Category: Business

McDonald’s is working on a spinoff restaurant. It’s called CosMc’s. 

CEO Chris Kempczinski told analysts on an earnings call Thursday that the small-format concept restaurant will have “all the DNA of McDonald’s but its own unique personality.” 

The name of the new restaurant stems from a six-armed alien character that appeared in the company’s advertisements from the 1980s. 

The fast food giant will debut the new concept in a “small handful of sites in a limited geography beginning early next year,” a McDonald’s spokesperson told FOX Business. 

MCDONALD’S GETS SALES BOOST FROM GRIMACE, HIGHER MENU PRICES

Kempczinski didn’t elaborate on the company’s plans. However, McDonald’s will have more information about development plans and new format innovations at its investor day in December. 

The company appears to be riding off of the strong momentum it’s seeing in the U.S. where consumers have remained largely resilient. 

MCDONALD’S NEW COOKIES AND CRÈME PIE APPEARS TO BE TASTE-TESTED BY TIKTOK USERS BEFORE ACTUAL ‘LAUNCH DATE’

Kempczinski said the company is gaining a share of higher-income customers who are trading down from sit-down restaurants. Customers with incomes of $45,000 or lower are spending less on each order but are coming in more often, he said.

“There is certainly concern with the US consumer that shows up in their sentiment but our business and our value positioning in the market has put us into a good position to be able to weather that and continue to drive the share gains that you’re seeing,” Kempczinski said.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Same-store sales in the U.S. more than doubled, rising 10.3% in the quarter compared with a 3.7% rise a year earlier.

The Associated Press contributed to this report. 

Read More 

Instead of laying off hundreds of rank-and-file employees, a former Anheuser-Busch executive argued the brewer would’ve been smarter to let go of just one person.

“My feeling is they would’ve been set up for more success if they actually laid off one person, which is their CEO,” Anson Frericks, Anheuser-Busch’s previous president of operations, said on “Varney & Co.” Friday.

“They said they’re trying to set this business up for future long-term success, but there’s no future at this company with the current CEO in place,” he added. “The CEO is accountable for the results of the organization, and the results of the last four months have been terrible.”

After a controversial partnership with transgender influencer Dylan Mulvaney resulted in months of Bud Light’s slumping sales, Anheuser-Busch InBev announced that it laid off hundreds of workers.

ANHEUSER-BUSCH RESPONDS AFTER DYLAN MULVANEY LASHES OUT OVER BEER CAN CONTROVERSY

Brendan Whitworth, CEO of Anheuser-Busch, the world’s largest brewer, on Wednesday, said the company did not make the decision to cut staff “lightly” but was prioritizing its “future long-term success,” The Wall Street Journal reported.

“You still have sales down 30% on their top brands. Billions of dollars of shareholder value have been raised, and it’s all due to the decisions made by the top leaders of the company,” Frericks criticized.

Anheuser-Busch’s current CEO clarified the layoffs included corporate and marketing roles at U.S. offices in St. Louis, New York and Los Angeles. It did not impact brewery and warehouse staff, the company also said.

Frericks expanded on why the job cuts should have started “at the top” of the company.

“Every single CEO, they have a fiduciary obligation to their shareholders, not to these stakeholders in the organization that are pushing different agendas, activist agendas, political agendas,” the former exec explained. “If you’re the CEO of a company, you’re the one who’s accountable for the results at the end of the day.”

When he settled into the company after joining in 2011, Frericks claimed he started seeing the shift away from fiscal priorities to political ones.

“By the time I left the organization, we started releasing two annual reports: one was for shareholders, which talked about what the company was doing, its financials; but there was a second, 105-page ESG report that the company was releasing that was talking about DEI, talking about ESG, talking to these progressive things that frankly did not deliver to the bottom line,” he pointed out.

Frericks expressed he remains “shocked” that Anheuser-Busch hasn’t properly addressed or fixed the slump in sales, and warned of “more pain” to come.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

“They have their shareholder call next week where they’re going to have to be accountable to shareholders. I think they’re going to be a lot of tough questions where you’re going to have folks asking what the plan is to turn things around.”

Anheuser-Busch did not immediately respond to Fox News Digital’s request for comment.

READ MORE FROM FOX BUSINESS

FOX Business’ Lawrence Richard contributed to this report.

Read More 

The Variety story that was published on Tuesday by executive editor Tatiana Siegel was met with fierce denials from Zucker's camp. Read More 

Last month’s sharp slowdown in year-over-year inflation largely reflected falling gas prices, as well as milder increases in grocery costs. Read More 

As Republican calls grow to pursue impeachment against President Biden, one member of the House Oversight and Accountability Committee is detailing just how deep the Biden family’s pockets go.

“Based on the evidence I’ve seen so far, I think the number is going to be north of $50 million that we’re talking about here,” Rep. Nancy Mace, R-S.C., said on “Mornings with Maria” Friday.

“This will go down as one of the most politically corrupt presidents and families in U.S. history,” she added. “And we’ve got to show and prove it to the American people. We’ve got to show them everything that we have.”

Other committee members have signaled that up to $100 million flowed through the then-second family, as Hunter Biden and his foreign business dealings are currently at the center of a criminal probe.

LARRY KUDLOW: HUNTER BIDEN’S SWEETHEART DEAL BLEW UP

In recent hearings, House Oversight has brought forth bank records, tax records, text messages and emails implicating President Biden in his son’s suspicious, overseas business transactions. Whistleblowers from the Internal Revenue Service (IRS) also recently testified that federal prosecutors stonewalled the investigation into the Bidens’ business dealings.

Additionally, a plea deal for Hunter Biden around federal tax crimes fell apart in court this week, which Rep. Mace pointed out could mean more serious charges are coming.

“It’s enormous,” Mace said of the Biden family’s profits. “It’s mind-boggling that the DOJ, the FBI, the IRS has sat on their hands and done absolutely nothing when they’ve seen that kind of money flowing through dozens and dozens of shell companies.”

“The bribes, the payoffs, the money laundering, the racketeering, everything that’s been going on, and no one in that family has been held accountable. And it’s wrong,” she continued to criticize.

She emphasized that the president “should be getting nervous right now” as evidence starts “adding up.”

“Thank goodness for the judge earlier this week that saw the plea deal for what it was. [Hunter] should not have had a sweetheart plea deal in the middle of an investigation,” Mace said. “Everything that Joe Biden has said about Hunter Biden and these business deals, it has turned out to be an absolute lie.”

House Speaker Kevin McCarthy, R-Calif., Reps. Tim Burchett, R-Tenn., and Elise Stefanik, R-N.Y., have all teased the idea of bringing forth an impeachment inquiry against President Biden.

Rep. Mace couldn’t clarify when an impeachment effort would happen, but argued it would give Congress more leverage for future evidence.

“We’ve got to use every tool in our toolbox because the American people don’t trust Congress. And we have to show every single piece of evidence so that they can trust the evidence,” she noted, “they can trust the truth when we deliver it to them with all the evidence that is becoming overwhelming.” 

“I don’t know how Joe Biden runs for president after all of this and what’s coming out.”

GET FOX BUSINESS ON THE GO BY CLICKING HERE

On Monday, Hunter Biden’s former business partner Devon Archer is set to stand in front of House Oversight lawmakers for a transcribed interview.

The White House press office did not immediately return Fox News Digital’s request for comment.

READ MORE FROM FOX BUSINESS

Read More 

Prices at the pump in the US hit an eight-month high this week -- boosted by the increased cost of crude oil as producers slash...

In viral clip, a local bartender is seen removing the Bud Light handle from the beer tap and replacing it with Miller Lite. Read More 

The average 30-year fixed-rate mortgage rate increased to 6.81% for the week ending July 27, 2023, up from 6.78% last week, according to the latest data by Freddie Mac. At the same time, the average 15-year fixed-rate mortgage jumped to 6.11%, up from 6.06% last week. 

The data followed the Federal Reserve’s anticipated interest rate increase. But despite a tense interest rate environment, consumers have been confident about spending capabilities, according to Freddie Mac. 

“Mortgage rates inched up slightly after a significant decline last week,” Freddie Mac Chief Economist Sam Khater said in a statement. “Higher interest rates continue to dampen activity in interest rate-sensitive sectors, such as housing. However, overall U.S. consumer confidence is unwavering, surging to a two-year high in the Conference Board’s Consumer Confidence Index for July 2023. Rising consumer confidence often leads to greater spending, which could drive more consumers into the housing market.”

Still, housing affordability and scarce availability have presented challenges to homebuyers in 2023.

At this time last year, the average rate for a 30-year fixed rate mortgage stood at 5.30%. 

If you’re interested in becoming a homeowner, you could still find the best mortgage rates by shopping around. Visit Credible to compare options from different lenders, without affecting your credit score.

ANNUAL MEDIAN HOME PRICES DECLINE FOR FIRST TIME IN YEARS: REPORT

Despite overall higher mortgage rates, annual home price growth slowed for the 12th straight month in May, according to the latest data by CoreLogic. Home prices increased by 1.4% year-over-year in May.

“After peaking in the spring of 2022, annual home price deceleration continued in May,” CoreLogic Chief Economist Selma Hepp said in a statement. “Despite slowing year-over-year price growth, the recent momentum in monthly price gains continues in the face of recent mortgage rates increases.”

“Nevertheless, following a cumulative increase of almost 4% in home prices between February and April of 2023, elevated mortgage rates and high home prices are putting pressure on potential buyers,” Hepp continued. “These dynamics are cooling recent month-over-month home price growth, which began to taper and is returning to the pre-pandemic average, with a 0.9% increase from April to May.”

However, annual home price shifts in May varied significantly across different locations, according to CoreLogic. These are the areas that experienced drops in home prices.

On the other hand, Miami posted the highest annual home price increase of 11.8% in May out of the 20 metro areas tracked by CoreLogic. Miami was followed by Atlanta and Charlotte, North Carolina, which each posted the next-highest gains at 4.4%.

If you’re considering jumping into the housing market, it could benefit you to shop around for the best rates. Visit Credible to speak with a mortgage expert and get your questions answered. 

HOME PRICE GROWTH DIPS TO LOWEST LEVELS SINCE 2012: CORELOGIC

To cool inflation down to its 2% target range, the Fed increased interest rates again in July. That brought the federal funds rate to a targeted range of 5.25% to 5.5%, its highest level in more than two decades. 

The move also marked the 11th time the central bank increased rates since last year. Despite some positive economic indicators, it’s unclear whether the Fed would loosen its grip on monetary policy. 

“The Fed’s actions over the past year have had a similar cooling effect on inflation, with both the CPI and the PCE Price Index gliding down from around 9% to 3% territory,” George Ratiu, Keeping Current Matters’ chief economist, said in a statement. “As FOMC members see the 2% target within sight—especially without significant damage to the economy up to this point—they clearly want to make another push to reach the milestone.”

Additional increases to the federal funds rate could affect interest rates on mortgages. 

If you’re concerned about rising interest rates, you could find the best mortgage rates by shopping around and weighing your options. Visit Credible to get your personalized rate in minutes.

HIGH INTEREST RATES TAKE A TOLL ON AMERICA’S FINANCES: ALLIANZ

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.

Read More 

McDonald's announced during its second-quarter earnings call that the fast-food chain will debut a spinoff brand in 2024 that'll be an ode to CosMc, the...

In an exclusive interview on “Mornings with Maria” Thursday, Bank of America Chairman and CEO Brian Moynihan revealed what he considers to be one of the biggest threats to the U.S. economy.

“One of the great risks for the American economy is: will the Chinese-American relationship be constructive or will it go in a different direction?” Moynihan told host Maria Bartiromo. “And that’s something we look at all the time.”

“Chinese banks are big. It’s a big economy, it’s a growing economy,” the CEO continued. “They’re owned by the government. They’re already big. They’re already competing against us around the world.”

Moynihan’s comments come as the People’s Republic of China recently rolled out the red carpet in recent months for many top American business leaders, including Elon Musk, JPMorgan’s Jamie Dimon, Apple CEO Tim Cook, Intel CEO Pat Gelsinger, Starbucks CEO Laxman Narasimhan, and Starbucks founder and chairman emeritus Howard Schultz.

U.S. FARMER WARNS ‘CHINA IS QUIETLY TAKING OVER’ FOOD SECURITY

Policy experts have argued that the CEO visits fit a narrative in China’s favor, showing solidarity as other American businesses and politicians push for financial decoupling from China.

Bank of America’s head reiterated China’s economic competitiveness, noting that’s why “the level-playing-field question becomes important.”

“We have a great company. We’ll beat anybody. We have talent, people are terrific, they’re going to win,” Moynihan said. “But at the end of day, it’s better for this country if the rules are more consistent because, end of the day, the talent and ingenuity and capabilities of our companies, with our banks helping them, can win in the world.”

The chairman and CEO indicated the top bank would be prepared for further U.S. banking regulations or tariffs on China.

“We had a little bit of a dress rehearsal on what happened with Russia, Ukraine and how we had to change with sanctions changing. So we’re always worried about that,” Moynihan explained.

Regarding the state of the American economy – and recent Federal Reserve rate decision – Moynihan hinted at a “very lucky” outcome for inflation and a potential recession.

“That recession prediction keeps moving out, which means the power of the consumer, the power of the American economy, good businesses doing good things,” the CEO said, “that’s keeping the economy going.”

GET FOX BUSINESS ON THE GO BY CLICKING HERE

But what may tip the U.S. into a recession, Moynihan cautioned, is a shift in the labor market.

“When people are working, they can spend money, they can pay their debt, etcetera, and that’s what’s going on now,” he pointed out. “We’ve got to be careful because we’re going to see the change come in, and this is where the slowdown in the economy, in our view, is. It’s a slight recession, but we know it will slow down.”

READ MORE FROM FOX BUSINESS

FOX Business staff contributed to this report.

Read More