Donald Trump and Forbes magazine disagree on Trump's net worth, Disney reveals its plans for Shanghai Disneyland, and the Ice Bucket Challenge reports total donations after one year. Here are the top news stories for July 16, 2015
Jobless Claims Down
The Labor Department Thursday reported the number of Americans filing new applications for unemployment benefits fell more than expected last week. Initial claims for benefits dropped 15,000 to a seasonally adjusted 281,000 for the week ending July 11. The drop ended three straight weeks of increases. Claims during the summer can be volatile as automakers shut down lines for annual retooling. The four-week moving average of claims increased 3,250 to 282,500 last week.
Pabst is Back in Milwaukee
Pabst Brewing company will open a new microbrewing and tasting room in its original home in Milwaukee sometime in 2016, the company announced Wednesday. Pabst is currently owned by Blue Ribbon Intermediate Holdings. Pabst closed its brewery in Milwaukee in 1996 after an ownership change, but will now be back in the former Methodist church building the company bought in the 1890s. The former brewery itself was redeveloped into a hotel, apartments and offices after the company exited 20 years ago. “This is really where we should be,’’ said Pabst Brewing CEO Eugene Kashper at a press conference Wednesday. Kashper said the company will work from more than 50 beer recipes developed by Pabst founders Jacob Beset and Frederick Pabst.
Citi Reports Good News
In its quarterly earnings release Thursday, Citigroup reported earnings well beyond analysts’ expectations and said restructuring efforts and cost cuts were responsible. The quarterly profit for the quarter was the highest in eight years. Net income rose to $4.85 billion, or $1.51 per share, in the second quarter from $181 million a year ago when the bank was hit by a $3.8 billion legal charge. Citi’s net income rose 18 percent from the previous year.
The Chinese Disneyland
The Walt Disney Co. unveiled specifics of its new Shanghai Disneyland Wednesday, promoting the fact that it is specifically designed for Chinese audiences. The new Disneyland will have six themed lands, named Mickey Avenue, Adventure Isle, Gardens of Imagination, Tomorrowland, Treasure Cove and Fantasyland. The park, which is due to pen in Spring of 2016, is part of a larger Shanghai Disney Resort that includes two hotels, a shopping and dining district called Disneytown, and a Chinese garden named Wishing Star Park.
Ice Bucket Challenge, One Year Later
Wednesday marked the one-year anniversary of the first Ice Bucket Challenge video, and the charity to which the Ice Bucket Challenge funds went announced its one-year haul as a result of the charity effort. The ALS Association, which works to find a cure for ALS, or Lou Gehrig Disease, received $115 million from 2.5 million people as a result of the Ice Bucket Challenge. ALS Association says so far 40 percent has been spent or budgeted toward specific purposes, including $77 million to research. $23 million for patient and community services and $10 million for public and professional education. ALS says the entire $115 million will go to specific purposes related to research, care and treatment or education.
Trump Tells Some
Although Donald Trump publically states his net worth at $10 billion, others disagree with his math. Trump made his personal financial disclosure to the Federal Election commission Wednesday, stating an income of $362 million in 2014 along with $27 million in profits from selling stocks in January. The disclosure was required to participate in the first Republican primary debate next month. Forbes magazine says Trump’s net worth is closer to $4 billion, with a disagreement about the value of his personal brand, which Trump places at more than $3 billion and Forbes claims is worth less than $150 million.