Corporate America took notice four years ago when Larry Fink, CEO of investment giant BlackRock, declared climate change a top concern. “Climate risk is investment risk,” Fink wrote in an annual letter popular in C-suites.

His latest letter, released last month, spans well over 100 paragraphs before the first mention of “climate.” Whereas Fink mentioned “climate” a total of 29 times in the 2020 letter, he wrote it just four times in the missive last month.

The shift in Fink’s letters has coincided with an apparent wider chill of momentum behind climate action among many of the world’s largest companies, which have faced a conservative backlash against sustainable business practices derided as “woke capitalism,” experts told ABC News.

Many firms have struggled to follow through on ambitious, years-old climate pledges, in part due to high interest rates that make funding more expensive, the experts added, noting that some environmentally conscious companies have bucked the trend.

“BlackRock is still considering climate risk but boy has their message changed,” Mindy Lubber, chief executive of environmental advocacy group Ceres, which examines corporate conduct, told ABC News.

“The pushback has been fierce and severe, and we’re seeing things slow down,” Lubber added.

BlackRock did not respond to ABC News’ request for comment.

In a statement on its website, BlackRock says a worldwide transition to net-zero carbon emissions by 2050 would "benefit the global economy and our clients in aggregate." In turn, BlackRock encourages clients to develop "robust transition plans" by 2030, the statement adds, noting the limitations of BlackRock's role as an asset manager.

"BlackRock’s role in the transition is as a fiduciary to our clients," the statement says. "Our role is to help them navigate investment risks and opportunities, not to engineer a specific decarbonization outcome in the real economy."

A little over half of the world’s largest 2,000 companies have adopted pledges to achieve net-zero carbon emissions, according to data from research firm Net Zero Tracker reviewed by ABC News. Net zero marks the point at which a given firm offsets its emissions by removing the same amount of carbon from the atmosphere.

The number of companies with net-zero pledges has jumped 40% over the past 16 months, the data showed. However, the vast majority of the company pledges lack credibility, Net Zero said, noting that only one out of every 20 commitments meets United Nations guidelines for what constitutes a quality pledge.

To meet the U.N. threshold for a quality pledge, a company must adopt a plan to address all forms of carbon emissions, present intermediate goals for emissions cuts by 2030 and align its government lobbying with the objective of net zero, among other criteria.

“There is unequivocally a massive lack in the quality of these plans,” John Lang, the project lead at Net Zero Tracker, told ABC News. “We just haven’t seen momentum or movement on that.”

“It’s easy to set a target,” Lang said. “It’s much harder to create a robust plan to meet that target.”

Dave White, director of the Global Institute of Sustainability and Innovation at Arizona State University, said the evidence of major companies fulfilling climate pledges is “mixed at best.”

“We’ve seen important progress but many of these companies are realizing they’re meeting only a small fraction of the aspirational goals they've made,” White said.

Experts who spoke with ABC News attributed the corporate difficulties to a surge of conservative criticism over sustainable business practices as well as high interest rates, which make it more costly for companies to pursue capital-intensive climate initiatives.

Conservatives have directed much of their ire at environmental, social and governance investing, or ESG, a type of investing that takes into account non-financial information about a company, such as its climate impact and staff diversity.

Prominent Republican politicians, such as Florida Gov. Ron DeSantis, have assailed ESG as a portfolio strategy that prioritizes liberal goals over investor returns. Eighteen states have adopted anti-ESG legislation -- and all but one features a Republican governor, law firm K&L Gates found in July.

"When it comes to things like these Wall Street banks, what they're doing to try to impose an agenda is something that's very, very troubling," DeSantis said last May upon signing a law that prohibits state officials from investing state money to further ESG goals.

Some on the left have questioned the rigor of ESG funds, warning that they establish insufficient standards for companies seeking to qualify.

ESG investing, meanwhile, has sharply declined. Funds worldwide categorized as "responsible investing" received $68 billion of net new deposits in 2023 through November, according to data from financial firm LSEG Lipper. That amount had fallen dramatically from $158 billion for all of 2022 and $558 billion for all of 2021.

The backlash from conservatives, White said, has hampered corporate conduct beyond ESG, including carbon emissions commitments.

“The politicization of this area in some cases is providing cover for corporations to backslide on their commitments,” White said.

To be sure, some companies have continued to achieve progress toward achieving net-zero emissions, some experts said, noting that the recent hiccup in climate action owes more to the scale of the task than the reluctance of the corporations.

“The transition to a carbon neutral economy that we’re experiencing is really a transition on the scale of the great industrial revolution,” George Georgiev, a professor at Emory University School of Law, told ABC News.

“I don’t think it’s a retrenchment -- it’s more of a professionalization of the function within companies and them being more careful,” he added. “We’re probably not moving fast enough but that doesn’t mean we can’t adjust course.”

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(CHATTANOOGA, Tenn.) -- In a seismic union election Friday evening, Volkswagen workers in Chattanooga, Tennessee, voted to join the United Auto Workers Union.

The workers voted 2,628 to 985 for union representation, according to a spokesperson for the National Labor Relations Board.

"There were seven challenged ballots that won’t be counted, because they aren’t determinative to the outcome of the election. There were three void ballots. The total number of eligible voters was 4,326," according to a statement from the NLRB.

The employer will begin "bargaining in good faith" with the union, with parties having five days to file objections to the election.

The vote to unionize has the potential to supercharge organizing in the nation's auto sector and demonstrate the strength of a resurgent labor movement through a victory in the South, a region typically resistant to unions.

Workers began casting ballots this week in the most significant test for the UAW since a strike last fall against the Big 3 U.S. carmakers that delivered substantial gains and a burst of interest from employees at non-union firms.

"Workers in America are fed up with being left behind and unions are the path to dignity on and off the job," UAW president Shawn Fain said in February in a post on X, after having met with workers at the Volkswagen facility.

The labor agreements at the Big 3 last year prompted some non-union competitors to offer pay increases and other benefits, putting their employees in closer alignment with UAW members. Honda, Nissan and Tesla are among the companies that raised wages for U.S. employees after the UAW deal.

The breakthrough also triggered a wave of UAW organizing, the union says. Over 10,000 non-union auto workers have signed cards in support of the UAW in recent months and organizing campaigns have broken out at more than two dozen facilities, the union said in a statement last month.

The election at the Volkswagen plant in Chattanooga offered a difficult test, even as the union appears poised for growth. The UAW suffered narrow defeats in two elections at the facility over the past decade.

Governors of six southern states, including Tennessee Gov. Bill Lee, issued a joint statement this week criticizing the UAW and voicing general opposition toward unions.

"As Governors, we have a responsibility to our constituents to speak up when we see special interests looking to come into our state and threaten our jobs and the values we live by," they wrote.

For its part, Volkswagen has remained publicly neutral toward the union drive. In a statement, the company told ABC News that it supports the union election process.

"We respect our workers' right to a democratic process and to determine who should represent their interests," Volkswagen said.

"We fully support an NLRB vote so every team member has a chance to a secret ballot vote on this important decision. Volkswagen is proud of our working environment in Chattanooga that provides some of the best paying jobs in the area," the company added

A union victory would help bolster the UAW's membership, which has dropped steadily from a peak of 1.5 million workers in 1970 to 370,000 last year.

The opportunity for membership expansion at the UAW, just months after its high-profile strike against the Big 3, exemplifies a wider trend in the U.S. labor movement.

More than 500,000 workers went out on strike nationwide in 2023, more than doubling the figure recorded a year earlier, according to Cornell University's School of Industrial and Labor Relations.

The uptick in activity, however, failed to translate into union membership gains. Only 10% of U.S. workers belonged to unions last year, little changed from the year prior, U.S. Bureau of Labor Statistics data showed.

The election in Chattanooga will test whether the headline-grabbing labor strikes can translate into a resurgence of union growth, said Stephen Silvia, a professor at American University and the author of "The UAW's Southern Gamble."

"Historically, unionization has proceeded in waves," Silvia said. "Is this a wave? That's what we'll see."

Copyright © 2024, ABC Audio. All rights reserved.

(NEW YORK) -- Carmakers and labor leaders are closely watching for results to be released on Friday in a seismic union election that could supercharge organizing in the nation’s auto sector and demonstrate the strength of a resurgent labor movement through a victory in the South, a region typically resistant to unions.

As many as 4,300 employees at a Volkswagen plant in Chattanooga, Tennessee, are voting on whether to join the United Auto Workers.

Workers began casting ballots this week in the most significant test for the UAW since a strike last fall against the Big 3 U.S. carmakers that delivered substantial gains and a burst of interest from employees at non-union firms.

"Workers in America are fed up with being left behind and unions are the path to dignity on and off the job," UAW president Shawn Fain said in February in a post on X, after having met with workers at the Volkswagen facility.

The labor agreements at the Big 3 last year prompted some non-union competitors to offer pay increases and other benefits, putting their employees in closer alignment with UAW members. Honda, Nissan and Tesla are among the companies that raised wages for U.S. employees after the UAW deal.

The breakthrough also triggered a wave of UAW organizing, the union says. Over 10,000 non-union auto workers have signed cards in support of the UAW in recent months and organizing campaigns have broken out at more than two dozen facilities, the union said in a statement last month.

The election at the Volkswagen plant in Chattanooga offers a difficult test, even as the union appears poised for growth. The UAW suffered narrow defeats in two elections at the facility over the past decade.

Governors of six southern states, including Tennessee Gov. Bill Lee, issued a joint statement this week criticizing the UAW and voicing general opposition toward unions.

"As Governors, we have a responsibility to our constituents to speak up when we see special interests looking to come into our state and threaten our jobs and the values we live by," they wrote.

For its part, Volkswagen has remained publicly neutral toward the union drive. In a statement, the company told ABC News that it supports the union election process.

"We respect our workers' right to a democratic process and to determine who should represent their interests," Volkswagen said.

"We fully support an NLRB vote so every team member has a chance to a secret ballot vote on this important decision. Volkswagen is proud of our working environment in Chattanooga that provides some of the best paying jobs in the area," the company added

A union victory would help bolster the UAW’s membership, which has dropped steadily from a peak of 1.5 million workers in 1970 to 370,000 last year.

The opportunity for membership expansion at the UAW, just months after its high-profile strike against the Big 3, exemplifies a wider trend in the U.S. labor movement.

More than 500,000 workers went out on strike nationwide in 2023, more than doubling the figure recorded a year earlier, according to Cornell University's School of Industrial and Labor Relations.

The uptick in activity, however, failed to translate into union membership gains. Only 10% of U.S. workers belonged to unions last year, little changed from the year prior, U.S. Bureau of Labor Statistics data showed.

The election in Chattanooga will test whether the headline-grabbing labor strikes can translate into a resurgence of union growth, said Stephen Silvia, a professor at American University and the author of The UAW's Southern Gamble.

"Historically, unionization has proceeded in waves," Silvia said. "Is this a wave? That’s what we’ll see."

Copyright © 2024, ABC Audio. All rights reserved.

(NEW YORK) -- Barcelona is among the top 20 summer destinations of 2024, and for anyone planning to visit the bustling Mediterranean metropolis known for its art and architecture, or other tourist-filled hotspots during high-season, there may be some additional costs to consider.

Many countries across Europe including Spain, Greece, and Germany have implemented fees for foreign visitors to help support local costs of doing business, especially during the busy summer months. It's similar to that of a hotel occupancy tax that American travelers may be more familiar with for domestic stays.

What is a tourist tax?

"Tourist taxes are a rapidly growing trend," Clint Henderson, Managing Editor at The Points Guy, told ABC News' Good Morning America, adding that the fee system is increasingly popular "because it’s an easy way for cities to raise revenues without taxing local citizens. It’s also more politically palatable and it has the added benefit of helping to deal with over-tourism."

Henderson also pointed out that "Crowding at especially popular spots made famous by Instagram are simply out of control."

"Locals in places like Venice, [Italy] and Maui are also getting more vocal about problematic tourists," he said. "We think you’ll only see this trend of tourist taxes spread. Look for action from places like Hawaii in the future, which has been considering some kind of tax for a few years now."

The rural town of La Salut, located just outside Barcelona and best known for Park Güell mosaic-covered buildings, tapas bars and seafood restaurants, was recently removed from Google and Apple maps, Yahoo first reported, after being inundated with tourists taking over the locals' main bus route.

What to know about tourist fees abroad this summer

Henderson said tourism taxes "are not yet that widespread," with the caveat that "local taxes and fees are very common and often hidden in your hotel bill."

His tip? "Google your destination to see about potential fees before you go," he said.

"Many hotels are now listing local taxes and fees in their online pricing, but you can always call ahead of time to make sure you won’t be facing additional 'destination' or 'resort' fees," he suggested.

Summer vacation destinations with a tourist tax

There are some newcomers adding a tourist tax for the first time this summer, and other nations increasing percentages that people will be expected to pay.

"Galapagos National Park is charging $200 as of August 1 to visit. Bhutan charges $100 per day. Wales and Hawaii are among the locations now considering tourist taxes," Henderson listed.

Barcelona

The Barcelona municipality recently increased its tourist tax from 2.75 euros to 3.25 euros on April 1.

Paris

The tourist tax for the Olympics host nation is based on a municipal rate. Typically the cost has been under $6 per night, but starting in January officials increased the visitor fee up to $17, depending on the hotel type.

Seville

Earlier this year the mayor of Seville, José Luis Sanz, announced on X plans to "close the Plaza de España and charge tourists to finance its conservation and guarantee its safety."

Sanz shared a video along with his post that showed missing tiles, damaged facades and street vendors occupying alcoves and stairs.

The southern Spanish city will now charge visitors to enter the historic area that has been at risk of irreversible damage to its famed tile floors, bridges and towers.

Venice

Earlier this year, the coastal city known for it's canals, blown glass and close proximity to the heart of Italy's Prosecco region implemented a fee of 5 euro per day tripper through a new reservation system.

Travelers can download an app to pay and attain a QR code which will be shown to enter the city as a visitor.

"It is not a revolution, but the first step of a path that regulates the access of daily visitors. An experiment that aims to improve the liveability of the city, who lives there and who works there. We will carry it forward with great humility and with the awareness that there may be problems," the mayor of Venice, Luigi Brugnaro, stated on X in the announcement.

"The margins of error are wide, but we are ready, with humility and courage, to make all the changes that will serve to improve the procedure. Venice is the first city in the world to implement this path, which can be an example for other fragile and delicate cities that must be safeguarded," he continued.

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(NEW YORK) -- Beyond Meat has pared down its ingredient list and upgraded the recipe to add more nutrient-dense plant-based ingredients -- including heart-healthy avocado oil -- for its latest innovation of the plant-based meat alternative.

The California-based company announced its new and improved Beyond Meat IV on Thursday as two new products, Beyond Burger and Beyond Beef, roll out with a fresh new look at grocery stores nationwide.

Thanks to the nutritional advancements in Beyond Meat's new recipe, the company is the first to be recognized by the American Heart Association, as well as the American Diabetes Association for its Better Choices for Life program, which is reflected on the new packaging.

The fourth generation of Beyond Meat products is also the first in the category to be Clean Label Project Certified, from the nonprofit that works to provide transparency in food labeling on products that use as few ingredients as possible, ensuring those ingredients are wholesome.

What changed in the new Beyond Meat burgers and beef alternative?

The fourth generation of Beyond Meat boasts 21 grams of plant-based protein that comes from the addition of red lentils and faba beans, 20% less sodium and 60% less saturated fat than the previous version -- after swapping out coconut and canola oils for avocado oil.

The new statistics are compared to beef with an 80/20 lean to fat ratio, which typically contains 70-80 mg of sodium for 4-ounces, which is the labeled serving size of Beyond Ground Beef and Beyond Beef Burger reflects.

Sodium in the new Beyond Beef is 310 mg, which was reduced from 390 mg in the previous version.

Registered dietitian, author, and nutrition advisor Joy Bauer, who was tapped to consult on the new product development, told ABC News' Good Morning America that "the best news of all is a simplified ingredient list."

"It's easy to enhance nutrition labels, it's a whole other challenge to have it taste just as yummy," she said, adding that in blind tastings with existing Beyond Meat consumers, they preferred the new version over the old one.

The addition of avocado oil, which contains heart-healthy monounsaturated fats according to the American Heart Association, also makes for a better sizzle and sear like traditional beef thanks to its higher smoke point.

Diana Stavaridis, Senior Culinary Manager for Beyond Meat who oversaw the development of the new recipe and tested the product in a variety of applications, said this version has a "beefier flavor and texture" that's easy to prepare.

"They caramelize and brown beautifully when cooked, and offer the juicy, tender culinary experience of beef," Stavaridis said of the beef alternative that's naturally colored with pomegranate concentrate and beet juice.

In tandem with the product launch, Beyond Meat created a short documentary-style film, "Planting Change," to give consumers an inside look at how the product is made. The film includes interviews with leading medical and nutrition experts, ecologists, and historians talking about plant-based diets and nutrition.

The company's Chief Marketing Officer Akerho Oghoghomeh said in a statement, that Beyond Meat is proud to create a burger alternative "while offering health and environmental benefits to the consumer."

"We know that health is a top driver for the plant-based meat category, and with the advancements in taste and nutrition of our new Beyond Burger and Beyond Beef, we’re giving consumers a really compelling reason to make the switch,” he said.

Copyright © 2024, ABC Audio. All rights reserved.

(NEW YORK) -- Dr Pepper has a new flavor hitting stores soon to jumpstart the summer mood.

The soda company announced that Dr Pepper Creamy Coconut and Creamy Coconut Zero Sugar drinks are coming to stores starting May 1.

"Dr Pepper Creamy Coconut brings together the perfect combination of the original 23 Dr Pepper flavors with layers of tropical coconut flavor and a delicious, creamy finish," read an announcement for the new flavor, which also added that the new drink "pairs perfectly with a hot summer day."

The drinks will be sold in 12-packs of 12-fluid-ounce cans as well as 20-fluid-ounce bottles and will be available from May until July. The standard version comes in a light blue and red can with a coconut image on it, and the Zero Sugar variety is packaged with a brown and light blue theme.

According to Dr Pepper, the new drinks are "the only coconut-cream-flavored dark soda on the market" currently.

The new beverages are reminiscent of the so-called "dirty sodas" popular in Utah, which are traditionally made with flavored syrup, soda and cream, and are sold at various restaurant locations across the state. The drive-through soda-fountain chain Swig, for example, which was founded in Utah and has several locations across other western states, offers its own version of a Dr Pepper-based concoction with coconut, as well as Coca-Cola and Pepsi-based coconut drinks, and Mountain Dew and Sprite-based coconut drinks, among others. 

Copyright © 2024, ABC Audio. All rights reserved.

(NEW YORK) -- Red Lobster is in hot financial waters, attempting to stay afloat by eyeing Chapter 11 bankruptcy to restructure its debts after an endless shrimp promotion sank the seafood restaurant chain's bottom line, Bloomberg reported this week.

According Bloomberg, the restaurant is considering filing for Chapter 11 on the advice of law firm King & Spalding, which would allow the chain to stay open while dealing with its debt and help reevaluate long-term contracts and leases.

The outlet reported that Fortress Investment Group, one of Red Lobster's key lenders, is also involved in current debt negotiations.

The chain recently added Jonathan Tibus as its new CEO. Tibus has worked with other restaurant chains to restructure their businesses through the Chapter 11 process, including Kona Grill, which filed for bankruptcy in 2019, and the fast foot chain Krystal, which filed for Chapter 11 protection in 2020.

Last year, Red Lobster reported $11 million in operating losses following its flubbed "Ultimate Endless Shrimp" deal, which backfired when it reeled in too many customers after the limited-time promo became a permanent menu fixture last June. The restaurant chain later reported $12.5 million in losses in the fourth quarter of 2023.

Earlier this year, Red Lobster's Thailand-based investor, Thai Union Group, announced it was divesting from the restaurant.

ABC News has reached out to Red Lobster for comment.

Copyright © 2024, ABC Audio. All rights reserved.

(CHATTANOOGA, Tenn.) -- The United Auto Workers achieved a landmark victory last fall, when a strike against the Big 3 U.S. carmakers delivered substantial gains for nearly 150,000 employees.

The UAW stands poised for its next major test this week: A union election at a foreign-owned car plant in the South, where its workers have struggled to gain a foothold for decades.

Roughly 4,000 voters at a Volkswagen facility in Chattanooga, Tennessee, begin casting their union ballots today.

Experts who spoke to ABC News called the election an inflection point not only for the UAW but for the U.S. labor movement.

In the aftermath of the so-called “Year of Strikes” in 2023, experts said, the showdown in Chattanooga could illustrate whether that surge of labor activity can translate into membership growth and the worker gains likely to come with it.

"The stakes couldn’t be bigger," Stephen Silvia, a professor at American University and the author of "The UAW's Southern Gamble," told ABC News.

Here’s what to know about what the union election in Chattanooga means for the UAW and workers nationwide:

UAW aims to turn last year’s strike into a membership boom

The high-profile standoff between UAW and the Big 3 last year imposed billions of dollars in losses for the companies and put thousands of workers temporarily out of work. But the gamble paid off, helping the union achieve historic wage gains and other long-sought reforms.

The agreement prompted some non-union competitors to offer pay increases and other benefits, putting their employees in closer alignment with UAW members. Honda, Nissan and Tesla are among the car companies that raised wages for U.S. employees after the UAW deal.

The breakthrough also triggered a wave of UAW organizing, the union says. Over 10,000 non-union autoworkers have signed cards in support of the UAW in recent months and organizing campaigns have broken out at more than two dozen facilities, the union said in a statement last month.

The outcome of this week’s union election at Volkswagen will go a long way in determining whether the union’s momentum continues to crest or fizzles out, experts told ABC News.

In response to ABC News' request for comment, Volkswagen said it supports the union election process.

"We respect our workers' right to a democratic process and to determine who should represent their interests," the company said. "We fully support an NLRB vote so every team member has a chance to a secret ballot vote on this important decision. Volkswagen is proud of our working environment in Chattanooga that provides some of the best paying jobs in the area."

UAW did not immediately respond to ABC News' request for comment.

A wave of union victories would bolster the UAW’s membership, which has dropped steadily from a peak of 1.5 million workers in 1970 to 370,000 last year.

"This is huge for the UAW because they’re carrying so much momentum," Art Wheaton, director of labor studies at the Worker Institute at Cornell University, told ABC News. "The timing is now."

Union organizing pursues foothold in the South

The location of the Volkswagen plant in the union-unfriendly South holds significance for the prospects of a resurgent labor movement aiming to make inroads there, experts told ABC News.

For decades, states across the South have imposed so-called "right-to-work" laws, which give workers the opportunity to opt out of union membership in the event that their workplace votes to join a union.

Those measures make up part of a larger set of legal and cultural barriers that make union organizing more difficult in the South, experts said.

"Organizing is extremely difficult in the South not only because of management opposition but also workers don’t have as much experience with unions," Harry Katz, a professor of collective bargaining at Cornell University, told ABC News.

The UAW campaign exemplifies the significance of organizing in the South. Roughly 48% of U.S. autoworkers belong to the unionized Big 3 automakers –--Ford, General Motors and Stellantis, the owner of Chrysler, Wheaton said. Meanwhile, more than half of autoworkers are employed at foreign-owned, largely non-union car companies, many of which are located in the South.

The non-union companies put downward pressure on wages and benefits, making it more difficult for the UAW to bargain for gains at plants where it represents workers and in turn help preserve decent standards across the industry, he added.

"They need to have more people unionized so they have a larger impact on raising the wages for everyone," Wheaton added.

Labor movement seeks growth after 'Year of Strikes'

More than 500,000 workers went out on strike nationwide in 2023, more than doubling the figure recorded a year earlier, according to Cornell University's School of Industrial and Labor Relations.

The sharp escalation in worker protests arose from widespread dissatisfaction with sluggish wage gains, which in many cases had failed to keep up with rapid price hikes, experts previously told ABC News.

The surge of activity, however, failed to translate into union membership growth. Only 10% of U.S. workers belonged to unions last year, little changed from the year prior, U.S. Bureau of Labor Statistics data showed.

The union vote at Volkswagen, which arrives months after the UAW strike against the Big 3, could show whether militant activity brings union growth, Silvia said.

"This is a test case for whether making gains at the bargaining table can then add to your membership down the road,” he added.

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(NEW YORK) -- PepsiCo Inc has initiated a voluntary recall of some sugar-free and caffeine-free Schweppes Ginger Ale products because they contain "full sugar," according to the U.S. Food and Drug Administration.

The FDA said in a report earlier this month that the company voluntarily issued the recall on March 9. According to the report, the recall impacts 233 cases of 7.5-fluid-ounce cans (221 milliliters) cans that were shipped to Maryland, Pennsylvania and West Virginia.

The impacted products contain the code May 20 24 MAY20240520VS02164 - MAY20240550VS02164, the FDA said.

PepsiCo made the decision after an internal investigation discovered products labeled "zero sugar" in fact contained "full sugar product," the FDA reported.

It was not clear whether the recalled soda had been removed from store shelves.

No injuries or deaths have been reported and the current status of the recall is ongoing.

ABC News has reached out to PepsiCo for comment on the recall.

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(NEW YORK) -- At the end of 2023, the federal government said it would update the Free Application for Federal Student Aid form, better known as FAFSA, ahead of the 2024-2025 school year. The change came three years after Congress mandated the update in 2020.

But four months since the changes went into effect, the updated form has brought on more hiccups and some headaches for colleges, administrators and parents.

What is the FAFSA?

The FAFSA is an online form used by schools, colleges and universities -- and sometimes, private scholarship programs -- to determine a student's eligibility to receive federal financial aid, which may include grants, loans, scholarships and work-study program funds. Multiple states also use the FAFSA form to figure out the amount of state financial aid a student can receive as well.

A student needs to file a FAFSA form each school year they wish to receive financial aid.

What changes were made to the FAFSA form?

The FAFSA previously asked students and their parents hundreds of questions to determine eligibility for federal financial aid, loans and work-study programs.

The revamped form is now simplified to include fewer than 50 questions -- down from more than 100 questions -- adds space to list up to 20 colleges instead of limiting it to 10 schools, and improves access by offering the form in 11 languages instead of only in English and Spanish.

To fill out the FAFSA, students and parents have to consent to allow information from the IRS to be imported into the FAFSA online form.

In addition, the FAFSA now features the Student Aid Index (SAI) in lieu of the Expected Family Contribution. The index will utilize a different formula to determine a student family's qualification for aid, expand the number of students eligible for aid, and not shut out students and families who are not required to file federal income taxes.

What problems have students and parents encountered since the FAFSA was updated?

Unlike in past years, where students could start filling out the FAFSA in October, access to the new form was delayed until January as the federal government completed the form's update. This, in turn, impacts when students will find out what financial aid packages they can receive for the upcoming school year and ultimately, their decisions on which schools to attend in the fall. The shaky rollout has also pushed multiple colleges and universities to extend their enrollment deadlines.

Even after students and families were able to submit their FAFSA forms, many reported encountering bugs and technical glitches during the process. Data from the Department of Education shows applications this year are down nearly 60% from past years.

What can parents do?

The Department of Education encourages all students considering college to submit a FAFSA form, even if they don't think they'll be eligible or qualify for financial aid, and to apply for scholarships as early as possible in their high school career.

Parents can use the department's online tools like the College Scorecard and the Federal Student Aid Estimator to get a better idea of future financial costs and the type of financial aid for which a student may qualify.

Parents can also consider college savings plans, some of which are state-sponsored, and other programs that may be available such as prepaid tuition plans.

Can I still fill out a FAFSA form?

The deadline to complete and submit a FAFSA form for the 2024-2025 school year is 11:59 p.m. CT on June 30, 2025. Corrections or updates may be submitted by 11:59 p.m. CT on Sept. 14, 2025. Individual states, colleges and schools have their own deadlines. To see what the deadline is for each state, visit the StudentAid.gov website.

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(NEW YORK) -- Shares of Truth Social soared after the company’s market debut last month -- but the stock price has plummeted since then.

After vaulting from an initial offering price of about $50 to a peak of nearly $80 in late March, the share price has dropped a staggering 68%. In early trading on Tuesday, the price stood at about $25.

The sharp decline traces primarily to the company’s status as a so-called meme stock, which appeals to investors on the basis of ideology rather than financial outlook, experts told ABC News. Since Truth Social suffers continued losses and lacks a path to profitability, the stock risks selloffs on even mildly negative news, they said.

“The political hope is meeting a financial reality,” Tyler Richey, an analyst at Sevens Report Research, told ABC News.

Truth Social did not immediately respond to ABC News' request for comment.

The stock performance holds significant financial implications for former President Donald Trump, whose 60% stake in the company could ultimately deliver a multi-billion dollar windfall. Truth Social shares make up a large portion of Trump’s overall net worth, according to Fortune.

During its initial days on the market, the stock rallied. The price climbed 16% on the company’s first day of listing and another 14% on its second. That growth granted Truth Social a valuation of more than $8 billion, even though the company has yet to turn a profit and generates quarterly revenue of barely $1 million.

“The valuation is just astronomical,” Richey said. “So it’s coming back to Earth.”

Truth Social, listed as ticker DJT, remains far smaller and less financially robust than its rivals in the crowded social media sector.

Research firm SimilarWeb estimates the company drew 5 million website visitors in February, which puts it well below the roughly 2 billion monthly active users reported by Instagram. TikTok boasts at least 1 billion monthly active users, the company said in 2021.

Truth Social generated roughly $3 million over the first nine months of 2023, government filings show. Meanwhile, the company reported $49 million in net losses over that period. By comparison, Instagram-parent Meta delivered nearly $135 billion in revenue last year, company earnings revealed.

“Truth Social is not attracting and holding users and it’s not attracting significant advertising revenue,” Jay Ritter, a professor of finance at the University of Florida, told ABC News. “Its current business model is a colossal failure.”

The absence of financial underpinning leaves the stock vulnerable to major declines even in response to mildly negative or routine news, experts said.

On Monday, the company released a government filing meant to formally establish millions of shares owned by Donald Trump and other investors. Investors holding shares in the pre-merger company that took Truth Social public could eventually convert those holdings into shares of Truth Social, the filing said.

The routine filing did not increase the number of outstanding shares but it still raised alarm among some investors for the potential to do so, Ritter said.

“This was going to happen sooner or later,” Ritter said. “In that regard, it wasn’t really news.”

The filing appeared to send the stock price tumbling. Shares of Truth Social fell 18% on Monday.

When traders buy into a stock for non-financial reasons, moments of risk can turn into a collapse, in part because opportunistic traders abandon the stock on the way down, experts said.

“There’s a domino effect,” Ritter said. “Selling led to more selling.”

The stock difficulty has coincided with financial challenges for Trump. Earlier this month, the presumptive Republican presidential nominee posted a $175 million bond in a New York civil fraud case.

Trump can’t sell or leverage his stake in Truth Social for at least six months due to a lockup provision intended to prevent a rapid selloff that could shake investor confidence.

Supporters of Trump could seek to reverse the company’s declining stock price, Richey said.

“You may have some die-hard supporters come in and support the stock,” Richey said, noting that such a move could elicit a response from skeptics of Trump or the company.

“In this political environment, there’s just as many people that would bet against the stock as would be for it,” Richey said.

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(NEW YORK) -- Starbucks is unveiling brand-new Starbucks Refreshers with a fiery new spring twist.

Starting Tuesday, April 16, Starbucks will unveil new Spicy Lemonade Refreshers in three different flavors: Spicy Dragonfruit, Spicy Pineapple, and Spicy Strawberry along with a new Spicy Cream Cold Foam, the coffee chain announced on Monday.

According to the announcement, the new innovations came about to hop on to the "swicy" trend of mixing sweet and spicy flavors in unique manners.

"The new Spicy Lemonade Refreshers bring together the sweetness of a Starbucks Refreshers® Beverage, the zest of lemonade, and the heat of Starbucks Spicy Chili Powder Blend to create a deliciously refreshing sip with absolutely no chill," read the announcement.

The Spicy Dragonfruit option uses mango and dragonfruit flavors as well as pieces of real dragonfruit mixed in. For the spice, the drink includes zesty lemonade as well as Starbucks Spicy Chili Powder Blend.

The Spicy Strawberry refresher blends Strawberry and acai flavors with real strawberry pieces mixed into the same zesty lemonade and Starbucks Spicy Chili Powder Blend. The Spicy Pineapple option uses the same zesty lemonade and chili powder blend to mix in pineapple and passion fruit flavors with real pieces of pineapple.

For a final customization, the new Spicy Cream Cold Foam, can be added to any Starbucks beverage. The foam is made with Starbucks classic cold foam and the same Spicy Chili Powder Blend.

The new sweet and spicy selections will be in stores for a limited time this Spring.

Starbucks Reserve locations in New York, Chicago, and Seattle are also offering a sweet and spicy hot honey version of Starbucks Espresso Martini and Affogato.

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(NEW YORK) -- Are we entering a "performance arms race" between internal combustion engine and electric sports cars?

Some engineers and top auto executives are beginning to question the superiority of electric sports cars, which have become a contentious topic among enthusiasts.

This week, Lawrence Stroll, executive chairman of Aston Martin, told reporters at the company's U.K. headquarters that Aston is delaying its shift to electrics, focusing instead on plug-in hybrids.

"We are going to invest much more heavily in our PHEV program to be a bridge between full combustion and full electric," Stroll said, according to Road & Track.

Stroll noted the "real lack of consumer demand" for electric sports cars. "We speak to our dealers, we speak to our customers -- when you have a small network you can communicate easily. And everyone said we still want sound, we still want smell," he said.

British marque McLaren, known for its seductive -- and fear-inducing -- supercars, recently launched its 750S coupe and spider, successors to its widely successful 720S. The brand has one hybrid on sale, the Artura, which launched in 2022. Customers, however, still demand the palpable acoustics of the raucous twin-turbo 4.0-liter V8 positioned behind the driver's seat. The 750S may be the epitome of internal combustion engine (ICE) ingenuity.

Chief engineer Sandy Holford said his team truly raised the bar on the 750S, making it the lightest and most powerful series production McLaren to date. "It offers more thrills, more power and more torque, as well as improved ergonomics and engagement," Holford said.

The car's stats are also mind-bending, even without an electric motor: zero to 60 mph in 2.7 seconds; 740 horsepower; 590 lb-ft of torque.

ABC News spoke to Holford about the push for electric sports cars and their limitations. The conversation below has been edited.

Q: We're seeing more electric supercars and hypercars. Will the popularity of the 750S be short-lived as more automakers build all-electric sports cars?

A: In the performance figures arms race, there's going to come a point where physics gets in the way. And you can have all the power in the world but if you can't make the rubber stick when you pull away, it's not going to help you. It all depends on what the customers want. You can do naught to 60 mph in an insane time, but you can only do half a lap at pace because of the battery pack. There's a balance to be had -- for us that's road use and track use for the 750S. This car is a different proposition to an EV car.

For people who are thinking about the 750S, get out and try it. We can write about it, we can talk about it, but the proof is in the pudding and getting behind the wheel. It's about trying to be the ultimate engagement car for people.

Q: How long have you been working on the 750S?

A: The 750S development was around two years plus some small amount of refining time at the end, just really validating everything we tested through the development program and real-world customer situation driving.

Q: You benchmarked the 750S against its predecessor, the 720S. What was your objective with this car?

A: The 720S was revolutionary in its time -- from an aerodynamic development point of view but also from a dynamic performance. The target for us was to understand where we can push this further but also to really make this car a driver-centric vehicle. How could we focus on engagement and a sense of connection to the car -- from the way the car responds to you in terms of pedal mapping and gear shifts maps -- to the audio and sound effect of the exhaust.

We moved everything around the cabin to be really focused on where the driver is sitting. Every switch that is commonly used has been moved closer to the steering wheel.

The challenge was to stretch the top end of performance for the 750S without losing any of the comfort and everyday usability. We moved switches and controls to a place that didn't exist in the previous car. For example, putting a dedicated switch for the car's nose lift is one of the pieces of feedback we had. The stalk was harder to find in the 720S. The nose lift is now twice as fast.

All of our cars are designed to be drivers' cars; however, we continue to evaluate and improve based off customer feedback and our own benchmarking.

Q: Racing is at the heart of all McLaren cars. Is this the closest owners will get to driving an F1 car?

A: From a McLaren point of view - no. This is a road car that can be taken on the track. Our Ultimate Product Offering is usually closer to a racing vehicle – like a Senna GTR.

Q: Does the 750S mimic anything that professional drivers experience?

A: We take a lot of cues from our racing colleagues in terms of the way we develop: Our phrase is: "Fail fast, iterate and go again."

The thing about the 750S is the breadth of capability it has. The car will look after you [on a track]. As you gain confidence in it, you can gradually turn things up, you can turn things off. You can get into variable drift control.

Q: Why was it important for drivers to feel engaged at speeds under 40 mph?

A: With the improvements in technology we have, some vehicles can feel really slow at high speeds. And it's really easy to let your speed drift up in a high-performance car because it handles so well.

It was really important to me that customers could experience that real engagement and that sense of exhilaration under [lesser] speeds. You don't want to have a car that only feels fast at 150 mph on a track.

Lots of our customers will use that car on a track but not all of our customers will. I still wanted customers to feel like they have an engaging supercar.

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(NEW YORK) -- Shoppers are flocking to Costco for gold bars but they're hardly the only ones scooping up the precious metal.

Investors drove gold prices to a record high on Friday, the latest surge in a 17% rally so far this year. Over that period, bullion prices have climbed more than twice as fast as the S&P 500, the index that most people's 401(k)'s track.

The price gains stem from a wider trend of investors seeking out high-return assets in anticipation of interest rate cuts expected later this year, some experts told ABC News.

A so-called momentum trade has also pushed prices higher, they added, since investors see the price of gold swell and want to share in the gains.

"We're seeing a situation where people are actually increasing their risk exposure," Campbell Harvey, a professor at Duke's Fuqua School of Business who studies commodity prices, told ABC News, noting that the typical price volatility of gold resembles that of the S&P 500.

"You see things like the S&P 500 going up and bitcoin going up," Harvey added. "Gold is part of that."

Costco has generated an estimated $100 million to $200 million per month in gold bar sales, Wells Fargo said in a recent equity research note.

While the price is not disclosed online to nonmembers, the product typically sells for nearly 2% above the spot price, which as of time of publication stood at $2,430 per ounce.

The buying spree has also taken hold at central banks, UBS said in a report last week, citing some central banks' desire to move away from U.S. dollars and hedge against inflation risks.

In January and February, central banks purchased about 64 metric tons of gold and China imported 132 metric tons from Switzerland, a gold-refinery stalwart, UBS said.

Hedge funds and other institutional investors have also bought into the gold craze in an effort to capitalize on the commodity's blistering rise, Campbell said. "That institutional pressure is pushing the price of gold up," he added.

Gold prices have surged despite low activity in a key instrument for everyday investors: ETFs.

An ETF amounts to a bucket of securities that gives investors a way to bet that an underlying asset will increase in price without purchasing that asset.

An ETF for gold, in turn, allows individuals to put money on the price movement of the precious metal rather than buy, lug and store the physical item.

Over the last 10 months, however, gold ETFs have incurred a net outflow of funds, meaning that on the whole the ETFs are losing investment rather than gaining it, Harvey said. That trend, he added, suggests retail investors are not a major cause of the price increase.

Gold is also widely viewed as a hedge against geopolitical unrest because the millennia-old store of value is perceived as an investment that could outlive calamity.

World Gold Council, a United Kingdom-based trade association for the gold industry, said global disruption could drive up prices this year, according to a January report.

"In addition to monetary policy, geopolitical uncertainty is often a key driver of gold demand and in 2024 we expect this to have a pronounced impact on the market," the World Gold Council report said.

For his part, Harvey cast doubt on the role of geopolitics in the price surge, since the onset of the rally did not coincide with the outbreak of the Israel-Gaza war in October.

Investors aiming to put money in gold can do it in a variety of ways. In addition to purchasing the gold bars on offer at some stores like Costco, investors can put funds into a variety of gold ETFs or buy shares in gold mining companies.

Individuals can also invest in gold futures, contracts to buy or sell gold on an agreed-upon date, which essentially amount to a bet on the movement of the price.

Investors should beware, however, Harvey said, noting that bullion typically generates modest returns over the period following an all-time high. UBS expects the price of gold to tick up to $2,500 by the end of the year, according to its report last week.

"Investing at an all-time high is very risky," Harvey said.

Reporters at Good Morning America contributed to this report.

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(NEW YORK) -- Tax season, beloved by few and dreaded by many, comes to a close on Monday. For some tardy filers, though, the task will just be getting started.

Up to one in three Americans waits until the last minute to file their taxes, according to a 2021 survey by IPX 1031. That amounts to tens of millions of people.

A portion of them will realize that they do not have enough time to submit their taxes by the end of Tax Day. Luckily, the Internal Revenue Service offers the opportunity to file for an extension.

Here’s what to know about whether to file for an extension, what it requires and how long it lasts:

What are the benefits of filing a tax extension?

A tax extension pushes back the filing deadline, affording taxpayers additional time to get their submission in order.

An extension, however, does not allow filers to delay payment. If a filer thinks he or she might owe the government money, then the person must hand over the estimated amount by April 15. If not, the filer stands at risk of paying penalties and interest.

When estimating how much they owe, filers should keep in mind changes to the tax code, such as updated tax brackets and new tax credits. Knowledge of those rules can help filers optimize their tax refund.

If a filer forgoes an extension and files late, the person risks additional fees for the tardy submission. The penalty amounts to 5% of the taxes owed for each month that the filing is late, up to a maximum of 25%.

Under such circumstances, the IRS mails a letter or notice alerting the filer of a late fee.

How do you file a tax extension?

Before filing an extension, a taxpayer can check to see if he or she qualifies for an automatic extension. That option is available to people who live in a federally declared disaster area, members of the military stationed abroad or in a combat zone and citizens living outside the U.S.

Otherwise, an extension can be submitted in one of three ways.

First, if an individual opts to pay the anticipated amount owed, he or she can check off an extension-request box in the IRS online payment portal.

Alternatively, a filer can submit an online extension request through the government’s free service, IRS Free File.

Finally, the taxpayer can always go about it the old-fashioned way by mailing the extension. Such filers should fill out the Form 4868 and send it to an address listed on the IRS website. The form requires filers to estimate the amount of tax owed for the filing year.

Tax professionals can also assist filers in obtaining an extension.

The extension request must be submitted by the end of the day on April 15.

How long does a tax extension last?

A tax extension lasts six months, meaning those who obtain an extension will be allowed to submit their tax forms without penalty until Oct. 15.

Some may not want their tax season to end before that, however. They’re welcome to file taxes at any point over the six-month period.

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