Business Update – September 13, 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Stocks start the week strong
Stocks climbed Monday as Wall Street made its final moves ahead of a high-stakes report expected this week. It’s hoped that the report will show that inflation has slowed.
Peloton shakes things up
Peloton CEO Barry McCarthy made some dramatic moves on Monday in an effort to shake up the struggling home fitness company. Founders John Foley and Hisao Kushi are out, as is chief commercial officer Kevin Cornils.
Rail companies stop accepting shipments of hazardous materials
Union Pacific, whose operations would be affected by an anticipated rail worker strike, say the move is meant to avoid dangerous shipments from being left unattended. Union representatives say it’s an unnecessary tactic designed to put pressure on Congress to block the unions from walking out.
Starbucks plans to reinvent itself
Outgoing interim CEO Howard Schultz will stay on to oversee the reinvention. He says it will change outdated store designs, adjust to changing consumer behavior, and help with staff turnover.
Third quarter estimated payments due this week
The Internal Revenue Service reminds taxpayers who pay estimated taxes that the deadline to submit their third quarter payment is September 15. Details can be found here.
“Quiet Firing” is the supposed antidote to quiet quitting, but the phenomenon is far from new
Quiet quitting has taken social media by storm lately, but now the term “quiet firing” has entered the conversation. However, a recent LinkedIn News poll showed that 80% of respondents reported experiencing or observing quiet firing in their workplace.
Ford is coming for Tesla
Ford wants to be a leader in the electric vehicle space, and announced plans to offer its BlueCruise hands-free highway driving system with entry level models in 2023. The announcement caused Ford shares to jump 2% on Monday.
Biggest crypto upgrade ever is happening this week
The Ethereum blockchain is expected to undergo a major overhaul this week. The changeover will slash energy consumption by more than 99 percent.
Used car prices are becoming more reasonable
In the height of the pandemic, used cars suffered some of the highest rates of inflation, and getting your hands on one was tricky. In August, prices were lower than they’ve been since last September.
Money in Canada and other countries will change eventually, but not anytime soon
With the death of Queen Elizabeth II on September 8, Commonwealth nations around the world began to wonder what will happen to the existing coins that bear the queen’s likeness.
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