Category: Business

Walmart to cut jobs, relocate some employees to Arkansas, California hubs

Fitz-Gerald Group CIO Keith Fitz-Gerald breaks down his stock pick, explains why Tesla is underestimated and shares his stock selling strategy.

Exclusive: Walmart – the nation’s largest private employer – is eliminating hundreds of roles and closing one of its North Carolina offices as it continues to pull workers back to its main hubs in California and Arkansas, according to an internal memo seen by FOX Business on Tuesday.

Walmart Chief People Officer Donna Morris said in the memo sent to employees that the company is cutting roles and asking office-based employees in Hoboken and some of its smaller offices to relocate to the company’s newly opened headquarters in Bentonville, Arkansas, as well as its office in Sunnyvale, California.

WALMART CHANGING TITLES, PAY STRUCTURE FOR CORPORATE STAFF

“We are making these changes to put key capabilities together, encouraging speed and shared understanding,” Morris said in the memo. “Through this review process, we have eliminated some roles as we streamline how we work.”

Walmart didn’t specify how many people will be affected, as the employees who are being asked to relocate will have at least a month to inform the company if they plan to move to the main hubs.

SOME WALMART MANAGERS GET PAY BUMP, PUSHING COMPENSATION OVER $600K

A shot of Helen’s Amphitheater on Walmart’s new campus in Arkansas. (Walmart)

The decision announced on Tuesday is part of a broader relocation strategy unveiled in May 2024, when Walmart initiated the first phase of relocating employees by asking staff from offices in Dallas, Atlanta and Toronto to move to Walmart’s corporate headquarters in Bentonville, its Hoboken, New Jersey, office or its California location. Any employees still working remotely at that time were also called back to the office.

Walmart began requiring workers to return to the office in February 2022, saying it boosts collaboration, innovation and faster work processes, while also strengthening company culture.

WALMART OPENS MASSIVE FITNESS CENTER ON ARKANSAS CAMPUS

As the corporate world began to ditch remote work, Walmart constructed a new 350-acre campus in Bentonville, where it opened office buildings last month. The campus has 12 office buildings, along with amenity buildings, parking decks and surface lots.

Pedestrians with bicycles at the main downtown square in Bentonville, Arkansas, on Nov. 21, 2022. (Terra Fondriest/Bloomberg via Getty Images / Getty Images)

The company is also opening new office spaces in Sunnyvale and Bellevue, Washington, while expanding its office in Hoboken and its fashion office in New York City.

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“Our values and culture are strategic differentiators for us as a company, and they are fostered by being together,” Morris said in the memo. “We’ve already seen the benefits of having more teams working together in person, and today we are sharing another step that will help accelerate our momentum.”

Ticker Security Last Change Change %

WMT WALMART INC. 100.74 +1.20 +1.21%

Morris said the company will help affected employees “navigate the path forward, including providing relocation support or severance.”

February 4, 2025
Disney World to shutter ‘A Bug’s Life’-inspired show next month

Genevieve Shaw Brown met with FOX Business at Walt Disney World’s EPCOT to talk about why Americans should make future travel plans and create memories.

Walt Disney World plans to shutter its “It’s Tough to be a Bug!” show in mid-March.

A notice on the Florida theme park’s website said the 3-D film and live show is set for permanent closure on March 17, meaning fans only have about six weeks to experience the “A Bug’s Life”-inspired attraction in Animal Kingdom before it ends for good.

“It’s Tough to be a Bug!” in Animal Kingdom’s Tree of Life has long offered a show “star[ring] Flik and Hopper from the Disney and Pixar film A Bug’s Life – along with a supporting cast of insects who provide a surprising glimpse inside their bug-eat-bug world,” according to Disney World.

An entrance to Walt Disney World Resort in Lake Buena Vista, Florida, Aug. 19. 2015. ( / iStock)

The Tree of Life has been home to the “A Bug’s Life”-themed show for some 27 years.

NATIONAL PLAN FOR VACATION DAY ENCOURAGES AMERICANS TO ARRANGE TRAVEL PLANS

The planned closure of “It’s Tough to be a Bug!” will allow Disney to introduce a new show called “Zootopia: Better Zoogether!” to the theater, the theme park said.

The ‘Tree of Life’ at Animal Kingdom, at the Walt Disney World Resort, on April 3, 2022, in Orlando, Florida. (AaronP/Bauer-Griffin/GC Images / Getty Images)

The 2016 film “Zootopia” is providing the basis for the Tree of Life Theater’s new show. The animated movie was very successful, bringing in a gross of over $1.02 billion, according to Box Office Mojo.

Well-known characters such as Judy Hopps and Nick Wilde will appear in “Zootopia: Better Zoogether!” when it goes live, Disney has said. The show, slated to open this winter, will be a “4-D production.”

DISNEY LOOKING TO ENTIRE GUESTS BY OFFERING FREE SUMMER VACATION PACKAGES PERK

The new “Zootopia” show at Disney World has been in the pipeline for some time, with Disney offering details about it – as well as other future rides and attractions planned for Disney’s theme parks – during the D23 event that the company held in the fall.

Cars enter Walt Disney World on June 1, 2024, in Orlando. (Gary Hershorn / Getty Images)

Animal Kingdom, where “Zootopia: Better Zoogether!” will show, is one of four parks within Disney World.

DISNEY WORLD CONFIRMS ‘TWISTED’ VILLAINS LAND TO START CONSTRUCTION ‘VERY, VERY SOON,’ ‘SO MUCH FIENDISH FUN’

Disney World and Disney’s other domestic parks and experiences drove $23.596 billion in revenue over the course of 2024, the entertainment giant said in November. That marked a 5% year-over-year increase.

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DIS THE WALT DISNEY CO. 113.28 -0.78 -0.68%

February 4, 2025
Josh Hawley, Bernie Sanders propose capping credit card interest rates at 10%

A ‘Mornings with Maria’ panel provides their reactions to the December jobs report, detailing the impact it may have on the U.S. economy.

A new bipartisan bill introduced by a pair of senators would cap credit card interest rates in an effort to help consumers and fulfill one of President Donald Trump’s campaign promises.

Sens. Josh Hawley, R-Mo., and Bernie Sanders, I-Vt., introduced legislation that would cap credit interest rates at 10% immediately upon the bill’s enactment into law. The cap would then remain in effect for five years.

“During the campaign, President Trump pledged to cap credit card interest rates at 10%,” Sanders said in a statement. “Today, I am proud to be introducing bipartisan legislation with Senator Hawley to do just that.”

“When large financial institutions charge over 25% interest on credit cards, they are not engaged in the business of making credit available. They are engaged in extortion and loan sharking,” Sanders added. “We cannot continue to allow big banks to make huge profits ripping off the American people.”

US CREDIT CARD DEFAULTS SOAR TO HIGHEST LEVEL IN 14 YEARS

Credit card interest rates would be capped at 10% for five years under the Sanders-Hawley bill. (iStock / iStock)

Hawley said in a statement that capping credit card interest rates at 10% like Trump campaigned on “is a simple way to provide meaningful relief to working people.”

“Working Americans are drowning in record credit card debt while the biggest credit card issuers get richer and richer by hiking their interest rates to the moon,” Hawley added. “It’s not just wrong, it’s exploitative. And it needs to end.”

Sen. Josh Hawley, R-Mo., said that credit card issuers are being “exploitative” with interest rates. (Tom Williams-Pool/Getty Images / Getty Images)

In the last Congress, Hawley introduced a bill to cap credit card interest rates at 18%, though it died in committee without receiving a vote.

The press release from Sanders and Hawley noted that in September the Trump campaign said: “President Trump has promised to cap interest rates at 10% to provide temporary and immediate relief for hardworking Americans who are struggling to make ends meet and cannot afford hefty interest payments on top of the skyrocketing costs of mortgages, rent, groceries and gas.”

HOW CREDIT CARD SWIPE FEES ARE AFFECTING SHOPPERS

Sen. Bernie Sanders, I-Vt., accused financial institutions with high credit card interest rates of “loan sharking.” (Kevin Dietsch/Getty Images / Getty Images)

Critics of proposals to cap credit card interest rates note that it would likely cause financial institutions to be more restrictive in extending credit and offering credit cards to borrowers with relatively poor credit scores, and potentially by reducing the credit card rewards they offer.

“There’s no question that a credit card rate cap would have a massive impact on credit cardholders beyond just reducing interest payments,” said Matt Schulz, chief credit analyst at LendingTree. “Banks have been vocal that a rate cap, even one much smaller than the 10% cap backed by President Trump, would lead to a dramatic reduction in credit card rewards and even to reduced access to credit for those with imperfect credit.”

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“However, it is also clear that most Americans are willing to accept both of those consequences if it means capping rates,” Schulz added, noting that a LendingTree survey from December found that two-thirds of cardholders would support a rate cap, even if it results in reduced rewards, while six in 10 support it even if it restricts access to credit for many.

February 4, 2025
White House press secretary on reports Trump will disband education department

White House Press Secretary Karoline Leavitt breaks down President Donald Trump’s ‘day one’ goal as president during an appearance on ‘Varney & Co.’

White House press secretary Karoline Leavitt responded to reports that President Donald Trump is planning to use executive actions to dismantle the Department of Education during an interview on FOX Business, Tuesday.

“President Trump campaigned on that promise, and I think the American people can expect him to deliver on it,” White House Press Secretary Karoline Leavitt told Stuart Varney on “Varney & Co.” in response to a question on whether she can confirm Trump’s plan.

BIDEN ADMINISTRATION REVERSES COURSE, REOPENS INCOME-BASED STUDENT LOAN REPAYMENT PROGRAMS

Leavitt expanded, stating that it “goes back to his wanting to make this government accountable to the American taxpayer.”

White House Press Secretary Karoline Leavitt pictured alongside President Donald Trump. (Fox News / Fox News)

“When you look at the literacy rates, the math and the reading rates of young children and students in America, they are not good. Our nation’s report card was released last week, and it showed that only 40% of fourth graders are reading at a proficient level. So clearly, the tens of millions of dollars that the Department of Education is spending every single year is not working. And President Trump wants to empower parents to have a greater say in their child’s education system,” she continued.

Officials reportedly discussed an executive order that would shut down the functions not written into the statute of the department, or move certain functions to other agencies.

TRUMP SIGNS EXECUTIVE ORDERS STRIPPING FEDERAL FUNDING FROM SCHOOLS THAT TEACH CRT, SUPPORTING SCHOOL CHOICE

As the president starts to take action on education, a White House official confirmed to Fox that Trump plans to reevaluate the future of the Education Department throughout his presidency.

Last Wednesday, President Donald Trump signed two executive orders on education, one to remove federal funding from K-12 schools that teach critical race theory (CRT), and another to support school choice.

Chair of the Center for Education Opportunity at the America First Policy Institute Erika Donalds reveals the importance of school choice on ‘Varney & Co.’

The executive order states that any K-12 school that does not comply with the directive to end discrimination will lose all federal funding, citing Title VI of the Civil Rights Act of 1964, which prohibits discrimination over race, color, and national origin for any activity or program receiving federal funding.

According to Leavitt, closing down the Department of Education could be next on Trump’s agenda.

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Fox News’ Rachel Del Guidice contributed to this report.

February 4, 2025
McDonald’s to roll out Shamrock Shake with help of Uncle O’Grimacey

Brian Vendig, MJP Wealth Advisors President, and Ryan Payne, ‘Payne Points of Wealth’ podcast host, discuss Big Tech reporting and key earnings and revenue estimates for McDonald’s.

McDonald’s is bringing back its popular Shamrock Shake yet again, this time accompanied by the fast-food chain’s Uncle O’Grimacey character.

Participating McDonald’s restaurants across the country will put the limited-time minty, green shake back on their menus Feb. 10, officially kicking off its annual “Shamrock Season,” the company said Tuesday.

The fast-food giant’s 2025 “Shamrock Season” will also mark a family reunion of the McDonald’s characters Grimace and Uncle O’Grimacey after many years.

Grimace and Uncle O’Grimacey hold Shamrock Shakes. (McDonald’s USA)

McDonald’s fans may know Uncle O’Grimacey, who hails from Ireland, from advertisements the company used in the ‘70s and ’80s.

MCDONALD’S GOES NOSTALGIC; ROLLS OUT POKEMON HAPPY MEALS IN US

“Our long-standing tradition of the Shamrock Shake is a testament to the joy we bring to our customers,” McDonald’s executive Michael Gonda said. “This Shamrock Shake Season, with a little extra cheer from the Grimace family, we’re reminded that the most precious gift is being close to those you love.”

McDonald’s Uncle O’Grimacey character (McDonald’s USA)

McDonald’s said it will give 25 cents from the proceeds of each Shamrock Shake between Feb. 10 and March 23 to the Ronald McDonald House Charities (RMHC), a longtime nonprofit that helps the families of sick and injured children with housing and other programs.

The company has a fundraising goal from the seasonal shakes of $5 million for RMHC, which has 255 chapters across the world.

Uncle O’Grimacey is “traveling coast-to-coast, spreading Shamrock cheer with fans everywhere and celebrating RMHC and their mission to keep families together,” McDonald’s said Tuesday.

THREE OF MCDONALD’S COSMC’S IN TEXAS CLOSING A YEAR AFTER OPENING

The company is also introducing an “Uncle O’Grimacy Merchandise Collection.” Its prices range from $6 for a pair of decals of the character and the Shamrock Shake to $35 for a crewneck sweatshirt.

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MCD MCDONALD’S CORP. 290.05 +1.35 +0.47%

McDonald’s said it will provide an “additional donation” to RMHC “in the spirit of this campaign.”

The Shamrock Shake marked its 50th anniversary in 2020. The treat is the brainchild of a Connecticut McDonald’s owner/operator named Hal Rosen, according to McDonald’s.

The sign for a McDonald’s restaurant on Feb. 9, 2009, in San Francisco. (Justin Sullivan / Getty Images)

MCDONALD’S DEBUTS NEW VALUE MENU, EXTENDS $5 MEAL DEAL

Last year, Shamrock Shakes became available at U.S. restaurants on Feb. 5, nearly six weeks before St. Patrick’s Day.

In the U.S., about 13,500 McDonald’s locations are scattered across the country.

February 4, 2025

Ticker	Security	Last	Change	Change %
WMT	WALMART INC.	100.74	+1.20	+1.21%

Ticker	Security	Last	Change	Change %
DIS	THE WALT DISNEY CO.	113.28	-0.78	-0.68%

Ticker	Security	Last	Change	Change %
MCD	MCDONALD’S CORP.	290.05	+1.35	+0.47%

Trump tariffs on China, Canada and Mexico: Where things stand and what’s next

Rep. Mark Alford, R-Mo., reacts to Mexico and Canada reaching a deal with President Donald Trump for pauses on tariffs, China imposing retaliatory tariffs and the latest regarding reconciliation.

President Donald Trump’s tariffs on China took effect on Tuesday ahead of a call with Chinese President Xi Jinping, while the tariff fight with Canada and Mexico is on hold for at least a month.

Trump on Saturday signed three executive orders to impose tariffs on China, Canada and Mexico, respectively, that were to take effect on Feb. 4.

Each of the orders cited presidential authority under emergency declarations to impose tariffs on those countries over what the president called their failure to block fentanyl shipments across the U.S. border. The orders also called for Canada and Mexico to curb illegal immigration into the U.S.

The president held calls with Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum on Monday and later announced that the implementation of the tariffs would be delayed for at least one month due to commitments made on border security.

VOTERS REJECT TRUMP’S TARIFF PUSH; MOST BELIEVE POLICY WILL HURT ECONOMY

President Donald Trump’s tariffs prompted retaliation by China, while deals with Canada and Mexico paused tariffs for at least one month. (Photo by Joe Raedle/Getty Images / Getty Images)

Here’s a look at where things stand in Trump’s tariff dispute with China, Canada and Mexico.

China

The executive order Trump signed on Feb. 1 imposed a 10% tariff on products imported from China and also suggested that the president could increase or expand tariffs if the Chinese government retaliates. Those tariffs took effect on Feb. 4.

China responded with retaliatory tariffs of 15% on coal and liquefied natural gas and 10% on crude oil, agricultural equipment and large-engine cars imported from the U.S. that will take effect on Feb. 10.

Chinese President Xi Jinping retaliated with tariffs and other measures in response to Trump’s levies. (Noel Celis – Pool/Getty Images / Getty Images)

HOW TRUMP’S TARIFFS CLOSED THE LOOPHOLE USED BY CHINESE RETAILERS

It will also impose export controls on certain rare earth minerals and metals used in advanced technology and clean energy products.

Additionally, the Chinese government launched an anti-monopoly investigation into Alphabet, the parent company of Google, and added biotechnology firm Illumina and PVH Corp., the holding company for brands including Calvin Klein, to its “unreliable entities list.”

Ticker	Security	Last	Change	Change %
PVH	PVH CORP.	83.32	-6.28	-7.01%
ILMN	ILLUMINA INC.	123.24	-7.86	-6.00%
GOOGL	ALPHABET INC.	201.23	-2.79	-1.37%

Trump and Xi are expected to hold a call on Tuesday.

CHINA RESPONDS WITH TARIFFS ON US GOODS AFTER TRUMP’S TARIFFS ON CHINESE IMPORTS TAKE EFFECT

Canada

Trump’s Feb. 1 executive order imposed a 25% tariff on imported goods from Canada, as well as a lower 10% tariff on Canadian energy products, that would take effect on Feb. 4.

Canada retaliated by announcing it would impose retaliatory 25% tariffs on U.S. exports, including on beer, wine, bourbon, fruits and fruit juices, apparel, sports equipment and household appliances. Trudeau added Canada was considering non-tariff measures related to critical minerals, energy and other partnerships.

Canadian Prime Minister Justin Trudeau reached a deal with President Trump to delay tariffs by one month. (Kamara Morozuk/Bloomberg via Getty Images / Getty Images)

TRUMP TARIFFS PROMPT WARNINGS FROM TRADE GROUPS

Trump and Trudeau spoke on Monday and announced a one-month delay in tariffs. Trudeau signaled that Canada will deploy 10,000 personnel to help secure the country’s border with the U.S., as well as implement a previously announced $1.3 billion border plan.

After the two governments announced the agreement, Trump signed an executive order pausing the tariffs until March 4. The order noted that Trump can impose the paused tariffs “if the illegal migration and illicit drug crises worsen, and if the Government of Canada fails to take sufficient steps to alleviate these crises.”

Mexico

Trump’s executive order on Feb. 1 imposed a 25% tariff on products imported from Mexico. Mexico’s government vowed to retaliate with its own tariffs and non-tariff measures, though Sheinbaum didn’t reveal which products or activities would be targeted.

Mexican President Claudia Sheinbaum and President-elect Trump

Mexican President Claudia Sheinbaum and President Donald Trump reached an agreement to delay tariffs by at least one month. (Emmanuel Rosas/ObturadorMX/Getty Images, left, and Allison Robbert-Pool/Getty Images, right. / Getty Images)

Trump and Sheinbaum spoke on Monday and reached an agreement to pause tariffs that would see Mexico deploy 10,000 members of its National Guard to the border to prevent drug trafficking and illegal immigration, while the Mexican president said the U.S. would work to prevent firearms smuggling into Mexico. The Mexican government has previously announced similar deployments to the border for security purposes.

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Trump also signed an executive order pausing the tariffs until March 4, as he did in response to the Canada agreement, that contained an identical warning about the tariffs being imposed if there is insufficient progress on border security.

February 4, 2025

Trump launching US sovereign wealth fund: What to know

Michael Lee Strategy founder Michael Lee explains President Donald Trumps executive order to create a U.S. sovereign wealth fund on Varney & Co.

President Donald Trump signed an executive order Monday directing his administration to set up a sovereign wealth fund (SWF) for the United States, which the White House says “will help maximize the stewardship of our national wealth.”

The EO directs Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick to present a plan within 90 days for the creation of the fund.

So what is a sovereign wealth fund, and how does it work?

President Donald Trump delivers his inaugural address in the Rotunda of the U.S. Capitol on Jan. 20, 2025, in Washington, D.C. (CHIP SOMODEVILLA/POOL/AFP via Getty Images / Getty Images)

Sovereign wealth funds are investment vehicles owned by countries. Most act as an investment account, or as a development tool, or a combination of the two. They are designed to be a nest egg, allowing current money to be deployed in a way that benefits future generations.

VOTERS REJECT TRUMP’S TARIFF PUSH; MOST BELIEVE POLICY WILL HURT ECONOMY

Unlike pension funds where people withdraw money for their own spending needs, SWFs are supposed to invest for the collective good of a nation.

That could mean things like funding construction of an airport or school. But SWFs also often put money into financial products and buying stakes in companies, which can provide financial benefits well into the future and fund government budgets or social programs.

Trump signed an executive order giving TikTok an additional 90 days to comply with a law requiring it to divest from China-based owner ByteDance or shut down U.S. operations. (Getty Images / Getty Images)

Trump has suggested the U.S. could take a 50% stake in TikTok, for instance, which would be held in America’s forthcoming SWF.

CHINA RESPONDS WITH TARIFFS ON US GOOD AFTER TRUMP’S TARIFFS ON CHINESE IMPORTS TAKE EFFECT

There are over 90 such funds across the world, managing over $8 trillion in assets, according to the International Forum of Sovereign Wealth Funds. The United Kingdom recently announced its own plans to pursue forming an SWF.

In the U.S., 23 states maintain their own funds that control in total $332 billion in assets, according to the White House.

Atlas Tool Works President Zach Mottl praises President Donald Trump’s tariff strategy on ‘Making Money.’

Typically, some or all of a country’s budget surplus is passed to the SWF, which can then use it for new investments.

However, the U.S. has consistently run budget deficits in recent years.

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Many funds have been set up by countries with strong commodities export industries, and proceeds from oil, natural gas, metals and minerals sales by state-owned companies are often behind SWFs. Around 60% of funds are funded by revenue from natural resources, according to the International Forum of Sovereign Wealth Funds.

Reuters contributed to this report.

February 4, 2025
United Airlines first US carrier to resume service to Israel

Fox News senior strategic analyst Gen.Jack Keane (ret.) on President Donald Trump’s meeting with Israeli Prime Minister Benjamin Netanyahu, the Ukraine-Russia conflict and Iran reportedly developing nuclear missiles that can reach Europe.

United Airlines is restarting service from New York and Newark, New Jersey, to Tel Aviv next month, and says it is “the first U.S. airline to resume service this year.”

The announcement comes on the same day Israeli Prime Minister Benjamin Netanyahu is meeting with President Donald Trump at the White House.

United’s daily flights to Israel resume on March 15, “with a second daily flight planned to begin March 29,” a press release from the airline said.

“This resumption follows a detailed assessment of operational considerations for the region and close work with the unions who represent our flight attendants and pilots,” the release added.

US AIRLINE INDUSTRY IMPLEMENTING EFFECTIVE ‘BOYCOTT’ OF ISRAEL BY SUSPENDING DIRECT FLIGHTS: DEM REP

United Airlines Boeing 787-10 Dreamliner takes off from Los Angeles International Airport on Jan. 24, 2025. ( AaronP/Bauer-Griffin/GC Images / Getty Images)

The flights between the U.S. and Israel will be on Boeing 787-10s, United said.

The airline says passengers can also connect to Tel Aviv through partners like Lufthansa Group airlines, and will evaluate restoring additional flights “based on demand.”

UNITED, DELTA SUSPEND FLIGHTS TO ISRAEL AS MIDDLE EAST TENSIONS RISE

Tel Aviv’s Ben Gurion International Airport, center, and surrounding urban areas in Lod, central Israel, on April 5, 2024. (Roy Issa/AFP via / Getty Images)

The airline did not immediately respond to a FOX Business request for more information.

American Airlines’ flights to Tel Aviv have been halted until September, according to The Times of Israel. The media outlet reported in January that Delta announced it would resume services to the Israeli city on April 1.

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UAL UNITED AIRLINES HOLDINGS INC. 104.83 -1.01 -0.95%

A United Airlines airplane passes by two El Al airplanes after arriving at Newark Liberty International Airport on Dec. 2, 2023, in New Jersey. (Gary Hershorn / Getty Images)

The U.S. airline industry’s suspension of all direct flights to Israel was in the wake of the Oct. 7, 2023, terrorist attacks.

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Unlike in 2014, when the Federal Aviation Administration (FAA) directed all U.S. carriers to suspend flights to Israel due to safety concerns amid rocket fire toward Tel Aviv, American, Delta and United decided on their own to stop all direct flights from the U.S. to Israel since the Oct. 7, 2023, attacks, absent of an order by the FAA.

Rep. Ritchie Torres, D-N.Y., took the airlines to task for the suspensions, saying in November that it had “the practical effect of a boycott.”

Fox Business’s Danielle Wallace and Fox News’ Amelie Botbol contributed to this report.

February 4, 2025
Estee Lauder trimming its workforce by up to 7,000 jobs

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Estee Lauder announced on Tuesday that it plans to slash up to 7,000 positions from its workforce.

The cosmetics company said it will eliminate a net of 5,800 to 7,000 roles as it unveiled an updated “profit recovery and growth plan” and released its second-quarter financial results on Tuesday.

The number of affected positions, up from the up to 3,000 positions it detailed last year, “takes into account the elimination of positions after retraining and redeployment of certain employees in select areas,” Estee Lauder said.

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The company said it has “realized more net benefits” from its turnaround plan “than expected” through its fiscal second quarter, but those have been “more than offset by sales volume deleverage, investments to restore sustainable growth, and inflation,” prompting the company to bolster its “profit recovery and growth plan” and the restructuring program within that.

A couple walks by an Estee Lauder store in Kuala Lumpur, Malaysia, on Oct. 3, 2024. (Faris Hadziq/SOPA Images/LightRocket via Getty Images / Getty Images)

The company expects to incur restructuring and other charges totaling between $1.2 billion and $1.6 billion, before taxes, by the time it completes the restructuring.

It projected the restructuring will bring annual pre-tax gross savings in the $800 million to $1 billion range, funds that Estee Lauder said will “help restore operating margin and also fuel reinvestment in consumer facing areas to drive sustainable sales growth.”

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EL THE ESTÉE LAUDER COMPANIES INC. 69.05 -13.74 -16.60%

The expansion of the overall turnaround plan seeks to bring the cosmetics company back to sales growth, pave the way for “solid double-digit adjusted operating margin over the next few years” and help it “continue to manage external volatility, such as potential tariff increases globally,” Estee Lauder said.

THE HISTORY OF ESTEE LAUDER, ONE OF THE WORLD’S LEADING COSMETICS BRANDS, BEGINNING WITH AN $800 SALE

Actions the company said it will take include “further consolidating spending and strategically re-evaluating key supplier relationships” in its procurement, minimizing excess inventory and product destruction through improved supply chain efficiencies, and outsourcing “select services to proven global partners.”

Estee Lauder is looking to finish its “profit recovery and growth plan” in fiscal 2027, with many of the measures slated to be carried out in fiscal 2025 and 2026, according to the company.

In this photo illustration, The Estee Lauder company logo is seen displayed on a smartphone screen. (Piotr Swat/SOPA Images/LightRocket via Getty Images / Getty Images)

“While we recognize there is much work to do, we are confident that Beauty Reimagined is the way to realize our ambition,” CEO Stephane de La Faverie said in a statement.

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The news of the workforce reduction and its second-quarter results sent shares of Estee Lauder down over 17% on Tuesday.

The company is known for brands such as Mac, Clinique, Too Faced and Bobbi Brown.

February 4, 2025
How Trump tariffs could threaten Tyson Foods

Zekelman Industries Chairman and CEO Barry Zekelman breaks down the impact of potential Canada, Mexico tariffs on steel prices.

One of the biggest meat producers in the U.S. is making contingency plans for its pork and chicken products as sweeping tariffs loom over its trading partners.

Tyson CEO Donnie King told analysts on an earnings call Monday that the company, which supplies Canada and Mexico with shipments of pork and certain chicken parts, has been “making adjustments” to its operation ahead of the planned tariffs, which took effect over the weekend but are currently paused.

“In terms of Mexico, the product that we have going in there, the concern, and what we’ve been contingency planning on is pork. We also have chicken – really, a couple of parts of chicken,” King said. The company has a smaller amount of meat going into the Canadian market.

TRUMP TARIFFS PAUSED: WHAT TO KNOW

A semitrailer parked at a Tyson Foods Inc. plant in Union City, Tennessee, on Feb. 16, 2022. (Luke Sharrett/Bloomberg via / Getty Images)

President Donald Trump paused plans to implement 25% tariffs on both countries for 30 days to give them time to negotiate economic deals aimed at securing U.S. borders and curbing the flow of drugs, like fentanyl, into the country.

Canadian Prime Minister Justin Trudeau – who also paused plans to impose a 25% retaliatory tariff on U.S. imports – said on X that Canada will implement a $1.3 billion border plan and appoint a fentanyl czar. Mexican President Claudia Sheinbaum agreed to supply 10,000 troops on the border separating the U.S. and Mexico.

Tyson Foods frozen chicken products in a Safeway store on Aug. 8, 2023, in Washington, D.C. (Anna Moneymaker / Getty Images)

TJ MAXX CEO SAYS COMPANY COULD BENEFIT FROM TRUMP’S PROPOSED TARIFFS

“Essentially, what we would do, whether it be pork or whether it would be chicken, is we would find other markets,” King said.

The Tyson CEO said the company has already been preparing for this and is making adjustments.

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TSN TYSON FOODS INC. 57.74 +1.25 +2.21%

“We think we have risk-adjusted in our guidance the implications of all of those,” King said.

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February 4, 2025