News

On Monday, the Biden administration announced plans to go after airlines and travel websites if they try to slip in fees after you've picked your flight or even after you’ve bought the ticket. The proposed rule is part of Biden’s overall competition efforts and now will undergo a 60-day review and public comment period before it can be enacted. President Biden touted the efforts to pressure airlines into changing their policies during a White House event on Monday afternoon. The overall effort — part of Transportation Secretary Pete Buttigieg’s recent promise to make flying less painful — comes as other key issues such as constant flight cancellations and an ongoing pilot shortage elude quick fixes. "You should know the full cost of your ticket, right when you are comparison shopping to begin with so you can pick the ticket that actually is the best deal for you," Biden said Monday. President Joe Biden speaks during the third meeting of the White House Competition Co...

  It was also the stock’s worst day on a percentage basis since Jan. 28, 2011, when the automaker’s fourth-quarter earnings disappointed investors and the stock shed 13.4% to close at $16.27 a share, according to data compiled by FactSet. Ford, after the markets closed Monday, said supply problems have resulted in parts shortages affecting roughly 40,000 to 45,000 vehicles, primarily high-margin trucks and SUVs that haven’t been able to reach dealers. Despite the problems and extra cost, Ford affirmed its guidance for the year but set expectations for third-quarter adjusted earnings before interest and taxes to be in the range of $1.4 billion to $1.7 billion. That would be significantly below the forecasts of some analysts, who were projecting quarterly profit closer to $3 billion. Ford cited recent negotiations resulting in inflation-related supplier costs that will run about $1 billion higher than originally expected. While no major Wall Street analysts downgraded the s...

  Beyond Meat said its operating chief Doug Ramsey has been suspended, effective immediately, after he was arrested Saturday evening for allegedly punching a man and biting his nose. The company said in a statement on Tuesday afternoon that Jonathan Nelson, the company’s senior vice president of manufacturing operations, will oversee Beyond’s operations activities on an interim basis. Ramsey, 53, was charged with terroristic threatening and third-degree battery and booked in the Washington County jail after allegedly assaulting a driver in a parking garage near Razorback Stadium. Ramsey allegedly punched through the back windshield of a Subaru after it made contact with the front tire of Ramsey’s car, according to a preliminary police report obtained by CNBC. The Subaru owner then got out of his car, and Ramsey allegedly started punching him and bit his nose, “ripping the flesh on the tip of the nose,” according to the report. The victim and a witness also alleged that Ramsey told ...

  Bed Bath & Beyond has announced dozens of the roughly 150 stores it plans to close. The struggling home goods retailer released its plans last month to shutter the “lower producing” locations, representing about 20% of its namesake stores. The closures are part of a broader plan to try to stabilize the company’s finances and turn around its declining sales. In late August, Bed Bath secured more than $500 million in new financing, including a loan, ahead of the key holiday season. Its workforce is getting smaller, too, as it cut its corporate and supply chain staff by about 20%. Bed Bath & Beyond posted a list of 56 namesake locations it will close. They are scattered across the U.S., from California and Nevada to Ohio and Florida. The retailer operates other chains, too. It had 135 Buybuy Baby stores and 51 locations under the Harmon, Harmon Face Values or Face Values banners, as of the end of the fiscal first quarter. It is adding to its baby goo...

  London’s Heathrow Airport will change about 15% of its Monday flights to avoid noise during Queen Elizabeth II’s funeral. “As a mark of respect, operations to and from the airport will be subject to appropriate changes in order to avoid noise disturbance at certain locations at specific times on Monday,” Heathrow said in a statement Thursday. British Airways said it will cancel about 50 short-haul flights throughout the day. The airline said that the cancellations are on routes where it operates multiple flights a day and that it plans to utilize larger planes to accommodate passengers. A spokeswoman said the carrier doesn’t expect long-haul flights to be canceled. Britain’s busiest airport said flights would be diverted around Windsor Castle during a private family service. Airlines agreed to pause arrivals and departures from 11:40 a.m. GMT to 12:10 p.m. GMT to cut noise during a moment of silence, and arrivals from 1:45 p.m. to 2:20 p.m. during a procession of the queen’s hear...

  DETROIT –  Ford Motor   CEO Jim Farley was in his element Wednesday night, surrounded by gearheads and the automaker’s new 2024 Mustang models, including a surprise new high-performance version   called the “Dark Horse.” There was no talk of electric vehicles or sustainability during the unveiling for the Detroit auto show. Just revving engines and the screeching of tires, to the applause of hundreds of Mustang owners in attendance. The scene unfolded in stark contrast to other recent events for Farley and Ford, which have touted electrification and green goals. That’s because despite the EV transition, Mustang is sticking with gas-powered engines for the seventh-generation vehicle in 2024. That may come as a surprise, given Ford’s plans to invest $50 billion in new electric vehicles in the years ahead, as well as expected plans for the Dodge Challenger and Chevrolet Camaro — the Mustang’s largest rivals — to go electric. So why did Fo...

Indian Rupee declined by 30 paise to close at 79.47 (provisional) against the US dollar on Wednesday. The rupee declined by 30 paise to close at 79.47 (provisional) against the US dollar on Wednesday as the higher-than-expected US CPI print resulted in risk-off sentiment among investors. At the interbank foreign exchange market, the domestic currency opened at 79.58 per dollar. It hovered in a range of 79.38 to 79.60 during the session. The domestic unit finally settled at 79.47, down 30 paise over its previous close of 79.17. "The Indian rupee remained under pressure amid a broad-based gain in the dollar after much-awaited US inflation data came higher than expected," said Dilip Parmar, Research Analyst, HDFC Securities. Football News Carlos Alcaraz, 19, becomes  youngest world No.  1 in men's ATP rankings history  after US Open title The dollar bided well after the market started pricing a full percentage point hike at next week's Federal Open Market Committee (FOM...