Goldman Sachs CEO David Solomon said the Federal Reserve won’t make emergency rate cuts before the central bankers meet in September, despite Monday’s Wall Street meltdown over heightened risks of a recession.“I don’t expect that you’ll see anything before September,” Solomon said in an interview for Bloomberg’s “The David Rubenstein Show: Peer to Peer Conversations.”  3 Goldman Sachs CEO David Solomon said he believes interest rate cuts in September are likely. REUTERS“The economy will chug along and we ...

Walt Disney reported a decline in operating profit at its theme parks and predicted a ‘moderation in demand’ in coming quarters, overshadowing the success of the animated Pixar film “Inside Out 2” and the company’s streaming services.The company’s stock was down 1.3% Wednesday as Disney warned operating income at the parks would be down ‘mid single-digits’ in the fiscal fourth quarter. 3 The Walt Disney Company’s latest earnings report beat estimates from Wall Street analysts. AP“We expect to see a flatti ...

The Consumer Financial Protection Bureau is investigating major US banks for their handling of customer funds on the peer-to-peer payments platform Zelle Network, the Wall Street Journal reported Wednesday.The probe focuses on JPMorgan, Bank of America and Wells Fargo among other large banks, the report said, citing people familiar with the matter.The probe focuses on JPMorgan, Bank of America and Wells Fargo among other large banks, the report said, citing people familiar with the matter. AFP/Getty ImagesJ ...

KFC and Pizza Hut parent Yum Brands reported a bigger-than-expected fall in same-store sales for the second quarter as sticky inflation discouraged lower-income Americans from spending on dining out.Same-store sales at the company’s KFC division fell 5% in the United States in the second quarter, compared with a 7% decline in the prior quarter, while Pizza Hut reported a decline of 1%, Yum said Tuesday.Like its peers in the fast-food industry, Yum, which also owns Taco Bell, has been investing in loyalty pr ...

Airbnb forecast third-quarter revenue below estimates on Tuesday and warned of shorter booking windows, suggesting travelers were waiting until the last minute to book due to economic uncertainty, sending its shares down 15% after the bell.Domestic travel in the United States has been pressured since the start of the year as more Americans have grown cautious about travel spending on worries about the health of the US economy.San Francisco-based Airbnb reported quarterly profit of $555 million, or 86 cents ...

Disney will jack up prices once again for its popular streaming services Disney+, Hulu and ESPN+ as it looks to push consumers to sign up for its bundles, the company said Tuesday.Starting in mid-October, most plans for Disney+, Hulu and ESPN+ will increase by $1 to $2 a month, while the most expensive plans for Hulu, which include live TV, will cost $6 more a month. The company said Disney+ basic and premium will go up $2 and be priced at $9.99 and $15.99, respectively.Hulu with ads will cost $9.99 monthly ...

Microsoft blamed Delta Air Lines on Tuesday for its dayslong struggle to recover from a global cyber outage that led it to cancel more than 6,000 flights.The flight disruptions stranded hundreds of thousands of travelers and are estimated to cost the Atlanta-based airline $500 million.Last week, Delta’s CEO Ed Bastian told CNBC that while the airline heavily relies on Microsoft and CrowdStrike, both tech companies had failed to deliver an “exceptional service.” The  global cyber outage caused Delta to cance ...

The National Transportation Safety Board on Tuesday questioned key witnesses from Boeing, Spirit AeroSystems and the Federal Aviation Administration on the mid-air cabin panel blowout of an Alaska Airlines 737 MAX 9 door plug in January.During the start of its two-day investigative hearing, the board released 3,800 pages of factual reports and interviews from the ongoing investigation.The incident badly damaged Boeing’s reputation and led to the MAX 9 being grounded for two weeks, a ban by the FAA on expand ...

Economists at Goldman Sachs raised the likelihood of the US economy slipping into a recession within the next 12 months from 15% to 25% while continuing to view the risk of recession as limited, according to a report.Goldman economists led by Jan Hatzius, the firm’s chief economist and head of global investment research, wrote that they “continue to see recession risk as limited” in a report to clients on Sunday that was reviewed by Bloomberg.They said the US economy appears to be “fine overall” and noted t ...

Coca-Cola announced Friday it will pay $6 billion in back taxes and interest after a ruling in a case dating back nearly 20 years with the IRS.The dispute covers fiscal years 2007-09, which is when the IRS claimed Coca-Cola should have reported a higher income as a result of international transfer pricing.“The company looks forward to the opportunity to begin the appellate process and, as part of that process, will pay the agreed-upon liability and interest,” Coca-Cola said in a statement. The soda company ...