US SEC, Musk seek more time for billionaire to respond to SEC's lawsuit
In a filing in federal court in Washington, D.C., the SEC and Musk said they have agreed to give Musk until August 29, 2025, to answer or otherwise respond to the lawsuit. He was due to respond by July 18.
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Texas Roadhouse under fire from Trump-backed legal group over DEI
Texas Roadhouse is under fire from a Trump-aligned legal group accusing it of discriminating against white men. Conservative lawyers are arguing that the 600-store steak chain has allegedly given women and people of color preferential treatment in hiring. A complaint by America First Legal (AFL) — a group founded by the White House's deputy chief of staff, Stephen Miller — will likely get the ball rolling on a company investigation by America's federal job discrimination watchdog. 'Texas Roadhouse's policies are a relic of an era where DEI contaminated American culture with the false belief that good intentions make discrimination okay,' Will Scolinos, counsel for the group, wrote. 'It is past time for Texas Roadhouse to join other companies in clearing DEI off Americans' tables for good.' AFL's filing is part of a broader conservative push to dismantle corporate DEI programs — one that's already triggered rollbacks at major companies like Ford, John Deere, and Tractor Supply Co. At the center of AFL's latest challenge are Texas Roadhouse's updates to Wall Street. The company promoted its hiring initiatives and leadership summits in its financial records. AFL claimed both programs were illegal because they are exclusionary of white men. Still, Texas Roadhouse — which groups women and nonwhite employees together in its diversity disclosures — has fallen short of creating actual diversity in the boardroom. The AFL notes that 50 percent of its board is white and male, and the complaint doesn't focus on the restaurant chain's broader workforce. To consumers, Texas Roadhouse, a Kentucky-based chain, has a reputation for high-performing restaurants and rowdy atmospheres. In 2024, the company overtook Olive Garden, claiming the top revenue spot among American restaurants. Olive Garden had held the revenue crown among restaurants for seven straight years. Texas Roadhouse didn't immediately respond to a request for comment. In 2017, during President Donald Trump's first administration, Texas Roadhouse settled a $12 Million government complaint, alleging the company avoided hiring restaurant workers over 40. Jerry Morgan, the brand's CEO, has been the top boss since March 2021 AFL has filed similar complaints against major corporations including IBM, Target, Cracker Barrel, and the Los Angeles Dodgers. The group's efforts — along with those of other conservative legal organizations — appear to be making headway. Since Trump returned to the White House, multiple billion-dollar companies including Meta, Walmart, Target, and Disney have scaled back or rebranded diversity programs. McDonald's, for example, announced in January that it would stop setting hiring goals tied to race and gender. The company has faced multiple legal challenges, including over its 40-year-old HACER scholarship program, which has awarded more than $33 million to 17,000 students. The scholarship initially required applicants to have at least one Latino or Hispanic parent. In February, the company settled legal complaints about the program, changing language to say applicants 'must demonstrate their impact and contribution to the Hispanic/Latino community through their activities, leadership and service.'
Daily Mail
7 minutes ago
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Disney gives surprising update on prices
Disney lovers are still pouring into the company's US theme parks — despite massive ticket price hikes. The boom in visitors to Disney World in Orlando and Disneyland near LA was key to a big jump in profits. One-day admission has doubled over the past decade, adding more than $100 per person, according to theme park site Mickey Visit. In the three months ending in June, Disney reported $5.3 billion in income, more than double Wall Street's forecast of $2.3 billion. Much of that came from its U.S. parks, where operating income jumped 22 percent to $1.7 billion. Disney World was the standout performer bringing in record revenue with guest spending up, chief financial officer Hugh Johnston told investors on Wednesday's earnings call. 'Consumers generally these days are willing to pay for value,' Johnston told the Financial Times. 'Our consumer still sees, especially with the investments we've been making with parks and cruise ships, a tremendous amount of value.' Prices will rise again next year too with admission costing roughly $10 more for tickets advertised on Disney's site. The maximum price for a one-day ticket to Disney's Animal Kingdom rose from $169 in 2025 to $179 in 2026. Disney's Hollywood Studios currently costs up to $184 but will rise to $199 next year - the highest increase of any ticket so far. The highest prices could still be yet to come, Disney expert Gavin Doyle, of Mickey Visit, explained. This is because Disney has not released the ticket prices for November or December 2026 yet. These are usually the busiest months of the year and have the highest priced tickets. Doyle expects one-day Magic Kingdom tickets for November and December to hit as high as $205 for 2026. 'These higher prices reflect expected demand for the most crowded days at Disney World throughout the year which is typically aligned with school breaks and holidays,' Doyle said of the price increases. Elsewhere the picture looked less rosy for the company with declines in its traditional cable TV networks which fell 15 percent compared to the same time last year. Prices for one-day tickets to Disney World will increase by roughly $10 next year The decline was offset by boost to its streaming services such as Disney+ which added 1.8 million new subscribers in the quarter. Disney hiked the prices for its plan by 25 percent in October, just a year after the last hike. Disney is also preparing to launch its sports network ESPN in a streaming package later this month. The company announced on Tuesday that it would also be selling a ten percent stake in the network to the National Football League (NFL).
Reuters
7 minutes ago
- Reuters
Hot South Korean summer drives surge in aircon sales, power demand
SEOUL, Aug 7 (Reuters) - Sweltering summers in South Korea are driving surging demand for air conditioners and electricity, with the country's electronics heavyweights pushing home upgrades by touting power-saving technology. Samsung Electronics' ( opens new tab domestic home AC sales grew by 50% in the first quarter of 2025 ended March compared to the same period last year, while rival LG Electronics ( opens new tab recorded 60% higher domestic sales in the same stretch ahead of a hotter-than-expected summer. Sales have boomed despite government estimates that 98% of households in the country of 51 million people already have air conditioning, as the companies charm consumers by marketing improved cooling and energy efficiency, and AI-powered models. "We expect the favorable trend in global air conditioner sales to continue, driven by growing demand for eco-friendly and high-efficiency products due to ongoing climate change," Samsung told Reuters in a statement, without giving specific sales details. LG said it expects its air conditioner business to keep growing this year as customers replace old units with more efficient models. Temperatures in Seoul have hit record highs this summer, reaching 37.8 degrees Celsius (100.4 Fahrenheit) in early July, before the traditional hottest month of August. Longer, stronger heatwaves are driving AC sales globally and cooling is expected to account for a significant amount of the global growth in power demand over the next decade. Global power demand for cooling systems is set to rise by around 1,200 terawatt hours by 2035, outstripping a projected 800 TWh increase in demand from data centres, according to the International Energy Agency (IEA). The global air conditioner market is projected to grow at an average of 6.3% annually through 2032 to $257.2 billion, according to Renub Research. The IEA expects 50% of households to have air conditioners by 2035, compared with 36% in 2022. This year, LG operated its air conditioner production line above full capacity, while Samsung started operating at full capacity 10 days earlier than usual, according to their websites. South Korea's energy ministry has warned of record electricity usage straining the power grid, with peak demand potentially hitting a record 97.8 GW between 5 p.m. and 6 p.m. on weekdays in the second week of August, mainly from AC use. The sticky nature of air-conditioning power demand - which officials say stays high once it rises - has pushed South Korea to shore up power reserves, boost imports of coal, and put underused power plants running on the fuel on standby. Residential air conditioning made up 16% of annual power demand in South Korea last year, compared with 14% before the pandemic. Government officials are also distributing energy vouchers and relaxing tariffs to aid air conditioning use among low-income groups.
