Unilever to Spin Off Ben & Jerry’s and Cut 7,500 Jobs – The New York Times

by dldamore

Unilever to Spin Off Ben & Jerry’s and Cut 7,500 Jobs – The New York Times:

The ice cream division faced the highest input-cost inflation in Unilever’s portfolio last year, the company said in an earnings report last month. It passed on some of those costs to consumers, prompting them to buy less or switch to cheaper brands, leading to a “disappointing year with declining market share and profitability,” the company said.

Hertz CEO out following electric car ‘horror show’ | CNN Business

by dldamore

Hertz CEO out following electric car ‘horror show’ | CNN Business:

“The execution and marketing of EV’s [by Hertz] was a horror show across the board,” said Daniel Ives, an analyst with Wedbush Securities who follows the EV market. “It’s a black eye they couldn’t recover from.”

Part of the problem for Hertz was that even people who might want to buy an EV wouldn’t necessarily want to rent one while on the road, when they don’t necessarily have the ability to plug them in to charge them as they would at a private home. There might not be a charging station, or enough time, for a rental car customer to charge an EV, Ives said.

Washington’s Cherry Blossoms Reach Near-Record Early Bloom – The New York Times

by dldamore

Washington’s Cherry Blossoms Reach Near-Record Early Bloom – The New York Times:

The Park Service announced last week that about 140 of the cherry trees will be chopped down starting in May in preparation for the construction of taller sea walls to protect the area around the Jefferson Memorial. There are 3,800 cherry trees around the Tidal Basin and in the adjoining West Potomac Park.

Crafts Retailer Joann Files for Bankruptcy – The New York Times

by dldamore

Crafts Retailer Joann Files for Bankruptcy – The New York Times:

Joann, whose outlets were once called Jo-Ann Fabrics, said its stores, roughly 800 nationwide, would continue to operate as it closes the deal, which is expected as early as next month.

The retailer, which sells yarn, fabrics and home goods, has been coming down from a short-lived sales boom during the pandemic lockdowns when there was a frenzy in consumers spending on at-home projects. But that has faded in the past two years, with consumers pulling back on discretionary spending as inflation remains relatively high, which has challenged the retail sector at large.

‘Seismic shift’: driving unaffordable for many in US amid push toward SUVs | Automotive industry | The Guardian

by dldamore

‘Seismic shift’: driving unaffordable for many in US amid push toward SUVs | Automotive industry | The Guardian:

The average new car today sells for nearly $49,000, and the average used car lists at more than $26,000 – representing a 31% increase for new cars and nearly 40% increase for used cars since 2020, according to data from the industry group Cox Automotive.

Everybody Knows Flo From Progressive. Who Is Stephanie Courtney? – The New York Times

by dldamore

Everybody Knows Flo From Progressive. Who Is Stephanie Courtney? – The New York Times:

In 2022, nearly half the active property- and casualty-insurance premiums in the United States and Canada were sold by just 11 companies. Increasingly, insurance corporations attract business not by building trust between their customers and local agents, but by successfully ascribing positive characteristics to the fictional characters who anthropomorphize the companies and products in ads.

 

According to Ad Age, in 2022 the Progressive Corporation spent more than $2 billion on advertising in the United States, pouring more money into the effort than McDonald’s, Toyota or Coca-Cola. (The insurance industry’s total annual media-ad spending is estimated to be just shy of $11 billion — more than was spent by all the top beer brands combined.) 

Charles T. Munger, Much More Than Warren Buffett’s No. 2, Dies at 99 – The New York Times

by dldamore

Charles T. Munger, Much More Than Warren Buffett’s No. 2, Dies at 99 – The New York Times:

Charles Thomas Munger was born in Omaha on Jan. 1. 1924, the son of Alfred Case Munger, a lawyer, and Florence (Russell) Munger. As a boy he worked Saturdays in a grocery store then owned by Mr. Buffett’s grandfather. (Mr. Buffett worked there for a time himself, but the two did not meet until much later.) At 17, Charles went to the University of Michigan to major in mathematics, but in his sophomore year, after the attack on Pearl Harbor, he enlisted in the Army Air Corps.