- 1. Chipotle reports sales decline after food-borne illness cases
- 2. Exxon cuts exploration spending as global oil glut continues
- 3. U.S. stock indexes take another dive despite several strong earnings reports
- 4. California officials go after gas company over leak
- 5. Toyota to compensate minority customers for loan bias
1. Chipotle reports sales decline after food-borne illness cases
On Tuesday Chipotle reported that sales at restaurants open more than 13 months fell by 14.6 percent in the last three months of the year, as several food-borne illness outbreaks were linked to its restaurants. "The fourth quarter of 2015 was the most challenging period in Chipotle's history," CEO Steve Ells said. The company's stock fell by more than 5.5 percent in after-hours trading, capping a decline of nearly 40 percent over the last three months. Health officials this week declared an E. Coli outbreak believed linked to Chipotle to be over.
2. Exxon cuts exploration spending as global oil glut continues
Exxon announced Tuesday that it was cutting its drilling budget to a 10-year low due to a global oil glut that sent crude prices plummeting. Exxon is the world's largest oil explorer, but it will be slashing spending on rig leases, oil platforms, and other projects by 25 percent, to $23.2 billion, in 2016. The news came as Exxon reported its smallest annual profit since 2002 last year. It also will save money by suspending stock buybacks that cost the company $500 million in the last quarter of 2015.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. U.S. stock indexes take another dive despite several strong earnings reports
The Dow Jones Industrial Average dropped nearly 300 points, or 1.8 percent, on Tuesday, as a fresh 4.5 percent decline in oil prices intensified fears of a global economic downturn. The gloom offset encouraging earnings-driven stock surges by Mattel, Michael Kors, and Google parent Alphabet, which overtook Apple as the world's most valuable privately held company. U.S. stock futures edged higher early Wednesday as oil prices stabilized.
4. California officials go after gas company over leak
On Tuesday Los Angeles prosecutors filed four misdemeanor criminal charges against the Southern California Gas company for allegedly failing to promptly report a huge methane leak that has forced thousands of people out of their houses since October. The move came on the same day that the state's attorney general, Kamala Harris, sued the company, accusing it of failing to report and control the leak from a ruptured underground pipeline in a timely fashion. The company said it would respond to the lawsuit in court.
5. Toyota to compensate minority customers for loan bias
Toyota's financing arm reportedly has agreed to pay up to $21.9 million to thousands of African-American, Asian, and Pacific Islander customers to settle discrimination allegations. Federal regulators said Toyota Motor Credit Corp. charged minority buyers higher interest rates on auto loans than white borrowers with comparable creditworthiness. The automaker's dealerships can add extra interest above the financing company's base rates. Investigators found they added extra interest on loans for black and Asian customers.
-
What will security guarantees for Ukraine look like?Today's Big Question From boots on the ground to economic sanctions, here are the measures that might stop Russia taking another bite out of Ukraine
-
The US Open's controversial 'superstars' doubles formatTalking Point New shortened competition attracts star pairings and bigger audiences to grand slam tennis event
-
Sudoku medium: August 21, 2025The Week's daily medium sudoku puzzle
-
How China uses 'dark fleets' to circumvent trade sanctionsThe Explainer The fleets are used to smuggle goods like oil and fish
-
One year after mass protests, why are Kenyans taking to the streets again?today's big question More than 60 protesters died during demonstrations in 2024
-
What happens if tensions between India and Pakistan boil over?TODAY'S BIG QUESTION As the two nuclear-armed neighbors rattle their sabers in the wake of a terrorist attack on the contested Kashmir region, experts worry that the worst might be yet to come
-
Why Russia removed the Taliban's terrorist designationThe Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
-
Inside the Israel-Turkey geopolitical dance across SyriaTHE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
-
'Like a sound from hell': Serbia and sonic weaponsThe Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
-
The arrest of the Philippines' former president leaves the country's drug war in disarrayIn the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
-
Ukrainian election: who could replace Zelenskyy?The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
