Posts tagged with "Fox Business"

$6K Japanese gelato breaks world record for most expensive ice cream: ‘Rich in taste and texture’

May 24, 2023

A Japanese ice cream brand has broken the world record for the “most expensive ice cream,” according to Guinness World Records. Cellato, a premium Japanese gelato company, has churned up a unique ice cream flavor that retails for $6,696 per serving, reports Fox Business.

The pricey frozen treat has been named Byakuya, which means “white knight,” in Japanese, and it’s made from rare and costly ingredients that give the gelato a pale hue.

Served in a small glass jar that can hold 130 milliliters of product, the Byakuya gelato is made with a special Phantom White Truffle from Alba, Italy, which is priced at $15,192 per kilogram, according to Guinness World Records.

 The truffle-based gelato is also blended with Parmigiano Reggiano cheese; sake lees, a traditional Japanese table sauce that’s faintly sweet; and has a ginjo sake scent; and an edible gold leaf topping.

Other ingredients include milk, sugar, egg yolk, rice and rice malt, black truffle, brewed alcohol, cashew nuts, and unspecified dairy products, according to Cellato’s website.

“It took us over 1.5 years to develop, with a lot of trials and errors to get the taste right,” a Cellato representative told Guinness World Records in a statement.

“Achieving a Guinness World Records title made the effort all worth it,” the brand continued.

Tadayoshi Yamada, the head chef at RiVi, a gastronomy restaurant in Osaka, helped Cellato make its European-Japanese fusion ice cream, according to Guinness World Records.

Adventurous ice cream customers who order the Byakuya gelato will receive a handcrafted metal spoon made by Takeuchi craftsmen in Fushimi, Kyoto, according to Cellato’s website.

The brand notes that the four-figure gelato can be shipped via a frozen flight by Yamato Transport, one of Japan’s largest door-to-door delivery service companies.

The Byakuya gelato should be served with Cellato’s provided white truffle oil and needs to be mixed until it’s “slightly soft,” according to the gelato brand. Microwaving or waiting until the gelato reaches room temperature is recommended if a customer can’t manage to get his or her spoon into the record-breaking frozen dessert, Cellato disclosed on its website.

Guinness World Records reports that the Byakuya gelato will be a flagship treat.

Cellato staff told the record reference publication that its $6,696 gelato “is rich in taste and texture.”

The previous world record holder for the most expensive ice cream belonged to the Serendipity3 restaurant in New York City, which served a $1,000 Golden Opulence Sundae that included pricey vanilla and a 23-karat edible gold leaf.

Representatives at Cellato told Guinness World Records the company is planning to release additional gelato flavors made with champagne and caviar.

Research contact: @FoxBusiness

Yankees remain highest-valued MLB franchise as league average revenue hits all-time high

March 27, 2023

Major League Baseball teams remain very valuable—none more so than the New York Yankees, reports Fox Business.

The Yankees remain atop the league as the most valuable franchise at $7.1 billion, an 18% increase from last year, according to Forbes’ latest list. Forbes has been tracking MLB franchise values since 1998, and the Yankees have never relinquished their spot at the top.

The Los Angeles Dodgers rank second in value at $4.8 billion, also an 18% increase from last year.

The Yankees are a big-market team. And New York Mets owner Steve Cohen is the richest owner in the sport. But the Yankees remain a global brand.

The Yankees, owned by the Steinbrenner family, have an operating income estimated at $16.3 million, according to Forbes.

The Mets’ $2.9 billion valuation at No. 6 is due to a $138.5 million operating loss. Cohen is going for it all with the highest payroll in MLB at a record of over $304 million, according to Spotrac. By comparison, the Yankees have a projected $268 million payroll for 2023.

But, according to Fox Busines, the Yankees are not the only franchise to be thriving at the moment. MLB teams saw a 12% spike in average value to $2.32 billion this year. League revenue also increased to an all-time high of $10.3 billion, a 7.8% increase from the previous year.

Last season marked the first year in a couple of seasons that all 30 MLB clubs didn’t have seating restrictions due to the COVID-19 pandemic, which helped teams no matter the market. Ticket revenue jumped 64% to $2.4 billion, which includes postseason and spring training sales. Average operating income was down 20%, though, from 2021 ($17.7 million), while costs for players rose 13%.

The recent bankruptcy filing by Diamond Sports Group, which owns local media rights to 14 different teams, did have an impact on some valuations.

By contrast, teams like the Yankees, who have their own regional sports network, YES Network, do well because of the market and fandom. YES generates around $400 million in operating income, per Forbes.

Behind the Yankees and Dodgers, rounding out the top five, are the Boston Red Sox ($4.5 billion, 15%), Chicago Cubs ($4.1 billion, 8%) and San Francisco Giants ($3.7 billion, 6%). 

At the bottom of the list was the Miami Marlins, estimated to be worth $1 billion under owner Bruce Sherman. The Oakland Athletics franchise, long in flux looking to potentially relocate, is just above the Marlins at $1.18 billion.

Research contact: @FoxBusiness

Ticketmaster refunds fans after The Cure’s Robert Smith ‘sickened’ by pricing debacle

Maarch 21, 2023

The Cure’s lead vocalist Robert Smith is fighting back against Ticketmaster and its excessively high concert fees, reports Fox Business.

After Ticketmaster received much criticism for the hefty price tag on their concert fees, Smith took to Twitter to share an update with his fans and expressed his resentment towards the company.

“I am as sickened as you all are by today’s Ticketmaster ‘fees’ debacle. To be very clear: the artist has no way to limit them. I have been asking how they are justified. If I get anything coherent by way of an answer, I will let you all know. X,” Smith said in a tweet on Wednesday, March 15.

The British rock band’s comments come on the heels of outspoken fans addressing their concerns about high fees on low ticket prices for The Cure’s North American tour.

Fans broke down the cost on social media and shared screenshots of their ticket transaction. What was supposed to be a $20 band ticket resulted to nearly double the price with unfamiliar fees—including service fee, facility charge, and order processing fee.

“So @thecure and @RobertSmith wanted to keep ticket prices at a reasonable level for fans on their upcoming North American tour dates. Of course @Ticketmaster absolutely rinsed them with ridiculous extra charges …” a fan tweeted. “wtf even is a service fee or a facility charge or processing fee??”

The 63-year-old singer revealed his decision to work with Ticketmaster was to avoid ticket scalpers. Smith announced that he teamed up with Ticketmaster to reduce concert costs and promises fans a partial refund.

“1 of 2: After further conversation, Ticketmaster have agreed with us that many of the fees being charged are unduly high, and as a gesture of goodwill have offered a $10 per ticket refund to all verified fan accounts for lowest ticket price (‘ltp’) transactions…” he said in a tweet on Thursday.

“2 of 2: … And a $5 per ticket refund to all verified fan accounts for all other ticket price transactions, for all Cure shows at all venues; if you already bought a ticket you will get an automatic refund; all tickets on sale tomorrow will incur lower fees.”

The following day, the “Lullaby” singer continued to explain to fans the issues they may have faced when purchasing The Cure concert tickets.

“1 of 2: This morning 6 shows were prematurely activated for face value exchange prior to face value price restrictions being put in place. The problem was immediately corrected. However, about 900 tickets were purchased above face value…” Smith pointed out.

“2 of 2: All of these buyers are in the process of being contacted and will be automatically refunded to face value,” he assured. 

Ticketmaster additionally updated fans about the refund and stated they’ve been working with The Cure to resolve the high ticket costs.

“This was on our radar early this morning and has already been resolved—refunds are in progress to fans for any costs over original ticket price. We stand with the band on their decision to use a Face Value Exchange and it will be enforced on our marketplace,” Ticketmaster wrote on their Twitter.

The Cure is slated to start their tour on May 10 in New Orleans and end on July 1 in Miami.

Research contact: @FoxBusiness

Report: Abbott Labs under criminal investigation over baby formula shortage

January 214, 2023

The Justice Department is investigating Abbott Laboratories’ baby formula plant in Michigan, which was at the center of a nationwide formula shortage that plagued millions of families, reports Fox Business.

In May, Abbott reached an agreement with the Food and Drug Administration (FDA) to reopen the company’s manufacturing plant in Sturgis, Michigan to help ease a nationwide shortage of baby formula, after the facility was closed due to bacterial contamination, according to an earlier story by The Wall Street Journal.

FDA Commissioner Robert Califf said Abbott, under the conditions of the agreement, would correct unsanitary conditions that led to the contamination and plant closure.

“The DOJ has informed us of its investigation, and we’re cooperating fully,” an Abbott spokesman told the Journal.

The investigation signals further scrutiny of Abbott’s operation of the plant—a major source of baby formula in the United States.

Last January, FDA inspectors found the cronobacter pathogen at the plant after receiving reports of babies who drank the company’s formula and became sick. The bacteria that was detected in the supply found let to at least four infant illnesses—including two deaths.

The inspectors also found standing water, damage to drying equipment, and defects in the seams of formula cans, among other problems at the Sturgis plant.

In a ten-page report published last September, the FDA stated that conditions observed at the Abbott facility “were not consistent with a strong food safety culture.”

Abbott temporarily halted production at the Sturgis factory in February 2022 and recalled baby formula made at the plant. The move sparked a national formula shortage which forced America to airlift millions of pounds of powdered formula from overseas.

Research contact: @FoxBusiness

CES 2023: AI smart collar aims to take the guesswork out of your dog’s health with real-time alerts

January 11, 2023

Cotons AI is showing an AI smart collar for dogs at CES 2023 in Las Vegas that, the company claims, can extend the life of a dog by offering precise health metrics and transferring them to your phone, reports Fox Business.

The South Korean start-up uses artificial intelligence software to detect negative or positive health trends in dogs—offering monthly, quarterly, and yearly data updates that the company says could help spot the beginnings of various diseases and health issues.

Sueah Kim, global marketing leader for Cotons AI, said the product will take the guesswork and anxiety out of identifying a pet’s health markers and bring technology previously available only in a veterinarian office to the home.

“When I first became a dog mom, I was at the vet every other week just because I was nervous about their overall health and making sure they have the best quality of life that they can,” Kim said.

The company is producing two different versions of the wearable device.

The Cotons Sense 1 is a smart collar, integrating five sensors that check a dog’s temperature, pulse, and respiration and can also determine whether the animal is urinating, defecating, coughing, vomiting, drinking, or eating, according to the company. It is intended to be worn 24/7 for consumer use.

It will include sensors BCG, ICM-42605 6-Axis, ICM-40619 MEMS, as well as a temperature and humidity CMOSense chip all packed alongside aCortex M4 32-bit processor.

Cotons AI also partnered with Jeju National University of Veterinary Medicine to ensure that the device can handle the challenges that veterinarians face on a daily basis. In addition, the company is working alongside Asia’s largest electronic medical record provider to integrate seamlessly with veterinary clinics.

The Cotons Sense 1 Pro is a suit that fits around the torso of the dog, created using a breathable, four-way stretch fabric, and is meant to replace the Holter monitor and other traditional methods of ECG reading. It is specifically designed for post-operation care, with the owner and the veterinarian able to monitor the dog’s biometrics in real time from a smartphone.

“You wear it for 24 hours after the initial incident. The veterinarian will send you home with it—they will get that live data, and you will also get notifications on your phone in the event that the animal needs to be brought back into the care of a vet,” Kim said.

Cotons Sense 1 is expected to be available in South Korea during the second quarter of 2023, while the Cotons Sense 1 Pro will be available in Q4 this year.

Both products are also on track to land in other countries in 2024.

The smart pet collar market is expected to reach $798.69 billion globally by 2028, according to data from BrandEssence Research. The competitive landscape includes high-profile companies such as Garmin, Tractive, FitBark, and Whistle.

Research contact: @FoxBusiness

Nearly half of young adults are living at home with their parents

December 19, 2022

Young adults in the United States are choosing to live with their parents in an effort to save on rent, according to findings of a new study, reports Fox Business.

Inflation concerns and record-high prices in rent, groceries, and other amenities have caused nearly half of all young adults (48%) between the ages of 18 and 29 to choose to live with their parents, a conglomerate of analysts found, citing data from the U.S. Census Bureau.

The data came from a Pew Research Center analysis, USA Today, the University of Minnesota, and a team of Morgan Stanley analysts led by Edouard Aubin.

One sector that has benefited from the Millennial and the Gen Z decision to stay at home is luxury retailers, the report found, as young adults are spending less (or nothing) on rent and are then using the extra disposable income on higher-end brands of clothing and luxury items. Only one in five Millennials living at home say that their parents charge them rent. Of those, nearly half were paying less than $500 per month.

“When young adults free up their budget for daily necessities, they simply have more disposable income to be allocated to discretionary spending,” Aubin said in the report. “We see it as fundamentally positive for the [luxury] industry.”

“When asked about the incentives to move in with parents, 51% of the young adults said that it was to save money and 39% of them said that it was because they could not afford rent,” said in a survey published on December 5.

The survey, conducted by Pollfish, included 1,200 Americans ages 26 to 41, and about one in four said they lived with a parent.

Aubin and his team of analysts found some of those polled also cited a desire to pursue higher education—using the cheaper rent option to help cover its costs—and intentionally choosing not to depart from their parental protection until their debts are paid off.

The analyst said developments in social media also have helped prompt the additional luxurious spending.”This is of course not the only reason luxury-goods consumers are getting younger in the West (social media also playing an important part), but we see it as fundamentally positive for the industry,” the analysts reported.

Other payment options for luxury goods, such as buy-now-pay-later have also facilitated the increase in high-end spending, according to Quartz.

The report found the figure of young adults staying at home is the highest it has been for decades. The 2022 figure, although down slightly from 2020 (49.5%), is the highest it has been dating back to the 1940s. The recent record was likely exacerbated by the COVID-19 pandemic.

Research contact: @FoxBusiness

Elvis Presley’s private jet to hit the auction block

December 9, 2022

Elvis Presley fans can soon bid on a piece of the King of Rock and Roll’s luxurious lifestyle. A private jet that previously belonged to Presley will hit the auction block in January 2023, reports Fox Business.

The 1962 Lockheed 1329 JetStar was purchased by the Jailhouse Rock singer in 1976—a year before his death—according to Mecum Auctions of Walworth, Wisconsin.

The aircraft features a faded red exterior with silver accents; and a custom interior decked out with nine red velvet passenger seats, gold-plated accents, and a red plush carpet. In addition, the jet is detailed with a Kenmore microwave; and a television with an RCA VCR player and a cassette player.

Since his death on August 16, 1977 at the age of 42, Presley’s jet has been stored at the Roswell International Air Center in New Mexico for decades. Its engines and many cockpit components have been removed.

The aircraft was one of several private jets owned by Presley. Two others—a Convair 880 jet and another JetStar—are on display at his home, Graceland, in Memphis. Included with the jet is a copy of the aircraft security agreement document signed by Presley, himself, and the aircraft bill of sale documentation.

“For decades, Lockheed’s JetStar was the executive jet of choice for countless A-listers, recognized dignitaries and star-studded celebrities,” the listing notes.

“With a busy touring schedule, these crafts were needed to transport the singer, his TCB band, backup groups, Colonel Tom Parker and the ever-present Memphis Mafia to venues, concerts. and appearances all around the country. Elvis kept several pilots on retainer who were ready to fly him to adoring fans at a moment’s notice,” the site added.

Research contact: @FoxBusiness

Customer disservice? Frontier Airlines ends customer service phone line support

November 30, 2022

Frontier Airlines has announced that it will no longer have a customer service phone line to help travelers book flights or fix travel issues, reports Fox Business.

Now, its customer care function has fully transitioned to digital communications to ensure “customers get the information they need as expeditiously and efficiently as possible,” a Frontier spokesperson told Fox Business.

The airline said it discovered that most of its customers “prefer communicating via digital channels.”

Customers first will interact with a chatbot, which can help answer common questions, the spokesperson said. Live chat is available 24/7 as well, the airline said. 

Travelers also can email the airline with questions or complaints, or they can file a formal written complaint. For emails or formal complaints, customers are sent to a page on Frontier’s website where they are given an 800-character limit to write a note to the airline.

Customers may also contact the company through social media channels and WhatsApp.

Frontier isn’t the only airline without a customer service phone line. At least one other carrier, Breeze Airways, touts its lack of a call center and points customers to its app and other “tech-first” approaches if they’re trying to book or manage a flight.

This change comes as the chief executives of major U.S. carriers warn of a very busy holiday travel season, which could mean more travel issues.

Research contact: @FoxBusiness

FTX confirms ‘unauthorized transactions,’ as upwards of $1B in crypto reportedly vanishes

November 15, 2022

Embattled cryptocurrency exchange FTX announced on Saturday, November12, that it would move funds into offline storage after reporting “unauthorized transactions.” Analysts said millions of dollars’ worth of assets—$1 billion or more—had been withdrawn from the platform, reports Fox Business.

Indeed, according to Fox, a full-fledged liquidity crisis forced FTX to file for bankruptcy on Friday, November 11.

Two sources told Reuters that FTX CEO Sam Bankman-Fried—in a meeting he confirmed took place—shared records with other senior executives that revealed the financial hole. Spreadsheets reportedly showed that between $1 and $2 billion dollars of the funds were not accounted for among Alameda’s assets and that the spreadsheets did not indicate where the money had been moved.

Reuters, citing two people familiar with the matter, reported that at least $1 billion of customer funds had disappeared and that people told the news outlet that Bankman-Fried transferred millions  of customer funds from FTX to his trading company Alameda Research.

Further, CNBC reports, the quant trading firm Sam Bankman-Fried founded was able to quietly use customer funds from his exchange FTX in a way that flew under the radar of investors, employees, and auditors in the process. The way they did it was by using billions from FTX users without their knowledge, says the source.

Today, Bankman-Fried’s wealth, which was estimated to be $15.6 billion earlier in the month, also has disappeared, according to the Bloomberg Billionaires Index. The index currently estimates Bankman-Fried has no material wealth.

“Following the Chapter 11 bankruptcy filings—FTX US and FTX [dot] com initiated precautionary steps to move all digital assets to cold storage. Process was expedited this evening—to mitigate damage upon observing unauthorized transactions,” FTX U.S. General Counsel Ryne Miller tweeted.

Cold storage refers to crypto wallets that are not connected to the Internet to guard against hackers.

Miller had previously written that FTX was “investigating abnormalities with wallet movements related to consolidation of FTX balances across exchanges,” although noting that facts were unclear “as other movements [were] not clear.”

An administrator in the official FTX Telegram channel wrote that “Ftx has been hacked.”

That administrator told users not to visit the FTX site “as it might download Trojans,” adding, “Some funds were retrieved.”

Coindesk reports that the message was pinned by Miller.

FTX did not immediately return Fox Business’ request for comment on the matter.

Research contact: @FoxBusiness

Burnt offering: Vlasic releases pickle-scented candle in authentic jar for National Pickle Day

November 14, 2022

Pickle lovers can now take their obsession to the next level. Vlasic is set to release a pickle-scented, pickle jar-replica candle for National Pickle Day on Monday, November 14, reports Fox Business.

The pickle company, in partnership with home fragrance and accessories company Candier by Ryan Porter, modeled the candle after a real jar of pickles—and the scent is spot-on, too.

“We saw a huge opportunity to do something really fun and different with Vlasic in celebration of National Pickle Day,” Candier by Ryan Porter founder Krysten Kauder said in a press release.

Creating a pickle jar look-a-like candle that also smells like the real deal, said Kauder, posed “several big challenges.” Chief among those: “Getting the wax pickles to look like they’re floating in clear liquid was really tough,” she said, “so, everything had to be done by hand, including the placement of the pickles and [the] pouring of the wax.”

But in the end, “After lots of rounds of research and testing, our team nailed it and produced a 100% wax candle that looks and smells like a jar of Vlasic pickles.”

Vlasic Brand Marketing Director Brett Castle wrote in a statement that the company is “thrilled” to have partnered with Candier by Ryan Porter to create the “fun and fresh” limited-edition candle.

“It was a no-brainer for us to bring the fun and flavor of Vlasic into homes across the country in celebration of National Pickle Day.”

The Vlasic pickle candle will be available for purchase starting on November 14 on for $29.

Research contact: @FoxBusiness