Reebok added to SPARC group


OFF-ROAD VEHICLES

Polaris launches electric version of the Ranger

Polaris has unveiled an electric version of its Ranger all-terrain vehicle, a rural American staple and the best-selling product in the company’s $ 7 billion motorsport empire. The battery-powered machine, officially dubbed the Ranger XP Kinetic, will not only be virtually silent, but about a third more powerful than similar gas-powered models; Polaris also estimates that the platform will be around 70% cheaper to maintain and maintain. – BLOOMBERG NEWS

RETAIL SELLING

Revived Toys ‘R’ Us opens in NJ mall

Toys “R” Us, a resurrected version of the busted and shuttered mega toy seller, is returning to its New Jersey home turf with a store in the state’s newest mega-mall. The brand’s new owner plans to open a flagship store in mid-December at American Dream, the heavily indebted mall a few miles outside of Manhattan that is going through its own decades-long series of problems. The two-level store will occupy 20,000 square feet, according to a statement, with the outlet a short walk from the Nickelodeon Universe theme park and the mall’s DreamWorks water park. – BLOOMBERG NEWS

ONLINE MEETINGS

Match settles the complaint filed by the founders of Tinder

Match Group Inc. said it would pay $ 441 million to resolve a heated legal battle with the founders of Tinder over the evaluation of the mobile dating app, ending a nearly month-long lawsuit just before it goes to the jury. Match announced the settlement on Wednesday morning, a day before the parties make final statements in the lawsuit over a lawsuit brought by Tinder founder Sean Rad and other early-stage executives and employees against Match and its investor. control, IAC / Interactive Corp. Rad, who started Tinder in a hackathon at IAC’s Hatch Labs incubator, and other plaintiffs in the case say they were cheated by the companies, which valued Tinder at $ 3 billion in 2017, at instead of the $ 13.2 billion they claim to be worth. – BLOOMBERG NEWS

AUTOMOTIVE

GM Partners with South Korean Company to Build Battery Materials Factory

General Motors forms a joint venture with South Korea’s Posco Chemical to build a battery materials plant in North America, as it brings more steps in the electric vehicle supply chain under its umbrella. The Detroit automaker said Wednesday details of the company were still being worked out, including amounts of the investment and the location of the plant. GM said the plant would provide materials to make cathodes, the energy hub of a battery that accounts for 40% of the cost. – ASSOCIATED PRESS

BANKING

Capitol One eliminates overdraft fees

Capital One said on Wednesday it would remove all overdraft fees, the latest bank to do so this year and one of the largest financial institutions to avoid the long-hated practice. The Virginia-based bank said it would still allow overdraft clients, but no longer charge a fee to do so. All eligible customers can opt for a free overdraft at any time, the bank said. – ASSOCIATED PRESS

MANUFACTURING

Growth Continues Despite Persisting Supply Chain Problems

Manufacturing activity in the United States grew at a faster pace in November as producers tried to meet demand amid continued supply shortages and delays. The Institute for Supply Management, a professional group of purchasing managers, said on Wednesday its manufacturing activity index reached 61.1 in November, just above September’s 60.8. Any reading above 50 indicates growth in the manufacturing sector. The manufacturing sector has recorded 18 consecutive months of growth dating back to the spring of 2020 when the pandemic hit. – ASSOCIATED PRESS

THE ADVERTISEMENT

Judge launches lawsuit alleging McDonald’s discriminates against black TV networks

A judge has dismissed media mogul Byron Allen’s lawsuit against McDonald’s, but left the door open for him to file an amended complaint if he can better substantiate his discrimination claims. Allen’s Entertainment Studios Networks Inc. sued McDonald’s in May, claiming the fast food giant discriminated against black-owned TV networks like its Weather Channel, spending its advertising dollars on white-owned stations. The lawsuit, which seeks $ 10 billion in damages, is part of a campaign by Allen to correct what he says is a long-standing prejudice against black-owned businesses. – BLOOMBERG NEWS

ECONOMY

Companies created 534,000 jobs in November, according to ADP

U.S. businesses added workers at a strong pace in November, suggesting employers continue to reduce the near record number of job vacancies. Business payrolls increased by 534,000 last month after gaining 570,000 in October, according to data from the ADP Research Institute released Wednesday. The numbers suggest steady improvement in a job market where skills mismatches, job change and pandemic factors still prevent employers from attracting and retaining workers. Total employment as measured by ADP remains well below its pre-pandemic level, and the emerging variant of Omicron poses a risk to labor market participation. The data precedes Friday’s monthly employment report from the Ministry of Labor, which is expected to show private payrolls increased by 525,000 in November. – BLOOMBERG NEWS

TRANSPORT

New commuter rail line under Hudson River gets final approval

The new Gateway commuter rail tunnel between New York and New Jersey has received final regulatory approval, meaning the long-awaited project can begin construction once it receives federal funding. The US Army Corps of Engineers permit authorizes the digging of a new tunnel under the Hudson River, the Gateway Development Commission said in a statement on Wednesday. The project involves repairing the existing 110-year-old, seawater-eroded linkage that forms a major part of Amtrak’s Northeast Corridor line, carrying more than 2,200 daily trains between Washington and Boston. The $ 12.3 billion Gateway Project was stalled under former President Donald Trump, but received major federal approvals this year. New York and New Jersey share the funding with the US government. Authorities predict that major construction of the new tunnel will begin in August 2023 once the funding is in place, and will last 12 years. – BLOOMBERG NEWS


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