How Robert Kraft became a billionaire
Robert Kraft bought the New England Patriots in 1994 from an owner who wanted to move the team to St. Louis and call them the Stallions. “My objective in buying the Patriots is to help bring a championship to New England,” Kraft said when he took over the team. Kraft paid $172 million, then a…… MORE
The world’s biggest Nutella factory is temporarily shut down. (Relax. There are others still making it)
Oh nuts! The maker of the chocolaty hazelnut spread known as Nutella shut down the world’s largest factory that produces it because of a quality issue. Production at the factory, in Villers-Ecalles, France, was halted Tuesday, after a “quality defect” was detected in semi-finished products. “This defect does not correspond to our quality standards, so…… MORE
Rivals BMW and Daimler are spending $1 billion (together) on the future of transportation
BMW and Daimler are putting more than $1 billion into a joint venture that will develop ride-sharing, charging and parking services. The rival German carmakers announced the investment on Friday in Berlin, describing their mobility business as a “global game changer” that could help fend off challenges from upstarts including Uber. “Our mobility services have…… MORE
Ford is investigating its fuel economy and emissions testing
Ford is investigating the testing procedures it uses to certify its fuel economy and emissions standards after employees raised concerns about potential inaccuracies. It has hired an outside firm to look into the testing process the company said in a statement on Thursday. Ford has also brought on independent experts and will be using an…… MORE
Huawei is growing in Canada despite pressure there
China’s Huawei is growing its presence in Canada, despite intense pressure on the company from the United States and geopolitical tensions between Ottawa and Beijing. The phone and telecom equipment maker said Thursday that it will add 200 new research and development jobs in Canada, a 20% increase. It will also up its research and…… MORE
WSJ: Under Armour CEO’s relationship with MSNBC anchor causes stir
Under Armour founder and CEO Kevin Plank has been soliciting business advice from MSNBC anchor Stephanie Ruhle, the Wall Street Journal reported Thursday. Under Armour employees were uncomfortable with the relationship, according to the newspaper, which also said that Ruhle traveled with Plank and Under Armour staff on a private jet he leases to the…… MORE
Applebee’s just had its best year since 1993
Applebee’s focus on comfort food made last year its best since 1993. The company’s sales at US stores open at least a year grew 5% in 2018, a “milestone,” Applebee’s president John Cywinski said Thursday. “We’ve got a brand with a history that people love and we’ve returned to its roots, which is what people…… MORE
Nike’s stock falls after Duke star breaks sneakers
Nike is playing damage control after Duke basketball phenom Zion Williamson tore his sneaker in a game Wednesday evening. Nike’s stock dropped 1.5% in early trading Thursday. Nike builds its reputation around creating premier shoes and clothes for athletes, but that image took a hit with Williamson’s sneaker snafu. Analysts attributed the stock move to…… MORE
US tariffs could cost German automakers $7 billion a year
US tariffs could cost German automakers $7 billion a year, but they will hurt more than just car factories. President Donald Trump has less than 90 days to decide whether to impose tariffs of up to 25% on vehicle imports, a threat that has unnerved automakers in the industrial powerhouse of Germany. The tariffs would…… MORE
Israel is sending its first spacecraft to the moon. Meet the software billionaire who made it happen
Morris Kahn, an Israeli software entrepreneur, heard about young engineers in his home country who wanted to build a robotic moon lander and win a $20 million prize. It was an ambitious plan. Only governments with massive treasuries have ever safely landed a spacecraft on the lunar surface: the United States, China and the former…… MORE