MOVIE THEATERS
AMC stock falls after declaring it would not seek approval to sell 25 million shares
AMC Entertainment stock fell 3.85 percent Tuesday after the company said it would no longer seek shareholder approval to issue 25 million more shares. In a filing Tuesday, AMC said the proposal to increase its outstanding shares to about 549 million would no longer be up for a vote at its July 29 annual meeting. The company proposed the share increase in a separate filing June 3, seeking to capitalize on the Reddit-driven rally that had boosted the so-called meme stock by 2,300 percent this year to that point. The stock was up more than 2,350 percent for 2021 through July 2. AMC had previously sought to authorize 500 million new shares. That proposal was originally up for a vote in May, but the annual meeting was postponed and the request withdrawn after it became clear investors would shoot it down. — BLOOMBERG NEWS
FAST FOOD
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Subway revamps its menu
Subway has sported the ’'Eat Fresh’' slogan for years, even as it peddled processed deli meats. Now, with new breads, smashed avocado, and fresh mozzarella, the sandwich chain is trying to bring back the customers who’ve defected to more modern eateries like Jimmy John’s and Chipotle Mexican Grill. The closely held company on Tuesday announced what it calls the biggest changes ever in its more than half-a-century history. Dubbed the ’'Eat Fresh Refresh,’' Subway is rolling out two new bread recipes, several on-trend premium ingredients, and a handful of new sandwiches, plus nationwide delivery service. It’s hoping those changes will lure diners back to its stores after five straight years of declines. Skeptics of the brand say it won’t be so simple. Subway is one of the most recognizable names in the restaurant industry, and its more than 22,000 US locations makes it the largest by store count, dwarfing even McDonald’s. But its massive size obscures a simple fact: American tastes have changed. — BLOOMBERG NEWS
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INTERNATIONAL
China cracks down on overseas listings after Didi goes public in the US
China issued a sweeping warning to its biggest companies, vowing to tighten oversight of data security and overseas listings just days after Didi Global Inc.’s contentious decision to go public in the United States. Rules for overseas listings will be revised, the State Council said in a statement Tuesday, while publicly traded firms will be held accountable for keeping their data secure. China also said it will step up its regulatory oversight of companies trading in offshore markets. The move comes after the cyberspace regulator announced an investigation into Didi, which controls almost the entire ride-hailing market in China, and pulled the company’s app from stores. — BLOOMBERG NEWS
WORKPLACE
Iceland’s experiment with same pay for shorter hours didn’t hurt productivity
Iceland has achieved the holy grail for working stiffs: same pay for shorter hours. Results from two trials of reduced hours showed no productivity loss or decline in service levels, while employees reported less stress and an improved work-life balance, researchers at UK-based think tank Autonomy and Iceland’s Association for Sustainable Democracy said in a report. Achieving shorter hours with sustained productivity and service levels involved rethinking how tasks were completed, according to the report. That included shortening meetings or replacing them with e-mails, cutting out unnecessary tasks, and rearranging shifts. — BLOOMBERG NEWS
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MARIJUANA
Companies want to personalize pot
Cannabis is often positioned as an alternative to mainstream medicine. To keep up, some companies are now trying to fine-tune their offerings to remove the unpredictability long associated with marijuana. From an electronic pot-recommendation program launched last month by Columbia Care to DNA analysis by startups such as Endocanna Health, the industry aims to create products akin to personalized or precision medicine, optimized based on genetics, lifestyle, or even what kind of experience users want to have. Algorithms that can do so are seen as a holy grail for the cannabis industry, quelling the fears of first-timers and satisfying connoisseurs alike. — BLOOMBERG NEWS
SOCIAL MEDIA
Nextdoor to go public through a SPAC
Nextdoor will go public through a special purpose acquisition company in a deal expected to value the local social network at $4.3 billion. The San Francisco-based company will merge with Khosla Ventures Acquisition Co. II, a blank-check vehicle created by the venture capital firm of billionaire Vinod Khosla, the companies said in a statement Tuesday. The transaction will generate proceeds of $686 million. Nextdoor was founded in 2008 with the goal of creating a sort of local version of Facebook. The app serves as a venue for people to organize events, chronicle local raccoon sightings, and report suspicious activity. Critics have said it frequently facilitates racial profiling and a culture of fear. — BLOOMBERG NEWS
GAMING
Nintendo to launch new Switch in the fall
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Nintendo announced the new Switch gaming device for release Oct. 8, a long-awaited $350 gadget that will succeed its popular console and likely catalyze a wave of new software and holiday-season sales. The new device marks the first hardware upgrade to the console originally released in 2017 for $299. It features a vibrant 7-inch OLED screen, a wide adjustable stand, a dock with a wired LAN port, 64 gigabytes of internal storage, and enhanced audio, according to a statement from the company Tuesday. — BLOOMBERG NEWS
COPYRIGHT
Marilyn Monroe merchandise still a favorite of counterfeiters
Nearly six decades after her death, Marilyn Monroe is still a popular choice for mugs, T-shirts, jewelry, and other products using her name — even illegally. Authentic Brands, which owns the rights to the late movie star’s name and the phrase “Diamonds are a Girl’s Best Friend” popularized by her most famous song, has won a court order freezing the assets of dozens of virtual storefronts selling counterfeit goods. The company said in court documents that it works with marketplaces such as Amazon, Alibaba, Ebay, Joom, and Wish to shut down the sites, but it’s not enough. Court filings lay out an elaborate and often covert operation to identify the counterfeiters, file lawsuits under seal, and seek judicial orders before the storefronts knew they were being targeted. — BLOOMBERG NEWS
ECONOMY
Services sector slowed in June after record growth in May
Growth in the services sector, where most Americans work, slowed in June following record expansion in May. The Institute for Supply Management said Tuesday that its monthly survey of service industries retreated to a reading of 60.1, following an all-time high reading of 64 in May. Any reading above 50 indicates the sector is expanding. It’s the 13th straight month of expansion in the services sector following a two-month contraction in April and May of last year as businesses were forced to shut down during the early stages of the coronavirus pandemic. — ASSOCIATED PRESS
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HOUSING
Home rents rise across the country
The cost of renting a home is soaring in cities nationwide, squeezing the finances of low-income households and threatening the consensus that pandemic inflation will soon fade away. The median national rent climbed 9.2 percent in the first half of 2021, according to Apartment List. While part of the increase reflects a bounce-back in prices that dropped earlier in the pandemic, the real-estate firm says rents are now higher than if they had stayed on their pre-COVID track. — BLOOMBERG NEWS