Niccol has called for extra barista positions to boost efficiency and position Starbucks as a "third place" for customers between work and home [10] - The company plans to fundamentally change its strategy to win back customers and return to growth [8] Market Performance - Starbucks shares have risen 7 5% to $100 68 this year, significantly underperforming the S&P 500's 27% growth during the same period [13]

Group 1 - Citigroup CEO Jane Fraser plans to reduce the number of year-end promotions from 8,000 to just 2,000 employees, indicating a significant cost-cutting measure [1][2] - The expected pay increases for these promotions are limited to 15%, reflecting a tighter compensation strategy [2] - Fraser's turnaround plan includes cutting 20,000 jobs and simplifying business processes to boost profits [2][4] Group 2 - A Citi spokesperson denied the Financial Times report, asserting that promotions are a key part of the talent strategy and that a significant decline in promotions is inaccurate [3] - Fraser's tenure has faced challenges, including allegations of a toxic work environment and ongoing sexual harassment scandals [4][6] - Citigroup reported a smaller-than-expected drop in profit for the third quarter, supported by debt underwriting in investment banking [7] Group 3 - The bank is under investigation by multiple U.S. government agencies regarding its connections to sanctioned Russian billionaire Suleiman Abusaidovich Kerimov [7][8] - The investigations involve the bank's dealings with Heritage Trust, which manages assets owned by Kerimov [8]