Category Archives: in-article

Consumer spending slowed in May

Published: June 30, 2022   By: George Anderson

Consumer spending rose 0.2 percent in May, down from 0.9 percent growth in April, according to the Bureau of Economic Analysis (BEA). Inflation remained steady with prices up 6.3 percent in 2021. “The good news is that we still have savings, but the bad news is that inflation is burning a hole in consumers’ pockets,” said Diane Swonk, chief economist at Grant Thornton. “This is a hard time for consumers, and we’re starting to see inflation eating into some forms of spending.”

FCC commissioner wants TikTok off Apple and Google app stores

Published: June 30, 2022   By: George Anderson

Brendan Carr, a member of the Federal Communications Commission, has asked Apple and Google to remove the TikTok app from their stores because its “pattern of conduct and misrepresentations regarding the unfettered access that persons in Beijing have to sensitive U.S. user data” violates the company’s standards for third-party sellers.

Opioid settlement weigh on Walgreens’ profits

Published: June 30, 2022   By: George Anderson

Walgreens reported fiscal third-quarter profits of 33 cents a share, down from $1.38 last year. The pharmacy giant said its “operating loss in the quarter reflects a $683 million charge related to the opioid settlement with the State of Florida and higher costs related to the Transformational Cost Management Program.”

CVS ending limits on Plan B pills

Published: June 29, 2022   By: George Anderson

CVS is removing limits it placed on the purchase of the Plan B emergency contraceptive pills after sales of the drug returned to normal levels. Retailers have seen a spike in Plan B sales since last week when the U.S. Supreme Court struck down decades of precedent in overturning Roe v. Wade.

Retailers finding it easier to fill open jobs

Published: June 29, 2022   By: George Anderson

Jason Buechel, chief operating officer of Whole Foods Market and its incoming CEO, said that it has become easier for the chain to fill open positions after the past year when “staffing was one of the company’s biggest challenges.”

H-E-B donates $10 million for new school in Uvalde

Published: June 29, 2022   By: George Anderson

The school district in Uvalde, TX, plans to demolish a school that was the scene of a mass shooter event that claimed the lives of 19 students and two teachers. H-E-B and members of the chain’s founding family will donate $10 million towards the construction of a new school. “As we continue to mourn tremendous loss, I join with my family and H-E-B in working to ensure the Uvalde community can move forward from this tragic event,” H-E-B Chairman Charles Butt said. “Our children are this country’s future, and our schools should be a safe place where children can thrive and envision new possibilities.”

FTC accuses Walmart of looking past money transfer fraud

Published: June 29, 2022   By: George Anderson

The Federal Trade Commission claims that Walmart failed to protect its customers when they were being defrauded using its money transfer services. The agency said that customers were bilked out of millions of dollars through schemes such as impersonating IRS agents. Walmart called the charges in the civil suit against it “factually flawed and legally baseless.”

H&M to raise prices

Published: June 29, 2022   By: George Anderson

H&M expects to further raise prices in the face of rising inflation. The retailer, which raised prices in the first half of the year, said that increases would be dictated by market and competitive conditions.