McDonald’s, Chipotle to Raise Menu Prices , After California Approves $20 Fast Food Minimum Wage.
Fast food workers in California will receive at least $20 an hour starting April 1, 2024, Fox News reports.
Fast food workers in California will receive at least $20 an hour starting April 1, 2024, Fox News reports.
During an earnings call on Oct.
30, McDonald's CEO Chris Kempczinski said that the new law will have
"a wage impact for our California franchisees.".
Certainly, there’s going to be some element of that that does need to be worked through with higher pricing, McDonald's CEO Chris Kempczinski, via earnings call.
There’s also going to be things that
I know the franchisees and our
teams there are going to be
looking at around productivity.
, McDonald's CEO Chris Kempczinski, via earnings call.
How all of that plays out, there will
certainly be a hit in the short-term to
franchisee cash flow in California, tough
to know exactly what that hit will be
because of some of the mitigation efforts, McDonald's CEO Chris Kempczinski, via earnings call.
Chipotle Chief Financial Officer Jack Hartung also revealed
on an earnings call that the company will probably raise
prices in the state by a "mid-to-high single-digit" percentage.
Aside from wages, other rising costs often prompt restaurants to increase their prices.
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NOAA Issues Rare , Warning Following Powerful , Solar Event.
CBS reports that a severe G4 geomagnetic storm
headed towards Earth has triggered a rare warning
from NOAA officials for the first time in two decades.
The warning comes following days of solar activity
that sent several waves of plasma in Earth's
direction along with powerful magnetic fields.
G4 storms are the second-strongest
type of geomagnetic storms and can
cause widespread voltage problems. .
NOAA warns that they can also cause some
protective assets to "trip out key assets from the grid,"
as well as cause orientation problems for spacecraft. .
If geomagnetic storms
were hurricanes, 'severe'
would be category 4. , Spaceweather.com, via CBS.
The powerful G4 storm could also cause
northern lights, or aurora borealis, to be seen
in northern California and as far south as Alabama.
In a May 9 press release, NOAA said that the solar
event began on May 8, when a group of sunspots
generated "several moderate to strong solar flares.".
According to NASA, solar flares are explosions of
radiation which are considered the strongest
explosive events in the solar system.
NOAA noted that the area, which
produced the recent flares, is roughly
16 times the diameter of the Earth.
The sunspots known as AR3664 measures about 124,000
miles across, and Space.com notes that it is one of the, "largest and most active
sunspots seen this solar cycle." .
According to NOAA, the geomagnetic storm
is expected to hit Earth as early as midday
on May 10 and continue through May 12
Credit: Wibbitz Top Stories Duration: 01:31Published
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McDonald's Posts , Disappointing Q1 Results , Amid Ongoing Boycotts.
'The Independent' reports that McDonald's posted weaker-
than-expected results in the first quarter of 2024, as a result
of a boycott over the company's perceived support for Israel. .
'The Independent' reports that McDonald's posted weaker-
than-expected results in the first quarter of 2024, as a result
of a boycott over the company's perceived support for Israel. .
According to McDonald's, higher sales in the
United States helped the fast-food giant overcome
weakness in markets where the brand is being boycotted.
According to McDonald's, higher sales in the
United States helped the fast-food giant overcome
weakness in markets where the brand is being boycotted.
The company saw same-store sales rise by
1.9% worldwide between January and March,
below the Wall Street forecast of 2.1%.
Increased menu pricing and delivery demand
saw same-store sales in the U.S. increase by 2.5%.
In international markets, sales fell
by 0.2% for the first time since 2020.
Despite this, McDonald's said the company's revenue
increased 5% to reach $6.17 billion, while net income went
up 7% to $1.93 billion, in-line with Wall Street estimates.
'The Independent' reports that Muslim-majority
markets like Indonesia, Malaysia and the Middle East
have been boycotting McDonald's for months.
The boycotts started after a McDonald's franchise in
Israel announced in October that it would provide free
meals for Israeli troops amid the ongoing war in Gaza.
In the months since then, the company has tried to limit
the fallout by taking over all 225 McDonald's in the country
with the purchase of Alyonal Limited, its Israeli franchise.
Our hearts remain with
the communities and families
impacted by the war in the Middle East.
We abhor violence of any kind and
firmly stand against hate speech,
and we will always proudly
open our doors to everyone, McDonald's statement, via 'The Indepndent'.
Our hearts remain with
the communities and families
impacted by the war in the Middle East.
We abhor violence of any kind and
firmly stand against hate speech,
and we will always proudly
open our doors to everyone, McDonald's statement, via 'The Indepndent'
Credit: Wibbitz Top Stories Duration: 01:30Published
Fast Food Chains Warn Consumers , That Worker Pay Increases
Will Impact Prices.
'Newsweek' reports that franchises have
warned an increase of the minimum wage
for fast food workers in California could also
force menu prices to climb.
As of April 1, fast food restaurants in California
will have to pay employees at least $20 an hour, an
increase of four dollars from the current $16 an hour. .
Business owners have warned that the new law,
signed in by Democratic governor Gavin Newsom,
will have an impact on margins and consumer costs. .
At the end of October, McDonald's CEO Chris Kempczinski
said that the impact of the minimum wage rise would
be partially "worked through with higher pricing.".
At the end of October, McDonald's CEO Chris Kempczinski
said that the impact of the minimum wage rise would
be partially "worked through with higher pricing.".
According to McDonald's numbers, the price of
the signature Big Mac burger is currently $5.89
in California, the 10th highest in the United States.
The latest data compiled by 'The Economist' shows that
the average price of a Big Mac nationwide is currently
$5.69, which is up from $5.36 at the same time in 2023. .
Last year, McDonald's , reported net profits of , almost $8.5 billion.
According to the company's latest financial reports,
sales increased 8.7% in the U.S. in 2023, which the
company attributed to "strategic menu price increases.".
According to the company's latest financial reports,
sales increased 8.7% in the U.S. in 2023, which the
company attributed to "strategic menu price increases.".
Meanwhile, Jack Hartnung, the CFO of fast food
chain Chipotle, told investors that the wage
increase would impact consumer prices with a
"mid-to-high single digit" percentage increase.
Meanwhile, Jack Hartnung, the CFO of fast food
chain Chipotle, told investors that the wage
increase would impact consumer prices with a
"mid-to-high single digit" percentage increase.
In December, Pizza Hut cited the wage
increase as the reason behind laying off
the company's in-house delivery drivers. .
In December, Pizza Hut cited the wage
increase as the reason behind laying off
the company's in-house delivery drivers.
Credit: Wibbitz Top Stories Duration: 01:31Published
Iranian President Vows to Destroy Israel , if It Launches the ‘Tiniest Invasion’.
On April 13, Iran attacked Israel with
hundreds of drones and missiles.
It was the first time that Iran has ever launched a direct military attack on Israel, Fox News reports. .
Although Israel was able to fend off
about 99% of the projectiles, the
country is considering retaliation.
On April 17, Iranian President Ebrahim Raisi warned Israel that if it does decide to
attack with even the "tiniest invasion," .
Iran's response would be "massive and harsh.".
Nothing would remain
from the Zionist regime, Iranian President Ebrahim Raisi, via Fox News.
Raisi delivered his remarks during
a military parade north of Tehran.
Prior to Raisi's threats, Israel vowed
to respond to the attacks.
The country did not provide details,
but its military council met on April 16
to decide how to proceed.
Leaders around the world have
urged Israel to stand down. .
While Israel and Iran have been at odds
for decades, their conflict came to a
head recently since Iran supports Hamas, .
which attacked Israel on Oct. 7 and
prompted Israel's current offensive in Gaza.
Credit: Wibbitz Top Stories Duration: 01:30Published
Samsung Knocks Apple , From Top Phonemaker Spot.
Samsung Knocks Apple , From Top Phonemaker Spot.
Fox News reports that Apple's phone shipments have dropped by about 10%.
During Q1 2024, Apple had a 17.3% market share, while Samsung had 20.8%.
During Q1 2024, Apple had a 17.3% market share, while Samsung had 20.8%.
Xiaomi came in third with 14.1%.
Samsung shipped over
60 million phones during Q1 2024.
Samsung shipped over
60 million phones during Q1 2024.
Apple only shipped 50.1 million. .
Last year during the same time period,
Apple shipped 55.4 million. .
Overall, smartphone shipments rose 7.8% worldwide to 289.4 million units during Q1 2024.
The increase in Samsung shipments
could be attributed to the company's
release of Galaxy S24 series phones.
During a launch event at the beginning
of the year, Galaxy AI, which is incorporated
into the company's new smartphones,
was touted as "a new era of mobile AI.".
News of Samsung's triumph comes as
Apple is cutting over 600 jobs in California
following reports that the company
is abandoning its electric car efforts. .
News of Samsung's triumph comes as
Apple is cutting over 600 jobs in California
following reports that the company
is abandoning its electric car efforts.
Credit: Wibbitz Top Stories Duration: 01:31Published
Drug Shortages Reach , All-Time High in US, , Pharmacists Say.
According to the American Society of Health-System Pharmacists (ASHP) and
the Utah Drug Information Service.
the first quarter of 2024 saw
323 active drug shortages, Fox News reports.
The previous record of
320 shortages was set in 2014.
ASHP CEO Paul Abramowitz said,
"some of the most worrying shortages involve generic sterile injectable medications," .
... "including cancer chemotherapy drugs and emergency medications stored in hospital crash carts and procedural areas." .
... "including cancer chemotherapy drugs and emergency medications stored in hospital crash carts and procedural areas." .
Abramowitz went on to say that the
"ongoing national shortages of therapies for attention-deficit/hyperactivity disorder also remain
a serious challenge for clinicians and patients.".
A separate ASHP report said that "the most severe and persistent shortages are driven by economic factors that undermine investment in manufacturing capacity, manufacturing quality and supply chain reliability.".
These economic challenges are
driven by extreme price competition
among generic manufacturers, ASHP, via report.
ASHP will continue to engage
with policymakers regularly as we guide
efforts to draft and pass new legislation
to address drug shortages and continue
to strongly advocate on behalf of our
members for solutions that work, ASHP CEO Paul Abramowitz, via statement.
Last week, the Department of Health and Human Services issued a white paper recommending tactics for Congress to help.
With today’s white paper,
HHS offers solutions and stands
ready to work with Congress to
ensure no patient faces the devastating
consequences of drug shortages or
goes without needed medicines, U.S. Department of Health and Human Services, via press release
Credit: Wibbitz Top Stories Duration: 01:31Published
Dwayne 'The Rock' Johnson is saying he will not be endorsing Joe Biden for President as he once did during the last presidential election. During an interview with Fox News, Johnson expressed some regret about his 2020 endorsement for Biden and Kamala Harris saying he won't endorse any candidate this year.
Credit: The Hollywood Reporter Duration: 01:30Published
Safety Tips for , Viewing the Upcoming , Solar Eclipse.
Ahead of the April 8 eclipse that can be viewed in the
United States, Fox News offered some safety tips for
anyone looking to catch a glimpse of the event. .
The number one tip is to wear proper eclipse glasses
which are significantly darker than normal sunglasses
and specifically designed for witnessing solar events. .
Genuine eclipse glasses will have an , ISO 12312-2 filter. .
NASA suggests people check the American
Astronomical Society's list of safe options
for selecting a brand of eclipse glasses.
Fox News warns that the popularity of the upcoming
eclipse has driven third-party vendors to flood
online marketplaces with fake eclipse glasses. .
People without eclipse glasses can still
view the eclipse with a pinhole projector
which can easily be made at home.
Cut a 1- to 2-inch square out of
the center of a piece of plain
white paper or white cardboard.
Cover the square you just cut out by taping
a piece of aluminum foil over the hole. .
Next, use a pin or thumbtack to
poke a hole in the aluminum foil.
A second piece of paper or cardboard
is used as the screen on which the
image of the eclipse will be projected.
To view: place the screen on the ground and stand with your back to the sun, holding your projector with the foil pointed toward the sky.
Adjust the distance between your projector
and the screen to make the image of
the eclipse appear larger or smaller.
Credit: Wibbitz Top Stories Duration: 01:31Published
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