Jonathan Wong
The Latest
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Newark Airport Faces Eighth Day of Flight Delays as Staffing Crisis Deepens; United Warns Chaos Will Persist
Flights in and out of Newark Liberty International Airport were again severely disrupted Monday as air traffic control staffing shortages, outdated technology, and poor weather conditions converged to cause cascading delays. The Federal Aviation Administration issued a ground stop early in the day due to low cloud cover, which was later lifted, but continued to forecast inbound delays of nearly four hours. 
Flights in and out of Newark Liberty International Airport were again severely disrupted Monday as air traffic control staffing shortages, outdated technology, and poor weather conditions converged to cause cascading delays. The Federal Aviation Administration issued a ground stop early in the day due to low cloud cover, which was later lifted, but continued to forecast inbound delays of nearly four hours. -
Skechers to Be Acquired by 3G Capital in $9.4 Billion Take-Private Deal Amid Trade War Tensions
Skechers announced Monday it will be acquired by 3G Capital for $9.4 billion in a take-private deal that comes amid escalating trade tensions and supply chain uncertainty. The Brazilian private equity firm will pay $63 per share, representing a 30% premium over Skechers' recent market value, ending the footwear brand's nearly 30-year run as a publicly traded company. 
Skechers announced Monday it will be acquired by 3G Capital for $9.4 billion in a take-private deal that comes amid escalating trade tensions and supply chain uncertainty. The Brazilian private equity firm will pay $63 per share, representing a 30% premium over Skechers' recent market value, ending the footwear brand's nearly 30-year run as a publicly traded company. -
Warren Buffett to Step Down as Berkshire CEO After 60 Years; Greg Abel Named Successor
Warren Buffett, 94, announced on Saturday that he will step down as CEO of Berkshire Hathaway at the end of 2025, officially passing the reins to Vice Chairman Greg Abel. The long-anticipated transition was confirmed during the company's annual shareholder meeting in Omaha, Nebraska, where Buffett received a standing ovation from the thousands gathered at the CHI Health Center. 
Warren Buffett, 94, announced on Saturday that he will step down as CEO of Berkshire Hathaway at the end of 2025, officially passing the reins to Vice Chairman Greg Abel. The long-anticipated transition was confirmed during the company's annual shareholder meeting in Omaha, Nebraska, where Buffett received a standing ovation from the thousands gathered at the CHI Health Center. -
United Cuts 35 Daily Newark Flights as FAA Staffing and Tech Crises Paralyze Airport Operations
United Airlines will cancel 35 daily round-trip flights at Newark Liberty International Airport starting this weekend, amounting to roughly 10% of its daily operations at the major East Coast hub. The decision follows a week of extensive disruptions triggered by equipment failures and staffing shortages at the Federal Aviation Administration, including a walk-off by more than 20% of FAA air traffic controllers assigned to the airport. 
United Airlines will cancel 35 daily round-trip flights at Newark Liberty International Airport starting this weekend, amounting to roughly 10% of its daily operations at the major East Coast hub. The decision follows a week of extensive disruptions triggered by equipment failures and staffing shortages at the Federal Aviation Administration, including a walk-off by more than 20% of FAA air traffic controllers assigned to the airport. -
Apple Stock Drops as CEO Tim Cook Warns $900 Million Tariff Hit
Apple Inc. warned on Thursday that it expects a $900 million hit to its bottom line this quarter due to the Trump administration's sweeping tariffs on Chinese imports, prompting a significant shift in its global supply chain. The tech giant said it is moving the majority of iPhone production for the U.S. market from China to India as part of efforts to avoid the newly imposed duties. 
Apple Inc. warned on Thursday that it expects a $900 million hit to its bottom line this quarter due to the Trump administration's sweeping tariffs on Chinese imports, prompting a significant shift in its global supply chain. The tech giant said it is moving the majority of iPhone production for the U.S. market from China to India as part of efforts to avoid the newly imposed duties. -
Trump Ends $800 Import Loophole, Hitting Shein and Temu With 145% Tariffs; 1.3 Billion Packages Affected
President Donald Trump has formally closed the decades-old "de minimis" tariff exemption for imports from China and Hong Kong, triggering a wave of price increases and operational shifts for e-commerce giants Shein and Temu. The rule change, which took effect Friday at 12:01 a.m. Eastern, ends duty-free access for shipments valued under $800-a key mechanism both companies used to dominate the U.S. discount market. 
President Donald Trump has formally closed the decades-old "de minimis" tariff exemption for imports from China and Hong Kong, triggering a wave of price increases and operational shifts for e-commerce giants Shein and Temu. The rule change, which took effect Friday at 12:01 a.m. Eastern, ends duty-free access for shipments valued under $800-a key mechanism both companies used to dominate the U.S. discount market. -
McDonald’s U.S. Sales Drop 3.6% in Steepest Decline Since 2020 as Economic Anxiety Mounts
McDonald's posted its steepest U.S. sales decline since the pandemic as inflationary pressures and rising economic anxiety weighed on lower- and middle-income diners. Comparable sales in the United States dropped 3.6% in the first quarter, the sharpest fall since the second quarter of 2020, and a signal that discretionary consumer spending may be softening more than anticipated. 
McDonald's posted its steepest U.S. sales decline since the pandemic as inflationary pressures and rising economic anxiety weighed on lower- and middle-income diners. Comparable sales in the United States dropped 3.6% in the first quarter, the sharpest fall since the second quarter of 2020, and a signal that discretionary consumer spending may be softening more than anticipated. -
Kohl’s CEO Fired Over Secret Deal With Ex-Lover—$2.5M Bonus Clawed Back
Kohl's abruptly terminated CEO Ashley Buchanan this week, just four months into his tenure, following an internal investigation that revealed he directed the company to enter into undisclosed vendor transactions involving a former romantic partner, according to people familiar with the matter and company disclosures. The department store chain characterized the dismissal as "for cause," citing "unethical conduct" that violated corporate policies. 
Kohl's abruptly terminated CEO Ashley Buchanan this week, just four months into his tenure, following an internal investigation that revealed he directed the company to enter into undisclosed vendor transactions involving a former romantic partner, according to people familiar with the matter and company disclosures. The department store chain characterized the dismissal as "for cause," citing "unethical conduct" that violated corporate policies. -
Tesla Denies Report Board Sought to Replace Elon Musk as CEO
Tesla and its board moved swiftly Thursday to reject a report that suggested the electric vehicle maker was actively searching for a replacement for CEO Elon Musk amid growing investor unease, political controversy, and a steep drop in sales. 
Tesla and its board moved swiftly Thursday to reject a report that suggested the electric vehicle maker was actively searching for a replacement for CEO Elon Musk amid growing investor unease, political controversy, and a steep drop in sales. -
Eli Lilly Revenue Soars 45% to $12.73 Billion on Obesity Drug Demand, Shares Drop After CVS Cuts Zepbound
Eli Lilly reported first-quarter revenue of $12.73 billion Thursday, a 45% increase from a year ago, driven by soaring demand for its blockbuster diabetes and weight-loss drugs, Mounjaro and Zepbound. The Indianapolis-based drugmaker beat Wall Street expectations on both earnings and sales, but trimmed its full-year profit forecast due to a $1.57 billion deal charge and mounting pricing pressure in the weight-loss drug market. 
Eli Lilly reported first-quarter revenue of $12.73 billion Thursday, a 45% increase from a year ago, driven by soaring demand for its blockbuster diabetes and weight-loss drugs, Mounjaro and Zepbound. The Indianapolis-based drugmaker beat Wall Street expectations on both earnings and sales, but trimmed its full-year profit forecast due to a $1.57 billion deal charge and mounting pricing pressure in the weight-loss drug market.
