Emirates

Emirates Places $52 Billion Order For 95 Boeing Aircraft Jets

/in , /by

Emirates Airline announced on Monday that it placed an order for 95 Boeing aircraft jets valued at $52 billion. This marks the first major deal of the 2023 Dubai Airshow.

According to reporting from CNBC, “the state-owned flagship Dubai carrier, a subsidiary of Emirates Group, is ordering 55 additional Boeing 777-9s and 35 of its 777-8s, bringing the airline’s total orders for the 777X wide-body jets to 205 units. 

It is also updating its order of Boeing 787 Dreamliners from 30 to 35, comprised of 15 787-10s and 20 787-8s.”

Embed from Getty Images

Emirates also ordered 202 General Electric engines that will power the new 777X aircraft, which can fly up to 18 hours. 

The airline already operates the largest number of Boeing 777 aircraft out of any other airline in the world. The increase in demand for wide-body jets emphasizes the importance of the market in the Middle East and its supplies for the aircraft models. 

According to analysis from AllianceBernstein, a wealth management firm, “Middle East customers now account “for the largest portion of combined Airbus and Boeing wide-body passenger backlog at 30% of the global total.”

Embed from Getty Images

The Middle East also has the major role of being a connection hub for long haul journeys. Boeing and Airbus are two companies that have been the biggest source of demand for wide-body jets “with buoyant long-term growth outlooks and healthy recovery in air travel demand since the Covid-19 pandemic fueling airlines’ optimism and orders,” according to CNBC. 

“Emirates is the biggest operator of Boeing 777 aircraft, and today’s order cements that position. We’ve been closely involved in the 777 program since its start up until this latest generation of 777X aircraft,” Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates Airline and Group, said during a news conference.

“The 777 has been central to Emirates’ fleet and network strategy of connecting cities on all continents non-stop to Dubai. We are pleased to extend our relationship with Boeing and look forward to the first 777-9 joining our fleet in 2025,” he said.

magnolia

Magnolia Bakery To Begin Selling Cannabis Edibles 

/in , /by

Famous New York City-based Magnolia Bakery is venturing into a new version of some of their most iconic desserts: cannabis edibles. 

Magnolia Bakery will be transforming some of their most popular desserts, such as their banana pudding and red velvet cake, into THC-infused edibles in the form of limited-edition bars. This marks the bakery’s first venture into the cannabis market. 

According to the bakery, they’re planning to “celebrate the brand’s most iconic, fan-favorite flavors in a new light.”

Embed from Getty Images

Both bars will contain tetrahydrocannabinol, or THC, the part of cannabis’ chemical makeup that produces the “high” when ingested. 

One of the iconic bakery desserts being made into a bar is the “Swirled Famous Banana Pudding,” which contains a dollop of Magnolia’s creamy vanilla pudding, crunchy vanilla cookies, and freeze-dried bananas. The bar is 10 small pieces containing 10mg of THC per piece. 

The other bar is a take on their “Red Velvet Piece Ahh Cake,” which will have flavors of their “moist, crimson-colored cake, a cream cheese flavor and rich chocolate.” This bar is also 10 pieces, and contains 10mg of THC as well as 10mg of CBD per piece. 

The prices of the bar will range from $18 to $30 depending on the flavor and state in which the bar is sold. As of this week, the bars are only being sold in three states; Illinois, Nevada, and Massachusetts. The bars will be sold through Rise Dispensaries, as Magnolia worked with Green Thumb Industries to make the bars. 

Green Thumb Industries is known for their production of Incredibles Edibles. While marijuana is still illegal on a federal level, around two dozen US states have legalized it for adult medical and recreational use. 

Embed from Getty Images

With these legalizations, the edible market in general has grown exponentially, with products such as gummies, mints, brownies, cookies, and candy bars being sold under hundreds of brands. 

According to Headset, a cannabis research firm, edibles account for 12% of the total weed sales in the US, trailing behind actual flower, vapor pens, and pre-rolls. 

Every three of every four edibles sold are gummies. 

“Gummies are easier to travel with and carry around in your pocket versus a bunch of chocolates, fruity or sour flavors probably mask the weedy taste of edibles better,” Headset cofounder Scott Vickers told CNN.

Edibles generated about $2 billion in sales last year, which is a 6% increase from the year before. For Magnolia specifically, the edibles could bring a new wave of popularity to the bakery. 

“There is no real downside to Magnolia, as consumer opinions on cannabis are now relatively liberal. Moreover, these products will be sold through dispensaries rather than being available in mainstream retailers, so people not interested in marijuana will not be exposed to them,” he said to CNN.

airbnb

Airbnb CEO Asks Hosts to Lower Their Listing Prices

/in , /by

Airbnb CEO Brian Chesky is asking hosts on the short-term rental platform to lower their prices. In an interview with Bloomberg on Monday, Chesky said that he wanted the app to be able to compete with hotels.

“We want prices to move and to be more competitive vis-à-vis a hotels—that is really important. When our hosts provide better deals, they tend to make more money.”

Part of his solution includes giving hosts proper rate comparison tools for nearby hotels, which the app currently lacks.

“We’re [currently] giving tools to hosts to compare the prices of their listings to others in their neighborhood—and while we don’t yet have a hotel comparison, we do encourage them to look at rates for hotels in their area just so they have a sense of what travelers are getting on other platforms.”

According to Chesky, the company will also work to fix problems with pricing, transparency (by not showing customers the total price for each listing), and fake listings. Chesky’s remarks come as Airbnb has had a tumultuous year.

On the pricing front, the promise is to provide hosts with insights that ensure competitive nightly rates while also showing customers the total price per listing. These prices will include clear and lower cleaning fees, a frequent point of contention.

Embed from Getty Images

Additionally, the app’s search feature was enhanced with new filters for king-size beds and pet-friendly homes. There is also a new listing verification system to decrease calls to customer service by identifying and removing fake listings.

“We need to get our house in order,” Chesky says.

“We need to make sure the listings are great, we’re providing great customer service, and we’re affordable. And I’ve told our team that we can get back to creating new and exciting things once we’ve fixed that foundation.”

The year 2022 marked the first year of profitability for the business. However, in March 2023, many hosts took to Twitter to express their frustration with declining bookings, increased competition, and shrinking profit margins. The perceived short-term rental bubble was dubbed “Airbnbust.”

Jamie Lane, an economist at vacation analytics firm AirDNA, told Insider in 2022 that there was an increase in supply, causing demand to spread out over more listings, leading to “occupancy decline.”

In September 2023, New York City also cracked down on short-term rentals, implementing a set of regulations that made it much harder for users to book an Airbnb rental.

The new rules mandate hosts register with the city to guarantee that their listings adhere to the city’s occupancy and building code regulations. According to Bloomberg, the company is expected to lose thousands of listings in one of its biggest markets.

Officials claim that illegal short-term rental listings, often with inhabitable conditions, contribute to New York City’s affordable housing crisis by taking homes off the market.

Embed from Getty Images

Chesky claims that part of the app’s current struggles are due to the platform originally being “designed for a much smaller company,” before rapidly growing in popularity.

“To use a precise metaphor, it’s kind of like we never fully built the foundation. Like, we had a house, and it had four pillars when we needed to have 10.”

The company is using AI for quality control of its listings. According to Chesky, hosts are being asked to upload photos of the property’s interior and exterior as part of the listing process, with the intention of using computer vision technology to analyze the images and compare them to other databases, such as Google Earth, in order to generate a trustworthiness rating.

Any listing with a low score is sent to a human reviewer.

Chesky told the Financial Times that the company will also venture beyond short-term rentals, including offering long-term rentals.

“Travel is our sweet spot. Eventually, the big frontier for Airbnb is to go beyond travel. There’s an eventual opportunity for Airbnb to become a greater part of your daily life. Not just once or twice a year.”

 

ai

Amazon Invests up to $4 Billion in OpenAI Rival Anthropic in Exchange for Minority Stake

/in , /by

On Monday, Amazon announced it will invest up to $4 billion into the artificial intelligence company Anthropic. In exchange, Amazon will gain partial ownership, and Anthropic will use the company’s cloud computing platform, Amazon Web Services (AWS), more widely.

The growing relationship between the two firms is an example of how some large tech companies with extensive cloud computing resources are using those assets to strengthen their position in the artificial intelligence industry.

According to a statement released by Amazon, Anthropic will use AWS as its primary cloud provider, using the cloud platform to do most of its AI model development and research into AI safety. Anthropic will also have access to Amazon’s suite of in-house AI chips.

“AWS will become Anthropic’s primary cloud provider for mission-critical workloads, including safety research and future foundation model development. Anthropic plans to run the majority of its workloads on AWS, further providing Anthropic with the advanced technology of the world’s leading cloud provider.”

In addition, Anthropic has committed to making its AI models available to AWS users long-term, providing them with early access to features, including the ability to customize Anthropic models for their own purposes.

Embed from Getty Images

“With today’s announcement, customers will have early access to features for customizing Anthropic models, using their own proprietary data to create their own private models, and will be able to utilize fine-tuning capabilities via a self-service feature.”

Amazon Web Services (AWS) customers already have access to Anthropic’s AI models through Amazon Bedrock, the tech giant’s storefront for AI goods. Bedrock not only supports Amazon’s own models but also those from third-party developers such as  Stability AI and AI21 Labs.

In a press release, the co-founder and CEO of Anthropic, Dario Amodei, said that his company is “excited to use AWS’s Trainium chips to develop future foundation models.”

“Since announcing our support of Amazon Bedrock in April, Claude has seen significant organic adoption from AWS customers. By significantly expanding our partnership, we can unlock new possibilities for organizations of all sizes as they deploy Anthropic’s safe, state-of-the-art AI systems together with AWS’s leading cloud technology.”

Embed from Getty Images

Anthropic stated that Amazon’s minority stake would not alter the company’s corporate governance structure or its dedication to the ethical advancement of artificial intelligence.

“Our corporate governance structure remains unchanged, with the Long Term Benefit Trust continuing to guide Anthropic in accordance with our Responsible Scaling Policy. As outlined in this policy, we will conduct pre-deployment tests of new models to help us manage the risks of increasingly capable AI systems.”

Several cloud market leaders, like Microsoft and now Amazon, have made investments into artificial intelligence technology. OpenAI, the company that developed ChatGPT, received $1 billion from Microsoft in 2019. Microsoft recently also invested $10 billion in OpenAI and is striving to integrate OpenAI’s technology into consumer-facing Microsoft products such as Bing.

This deal is Amazon’s most recent push into the artificial intelligence space to compete with industry leaders like Microsoft and Alphabet’s Google.

twitter

Elon Musk Says X ‘May Fail’ 

/in , /by

Elon Musk said in a post on X, formally known as Twitter, that the social media may fail after a glitch caused pictures posted before December 2014 to be deleted.

“The sad truth is that there are no great ‘social networks’ right now. We may fail, as so many have predicted, but we will try our best to make there be at least one.”

Embed from Getty Images

Over the weekend, a glitch on the platform caused all pictures and links on posts for pictures and videos to be removed if they were posted before December 2014. 

The posts made before December 2014 showed broken links instead of the pictures and videos that were previously there. 

Many users noticed the glitch almost immediately after. Technologist Tom Coates referred to the glitch as an “epic vandalism by Musk,” suggesting that it could’ve been a cost-saving exercise. 

One of the biggest tweets that suffered from the glitch was the famous Oscar selfie from 2014 posted by Ellen DeGeneres. The picture became the platform’s most retweeted photo, with more than 2 million shares on the social network. 

Some X users are speculating that the glitch was caused by an effort to save money on storage data, while others have said the 2016 changes where “enhanced URL enrichment” was implemented, could’ve attributed, as the change was meant to show previews for linked websites and attachments beyond the company’s previous 140 character limit, according to The Verge. 

Embed from Getty Images

This particular malfunction also came after reports last week that suggested access from X to other social networks had been slowed down. The 5-second delay that users reported also appeared on links to news sites. 

Earlier this year, X users also experienced a daily limit on the amount of tweets they could see in a day while direct messages temporarily stopped working. The company has since apologized for this “glitch” and others that left users locked out of their accounts. 

Since Musk took over the platform, thousands of jobs have been cut, massively reducing the workforce since November. 

Musk’s initial plans for the platform were to cut down on costs, however, he reported a 50% drop in advertising revenue last month, as well as heavy debt. 

Currently, X faces annual interest payments of $1.5 billion due to the debt it took on when Musk acquired the platform for $44 billion.

inflation

Wholesale Inflation In The US Rose More Than Expected In July 

/in , /by

According to reports from the Bureau of Labor Statistics, US wholesale inflation rose more than it was expected to throughout the month of July, reversing the yearlong trend of cooling. 

According to consensus estimates on Refinitiv, the Producer Price Index (PPI), which tracks the average change in prices that businesses pay to their suppliers, rose by 0.8% annually, which is above June’s increase of just 0.2%. The expected rise was 0.7%. 

Embed from Getty Images

“Services and demand for services were the primary culprits behind the lift higher for producer prices. Services prices rose 0.5% from June, the highest monthly increase since March 2022 for the category,” said Kurt Rankin, senior economist for PNC Financial Services.

“The inflation story now, be it for producers or consumers, is demand. Mainly that’s consumers still spending money on services. The food index, which had declined for three straight months, rose 0.5% in July, suggesting a 6.3% annualized pace of inflation,” he told CNN.

“Consumers continue to go out and spend money, and as long as consumers are spending money, that’s going to create demand from producers, so that’s going to drive up their costs for their raw materials, for their transportation needs, etc. and they’re going to pass those prices on to consumers,” he added.

“The numbers over the past six months have been much more encouraging, but it’s a reminder that the Federal Reserve has an eye toward the possibility of inflation flaring up again,” he said.

The Consumer Price Index showed that prices rose by 3.2% annually in July, which is below the 3.2% increase that economists were expecting. 

Embed from Getty Images

“Similar base effects played their role in the headline PPI increase as well. The tick upward to 0.8% doesn’t tell the whole story, because the index decreased in five of the previous seven months. 

Annualizing the 0.3% monthly gain, however, would put the PPI rate at about 3.6% and core at 3.8%. So the July number does suggest that there’s still some producer cost pressures,” said Rankin.

“The underlying trends show that PPI inflation is reverting to its pre-pandemic run rate, though progress is likely to be slower in [the second half of 2023] than [the first half]. While this data will comfort Fed officials, policymakers will likely maintain a hawkish tone and keep a close eye on whether last month’s jump in services prices persists in the months ahead,” Oxford Economics economists Matthew Martin and Oren Klachkin wrote.

Ranking said “We’re seeing energy prices, oil prices, rising over the past few weeks. Any flareup in oil prices goes straight through to not only manufacturing costs, but transportation of goods to market, even transportation of food to restaurants. So even services, leisure and hospitality get hit when energy prices spike, so that possibility is always there.”

“So the fact that energy prices were not a contributor to this month’s reading makes this number jumping a bit a stark reminder that the Federal Reserve’s fight against inflation and their rhetoric regarding that fight is going to remain hawkish in the near term.”

jp morgan

JPMorgan Reaches $290 Million Settlement For Jeffrey Epstein Victims 

/in , /by

JPMorgan Chase has agreed to pay $290 million in settlement money for a class-action lawsuit from Jeffrey Epstein’s sexual abuse victims. The victims had accused the company of enabling sex trafficking from Epstein when he was a client, according to one of the victims’ attorneys David Boies. 

In a joint statement from JPMorgan and the attorneys for the victims, they stated that they “have informed the court that they have reached an agreement in principle to settle the putative class action lawsuit related to Jeffrey Epstein’s crimes.” 

Embed from Getty Images

Boies told CNN that “the agreement is subject to court approval. Under terms of the settlement, JPMorgan Chase will not admit liability in the case, but upon the settlement’s approval the bank will put out a statement regretting its association with Epstein.”

“The settlement is in the best interests of all parties, especially the survivors who were the victims of Epstein’s terrible abuse,” according to the joint statement.

“It’s hard to say how many victims will ultimately benefit from the settlement funds, but more than 100 women are expected to seek compensation. Many women who filed a claim with Epstein’s estate through the Epstein Victims’ Compensation Program are likely to be included in the two pending bank settlements,” Boies said.

“Money, which for far too long flowed with impunity between Jeffrey Epstein’s global sex trafficking enterprise and Wall Street’s leading banks, is decisively being used for good. The settlements signal that financial institutions have an important role to play in spotting and shutting down sex trafficking,” said Sigrid McCawley, managing partner at the firm Boies Schiller Flexner. 

Embed from Getty Images

“It has taken a long time, too long, but today is a great day for Jeffrey Epstein survivors, and a great day for justice.”

Federal Judge Jed Rakoff, who is hearing the case, approved a class of eligible victims defined as “all women who were sexually abused or trafficked by Jeffrey Epstein during the time when JP Morgan maintained [accounts] for Epstein and/or Epstein-related entities. That period runs from January 1, 1998, through August 19, 2013, as well as the subsequent period until his death on August 10, 2019.”

There is also ongoing litigation still pending between JPMorgan and the US Virgin Islands, where Epstein’s home was located. Additionally, the bank is continuing to pursue its case against Jes Staley, a former JPMorgan executive who is cited in the lawsuit as someone who’s largely responsible for the bank’s relationship with Epstein for 15 years. 

“The information and support the US Virgin Islands and its legal team provided to the survivors was enormously valuable, and we recognize the importance of the government’s continued litigation against JPMorgan Chase to prevent future crimes,” Brad Edwards, the victims’ attorney, told CNN.

“The US Virgin Islands will continue to proceed with its enforcement action to ensure full accountability for JPMorgan’s violations of law and prevent the bank from assisting and profiting from human trafficking in the future. The attorney general’s office is committed to protecting women and girls who could otherwise become victims going forward,” a spokesperson for the US Virgin Islands’ attorney general said.

pride

LGBTQ+ Activists Want Better From Companies Who Promote Equality During Pride Month

/in , /by

After Target announced that it would be removing products from their Pride collections and moving the displays in other stores throughout the South, LGBTQ+ activist groups have been calling out large companies and corporations to establish campaigns without caving to anti-LGBTQ+ groups. 

California state senator Scott Wiener, a member of the LGBTQ legislative caucus, stated “we need a strategy on how to deal with corporations that are experiencing enormous pressure to throw LGBTQ people under the bus.” 

Embed from Getty Images

“We need to send a clear message to corporate America that if you’re our ally – if you are truly our ally – you need to be our ally, not just when it’s easy but also when it’s hard.”

Target stated their decision to remove displays were made to ensure their employees safety after multiple protestors knocked over Pride displays and confronted workers in stores. However, activists are stating this isn’t the time to back down from hatred, as the nation is in the midst of multiple battles with the community and its rights. 

This year alone in America, there have been nearly 500 anti-LGBTQ+ bills introduced in state legislatures, and at least 18 states have enacted laws that restrict and/or ban gender-affirming care for transgender youth. 

“We are forced to think differently about how we handle security at our events and whether or not we can post our staff’s names and emails on our website,” said Janson Wu, executive director of LGBTQ Legal Advocates & Defenders.

Embed from Getty Images

Bud Light has made headlines as well recently after their partnership with transgender influencer Dylan Mulvaney, who posted a picture of a Bud Light can with her face on it, which led to a lot of hateful transphobic backlash. 

Anheuser-Busch, Bud Light’s parent company, stated it “never intended to be part of a discussion that divides people,” signaling no clear support of Mulvaney or the LGBTQ+ community. Several gay bars in Chicago specifically responded by refusing to sell Anheuser-Busch products since they went back on their pride campaign. 

“Since Anheuser-Busch does not support us, we will not support it,” said the company.

The largest gay bar in the Midwest, Sidetrack, also made a statement regarding Anheuser-Busch “wrongfully validating the position that it is acceptable to acquiesce to the demands of those who do not support the trans community and wish to erase LGBTQ+ visibility.”

“Now’s not the time to back down. I think both business and us as citizens need to look within ourselves into new strategies. The old models aren’t necessarily working,” said Brian K. Bond, executive director of PFLAG, an organization advocating for LGBTQ+ people and their families.

truck

US Truck Drivers Call For Federal Action To Improve Working Conditions 

/in , /by

US truck drivers are currently pushing for federal action to be taken to improve the conditions in which they’re working. Drivers are asking for higher ups to address their deteriorating working conditions, decreasing pay, and rampant fraud. 

Caleb Fernandez is a part of the movement, and has been a long-distance truck driver since 2017. He stated to the media that he will often spend hours loading and/or unloading his truck’s cargo without getting paid for the full time. 

“I think that I’ve got my schedule down and then just one customer can completely mess it up. Even if there’s an appointment, they just don’t show much that they care about wasting my time.”

Embed from Getty Images

“My whole week gets wrecked because of one customer that just didn’t care about the time. It’s a chaotic life,” he said. 

May 1st of this year, 75 members of the Truckers Movement for Justice held a protest outside of the US Department of Transportation offices in Washington DC, demanding action be taken on things like wage theft, lack of overtime pay, and unpaid wait times for delivering cargo or taking on loads. 

The group met with senior officials from the Department in 2021 as a part of President Joe Biden’s trucking action plan, and set initiatives that were meant to increase the supply of truck drivers. The group has claimed that they have yet to see any improvement on the three core demands made during the meeting. 

“We’ve lost our patience. This has been going for years and has only gotten worse with the lack of federal action. We don’t need taskforces and studies,” said Fernandez, who is also the deputy secretary for Truckers Movement for Justice.

When we look at the stats and consider the impact of inflation on salary, truck drivers in the US in 1980 made about $110,000 annually, and today they make, on average, about $48,000. There are currently more than 2 million Americans working as truck drivers today. 

Ray Randall also spoke on the hours he’s worked unpaid, and other working conditions that he was not compensated for in his 20 years working as a truck driver. 

Embed from Getty Images

“Drivers should be paid detention time. We believe all drivers should be paid for all hours worked, because once you come on duty, you’re working. If you come to a shipper and have to wait, I’m working. Also, after 40 hours, companies pay employees overtime but drivers don’t get any overtime and we can put in 70-plus hours a week. We can be on duty 12 hours a day and we’re not getting paid for those 12 hours,” he explained. 

William McKelvie, a truck driver for over 25 years, explained that “in addition to unpaid detention time, broker fraud and a lack of overtime pay, layover rates for overnight hauls have decreased in years, down from $500-$1,000 to $250 or less.”

“Drivers have a right to review freight bills, which provide the transaction information regarding loads to ensure all parties that no one is being ripped off. Many brokers will blackball or push drivers out for requesting to see freight bills, to avoid any pushback or criticism of how the costs are dispersed from shippers to brokers and what portion is paid out to drivers,” said McKelvie. 

“This is something that corporations and others have used their strong arms and intimidation tactics to overrule and overpower the working men and women in the industry,” he said.

“The more of our time that they waste, the more it hurts us financially, economically, and the ability to go and get our proper rest and relax for the next load,” McKelvie said.

“From back in the day we went from working 50 hours a week to 60 hours a week, to now we are at 70 hours a week, and with the extended work, that doesn’t give us any time for any real-life quality,” he said.

closing

Bed Bath & Beyond Files For Bankruptcy, Closing Hundreds Of Stores 

/in , /by

Bed Bath & Beyond announced Sunday that it filed for bankruptcy, stating that they will be closing its remaining 360 Bed Bath & Beyond stores and 120 buybuy Baby locations. Within the past year the company has closed around 400 stores.  

Chain department stores such as TJ Maxx and HomeGoods have begun deals to take over the retail spaces, as well as gyms. The vast spaces of Bed Bath & Beyond stores offer a unique opportunity for commercial real estate. 

Embed from Getty Images

“E-commerce scared a lot of people off from building retail,” said Brandon Isner, the head of retail research at CBRE, a commercial real estate firm, to CNN. 

“A lot of great real estate is going to come available into a market where there’s been no vacancies. It will not take long for retailers to occupy those spaces.”

“For us, the biggest source of new store locations comes from other retailers closing stores. So many of our most productive locations were formerly Circuit City or Toys ‘R’ Us or Sports Authority,” Burlington CEO Michael O’Sullivan said.

New commercial real estate construction has decreased vastly within the last couple of years, and retail store spaces have also been scarce, so the availability of these large building spaces could be a new opportunity for major retailers. 

Embed from Getty Images

Bed Bath & Beyond has stores in all 50 states, a majority of them are in the most populated areas of the country. A majority of the stores are also located in large cities and mid-size suburbs. These are all good qualities for retailers looking to expand their spaces in a prime location. 

“There is good interest for Bed Bath & Beyond stores that are closing given desirable locations and an average size of around 30,000 square feet,” retail analysts from Telsey Advisory Group said.

“In some cases, landlords are also eager to replace old Bed Bath & Beyond leases because the company was paying below-market rent in certain locations,” Telsey Advisory Group analysts said.

“Bed Bath and Beyond sites are interesting to us, and we are exploring available opportunities with our franchisees,” a spokesperson told CNN.