A federal judge said Kraft Heinz must face a proposed nationwide class action alleging that it defrauded consumers by claiming its Kraft macaroni and cheese, one of its best-known products, contains no artificial preservatives. In a decision on Wednesday, US District Judge Mary Rowland said the Illinois, California and New York consumers leading the lawsuit plausibly…
The work-from-home phenomenon that spread like wildfire because of the pandemic appears to be flaming out in New York — and is on the retreat in many other metropolises around the country, according to the latest office building data. Office visitations in the Big Apple in October were at 86.2% compared to 2019 levels —…
TOKYO — Japan’s economy eked out an annual rate of 0.9% growth in the July-September period as consumer spending held up, government data showed Friday. The world’s fourth-largest economy grew 0.2% in the fiscal second quarter, marking the second straight quarter of expansion, following 0.5% growth in April-June. Seasonally adjusted gross domestic product, or GDP,…
JPMorgan Chase CEO Jamie Dimon will not be invited to be a part of the administration of Donald Trump, the president-elect said on social media on Thursday. “I respect Jamie Dimon, of JPMorgan Chase, greatly, but he will not be invited to be a part of the Trump Administration,” Trump said in his post. “I respect Jamie Dimon, of JPMorgan…
Hedge funds piled into bets on financial stocks, Tesla shares and a prison operator in the third quarter, filings showed, ahead of a rally that followed Donald Trump’s victory in the US presidential election. Many of the bets have become known as so-called Trump trades, corners of the market that at times were swayed by the Republican candidate’s…
A New York technology entrepreneur was sentenced to five years in prison on Thursday after pleading guilty last year to laundering funds stolen from Bitfinex, one of the world’s largest cryptocurrency exchanges, with the help of his wife. Ilya Lichtenstein, 35, hacked into Bitfinex’s network in 2016, using advanced hacking tools and techniques, and stole about 120,000 bitcoin, the Justice…
The average rate on a 30-year mortgage in the U.S. edged lower this week, ending a six-week climb. The rate slipped to 6.78% from 6.79% last week, mortgage buyer Freddie Mac said Thursday. That’s still down from a year ago, when the rate averaged 7.4%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking…
A European regulatory committee now recommends approval of the Alzheimer’s treatment lecanemab a few months after rejecting the drug. Biogen said Thursday that the drug, known in the U.S. as Leqembi, received a positive opinion from the European Medicines Agency’s Committee for Medicinal Products for Human Use as a treatment for early Alzheimer’s disease. The…
NEW YORK — NEW YORK (AP) — Advance Auto Parts is closing more than 500 stores and shedding another 200 independent locations as part of its efforts to revive its struggling business. North Carolina-based Advance Auto said Thursday that it would be reducing its U.S. footprint as part of a “strategic plan to improve business…
Norfolk Southern announced an agreement Thursday with Ancora Holdings to keep the investor from launching a repeat of this year’s campaign to take control of the railroad. Under the deal, Norfolk Southern will add another independent director to its board and work to further improve its operations. Ancora, meanwhile, agreed to drop its nominations of…
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