Business

Disney extends CEO Bob Chapek’s contract by three years

Bob ChapekDisney Jeff Gritchen | MediaNews Group | Orange County Register via Getty Images Disney has extended CEO Bob Chapek’s contract for three years, the company announced Tuesday. Chapek’s contract was set to expire in February next year, three years after he unexpectedly took the reins from Bob Iger. The board, which met Tuesday in …

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Texas Gov. Greg Abbott fires warning to Biden over EPA rule that could send gas prices even higher

With record gas prices and supply chain issues delaying new car production, more people are looking for cars with better mileage. That means more business for used car dealers. Texas Gov. Greg Abbott is asking the Biden administration to halt a plan he said would jeopardize a significant portion of the nation’s oil production and …

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Ernst & Young pays $100m to settle US charges of cheating on ethics exams | ARTICLE

Ernst & Young, one of the world’s largest accounting firms, agreed to pay a record $100m to US regulators on Tuesday amid charges that dozens of its audit staff cheated on an ethics exam and misled investigators. The Securities and Exchange Commission (SEC) charged that “over multiple years” EY’s audit professionals cheated on exams required …

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Amazon limits Plan B battery purchases as demand surges

Amazon has limited sales of emergency contraceptive pills as demand spikes following last week’s US Supreme Court ruling overturning Roe v. Wade and ending the constitutional right to have an abortion. The company has placed a temporary quantity limit of three units per week on emergency contraceptive pills, Amazon confirmed to CNBC. A review of …

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How long will stocks stay in a bear market? It likely hinges on if a recession hits, says Wells Fargo Institute

When the S&P 500 officially dropped into a bear market on June 13, closing down more than 20% from its last peak, it stirred debate about whether investors should hold tight or think about buying the dip. Battered stock prices SPX, -1.94% might look tempting for investors, but analysts at the Wells Fargo Investment Institute …

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‘Big Short’ investor Michael Burry says Fed could reverse rate hikes in ‘bullwhip effect’

“Big Short” investor Michael Burry suggested Monday that the Federal Reserve could unexpectedly reverse course on its planned series of sharp interest rate hikes due to an economic phenomenon known as the “bullwhip effect.” Burry, the head of Scion Capital Management, detailed his view in response to a CNN article on embattled big-box retailers such …

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Tesla stock lower ahead of second-quarter sales

Tesla Inc. is set to unveil later this week second-quarter deliveries, the electric-car maker’s proxy for sales, which were likely hit by pandemic-related lockdowns in China and down from recent quarters. Tesla TSLA, -4.54% reports production and deliveries numbers by quarter, rather than by month like other auto makers such as Ford Co. F, -1.74% …

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Crypto winter has had a chilling effect on Coinbase and Robinhood

Nance attributed the downgrade to “the continued downdraft in crypto prices and the resulting fall in industry activity levels.” He added that recent layoffs at the company may not mark the end of pink slips either. “We believe further cuts are needed, as the announced cost reduction effort merely brings headcount back to end-1Q22 levels,” …

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Fourth of July travel: Flight cancellations, delays persist ahead of holiday weekend

Check out what’s clicking on FoxBusiness.com. Tuesday marked another day of widespread flight disruptions for summer travelers. More than 1,400 flights in, out of and across the United States were already delayed as of noon ET Tuesday, according to flight tracking website FlightAware. Meanwhile, more than 500 flights were canceled. It’s already been a bleak …

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