Business Headlines
Southwest Airlines CEO says airline may reevaluate open seating after financial loss
Angus Mordant/Bloomberg via Getty Images(NEW YORK) -- Southwest Airlines famously allows passengers to select their own seats upon boarding, but the low fare carrier could be changing course.Earlier this week, after the Dallas-based carrier reported a $231 million net loss from the first quarter of 2024, CEO Bob Jordan commented on the "disappointing" results and said they are "evaluating options to enhance our Customer Experience" which he said includes "onboard seating.""We are focused on controlling what we can control and have already taken swift action to address our financial underperformance and adjust for revised aircraft delivery expectations," he continued.On a webcast recording of the earnings call, Jordan said, "It's been several years since we last studied this in-depth, and customer ... Read More
Walmart US CEO talks inflation, self-checkout, and paying six-figures to non-college degree workers
In this Nov. 24, 2023, file photo, a Walmart store is shown on Black Friday, in Secaucus, New Jersey. (Bloomberg via Getty Images)(NEW YORK) -- In an exclusive and far-reaching interview with ABC News, John Furner, president and CEO of Walmart U.S., talked about the retail giantâs push to hire more non-college degree workers for high-paying corporate jobs at the company.Currently, 75% of Walmartâs salaried managers began as hourly associates. High-performing Walmart managers at the storeâs Supercenters now have the ability to earn more than $400,000 a year, which includes a new stock grant rewards program. Some of those managers have college degrees, while others do not -- it is not required for the job.âWhile college is great for some, ... Read More
No cuts: Proposed bill could change skipping the security line at the airport
Travelers use Clear Plus kiosks at San Francisco International Airport (SFO) in San Francisco, May 25, 2023. (David Paul Morris/Bloomberg via Getty Images)(NEW YORK) -- California lawmakers have pushed forward a new piece of legislation aimed at changing the way third-party security screening companies like CLEAR help expedite customers through security at the airport.An annual CLEAR membership that costs $189 allows travelers to skip the onerous security lines and instead verify their identity with biometric data at a kiosk, then get escorted by an agent to the front of the line bypassing TSA and TSA PreCheck.But California Senate Bill 1372, which passed 8-4 in the Senate Transportation Committee on Tuesday, would ban CLEAR from expanding at California airports unless the ... Read More
Venice implements new access fees for day-trippers: What to know about the new system
Tourists visit San Marco Square on April 24, 2024 in Venice, Italy. (Marco Bertorello/AFP via Getty Images)(NEW YORK) -- Peak summer travel season is fast approaching, and some cities abroad have already implemented fees in an attempt to protect popular destinations from potential damage from increased tourism.Bustling European cities from Barcelona to Amsterdam that get flooded with tourists, especially at historical hotspots during the high season, have used tourist taxes to help raise revenue without taxing local citizens.Now, the city of bridges is following in the footsteps of Spain, Greece and Germany, which have all utilized a similar fee-based approach, testing a new entry fee for any visitors who come to Venice just for the day.Earlier this year, the coastal ... Read More
Airlines must give automatic refunds for all canceled flights and those delayed over 3 hours: DOT
EllenMoran/Getty Images(NEW YORK) -- The Department of Transportation on Wednesday is rolling out new rules that will require airlines to automatically give cash refunds to passengers for cancelled and significantly delayed flights.The delays covered would be more than three hours for domestic flights and more than six hours for international flights, the agency said.The DOT will also require airlines to give cash refunds if your bags are lost and not delivered within 12 hours.Airlines will have six months to comply with the new rules, the DOT said."Passengers deserve to get their money back when an airline owes them - without headaches or haggling," said Transportation Secretary Pete Buttigieg in a statement. "Our new rule sets a new standard to require ... Read More
What to know for booking summer travel: Expert tips on airfare, destinations and more
Craig Hastings/Getty Images(NEW YORK) -- As the surge of summer travel draws near, the race to book a great vacation is on."If you're looking to travel domestically within the U.S., I think you should be booking now for summer travel," Clint Henderson, travel expert and managing editor of The Points Guy, told ABC News' Good Morning America.Earlier this month while reporting quarterly earnings, Delta Airlines CEO Ed Bastian projected "record advance bookings for the summer," telling CNBC that the carrier's credit card data and bookings show customers are highly interested in air travel.An increase in budget airline routes that has created more competition, paired with an easing of the post-pandemic revenge travel surge, means travelers could see more deals."Overall prices ... Read More
Superfakes: Copycat manufacturers are becoming increasingly skilled at producing knock-off designer handbags
In this Feb. 1, 2006, file photo, an unidentified woman holds up a counterfeit Coach handbag in the back room of tourist shop in New York's Chinatown. (Bloomberg via Getty Images)(NEW YORK) -- Counterfeit luxury handbags have become a social media phenomenon. Instead of cheaply made knockoffs, the latest crop of counterfeit handbags, known as "superfakes," looks very similar to the authentic luxury item.As high-end luxury brands including Hermes, Chanel, and Prada have boosted their prices in recent years, many consumers turned to deceivingly high-quality replicas for a fraction of the price.The precision and attention to detail put into making replica handbags have made it easier for them to pass off as genuine luxury products, with hardly any noticeable differences ... Read More
Are lab-grown diamonds as sustainable as advertised?
This photograph taken Feb. 6, 2024 shows a laboratory technician monitoring the progress of lab-grown diamond seeds at Greenlab Diamonds manufacturing firm on the outskirts of Surat. (Sam Panthaky/AFP via Getty Images)(NEW YORK) -- The natural diamond industry has been fueled by a glittering marketing strategy for decades, but is the sustainability of modern, lab-grown diamonds as clear-cut as consumers believe?Since De Beers Group's 1940s "a diamond is forever" advertising campaign, dubbed by Advertising Age as the "slogan of the 20th century" in 1999, the natural diamond industry exploded into a multi-billion-dollar industry and cemented itself into modern culture."Diamonds are very ingrained in our culture," Paul Zimnisky, a leading diamond industry analyst, told ABC News. "I think, as humans, we ... Read More
Corporations struggle on climate goals amid backlash over ‘woke capitalism,’ experts say
ABC NewsCorporate America took notice four years ago when Larry Fink, CEO of investment giant BlackRock, declared climate change a top concern. âClimate risk is investment risk,â Fink wrote in an annual letter popular in C-suites.His latest letter, released last month, spans well over 100 paragraphs before the first mention of âclimate.â Whereas Fink mentioned âclimateâ a total of 29 times in the 2020 letter, he wrote it just four times in the missive last month.The shift in Finkâs letters has coincided with an apparent wider chill of momentum behind climate action among many of the worldâs largest companies, which have faced a conservative backlash against sustainable business practices derided as âwoke capitalism,â experts told ABC News.Many firms have struggled ... Read More
Volkswagen workers in Tennessee have voted to join UAW, union says
Elijah Nouvelage/Getty Images(CHATTANOOGA, Tenn.) -- In a seismic union election Friday evening, Volkswagen workers in Chattanooga, Tennessee, voted to join the United Auto Workers Union.The workers voted 2,628 to 985 for union representation, according to a spokesperson for the National Labor Relations Board."There were seven challenged ballots that wonât be counted, because they arenât determinative to the outcome of the election. There were three void ballots. The total number of eligible voters was 4,326," according to a statement from the NLRB.The employer will begin "bargaining in good faith" with the union, with parties having five days to file objections to the election.The vote to unionize has the potential to supercharge organizing in the nation's auto sector and demonstrate the strength ... Read More
UAW vote at Tennessee plant will test resurgent labor movement
A United Auto Workers (UAW) lawn sign sits on the ground near a Volkswagen automobile assembly plant on March 20, 2024 in Chattanooga, Tennessee. (Elijah Nouvelage/Getty Images)(NEW YORK) -- Carmakers and labor leaders are closely watching for results to be released on Friday in a seismic union election that could supercharge organizing in the nationâs auto sector and demonstrate the strength of a resurgent labor movement through a victory in the South, a region typically resistant to unions.As many as 4,300 employees at a Volkswagen plant in Chattanooga, Tennessee, are voting on whether to join the United Auto Workers.Workers began casting ballots this week in the most significant test for the UAW since a strike last fall against the Big ... Read More
What is a tourist tax? Fees for foreign tourists at hot summer destinations
Tetra Images/Getty Images(NEW YORK) -- Barcelona is among the top 20 summer destinations of 2024, and for anyone planning to visit the bustling Mediterranean metropolis known for its art and architecture, or other tourist-filled hotspots during high-season, there may be some additional costs to consider.Many countries across Europe including Spain, Greece, and Germany have implemented fees for foreign visitors to help support local costs of doing business, especially during the busy summer months. It's similar to that of a hotel occupancy tax that American travelers may be more familiar with for domestic stays.What is a tourist tax?"Tourist taxes are a rapidly growing trend," Clint Henderson, Managing Editor at The Points Guy, told ABC News' Good Morning America, adding that the ... Read More
New Beyond Meat plant-based beef made with avocado oil for nutrient-dense, simplified ingredients
Beyond Meat(NEW YORK) -- Beyond Meat has pared down its ingredient list and upgraded the recipe to add more nutrient-dense plant-based ingredients -- including heart-healthy avocado oil -- for its latest innovation of the plant-based meat alternative.The California-based company announced its new and improved Beyond Meat IV on Thursday as two new products, Beyond Burger and Beyond Beef, roll out with a fresh new look at grocery stores nationwide.Thanks to the nutritional advancements in Beyond Meat's new recipe, the company is the first to be recognized by the American Heart Association, as well as the American Diabetes Association for its Better Choices for Life program, which is reflected on the new packaging.The fourth generation of Beyond Meat products is also ... Read More
Dr Pepper announces brand-new creamy coconut flavor
Dr Pepper(NEW YORK) -- Dr Pepper has a new flavor hitting stores soon to jumpstart the summer mood.The soda company announced that Dr Pepper Creamy Coconut and Creamy Coconut Zero Sugar drinks are coming to stores starting May 1."Dr Pepper Creamy Coconut brings together the perfect combination of the original 23 Dr Pepper flavors with layers of tropical coconut flavor and a delicious, creamy finish," read an announcement for the new flavor, which also added that the new drink "pairs perfectly with a hot summer day."The drinks will be sold in 12-packs of 12-fluid-ounce cans as well as 20-fluid-ounce bottles and will be available from May until July. The standard version comes in a light blue and red can with ... Read More
Red Lobster eyes bankruptcy option after $11M in losses from endless shrimp
Via Red Lobster(NEW YORK) -- Red Lobster is in hot financial waters, attempting to stay afloat by eyeing Chapter 11 bankruptcy to restructure its debts after an endless shrimp promotion sank the seafood restaurant chain's bottom line, Bloomberg reported this week.According Bloomberg, the restaurant is considering filing for Chapter 11 on the advice of law firm King & Spalding, which would allow the chain to stay open while dealing with its debt and help reevaluate long-term contracts and leases.The outlet reported that Fortress Investment Group, one of Red Lobster's key lenders, is also involved in current debt negotiations.The chain recently added Jonathan Tibus as its new CEO. Tibus has worked with other restaurant chains to restructure their businesses through the ... Read More
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