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Cava stock tumbled 16% in afternoon trading on Wednesday, making it the latest fast-casual chain to feel Wall Street’s wrath after reporting disappointing quarterly sales.A year ago, eateries like Chipotle Mexican Grill and Cava were reporting double-digit same-store sales growth, even as the broader restaurant industry posted falling traffic and slumping sales. But times have changed. This spring, fast-casual chains saw foot traffic decline as sales slowed down or even shrank.To explain the downturn, executives have said that diners are “cautious,” in the words of Sweetgreen CEO Jonathan Neman, or dealing with an economic “fog,” according to Cava CFO Tricia…

U.S. tariff revenue reached a fresh monthly record in July, though the increase wasn’t enough to prevent a widening in the monthly budget deficit — pointing to the federal government’s continuing fiscal challenges. Customs duties climbed to $28 billion last month, marking a 273% surge over July last year, a Treasury Department release showed on Tuesday. At the same time, the monthly budget deficit came in at $291 billion, or 10% more than the same month a year before, after accounting for calendar differences.As the fiscal year approaches its September end, the U.S. is heading for another outsize deficit. The…

Groceries are seen at a Walmart supermarket in Houston, Texas, on May 15, 2025.Ronaldo Schemidt | AFP | Getty ImagesAs tariffs spark worries of higher prices, Walmart is dangling more discounts for its own employees.The largest private U.S. employer said Wednesday that it will offer a 10% employee discount on nearly all groceries, including milk, meat and frozen food. That discount previously applied to fresh produce and most general merchandise items, such as clothing and toys, but only to other food during the holiday season.In a memo to employees obtained by CNBC, Walmart’s chief people officer, Donna Morris, said the…

Tax compliance automation solutions provider Sovos announced plans to expand into the Asia-Pacific and Middle East regions, starting with the acquisition of the Tax Technology ASP business unit from India-based IRIS Business Services (not to be confused with the U.K.-based IRIS Software Group or the U.S.-based Iris Software), which specializes in regulatory solutions. Sovos was advised during this acquisition by Khaitan & Co and Burness Paull. The terms of the deal were not disclosed. The acquisition not only gives Sovos a foothold in new markets but also accelerates the company’s ability to establish compliance solutions in new jurisdictions. In addition, IRIS’…

New York Attorney General Letitia James speaks outside New York Supreme Court ahead of former President Donald Trump’s civil business fraud trial on October 2, 2023 in New York.John Lamparski | AFP | Getty ImagesNew York Attorney General Letitia James sued the operator of the Zelle payments network on Wednesday for allegedly enabling fraud, months after the Consumer Financial Protection Bureau dismissed a similar lawsuit.Early Warning Services is the owner and designer of the peer-to-peer money transfer company. An investigation by the Office of the Attorney General found that the company designed Zelle “without critical safety features,” which allegedly allowed…

The current tax period for filers of Form 2290, “Heavy Highway Vehicle Use Tax Return,” now runs through June 30, 2026, the IRS said.The Heavy Highway Vehicle Use Tax is an annual federal excise tax on motor vehicles operating on public highways that have a taxable gross weight of 55,000 pounds or more. The filing deadline depends on the month taxpayers first used the taxable vehicle on public highways during the reporting period. For example, for vehicles first used on a public highway in July, the 2290 must be filed by this Aug. 31. (The due date is unrelated to the vehicle registration…