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- Stellantis CEO Antonio Filosa is about to unveil his plan to turn the company ar...
Shares of Stellantis are off nearly 30% since Antonio Filosa, a veteran who climbed through the company ranks, was named CEO nearly a year ago. [TheTopNews] Read More.2 hours ago - Will UK interest rates go up?
The interest rate set by the Bank of England affects mortgage, loan and savings rates for millions. [TheTopNews] Read More.2 hours ago - California business owners ‘working for peanuts’ as costs, record gas prices...
For 25 years, Mike Georgopoulos — better known to his friends as "Mikey G" — has built a legacy in San Diego, opening 30 restaurants in the last decade alone. But today, the veteran entrepreneur says the California dream is being choked by a math problem that no longer adds up.With raw material costs rising sharply and energy bills up 24%, Georgopoulos said a staggering 2% cost is being ripped straight from the bottom line before a single burger hits the grill. In an industry where a 5% profit margin is considered a win, Georgopoulos warns that owners are now "trapped" in a "vicious cycle" of record gas prices and what he calls predatory regulations that have them "working for peanuts" just to keep the doors open."We built over 30 restaurants in the last 10 years. The barrier to entry is insane. It takes years to get permits and entitlement. It costs a lot of money, and there's a lot of money at risk before you even have your award of the appropriate permits. So you may have to risk some money and then not get what you need," he told Fox News Digital from his newly-opened brewery."They're working for peanuts because they just can't make it, but they're trapped. They can't get out. They own a business, they're in a lease, they have no other place to go. So they're just in a vicious cycle, and there's just nothing coming out on the other end in terms of profit," Georgopoulos added. "It’s sticker shock, it really is."CALIFORNIA'S ‘ABUSIVE RELATIONSHIP’ WITH ONE-PARTY RULE IS CRUSHING FAMILIES, ‘COMING FOR YOU,’ CRITICS WARNRising energy and electricity costs began to escalate for California small businesses in 2022 after the pandemic, according to the restaurateur, but bills saw what he described as double-digit hikes since the conflict involving Iran intensified just over a month ago. At this point, Georgopoulos is "constantly" changing pricing on his menus, but admits prices should have increased by 100% over the past two years."It's pretty significant. It's a lot and it's going up. It's not coming down," he said. "But there is an upper limit to what people are willing to pay before they decide to cook it at home. So we have to cut in other areas and keep our menu prices competitive… In California, our labor is as high as anywhere in the nation, and we don't… [TheTopNews] Read More.2 hours ago - What’s happening to UK petrol and diesel prices?Motoring group RAC warns pump prices could keep rising if there is no resolution to the Iran war. [TheTopNews] Read More.3 hours ago
- What is happening to UK prices?The war in Iran is expected to push UK Inflation further above the Bank of England's 2% target. [TheTopNews] Read More.3 hours ago
- Is the Bond Market Signaling Danger? Or Opportunity?
Interest rates for long-term Treasury bonds have surged to levels last seen in 2007, before the great financial crisis. [TheTopNews] Read More.3 hours ago
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