McDonald's Corp., losing the speed race to rivals and racking up customer complaints about slow service, is adding a third drive-through window.
Called Fast Forward Drive-Thru, the reboot will start appearing in new and rebuilt McDonald's stores next year, Lisa McComb, a spokeswoman, said. Patrons now pay at the first window and pick up food at the second. Soon there will be a second pick-up window.
“It enables customers to pull forward to receive orders at a third window when their order is not yet ready,” she said.
H.J. Heinz Co. is closing three plants in North America and cutting 1,350 jobs in an effort to operate more efficiently.
The food maker owned by Warren Buffett's Berkshire Hathaway Inc. and 3G Capital says it will close facilities in two states and Canada over the next six to eight months. The cuts total 200 jobs in Florence, S.C., 410 jobs in Pocatello, Idaho and 740 employees in Leamington, Ontario, in Canada. Heinz will shift production from these locations to other existing facilities in the U.S. and Canada.
Lockheed Martin is cutting 4,000 jobs, about 3.5 percent of its workforce, as the defense contractor continues to look for ways to lower costs amid reduced government spending.
Lockheed Martin will close plants in Goodyear, Ariz.; Akron, Ohio; Newtown, Pa.; and Horizon City, Texas; as well as four buildings at its Sunnyvale, Calif. campus, by mid-2015.
Jos. A. Bank has withdrawn its $2.3 billion offer to buy rival Men's Wearhouse. Jos. A. Bank made an unsolicited offer of $48 per share for Men's Wearhouse in September.
Men's Wearhouse rejected the bid in October.
Friday, Jos. A. Bank said that if the board of Men's Wearhouse decides in the future that it wants to discuss a potential acquisition, that it may consider whether a new bid for its rival is warranted.
Jos. A. Bank said it is moving forward with considering other strategic options.
SAN FRANCISCO — Facebook pressed ahead Friday with changes to its privacy policies, first proposed in August, that make it clear that users' postings on the service and other personal data can be used in advertising on the site.
The proposed changes drew an outcry from many users, some privacy groups and members of Congress, and prompted the Federal Trade Commission to scrutinize the company's plans.
“Your feedback was clear — we can do better — and it led to a number of clarifying edits,” the company wrote in a blog post.
The edits don't change what Facebook's policy is regarding use of teenagers' or anyone else's personal information in ads and is unlikely to mollify critics.
New York's top financial regulator is looking at issuing a “BitLicense” for businesses that conduct transactions in virtual currencies like bitcoins.
Benjamin Lawsky, the state's superintendent of financial services, announced Thursday that he would conduct a public hearing to discuss the expanding world of digital money. Participants will discuss the feasibility of a license that would make the virtual currency market more like those for other forms of money.
If the plans go ahead, it would be an important step in bringing bitcoins and other virtual currencies closer to the financial mainstream. In another move in the same direction, the Federal Election Commission held a hearing Thursday at which it considered whether to legalize campaign donations made in virtual currencies.
Bitcoins have been treated with derision by many financial insiders and authorities, who have described the currency as a speculative mania. Many authorities still hold to that position, but the currency's online network, which is not controlled by any centralized authority, has survived several crises. — The New York Times
JPMorgan Chase & Co. said Friday it has reached a $4.5 billion settlement with investors over mortgage-backed securities.
The settlement covers 21 major institutional investors. The mortgage-backed securities were issued by JPMorgan and Bear Stearns between 2005 and 2008. New York-based JPMorgan acquired the failing investment bank Bear Stearns in March 2008.
The deal is the latest in a series of legal settlements over JPMorgan's sales of mortgage-backed securities in the years preceding the financial crisis. — AP