Thousands of dockworkers on the East Coast and Gulf Coast will return to work after reaching a tentative agreement on wages, ending one of the biggest work stoppages in decades. In a joint statement, the United States Maritime Alliance, or USMX, and the International Longshoreman’s Association said the two sides have an agreement to extend their current labor contract through ...
Virtually all of the world’s supply of a mineral that is critical to semiconductor production comes from one tiny town in the foothills of the Blue Ridge Mountains that has been devastated by Hurricane Helene. Spruce Pine, North Carolina has no running water or electricity, more than a week after Helene ripped through the town of 2,200. Roads and railways in and out ...
OpenAI has closed its long-awaited funding round at a valuation of $157 billion, including the $6.6 billion the company raised from an extensive roster of investment firms and big tech companies. While OpenAI didn’t name the investors in Wednesday’s press release, a person with knowledge of the matter said the round was led by Thrive Capital and included participation from ...
Liberty Media-owned Formula One and luxury giant LVMH are entering into a 10-year partnership, according to a joint press release from the companies Wednesday afternoon. The partnership will officially launch at the start of next F1 season and will include “hospitality, bespoke activations, limited editions and outstanding content.” The official arrangement will not be the first time that LVMH and F1 have ...
Starlink, the satellite internet service from SpaceX, is poised to become a crucial lifeline in parts of southern Appalachia that were devastated by Hurricane Helene. The Biden administration has announced it is planning to deploy dozens of ground-based Starlink devices that connect with satellites to provide internet services to remote areas. And the company has said approximately 500 Starlink kits ...
Tens of thousands of longshoremen went on strike at midnight ET, shutting down major ports along the East and Gulf coasts and choking off deliveries of everything from produce to auto parts. Consumers aren’t likely to feel the pinch unless a walkout lasts for multiple weeks, because businesses and logistics firms took pre-emptive steps to blunt the impact with the ...
PepsiCo said Tuesday that it’s buying Mexican-American food company Siete Foods for $1.2 billion, marking the company’s first food acquisition in roughly five years. Like many food companies, Pepsi has been trying to shift its portfolio to include healthier options in recent years, usually through acquisitions. Recent additions include Bare Snacks, Health Warrior and PopCorners. Soon that will also include Siete. ...
As Microsoft investors get ready for quarterly earnings this month, there’s one particular metric that’s become increasingly important: finance leases. A finance lease lets a company pay for an asset over years, rather than all upfront. For companies like Microsoft that are building massive data centers to handle artificial intelligence workloads, shareholders have to get used to some big numbers. In July, ...
At an all-hands meeting Thursday, OpenAI CEO Sam Altman denied that there are plans for him to receive a “giant equity stake” in the company, calling that information “just not true,” according to a person who was in attendance. Altman and finance chief Sarah Friar both said at the meeting, conducted by video, that investors have raised concerns about Altman ...
Tiger Woods’ new logo for his Sun Day Red golf apparel line is facing a trademark dispute. Tigeraire, a company that makes cooling products for athletes, has filed a notice of opposition with the U.S. Patent and Trademark Office, alleging that Sun Day Red and Tiger Woods have “unlawfully hijacked” Tigeraire’s design into their own branding. “The actions of SDR, TaylorMade and ...