Breaking News: Business

1980s McDonald's Commercial screenshot featuring CosMc.Source: McDonald's | YouTubeMcDonald's is creating a spinoff restaurant chain called CosMc's, executives said Thursday.The fast-food giant shared few details about the project during its second-quarter earnings call."CosMc's is a small format concept with all the DNA of McDonald's, but with its own unique personality," McDonald's CEO Chris Kempczinski said.The company will test CosMc's in a handful of sites in "a limited geography" in early 2024. McDonald's said it…

Tide laundry detergent is shown on display in Compton, California, U.S., January 10, 2017. Mike Blake | ReutersProcter & Gamble on Friday reported quarterly earnings and revenue that beat analysts' expectations, thanks to price hikes for products like Crest toothpaste and Pampers diapers.But the company released a gloomy outlook for its fiscal 2024 sales that fell short of Wall Street's estimates.Still, shares of the company rose 1.5% in premarket trading.Here's what the company reported compared with what Wall Street…

American Airlines planeSilas Stein | picture alliance | Getty ImagesAmerican Airlines pilots' union said Thursday that they agreed to a sweetened offer for a new labor contract, less than two weeks after a richer deal at rival United Airlines derailed voting at American.The new preliminary agreement includes pay matching with United, whose pilots are on track to get about 40% raises over four years, and at Delta Air Lines, whose aviators approved their contract in March, as well as other improvements. American CEO Robert…

Ford CEO Jim Farley poses for a photo at the launch of the all-new electric Ford F-150 Lightning pickup truck at the Ford Rouge Electric Vehicle Center on April 26, 2022 in Dearborn, Michigan.Bill Pugliano | Getty ImagesFord Motor said Thursday pushed back production targets for its electric vehicles, citing slower-than-expected adoption.Ford now expects to be building EVs at a rate of 600,000 per year sometime during 2024, a delay from earlier estimates that it would reach that level by the end of 2023. The automaker had…

(L)A SpaceX Falcon Heavy rocket stands at pad 39A at the Kennedy Space Center several hours before a scheduled launch in Cape Canaveral, Florida, and (R) A Falcon 9 rocket stands at Cape Canaveral's SLC-40 pad ahead of launching the Starlink 6-7 mission in July 2023.Getty (L) | SpaceX (R)SpaceX on Thursday night came close to breaking a record that's stood for over half a century, with back-to-back launches that had been set to fly from Florida's Space Coast.The company is targeting 10:20 p.m. ET for the launch of its…

Scott Olson | Getty ImagesSky-high airfare was a boon for U.S. airlines coming out of the Covid-19 pandemic.But airline executives are now seeing lower domestic fares as carriers' schedules swell and customers opt for trips abroad over closer destinations that were popular during the pandemic.Southwest Airlines, Alaska Airlines and American Airlines are among the carriers that have forecast slower revenue growth or weakness for the third quarter, despite strong demand.The NYSE Arca Airline Index is down more than 6% this…

An employee adds letters for upcoming film releases "Oppenheimer" and "Barbie" to a marquee at the Colonial Theater on July 16, 2023 in Phoenixville, Pennsylvania.Hannah Beier | The Washington Post | Getty ImagesHollywood's biggest weekend at the box office in years wasn't fueled by superheroes, Jedi or the promise of a sequel.Sure, there were big names — Barbie, the iconic fashion doll; Oppenheimer, the father of the atomic bomb; and, of course, directors Greta Gerwig and Christopher Nolan. But what set "Barbenheimer"…

Kansas City Chiefs tight end Travis Kelce (87) runs the ball in for a touchdown against the Tampa Bay Buccaneers during the first quarter at Raymond James Stadium, Oct. 2, 2022.Kim Klement | USA Today Sports | ReutersNBCUniversal's sports portfolio has been driving growth at its streaming service Peacock, and the company has no plans to let up, with other sports rights deals top of mind.Sports are a double-edged sword for media companies contending with relentless cord cutting and trying to make their streaming services…

Customers hold shopping bags outside the Shein Tokyo showroom in Tokyo, Nov. 13, 2022.Noriko Hayashi | Bloomberg | Getty ImagesShein notched its highest profit ever during the first half of this year, the company told investors in a letter, as rumors swirl over whether the fast-fashion juggernaut will file for a U.S. initial public offering.The missive Wednesday from Executive Vice Chairman Donald Tang, which was obtained by CNBC, noted sales volume growth accelerated and profits improved during the first half of 2023…

An employee adjusts bottles of Bud Light beer at an Anheuser-Busch InBev facility in Virginia, Aug. 8, 2018.Andrew Harrer | Bloomberg | Getty ImagesBeverage giant Anheuser-Busch announced it will lay off hundreds of corporate employees as sales of its flagship lager Bud Light falter.In a statement to CNBC on Thursday, a company spokesperson said the job cuts affect less than 2% of U.S. employees. Anheuser-Busch has about 18,000 employees nationwide. The layoffs will include roughly 350 of those people.The company said it…