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<ul class="summary-list"><li><keyword id="19913226" type="General" weightage="100" keywordseo="Starbucks" source="keywords" meta.keywordsubtype="org" meta.entityname="Starbucks" meta.hostid="261" meta.entityid="Starbucks">Starbucks</keyword>' new CEO, <keyword id="22045435" type="General" weightage="20" keywordseo="Brian-Niccol" source="keywords">Brian Niccol</keyword>, is set to lay out plans to turn around the struggling <keyword id="20875918" type="General" weightage="20" keywordseo="coffee-chain" source="keywords">coffee chain</keyword>.</li><li>"It is clear we need to fundamentally change our strategy to win back customers," he said Wednesday.</li></ul><a target="_blank" href="https://www.businessinsider.com/starbucks-ceo-steps-down-replaced-by-chipotle-chief-2024-8">Starbucks' new CEO, Brian Niccol,</a> says he has a plan to turn around the struggling coffee chain — but investors will need to wait a little longer. "It is clear we need to fundamentally change our strategy to win back customers," Niccol said in a statement Wednesday. "My experience tells me that when we get back to our core identity and consistently deliver a great experience, our customers will come back." He'll give more details on a call at 5 p.m. ET. The company <a href="https://www.businessinsider.com/starbucks-quarterly-sales-dropped-as-it-faces-us-china-headwinds-2024-10" target="_blank">released some quarterly numbers last Tuesday</a>, about a week early, which showed a 6% decline in comparable sales in the US and a 14% decline in China. At the same time, it suspended its guidance for the coming fiscal year, citing the CEO transition and the state of the business. This is a developing story. Correction: October 31, 2024 — Because of an editing error, an earlier version of this story misstated when Starbucks released its most recent <keyword id="20482651" type="General" weightage="20" keywordseo="quarterly-numbers" source="keywords">quarterly numbers</keyword>. It was last Tuesday, not last Wednesday.

Starbucks CEO set to announce strategy to fix the coffee chain

<ul class="summary-list"><li>McDonald's Quarter Pounders have been linked to an <keyword id="22099782" type="General" weightage="100" keywordseo="E-coli-outbreak" source="keywords">E. coli outbreak</keyword> in several states, the CDC said.</li><li>McDonald's said it will temporarily remove the burgers from its menus in affected areas.</li></ul>A deadly E. Coli outbreak has been linked to the <a target="_blank" class="" href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-tied-quarter-pounders-2024-10">McDonald's Quarter Pounder</a>. So far, one person has died, and 10 others have been hospitalized in connection with the outbreak, which impacted 49 people across 10 states, the Centers for Disease Control and Prevention said Tuesday. McDonald's said it believes the outbreak may be linked to the slivered onions used on its Quarter Pounder. The fast-food chain said it is temporarily taking the burger off the menu in several states. "Negative <keyword id="20000858" type="General" weightage="20" keywordseo="food-safety" source="keywords">food safety</keyword> news is never welcomed by restaurants operators, especially those working to improve the brand image after getting off-sides on consumer affordability in recent years," Jon Tower, an analyst at Citigroup, said in a note to clients, according to <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-22/mcdonald-s-quarter-pounders-linked-to-e-coli-outbreak-cdc-says?srnd=homepage-americas&amp;sref=yaJhKSOh">Bloomberg</a>. Tower said McDonald's outlook depends on the company's response, which should include taking responsibility, controlling the outbreak, and overcorrecting on food safety, the outlet reported. Examining how other fast-food giants have recovered from recent health-related crises might also provide insight into how McDonald's will try to recover from the incident. <h2>How Chipotle and Wendy's came back from health-related problems</h2>Several fast-food brands have bounced back from food-safety incidents before. One of those is Chipotle, the fast-casual Mexican chain that McDonald's had a <a target="_blank" href="https://www.businessinsider.com/the-ridiculous-reason-mcdonalds-sold-chipotle-2015-5">90% stake in</a> until 2006. In 2015 and 2016, hundreds of customers reported becoming ill after eating at Chipotle outlets. Chipotle's stock price plummeted, and the company eventually agreed to pay a $25 million <a target="_blank" href="https://www.fda.gov/inspections-compliance-enforcement-and-criminal-investigations/press-releases/chipotle-mexican-grill-agrees-pay-25-million-fine-resolve-charges-stemming-more-1100-cases-foodborne">fine</a> to settle criminal charges related to outbreaks that impacted 1,100 people between 2015 and 2018. But less than five years later, the company and its stock price had <a target="_blank" class="" href="https://www.nytimes.com/2019/07/23/business/chipotle-stock-earnings.html">recovered</a>. So what did Chipotle do? In 2016, the company <a target="_blank" class="" href="https://ir.chipotle.com/news-releases?item=122453">announced</a> a spate of <a target="_blank" class="" href="https://www.nytimes.com/2016/09/22/business/every-days-a-safety-drill-as-chipotle-woos-customers-back.html?rref=collection%2Fbyline%2Fstephanie-strom">new food-safety protocols</a> — such as rinsing produce multiple times and putting stickers on food storage containers to indicate when they were sanitized — and hired James Marsden,a professor from Kansas State University, to serve as executive director of food safety. In 2017, Chipotle <a target="_blank" class="" href="https://ir.chipotle.com/news-releases?item=122384">announced</a> its founder, Steve Ells, would be stepping down as CEO in favor of someone with "demonstrated turnaround expertise." In 2018, Brian Niccol, currently the CEO of Starbucks, <a target="_blank" class="" href="https://ir.chipotle.com/news-releases?item=122376">took over</a> as the CEO of Chipotle after a successful stint at the helm of Taco Bell. Niccol told <a target="_blank" class="" href="https://www.nytimes.com/2019/07/23/business/chipotle-stock-earnings.html">The New York Times</a> in 2019 that Chipotle had become "an industry leader" in food safety, adding: "We're doing some really progressive things on the food safety front, and we're going to have to, because we're going to stay committed to using real ingredients." Chipotle's recovery may also have hinged on expanding the business in areas unrelated to food safety. "They are exceptional in how well the brand has capitalized on digital ordering," Sara Senatore, a Bernstein analyst who followed Chipotle, told <a target="_blank" class="" href="https://www.nytimes.com/2019/07/23/business/chipotle-stock-earnings.html">the Times</a> in 2019. Wendy's dealt with a similar situation. Between July and August 2022, Wendy's restaurants were linked to an E. coli outbreak in six states, per <a target="_blank" class="" href="https://archive.cdc.gov/www_cdc_gov/ecoli/2022/o157h7-08-22/index.html">the CDC</a>. A total of 109 people were infected, with 52 hospitalized. No deaths were reported. An investigation into the incident was unable to determine the specific food source responsible for the outbreak, but 46 people reported eating romaine lettuce served on the burgers and sandwiches before falling sick, per <a target="_blank" class="" href="https://archive.cdc.gov/www_cdc_gov/ecoli/2022/o157h7-08-22/details.html">the CDC</a>. As a precaution, the fast-food chain removed romaine lettuce from menu items in the affected states. Despite the E. coli outbreak, the company's US sales <a target="_blank" class="" href="https://s1.q4cdn.com/202642389/files/doc_financials/2022/q3/2022-Q3-Press-Release.pdf">jumped 7.7% in the third quarter of 2022</a>, compared with the year prior. In its latest <a target="_blank" href="https://www.wendys.com/csr-what-we-value/reports">corporate responsibility report</a>, published in May, Wendy's said it was committed to continuously improving its food safety standards and operational procedures and has conducted over 12,000 Food Safety Assessments in its restaurants worldwide. <h2>What McDonald's should do</h2>The McDonald's case differs from similar incidents at other <keyword id="20697449" type="General" weightage="20" keywordseo="fast-food-chains" source="keywords">fast-food chains</keyword> primarily due to the iconic status of the Quarter Pounder, Alexandra Leung, the founder of <a target="_blank" class="" href="https://monogic.co/">Monogic</a>, an F&amp;B marketing and PR agency in Singapore and Hong Kong, told Business Insider. "As a classic menu item, any food safety issue involving the Quarter Pounder could significantly impact consumer trust and brand reputation, making it a more sensitive issue for McDonald's," she said. The Quarter Pounder is important to McDonald's menu — and to its brand more broadly. Menu "classics" like the Quarter Pounder <a target="_blank" class="" href="https://www.businessinsider.com/mcdonalds-quarter-pounder-ecoli-outbreak-why-important-sales-2024-10">have made up a bulk of food sales</a> in McDonald's top markets in recent years. The company's stock price tumbled nearly 10% in after-hours trading on Tuesday, following the news. However, Leung said the company's well-established food safety management system and history of rigorous supplier audits may allow for a more effective response. The fast-food chain will also have to conduct thorough audits of its suppliers' practices, she said. In addition to removing any affected items from the menu, McDonald's should also communicate clearly with its customers throughout the process, Leung said. "Clear messaging about the steps being taken to ensure food safety is vital. This proactive approach will help reassure customers that their health is a top priority," Leung said. "Transparency is crucial in rebuilding trust with customers, as it demonstrates accountability and a commitment to their safety." October 24, 2024 — An earlier version of this story mentioned a product recall of the affected items, McDonald's has not confirmed an official recall.

How McDonald's can learn from other fast-food giants in recovering from the deadly E. coli outbreak

<ul class="summary-list"><li>A multi-state E. coli outbreak has been linked to McDonald's Quarter Pounder burgers.</li><li>49 people across 10 states have fallen ill, and one person has died.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/mcdonalds-quarter-pounder-ecoli-outbreak-why-important-sales-2024-10">McDonald's Quarter Pounder burgers</a> have been linked to 49 cases of E. coli infections and one death in an outbreak spanning 10 states. The Centers for Disease Control and Prevention said anyone who has developed severe E. coli symptoms after eating a <a target="_blank" class="" href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-tied-quarter-pounders-2024-10">Quarter Pounder</a> should call their healthcare provider.The last case of E. coli linked to the outbreak was recorded on October 11, according to the Food and Drug Administration. <a target="_blank" href="https://www.businessinsider.com/guides/health/diet-nutrition/signs-of-food-poisoning">Symptoms of an E. coli infection</a> usually present three to four days after someone swallows the bacteria, the CDC said.According to the CDC, symptoms of a severe E. coli infection include:<ul><li>Bloody diarrhea, or diarrhea for more than 3 days that is not improving</li><li>A fever higher than 102°F</li><li>Vomiting and being unable to keep liquids down</li><li>Severe stomach cramps</li><li>Signs of dehydration including: feeling dizzy when standing, a dry mouth and throat, and not peeing much</li></ul>Most people with typical E. coli symptoms recover within five to seven days without medical treatment, the CDC said, but some people might develop serious kidney problems and need to be hospitalized.<h2 id="fe771385-f027-45ae-907c-9f213d05dca3">10 people have been hospitalized after eating Quarter Pounders</h2>As of Tuesday, the outbreak was linked to 10 hospitalizations, with most illnesses occurring in Colorado and Nebraska, the CDC said.Public health officials are investigating which ingredient could be causing the outbreak, but early information from the FDA suggests the slivered onions or beef patties used for Quarter Pounders are the likely source of contamination.Cesar Piña, McDonald's chief supply chain officer for North America, said in a statement on its website on Tuesday that an initial investigation suggested the illnesses may be linked to slivered onions, which were sourced by a single supplier that serves three distribution centers.<a target="_blank" href="https://www.businessinsider.com/mcdonalds-expensive-prices-too-high-fast-food-restaurant-falling-sales-2024-7">McDonald's</a> has stopped using both the beef patties and slivered onions used specifically for the Quarter Pounder. It has also temporarily pulled the burger from its menus in Colorado, Kansas, Utah, and Wyoming, as well as portions of surrounding states such as Nebraska and Oklahoma. The FDA said on Tuesday that diced onions and other types of beef patties used in McDonald's restaurants are not affected by the <a target="_blank" href="https://www.businessinsider.com/guides/health/what-bacteria-causes-food-poisoning">E. coli outbreak</a>.<a target="_blank" href="https://markets.businessinsider.com/stocks/mcd-stock?_gl=1*1f1j3x0*_ga*MTA0NDI4Mzk2My4xNzA4NDI2MTU3*_ga_E21CV80ZCZ*MTcyOTY3NDY4Ny4yMTYuMC4xNzI5Njc0Njg3LjAuMC4w">McDonald's stock price</a> dropped by more than 9% as news of the outbreak spread. John A. Gordon, a chain restaurant analyst, told Business Insider on Tuesday that sales of the Quarter Pounder could be negatively affected.McDonald's did not immediately respond to an out-of-hours request for comment from Business Insider.Have you experienced symptoms of E. coli after eating at McDonald's? Contact reporter Serafina Kenny: <a target="_blank" href="mailto:skenny@businessinsider.com">skenny@businessinsider.com</a>.

What to do if you ate a McDonald's Quarter Pounder and feel ill

<ul class="summary-list"><li>Renaissance Technologies pared its Tesla and Nvidia bets and raised its GameStop wager last quarter.</li><li>The quant fund founded by the late Jim Simons cut its Tesla stake by 86% and halved its Nvidia wager.</li></ul>Renaissance Technologies cut its <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a> and Nvidia stakes and boosted its <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/gamestop-stock-price-plunges-after-weak-2nd-quarter-earnings-results-2024-9">GameStop</a> bet last quarter, it revealed in a portfolio update on Wednesday.RenTech, one of the <a target="_blank" class="" href="https://www.businessinsider.com/renaissance-technologies-hedge-fund-bests-warren-buffett-10-biggest-holdings-2019-11">biggest and best-performing hedge funds</a> in history, pared its Tesla bet from about 2.1 million shares to 284,000 — an 86% reduction. The sales reduced the position's value from $406 million to $74 million even as Tesla stock gained 26% in the period. Elon Musk's automaker also dropped from its 10th-largest holding at the end of June to outside the top 200 at the end of September.The quantitative fund halved its <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-ceo-ai-employees-workers-2024-11">Nvidia</a> wager to about 3.5 million shares, paring its value from $867 million to $428 million even as the chipmaker's shares gained 20%. Nvidia fell from its third-largest holding to tenth.Tesla and Nvidia have been two of the world's hottest stocks this year, rising 33% and 195% respectively as traders bet they'll <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-praises-tesla-ai-optimus-robot-remote-control-concerns-2024-10">blaze trails</a> in the artificial intelligence race.The buzz has only grown in recent weeks with Musk's <a target="_blank" class="" href="https://www.businessinsider.com/trump-won-election-what-that-means-for-elon-musk-2024-11">emergence</a> as a key advisor to President-elect Trump, and <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-jensen-huang-blackwell-gpu-demand-ai-tech-2024-10">signs of strong demand</a> for Nvidia's new Blackwell chip.<h2 id="7ba0e00b-45bc-49c0-8c6c-fb07a170f3a3">Algorithms</h2>RenTech was founded by Wall Street legend Jim Simons, the former MIT math professor and Cold War codebreaker who <a target="_blank" class="" href="https://www.businessinsider.com/jim-simons-dead-obituary-founder-renaissance-technologies-hedge-fund-2024-5">died in May</a>. The firm relies on algorithms to determine many of its trades, often resulting in sweeping changes to its stock portfolio each quarter.The overall stock portfolio rose in value by 13% to $66.5 billion last quarter. Its largest positions were a $1.4 billion stake in Palantir, the software company cofounded by tech billionaire Peter Thiel, and a $975 million position in Novo Nordisk, the Danish pharmaceuticals giant behind <a target="_blank" class="" href="https://www.businessinsider.com/semaglutide-wegovy-ozempic-weight-loss-healthcare-airlines-economy-productivity-2023-11">Ozempic</a>, the blockbuster weight-loss drug.RenTech ramped up its GameStop bet by more than 40% to 1.9 million shares, worth $44 million at the quarter's close. It <a target="_blank" class="" href="https://www.businessinsider.com/rentech-simons-gamestop-meme-stock-price-nvidia-tesla-amc-portfolio-2024-5">built</a> a stake of 1 million shares in the video game retailer from scratch in the first quarter, meaning it likely benefited from the meme stock's explosive rally earlier this year.It's worth underscoring that quarterly portfolio updates only give a snapshot of a firm's holdings on a particular date and exclude shares sold short, private investments, and overseas wagers.They don't always paint a full picture of the investing strategy behind the picks — especially when algorithms are driving the trades.

An elite hedge fund slashed its Nvidia and Tesla bets last quarter — and boosted its GameStop stake

<ul class="summary-list"><li>BYD has just notched another big victory in its fight to overtake Elon Musk.</li><li>The Chinese EV maker's quarterly revenues outstripped Tesla's for the first time.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/byd-founder-wang-chuanfu-biggest-chinese-global-ev-automaker-2024-1">BYD</a> has just scored another victory in its battle to overtake <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a>.The Chinese EV giant said in its third-quarter earnings on Wednesday it had surpassed Tesla's revenues from EV sales for the first time.BYD recorded revenues of 201.1 billion yuan ($28.2 billion) in the three months to September 30, up 24% from the same quarter last year. <a target="_blank" class="" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10">Tesla posted sales of $25.2 billion</a> over the same period.It's another marker for the industry juggernaut, which has ridden China's EV boom to become one of the country's largest automakers.BYD briefly <a target="_blank" class="" href="https://www.businessinsider.com/ken-griffin-on-chinas-byd-ev-outperforming-elon-musks-tesla-2024-1">overtook Tesla as the world's biggest EV producer</a> at the end of last year, and after a record quarter, is aiming to put <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a>'s company under further pressure.Here are five reasons BYD is booming:<h2 id="d2ed0127-4943-4c97-9993-210cd5715665">1. Affordable EVs</h2>BYD is known for its cheap electric vehicles, and has spent this year making them cheaper.The automaker launched a <a target="_blank" class="" href="https://www.businessinsider.com/byd-china-ev-price-war-yuan-plus-tesla-elon-musk-2024-3">wave of price cuts earlier this year</a>, which included lowering the price of the <a target="_blank" class="" href="https://www.businessinsider.com/byd-cheap-ev-seagull-coming-to-europe-china-us-tariffs-2024-5">ultra-cheap Seagull hatchback</a> to under $10,000.Those price cuts gave BYD an advantage over Tesla, whose cheapest vehicle in China is the 231,900 yuan ($32,600) Model 3, and appear to have spurred sales.BYD announced record monthly deliveries on Friday, with the company selling half a million passenger vehicles in October.<h2 id="e64c7ec7-70d2-498e-9c45-48cb9cbdfad2">2. Luxury vehicles</h2>As well as making their cheapest cars cheaper, BYD has expanded into luxury vehicles.<div type="image" title="Yangwang U9" height="2667" width="4000" msid="114857774" hostid="261" sizebytes="618384"></div>The automaker launched <a target="_blank" class="" href="https://www.businessinsider.com/luxury-european-carmakers-china-sales-competition-electric-vehicles-bmw-mercedes-2024-10">the Yangwang U8</a>, a $150,000 premium SUV that comes with an onboard drone last year.BYD also <a target="_blank" class="" href="https://www.businessinsider.com/byd-electric-supercar-u9-cost-ferrari-vibes-2024-2">unveiled its first supercar</a>, the 1.68 million yuan ($235,000) Yangwang U9, in February.The expansion of local automakers into China's premium market has put <a target="_blank" href="https://www.businessinsider.com/luxury-european-carmakers-china-sales-competition-electric-vehicles-bmw-mercedes-2024-10">pressure on European giants like Mercedes and BMW</a>. Experts told BI that this would enable firms like BYD to target less price-sensitive customers and grow beyond China's brutally competitive mass market.<h2 id="abc6d5cc-26e9-4f5e-97a0-116de874ee95">3. Global expansion</h2>BYD has embarked on an ambitious expansion drive this year to boost sales outside China. Executives have said they want half of BYD's sales to come from abroad in the future.Though US and European tariffs on Chinese EVs make selling in these regions problematic, BYD is <a target="_blank" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">rapidly setting up factories worldwide</a> to cut costs and avoid trade barriers. It's also focusing on emerging markets such as Mexico and Brazil.<h2 id="95ef07ab-209d-40a4-8311-9fa326be69ed">4. Hybrids</h2>A key part of BYD's success is its hybrid range. Unlike its rival, Tesla, BYD also offers a selection of hybrid vehicles, which are popular in China.Some 311,000 of the 500,000 passenger vehicles BYD sold in October were hybrids, with hybrid sales rising by 62% year-on-year.<div type="image" title="BYD Seal" height="4024" width="6048" msid="114857772" hostid="261" sizebytes="511534"></div>BYD has sold nearly two million hybrid vehicles this year. The automaker says its latest hybrids can go up to <a target="_blank" class="" href="https://www.businessinsider.com/byd-new-hybrid-cars-1250-miles-nonstop-gas-charging-2024-5">1,250 miles without stopping for gas or charging</a>.Dylan Khoo, an analyst at technology intelligence firm ABI Research, told BI the core of BYD's success this quarter stemmed from plug-in hybrid electric vehicle (PHEV) sales in China."Newly launched models based on BYD's fifth generation DM-i PHEV technology have been huge sales successes," he said.<h2 id="f1637504-ae75-4bb3-8d4a-af997966f543">5. Vertically integrated supply chains</h2>The core of BYD's success — and part of the reason it can produce EVs so cheaply — is that it tries to make almost every component in-house.BYD produces its own batteries and computer chips. BYD executive VP Stella Li recently told MotorTrend that BYD manufactures every component of its Dolphin electric hatchback, apart from the tires and windows.<div type="image" title="BYD executive vice president Stella Li" height="2668" width="4000" msid="114857770" hostid="261" sizebytes="387636"></div>"BYD's high degree of vertical integration — making rather than buying many key strategic components — means it can control production of batteries and chips and can do so at very low cost," said David Bailey, professor of business economics at the University of Birmingham.BYD did not respond to a request for comment from BI.

5 reasons BYD is surging ahead after eclipsing Tesla's quarterly sales for the first time

<ul class="summary-list"><li>More than a quarter of new code at Google is made by AI and then checked by employees.</li><li>Google is doubling down on AI internally to make its business more efficient.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/google-third-quarter-earnings-report-q3-2024-2024-10">Google</a> is all-in on AI — both inside and outside the company.More than a quarter of new code created at Google is generated by AI, said CEO Sundar Pichai on Tuesday during the company's Q3 earnings call.Pichai said using AI for coding was "boosting productivity and efficiency" within Google. After the code is generated, it is then checked and reviewed by employees, he added."This helps our engineers do more and move faster," said Pichai. "I'm energized by our progress and the opportunities ahead, and we continue to be laser focused on building great products."<a target="_blank" class="" href="https://www.businessinsider.com/google-goose-ai-model-language-ai-coding-2024-2">Business Insider reported in February</a> that the company had launched a new internal AI model named "Goose" to help employees code and build products.Goose was trained on "25 years of engineering expertise at Google," according to internal documents seen by BI.The new data from Pichai will surely have some employees wondering if they're coding themselves out of a job, while other employees say AI has already <a target="_blank" class="" href="https://www.businessinsider.com/how-google-technical-program-manager-uses-ai-gemini-2024-8">transformed their work</a>. <a target="_blank" class="" href="https://www.businessinsider.com/google-goose-ai-model-language-ai-coding-2024-2">Company leaders have previously promised</a> that AI isn't taking Googlers' jobs (yet), but the over 25% figure is striking and underscores the benefits of improving this technology.Are you a current or former Google employee? Got something to share? You can reach reporter Hugh Langley via encrypted messaging app Signal (+1 628-228-1836) or email (<a target="_blank" href="mailto:hlangley@businessinsider.com">hlangley@businessinsider.com</a><a target="_blank" rel="noopener noreferrer nofollow" href="mailto:hlangley@insider.com">)</a>

Google CEO says more than a quarter of the company's new code is created by AI

<ul class="summary-list"><li><keyword id="20335345" type="General" weightage="20" keywordseo="McDonalds" source="keywords" meta.keywordsubtype="org" meta.entityname="McDonald's" meta.hostid="261" meta.entityid="McDonald's">McDonald's</keyword> global sales fell for the second consecutive quarter, down 1.5%.</li><li>Fast-food chains have faced challenges from <keyword id="19999654" type="General" weightage="20" keywordseo="food-inflation" source="keywords">food inflation</keyword>, affecting <keyword id="20139791" type="General" weightage="20" keywordseo="consumer-spending" source="keywords">consumer spending</keyword> habits.</li></ul>Global sales at McDonald's have fallen for a second consecutive quarter as the fast-food chain struggled in international markets, especially France, the UK, China, and the Middle East. Sales were down 1.5% in its third quarter, following from a 1% slide in the previous quarter, ending June 30. Comparable sales in the US were virtually flat, up 0.3% from the same period in 2023, while sales in international markets dropped 2.1%. Sales in licensed international markets fell 3.5%. "We will stay laser-focused on providing an unparalleled experience with simple, everyday value and affordability that our consumers can count on as they continue to be mindful about their spending," McDonald's CEO Chris Kempczinski said in the earnings release. While sales dropped, <a target="_blank" class="" href="https://www.businessinsider.com/trying-most-expensive-mcdonalds-switzerland-disappointing-fries-best-burger-2023-12">the Golden Arches</a>' revenue increased 3% to $6.9 billion, beating the $6.82 billion figure that was the consensus of analysts. Net income declined 3%, down to $2.26 billion, down from $2.32 billion in the last quarter. Shares in McDonald's fell 2.7% in premarket trade after the results were announced. Fast-food restaurants have struggled with food inflation since the COVID-19 pandemic. The most recent <a target="_blank" class="" href="https://www.bls.gov/news.release/cpi.nr0.htm">US consumer price index</a>, released in early October, showed that the cost of food away from home rose 4% in the prior 12 months, significantly higher than gains in both grocery store prices and the overall CPI. Chains, including McDonald's, have responded to the soaring cost of ingredients and labor by raising menu prices. Consumers have felt the strain of rising costs. Analysts have said that some consumers are <a target="_blank" class="" href="https://www.businessinsider.com/why-fast-food-is-so-much-more-expensive-value-affordable-2024-4">comparing the rising cost of fast food to the slowing rate of grocery inflation</a> and choosing to cook more often at home instead of eating out. Lower-income customers have particularly felt the pinch. "The decline in comparable sales signals that consumers continue to retrench from eating out," Neil Saunders, managing director of GlobalData's US retail and consumer division, told Business Insider. "Negative comparable sales and higher costs have also put some pressure on the bottom line where both operating and net income are down," he said. It's uncertain how the <a href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-cases-rise-75-people-2024-10" target="_blank">recent E. </a><a href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-cases-rise-75-people-2024-10" target="_blank">coli outbreak</a> in several states might affect McDonald's fourth-quarter results. One person died, and at least 75 were sickened. The Food and Drug Administration has said that the slivered onions on affected <a href="https://www.businessinsider.com/mcdonalds-quarter-pounder-ecoli-outbreak-why-important-sales-2024-10" target="_blank">Quarter Pounder burgers</a> were "a likely source of contamination," and the supplier of the topping <a href="https://www.businessinsider.com/mcdonalds-supplier-taylor-farms-recalls-onions-amid-e-coli-outbreak-2024-10" target="_blank">has issued a recall</a>. Correction: October 29, 2024 — An earlier version of this story overstated what has been confirmed about the recent <keyword id="22099782" type="General" weightage="20" keywordseo="E-coli-outbreak" source="keywords">E. coli outbreak</keyword> linked to McDonald's. The FDA is still investigating the outbreak and has not conclusively settled on a cause, though it has said slivered onions from one of the chain's suppliers were "a likely source of contamination."

McDonald's sales dropped for the 2nd quarter in a row as customers keep tightening their belts

<ul class="summary-list"><li>Ford's stock fell 6% in after-hours trading after lowering its profit forecast to $10 billion for 2024.</li><li>The guidance stems from high costs and low volumes of Ford Pro and Ford Blue models.</li></ul>Ford fell 6% in after-hours trading after the company said it was expecting profits at the lower end of its full-year earnings guidance.On Monday, the <a target="_blank" class="" href="https://www.businessinsider.com/meet-the-henry-ford-family-inside-automobile-dynasty-2024-8">US automaker </a>said it was expecting $10 billion in profit this year, a cut from its initial outlook of up to $12 billion. It said the guidance was hurt by costs and low volumes of its most profitable cars, Ford Pro and Ford Blue, due to supplier and hurricane-related disruptions."Clearly, our <a target="_blank" class="" href="https://www.businessinsider.com/western-auto-chiefs-industry-locked-in-darwinian-battle-with-china-2024-10">strategic advantages</a> are not falling to the bottom line the way they should," Ford's CEO Jim Farley said in an earnings call on Monday. "Costs, especially warranty, has held back our earnings power."The company posted third-quarter revenue of $46.2 billion, marking 5.5% year-on-year growth.Farley also emphasized Ford's strategy to compete with Chinese EV makers. He said that finding new designs for components or using new suppliers will be key to reducing EV costs.Companies like the Chinese brand BYD, Farley said, "have an incredible advantage on affordability of batteries.""So, we have to make that up, or our opportunity is on the EV component side, inverters, gearboxes, motors," he continued.Chinese EV makers have been on a roll this year. Despite concerns about <a target="_blank" rel="noopener" href="https://www.businessinsider.com/chinese-ev-companies-hit-with-new-tariffs-in-the-eu-2024-6">tariffs from the US and European Union,</a> sales for companies like BYD, Nio, and Zeekr were <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tesla-newest-rival-in-china-is-teaching-a-tough-lesson-2024-4">boosted</a> by price cuts, the introduction of cheaper models, and Chinese EV <a target="_blank" rel="noopener" href="https://uk.finance.yahoo.com/news/zeekrs-sales-jump-chinese-dominate-070320106.html">demand from Russia</a>. Their performance has raised eyebrows at Tesla, which was <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tesla-newest-rival-in-china-is-teaching-a-tough-lesson-2024-4">once dismissive of Chinese companies</a>.Ford's CEO is a big fan of Chinese EVs, too. In a podcast that aired last week, <a target="_blank" rel="" class="" href="https://www.businessinsider.com/ford-ceo-cfo-left-shocked-after-chinese-ev-test-drive-2024-9">Farley said</a> he doesn't want to give up the Xiaomi Speed Ultra 7 he's been driving for the past half year."We flew one from Shanghai to Chicago, and I've been driving it for six months now, and I don't want to give it up," Farley said about the car.China sales and exports make up over $600 million of the company's profit this year, Farley said on Monday's call.Ford's stock has fallen 6.7% this year.Its competitors in the American auto scene have seen wider changes: General Motors has risen 47% this year. Jeep and <a target="_blank" class="" href="https://www.businessinsider.com/stellantis-jeep-ceo-falling-sales-shrinking-profit-margins-dealers-strike-2024-10">Chrysler maker Stellantis</a> has seen a 41% rout during the same time period. Tesla was down 42% year to date in April and May this year, but has since pared losses. It is up 5.7% year to date after reporting third-quarter earnings last week.

Ford's stock drops 6% in after-hours trading after releasing third-quarter earnings

<ul class="summary-list"><li>McDonald's Quarter Pounder has been linked to a deadly E. coli outbreak across 10 states.</li><li>The fast-food chain <a target="_blank" class="" href="https://www.businessinsider.com/mcdonalds-fresh-beef-quarter-pounder-review-2018-3">overhauled its famous burger in 2018</a> — then reported a surge in sales.</li></ul>McDonald's push to <a target="_blank" class="" href="https://www.businessinsider.com/mcdonalds-fresh-beef-change-boosted-burger-sales-2019-6">revamp the Quarter Pounder</a> in recent years — switching to fresh beef and pushing a marketing campaign complete with "I'd rather be eating a Quarter Pounder" stickers — hit a hurdle this week with an E. coli outbreak tied to the sandwich.The Golden Arches' focus on the classic Quarter Pounder since its 2018 revamp had been paying off — leading to a 50% increase in sales during the first month after its rollout, the company said at the time.And since then, the Quarter Pounder and other "classics" like the Big Mac have made up more than 70% of food sales in recent years in McDonald's top markets, an executive said.That underlines just how important the Quarter Pounder is to McDonald's — and why it will want to address the food safety issue quickly.Investors sense the importance, too: McDonald's <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/mcd-stock">stock tumbled</a> sharply late Tuesday as the company <a target="_blank" class="" href="https://corporate.mcdonalds.com/corpmcd/our-stories/article/always-putting-food-safety-first.html">said</a> it would temporarily remove the burgers from menus in a number of states across the US."The Quarter Pounder is extremely important to the McDonald's product line," John A. Gordon, founder of Pacific Management Consulting Group and a chain restaurant analyst, told Business Insider in the wake of the E. coli outbreak news.He said a potential hit to the Quarter Pounder's reputation could negatively affect sales — and pose a challenge for McDonald's overall brand in the short term.In an internal <a target="_blank" class="" href="https://corporate.mcdonalds.com/corpmcd/our-stories/article/always-putting-food-safety-first.html">message</a> published on the company's website Tuesday, Cesar Piña, North American chief supply chain officer, said McDonald's is taking "swift and decisive" action in response to the outbreak. Piña said the illnesses could be linked to slivered onions used in the Quarter Pounder. He said those onions are sourced from a single supplier serving three distribution centers.<div type="image" title="McDonald's Quarter Pounder with fries in the background." height="2000" width="3000" msid="114485835" hostid="261" sizebytes="144746"></div><h2 id="3a93d927-2133-4977-99a5-7756401bfdd3">Revamping a McDonald's fan favorite</h2>The Quarter Pounder <a target="_blank" class="" href="https://www.businessinsider.com/then-and-now-mcdonalds-menu-items-2020-2#but-its-burger-offerings-havent-stopped-with-the-big-mac-the-quarter-pounder-was-released-in-1971-and-in-2007-mcdonalds-released-an-angus-third-pounder-burger-11">dates back to 1971</a> when franchisee Al Bernardin created the burger at his Fremont, California, store, naming the sandwich for its pre-cooked weight.In March 2018, the company announced it would stop using frozen beef patties for its Quarter Pounders and instead <a target="_blank" class="" href="https://www.businessinsider.com/how-mcdonalds-makes-burgers-fresh-beef-2018-3">switch to fresh meat</a>. It came as competitors like Wendy's were using fresh meat — and upstarts like <a target="_blank" class="" href="https://www.businessinsider.com/shake-shack-review-first-time-visit-burger-fries-shake-photos-2024-4">Shake Shack</a> were starting to draw customer attention.The transition to a new Quarter Pounder included the addition of new kitchen utensils and refrigerators at the company's locations and an advertising campaign complete with a John Goodman-voiced <a target="_blank" class="" href="https://vimeo.com/271539135">commercial</a>.At the time, McDonald's President Chris Kempczinski <a target="_blank" class="" href="https://corporate.mcdonalds.com/corpmcd/our-stories/article/fresh_beef.html">called</a> the Quarter Pounder overhaul the "most significant change to our system and restaurant operations since All Day Breakfast."A year after its release, the company said in the first quarter of 2019 it sold 40 million more Quarter Pounders than in the same quarter the previous year.The chain doesn't break out sales figures for individual menu items, but presentations to investors in recent years hint at just how important "classics" like the Quarter Pounder and Big Mac are to the business.In 2020, Ian Borden, then president of McDonald's international division — and now CFO — said long-standing menu items represented about 70% of food sales in its top markets."Our core classics are the heart of our business," he said at the time.The Quarter Pounder is similarly important to McDonald's from a branding perspective. The Golden Arches sold a whole <a target="_blank" class="" href="https://corporate.mcdonalds.com/corpmcd/our-stories/article/about-qp-fan-club.html">product line</a> devoted to it — T-shirts, mittens, calendars, and other merch, including the "I'd Rather Be Eating ... " sticker.<h2 id="261cd0b3-08cf-4309-a561-292ed0b6a229">The E. coli outbreak has killed one, the CDC Says</h2>The <a target="_blank" class="" href="https://www.cdc.gov/ecoli/outbreaks/e-coli-O157.html">CDC said</a> Tuesday that the E. coli outbreak has 49 confirmed cases across 10 states, though it said the extent of illness is likely greater. So far, 10 people have been hospitalized, and one person has died, the CDC said.While Gordon, the analyst, said affected stores will likely see a decrease in sales, he said the company's outlook in general isn't bleak."Having one menu item on a 'bad' list, shall we say, doesn't indict the whole brand," he said, citing other fast-food chains that have bounced back from food-safety incidents over time, including <a target="_blank" class="" href="https://www.businessinsider.com/e-coli-outbreak-linked-to-chipotle-2015-11">Chipotle</a> in 2015 and Jack-in-the-Box in the 1990s.Just the name "McDonald's" is worth a lot — it's ranked the No. 5 most valuable brand based on a Kantar <a target="_blank" class="" href="https://chart-na1.emarketer.com/267726/top-25-brands-worldwide-ranked-by-brand-value-2024-billions">survey</a> from earlier this year. It's the only food company in the Top 10.Still, Gordon said that repairing the Quarter Pounder's possibly dented reputation will mean McD's has some work to do. For now, he said, don't expect to see the classic sandwich in any promotions — the Quarter Pounder will be on the marketing back-burner for now."Let the heat of fire burn itself out," he said.

This is how important the Quarter Pounder is to McDonald's — and why it will want to address E. coli issues quickly

Things are looking up for Wall Street, and Goldman's third-quarter results show why 

To call <keyword id="19895061" type="General" weightage="20" keywordseo="Goa" source="keywords">Goa</keyword> beautiful would be the grossest of understatements. Its nearly untamed greenery, expansive beaches and vibrant, stately buildings are a sight for sore eyes. And tourists can hardly resist the allure of photographing or getting photographed against the backdrop of colonial-era architecture. But how do Goa’s <keyword id="19907251" type="General" weightage="20" keywordseo="residents" source="keywords">residents</keyword> feel about the constant barrage of camera shutters going off around them? <h2>Fed up of being the backdrop</h2>North Goan headquarters <keyword id="20144307" type="General" weightage="20" keywordseo="Panjim" source="keywords">Panjim</keyword> is a bustling hub of activity, its “Latin Quarter” a particular favourite for tourists looking to take in São Tomé and Fontainhas. It’s pretty commonplace to see people posing in front of these lanes to get that perfect Instagram shot. Sadly, this relentless influx of visitors has transformed the once peaceful neighbourhood into a noisy and intrusive environment for its residents. In recent times, many Goan residents have started to keep their doors and windows tightly shut, trying to shield themselves from the noise and constant disruptions. A walk around Panjim would reveal a number of residential buildings sporting a “No Photography/Videography” sign, but these are often ignored by tourists who brazenly pose next to them. The blatant disregard for the residents' privacy by some tourists has led to frequent confrontations, leaving locals frustrated and fed up. If it were just one or two tourists coming once every month and photographing your house, you would feel happy to let them. But when hundreds come every single day, it becomes a nuisance, rues a Panjim resident. <div type="Article" hostid="261" msid="111809476" title="Why is a music festival causing controversy in Goa?" mstype="2" mssubtype="0"></div><h2><keyword id="22861081" type="General" weightage="100" keywordseo="invasive-tourism" source="keywords">Invasive tourism</keyword> </h2>The situation has escalated to the point where the charm of living in these historic neighbourhoods is overshadowed by the daily challenges posed by “invasive <keyword id="19997361" type="General" weightage="20" keywordseo="tourism" source="keywords">tourism</keyword>”, a term often used to characterise the negative impacts of mass tourism on local communities and ecosystems. It often involves large numbers of tourists who visit destinations without respecting local customs, cultures, or environments. While concerns around the erosion of traditional ways of life have been long-standing among the Goans, fears of a growing threat to their privacy are also coming to the forefront now. Residents report that photographers often instruct their clients to block traffic for the sake of a shot, while others casually walk into private homes, uninvited. The heritage of São Tomé and Fontainhas is rich and deeply rooted in history, but for many tourists, the area is merely a backdrop for their social media feeds. This disregard for the cultural and historical significance of the neighbourhood is also a source of ongoing resentment among the locals. As the tourism boom shows no signs of slowing down across Goa, the residents of Panjim's Latin Quarter are left grappling with the consequences. While tourism brings economic benefits, it also poses a threat to the integrity and peace of these historic neighbourhoods. For the residents, the need for a balance between welcoming visitors and preserving their way of life has never been more urgent. Tourists must endeavour to be more responsible and empathetic during their travels as well. Maybe then, Goa will continue to remain the haven for the weary that it is and not turn into a hostile territory that dislikes tourists. <div type="Article" hostid="261" msid="109950935" title="Goa remains top, spiritual tourism remains hot, premium accommodations grow fast — MMT’s summer travel trends for 2024" mstype="2" mssubtype="0"></div>

“Please do not photograph our homes!” plead Goa’s homeowners

<keyword id="20069374" type="General" weightage="20" keywordseo="IT-services" source="keywords">IT services</keyword> firm <keyword id="19924892" type="General" weightage="20" keywordseo="Tech-Mahindra" source="keywords" meta.keywordsubtype="org" meta.entityname="Tech Mahindra" meta.hostid="261" meta.entityid="Tech Mahindra">Tech Mahindra</keyword> on Saturday reported a more than two-fold jump in its consolidated <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword> to Rs 1,250 crore for the July-September quarter, driven by special income from the sale of assets. The Mahindra Group company posted a net profit of Rs 493.9 crore in the year-ago period, according to an exchange filing. Revenue rose by 3.49 per cent to Rs 13,313.2 crore in the second quarter of 2024-25 compared to Rs 12,863.9 crore in the same quarter of 2023-24. "Other income includes gain on sale of property of Rs 4,502 million which comprises of freehold land and its related buildings along with the furniture &amp; fixtures sold for a consideration of Rs 5,350 million, receivable over a period of four years along with interest of 8.2 per cent p.a," the company filing said. Sequentially, net profit rose by 46.81 per cent and revenue by 2.36 per cent. "We continue to progress on our strategic improvement efforts even as the overall IT services industry has remained soft. "We have focused on strengthening client relationships and expanding the partner ecosystem while maintaining a sharp focus on operational excellence through project Fortius, which has resulted in an expansion of margins for the third sequential quarter," Tech Mahindra CEO Mohit Joshi said. The CEO unveiled Project Fortius in April, a three-year plan to achieve a 15 per cent operating margin with a focus on organic growth. "This quarter we see consistent performance around increasing deal wins, <keyword id="19965932" type="General" weightage="20" keywordseo="revenue-growth" source="keywords">revenue growth</keyword>, cost optimisation and steady free cash flow generation as we continue our journey towards FY27 stated targets. In line with our capital allocation policy the board has declared an interim dividend of Rs 15 per share," Tech Mahindra CFO Rohit Anand said. The company's TCV (<keyword id="23580531" type="General" weightage="20" keywordseo="Total-Contract-Value" source="keywords">Total Contract Value</keyword>), or net new deal wins, stood at USD 603 million in the second quarter of FY25. Joshi further said the company is on the right path for a long-term sustainable transformation, with its leading indicators moving in the right direction, and its 'Scale at Speed' narrative resonating in the market. "We have invested in strengthening the capabilities in the focus service lines by broadening the leadership and investing in technical specializations. "We continue to invest in strengthening our fresher hiring program, building the right mindset and future skilling and associates, by building capabilities in AI-first and cloud-first skill sets," he told reporters. Investments shall continue in creating and sustaining an outcome-driven learning organisation and cultivating a high-performance culture based on the pillars of simplifying, clarifying, innovating and driving a high-performance orientation, he added. This year could be volatile because we are in the turnaround phase, Joshi said. "I am confident, however, that the platform is being set for a long-term, valuable franchise thanks to a high-calibre and united leadership team and a clearly articulated strategic plan," Joshi said. The Pune-headquartered firm added 6,653 employees during the quarter under review, bringing the total staff count to 1,54,273. Shares of Tech Mahindra settled at Rs 1,688 apiece on the BSE on Friday, down 0.68 per cent from the previous close. SEE ALSO:<a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms" target="_blank"></a> <a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms" target="_blank">Best credit cards for online shopping this festive season</a><a href="https://www.businessinsider.in/stock-market/webstories/waaree-energies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/114350114.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/waaree-energies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/114350114.cms" target="_blank">Waaree Energies IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india-in-october-2024/slidelist/114339207.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india-in-october-2024/slidelist/114339207.cms" target="_blank">Best smartphones under ₹25,000 in India in October 2024</a>

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