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Boston Globe
10-07-2025
- Business
- Boston Globe
Moderna COVID shot for kids cleared in face of RFK Jr. criticism
Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up FOOTWEAR Advertisement Nike to replace Converse CEO in bid to reverse sales slump The Converse and Nike logos are displayed in a store window in Bangkok, Thailand, in 2017. Brent Lewin/Bloomberg Nike Inc. is replacing the chief executive of its Converse subsidiary as it looks to reverse a lengthy sales slump for the struggling sneaker brand. Aaron Cain, a vice president and general manager of Nike's global men's business based at headquarters in Beaverton, Ore., will take the top job at Converse in Boston, according to an internal memo seen by Bloomberg News. Cain, a 21-year Nike veteran, has held roles in the company's sportswear divisions in North America, Europe, and Asia. He takes over for Jared Carver, who's exiting Converse after two years as CEO. 'The time is right for the next chapter of the brand's evolution,' the memo said. Nike confirmed the move. The two executives will work together through the end of the month to facilitate the transition. Converse has struggled to revive sales in recent years, with revenue falling in each of the last eight straight quarters. Sales plummeted 26 percent in its most recent quarter, leaving management scrambling to map a path back to growth. — BLOOMBERG NEWS Advertisement FOOD Ferrero to buy WK Kellogg in candy-meets-cereal deal The takeover would combine Ferrero, a family-owned company that makes Tic Tacs, Ferrero Rocher candies and Nutella spreads, with the producer of Frosted Flakes, Froot Loops, Rice Krispies and other cereals. Scott Olson/Getty Ferrero, the Italian candy maker, has agreed to acquire WK Kellogg, the American cereal giant, in a deal valued at $3.1 billion, the companies announced Thursday. The takeover would combine Ferrero, a family-owned company that makes Tic Tacs, Ferrero Rocher candies, and Nutella spreads, with the producer of Frosted Flakes, Froot Loops, Rice Krispies and other cereals. It represents Ferrero's latest push to grow its business in North America following a series of acquisitions in recent years, including buying Nestlé's US confectionary business in 2018. The deal would expand Ferrero's presence in North America and help the company move beyond its candy and snack offerings, Lapo Civiletti, the CEO of the Italian group, said in a statement. — NEW YORK TIMES AUTOMOTIVE Tesla sets date for shareholders meeting after protests A Tesla dealership in Colma, Calif. David Paul Morris/Bloomberg Tesla said Thursday that it would hold a shareholders meeting Nov. 6, nearly four months after what is required under Texas law. The maker of electric cars made the announcement in a regulatory filing, a day after a group of state treasurers, comptrollers, and shareholder representatives sent a letter to the company expressing 'deep concern regarding the lack of timely notice about the date and format of Tesla's 2025 annual general meeting.' Texas, where Tesla is incorporated, requires companies listed on a stock exchange to hold annual meetings within 13 months after the previous meeting. In Tesla's case, that deadline is Sunday. It is unclear whether Tesla will face any penalties for holding a late meeting. In a document, dated Wednesday, filed with the Securities and Exchange Commission, Tesla did not give a reason for delaying the meeting. — NEW YORK TIMES Advertisement ONLINE CRIME AI-generated images of child sexual abuse are flooding the internet Over the past two years, new AI technologies have made it easier for criminals to create explicit images and videos of children. Now, researchers at organizations including the Internet Watch Foundation and the National Center for Missing & Exploited Children are warning of a surge of new material this year that is nearly indistinguishable from actual abuse. New data released Thursday from the Internet Watch Foundation, a British nonprofit that investigates and collects reports of child sexual abuse imagery, identified 1,286 AI-generated videos of child sexual abuse so far this year globally, compared with just two in the first half of 2024. The videos have become smoother and more detailed, the organization's analysts said, because of improvements in the technology and collaboration among groups on hard-to-reach parts of the internet called the dark web to produce them. The rise of lifelike videos adds to an explosion of AI-produced child sexual abuse material, or CSAM. In the United States, the National Center for Missing & Exploited Children said it had received 485,000 reports of AI-generated CSAM, including stills and videos, in the first half of the year, compared with 67,000 for all of 2024. While still a tiny fraction of the total amount of child sexual abuse material found online, which tallied reports in the millions, the police have been inundated with requests to investigate AI-generated images, taking away from their pursuit of those engaging in child abuse. — NEW YORK TIMES Advertisement FAMILY SERVICES Most US adults say child care costs are a 'major problem,' a new AP-NORC poll finds Students at Little Legacy Village Preschool in New York on April 3. ELIAS WILLIAMS/NYT Americans overwhelmingly view the cost of child care as a significant issue, and most support initiatives to offer free or low-cost day care and to require employers to provide paid family leave for parents of babies, according to a new poll. But they're divided over how to solve the problem and what role the government should have in that solution. About three-quarters of US adults see child care costs as a 'major problem,' but only about half say helping working families pay for child care should be a 'high priority' for the federal government, according to the June poll from The Associated Press-NORC Center for Public Affairs Research. The latest congressional package of tax cuts included tax credits and benefits for parents and businesses that assist employees with child care. Those changes have been praised by some, while others say millions of families at lower income levels wouldn't get the full credit and would be affected by cuts in Medicaid and food stamps. — ASSOCIATED PRESS AUTOMOTIVE Ford recalls over 850,000 cars in the US due to potential fuel pump failure Ford is recalling more than 850,000 of its cars across the United States because the low-pressure fuel pump inside the vehicles may fail — and potentially cause an engine stall while driving, increasing crash risks. The recall covers a wide range of Ford and Lincoln-branded vehicles made in recent model years. That includes certain Ford Broncos, Explorers, and F-150s, as well as Lincoln Aviators and Navigators, documents published this week by the National Highway Traffic Safety Administration note. Ford plans to send out notification letters to affected owners starting July 14, to warn of safety risks related to potential fuel pump failure. But a remedy is still 'under development,' the NHTSA's recall report notes. — ASSOCIATED PRESS Advertisement TOURISM The Bad Bunny bump: Star's residency boosts Puerto Rican economy Bad Bunny performs at TD Garden in Boston in 2024. Ben Stas for The Boston Globe/The Boston Globe Puerto Rico's summers are a time when tourism slows, hurricanes threaten, and power outages increase. But this year's doldrums have an unlikely bright spot: Bad Bunny. The superstar's 30-date concert run at the Coliseo de Puerto Rico that starts July 11 has led to a once-in-a-generation surge in flights and hotel bookings that's giving the economy a trap-flavored kick. Discover Puerto Rico, the island's tourism promotion agency, says it's expecting 600,000 visitors during the period — about twice the average for those months — with the concerts pumping an estimated $181 million into the local economy. The agency has no record of a single event that brought this many people to the island, not even Old San Juan's famed annual San Sebastián festival. World tours are common in an era of globalized pop. And they can have a real impact on host cities, with Harvard Business Review estimating that Taylor Swift's blockbuster Eras Tour poured $10 billion into local economies across several continents. But what Bad Bunny is doing — staying put — is unprecedented outside of Las Vegas residencies, said Jorge Pérez, whose company runs the 18,500-seat Coliseo. — BLOOMBERG NEWS
Toronto Sun
24-06-2025
- Business
- Toronto Sun
Inflation holds steady at 1.7% in May as rent hikes cool
Published Jun 24, 2025 • 1 minute read Former prime minister Sir Robert Borden, top, is featured on a one hundred dollar note under a one dollar coin, or loonie, in an arranged photograph in Toronto on Wednesday, July 25, 2018. Photo by Brent Lewin / Bloomberg OTTAWA — The annual pace of inflation held steady at 1.7 per cent in May as cooling shelter costs helped tame price pressures, Statistics Canada said Tuesday. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Shelter costs rose three per cent in May, StatCan said, marking a slowdown from 3.4 per cent in April. The agency singled out Ontario as the major source of rent relief in the country. Slowing population growth and a jump in new supply helped dampen rent hikes in May. Mortgage interest costs meanwhile decelerated for the 21st consecutive month amid lower interest rates from the Bank of Canada. Economists had broadly expected inflation would remain unchanged heading into Tuesday. The removal of the consumer carbon price continues to drive down gasoline costs annually, StatCan said, but a smaller monthly decline in prices at the pump from this time last year limited the drop. The cost of food from the grocery store rose 3.3 per cent annually in May, half a percentage point lower than the hike seen in April. This advertisement has not loaded yet, but your article continues below. Lower prices on travel tours and air transportation also dampened inflation last month. StatCan said the cost of a new vehicle accelerated in May, rising 4.9 per cent annually, thanks in large part to more expensive electric vehicles. Inflation excluding tax changes — stripping out influences from the carbon price removal — was also steady at 2.3 per cent last month. Bank of Canada governor Tiff Macklem said last week that the central bank would be paying closer attention to this figure as it tries to look past temporary impacts to see what's really happening to inflation amid tariffs. The central bank's closely watched core inflation metrics meanwhile ticked down a tenth of a percentage point to three per cent in May. The Bank of Canada's next interest rate decision is set for July 30. Read More Sunshine Girls Sunshine Girls Uncategorized Other Sports Relationships
Toronto Sun
08-05-2025
- Business
- Toronto Sun
Tim Hortons parent Restaurant Brands International Q1 profit down from year ago
Published May 08, 2025 • 1 minute read Tim Hortons Inc. signage is reflected in a window outside a store in Montreal on Monday, Aug. 20, 2018. Photo by Brent Lewin / Bloomberg Tim Hortons parent company Restaurant Brands International Inc. reported its first-quarter profit fell compared with year ago. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The company, which keeps its books in U.S. dollars, reported net income attributable to common shareholders of US$159 million or 49 cents US per diluted share for the quarter ended March 31. The result was down from a profit of US$230 million or 72 cents US per diluted share in the same quarter last year. On an adjusted basis, RBI says it earned 75 cents US per diluted share, up from an adjusted profit of 73 cents US per diluted share a year earlier. Revenue for the company which also owns Burger King, Popeyes and Firehouse Subs totalled US$2.11 billion for the quarter, up from US$1.74 billion. RBI chief executive Josh Kobza says the company is making solid progress executing the fundamentals of its business, despite a slower start to the year. Toronto Maple Leafs Canada Editorial Cartoons Ontario Sunshine Girls
Forbes
08-04-2025
- Business
- Forbes
Embattled Star Accepts $180 Million Funding Deal From U.S. Casino Operator Bally's
The Star complex, operated by Star Entertainment Group Ltd., in Sydney, Australia, on Tuesday, ... More Sept.3, 2024. Photographer: Brent Lewin/Bloomberg Star Entertainment has signed a A$300 million ($180 million) funding deal with Bally's Corp., potentially handing control of the cash-strapped Australian gambling company to the U.S. casino operator. Under the deal, Bally's will purchase a combination of convertible notes and subordinated debt, delivered in multiple stages, according to an exchange filing. The notes would eventually give Bally's a controlling stake of around 56.7% in Star on a fully diluted basis. Star said it is also in discussions with its largest shareholder, Investment Holdings (controlled by the family of Australian billionaire Bruce Mathieson) for a possible subscription of up to A$100 million to the funding package. 'If this occurs, the investment from Bally's will be reduced to A$200 million,' it said. Bally's is expected to inject an initial A$100 million by tomorrow, providing crucial support to keep the struggling Sydney-based group afloat. The remaining funds will follow, subject to regulatory and shareholder approvals, expected in late June. Star has been racing to raise fresh capital amid slumping gaming revenues. In February, the company said it is exploring various options to increase its liquidity, including the sale of its stake in the Brisbane property, as it has limited capacity to raise A$150 million in subordinated debt. Its troubles began in 2022 after regulators declared the company unfit to operate its casinos following media reports of money laundering at its properties.
