Category: Business

Boeing took a massive financial hit stemming from the planned crew launch of its Starliner spacecraft this month. 

The Starliner program incurred a $257 million loss during the second quarter “primarily due to the impacts of the previously announced launch delay,” Boeing reported Wednesday. 

It pushes Boeing’s total charges for the program to about $1.4 billion, Boeing confirmed with FOX Business on Thursday.

BOEING STARLINER DOCKS WITH INTERNATIONAL SPACE STATION FOR FIRST TIME

Boeing will work to launch the Starliner capsule, with astronauts, to and from the International Space Station (ISS) for the first time. 

The capsule was scheduled to have a test flight in July with two astronauts. However, the test flight, already behind schedule, was halted yet again when final reviews uncovered issues with the parachute lines and other problems that were present on last year’s test flight with no one on board. Officials said the issues should have been caught years ago.

During the second quarter, Boeing’s Defense, Space, & Security division suffered a $527 million loss in part because of the issues with the Starliner. 

Boeing further noted that its Defense, Space & Security second-quarter operating margin was “primarily driven by losses on certain fixed-price development programs, as well as continued operational impacts of labor instability and supply chain disruption on other programs.”

Boeing said it is working with NASA to determine a new launch date.

BOEING’S STARLINER RETURNS FROM SPACE STATION

Boeing Program Manager Mark Nappi previously said the test flight could happen by year’s end, although he doesn’t “want to commit to any dates or time frames” until the problems get fixed.

NASA hired Boeing and SpaceX to transport astronauts to and from the space station, though NASA Commercial Crew Program Manager Steve Stich pleaded for another provider for crew transportation.

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SpaceX has now completed 10 crew flights, three of them private. Boeing had to repeat its 2019 test flight without a crew because of software and other issues.

Following a successful test flight with astronauts, NASA previously said it “will begin the final process of certifying the Starliner spacecraft and systems for regular crew rotation flights to the space station.”

The goal is to have one SpaceX and one Boeing taxi flight to the station each year.

The Associated Press contributed to this report.

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McDonald’s said Thursday that revenue growth is expected to moderate in the second half of the year as signs of easing inflation prompt the burger giant to temper menu prices.

McDonald’s exceeded Wall Street expectations Thursday and said its global comparable sales added 11.7% in the second quarter, beating analysts’ average estimate of an 8.88% increase, according to Refinitiv data.

Excluding items, McDonald’s earned $3.17 per share, topping estimates of $2.79.

ANOTHER MICHIGAN MOM FINDS BOX CUTTER IN MCDONALD’S HAPPY MEAL

“As we head into the back half of the year, and as inflation begins to come down, I would certainly expect our pricing levels to also start to come down,” CFO Ian Borden said on a post-earnings call.

With more than 13,000 locations around the U.S., McDonald’s also used promotional deals like the Grimace Birthday Meal – a popular limited-time launch that featured purple milkshakes created in honor of the Grimace character in ads – to draw more customers.

“This quarter, the theme is, well, if I’m being honest, the theme was Grimace,” McDonald’s CEO Chris Kempczinski said during the earnings call.

MCDONALD’S FRANCHISE IN LOUISIANA, TEXAS FINED FOR HIRING MINORS TO WORK ILLEGALLY

Placer.ai data showed traffic at U.S. locations climbed 8.4% during the second quarter while overall traffic at fast-food and quick-service chains climbed just 1.2% in the same period.

 McDonald’s shares are up around 13% since Jan. 1.

FLORIDA FAMILY AWARDED $800K AFTER MCDONALD’S CHICKEN MCNUGGET BURNED 4-YEAR-OLD GIRL

Also in the second quarter, comparable sales in the U.S. rose 10.3% while those in its internationally operated markets added 11.9%.

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

“Our second-quarter results reflect consistently strong execution of our Accelerating the Arches strategy, with global comparable sales growth of 11.7% and double-digit comparable sales growth across each of our segments,” Kempczinski said in a statement. “The McDonald’s brand has never been stronger and I remain inspired by the ability of the McDonald’s System to create cultural conversations and develop industry-leading innovations. While global macroeconomic challenges persist, we continue to invest in our growth drivers and our brand to meet the customer needs of tomorrow.”

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Reuters contributed to this report.

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As you know, Hunter Biden’s sweetheart deal blew up in a Wilmington, Delaware court yesterday, thanks to the good offices of Judge Maryellen Noreika. Judge Noreika, who in the past made political contributions to both Republicans and Democrats, was in fact a Donald Trump nominee, but her nomination was signed off on by both Democrat Delaware Joe Biden cronies Chris Coons and Tom Carper. She had bipartisan support. That’s my point.

When Judge Noreika asked the prosecutors and defendants what the constitutional reasoning was behind this sweetheart deal, neither side could answer. So, in that moment, the Hunter Biden honeymoon – at least temporarily – was ended.

Now, you folks probably know all this, but for those of you fortunate enough to watch last night’s show, I want to play back what distinguished Arkansas Senator Tom Cotton said because he nailed it. All about the immunity provision killing the deal. Listen and smile:

STUART VARNEY: HUNTER’S ‘PERVERSION OF JUSTICE’ IS A STAIN ON BIDEN’S PRESIDENCY 

TOM COTTON: “The plea agreement between the Biden Department of Justice and Hunter Biden last month purported to give him total immunity for all past crimes and misdeeds and that’s what blew up in that plea deal today. It wasn’t the judge rejecting it, it’s that the US attorney sheepishly admitted that they couldn’t guarantee it and Hunter Biden’s lawyers, who obviously knew that that’s what they were pursuing, refused to go forward with the plea deal unless it gave him blanket immunity for all crimes. So, let’s be clear. There’s no confusion here between these two sides and when Biden Department of Justice and Hunter Biden’s criminal defense attorneys sit down, those aren’t adversaries negotiating. Those are coconspirators strategizing. Now, what the Department of Justice should do is what they should have done all along – allow their investigators to pursue the facts wherever they lead and charge Hunter Biden with the crimes he has committed and take it to a jury trial.”

I couldn’t have said it better myself and, frankly, no legal commentator has said it better than that. Senator Cotton nailed it. He is not even a lawyer. Now, what happens next when all these lawyers reconvene in thirty days is anybody’s guess, but I only wish to point out that had this so-called global immunity deal ever gone through, it would’ve ruled out any prosecution of Hunter Biden’s influence peddling, pay-to-play transactions with various evildoers in places as far-flung as China, Ukraine, Romania, Russia, Kazakhstan, or lord knows where.

If the global immunity deal had gone through, it would’ve ruled out any investigation of Joe Biden’s shakedown and extortion of the Burisma CEO. I know these are all allegations, but the walls are closing in as the evidence mounts. So, the Bidens – father and son – and their cronies could’ve all been granted immunity were it not for the fact that one smart judge smelled a rat and put an end to it.

Thank heavens there are some honest judges left in the world. Of course, this story is not over yet, and we’ll see in a month’s time what the next episode brings. Now, two more things. Former President Donald Trump’s attorneys met today with Special Counsel Jack Smith’s DOJ team, but the former president claims it’s “fake news” that his team was informed of an imminent indictment.

We shall see. Why do I think Jack Smith is no Maryellen Noreika?

Finally, at one of his made-up climate-change end-of-the-world heatwave events today, President Joe Biden was asked if he would pardon his son Hunter. Didn’t say “yes,” didn’t say “no” — just didn’t say. Take a listen:

MARK MEREDITH QUESTIONS BIDEN: “Mr. President, are you considering pardoning your son?”

[NO ANSWER]

Silence. However, Mr. Biden’s press secretary Karine Jean-Pierre was asked the same question, by the very same reporter: “Would Joe Biden pardon his son, Hunter?” And she promptly answered, “No. ” Take a listen:

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MARK MEREDITH: “Is there any possibility that the president would end up pardoning his son?”

KJP: “No.”

MEREDITH: “Well is there –”

KJP: “I just said no. I just answered.” 

She may rue the day. Just saying.

This article is adapted from Larry Kudlow’s opening commentary on the July 27, 2023, edition of “Kudlow.” 

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Concerns about the potential impact of artificial intelligence (AI) on the entertainment industry have played a significant role in the ongoing Hollywood strike by actors and writers. That hasn’t stopped companies with studios from staffing up with AI specialists.

While the strike by actors and writers reflects a broader set of concerns beyond the impact of AI on the entertainment industry, including pay and benefits, the threat posed by the emerging and increasingly sophisticated technology has raised alarm. 

Actors have expressed fears about AI being used to replicate an actor’s image and likeness without the actor’s consent, while writers have pushed for limits on the use of AI to write or rewrite scripts.

At a rally in Times Square hosted by SAG-AFTRA this week, actor Bryan Cranston delivered remarks aimed at Disney CEO Bob Iger.

NETFLIX IN SWEET SPOT DESPITE HOLLYWOOD STRIKE

“We will not be having our jobs taken away and given to robots. … We will not have you take away our right to work and earn a decent living,” Cranston said. “And, lastly and most importantly, we will not allow you to take away our dignity.”

Despite concerns raised by the actors and writers on strike, the seemingly inexorable rise of AI and the need to stay on the cutting edge of emerging technology has resulted in entertainment studios continuing to seek out AI specialists against the backdrop of labor unrest. Several studios have active listings for AI and machine learning roles that have garnered attention amid the strike.

WHAT IS ARTIFICIAL INTELLIGENCE (AI)?

Netflix has several job postings related to AI and machine learning on its website, including a product manager role first noticed by The Intercept that lists a pay range of $300,000 to $900,000 annually. 

The listing states that the product manager would “define the strategic vision” for Netflix’s machine learning platform and work to “increase the leverage” of that platform across the company.

One notable AI and machine learning listing from Disney’s careers website is for a senior vice president role related to postproduction and innovation for Disney Branded Television, which produces content for children and families. 

The posting for the role, which offers a salary between $270,500 to $371,900, seeks applicants who can “champion the constant evolution of our tools and processes across all aspects of the development pipelines. Be on the leading edge of technology developments, like Artificial Intelligence, and work to deliver solutions to improve processes like speed-to-market, content quality, efficiency and cost.”

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A job posting at Sony spotted by The Hollywood Reporter seeks a senior research scientist and manager who specializes in AI ethics, specifically how they relate to fairness, transparency and accountability.

The role, which lists a salary range of $170,000 to $210,000, would help manage a multinational team of research scientists based in the U.S., Japan and Switzerland that executes “ambitious AI projects.” The AI ethics manager would also “provide advice and consultation for business units on AI ethics, managing cross-functional stakeholder relationships.”

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Manufacturers are warning of an increasing demand for workers with specialized skills. According to a survey done by the National Association of Manufacturers, employers say their top challenge is attracting and retaining a quality workforce.

“You can’t meet demand if you don’t have enough people to make the products. We want to outcompete the rest of the world. We want America to be the number one manufacturer in the world,” National Association of Manufacturers President and CEO Jay Timmons said. “We’ve got to make sure folks understand what exciting careers are available in manufacturing.”

There are more than 600,000 openings for manufacturing jobs in the U.S., according to May Labor Department data.

“That number is going to rise to about 2.1 million vacancies or open jobs by the year 2030 if we don’t take a different path,” Timmons warned.

CHIPMAKERS PUSH BACK ON U.S. RESTRICTIONS ON SEMICONDUCTOR EXPORTS TO CHINA

Around 1.7 million employees were laid off, quit or left manufacturing jobs in March and April 2020, when the COVID-19 pandemic first took hold. Many of those workers were eventually hired back along with additional people to fill those roles. The number of those working in the manufacturing sector has since surpassed pre-pandemic levels, with around 200,000 additional workers now employed than in January 2020.

“We pay more than any other sector of the economy. The average salary is six digits,” Timmons said. “If you want to be able to provide for your family in the long term, manufacturing is certainly a key way of life.”

Despite the increase in workers, job openings have surged. In January 2020, there were 412,000 available manufacturing jobs. In April 2022, there were over a million. Timmons said workers are needed in every area of the manufacturing sector.

BIDEN MEETS WITH AUTO WORKERS’ UNION PRESIDENT AS CONTRACT NEGOTIATIONS START

“We have an aging workforce right now and so many of the skills that workers need are centered around technology, kind of the manufacturing of the future, digitization of manufacturing,” Timmons said. “Young people today, frankly, they get it. They understand almost instantaneously what is necessary and needed in a manufacturing career.”

President Biden signed the $1 trillion infrastructure bill into law in 2021. As many of those projects get started, manufacturers have said even more workers will be needed.

“You think about infrastructure investment, the Chips in Science Act, which was absolutely critical to our industry, some of the policy priorities of the IRA, those things are all good news for manufacturers,” Timmons explained. “If you add all that together, you need more people.”

Timmons said one solution could be to find additional workers abroad.

“Why don’t we look at immigration policy in an economic sense and say, what can we do to bring people here, perhaps temporarily or perhaps specifically for an industry where we can’t find folks for?” he added. “If we can’t find people, that’s when you’re going to start to see the artificial intelligence or other types of technology being employed to make up for the fact that we can’t find the people.”

High schools in the U.S. have been investing in programs to get young people interested in trade skills.

“I would not have graduated high school without shop class,” Minneapolis Public Schools teacher Zachary Humphrey said. “Chemistry, English, science. Yes, it’s important, but there’s some kids who need some hands-on stuff to graduate.”

Humphrey is an automotive instructor as part of the district’s Career and Technical Education program. Students across the district are able to take specialized classes like auto, engineering and construction. Students say the classes are beneficial for their future career goals.

“We get to go on field trips and meet people like representatives for colleges or unions,” senior Luis Torres said. “We get to make new connections and talk to people, and it’s really to prepare us for a future.”

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Some of Walmart’s stores in New York this month had incidents of credit card skimmers at registers.

NewsChannel 9 reported in mid-July that the devices were found in 14 of the retailer’s locations across the Empire state. The installations took place between July 2 and July 5, according to the outlet.

Skimmers facilitate the theft of consumer’s information for those who affix them to credit card machines. 

In a news release, the Auburn Police Department said Walmart employees became aware of one of the credit card skimmers at the city’s location on July 5, three days after it had been attached to the terminal. In Camillus, another of them had been put on lane No. 5, the Camillus Police Department reported in a July 7 Facebook post. 

LAW ENFORCEMENT SEEING RISE IN CARD SKIMMER THEFTS

Two Walmarts in Maine also reportedly saw such devices earlier in the month.

More recently, on July 21, a card skimmer cropped up at a Walmart in Niagara Falls, adding to the locations where they have been found, per WGRZ.

“Providing customers with a safe shopping experience is a top priority. We’re continually reviewing protocols and adding enhanced security measures to better protect in-store-transactions,” Walmart told FOX Business in a statement. “Also, this situation remains an on-going criminal investigation, and we’re actively engaged with various law enforcement agencies.”

“Customers concerned they may have been impacted can contact their card provider or Walmart Customer Care Team at 800-925-6278.”

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Walmart’s retail presence in New York includes nearly 100 stores, according to its website. In the U.S., the retailer has over 3,500 total supercenters. 

When using point-of-sale terminals, the FBI has said people should be wary of “anything loose, crooked, damaged, or scratched” to help avoid becoming a victim of a card skimmer. The practice of pulling at the terminal or keypad to see if it comes off can also help, according to the agency.

In a video published in April, the El Cajon Police Department in California said to look for stickers placed on credit card readers by stores as a signal for a legit terminal. That department handled a dozen skimmers that had been placed on devices at various retailers in a one-year period, it said.

CRIME REMAINS TOP ISSUE FOR WALMART, RETAIL EXECUTIVES

Cards that offer chips or tapping to pay generally have more protection from the devices compared to magnetic strips. 

Thieves also often put skimmers on gas pumps and ATM machines, with the illegal practice wracking up over $1 billion in costs on an annual basis overall, according to the FBI.

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Tim Cook reportedly encountered temporary difficulty early on in obtaining one of Apple’s credit cards.

When the Apple CEO tried to get an Apple Card prior to the payment option’s official debut in 2019, he received a rejection, according to The Information. Resolving it reportedly required an override from the Wall Street bank that the tech company partnered with on the credit card, Goldman Sachs.

Four anonymous sources for The Information apparently attributed Cook’s temporary denial to a measure by credit bureaus to prevent the impersonation of prominent individuals.

The outlet reported Tuesday on the incident in a larger piece about the relationship between Apple and Goldman Sachs. FOX Business reached out to both entities for comment.

APPLE SCALES BACK VISION PRO PRODUCTION PLANS ON DESIGN CHALLENGES: REPORT

The total number of people using Apple Cards has since reached around 10 million, according to The Information. 

That comes after Americans began having the option of getting the Apple Card in August 2019. The iPhone maker had revealed it would team up with Goldman Sachs and MasterCard to bring consumers the card in the spring of that year.

The company rolled out the high-yield savings accounts it started to offer to Apple Card holders in April. Those were also offered via Goldman Sachs.

People started 240,000 of the Apple savings accounts in the initial week they were offered, with the accounts seeing a massive amount of funds – $990 million – in the four days after they became available, Forbes reported.

APPLE HITS $3T IN MARKET CAP, BUT CHANGES COULD BE COMING TO ITS CREDIT CARD: REPORT

Apple’s payment services fall under its overall Services segment.

For the second quarter, net sales for the Services segment came in at $20.9 billion, climbing nearly 5.5% year over year.

APPLE’S SECOND-QUARTER REVENUE AND EARNINGS COME IN ABOVE ESTIMATES

Those net sales were part of the $94.84 billion overall generated in the three-month period by Apple, which also has iPhone, Mac, iPad and wearables, home and accessories segments. Its quarter net income was $24.16 billion.

“For Services, we expect our June quarter year-over-year revenue growth to be similar to the March quarter, while continuing to face macroeconomic headwinds in areas such as digital advertising and mobile gaming,” Apple CFO Luca Maestri said in May.

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