hospitality

McDonald’s Corp. MCD 1.86% shareholders voted down two director nominees backed by activist investor Carl Icahn as part of his effort to change the way the fast food giant’s pork suppliers treat hogs.The Wall Street Journal reported Tuesday that McDonald’s MCD 1.86% was poised to prevail. Shareholders Thursday re-elected the company’s full 12-member board, McDonald’s…

Graphics-chip maker Nvidia Corp. NVDA 5.08% gave a muted sales outlook, citing supply-chain disruptions in China and reduced business in Russia, as it posted record sales for the most recent quarter.Nvidia said sales in the current quarter are likely to come in at $8.1 billion, missing Wall Street forecasts. The company said it anticipated a roughly $500 million hit to sales relating to Russia and Covid-19 lockdowns in China. Nvidia’s sales of chips to big server farms…

China’s strict Covid-19 lockdowns are hurting consumer spending for everything from coffee to sneakers and hotels, weighing on multinationals with a big presence in the country and blunting the postpandemic rebound that other parts of the world have experienced. The first three months of 2022 would have been financially stronger “if we didn’t have…the China drag,” said Paul Edgecliffe-Johnson, IHG’s chief financial officer, during an earnings call earlier this month. IHG’s China revenues per…

Starbucks Corp. SBUX -0.95% is selling its cold-pressed juice brand, as the company focuses on its coffee-drink business and improving its stores and relations with its cafe workers under interim Chief Executive Howard Schultz. Fresh-food maker Bolthouse Farms Inc. said it agreed to acquire Starbucks’s Evolution Fresh line of juices, which currently are sold in Starbucks cafes and supermarkets. Terms of the deal, which Bolthouse said is…

Some resort owners think they have found a way to avoid getting stuck with excess inventory when guests cancel at the last minute.It involves converting room nights for sale into nonfungible tokens, or NFTs, that can be bought or sold by hotel guests, similar to the StubHub market for concert and sporting event tickets. Owners say this ensures they get paid for the rooms because guests would sell their reservation in the market if they decide not to go, and appeal to the crypto-enthusiastic traveler. “We can…

Trian Fund Management LP, Wendy’s Co. WEN -2.34% ’s largest shareholder, said it is exploring an acquisition or another potential deal for the fast-food restaurant, as it works to improve sales and deals with rising costs. The activist hedge fund said it advised the fast-food restaurant chain’s board that it intends to explore and evaluate a potential transaction, alone or with third parties, to enhance shareholder value, according to a…

McDonald’s Corp. MCD 2.74% is poised to prevail in a proxy fight with activist Carl Icahn, who challenged the fast-food chain over its suppliers’ treatment of pregnant pigs, people familiar with the matter said. Early vote tallies show McDonald’s far ahead of Mr. Icahn, who had nominated two directors to the company’s board, the people said. Votes will continue coming in…

DAVOS, Switzerland—Fears of an economic downturn have lately gathered steam. Corporate executives at the World Economic Forum here struck a mostly gloomy tone to match.“There is a cycle of mood,” said Alex Karp, chief executive of Palantir Technologies Inc. “You walk around and everyone thinks it’s going to be bad, so it’s going to be bad.” Mr. Karp isn’t alone, but the pessimism he says he’s picking up among other CEOs also isn’t uniform. “It will be…

Airbnb Inc. ABNB 0.65% plans to close its domestic business in China after harsh Covid-19 lockdowns compounded the pain from mounting local competition, according to people familiar with its decision. Bookings of stays and experiences in China typically account for about 1% of Airbnb’s overall revenue, the people said. The home-sharing company is a small competitor in China’s travel industry. It had more than 500,000…

Starbucks Corp. SBUX 0.38% is closing down its business in Russia, as the invasion of Ukraine puts an end to its 15-year presence in the country and marks the departure of another big Western corporation.The global coffee giant suspended its licensee’s Russian business on March 8 in the days after the conflict erupted. Starbucks, which first opened in Russia in 2007, said Monday it would permanently wind down operations in its 130 stores and would no longer have an…