Forbes

2022-06-08 17:05:01 Abbott Resumes Baby Formula Production At Michigan Plant

Abbott Laboratories Saturday restarted production of a specialty brand of its infant formula at its Sturgis, Mich., facility after “meeting initial requirements agreed to with the U.S. Food and Drug Administration,” the company announced.

Though production is beginning, which is critical to alleviating baby formula shortages in the U.S. and elsewhere, the product being produced once again isn’t expected to be available to consumers for another two weeks. A February shutdown of the large factory led to supply problems across the U.S.

The shutdown of the Michigan plant has contributed to a nationwide shortage of infant formula, particularly the more popular Similac that has long been a flagship brand of Abbott’s. The production of EleCare is, however, important because the formula is hypoallergenic and used by infants and children with gastrointestinal disorders. Open / Comment

2022-06-08 15:00:13 Tesla Could Have A Working Humanoid Robot By September 2022

Elon Musk recently postponed Tesla’s second AI Day from August 19th to September 30th. In a Tweet, Musk blamed the delay on the possibility that they may have a working humanoid robot to show off by that point.

The humanoid robot, named Optimus (previously known as Tesla Bot), was one of the big announcements at the last AI Day in August 2021. For some, the Optimus reveal was a bit of a curve ball, because they thought Tesla’s AI technology and Project Dojo supercomputer were exclusively aimed at developing the company’s self-driving car capabilities as quickly as possible.

At the time of the original announcement, Musk argued that the humanoid robot would have the “potential to be more significant than the vehicle business over time” and eventually mean that “physical work will be a choice”.

The Optimus Tesla Bot was a final reveal at the last AI Day, but it could be more of a central focus for the next one. Open / Comment

2022-06-07 21:05:01 Discussions on gun control in the House Judiciary committee. Watch the video. Open / Comment

2022-06-07 17:05:01 Musk Endorses Billionaire Caruso For Los Angeles Mayor

The world’s wealthiest man Elon Musk made a rare political endorsement Friday, tweeting his support for fellow billionaire Rick Caruso’s Los Angeles mayoral bid in an apparent contradiction of his vow last month to vote for Republicans.

Caruso and Musk are two of the wealthiest individuals in the world, according to Forbes’ calculations: Caruso’s $4.3 billion fortune largely due to shopping center investments in Southern California makes him the 655th wealthiest person in the world, while Musk’s $220.9 billion fortune far outpaces anyone else’s.

The 63-year-old Caruso, a long-time Republican who recently switched party affiliation to Democrat, is one of three leading candidates in the Los Angeles mayoral race.

A primary election Tuesday will determine the two candidates that appear on the ballot in Los Angeles in November – or could determine the next mayor outright if a candidate secures more than 50% of votes. Open / Comment

2022-06-07 14:05:01 Reggaetón Festival Sueños Debuts In Chicago With Over 45,000 Attendees — From Baja Beach Fest Founders

The inaugural Sueños Music Festival echoed throughout Chicago on Memorial Day weekend and brought out thousands to enjoy a weekend of dance, drink and food.

The first reggaetón festival of its kind, Sueños was a two-day event that brought over 45,000 people together for some of the biggest names in music, acclaimed local restaurants, up-and-coming artists and local DJs. Headliners and performers included J Balvin, Ozuna, Myke Towers, Jhay Cortez, Farruko, Sech and more.

Each day of the festival was followed by afterparties across Chicago’s hottest clubs and nightlife spots.

Before Sueños, Ampudia and Den Ujil created Baja Beach Fest, which is an annual, two-weekend music festival in Rosarito Beach, Mexico. Sueños is a continuation of their mission to connect people through music powered by the pair’s entrepreneurial spirit. Open / Comment

2022-06-06 21:05:01 Stores On Wheels Startup Robomart Gains Momentum With Unilever Partnership

A different kind of mobile ice cream shop will begin rolling through parts of Los Angeles next month thanks to a partnership between store-hailing startup Robomart and consumer goods giant Unilever.

Robomart’s aim is to make getting a delivery from a store as easy as calling an Uber or Lyft. It has been outfitting a fleet of vans that can provide contactless delivery of snacks, convenience store and pharmacy items, and now, on-demand ice cream from Unilever’s signature Ben & Jerry’s, Breyers, Good Humor, Magnum, and Talenti brands.

The Robomart-Unilever vans will be decorated with signage for The Ice Cream Shop, a virtual storefront Unilever created to make it easier for consumers to order its ice cream brands from delivery services like Uber Eats and Grubhub and DoorDash.

The Robomart vans have drivers, but consumers can open the van door, select an item, and pay with a smartphone app, without having to interact with the driver. Open / Comment

2022-06-06 17:05:01 How Chewy Is Winning The Tug Of War For Pet Dollars

Chewy CEO Sumit Singh began his discussion of the online retailer’s first quarter results by saying the company has been engaged in a tug-of-war between strong consumer demand for pet goods, and an operating environment filled with challenges like inflation, shortages, and supply chain costs.

But the more critical tug-of-war Chewy needs to win is the fight to hold on to its customers, and to fight off the competitors who want to steal them.

Chewy shares surged by more than 25%, following its earning call.

Singh and other Chewy execs, in the quarterly earnings calls, tend to outline their growth strategies in greater detail than many public company leaders. That may be because Wall Street, since Chewy’s first days as a public company, has often reacted skeptically to Chewy’s claim that it was building a lasting growth engine. Open / Comment

2022-06-06 14:05:02 LeBron James Is Officially A Billionaire

LeBron James – 18-time NBA all-star, 4-time NBA champion, 2-time Olympic gold medalist – has hit yet another milestone, this time doing something no other NBA player has ever done.

After another monster year of earnings – totaling $121.2 million last year – Forbes estimates that James has officially become a billionaire, while still playing hoops.

The 37-year-old superstar has a net worth of $1 billion, by Forbes’ count. James, who’s missing the playoffs for just the fourth time in 19 seasons, is the first active NBA player to make the billionaires list.

James has maximized his business, to the tune of more than $1.2 billion in pretax earnings. He has commanded more than $385 million in salary from the Cleveland Cavaliers, Miami Heat and Los Angeles Lakers as the NBA’s highest-paid active player. Off the court, he has raked in upwards of $900 million in income from endorsements and other business ventures. Open / Comment

2022-06-05 21:05:01 Malaysian Billionaire Francis Yeoh’s YTL Power Buys Singapore Gas-Fired Plant For About $200 Million

YTL Power International — controlled by Malaysian tycoon Francis Yeoh and his siblings — has completed the acquisition of a gas-fired power plant that was built by bankrupt water treatment firm Hyflux.

The Malaysian utility company said Wednesday that its Singapore-based unit YTL PowerSeraya paid S$270 million ($196.5 million) to acquire the 396-megawatt combined cycle gas turbine power plant from Tuaspring, less than the original consideration of S$331.45 million.

The acquisition of the Tuaspring power plant will boost YTL Power’s presence in the Asian financial hub where it has a licensed electricity generating capacity of up to 3,100 megawatts.

The power plant — which was part of the desalination plant built in 2013 by Hyflux in Tuas in western Singapore near the border to Malaysia — was commissioned in 2016. Open / Comment

2022-06-05 17:05:01 GameStop Focuses On Digital Future As It Reports $157 Million Quarterly Loss

Gaming retailer GameStop’s net loss more than doubled in the first quarter, compared to a year ago, but CEO Matt Furlong says the company is winning in the metrics that matter most.

Primary among those, Furlong said is top-line growth. GameStop’s net sales were $1.378 billion for the quarter, up from $1.277 billion in the first quarter of fiscal year 2022.

Furlong emphasized, as he has in previous earnings calls, that the company considers long-term revenue growth the best indicator that its turnaround strategy is working, and main way stockholders should measure the company’s performance.

The quarter’s net loss was $157.9 million, or $2.08 per share, compared to $66.8 million or $1.01 per share in the first quarter of fiscal 2021. Open / Comment