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Ozempic, Wegovy Maker Cutting Thousands Of Jobs: 'Our Company Must Evolve' Ozempic, Wegovy Maker Cutting Thousands Of Jobs: 'Our Company Must Evolve'
Ozempic, Wegovy Maker Cutting Thousands Of Jobs: 'Our Company Must Evolve' Drugmaker Novo Nordisk will slash thousands of jobs in a sweeping effort to keep the company competitive in the pharmaceutical industry. Novo Nordisk will lay off about 9,000 workers worldwide, the Danish company said in a news release on Wednesday, Sept. 10. The cuts amount to roughly 11.5% of the pharmaceutical giant's 78,400 global positions. The maker of drugs like Ozempic and Wegovy has its US headquarters in Plainsboro, NJ. "As the global leader in obesity and diabetes, Novo Nordisk delivers life-changing products for patients worldwide," said CEO Mike Doustdar. "But our ma…

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by Chris Spiker
Business
Electricity, Gas Bills Surge Nationwide: Here's Why Electricity, Gas Bills Surge Nationwide: Here's Why
Electricity, Gas Bills Surge Nationwide: Here's Why If your latest utility bill made you do a double take, you are far from alone.  Across the country, Americans are seeing their electricity and natural gas costs soar, squeezing household budgets just as summer temperatures peak. Several key factors are fueling these price hikes.  Experts say the combination of increased energy demand, supply chain disruptions, and decades of underinvestment that have left the US grid with aging infrastructure are all contributing to the higher bills.  In addition, the growing need for power from AI-driven data centers, expanded oil and gas …

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by Joe Lombardi
Business
Rising Costs Rattling Restaurants As Customers Pull Back Rising Costs Rattling Restaurants As Customers Pull Back
Rising Costs Rattling Restaurants As Customers Pull Back From fryer oil to filet mignon, the tab for running a restaurant keeps climbing, and fewer diners are picking up the check. Operators say higher prices for ingredients, wages, and essentials like packaging are colliding with softer customer traffic, making profitability harder to maintain.  Supply chain hiccups continue to cause delays and last‑minute substitutions, pushing up costs.  Fuel is another pressure point. According to NerdWallet, the average price of a gallon of diesel has risen about 22 percent since 2020.  Related story - Beef Prices Keep Climbing T…

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by Joe Lombardi
Business
Target Sales Slump Amid Boycotts Over DEI Policy Changes, Trump's Tariffs Raising Some Prices Target Sales Slump Amid Boycotts Over DEI Policy Changes, Trump's Tariffs Raising Some Prices
Target Sales Slump Amid Boycotts Over DEI Policy Changes, Trump's Tariffs Raising Some Prices Target's sales have fallen through the start of 2025 amid President Donald Trump's sweeping tariffs, falling consumer confidence, and boycotts over the retailer's diversity program rollback. Target reported that net sales dropped 2.8% in the first quarter of 2025 compared to the prior year. Despite digital sales rising 4.7%, in-store sales plummeted 5.7%, causing total transactions to fall 2.4%. Chief financial officer Jim Lee said Target is expecting similar sales drops throughout 2025. "For the full year, we believe it's prudent to plan for a low single-digit decline in our sales, i…

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by Chris Spiker
Business
New Stance On Tariffs By One Of America's Biggest Grocery Store Owners Could Protect Prices New Stance On Tariffs By One Of America's Biggest Grocery Store Owners Could Protect Prices
New Stance On Tariffs By One Of America's Biggest Grocery Store Owners Could Protect Prices Albertsons Companies is warning its suppliers: don't expect to pass tariff costs on to us, and definitely don't think we'll pass them on to our shoppers. In a letter sent to suppliers in March 2025, Albertsons told vendors that, with few exceptions, it "is not accepting cost increases due to tariffs," according to reporting by BoiseDev. The grocery giant further advised that any tariff-related surcharges added to invoices without prior approval could cause disputes and payment delays. Supermarket News and Grocery Nerd confirmed that suppliers seeking an exception must submit a detailed…

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by Jillian Pikora
Business
Panic Buying Shrinks US Vehicle Supply As Trump's Tariffs Set Up Summer Price Hikes Panic Buying Shrinks US Vehicle Supply As Trump's Tariffs Set Up Summer Price Hikes
Panic Buying Shrinks US Vehicle Supply As Trump's Tariffs Set Up Summer Price Hikes The US supply of new and used vehicles is quickly declining after car shoppers rushed to make purchases before President Donald Trump's sweeping tariffs shook the auto industry, setting the stage for a costly summer. New-vehicle stock fell to 2.69 million units by Tuesday, April 1, according to auto data company Cox Automotive. That was down 10.2% from the start of March and 2.4% lower than the same time in 2024. Buyers flooded showrooms in the final week of March, driven by seasonal trends and fears of price hikes tied to Trump's rapidly changing tariffs. "With import tariffs no…

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by Chris Spiker
Business
These Foods Expected To See Biggest Price Increases This Year, USDA Says These Foods Expected To See Biggest Price Increases This Year, USDA Says
These Foods Expected To See Biggest Price Increases This Year, USDA Says As consumers navigate the aisles in 2025, the cost of food remains a pressing concern.  The US Department of Agriculture (USDA) has released its 2025 Food Price Outlook, forecasting trends that will shape grocery store receipts and restaurant bills in the months ahead. What’s Ahead for Food Prices? According to the USDA, overall food prices are expected to rise by 2.2 percent in 2025. While this is comparable to 2024’s rate, it remains slower than the historical average. However, variations in price changes across different food categories could impact consumer spending habits. Groce…

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by Joe Lombardi
Business
East Coast Ports Dodge Shutdown As Dockworkers Reach Tentative Six-Year Deal East Coast Ports Dodge Shutdown As Dockworkers Reach Tentative Six-Year Deal
East Coast Ports Dodge Shutdown As Dockworkers Reach Tentative Six-Year Deal Dockworkers and port companies have come to a tentative agreement on a new six-year deal, avoiding another work stoppage that would cause major shipping disruptions along the East Coast. The International Longshoremen’s Association (ILA) and United States Maritime Alliance (USMX) announced the tentative agreement in a joint news release at night on Wednesday, Jan. 8. The deal aimed to avoid another potential strike on Wednesday, Jan. 15. The ILA and USMX agreed to extend the current master contract until ILA representatives can convene for a ratification vote and USMX members can final…

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by Chris Spiker
Business
Nissan, Honda Eye Potential Merger Nissan, Honda Eye Potential Merger
Nissan, Honda Eye Potential Merger Two of the world's biggest automakers may soon become one. Nissan Motor Co., Ltd. and Honda Motor Co., Ltd. have signed a memorandum of understanding (MOU) to discuss a potential merger aimed at revolutionizing the future of mobility and electrification.  Announced on Monday, Dec. 23, the goal is to establish a joint holding company that could significantly impact the automotive landscape, and potentially make the combined corporation the world's third-largest auto manufacturer. The merger aims to accelerate initiatives for carbon neutrality and zero traffic fatalities by pooling reso…

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by Joe Lombardi