Chipotle's Avocado Worries Could Be Yours Too
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Welcome to CFO Briefing, a newsletter devoted to corporate finance and what leaders need to know. This week, I talk to Adam Rymer, Chipotle's new CFO, about tariffs, avocados and more, and take a closer look at the recent increase in convertible bonds.
But first, here's some other news that caught my eye:
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The Hill
43 minutes ago
- The Hill
White House's pre-tariff day scramble
It's Thursday. Pssst, you can get free guac at Chipotle today for National Avocado Day! In today's issue: Trump's Aug. 1 tariffs Mexico gets extension Tariffs face major legal test Expect price increases Kamala Harris announces book Trudeau spotted at Katy Perry concert So many Liberation Days in one year: Tomorrow is President Trump 's latest self-imposed deadline for a slew of major new tariffs to take effect. What do these tariffs mean for you?: Expect price increases. For example, Procter & Gamble said it will raise prices on some household items. (P&G makes Dawn soap, Charmin toilet paper, Tide detergent, Crest toothpaste, etc.) Though, ABC News pointed out that Friday's deadline does give businesses some certainty, which could ease the pain. Trump does have a last-minute obstacle — the courts: An appeals court is hearing a challenge to the president's high 'reciprocal' tariffs. 💻 Watch it live The question in court: Congress has the power to decide tariffs, not the president. The court will determine whether Trump can use an emergency law to justify these tariffs. Trump is citing fentanyl as the justification for targeting Canada, Mexico and China. Read the full explainer in the latest issue of 'The Gavel' newsletter 🗨️ Follow today's live blog This week has been a scramble for last-minute deals: Mexico just got an extension: Trump announced today that he would give Mexico 90 more days for trade talks, punting a 30 percent tariff that would have gone into effect tomorrow. South Korea: Trump announced a trade deal with South Korea on Wednesday, setting a 15 percent tariff on all South Korean goods imported to the U.S. (Trump had threatened a 25 percent tariff for.) Thailand and Cambodia: Commerce Secretary Howard Lutnick said Wednesday that Thailand and Cambodia reached trade agreements with the U.S., just a few days after the two countries agreed a ceasefire. Mexico just got an extension: Trump announced today that he would give Mexico 90 more days for trade talks, punting a 30 percent tariff that would have gone into effect tomorrow. South Korea: Trump announced a trade deal with South Korea on Wednesday, setting a 15 percent tariff on all South Korean goods imported to the U.S. (Trump had threatened a 25 percent tariff for.) Thailand and Cambodia: Commerce Secretary Howard Lutnick said Wednesday that Thailand and Cambodia reached trade agreements with the U.S., just a few days after the two countries agreed a ceasefire. We get to hear Kamala Harris's version of the story: Former Vice President and Democratic presidential candidate Kamala Harris is writing a book on her presidential run. It's titled '107 Days' — that's the number of days of her abbreviated run — and it will come out Sept. 23. 📹 Watch her tease her book Timing: Harris announced Wednesday she will not run for California governor in 2026. Sooo, do you think that means she will run for president in 2028…? A reaction from someone in the same club: Former Secretary of State Hillary Clinton posted, 'From prosecutor to senator to vice president, Kamala Harris has always been for the people. I know her next chapter will be no different, whatever shape it takes.' Tidbit: Harris will appear on 'The Late Show With Stephen Colbert ' tonight. ➤ QUICK HITS: Delta turbulence sent 25 people to the hospital: A Delta Air Lines flight encountered 'significant turbulence' Wednesday that injured 25 people. 'The flight, DAL56, departed Salt Lake City and was headed for Amsterdam when it was diverted to Minneapolis-St. Paul International Airport for the emergency landing.' Read more Nadler's Gen Z challenger: Rep. Jerry Nadler 's (D-N.Y.) Generation Z primary challenger raised more than $340,000 in his campaign's first day. Read mor⏱️ Chuck Grassley is on Trump's bad side: 'Republican senators were appalled by President Trump 's rough treatment of 91-year-old Sen. Chuck Grassley (Iowa), the Senate's most senior Republican, on social media and are pushing back on Trump's attempts to squeeze the senator into abolishing an arcane procedure known as the Senate blue slip,' The Hill's Alexander Bolton reports. How so?: 'GOP senators were not pleased that Trump piled so much pressure on Grassley, the chair of the Senate Judiciary Committee, to get rid of a long-established Senate tradition. Trump piled on by reposting on Truth Social posts accusing Grassley of being a 'RINO' and 'sneaky' and standing in the way of Trump's agenda.' ➤ THE VIBE IN THE SENATE — EVERYONE IS BURNT OUT: NOTUS's Ursula Perano summed it up well: 'the senators are sick of the senators, the senators are sick of reporters, the reporters are sick of reporters, nobody has seen enough daylight the last 6 months, etc.' Remember, the 'big, beautiful bill' scramble cut their last recess short. They did what now??: High Noon is recalling some of its vodka seltzer drinks because they were mislabeled as nonalcoholic Celsius energy drinks. Which drinks?: Two production lots of High Noon Beach Variety packs. Some include mislabeled alcoholic drinks labeled as 'CELSIUS® ASTRO VIBE™ Energy Drink, Sparkling Blue Razz Edition' with a silver top. Where and when they were sold: The cans were shipped July 21-23 and were sent to Florida, Michigan, New York, Ohio, Oklahoma, South Carolina, Virginia and Wisconsin. Has anyone been injured?: No illnesses or adverse effects have been reported so far, according to the FDA. Tidbit: Scripps News spoke with Sen. Eric Schmitt (R-Mo.) about the recall. 'That would make Celsius more attractive to me if it were a vodka soda,' Schmitt said. He then took a Celsius and asks, 'is this one of the recalled ones?' 📹 Watch the clip COMING UP The House is out. The Senate is in. President Trump and Vice President Vance are in Washington. (All times EST) 12:30 p.m.: Trump has lunch with Vance. 1 p.m.: White House press secretary Karoline Leavitt briefs reporters. 💻 Livestream 4 p.m.: Trump signs an executive order to revitalize 'the president's council on sports, fitness and nutrition,' according to NewsNation. 🐝 INTERNET BUZZ 🥑 Celebrate: Today is National Avocado Day. 🎆 'Cause baby you're a firework: Former Canadian Prime Minister Justin Trudeau was spotted at Katy Perry 's concert in Montreal. 👀Earlier this week, the two were spotted having dinner together, inviting some speculation. Look at 📹 his smile. And here's 📸 another photo 💎 Can't wait for another season of Aunt Agnes's sass: HBO's 'Gilded Age' has been renewed for another season. If you haven't seen the show, it's one of my favorites. Actor Morgan Spector (who plays Mr. George Russell) appeared on 'The Tonight Show' with Jimmy Fallon to discuss it. 📹 Watch the clip 👋 AND FINALLY…
CNN
3 hours ago
- CNN
Millions of student loan balances could rise
Millions of student loan balances could rise Nearly 8 million borrowers could see their student loan balances begin increasing on August 1, as interest begins accruing again under the SAVE plan. CNN's Sunlen Serfaty breaks down what you need to know. 01:07 - Source: CNN Jury finds James Craig guilty of first-degree murder A jury has found Colorado dentist James Craig guilty of all charges in the March 2023 death of his wife Angela, including murder in the first degree. He now faces life in prison without the possibility of parole. 02:38 - Source: CNN How an earthquake causes a tsunami A massive 8.8 magnitude earthquake that struck off Russia's east coast is tied for the sixth strongest ever recorded. Tsunami warnings were issued across the Pacific. CNN Meteorologist Chris Warren explains how an earthquake turns into a tsunami. 01:16 - Source: CNN Police release new images of the gun used in the Midtown Manhattan shooting Photos released by the New York City Police Department show the assault-style rifle 27-year-old Shane Devon Tamura used to fatally shoot four people – including a police officer – and wound one before killing himself in Midtown Manhattan. 00:52 - Source: CNN 8.8 magnitude earthquake has effects across the globe An 8.8 magnitude earthquake in Russia's Far East raised tsunami alerts in Japan, Alaska, Hawaii and along the US West Coast. The tsunami warning for the state of Hawaii has been downgraded to an advisory. Authorities continue to monitor conditions and urge returning residents to remain vigilant. This quake is tied for the sixth strongest ever recorded. 00:39 - Source: CNN Tsunami warnings triggered after major earthquake The strongest earthquake on the planet since 2011 has triggered tsunami warnings for parts of Russia, Japan, and Alaska, as well as all of Hawaii. CNN's Will Ripley reports on the 8.8-magnitude quake. 00:41 - Source: CNN Delta announces generative AI ticketing CNN Business editor-at-large Richard Quest breaks down Delta's announcement that the airline will deploy large-scale, advanced artificial intelligence towards ticket pricing — and what that means for the price of your next flight. 01:31 - Source: CNN Therapist treating Epstein victims says Trump's language 'dehumanizes' CNN's John Berman speaks with Randee Kogan, a therapist for victims of Jeffrey Epstein, about President Donald Trump saying Epstein "stole people that worked for me" and possibly pardoning Epstein accomplice Ghislaine Maxwell. 01:12 - Source: CNN Ghislaine Maxwell's attorneys lay out conditions to be met before she gives testimony to Congress Jeffrey Epstein accomplice Ghislaine Maxwell has offered to testify before Congress, but with major conditions, including immunity. CNN's Kaitlan Collins breaks down the list of demands sent to the House Oversight Committee by her attorneys. 01:20 - Source: CNN Trump and Netanyahu spar over starvation claims President Trump told reporters that the imagery out of Gaza was 'real starvation' and that 'you can't fake that' in a rare rebuke of Israeli Prime Minister Benjamin Netanyahu who claimed over the weekend that there is 'no starvation in Gaza.' A recent UN-backed agency alert, meanwhile, warned that the 'worst-case scenario of famine' is unfolding in Gaza. 01:12 - Source: CNN Bystanders confront man after 11 injured in Walmart stabbing A 42-year-old suspect was taken into custody after deputies responded to a stabbing at a Walmart in Traverse City, Michigan, on Saturday, Grand Traverse County Sheriff Michael Shea said. Seven of the eleven victims are in fair condition and four are in serious condition as of Sunday morning, according to Munson Healthcare. 01:05 - Source: CNN Video shows passengers evacuating plane onto runway More than 150 passengers on an American Airlines flight departing from Denver International Airport were evacuated onto the runway after a 'possible landing gear incident' left one person injured and sparked a fire, according to the Federal Aviation Administration. 00:46 - Source: CNN Friend describes pastor's ICE detention CNN's Victor Blackwell speaks to the family friend of a detained pastor, Daniel Fuentes Espinal. Espinal, who fled Honduras 24 years ago to escape poverty and violence, is waiting to hear when he will face an immigration judge after his arrest this week by Immigration and Customs Enforcement. 01:55 - Source: CNN Farmworkers in constant fear amid ICE raids Facing constant threats of deportation, undocumented farmworkers in California must decide whether to show up to work the busy harvest season or stay safe from ICE. CNN's Julia Vargas Jones heads to Ventura County where she speaks to worried farmers and their increasingly fearful laborers. 02:13 - Source: CNN Trump rails against windmills again President Donald Trump urged European leaders to 'stop the windmills' when reporters asked him questions at the airport in Glasgow, Scotland. This isn't the first time in recent memory that the president has directed his ire at the renewable energy source. 01:00 - Source: CNN Investigators share details of how hard Xana Kernodle fought Kohberger CNN's Jean Casarez asked two top law enforcement officials in Moscow, Idaho about Xana Kernodle's fight against Bryan Kohberger, with over 50 reported stab wounds. Officials shared that Kernodle, who was up at the time, "fought hard" for her life as Kohberger attacked her. 00:49 - Source: CNN Investigators reveal findings from Kohberger's phone CNN's Jean Casarez sat down with Idaho State Police lead investigator on the Bryan Kohberger case, Lt. Darren Gilbertson, who shared details about what was found on Kohberger's phone during the investigation. Gilbertson sheds light on the Kohberger investigation, including how police found screenshots and pictures of news coverage of the attack on Kohberger's phone. 02:07 - Source: CNN Why are Thailand and Cambodia fighting? Tensions are rising between Thailand and Cambodia over a border dispute that dates back to 1907. CNN's Will Ripley explains how the conflict has escalated. 01:32 - Source: CNN CNN reports from Gaza aid crossing CNN's Nic Robertson is on the scene at the Kerem Shalom border crossing as aid agencies warn of rampant hunger caused by Israel's blockade of Gaza. Gaza's health ministry said on Tuesday that 900,000 children are going hungry, and 70,000 already show signs of malnutrition. Israel denies it is at fault and accuses Hamas of 'engineering' food shortages. 01:39 - Source: CNN Almost 50 missing as plane crashes in Russia Dozens of civilians are feared dead, including children, after a Soviet era passenger jet crashed in Russia's far east Amur Region. Burning wreckage was discovered by rescuers just 10 miles (16 kilometers) from the Tynda airport, the plane's destination. 00:30 - Source: CNN Erin Burnett on the significance of Trump knowing he's in the Epstein files CNN's Erin Burnett explains how reports that President Trump was briefed that he is named in the Epstein files shine a light on his recent denials of that exact claim. 02:13 - Source: CNN Judge declines to release Epstein grand jury documents A Florida federal judge declined to release additional grand jury documents from the criminal investigation into Jeffrey Epstein, marking the first roadblock in the Justice Department's efforts to quell the public backlash over the handling of the case. CNN's Evan Perez reports. 02:43 - Source: CNN Bryan Kohberger sentenced to life in prison Bryan Kohberger has been sentenced to life in prison without parole for the murders of four University of Idaho students. 01:29 - Source: CNN Fans pay tribute to Ozzy Osbourne Fans have gathered in Ozzy Osbourne's hometown to pay tribute to the former Black Sabbath singer, who died yesterday at the age of 76. One of them told CNN's Salma Abdelaziz that Osbourne will 'live on forever in his music.' 01:07 - Source: CNN Hot Chinese brands are coming to America Chinese brands like Luckin Coffee, Pop Mart, and HEYTEA are expanding in the United States, despite the ongoing trade war. CNN's Vanessa Yurkevich and Marc Stewart report from two different continents on why the companies covet American customers. 02:10 - Source: CNN Metal legend Ozzy Osbourne dies at 76-years-old Ozzy Osbourne, the hellraising frontman of Black Sabbath and reality TV star, has died aged 76. CNN's Stephanie Elam looks back at the legendary career as the Godfather of Heavy Metal. 03:05 - Source: CNN Newly uncovered photos show Jeffrey Epstein attended Trump's wedding in 1993 Photos from Trump's 1993 wedding and video footage from 1999 Victoria's Secret fashion show shed light on Trump-Epstein relationship. CNN's Andrew Kaczynski has the story. 01:31 - Source: CNN Missing child case from 46 years ago reopened A federal appeals court overturned the verdict of Pedro Hernandez, the bodega worker who was found guilty in 2017 of kidnapping and murdering Etan Patz in 1979. Patz was 6 years old when he disappeared on the first day he was allowed to walk alone to his school bus stop in New York City. 01:50 - Source: CNN
San Francisco Chronicle
6 hours ago
- San Francisco Chronicle
Millions are scrambling as their student loan interest resumes. Here's what to know
It's a stressful week for many student loan borrowers on the SAVE plan. Education Secretary Linda McMahon announced in April that the zero-interest loan deferment policy offered by the Biden administration would come to an end, and interest accrual and payments would resume for millions of student borrowers. As a result, the 7.7 million people on the Saving on a Valuable Education (SAVE) Plan are set to start racking up interest on their student loan balances beginning Friday, Aug. 1. And with the program set to end by 2028 as part of the massive GOP spending law, the Education Department is encouraging enrollees to switch to a different repayment plan. But nearly 2 million borrowers in SAVE and other income-driven repayment (IDR) programs attempting to do that landed in a massive backlog of applications, according to a lawsuit filed by the American Federation of Teachers against the Deptartment of Education. A reader reached out and said they received emails from their loan servicer, Mohela — one of the largest in the country, managing the accounts of more than 8 million student borrowers — saying they had missed payments and their loans would soon be in default. They said there was a long wait to reach a human being on the phone at Mohela. When reached for comment about what that borrower and other Mohela customers have been dealing with in recent weeks, an unnamed representative directed the Chronicle to ask the Department of Education. An unnamed representative for the Department of Education sent back a generic statement about its Loan Simulator tool, linked to its press release about SAVE plans from earlier this month, and informed the Chronicle about a related video posted to Elon Musk's social media platform X. 'You can't make payments through SAVE because they are discontinuing the plan, and there seems to be no way to switch to another plan? I submitted my application to change plans last October, and it still hasn't been processed,' they wrote. 'I tried calling the MOHELA customer service line, and it said 30 minute wait time — which sounded great because when I've called before it says it will be hours. But then I got stuck in a maze of automated options and never got to an actual representative.' Aissa Canchola Bañez, the policy director for the Student Borrower Protection Center, said her organization was familiar with those issues. 'We have heard of folks having issues on that front. They don't have a viable path out of the SAVE plan right now,' she said. 'Penalizing them when they are either stuck in a 1 million application backlog, or cannot actually get their servicer to transfer them out, is just completely unfair.' The Student Borrower Protection Center published an investigation in 2023 that said Mohela purposefully obstructed borrowers from reaching a human customer service representative — a 'call deflection scheme' that 'ensured that borrowers caught in a byzantine loop of misinformation and false promises were unable to resolve servicing errors.' In response, Mohela issued a statement saying it had followed federal student aid guidelines on borrower calls. If you're a SAVE plan borrower stuck in loan limbo, you've got a few options. Here's what you need to know. For advice, the Chronicle spoke to: Canchola Bañez of the Student Borrower Protection Center. Braxton Brewington, the senior vice president of policy for Debt Collective. Abby Shafroth, the managing director of advocacy for the National Consumer Law Center. What are my options for the SAVE plan? Do nothing while the dust settles. Interest is set to resume on Aug. 1 — but there's precedent for a last-minute change, said Brewington of Debt Collective. The Biden administration made announcements about student loan forgiveness only to have things later blocked by the courts. Two lawsuits filed by Republican-led states seeking to strike down the SAVE plan are still in progress, resulting in forbearance that has paused payments for borrowers, even though interest will start accruing. And the tariff turmoil of the past few months has shown a willingness for the Trump administration to walk back its decisions at the 11th hour. If you change plans, you might not be able to get back on SAVE if a decision is made to preserve the program, Brewington said. 'It's not clear to the Debt Collective that removing yourself from the SAVE plan is necessarily your best option,' he said. 'We're struggling to see why certain people who want the lowest monthly payment would remove themselves from the SAVE plan at this current time.' If you stay in your current plan, you'll start to accrue interest — around $300 a month for the average borrower, according to Debt Collective's calculations — but that isn't necessarily an emergency. Any other plan you switch to will also charge interest, so you'll be accruing it either way. And for now, monthly payments are not required. 'There are some borrowers that, if they cannot afford to make any payment right now, staying on the SAVE forbearance and having interest accrue might be the better financial scenario for them,' Canchola Bañez said. One major caveat: If you're a borrower hoping to get Public Service Loan Forgiveness — a program where the remaining balance on student loan debt is forgiven after a certain number of qualifying payments are made by certain types of public service workers — it might benefit you to switch off the SAVE plan and start making those payments, if you can afford them. 'Every month you're spending in SAVE forbearance is not counting toward PSLF,' Canchola Bañez said. Consider reapplying with your servicer. This was the advice from Shafroth of the National Consumer Law Center. She said in an email that the NCLC had heard from loan servicers that people caught in the backlog should 're-apply electronically now and that new application will be processed faster and their old backlogged application will be cancelled.' But both Brewington and Canchola Bañez urged caution with this option, saying they hadn't heard that guidance. 'The Dept. of Education has not given us any indication that by reapplying you're putting your application at the top of the pile,' said Canchola Bañez. 'It's unclear that that will get your application processed any sooner.' Contact your congressional representative. Your congressperson should be able to help you if you can't get hold of your loan servicer. They often have connections with student loan companies — a phone number, an email, a contact — that regular people don't have access to. The Student Borrower Protection Center has a Congressional Casework Tool to help you find your representative in Congress and the Senate and walks you through the steps you need to take to open a constituent case. 'Many folks have no idea that members of Congress' offices have caseworkers that are charged with helping constituents with issues with federal agencies,' Canchola Bañez said. 'Reach out to your member of congress and demand that they help. We have gotten some very positive feedback on the tool.'
