Morning Business Report: Starbucks denies Chipotle takeover rumors as gas prices remain above $4

Starbucks is denying reports that it plans to acquire Chipotle Mexican Grill following days of speculation about a potential merger between the two restaurant chains.

(LILAMAX)- Starbucks is denying reports that it plans to acquire Chipotle Mexican Grill following days of speculation about a potential merger between the two restaurant chains.

The denial comes after the Financial Times reported that Starbucks had been considering a takeover of Chipotle.

The speculation was fueled in part by Starbucks CEO Brian Niccol’s previous leadership role at Chipotle.

Meanwhile, gasoline prices have declined slightly in recent weeks, but drivers are still paying significantly more than they were a year ago.

According to AAA, the national average for regular gasoline stood at $4.35 per gallon Monday, about four cents lower than a month earlier but $1.27 higher than the same time last year.

Despite the recent decline, the national average remains on pace to set a record for the most days above $4 per gallon in a single year.

On Wall Street, the S&P 500 closed slightly lower Monday after major stock indexes finished the previous week with gains. Technology stocks experienced much of the selling pressure as investors prepared for a busy week of corporate earnings reports and inflation data.

Congress is also considering efforts to preserve AM radio in new vehicles.

Some automakers have raised concerns about costs and technical challenges associated with maintaining the technology, particularly in electric vehicles. Electrical systems in EVs can interfere with AM radio reception.

However, lawmakers argue AM radio remains an important public safety resource during emergencies.

AM radio stations are part of the nation’s emergency alert infrastructure, including a FEMA-supported network designed to continue broadcasting during disasters.

A new survey also suggests having a financially knowledgeable friend could help Americans save hundreds of dollars each year. Research commissioned by TaxSlayer Pro and conducted by Talker Research found respondents estimated saving an average of $482.10 annually by following financial advice from friends. One in seven respondents reported saving more than $800.

The survey also found about one-third of Americans believe every friend group should have someone knowledgeable about finances.

Nearly one-third of respondents who have a financially knowledgeable friend said they consult that person regularly for financial guidance.