Business Official TheFoxPosts.com

Activist investor Nelson Peltz is fighting for a seat on the board of Walt Disney Co., claiming that the theme park and media company is struggling with self-inflicted problems Activist investor Nelson Peltz is fighting for a seat on the board of Walt Disney Co., claiming that the company is struggling with self-inflicted problems. Peltz's attempt to join Disney's board comes just months after the company brought back longtime CEO Bob Iger to lead Disney again. Disney urged shareholders to vote against Peltz and named current board member Mark Parker as its chairman. Parker, who also serves as executive chairman at Nike Inc., succeeds Susan Arnold, who won’t stand for re-election due to Disney’s 15-year term limit requirements. With the departure of Arnold, Disney's board will shrink to 11 directors. Peltz said that he should be elected to Disney's board because of his prior experience turning around companies to improve performance and increase long-term sharehol...

The Republican-controlled House has voted to block oil from the country’s emergency stockpile from going to China WASHINGTON -- The Republican-controlled House on Thursday voted to block oil from the country's emergency stockpile from going to China. The bill, one of the first introduced by the new GOP majority, would prohibit the Energy Department from selling oil from the Strategic Petroleum Reserve to companies owned or influenced by the Chinese Communist Party. It passed easily, 331-97, with 113 Democrats joining unanimous Republicans in support. Rep. Cathy McMorris, R-Wash., the new head of the House Energy and Commerce Committee, said the bill would help end what she called President Joe Biden's "abuse of our strategic reserves .” Biden withdrew 180 million barrels from the strategic reserve last year in a bid to halt rising gasoline prices amid production cuts by OPEC and a ban on Russian oil imports following Moscow's invasion of Ukraine. The monthslong sale...

The U.S. agency in charge of jumpstarting the production of key components for the nation's nuclear arsenal is falling short when it comes to having a comprehensive schedule for the multibillion-dollar project ALBUQUERQUE, N.M. -- The U.S. agency in charge of jumpstarting the production of key components for the nation’s nuclear arsenal is falling short when it comes to having a comprehensive schedule for the multibillion-dollar project. The Government Accountability Office said in a report released Thursday that plans by the National Nuclear Security Administration for reestablishing plutonium pit production do not follow best practices and run the risk of delays and cost overruns. The federal government has not manufactured plutonium cores regularly in more than 30 years and faces a congressionally mandated deadline of turning out at least 80 per year by 2030. The GAO describes the modernization effort as the agency’s largest investment in weapons production infrastructure to dat...

The United Arab Emirates has named a veteran technocrat who both leads Abu Dhabi’s state-run oil company and oversees its renewable energy efforts to be the president of the upcoming United Nations climate negotiations in Dubai DUBAI, United Arab Emirates -- The United Arab Emirates on Thursday named the CEO of a state-run oil company who also oversees renewable energy projects to be the president of the upcoming United Nations climate negotiations in Dubai, drawing criticism from activists and highlighting the balancing act ahead for this crude-producing nation. Authorities nominated Sultan al-Jaber, a trusted confidant of UAE leader Sheikh Mohammed bin Zayed Al Nahyan, who leads the Abu Dhabi National Oil Co. That firm pumps some 4 million barrels of crude a day and hopes to expand to 5 million daily. Those revenues fuel the ambitions of this federation of seven sheikhdoms on the Arabian Peninsula — as well as the production of more of the heat-trapping carbon dioxide that the U.N. n...

Poland’s lawmakers have voted to approve a new law on judicial accountability that the government hopes will meet European Union expectations and help unfreeze billions of euros in pandemic recovery funds for the country WARSAW, Poland -- Poland’s legislators voted Friday to approve a new law on judicial accountability that the government hopes will meet European Union expectations and help unfreeze billions of euros in pandemic recovery funds for the country. Brussels suspended the aid for Poland, saying the government's policies of exerting control over the judiciary are in violation of democratic principles. The EU has called for essential changes to be made before Poland can be granted access to the money. The right-wing coalition government says that the provisions of the new law have been agreed on with Brussels and should lead to the release of more than 35 billion euros ($37 billion) of EU grants and loans. Some previous changes made by Poland didn't go far enough for...

The Securities and Exchange Commission went after two prominent companies in the crypto community on Thursday NEW YORK -- The Securities and Exchange Commission went after two prominent companies in the crypto community, alleging that Genesis Global Capital and the crypto exchange Gemini were selling unregistered securities through a popular program that was supposed to give high interest payments on crypto deposits. The SEC's lawsuit on Thursday against Gemini, which is run by Tyler and Cameron Winklevoss who are sometimes better known for being the disputed creators of Facebook, and Genesis is part of a broader cryptocurrency crackdown by multiple U.S. government agencies after crypto prices fell sharply last year, exposing mostly retail investors to billions of dollars in losses. Tyler Winklevoss called the suit a “parking ticket” and vowed to defend the company. The lawsuit involves a program known as Gemini Earn, which allowed individuals to deposit their cryptocurrencies i...

Bank of America says its fourth-quarter profits rose slightly from a year ago, as higher credit costs and potentially bad loans more than offset a sharp rise in interest revenue NEW YORK -- Bank of America's fourth-quarter profits rose slightly from a year ago, as higher credit costs and potentially bad loans more than offset the bank's sharp rise in interest revenue. The Charlotte, North Carolina-based bank said Friday that it earned a profit of $7.13 billion, or 85 cents a share in the three months ended Dec. 31, compared to a profit of $7.01 billion, or 82 cents a share, in the same period a year earlier. The results were better than analysts' forecast of a profit of roughly 77 cents per share, according to FactSet. Like its major com Pet itors, Bank of America saw a sharp rise in interest income, helped by the Federal Reserve aggressively raising interest rates last year to stop inflation. BofA's interest revenue was roughly $3 billion higher than it was in 2...

Michigan Democratic Gov. Gretchen Whitmer will travel to Europe next week for a five-day trip LANSING, Mich. -- Michigan Gov. Gretchen Whitmer will travel to Europe next week for a five-day trip to promote the state's recent economic developments and with hopes of attracting new businesses in the automotive and clean energy industries. The Democratic governor will Travel to Norway first before heading to Switzerland to speak at the World Economic Forum's annual meeting in Davos next week to speak on a panel to discuss “The Return of Manufacturing." She will be a part of a bipartisan group of governors in Davos that includes Georgia Gov. Brian Kemp and Illinois Gov. J.B. Pritzker. “We are taking this opportunity to tell Michigan’s story around the world with leaders and decisionmakers in other countries," Whitmer said in a press release Wednesday. “We’re building something in Michigan that everyone should want to be a part of.” The trip, which will be Whitmer’s first...

California poultry producer Foster Farms said Friday its grain inventories have been restored after the federal government ordered Union Pacific Railroad to step up its shipments California poultry producer Foster Farms said Friday its grain inventories have been restored after the federal government ordered Union Pacific Railroad to step up its shipments. On Dec. 30, the U.S. Surface Transportation Board, an independent federal agency that oversees railroad rates, service and other economic issues, told Union Pacific to make all efforts to meet scheduled grain deliveries to the privately owned, Modesto-based company. Foster Farms had warned regulators that millions of birds could die without the grain deliveries . The company said thousands of cattle also were dependent on the feed that Foster Farms sells. But on Friday, Foster Farms said six Union Pacific trains had completed their deliveries and additional trains are scheduled. Bird Health is no longer at risk, the company said. ...

A Ukrainian official says the death toll from the weekend Russian missile strike on the apartment building in the southeastern Ukrainian city of Dnipro has risen to 35 KYIV, Ukraine -- The death toll from the weekend Russian missile strike on the apartment building in the southeastern Ukrainian city of Dnipro has risen to 35, an official said Monday. Rescuers continued searching through the rubble for more victims, regional Gov. Valentyn Reznichenko said. At least 75 people were wounded and 35 others were still missing after Saturday's strike . About 1,700 people lived in the multi-story building , with residents saying there were no Military facilities at the site. The reported death toll made it the deadliest attack in one place since a Sept. 30 strike in Ukraine’s Zaporizhzhia region, according to The Associated Press-Frontline War Crimes Watch project. The strike on the building on Saturday came amid a major barrage of Russian cruise missiles across Ukraine. Russia’s renewed ...

Treasury Secretary Janet Yellen is set to meet with her Chinese counterpart in Switzerland on Wednesday WASHINGTON -- Treasury Secretary Janet Yellen will meet with her Chinese counterpart, Vice Premier Liu He, in Switzerland on Wednesday to discuss economic developments between the two nations. The Zurich talks will be a follow-up to the November meeting between President Joe Biden and China's Xi Jinping on the sidelines of the Group of 20 summit in Bali, Indonesia. The two world leaders agreed to empower key senior officials to maintain communication. Strains between the world’s two leading economies have been growing despite their trade ties. The Biden administration has blocked the sale of advanced computer chips to China and is considering a ban on investment in some Chinese tech companies, possibly undermining a key economic goal that Xi set for his country. Statements by the Democratic president that the U.S. will defend Taiwan against a Chinese invasion have increased tensi...

Fidelity Investments will commit $250 million to a new education initiative to support up to 50,000 underserved minority students with scholarships and mentorship programs in the next five years Fidelity Investments will commit $250 million to a new education initiative to support up to 50,000 underserved minority students with scholarships and mentorship programs in the next five years. The Invest in My Education program, announced Tuesday, plans to increase graduation rates and students’ ability to complete their education debt free. Pamela Everhart, Fidelity’s head of Regional Public Affairs and Community Relations, said the program is part of the firm’s plans to direct more resources to some minority communities. “It’s a strategic focus to mitigate some of the systemic and complex barriers that historically underserved students face,” Everhart said. “We believe that all students, regardless of their backgrounds, should have an opportunity to access higher education and economic mob...

Nobel Peace Prize winner Maria Ressa and her news company have been cleared of tax evasion charges she said were among legal cases used by former Philippine President Rodrigo Duterte to try to muzzle critical reporting MANILA, Philippines -- Nobel Peace Prize winner Maria Ressa and her online news company were cleared Wednesday of tax evasion charges she said were among a slew of legal cases used by former Philippine President Rodrigo Duterte to try to muzzle critical reporting. The Court of Tax Appeals ruled that prosecutors failed to prove beyond reasonable doubt that Ressa and Rappler Holdings Corp. evaded tax payments in four instances after raising capital through partnerships with two foreign investors. “The acquittal of the accused is based on the findings of the court ... that respondents did not commit the crime charge,” the court said in its decision. Rappler welcomed the ruling as a “triumph of facts over Politics .” “We thank the court for this just decision and for reco...

U.K. inflation eased for a second month in December, boosting confidence that the cost-of-living crisis has peaked LONDON -- U.K. inflation eased for a second month in December, boosting confidence that the cost-of-living crisis has peaked. Consumer prices rose 10.5% in the year through December, down from 10.7% the previous month, the Office for National Statistics said Wednesday. Inflation peaked at a 41-year high of 11.1% in October. While the drop is welcome, inflation is still running at levels last seen in the early 1980s. U.K. prices are also rising faster than in other major industrialized nations. Inflation slowed to 6.5% last month in the U.S. and 9.2% in the 20 countries that use the euro. Inflation soared after Russia’s invasion of Ukraine fueled sharp increases in food and energy prices, eroding savings and living standards. That has triggered a wave of strikes across Britain as nurses, train drivers, border guards and teachers demand pay increases and the government tri...

Edmunds Top Rated Awards are bestowed annually upon the best vehicles of the year Every year Edmunds’ experts put their heads together to determine the best new vehicles on sale. Spread across six categories, the annual Edmunds Top Rated Awards are given to the cars, trucks and SUVs that rank at the top of their class according to Edmunds’ vehicle testing program. That means each winner has been tested at the Edmunds test track and thoroughly evaluated over many miles of real-world use. Edmunds came up with six winners for best car, SUV, truck and the electric versions of each. Some vehicles are repeat winners while others are new champions. We’ve listed the vehicles below, sorted by vehicle type. All prices include destination charges. TOP RATED CAR: 2023 HONDA CIVIC Starting manufacturer’s suggested retail price: $26,145 Edmunds says: The Honda Civic has won Edmunds Top Rated twice in a row and for two good reasons. First, there’s the optional turbocharged engine. It gives you more p...

The layoffs at Microsoft will affect nearly 5% of the company's global workforce. Microsoft said it will lay off 10,000 employees this year, the latest tech firm to slash jobs as the sector contracts after a pandemic-era boom. The layoffs will affect nearly 5% of Microsoft's global workforce, the company said. "As we saw customers accelerate their digital spend during the pandemic, we’re now seeing them optimize their digital spend to do more with less," Microsoft CEO Satya Nadella said in a memo to employees on Wednesday. "We’re also seeing organizations in every industry and geography exercise caution as some parts of the world are in a recession and other parts are anticipating one," he added. The company said the job cuts, changes to its hardware portfolio and consolidation of its real estate holdings would result in a $1.2 billion charge. A tech industry downturn – marked by a 33% drop in the Nasdaq last year – has brought job cuts across the sector, ...