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PUBLIC RADIO
Public broadcast organization GBH is selling the longtime home of WCAI, its NPR news station that serves Cape Cod and the Islands, CEO Susan Goldberg said in a statement. The sale of the station’s headquarters — a 19th-century captain’s house in Woods Hole which WCAI worked out of for 25 years — comes months after GBH laid off 4 percent of its staff and suspended three television programs to cut costs. Jay Allison, the founder of the station whose Atlantic Public Media currently works out of the same office, said the decision came as a shock and a surprise to staff and that he’s disappointed in the move. GBH said it will search for a new headquarters for WCAI. Goldberg said the station will continue broadcasting uninterrupted. — AIDAN RYAN
MORTGAGES
The average rate on a 30-year mortgage in the US rose for the fifth straight week, returning to its highest level since early August. The rate rose to 6.72 percent from 6.54 percent last week, mortgage buyer Freddie Mac said Thursday. That’s still down from a year ago, when the rate averaged 7.76 percent. — ASSOCIATED PRESS
The Royal Caribbean Icon of the Seas cruise ship docked at PortMiami in Miami, Fla., on Jan. 11.Eva Marie Uzcategui/Photographer: Eva Marie Uzcategu
CRUISES
Smooth sailing for Royal Caribbean
Royal Caribbean Cruises’s shares surged to a record after the cruise operator raised its earnings outlook for a fourth time this year and said it expects strong demand to continue. The world’s most valuable cruise company boosted its adjusted earnings outlook to $11.57 to $11.62 per share this year, according to a statement Tuesday, above the average analyst projection of $11.51. — BLOOMBERG
BEER
Where have all the beer drinkers gone?
A slump in confidence and demand in China has hit the sale of beer at two of the world’s largest brewers. Anheuser-Busch InBev and Carlsberg both reported a decline in volumes that was worse than expected as cautious Chinese drinkers cut back on spending. Further slowdowns in consumption in Argentina and a continued weak consumer environment in the US, one of the largest beer markets in the world, didn’t help either. AB InBev, the maker of Stella Artois and Budweiser, said volumes dropped 2.4 percent in the third quarter, more than was estimated by an analysts consensus compiled by Bloomberg. Denmark’s Carlsberg said organic volumes fell 0.2 percent, which it blamed on lower sales in Western Europe and Asia. — BLOOMBERG
EXERCISE EQUIPMENT
Peloton chooses Ford executive as new CEO
Peloton named Ford Motor Co. executive Peter Stern as its next chief executive officer, entrusting him to lead a turnaround of the long-struggling fitness company. Stern — who is currently president of Ford Integrated Services and previously served as a vice president for Apple — will join Jan. 1, the company said Thursday. Peloton also delivered its latest financial report, saying that revenue would be $640 million to $660 million in the second fiscal quarter. Peloton, which thrived during pandemic lockdowns, has been mired in a deep slump over the past three years. — BLOOMBERG
AUTOMOTIVE
Stellantis revenue plummets
MILAN — Troubled carmaker Stellantis on Thursday reported a 27 percent plunge in net revenues during the third quarter as gaps in launching new products and action to reduce inventories slashed global shipments of new vehicles by 20 percent. The world’s fourth-largest carmaker, created by the 2021 merger of PSA Peugeot and Fiat Chrysler Automobiles, reported net revenues of 33 billion euros (nearly $36 billion ) in the three-month period ending Sept. 30, down from 45 billion euros from the same period a year earlier. All regions except South America reported double-digit dips in revenues, led by North America, which plunged 42 percent to 12.4 billion euros. — ASSOCIATED PRESS
The Boeing logo is displayed at the company’s factory on Sept. 24 in Renton, Wash.Lindsey Wasson/Associated Press
AVIATION
Beleaguered Boeing to skip Chinese air show
Boeing will not attend China’s top commercial and defense airshow next month, a notable absence by the planemaker in a key export market. The US planemaker will not be one of the exhibitors at the Zhuhai Airshow next month, a spokesperson said in an email response to questions from Bloomberg. The planemaker has previously said it is looking to curb spending amid a crippling strike that’s entered its seventh week, shuttering production of its workhorse 737 Max. — BLOOMBERG
AUTOMOTIVE
Ford to close plant that builds electric pickups for the rest of the year
Ford plans to shut down the Michigan factory that produces its F-150 Lightning plug-in pickup truck, its signature electric vehicle, through the end of the year as demand for EVs continues to wane. The move is the latest blow to a model that had been a centerpiece of Ford’s EV strategy and that CEO Jim Farley said would be “a test for adoption of electric vehicles.” The automaker will begin a seven-week shutdown in mid-November of the Dearborn plant visited by President Biden in 2021, who drove a Lightning and declared “this sucker’s quick.” — BLOOMBERG
CABLE TELEVISION
Comcast may spin off cable networks
Comcast said it’s considering spinning off its cable networks into a new company as it grapples with the continuing industry-wide decline in subscribers. “We’re going to commence a study of whether there’s a good idea in creating a new, well-capitalized company that would go to our shareholders — existing shareholders — of our cable TV networks,” president Mike Cavanagh said on a call with analysts to discuss earnings. “We’re not talking about Peacock or broadcast networks.” In the third quarter, Comcast lost 365,000 cable-TV customers. NBCU’s cable networks include MSNBC, CNBC, E!, and Bravo, among others. Comcast reported third-quarter sales and profit that exceeded analysts’ expectations after the company’s NBC division got a lift from the Summer Olympics, an event that generated $1.4 billion in advertising revenue. — BLOOMBERG
DELIVERIES
DoorDash scores first profit since beginning of pandemic
DoorDash beat Wall Street’s expectations on virtually every key earnings metric, allowing the delivery service to post its first operating profit since the start of the pandemic. The San Francisco-based company generated $107 million in operating income, it said in a statement Wednesday, more than double the outlook from analysts and representing the first quarterly profit since the second quarter of 2020. The firm also beat on third-quarter total orders and adjusted earnings as it worked to expand non-restaurant offerings to attract new customers. — BLOOMBERG
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Publish date : 2024-10-31 12:24:00
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