Posts tagged with "Fox Business"

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,” PropertyManagement.com 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 shopryanporter.com for $29.

Research contact: @FoxBusiness

Derek Jeter is selling Jeeps now

November 1, 2022

Yankee great Derek Jeter and his wife, Hannah, are living the 4×4 life. Fox Business reports that the superstar couple has entered a partnership with Jeep to be the faces of its lineup of Wagoneer and Grand Wagoneer SUVs.

The Jeters and their three children will be featured in a series of advertisements for the luxury SUVs that kicked off during game one of The World Series.

Olivier Francois, chief global marketing officer for Jeep parent Stellantis, said the Kalamazoo-raised Jeter’s ties to Michigan help make him an authentic fit for the brand.

Francois said that a few days after Jeter’s name came up as a possibility for the campaign, he was stuck with a broken arm in an ER waiting room in Florida watching TV—and the Jeter documentary, “The Captain,” came on, and he watched the whole thing, which helped to seal the deal.

Francois also highlighted Jeter having a connection to the military like Jeep—his parents having met while stationed in Germany serving in the U.S. Army.

The initial series of commercials makes several references to Jeter’s storied baseball career. One highlights the second’ row “captain’s” chairs available in the Wagoneers, and another shows him flipping a set of keys, a callback to a famous play Jeter made for the Yankees during the 2001 American League Division Series against Oakland.

Launching the commercial during a World Series featuring the Houston Astros turned out to be auspicious, as Texas has been the biggest market for the Wagoneer since it went on sale next year.

New York also happens to be Jeep’s biggest market in the United States, which Jeep’s North American boss, Jim Morrison, said “certainly helped” with the decision to sign Jeter to a multi-year contract.

Research contact: @FoxBusiness

Kanye West erupts after Adidas puts Yeezy partnership ‘under review’

October 10, 2022

Kanye West’s partnership with sportswear manufacturer Adidas is “under review,” the company said on Thursday, October 6—and the star is not happy about the decision, reports Fox Business.

In a profanity-laced Instagram post, West scrutinized the sports retailer and claimed that the German multinational corporation “stole” his designs, according to TMZ.

“F—K ADIDAS,” West said in the since-deleted post to his nearly 18 million followers. “I AM ADIDAS,” he added. “ADIDAS RAPED AND STOLE MY DESIGNS.”

The German sports clothing manufacturer—the largest in Europe and the second largest in the world behind Nike—has maintained a business partnership with West to produce his Yeezy product line.

However, the company announced the review days after West wore a “White Lives Matter” shirt at a Paris fashion show and after he called the Black Lives Matter movement a “scam” on social media.

“After repeated efforts to privately resolve the situation, we have taken the decision to place the partnership under review,” Adidas said in a statement, according to Reuters. “We will continue to co-manage the current product during this period.”

“Adidas has always been about creativity, innovation and supporting athletes and artists to achieve their vision,” the statement continued. “The Adidas Yeezy partnership is one of the most successful collaborations in our industry’s history.”

Adidas added: “All successful partnerships are rooted in mutual respect and shared values.”

West often takes to social media to voice his opinions and criticisms, including some in recent months that have been specifically addressed to Adidas and its CEO. The two have been partnering together since 2013, Reuters reported.

West previously partnered with Nike, from 2007 to 2013, when he famously released his Red Octobers, according to The Wall Street Journal. The star first

In West’s current agreement with Adidas, the star lends the company the rights to design and manufacture Yeezy products. In return, West receives about 15% royalties, according to the Journal.

The current deal runs through 2026. As recently as last month, West threatened to walk away from the agreement and to take the Yeezy line solo.

Adidas’ review announcement comes less than a month after West announced he was terminating his partnership with clothing retail company Gap.

Research contact: @FoxBusiness

Derek Jeter gets into sports card world with launch of new collecting platform

September 17, 2022

Derek Jeter’s business portfolio grew a bit bigger on Thursday, September 8, as it was announced that he had become a founding partner of a new sports card collecting platform called Arena Club, reports Fox Business.

The former New York Yankees shortstop—who was inducted into the Baseball Hall of Fame in 2020—teamed up with entrepreneur Brian Lee, Arena Club co-founder and CEO, to launch the business.

The platform will serve as a “bridge” between the long-lasting sports card collecting hobby and the up-and-coming world of digital sports collectibles. Collectors will be able to buy, sell, trade and display their cards through a digital showroom.

“I am proud to be part of the team at Arena Club and to work closely with Brian to bring this innovative platform to life,” Jeter said in a news release. “We recognize that there is a real need in the grading industry for clarity, speed and trust; and Brian has put together a team that is committed to providing that to the marketplace.”

Arena Club also plans to enter the card-grading space through “computer vision and machine learning.” The company said its grading process vows to be “quicker, more accurate, and transparent.”

Collectors who choose to get their items graded via Arena Club will either have their product stored in the Arena Club vault or receive slabs – similar to what they would get through PSA or Beckett.

Lee was the co-founder and president of LegalZoom.com and has been the managing partner of BAM Ventures since 2017.

“Arena Club was built by a team of trading card enthusiasts who created the platform with the hobby community in mind,” he said in a news release. “From top to bottom, our team is honest, ethical, and fair. Arena Club will transform the collectible world through transparency, authenticity and technology.”

Jeter stepped down from the Miami Marlins’ front office before the start of the 2022 season.

In his post-playing career, Jeter started The Players’ Tribune, had investment interests in the Whistle Sports Network, joined the board of Rockefeller Capital Management, and launched an apparel brand called Greatness Wins. Jeter’s net worth is reportedly around $200 million.

Research contact: @FoxBusiness