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USDA Limits ‘Made in the USA’ Label Requirements
The U.S. Department of Agriculture is presenting a new rule that would limit the types of products eligible for the “Product of the United States” or “Made in the United States” label. Only born, farmed, slaughtered, and processed in the U.S. meat, poultry, and egg products will be allowed. Currently, firms can place this mark…
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FED CHAIR POWELL SAYS RATE HIKES MAY SPEED UP
Jerome Powell, chairman of the Federal Reserve, will imply that the central bank could raise the rate of interest rate hikes if statistics indicate continued price pressures, according to a statement released Tuesday ahead of his hearing before Congress. “If the facts show that a faster rate of tightening is appropriate, we are prepared to…
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Ford Patents Tech Enabling Vehicles to Repo Themselves
Ford has registered for a patent on a technology that enables automobiles to self-repossess. If owners disregard alerts about missed payments, the system deactivates services such as the radio, GPS, air conditioning, and cruise control. Then, when the driver is present, it may emit loud and obnoxious sounds, and eventually, it could lock the owner…
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Altria Sells Juul Stock, Buys NJOY
Altria has announced its intention to acquire NJOY for $2.75 billion in cash just days after selling its investment in Juul Labs, another vaping business now embroiled in legal problems. CEO Billy Gifford stated in a press release, “We believe we can responsibly accelerate the adoption of NJOY ACE among U.S. adult smokers and competitive…
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Toblerone Drops Signature Design Due to ‘Swissness’ Regulations
As a result of shifting some production to Slovakia, the producers of Toblerone are removing images of the Matterhorn and the Swiss flag from the packaging of the milk-chocolate confection. Mondelez International of Deerfield, Illinois, which owns the Swiss-born brand, said on Monday that it is changing the packaging of Toblerone products to meet strict…
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SiriusXM Reduces 8% Staffing, Citing Recession Concerns
SiriusXM announced on Monday that it is cutting off 8 percent of its personnel, or approximately 475 employees, in reaction to slowing subscriber growth, joining Spotify, Microsoft, and Google. The satellite radio company issued a warning earlier this year that it anticipated a decline in customers in 2023 due to widespread worries about a recession.…
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Mortgage Application Demand Sinks to 28-Year Low
According to a poll by the Mortgage Bankers Association (MBA), demand for mortgage loan applications dropped 5.7% in the last week of February, and the industry body pointed the blame squarely at increased interest rates. “The 30-year fixed rate went up to 6.71 percent last week, which is the highest it has been since November…
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Nissan Recalls 800,000 Automobiles Due to Safety Concerns
Due to engine concerns, Nissan has issued a recall for over 800,000 vehicles in the United States and Canada. Nissan Rogues manufactured between 2014 and 2020 and Rogue Sports manufactured between 2017 and 2022 are affected. The problem stems from the jackknife folding key. The automaker stated that when the key is partially opened and…
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AMC Brings Popcorn Product Line at Walmart to Diversify Struggling Company
AMC Theatres, the largest movie theater operator in the United States, is introducing a range of microwave and ready-to-eat popcorn products to diversify its business. The company’s desire to expand into retail was initially mentioned in 2021. Today, AMC Perfectly Popcorn will be available exclusively at Walmart beginning March 11. The rollout will prepare the…
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Klarna’s CEO Receives a Salary Increase Despite the Company’s $1 Billion Annual Loss
The Swedish “buy-now, pay-later” company Klarna announced Tuesday a full-year operational deficit of 10.5 billion crowns, or $1 billion, compared to 6.6 billion crowns in 2021, but said it is on course to return to profitability this summer. The firm noted an improvement in its fourth-quarter performance, stating that its operating loss reduced to 2…