Could prevent 20,000 heart attacks a year.
From the bottom of our artery clogged hearts, thank you. The Food and Drug Administration proposed regulations on Thursday to eliminate artificial trans fat from the U.S. food supply. The measures would deem hydrogenated oils (where trans fats come from) no longer safe. And since the Institute of Medicine says there is no safe level at which to consume artificial trans fats, companies will have a hard time challenged the proposal during the 60-day comment period. The FDA says the rules may prevent 20,000 heart attacks and 7,000 deaths a year.
Grew 2.8 percent in third quarter.
The U.S. economy grew at an annual rate of 2.8 percent in the third quarter, topping analysts' expectations of a two-percent rate. The report was initially due out on October 30, but was delayed because of the shutdown. The growth comes as a surprise as economists were predicting the sequestration spending cuts and tax increases to have a significant drag on the economy.
On eve of going public.
Talk about fidgety. After initially setting a share-price range of $17 to $20, then raising it to $23 to $25, Twitter has settled on $26 a share for the initial public offering of 70 million shares. The company’s shares will be up for grabs Thursday morning on the New York Stock Exchange. Much of the shifting over the price is due to the fears remaining from the messy Facebook IPO when the stock plummeted well below the IPO pricing.
Will focus on streaming.
The good old days of indecisively wandering a movie store for hours are officially over. Blockbuster announced on Wednesday that it would close the remaining 300 stores by early January, stop its mail service in mid-December, and all U.S. distribution centers will shutter. The company's owner, DISH Network Corp., purchased Blockbuster in a bankruptcy auction in 2010 and says the once-powerful brand will be refocused on streaming and on-demand. A few lucky towns might get to keep their video stores though: 50 independently owned franchises will not be affected by the closure.
Burger King just introduced a new burger, the Big King. Clearly a direct competitor to McDonald’s Big Mac, the burger is a fat-laden sign that fast-food joints are getting desperate.
The Burger wars are heating up.On Tuesday, Burger King introduced its latest menu offering: the Big King The alpha male product is bigger than the whopper and is a way of giving meat lovers what they want, while also giving a noogie to McDonald’s.It’s the most recent indication that the stakes for the nation’s largest burger chains seem to be rising at a time when the rewards are actually falling. Fast-food isn’t doing particularly well. The vast industry, which relies on low wages, low prices, and a low-quality dining experience just isn’t working the way it used to.
Watch out Brad Stone—MacKenzie Bezos has her husband’s back. The wife of Amazon founder and CEO Jeff Bezos took to her husband's website to trash Stone's new tell-all The Everything Store. “The book is...full of techniques which stretch the boundaries of non-fiction,” MacKenzie wrote in her one-star review, accusing Stone of making up motives for her husband, who did not cooperate with the book. The book depicts Bezos and Amazon as hard-charging, insatiable, and excessively secretive.
It’s the year of the IPO and popular organization retailer The Container Store just cashed in.
In tech, the cloud may be all the rage when it comes to storage. But apparently the physical storage business is still holding hold its own.This past year has seen a lot of hot initial public offerings. And last Friday’s IPO by the Container Store, the big box retailer of small and medium-sized plastic boxes, was no exception. A retailer that specializes in storage items and organizing materials, the Container Store is well-known to millenials attempting to organize their college dorm rooms or seeking to create more elbow room in their cramped first apartments.
The hedge fund SAC Capital has agreed to pay an eye-popping fine to settle insider-trading charges—just the latest scalp for a tough new regime of Wall Street sheriffs.
It’s getting more expensive to be rich. Taxes on the wealthy went up on January 1, 2013. The price of the highest-end condos in New York is rising. Tuition at elite private schools is soaring. And, so, too, is the cost of settling thorny investment-related regulatory and legal matters—which, for many in the corporate and financial world, is a cost of doing business.The latest billionaire to pay a hefty fine to get the government off his back is Steven A.
To insider trading.
For the first time in nearly thirty years, a Wall Street firm has admitted guilt for securities fraud. SAC Capital, the uber-successful hedge fund run by billionaire Steven A. Cohen, on Monday pled guilty to insider trading—and will cough up a record $1.2 billion penalty. As part of the deal, SAC will no longer manage money for investors outside the company, which essentially leaves it with just Cohen’s substantial fortune. The case against Cohen, a high-flying consumer of pricey art, was many years in the making and has many on Wall Street worried that the success will encourage authorities to go after other major corporations. It’s the first plea of its kind since the 1980s, when junk bond investor Michael Milken at Drexel Burham Lambert paid about $1 billion (adjusted for inflation) in fines.
Three years ago.
Health-care adviser David Cutler warned in a May 2010 memo to Larry Summers that the White House did not have the “relevant members of the administration understand the president’s vision or have the capability to carry it out.” In particular, Cutler stressed his concerns that the people working to carry out the reform had little experience in the complicated world of startups—and the technology itself would pose a problem. Cutler also warned about the myriad difficulties in implementing the new regulations and policy objectives. Since launching a month ago, HealthCare.gov, the website where consumers can purchase insurance, is still the target of public and political ire.
With an Ohio Walmart hosting a holiday food drive for its own workers, The Daily Beast's Michael Tomasky criticizes the notoriously stingy company for not paying them more.
He was arrested for graffiti, but Clayton Pettet won't rest until the world sees his art. And by art, we mean he's going to lose his virginity in front of a live audience.