GDP
Retail stores run ad support question 3
The Massachusetts Package Stores Association has released its own TV ad to challenge one from rival superstore chain Total Wine & More in the battle over Question 3, the ballot question. go before voters next Tuesday that will set new limits on how many stores can be owned by members. have sold alcohol. This ad, running on several television channels from Comcast, aims to confirm that Question 3 is supported by small business owners of MassPack. It was in response to an announcement by Total Wine that said Question 3 was not friendly to small businesses, including saying it would hurt family businesses. (All Wine is owned by two brothers, and so technically a family business, but there are more than 200 locations throughout the country.) Question 3 will increase the number of places where a company will sell beer and wine to 18 from the current level. Nine, while reducing the number of places where a company can sell hard liquor to seven out of nine. MassPack announced the measure as a deterrent to grocery stores that want to be able to sell beer and wine in multiple locations. All Wine, however, saw it as a forbidden publication. The Maryland company spent more than $2.6 million this fall to fight Question 3, while MassPack spent nearly $1 million in the past two years of the campaign. – JON CHESTO
BETTING
The new manager of the Suffolk Downs simulcast center
There is a new manager at Sterling Suffolk Racecourse, operator of the simulcast center at Suffolk Downs. Michael Buckley will be SSR’s new chief operating officer, taking over for Chip Tuttle. Buckley is the managing director of Belmont Capital, an investment firm owned by Joe O’Donnell and one of the three shareholders of SSR. Tuttle will resume full-time work at CTP, the Boston-based communications agency he co-founded, after 15 years as executive director of Suffolk Downs, including the final six years of racing at Suffolk. Downs. The old street has been renovated, and SSR hopes to eventually open a new place that offers sports betting. Buckley, in a statement, said he plans to take SSR to “its next level as the premier sports company in Massachusetts.” About 50 full-time and part-time employees work for SSR today. – JON CHESTO
MEDIA
The NYT added 180,000 digital subscribers in the last quarter
The New York Times Co. said on Wednesday that it had gained 180,000 online users in the most recent quarter, and that it had improved its revenue forecast for the full year. In the financial results for the last quarter, the company said that the revenue from new users was driven by higher operating costs from The Athletic, a sports news website that The Times will be in January. Overall, the Times posted a turnover of $69 million for the quarter, up from $65 million in the same period last year. The athlete lost $9.6 million. It has lost nearly $29 million in the three quarters since its acquisition. – NEW YORK TIMES
INTERNATIONAL
Glencore officials are accused of flying cash in private jets to officials in West Africa
Glencore officials sent money in private jets to authorities in West Africa, UK prosecutors said as they laid bare a web of bribery and corruption from London meeting oil. The company, founded by Marc Rich, has admitted to seven bribery cases across the country including Nigeria and Cameroon, after the investigation of the Central Bureau of Investigation. Prosecutors said the company paid more than $28 million in bribes to gain access to oil shipments. — BLOOMBERG News
PHARMACEUTICALS
GSK buoyed by vaccine sales
GSK raised its expectations for the second time and expressed expectations for next year, increasing demand for existing vaccines and newcomers to the respiratory virus. Operating profit excluding certain costs could rise by as much as 17 percentand sales growth could be as high as 10 percentthis year, UK drugmakers said on Wednesday, up from earlier expectations of 15 percent and 8 percent. The update comes as shingles vaccine maker Shingrix submits its new vaccine, designed to protect against respiratory syncytial virus, or RSV, to regulators. — BLOOMBERG News
AIRLINES
The FAA is getting attention from the squidd train passengers
Back in August, Federal Aviation Administration officials asked the public for their opinions on how safe they think airplane seats are when it comes to their big Embarrassed with other disgruntled customers, passengers flooded the agency with nearly 25,000 messages by Tuesday’s deadline. Although many people stuck to the FAA’s request to state whether the seat width, length, length, and other dimensions are directly related to passenger safety during the flight out of emergency, many also took the opportunity to reflect the level of comfort in business cabins. . Congress asked the agency in 2018 to publish rules for the minimum number of passenger seats in terms of safety. A 2021 study determined that the current seats would be safe during evacuation for 99 percent of the population. — BLOOMBERG News
ELECTRIC VEHICLES
Tesla chooses a showroom in Beijing
Tesla closed its China showroom in Beijing last month, according to a person familiar with the matter. The US electronics company has many showrooms in the Chinese city, and the one that is currently closed is in a shopping mall called Parkview Green, which is a residential area. Reuters reported the shutdown earlier Wednesday. Tesla mostly sells its cars through a direct sales model over the Internet rather than through dealerships or its showrooms. China is its most important market after the United States and it delivered a record 83,135 vehicles in September after upgrading capacity at its Shanghai factory. — BLOOMBERG News
BANKING
Credit Suisse stock downgraded to near-junk level
Credit Suisse’s long-term rating was downgraded by S&P Global Ratings to just one level above negative status, compounding the company’s challenges after it released the campaign update last week. The Swiss bank’s long-term rating was cut to BBB- from BBB, with a stable outlook. That’s just one point above the BB “speculative level.” Credit Suisse’s new strategy led to the biggest one-day drop on record on the day, with shares falling 18 percent. — BLOOMBERG News
