Business Headlines
Yubo explained and why it has emerged as part of Uvalde shooting probe
Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images(NEW YORK) -- Described by its inventors as a "social live-streaming platform" that allows its mostly teenage users to make friends worldwide, join communities and even find a date, Yubo has emerged as part of the investigation into the school shooting in Uvalde, Texas, because the suspect sent messages through the app, investigators and users told ABC News. Launched in 2015 by a French company, Yubo has quickly become known as a go-to site for mostly "Gen Z" users to meet, make new friends and join online communities. In 2019, Seventeen magazine also listed the site as among the seven best dating apps for teenagers. "Yubo is a social app for Gen Z ... Read More
Donald Trump must testify under oath in civil investigation, judges rule
Chip Somodevilla/Getty Images(NEW YORK) -- Former President Donald Trump and two of his adult children must sit for a deposition as part of the New York attorney general's civil investigation into how the family real estate business valued its holdings, an appellate court ruled Thursday. Donald Trump Jr. and Ivanka Trump must also testify in the case. The judges rejected the Trump argument that the subpoena was part of a politically motivated investigation and precluded by a corresponding criminal investigation by the Manhattan District Attorney's Office. "The political campaign and other public statements made by OAG about appellants do not support the claim that OAG initiated, or is using, the subpoenas in this civil investigation to obtain testimony solely for ... Read More
How to save money on gas as prices continue to climb
Tom Merton/Getty Images(NEW YORK) -- The price for a gallon of gas continues to surge. As of Thursday morning, AAA said it costs an average of $4.60 for a gallon of gas, meaning filling up a small car of gasoline will likely cost you more than $50. Patrick De Haan, GasBuddy's head of petroleum analysis, told ABC News in March that "gas prices continue to go up and defy expectations," with the cost per gallon already surpassing predictions heading into Memorial Day. So how can you keep the pain at the pump to a minimum? Here's what the experts say: Change the way you drive Most cars achieve optimal fuel economy around 55 mph, according to GasBuddy. Driving too fast ... Read More
Amazon opens its first clothing store in Los Angeles
boschettophotography/Getty Images(LOS ANGELES) -- Amazon has expanded in many ways throughout the years, and now the e-commerce giant has launched a brick-and-mortar clothing store. The Amazon Style fashion retail space has opened at The Americana at Brand shopping mall in Los Angeles. The new concept offers a selection of apparel, shoes and accessories. The items featured in the store also have QR codes providing information from sizing to customer ratings, the company said. "We organized and designed the store a bit differently," Amazon Style vice president Simoina Vasen told ABC News' Good Morning America. She went on to share how the new concept is all about the QR code which allows shoppers to browse and scan while never grabbing clothes ... Read More
Zola accounts hacked, some report money being stolen
Carol Yepes/Getty Images(NEW YORK) -- Zola, the online wedding planning and registry site, was hacked over the weekend, the company said in a statement Monday evening. “Over the weekend, our site & apps came under a cybersecurity attack known as credential stuffing," the statement read. Credential stuffing, the company said, is a kind of cyberattack in which hackers "take advantage of people who use the same email and passwords on multiple websites," using stolen login information to submit widescale login attempts in several different places. Less than 0.1% of accounts were impacted in the breach, according to Zola. Bank and credit card information was not exposed in the hack, and officials said the company immediately corrected the problem. Users first ... Read More
Reebok launches new adaptive footwear line with Zappos
Courtesy of Reebok(NEW YORK) -- Everyone deserves a shoe that's functional, fashionable and inclusive. Reebok's latest release embodies all three. The athletic brand has partnered with online shoe retailer Zappos to release brand new adaptive shoes for individuals with disabilities. In an Instagram post introducing the line, the company shared that the goal of its latest Fit to Fit collection was to provide functional products that don't compromise style or performance. "Each model within the collection offers enhanced features to help anybody with any body gain more independence in whatever they do," the company wrote. The collection includes the Club MEMT Parafit, a stylish pick that works for everyday wear. The shoe has a medial zip closure, a wider low-cut ... Read More
Exxon Mobil must face environmental allegations, court rules
David Paul Morris/Bloomberg via Getty Images(NEW YORK) -- The highest court in Massachusetts ruled Tuesday the state attorney general can pursue a civil lawsuit that accused Exxon Mobil of misleading investors about its products and their impact on the climate. The unanimous opinion, written by Associate Justice Scott Kafker, rejected Exxon Mobil’s attempt to dismiss the lawsuit on grounds it violated a state law that protects the company from lawsuits meant to silence Exxon Mobil’s public advocacy on energy policy. The opinion said the so-called anti-SLAPP law in Massachusetts does not apply to the attorney general. “Importantly, she is entrusted with the enforcement of the Commonwealth's laws, in large part through bringing civil enforcement proceedings,” Kafker said. “Construing the anti-SLAPP ... Read More
Coca-Cola unveils new bottles with attached caps in the UK
Coca Cola Great Britain(NEW YORK) -- New Coke bottles have started appearing in the U.K. as the popular soda brand continues on its path toward more sustainable packaging. "As part of Coca-Cola’s journey towards a World Without Waste, we are transitioning to a new packaging system in Great Britain and other European markets," a representative for the brand told "Good Morning America." "The new packaging ensures the cap remains attached to the bottle -- making it easier than ever for consumers to recycle the whole package, ensuring that no cap gets left behind.” The attached caps debuted on select 1.5-liter bottles in the U.K., with more pack sizes to be introduced throughout the year. The fresh design comes on the ... Read More
‘Bear market’ and ‘recession’ are back in the conversation. What they mean and why they matter.
Jeenah Moon/Getty Images(NEW YORK) -- Lately, the stock market has taken a thrashing. The Nasdaq and S&P 500 have each fallen for seven consecutive weeks. The Dow Jones Industrial Average has fared even worse, dropping for eight weeks straight, the longest such losing streak for the index since the early years of the Great Depression, in 1932. The losses on Wall Street owe in no small part to the wider economy’s most pressing problem: sky-high inflation, Edward Moya, a senior market analyst at broker OANDA, told ABC News. For months, strong consumer spending and snarled supply chains have sent prices soaring for everyday expenses like food and gas, as well as for materials like computer chips that many US companies ... Read More
How the US ran out of baby formula
SAMUEL CORUM/AFP via Getty Images(NEW YORK) -- A baby formula shortage has escalated in recent months from a product recall to a national crisis, prompting emergency responses from business leaders and White House officials. As of early May, 43% of U.S. baby formula was out of stock, according to the data firm Datasembly. To help make up for the shortfall, the Biden administration on Sunday began flying in tens of thousands of pounds of baby formula from abroad in what it calls “Operation Fly Formula.” A day before, an apology in a Washington Post op-ed was issued by Robert Ford, the CEO of Abbott Nutrition, the nation’s largest baby formula producer. The emergency has come on the heels of the ... Read More
Gas prices hit new high ahead of Memorial Day weekend
Michael Godek/Getty Images(NEW YORK) -- As tens of millions of Americans prepare to hit the road for the holiday weekend, gas prices are continuing to soar. Across all 50 states, gas prices are above $4 a gallon. The national average for gas now stands at a record high $4.59 a gallon. But despite the rising costs at the pump, drivers are still filling up and planning to hit the road for Memorial Day weekend. Nearly 35 million people are expected to drive more than 50 miles from their homes this weekend, according to AAA. Copyright © 2022, ABC Audio. All rights reserved. ... Read More
Starbucks announces complete withdrawal from Russia
mattjeacock/Getty Images(NEW YORK) -- Starbucks announced on Monday it is pulling its business from the Russian market. The move comes after the coffee giant suspended all business activity in Russia in March following the country's invasion of Ukraine. “As we mentioned on March 8, we have suspended all business activity in Russia, including shipment of all Starbucks products,” Starbucks said in a statement Monday. “Starbucks has made the decision to exit and no longer have a brand presence in the market.” The company said it “will continue to support the nearly 2,000 green apron partners in Russia, including pay for six months and assistance for partners to transition to new opportunities outside of Starbucks.” Starbucks is one of multiple major ... Read More
DC attorney general sues Mark Zuckerberg over Cambridge Analytica data breach
George Frey/Bloomberg via Getty Images(WASHINGTON) -- Washington, D.C., Attorney General Karl Racine has sued Meta CEO Mark Zuckerberg for allegedly failing to protect consumer data following the Cambridge Analytica data leak. "The evidence shows Mr. Zuckerberg was personally involved in Facebook's failure to protect the privacy and data of its users leading directly to the Cambridge Analytica incident," Racine said in a statement about the lawsuit released Monday. "This unprecedented security breach exposed tens of millions of Americans' personal information, and Mr. Zuckerberg's policies enabled a multi-year effort to mislead users about the extent of Facebook's wrongful conduct." He added, "This lawsuit is not only warranted, but necessary, and sends a message that corporate leaders, including CEOs, will be held ... Read More
‘We’re sorry’: Abbott CEO addresses baby formula crisis in new op-ed
Gado/Getty Images(NEW YORK) -- The head of one of the country's largest manufacturers of baby formula expressed remorse at his company's role in the nationwide shortage -- and announced a multimillion-dollar fund to help families that have suffered during the crisis -- in an op-ed published over the weekend. "The past few months have distressed us as they have you, and so I want to say: We're sorry to every family we've let down since our voluntary recall exacerbated our nation’s baby formula shortage," Abbott CEO Robert Ford wrote in an op-ed in the Washington Post. "I have high expectations of this company, and we fell short of them." Abbott recalled formula and closed its manufacturing plant in Sturgis, Michigan, ... Read More
Jif peanut butter products recalled due to possible salmonella concerns
Luke Sharrett/Bloomberg via Getty Images(SILVER SPRING, Md.) -- The U.S. Food and Drug Administration and the Centers for Disease Control and Prevention are investigating an outbreak of salmonella infections that is possibly linked to Jif peanut butter products. The J.M. Smucker Company issued a voluntary recall for its creamy, crunchy, natural and reduced fat peanut butter products that were distributed nationwide, with lot code numbers 1274425 to 2140425, the FDA announced Friday. There have been at least 14 illnesses reported, including two hospitalizations, according to the FDA. The 12 states that have reported salmonella cases are Arkansas, Georgia, Illinois, Massachusetts, Missouri, Ohio, North Carolina, New York, South Carolina, Texas, Virginia and Washington. Salmonella poisoning can induce symptoms such as a ... Read More
American weekly jobless claims at lowest level since 1969
By MATT OTT AP Business Writer WASHINGTON -- The number of Americans applying for unemployment benefits last week fell to its lowest level in 52 years as the U.S. job market continues to show strength in the midst of rising costs and an ongoing virus pandemic. Jobless claims fell by 28,000 to 187,000 for the week ending March 19, the lowest since September of 1969, the Labor Department reported Thursday. First-time applications for jobless aid generally track the pace of layoffs. The four-week average for claims, which compensates for weekly volatility, also fell to levels not seen in five decades. The Labor Department reported that the four week moving average tumbled to 211,750 from the previous week’s 223,250. In total, ... Read More
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