Business News | AM1460 WIXN
  • iStock/Thinkstock(NEW YORK) -- Looking forward to taking some time off for the holidays?  
    Read more...
  • iStock/Thinkstock(NEW YORK) – Pizza and beer go together like, well, pizza and beer.
    Read more...
  • ABC News(PHILADELPHIA) -- A homeless man who received more than $397,000 through crowdfunding after giving a stranded woman his last $20 to pay for gas now has a place to call home.Marine Corps veteran Johnny Bobbitt, 34, wrote on the GoFundMe campaign created by the woman he helped, Kate McClure, that he had bought a home over the weekend."The feeling is indescribable and it all thanks to the support and generosity that each and every one of you has shown," Bobbitt wrote of purchasing his new home. "I'll continue to thank you every single day for the rest of my life."McClure started the GoFundMe page on Nov. 10 with a humble $10,000 goal after Bobbitt helped her when she ran out of gas on Interstate 95 on her way to Philadelphia, giving her the last of the money he collected while panhandling, she wrote."Johnny sits on the side of the road every day, holding a sign. He saw me pull over and knew something was wrong," McClure wrote. "He told me to get back in the car and lock the doors. A few minutes later, he comes back with a red gas can."After the chance encounter, McClure and her boyfriend visited Bobbitt several times to deliver gift cards, cash, snacks and toiletries, she told ABC News last month. The couple decided to create the GoFundMe page so he wouldn't have to spend the holidays sleeping on the street.The plan worked.As of Tuesday afternoon, Bobbitt's GoFundMe page had raised $397,769. McClure wrote that in addition to the home, Bobbitt will purchase the "dream truck he's always wanted," a 1999 Ford Ranger. Two trusts will be set up in his name as well, one that will provide him will a small "salary" each year and a retirement trust, "which will be wisely invested by a financial planner."A bank account was also set up for Bobbitt with funds for everyday needs "that will get him through until he finds a job," McClure wrote. He will also be donating to organizations and people who "have helped him get through this rough patch in his life" over the last couple of years, McClure said.
    Read more...
  • iStock/Thinkstock(NEW YORK) -- Despite an earlier tech rally, U.S. stocks closed mostly lower on Tuesday.The Dow Jones Industrial Average sunk 109.41 (-0.45 percent) to finish at 24,180.64.The Nasdaq dipped 13.15 (-0.19 percent) to close at 6,762.21, while the S&P 500 finished at 2,629.57, down 9.87 (-0.37 percent) from its open.Crude oil prices were about 1 percent lower and under $58 per barrel.Winners and Losers:  Intel Corporation was among the technology stocks that gave up ground with shares tumbling 2.36 percent.Shares of Snapchat parent Snap Inc. climbed 10.10 percent after Barclays predicted the stock could outperform in 2018.British movie theater operator Cineworld announced it will buy Regal Entertainment for $3.6 billion. Regal's stock soared 9.41 percent.
    Read more...
  • iStock/Thinkstock(NEW YORK) -- Some of this holiday season’s hottest toys are out of stock but being resold online for thousands of dollars above list price because of so-called Grinch bots.The same cyberscalping technique that can make it hard for consumers to find tickets to concerts and sporting events is now being deployed to buy popular holiday toys. Sophisticated computer programs -- or bots -- are used to make mass purchases online.In one of the more extreme cases of cyberscalping, a Nintendo Super NES Classic Edition Mini Console that normally sells for nearly $80 is being resold online for $13,000.In another example, a Barbie Hello DreamHouse that sells for $299 on Mattel’s website is being sold on eBay with an asking price of more than $1,700.Other cyberscalping listings are for lesser amounts that consumers might pay if they are not aware of the retail price of the item, or if they want to purchase the item regardless of cost.A Fingerlings monkey that sells for as little as $14.99 at retailers like Best Buy has a price tag of $34.99 on eBay.eBay shows on its website that 10 users have purchased a Fingerlings toy from one seller for more than $30 each since Sunday.ABC News reached out to the resellers on eBay when possible.“It takes away from the true spirit of Christmas,” a woman shopping for holiday presents in the Los Angeles area this week told ABC News.The Grinch bots have caught the attention of one of the country’s top lawmakers.Senate Minority Leader Chuck Schumer of New York wants to make the technique illegal and is calling on retailers to help crack down on cyberscalpers."Cyberbots — we call them Grinch bots — are expanding their reach and unfairly scooping up the hottest toys before parents can even hit buy,” Schumer told reporters Sunday in New York. “The stores and the people who make the products can block the bots.”Schumer indicated in his statement that he has taken up the issue of cyberscalping of consumer products because the practice puts "middle class folks" at a disadvantage."Middle class folks save up—a little here, a little there—working to afford the hottest gifts of the season for their kids but ever-changing technology and its challenges are making that very difficult," Schumer said in a statement also posted on his website. "It’s time we help restore an even playing field by blocking the bots. When it comes to purchasing products online, major retailers should put forth policies that will help prevent future Grinch bots from stealing the season’s hottest toys.”Congress passed the Better Online Ticket Sales Act last year, but the legislation only applies to tickets, not toys. Schumer would like to expand the legislation to include consumer products but that will not happen before Christmas, he said.The National Retail Federation told ABC News in a statement it would like to work with Schumer to “strengthen enforcement against bad actors.”“NRF and the retail industry share Senator Schumer’s concerns, and we look forward to working with him and all interested parties to strengthen enforcement against bad actors and take away the tools being used against innocent consumers, particularly during the holiday season,” David French, the federation’s senior vice president for government relations, said.The Retail Industry Leaders Association told ABC News in a statement its members are “committed to taking precautions to mitigate fraud.”“Retailers and our suppliers are working around the clock to make sure American families have access to the season’s hottest items,” spokeswoman Christin Fernandez said. “Many retailers already have policies in place to monitor and cap the amount of purchases made on high-demand products both in store and online.”Fernandez added, “Retailers want to ensure that items purchased from their stores an
    Read more...
  • Joshua Trujillo / Starbucks Newsroom(SHANGHAI) -- China, a traditionally tea-drinking nation, is embracing coffee in the metropolis of Shanghai, as the country stands to become the largest market for Starbucks.The 30,000 square-foot flagship Starbucks Reserve shop opens Wednesday in the heart of West Nanjing Road, a famous upscale shopping street in Shanghai. The store has more than 400 employees and can serve up to 550 people at a time, according to the Seattle-based company.On Tuesday, crowds sampled fresh brews and watched beans being roasted on-site at the grand opening event for the brand's first international Starbucks Reserve Roastery, focused on serving higher-end gourmet coffee. Five other sites for the specialty Starbucks brand are planned around the world, including two more U.S. locations, one in Japan one in Italy, according to the company. The first Starbucks Reserve Roastery opened in the company's home city of Seattle.The U.S.-based coffee chain has seen China as a key market, where sales grew seven percent versus a three percent growth in the rest of the world in the past year, according to a company statement. Starbucks currently runs 3,000 stores in China, where it claims to be opening “a store every 15 hours." The company said it plans to open 5,000 stores in the country by 2021."China represents the most important and exciting opportunity ahead of us. As our first international Roastery, we will take even bolder steps to make this Shanghai location our most stunning store,” Howard Schultz, executive chairman of the Seattle-based company, said in a company statement.Despite a long, proud history of tea drinking and the fact that a tall latte costs as much as $4.69 in China, people have taken to coffee and culture of Starbucks with its specialty drinks and free Wi-Fi and bathrooms. They even take Starbucks selfies.Jack Ma, founder of China’s e-commerce giant Alibaba, with which Starbucks is partnering for mobile payment services and other items, said that though Starbucks came to China, which is primarily a tea-drinking country, the Seattle-based company is making "so many people love coffee."Ma said, for himself, "I don’t like coffee, but I like Starbucks.”The Shanghai flagship store will offer a range of Chinese teas at a "tea experience bar," as well.Copyright © 2017, ABC Radio. All rights reserved.
    Read more...