By Brian Myers | Published 17 seconds ago The longtime CEO of clothing giant Abercrombie & Fitch has been arrested on charges of sex trafficking men. Mike Jeffries, who ran the company from 1992 to 2014, was charged along with his partner Matthew Smith and an alleged middleman named James Jacobson following a lengthy investigation. … Read more
American consumers are being pulled in two opposite directions right now: by rising prices that threaten consumption on one side, and by low unemployment and rising wages that are fueling growth on the other. But Bank of America predicts that the two forces, with the help of a push from the Fed, will reach an … Read more
Amidst economic uncertainty, high interest rates, talent shortages, and rising capital costs, artificial intelligence (AI) is top of mind for many industries, governments, and academic institutions. While there is a long list of challenges that the health care sector must overcome, there is reason to believe that through AI, we are on the cusp of … Read more
One major problem for automakers as they transition to electric vehicles is that traditional cars still generally cost less. That matters to everyday car shoppers trying to make ends meet. In China, however, EVs are actually more affordable than gas guzzlers. And increasingly, Chinese EVs are being exported to markets around the world and sold … Read more
One day after Ford CEO said union activity was making him reconsider where the company puts its plants, the United Auto Workers union is threatening a strike at the company’s largest and most profitable factory. The union said Friday that nearly 9,000 workers at the Kentucky Truck Plant in Louisville will strike on Feb. 23 … Read more
Nike’s CEO John Donahoe blamed himself on Friday while saying the company was laying off more than 1,500 people—cuts that Donahoe said would “reignite our growth.” In a widely reported memo announcing the 2% cut to Nike’s workforce, Donahoe added that he didn’t take the decision to lay off thousands of employees lightly and put … Read more
Ford CEO Jim Farley is worried about competition from China’s electric vehicle makers. Chief among the threats is BYD—backed by Warren Buffett’s Berkshire Hathaway—which can produce vehicles at significantly lower costs than industry norms, partly because it owns the entire supply chain for its batteries, which account for roughly 40% of a new EV’s price. … Read more
After eluding profitability for two years, Coinbase executives celebrated posting $273 million in net income for the fourth quarter of 2023, putting the net profitability for all of 2023 at $95 million. Even before the earnings call, markets were reacting positively to Coinbase, with shares on Thursday closing up 3.3%—and rising about 13% after hours. … Read more