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REUTERS: McDonald's Corp has been sued by 52 Black former franchise owners who accuse the fast-food giant of racial discrimination by steering them to depressed, crime-ridden neighborhoods and setting them up for failure. In a complaint seeking up to US$1 billion of damages, the plaintiffs said McDonald's has not offered profitable restaurant locations and growth opportunities to Black franchisees on the same terms as white franchisees, belying its public commitment to diversity and Black entrepreneurship. The complaint said McDonald's saddled the plaintiffs under its standard 20-year franchise agreements with stores requiring high security and insurance costs, and whose US$2 million average annual sales from 2011 to 2016 were US$700,000 below the nationwide norm. Bankruptcy often resulted, they said. "It's systematic placement in substandard locations, because they're Black," the plaintiffs' lawyer Jim Ferraro said in a phone interview. "Revenue at McDonald's is governed by … [Read more...] about Lawsuit says McDonald’s discriminates against Black franchisees

REUTERS: McDonald's said on Monday (Aug 31) former Chief Executive Steve Easterbrook's motion against the company should be dismissed, reiterating that the terms of his separation from the company were based on fraudulent statements. Easterbrook responded on Aug 14 to McDonald's lawsuit, which claimed that the former CEO had covered up and lied about sexual relationships with at least three employees while negotiating his severance package. McDonald's said in a filing on Monday that it had dismissed Easterbrook based on his denial of having had a sexual relationship with any other employee and the absence of contradictory evidence on his phone. In his response to McDonald's lawsuit, Easterbrook had claimed that the company had information about his relationships when it negotiated his severance package, adding that he deleted evidence from his company phone, but the evidence remained in the company e-mail account stored on the firm's servers. "When McDonald's investigated, … [Read more...] about McDonald’s says terms of former CEO’s separation based on fraudulent statements

MELBOURNE: Global fast food giant McDonald's Corp. has filed a trademark infringement notice in Australia after the local unit of Burger King created a similar product called the "Big Jack," according to a local newspaper report on Thursday. Australian franchise Hungry Jack's released a double layer hamburger in July, similar in construction and appearance to the Big Mac, McDonald's alleges in documents filed with the Federal Court on Aug. 28, the Sydney Morning Herald newspaper reported. Hungry Jack's "deliberately adopted or imitated" the "distinctive appearance or build" of the Big Mac, along with its ingredients and tagline; "two all-beef patties, special sauce, lettuce, cheese, pickles, onions – on a sesame seed bun", McDonald's alleged, according to the report. Hungry Jacks markets the burger online as comprising "two flame-grilled 100per cent Aussie beef patties, topped with melted cheese, special sauce, fresh lettuce, pickles and onions on a toasted sesame seed bun". … [Read more...] about McDonald’s takes action against Australia’s Burger King over ‘Big Jack’

NEW YORK: Market volatility is back: and investors expect more wild swings in the coming weeks and months as the U.S. presidential election closes in. Regardless of who wins the Nov. 3 election, some market watchers say, markets are likely to grow more turbulent. Economic uncertainty resulting from the coronavirus pandemic still looms large, and the possibility of a delayed vote count due to a large number of mail-in ballots has also unsettled some investors. Moreover, a buildup of positions in big tech-related stocks has increased risk, as seen in a sharp market sell-off on Thursday. "This is just a situation where all the conditions are ripe for an extraordinary profit" from volatility, said James McDonald, chief executive of Los Angeles-based hedge fund Hercules Investments. The Cboe Volatility Index has climbed over the last two weeks, first as investors chased further upside in U.S. stocks through call options and then as they sought protection against a tumble in indexes … [Read more...] about 2016 all over again? Investors ready for big market moves as US election nears

PHOENIX: When polls closed in Arizona's US Senate race in November 2018, initial results from in-person voting showed Republican Martha McSally in the lead. Her advantage evaporated in the days that followed with the tallying of postal ballots. "Electoral corruption - call for a new election?" President Donald Trump posted on Twitter at the time. His suggestion had no effect, and McSally conceded to Democrat Kyrsten Sinema six days after Election Day. A similar "blue shift," with blue representing Democrats, could play out in the Nov 3 US presidential election, with the Republican Trump, 74, ahead in early returns and Democrat Joe Biden, 77, emerging as the winner in the days that follow. READ: Biden and Trump go on the offensive as US campaign enters final stretch Nearly half of Democrats say they plan to vote by mail, while only one quarter of Republicans plan to do so, according to Reuters/Ipsos polling in August. Demand is driven in no small part by fear of infection … [Read more...] about How a ‘blue shift’ in US mail ballots might set off Election Week chaos