Delta Air Lines’ CEO, Ed Bastian, recently announced a 5% pay increase for employees. This marks the third consecutive year of raises for the airline’s workforce, in addition to a $1.4 billion profit-sharing distribution. Bastian highlighted the importance of investing in employees as a key principle for leaders, stating that their contributions are the foundation of great customer service and business success.
The Equal Employment Opportunity Employment Commission (EEOC) has filed a lawsuit against convenience chain Sheetz, alleging that its criminal record screening practices discriminate against minority applicants. Legal experts suggest that this could have implications for businesses nationwide, as many have already stopped screening employees based on previous guidance from regulators. The EEOC claims that Sheetz violates Title VII of the Civil Rights Act by causing a “disparate impact” on protected groups. However, the EEOC does not allege that Sheetz was motivated by racial bias. The suit’s broader impact may be limited as federal regulators have taken this stance before, leading employers to avoid criminal conviction screening to prevent lawsuits.
The United States is facing a severe debt crisis, with a projected debt of $34 trillion by year-end. This unsustainable debt burden is draining the economy, with the government spending billions on interest payments alone. The Federal Reserve’s interest rate hikes are exacerbating the situation, raising borrowing costs and fueling inflation. Experts warn that unless spending is cut or taxes are raised, the country could face a financial crisis.
The 1st US Circuit Court of Appeals has reinstated a lawsuit alleging that Whole Foods illegally fired Savannah Kinzer, a vocal critic who refused to remove her “Black Lives Matter” facemask and complained about racism at the grocery chain. The court ruled that Kinzer’s firing may have deviated from Whole Foods’ disciplinary process, while dismissing similar claims by two other workers due to lack of evidence of unusual discipline.
Real estate developer Sam Mizrahi has filed a lawsuit against Edward Rogers and Constantine Enterprises Inc., alleging obstruction and financial losses in their joint condo projects. The lawsuit seeks $100 million in damages and accuses the defendants of breach of contract, negligence, and breach of fiduciary duty. Constantine disputes Mizrahi’s claims, asserting that he agreed to share project losses equally.
Ford Motor Company reported better-than-expected profits in the first quarter, buoyed by its commercial business. The automaker also raised its full-year guidance, sending shares up by 2.5% in after-hours trading. Key highlights include a 36% increase in hybrid sales, an exceptional performance by the Ford Pro unit, and ongoing efforts to improve quality control. Despite a miss in adjusted free cash flow and lower EV sales, analysts remain optimistic about Ford’s potential due to its capital discipline and focus on profitable vehicles.
Anglo American, a British multinational miner, has received an unsolicited all-stock buyout proposal from BHP Group, a global mining giant. The proposal is highly conditional, and there is no certainty that an offer will be made. The potential deal would be preceded by Anglo American demerging its entire shareholdings in Anglo American Platinum and Kumba Iron Ore to Anglo American shareholders. BHP, known for mining iron ore, copper, nickel, and metallurgical coal, had a market capitalization of $148.71 billion as of the latest available data. If the deal materialized, it would be the second major acquisition for BHP in about a year after its 2023 purchase of Oz Minerals.
Crude oil futures declined on Wednesday despite a decline in commercial crude supplies, as the decrease was outweighed by a drop in gasoline demand and increased exports. The Energy Information Administration reported a 6.4 million barrel reduction in commercial crude oil stocks, bringing the total to 453.6 million barrels. However, gasoline demand fell by 239K barrels per day to 8.42 million barrels per day, below levels seen last year. The drop in gasoline demand, combined with a smaller-than-expected decrease in gasoline supply, eased concerns about a tight fuel market. Front-month Nymex crude for June delivery closed down 0.6% at $82.81/bbl, while June Brent crude finished down 0.4% at $88.02/bbl.
Neurocrine Biosciences has unveiled an educational initiative, ‘What the C@H?!’, to support patients with congenital adrenal hyperplasia (CAH) and healthcare professionals. The initiative aims to provide a platform for sharing experiences, advice, and educational resources related to CAH. The company anticipates submitting a market application for its CAH drug crinecerfont to the FDA in Q2.
Mining giant BHP is reportedly considering a potential acquisition of Anglo American, which would be one of the largest mergers and acquisitions (M&A) deals of the year. Anglo American has confirmed receiving an unsolicited offer from BHP, which would involve an all-share offer preceded by the demergers of Anglo American Platinum and Kumba Iron Ore to shareholders.
