Yellow Corp., a 99-year-old trucking company that was once a dominant player in its field, halted operations Sunday, will lay off all 30,000 of its workers, and will file for bankruptcy. Yellow posted small profits in 2021 and 2022 and a $9.3 million loss in the first quarter of 2023.—cnn.com
Category: Economics in the News-Micro
AMC Theaters Scraps Plans to Charge More for Good Seats
AMC’s tiered seat pricing test showed most moviegoers who previously sat in the preferred Sightline section continued to choose those seats, even with an upcharge.—cnn.com
Hollywood’s High-Stakes Strike: Actors and Writers
160,000 actors are joining writers on the picket lines against AMPTP (film and TV companies), effectively shutting down the industry. Leaders of union SAG-AFTRA describe negotiations as combative although the AMPTP offered pay and residual increases, higher caps on pension and health contributions, audition protections, shortened series options, and AI protections.—hollywoodreporter.com
Liquid Gold? Sriracha Bottles Selling as High as $80
Prices for Sriracha are skyrocketing as the prolonged shortage of the chili peppers central to the recipe of the popular hot sauce is creating a Sriracha shortage.—usatoday.com
Tesla Deliveries Rose 83% in the Latest Quarter
Tesla’s global deliveries surged 83% in the second quarter. The long-range Model Y now starts at $50,490, compared with $65,990 in early January.—wsj.com
2023 Nathan’s Hot Dog Eating Contest
The annual Fourth-of-July contest will be held on Coney Island in Brooklyn, N.Y., where competitors race to consume the most hot dogs (with buns) in ten minutes. Prize money is shared as follows: First place, $10,000; second place, $5,000; third place, $2,500; fourth place, $1,500; and fifth place, $1,000.—nbcnewyork.com
Satisfying Your Sweet Tooth is About to Get More Expensive
Cocoa yields are underwhelming due to crop disease and heavy rains, and compared to last year’s cocoa season, this year’s is showing a reduction in production. In the year through April, chocolate prices went up 14.5% on average compared to the same period the year before.—cnn.com
Florida’s Smallest Citrus Crop in a Century
Florida’s orange trees have suffered from hurricanes, and most of Florida’s groves have been infected by greening disease, which causes trees to produce green and bitter fruit. The price of orange juice is rising. Demand for orange juice is going to decrease because consumers can’t afford it and many will not like the taste.—washingtonpost.com
New York City Sets Minimum Wage for App-Based Delivery Drivers
Starting in July, the more than 60,000 delivery people in New York City will make almost $18 an hour before tips. By 2025, that’ll increase to almost $20 an hour. Right now, delivery workers make about $7 an hour before tips. Grubhub and DoorDash warn of “adverse” or “unintended” consequences.—marketplace.org
New York AG Warns of Price Gouging on Masks Amid Air Quality Issues
Consumers are purchasing facemasks, air purifiers, and air filters as smoke drifts over New York from Canada’s wildfires. As demand rises, New York’s Attorney General is warning consumers to be wary of price gouging. New York law prohibits businesses from selling vital goods for an excessive price during emergencies.—usatoday.com