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Yahoo
a day ago
- Business
- Yahoo
Kroger says it will close 60 stores over the next 18 months
Kroger said it plans to close 60 of its supermarkets across the U.S. over the next 18 months. The planned store closures represent about 5% of the Cincinnati-based company's 1,239 Kroger-branded grocery stores across 16 states. The grocery retailer did not specify which store locations it plans to cease operating, and told CBS MoneyWatch that it will not be releasing a list of the affected stores. The grocery chain announced the planned reduction of its footprint as it reported its first-quarter earnings Friday. Sales dropped slightly to $45.1 billion compared to $45.3 billion for the same period a year earlier. Kroger said that it expects the 60 store closures to buoy the company financially, according to a regulatory filing. "In the first quarter, Kroger recognized an impairment charge of $100 million related to the planned closing of approximately 60 stores over the next 18 months. As a result of these store closures, Kroger expects a modest financial benefit," the company said. Kroger said the resulting savings will be invested in customer experience initiatives. Kroger also said that all employees at affected stores will be offered roles at other Kroger store locations. SpaceX Starship upper stage blows up Hurricane Erick approaches Mexico with destructive winds, major storm surge "Jaws" premiered 50 years ago, but it's a wonder it got made at all Sign in to access your portfolio
Yahoo
5 days ago
- Business
- Yahoo
The AI revolution is likely to drive up your electricity bill. Here's why.
New Jersey residents got some bad news earlier this year when the state's public utilities board warned that their electricity bills could surge up to 20% starting on June 1. A key driver in that rate hike: data centers. The spread of these large-scale computing facilities across the U.S. amid growing demand for artificial intelligence, data storage and other technology services is projected to increase electricity consumption to record highs in the coming years, according to experts. A report from Schneider Electric, a company that specializes in digital automation and energy management, projects that electricity demand will increase 16% by 2029, mainly due to the proliferation of data centers. Most data centers rely on the nation's electrical grid for energy, meaning it will be Americans ratepayers who pick up the tab, Mark Wolfe, executive director of the National Energy Assistance Directors Association, a group that represents states on energy issues. "As utilities race to meet skyrocketing demand from AI and cloud computing, they're building new infrastructure and raising rates, often without transparency or public input," he told CBS MoneyWatch in an email. "That means higher electricity bills for everyday households, while tech companies benefit from sweetheart deals behind closed doors." More data centers, more power Thousands of data centers now dot the country, with the largest concentrations in Virginia, California and Texas. The number of data centers in the U.S. nearly doubled between 2021 and 2024, according to a report from Environment America, a network of environmental groups. It's not just the number of data centers that are expected to rise, but the size. "The trend has been bigger data centers," Dave Turk, the former deputy secretary of the U.S. Department of Energy, told CBS MoneyWatch. "They tend to be more energy efficient." Spurring that expansion is the rapid growth of "generative" AI companies that are consuming vast amounts of electricity to train so-called Large Language Models like ChatGPT and power. AI searches use 10 times more electricity than normal internet searches, according to a study from the Electric Power Research Institute, a nonprofit organization. "AI is an increasing part of data centers and certainly responsible for increased electricity demand," Turk said. Data centers, which contain thousands of computer servers, networking gear and other infrastructure, also require power to cool their systems and keep them from overheating. Torsten Sløk, chief economist at asset management firm Apollo Global Management, estimates that data centers will require an additional 18 gigawatts of power capacity by 2030. To put that into context, New York City power demand is about 6 gigawatts. About 4.4% of U.S. electricity went to power data centers in 2023, according to a Department of Energy's Lawrence Berkeley National Laboratory study. Not all of that demand is related to AI, but it represents a portion, Turk said. Other factors pushing up prices The spread of data centers isn't the only reason U.S. electricity prices are surging. The price of natural gas, inflation, ongoing electrification of buildings and vehicles, and other factors also play an important role. But utilities are factoring the high demand from data centers into their pricing models. For example, when Dominion Energy, one of the Virginia's largest utilities, in April proposed a price hike of $8.51 per month in 2026, the company also floated the idea of a "new rate class for high energy users, including data centers." Electricity prices have risen 4.5% in the last year, according to recent data from the Labor Department, and are estimated to surge this summer. Energy costs also drift higher if a Republican-backed budget package, dubbed the "big beautiful bill," is passed and signed into law by President Trump. Analysts from Rhodium Group predict that the bill, which would repeal a slate of tax credits created under the Inflation Reduction Act, could increase a family's energy expenditures by nearly $400 a year. Beyond price increases, the heightened energy demand from data centers could also compromise the reliability of the grid, according to experts. In a recent report, the North American Electric Reliability Corp said that facilities that service AI and cryptocurrency companies are being developed at a faster pace than the power plants and transmission lines to support them, "resulting in lower system stability. PJM, a grid operator in 13 states plus Washington, D.C., cited data center demand as one of the factors that could lead to capacity shortages in its 2025 forecast. Harry Chapin: Songwriter, activist and father How the U.S. Army was born Early details on arrest in Minnesota lawmaker shootings
CBS News
13-06-2025
- Business
- CBS News
Walmart heiress' ad promoting "No kings" protest sparks backlash against retailer
Trump warns Walmart against raising prices, saying they should "eat the tariffs" Walmart heiress Christy Walton's ad in The New York Times over the weekend has led some consumers to say they'll be boycotting the retailer. The advertisement promoting a nationwide anti-Trump protest has prompted backlash against Walmart despite the company distancing itself from the full-page ad. "The advertisements from Christy Walton are in no way connected to or endorsed by Walmart. She does not serve on the board or play any role in decision-making at Walmart," the company said in a statement to CBS MoneyWatch. Walton has also made clear that she paid for the ad herself, and that it represents her own views. The ad calls on people to participate in the "No Kings" protest slated to take place across the U.S. on June 14, the same day a military parade celebrating the Army's 250th Anniversary is set to take place in Washington, D.C. The date of the nationwide protest was selected to draw attention away from the military demonstration, organizers said. Calls for boycott But as Ms. Walton, a billionaire, encourages the public to participate in peaceful demonstrations against the Trump administration, supporters of President Trump are urging shoppers to boycott Walmart. "It may be time to #BoycottWalmart. #ChristyWalton, heiress of @Walmart has lost her mind in thinking she can fund revolutions against the American people/consumers," wrote X user Shaughn_A. Kari Lake, senior adviser to the U.S. Agency for Global Media, which oversees service media networks, shared an image of the ad on X and wrote, "Do you shop at Walmart?" Rep. Anna Pauling Luna (R-Florida) also weighed in on the ad online, tying it directly to the retailer, with which the ad itself is not associated. "Walmart heiress Christy Walton is funding full page color ads in the NYT for 'No Kings Day,' a nationwide counter protest scheduled for Trump's birthday, organized by far-left group Indivisible. Looks like the Walmart dynasty is big mad about China Tariffs," she wrote. Mr. Trump and Walmart have clashed before. After Walmart said tariffs would force it to hike prices on some goods, the president posted on social media that the retail giant should "eat the tariffs" instead of raising prices for consumers.
Yahoo
11-06-2025
- Business
- Yahoo
Starbucks is testing a new banana-flavored protein cold foam
Starbucks is piloting a new menu item that will give people a boost of protein with their morning latte. The coffee chain is testing a new protein cold foam at five locations across the U.S., CNN reported. The foam is banana-flavored and paired with the coffee chain's iced latte beverage, a Starbucks spokesperson confirmed with CBS MoneyWatch. Protein drinks and snacks have ballooned in popularity in recent years — a trend celebrities like Khloé Kardashian are looking to cash in on with products like Khloud, a protein popcorn. Protein shakes are now a $6 billion sector, according to Beverage Digest. Starbuck's foray into protein beverages is part of a larger push to reimagine its menu. The company, according to its website, is piloting an array of new products at select U.S. locations known as the Starting Five. Current products being tested include a Strato Frappuccino and croissants baked in-store. The company says it will test these food and beverage options through its Starting Five program before launching them at the national level. To make way for new menu items, Starbucks will pare down its food and beverage offerings by 30% by the end of Fiscal Year 2025. "By simplifying our menu, we're helping to create a more intentional, thoughtful experience for our customers — one where every drink is handcrafted with precision and care," the company posted online. The menu redesign comes at a time of financial tumult for the coffee chain. Sales remained relatively flat through 2024 and the start of 2025. "Our results do not reflect the strength of our brand," said Rachel Ruggeri, chief financial officer in the company's 2024 Fiscal Year results. In an effort to boost sales and lure people back to its retail locations, CEO Brian Niccol unveiled the "Back to Starbucks" restructuring plan in September 2024. The ongoing initiative involves a series of upgrades to its operations and appearance — such as a new dress code for baristas that highlights the the coffee chain's "iconic green apron." An accused woman skips her pedicure, kills her ex-husband LAPD chief speaks out about deployment of military forces to anti-ICE protests Sneak peek: The Day My Mother Vanished
Yahoo
10-06-2025
- Yahoo
Woman sues Costco for millions after heavy cabinet allegedly falls on her
A California woman is seeking millions in damages from Costco following an incident at one of the discount retailer's stores that she claims left her with lasting injuries. In a lawsuit filed in the Superior Court of Alameda on April 29, Sadie Novotny alleges she sustained "multiple, permanent and severe" injuries after a heavy liquor cabinet on display at a Costco Wholesale store in Santa Rosa fell on her "suddenly and without warning." Novotny was shopping at Costco with her husband on March 22 when the alleged incident occurred, according to the lawsuit. Novotny claims she suffered a closed head injury, or traumatic brain injury as a result. Claude Wyle, an injury attorney and partner at Choulos, Choulos & Wyle who is representing Novotny, told CBS MoneyWatch that Novotny went to the emergency room after the incident and was diagnosed with a mild concussion. She continues to suffer from difficulty finding words, vision problems and headaches, he said. Novotny is suing Costco for general negligence, premises liability and products liability. Wyle said his client is seeking millions in damages. Wyle said Costco has a video of the alleged incident that has not been released to him, and which he likely won't see until the formal discovery period of the lawsuit. Costco did not immediately respond to CBS MoneyWatch's request for comment. In her complaint, Novotny claims Costco acted negligently by failing to fix the dangerous conditions that led to the alleged incident. The lawsuit also alleges that the discount retailer failed to adequately train its employees to properly maintain merchandise and that each one bears some blame for Novotny's injuries. "The negligent conduct of defendants and each of them was a substantial factor in causing plaintiff's injuries," the lawsuit reads. The lawsuit was moved to the U.S. District Court for Northern California last week at the request of Cosco, Wyle said. Australian reporter covering Los Angeles protests shot with rubber bullet by police officer Eye Opener: Protests erupt in more cities over ICE deportations LAPD chief speaks out about deployment of military forces to anti-ICE protests
