Good Times Restaurants: Fiscal Q3 Earnings Snapshot
The Golden, Colorado-based company said it had profit of 14 cents per share.
The regional quick service restaurant chain posted revenue of $37 million in the period.
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The Hill
16 minutes ago
- The Hill
Conservative network Newsmax agrees to pay $67M in defamation case over bogus 2020 election claims
DENVER (AP) — The conservative network Newsmax will pay $67 million to settle a lawsuit accusing it of defaming a voting equipment company by spreading lies about President Donald Trump's 2020 election loss, according to documents filed Monday. The settlement comes after Fox News Channel paid $787.5 million to settle a similar lawsuit in 2023 and Newsmax paid what court papers describe as $40 million to settle a libel lawsuit from a different voting machine manufacturer, Smartmatic, which also was a target of pro-Trump conspiracy theories on the network. Delaware Superior Court Judge Eric Davis had ruled earlier that Newsmax did indeed defame Denver-based Dominion Voting Systems by airing false information about the company and its equipment. But Davis left it to a jury to eventually decide whether that was done with malice, and, if so, how much Dominion deserved from Newsmax in damages. Newsmax and Dominion reached the settlement before the trial could take place. The settlement was disclosed by Newsmax on Monday in a new filing with the U.S. Securities and Exchange Commission. It said the deal was reached Friday. A spokesperson for Dominion said the company was pleased to have settled the lawsuit. The disclosure came as Trump, who lost his 2020 reelection bid to Democrat Joe Biden, vowed in a social media post Monday to eliminate mail-in ballots and voting machines such as those supplied by Dominion and other companies. It was unclear how the Republican president could achieve that. The same judge also handled the Dominion-Fox News case and made a similar ruling that the network repeated numerous lies by Trump's allies about his 2020 loss despite internal communications showing Fox officials knew the claims were bogus. At the time, Davis found it was 'CRYSTAL clear' that none of the allegations was true. Internal correspondence from Newsmax officials likewise shows they knew the claims were baseless. 'How long are we going to play along with election fraud?' Newsmax host Bob Sellers said two days after the 2020 election was called for Biden, according to internal documents revealed as part of the case. Newsmax took pride that it was not calling the election for Biden and, the internal documents show, saw a business opportunity in catering to viewers who believed Trump won. Private communications that surfaced as part of Dominion's earlier defamation case against Fox News also revealed how the network's business interests intersected with decisions it made related to coverage of Trump's 2020 election claims. At Newsmax, employees repeatedly warned against false allegations from pro-Trump guests such as attorney Sidney Powell, according to documents in the lawsuit. In one text, even Newsmax owner Chris Ruddy, a Trump ally, said he found it 'scary' that Trump was meeting with Powell. Dominion was at the heart of many of the wild claims aired by guests on Newsmax and elsewhere, who promoted a conspiracy theory involving deceased Venezuelan president Hugo Chavez to rig the machines for Biden. Though Trump has insisted his fraud claims are real, there's no evidence they were, and the lawsuits in the Fox and Newsmax cases show how some of the president's biggest supporters knew they were false at the time. Trump's then-attorney general, William Barr, said there was no evidence of widespread fraud. Trump and his backers lost dozens of lawsuits alleging fraud, some before Trump-appointed judges. Numerous recounts, reviews and audits of the election results, including some run by Republicans, turned up no signs of significant wrongdoing or error and affirmed Biden's win. After returning to office, Trump pardoned those who tried to halt the transfer of power during the Jan. 6, 2021, attack on the U.S. Capitol and directed his Department of Justice to investigate Chris Krebs, a former Trump cybersecurity appointee who had vouched for the security and accuracy of the 2020 election. As an initial trial date approached in the Dominion case earlier this year, Trump issued an executive order attacking the law firm that litigated it and the Fox case, Susman Godfrey. The order, part of a series targeting law firms Trump has tussled with, cited Susman Godfrey's work on elections and said the government would not do business with any of its clients or permit any of its staff in federal buildings. A federal judge put that action on hold, saying the framers would view it as 'a shocking abuse of power. '
Yahoo
29 minutes ago
- Yahoo
Gupta lawyers fail to appear for Trafigura fraud case hearing
By Eric Onstad LONDON (Reuters) -Lawyers representing Indian businessman Prateek Gupta said they failed to appear for a hearing on Monday because of funding difficulties in a long-running fraud case brought by commodity trader Trafigura about nickel cargoes, a London court heard. Geneva-based Trafigura, a major industrial metals and oil trader, filed a lawsuit against Gupta in February 2023, alleging it had been the victim of a $600-million fraud involving nickel cargoes masterminded by Gupta and in which he and his companies participated. Gupta has said in his defence that Trafigura staff devised the scheme at the centre of the case to substitute low-value materials such as scrap for high-grade nickel. Trafigura and its employees have denied any knowledge of fraud. Gupta's lawyers Preston Turnbull informed Trafigura and the court on Friday that due to a lack of funding they would not be attending Monday's hearing regarding the use of documents in a separate arbitration case. "That is an excuse which has been routinely trotted out by the Gupta defendants throughout these proceedings when it had suited them to do so, and it is without any merit," Trafigura lawyer Edward Ho told Monday's hearing. Preston Turnbull did not respond to a request for comment. In March 2024, lawyers for Gupta told a court he had run out of funds to pay legal fees, and in June last year Gupta changed lawyers to Preston Turnbull from Mishcon De Reya. "The court has previously found, and I agree, that there are sources of funding available to the Gupta defendants," Ho added. "Alleged funding issues have been a recurring theme... to justify their failure to meet court deadlines and to comply with court orders." Judges have granted a succession of delays over many months to Gupta to meet deadlines for disclosure of documents relevant to the case, which is due to go to trial in November. Judge Robin Knowles on Monday granted Trafigura's request to use nine documents disclosed by Gupta in the current fraud case in a separate arbitration case due to be heard next month. The arbitration case involves Trafigura and Hong-Kong based Axiom Ltd because Trafigura sold one of the cargoes provided by Gupta to Axiom, which was found not to contain nickel, the court heard. (Additional reporting by Sam Tobin; Editing by Jan Harvey) Sign in to access your portfolio
New York Post
an hour ago
- New York Post
Trump's mass deportation drive could spike inflation to 4% next year, Moody's economist claims
A top economist warned that President Trump's crackdown on illegal immigration could heat up inflation to 4% as the labor market tightens — a notion dismissed by the White House. The Trump administration has sealed off the southern border with Mexico, stanching the flood of the estimated 10 million illegal immigrants that entered the US under President Joe Biden. It has also rounded up thousands of illegal immigrants and plans to deport them. 5 Mark Zandi, chief economist at Moody's, warned President Trump's deportations are driving inflation higher. AP Mark Zandi, chief analyst at credit ratings agency Moody's, predicts that the loss of cheap foreign labor will drive up prices. 'If Trump continues deporting immigrants at the current rate, inflation will go from 2.5% to somewhere close to 4% by the time it hits its peak early next year,' Zandi told Fortune. 'Foreign-born labor force is declining, and the overall labor force has gone flat since the beginning of the year. That's causing tightening in a lot of markets, adding to costs and inflation.' Zandi's warning comes after the producer price index, a key inflation gauge, jumped 0.9% from June to July — the biggest monthly increase since 2021,' according to the Labor Department report last Thursday. Earlier in the week, the consumer price index edged up 0.2% in July and is at 2.7% year over year. 'You can see it in meat prices, agriculture, food processing, haircuts, dry cleaning,' Zandi said. 'The fingerprints of the restrictive immigration policy are all over the CPI and PPI numbers we got.' 5 President Donald Trump has defended his immigration crackdown as protecting American workers. Shutterstock The White House rejected the idea that deportations are fueling inflation. Abigail Jackson, a White House spokesperson, told The Post that the administration is 'focused on protecting the American workforce' by utilizing 'untapped potential' at home. She pointed to data showing more than one in 10 young Americans are neither working nor in school. Since Trump returned to office, she added, '100% of job gains have gone to native-born American workers.' A White House official pointed to an executive order signed by the president in April which seeks to modernize workforce programs and expand apprenticeships to prepare Americans for high-paying skilled trade jobs. 5 Shoppers face rising grocery bills as wholesale prices jumped 3.3% over the past year. Getty Images The US faced shortages of 447,000 construction workers and 94,000 durable goods workers in 2024, with the Bureau of Labor Statistics projecting an annual shortfall of nearly half a million tradespeople over the next decade. As AI advances and manufacturing reshoring accelerates, demand will grow even further, according to the White House official. Trump's order directs the administration to support more than 1 million apprenticeships per year to meet the nation's future workforce needs. Nonetheless, even some of Trump's allies are uneasy. Heritage Foundation economist Steve Moore, who recently appeared alongside the president promoting alternative jobs data, admitted he is 'worried about a labor shortage.' 'I think the deportations of working illegal immigrants could have a slight impact on wages and thus prices,' Moore said. The Post has sought comment from Moore. The debate has split economists into two camps. Zandi's side — joined by analysts at Morgan Stanley, Barclays and Bank of America — argues Trump's deportations, border closures and what he calls 'self-deportations' are choking off labor supply. 'It's the southern border being shut down, it's deportations, it's self-deportations,' Zandi said. 'Immigrants are scared. They're leaving the country, they're not coming in, they're not going to work.' The opposing camp sees a different story: a real pullback in labor demand as businesses cut back. They point to shrinking payrolls in manufacturing, transportation and warehousing, along with surveys showing fewer job openings. 5 ICE officers detain migrants during a New York Post ride-along in Chicago as deportations accelerate. Matthew McDermott In that view, Trump's policies may matter 'at the margins,' Zandi conceded, but the main driver is weaker business confidence and softer consumer demand. The split matters for the Federal Reserve. A genuine demand slowdown would normally ease wage pressures and give the Fed room to cut rates. But if inflation is driven by labor shortages from immigration curbs, interest rates can't solve it. 'Demand-side inflation has a different implication for monetary policy than supply-side inflation,' Zandi told Fortune. 'Rate cuts won't bring more immigrants into the country.' He warned the inflationary impact of immigration restrictions will be harder to shake than tariffs. 5 A deportation flight prepares to depart as the number of immigrants entering the US collapses. EL SALVADOR'S PRESIDENCY PRESS OFFICE/AFP via Getty Images 'Tariffs are more likely to be one-off,' Zandi told Fortune. 'Restrictive immigration adds to shortages, higher labor costs and wages — and that can become self-reinforcing.' Bank of America economists echoed the stagflation risk, saying it's why they expect the Fed to hold rates steady this year. Markets so far have stayed upbeat, with the S&P 500 near record highs on expectations of a September cut. But bond traders are already bracing for a tougher Fed, pushing short-term Treasury yields higher.
