Business News

Goldman Sachs unit pleads guilty in Malaysian bribery case and agrees to pay $2.9 billion

Goldman Sachs’s Malaysian subsidiary has pleaded guilty to charges that it conspired to violate US anti-bribery laws in a massive scheme involving the Southeast Asian country’s sovereign wealth fund, known as 1MDB. Goldman has agreed to pay about $2.9 billion to various authorities. About $1.3 billion of that will go to the US Justice Department,…

Morgan Stanley to cover tuition for 60 students at three HBCUs

Morgan Stanley announced a new program to provide full scholarships for 60 students at three historically Black colleges and universities, known as HBCUs — the latest move by a major bank to try to confront racial inequalities in the United States. The scholarships are part of the bank’s HBCU Scholars program, which will provide four-year…

Santa is skipping Macy’s for the first time in 159 years

There will be no miracle on 34th Street this year. Santa Claus won’t be visiting any Macy’s stores in 2020, ending a 159-year holiday season tradition. The department store’s tradition started in 1861, but Santa meet-and-greets won’t be happening this year because of concerns about the coronavirus pandemic. Instead, Macy’s is creating an interactive virtual…

Guinness may actually be good for you now: There’s a non-alcoholic version

Every Guinness Irish stout has contained alcohol for the past 261 years. Until next week. Guinness announced 0.0, a non-alcoholic version of its famous stout, will go on sale in the UK and Ireland Monday at select retailers, and it will go on sale elsewhere — including pubs — in the spring. The drink isn’t…

Time replaces its logo for the first time in its history. Now, it says ‘Vote’

For the first time ever, Time magazine’s logo will be replaced with an imperative — “VOTE.” It’s both a call to action for readers and a mission statement for the November 2 double issue, which covers the final days of the 2020 presidential election. “Few events will shape the world to come more than the…

Viagogo’s $4 billion purchase of Stubhub is in trouble

The $4 billion takeover of US ticketing resale platform StubHub by its European rival Viagogo was thrown into jeopardy on Thursday after Britain’s competition watchdog said it could require the companies to part ways. The Competition and Markets Authority (CMA) said in a statement that the deal is “likely to result in a substantial lessening…

Invisalign maker gets big boost from TikTok star Charli D’Amelio

Invisalign maker Align Technology just blew past Wall Street’s forecasts, thanks to endorsements from one of TikTok’s biggest stars. Align Technology said in its third quarter earnings report Wednesday that sales of its Clear Aligner cases for teenagers rose nearly 26% from a year ago. That helped lift overall revenue and earnings, which topped Wall…

It’s shocking that Jamie Dimon is urging a peaceful transfer of power. Here’s why

JPMorgan Chase CEO Jamie Dimon is urging all Americans this election to respect the democratic process, especially the peaceful transfer of power. “The peaceful and stable transition of power ― whether it is to the second administration of a president or a new one ― is a hallmark of America’s 244-year history as an independent…

Tesla is knocking on the door of the S&P 500

Tesla could have been added to the S&P 500 earlier this year. Instead, it was snubbed, shocking the bullish investors that have driven the company’s shares up more than 400% this year. But the electric carmaker’s pitch for joining the exclusive index of top US companies appears to be strengthening. What’s happening: Tesla reported its…

American Airlines and Southwest trim losses but still lose billions of dollars

American Airlines and Southwest Airlines both reported billions of dollars in losses Thursday, but that’s what passes for an improvement in the battered industry these days. American, the world’s largest airline, reported it lost $2.8 billion in the third quarter excluding special items. That’s down from the $3.4 billion it lost in the second quarter…

Wendy’s just released a new fried chicken sandwich

Wendy’s is reentering the fried chicken sandwich battle with a new competitor. The chain has a rolled out the Classic Chicken Sandwich, which features a crispier and juicier fried-chicken filet compared to its predecessor and is topped with mayo, a slice of tomato, lettuce, and pickles — all placed on a toasted bun. The sandwich…

HBO Max has added 8.6 million US subscribers

HBO Max — WarnerMedia’s answer to Netflix, Disney+ and the like — is catching on quickly. The company doubled the number of HBO Max subscribers last quarter and now has 38 million HBO and HBO Max customers. That’s enough to surpass HBO’s year-end target. AT&T, which owns CNN parent company WarnerMedia and the fledgling streaming…

‘Selfish and reckless.’ More than 700 economists strongly oppose Trump’s reelection

More than 700 economists, including seven Nobel Prize winners, are urgently warning against the reelection of President Donald Trump, citing what they describe as a “sustained assault” on democracy, a fumbled response to the pandemic and the spread of “dangerous misinformation.” “In just one term in office, Donald Trump has rendered the United States unrecognizable,…

This is what Burger King’s new reusable packaging looks like

Burger King is planning to test reusable containers starting next year as part of its efforts to reduce waste. The trial is part of a partnership with TerraCycle’s zero-waste delivery platform, Loop. Customers can opt in for reusable packaging for menu items such as sandwiches, soft drinks and coffee. They can then return the reusable…

US designates six more Chinese media companies as foreign missions

The United States government has labeled six more Chinese media companies operating in the US as foreign missions in the latest round of tit-for-tat between Beijing and Washington over restrictions on journalists. US Secretary of State Mike Pompeo announced the decision at a press briefing on Wednesday, saying that the six media companies were “substantially…

McAfee goes public…again

Cybersecurity company McAfee made its return to Wall Street on Thursday. McAfee priced its initial public offering late Wednesday at $20 a share and raised $740 million from the sale of 37 million shares. But the stock opened Thursday morning below $19, a 6% drop. At that price, McAfee is worth $8 billion. The company…

Delivery gave Chipotle sales a lift. But that’s a problem

Delivery is soaring in popularity as people order in instead of going to restaurants in the pandemic. That’s not entirely good news for Chipotle. The company said on Wednesday that while delivery helped send its revenue up 14% in the quarter ended Sept. 30, the costs associated with that hurt its profit. Shares of the…

Short-form video app Quibi is shutting down after just six months

Much like its content, Quibi didn’t last very long. Quibi, the app that staked its future on short videos, is shutting down just six months after it launched, the company announced Wednesday. “We started with the idea to create the next generation of storytelling and because of you, we were able to create and deliver…

JPMorgan is taking on Square with a new card reader

Square and PayPal are disrupting the commercial banking industry. Now, the United States’ largest bank is fighting back. On Wednesday, JPMorgan Chase released a card payment provider, QuickAccept, as part of a new checking account service called Business Complete Banking. With the new service, the bank is hoping to attract small-business owners, a spokesperson said.…

Warning to Wall Street: SPACs may be out of control

Reverse mergers were long reserved to the backwaters of Wall Street. Today, they’ve become the hottest way to go public. Virgin Galactic, DraftKings and Nikola have all gone public by merging with special purpose acquisition companies, or SPACs. Even Playboy is joining the SPAC craze. High-profile dealmakers including billionaires Bill Ackman, Richard Branson and even…

Bitcoin prices surge after Paypal jumps into the cryptocurrency business

PayPal is launching its own cryptocurrency service, allowing people to buy, hold and sell digital currency on its site and applications. The online payments company declared adding crypto was a significant milestone on the path to mainstream adoption of cryptocurrencies such as bitcoin. Bitcoin investors agreed: Prices rose 5% on the news Wednesday. The efficiency,…

A mask startup is rapidly expanding into empty mall stores

Covid-19 Essentials is a pandemic-specific store for all your pandemic-specific needs, and the growing business already has eight locations at malls across America. The company sells a wide variety of more fashionable face masks and even makes personalized masks on location using materials like cotton and silk. Those willing to fork over a bit more…

The ‘Code Red’ scenario for Google

The Trump administration sued Google on Tuesday in what is the largest antitrust case against a tech company in more than two decades. At the heart of the government’s lawsuit is a secretive deal under which Google allegedly pays billions of dollars a year to Apple to ensure that its search product is the default…

Apollo Global Management CEO requests board review of his ties to Jeffrey Epstein

The board of private equity firm Apollo Global Management is reviewing ties between its CEO Leon Black and convicted sex offender Jeffrey Epstein, according to an Apollo spokesperson. Black requested the board’s conflict committee review and independently confirm information he provided about his professional relationship with Epstein, according to the spokesperson. “Mr. Black has previously…

Whole Foods will now get your groceries ready for pickup in one hour

Amazon is expanding one-hour grocery pickup across all of its nearly 500 Whole Foods stores in the United States. The free service is available for Prime subscribers on orders $35 or more and begins Wednesday. Previously, this service was only available at select Whole Foods locations. Amazon, which bought the upscale grocery chain for $13.7…

Wall Street could call the 2020 election before the media does

With an unprecedented number of mail-in ballots to count, news organizations will probably exercise extreme caution before declaring a winner on the night of the election. Wall Street, on the other hand, isn’t known for its patience. Investors will be closely scrutinizing the results from pivotal battleground states, especially ones on the East Coast that…

Tesla’s China factory is about to play an even bigger role in its global ambitions

Tesla began making cars in China about a year ago to bolster its presence in the world’s largest auto market. Now the country is about to become an even more critical part of its global strategy. The electric automaker will soon start exporting Chinese-made vehicles to Europe, Chinese state-run news outlet Xinhua reported Monday. The…

The pandemic is speeding up automation, and 85 million jobs are on the line

Bank tellers are out and robotics engineers are in, according to a new report that says the coronavirus recession is accelerating technological changes that could displace 85 million jobs within the next five years. “Automation, in tandem with the Covid-19 recession, is creating a ‘double disruption’ scenario for workers,” said the report published Wednesday by…

Impossible milk could be coming to your cereal bowl

Impossible Foods, the company known for making plant-based meat designed to taste, cook and look like real meat, may soon get into milk. An Impossible milk, which is still in development, would be nothing like soy or other plant-based milks, promised CEO Pat Brown. Instead, the company wants the beverage to taste like the real…

Disneyland isn’t close to reopening

Disneyland will likely stay closed for several more weeks after California released its long-awaited guidance Tuesday for how theme parks in the state can safely reopen. Disney’s California parks, which have been closed for seven months, will be allowed to reopen at just 25% capacity, and only after the county where it’s located reaches a…

Soon FedEx won’t require boxes and labels when you make some returns

Soon, you may not need a label or a box when you’re trying to return something at FedEx. The company is working with Happy Returns, an e-commerce return technology company. Customers will be able to return products in person — without a box or label — for an immediate refund or exchange from participating retailers.…

Netflix shares fall after it reports slowing subscriber growth

Netflix stock fell around 5% in after-hours trading Tuesday after the company posted slowing growth in new subscriptions and lower-than-expected profits, a sign that the streaming giant’s pandemic bump may be petering out. The company said it added 2.2 million net memberships in the three months ended September 30, down from 6.8 million new memberships…

Maker of insanely popular shoes moves into eco-friendly clothing

If you’ve ever wanted to wear a T-shirt made of discarded crab shells, now’s your chance. Yes. Really. Allbirds — the footwear company known for making shoes from sustainable materials such as merino wool and sugarcane waste — is launching its first apparel line. The collection, for men and women, includes a T-shirt made of…

3 key swing states have higher unemployment than the national average

America’s jobs recovery continued in September, but with two weeks to go until Election Day, plenty of states still have unemployment rates higher than the national average. Three of them are key swing states: Pennsylvania’s jobless rate stood at 8.1% last month, Michigan’s was 8.5% and Ohio’s came in at 8.4%, the Bureau of Labor…

Berkshire Hathaway fined for alleged Iran sanctions violations

A foreign subsidiary of Berkshire Hathaway appears to have violated US sanctions on Iran, the Treasury Department said Tuesday. Berkshire, the conglomerate run by the legendary investor Warren Buffett, agreed to pay $4.1 million to settle its potential civil liability over the matter. The Treasury Department said that between late 2012 and early 2016, Iscar…

Lowe’s will deliver your Christmas tree for free this year

Lowe’s is offering free Christmas tree delivery for the first time as home-bound Americans start the holidays earlier than usual. Beginning October 30, can order fresh-cut trees and wreaths online or at its stores and have them delivered within two to five days. Delivery is free as long as the order is $45 or more.…

Rush Limbaugh says his lung cancer is terminal

Rush Limbaugh, the conservative talk show radio host, is battling stage 4 lung cancer and said Monday he’s had a setback in his prognosis. “The scans did show some progression of cancer,” he told listeners of his radio show. He later added: “It’s not dramatic, but it is the wrong direction.” The 69-year-old was diagnosed…

UBS is powering through the pandemic

UBS is returning billions of dollars to shareholders after reporting a huge profit surge even as the pandemic continues to ravage the global economy. The world’s largest wealth manager said in a statement Tuesday that third-quarter net profit nearly doubled to $2.1 billion compared to the same period last year. The strong result was driven…

Exxon denies Trump called CEO for money. But Big Oil is donating way more to Trump than Biden

President Donald Trump is a fierce backer of the fossil fuels industry. And that support is paying off big time in the money race. Trump is crushing Joe Biden in campaign donations from the embattled oil-and-gas industry. The president and outside groups aligned with him have raised nearly $13 million from individuals at oil-and-gas companies,…

Why investors shouldn’t count on another big stimulus package

The prospect of US lawmakers producing another big stimulus package before the election has tantalized investors for months. But there are good reasons to think additional relief won’t arrive anytime soon. The Dow closed down 1.4% on Monday as the 48-hour clock on stimulus negotiations imposed by House Speaker Nancy Pelosi ticked down without a major…

TSA tops 1 million passenger screenings for the first time since March

Air travel appears to be on the rise after facing challenges from the coronavirus pandemic. More than 1 million passengers were screened by the Transportation Security Administration on Sunday, according to the agency. Airport screenings reached a total of 1.03 million people, the most since March 16. But that’s still down from the same day…

Biden could benefit from the exodus to suburbs

The US housing market has remained red-hot this year during the pandemic as some flee expensive coastal cities for the suburbs. And experts say there could be election consequences. These urban-dwellers likely aren’t trying to make a political statement: They’re simply looking for more space and cheaper prices. But if more Democrat-leaning voters are suddenly…

The rich really are different: They’re buying more jewelry during Covid

Here’s the latest sign of economic divide between the haves and have-nots in the pandemic: Rich people are buying more high-end jewelry like diamond rings and gold necklaces. According to Edahn Golan, founder of Edahn Golan Diamond Research & Data, purchases of fine jewelry in the US recovered from the early months of the pandemic…

Stocks sink on dashed hopes for stimulus

Wall Street was on a wild ride Monday, with the Dow swinging wildly between highs and lows. Stocks opened moderately higher on hopes that a stimulus deal might still get done ahead of the election, as well as buoyant economic news out of China. But it wasn’t meant to last. With less than an hour…

America’s jobs market is in crisis — no matter who wins the election

The election is only 15 days away. But no matter who wins the US presidential contest in November, one of the most pressing problems for the administration to solve will be America’s broken jobs market. “The harsh reality is that whoever the president is on January 20 has his work cut out for him,” said…

Business leaders should speak up for democracy, LinkedIn co-founder urges

LinkedIn co-founder Reid Hoffman wants his fellow business leaders to unite around one thing — the need for a calm election in which every vote is counted. “Business leaders need to speak up and they need to speak up on the democratic process,” Hoffman told CNN’s Julia Chatterley Monday. He urged his corporate counterparts to…

CVS is filling thousands of pharmacy jobs to battle coronavirus

CVS Health is hiring 15,000 more employees in addition to the 50,000 previously hired as it braces for an onslaught of more Covid-19 and flu cases. The chain said Monday that more than 10,000 of the positions will be a mix of full-time and part-time positions for licensed pharmacy technicians. In addition to their normal…

The oil industry is in crisis. ConocoPhillips is doubling down

Despite the gloom-and-doom in the oil industry and the specter of a blue wave in Washington, ConocoPhillips is doubling down on crude by making a major acquisition. Conoco on Monday announced a $9.7 billion all-stock takeover of Concho Resources, a fracker squarely focused on the Permian Basin, the massive West Texas oilfield at the heart…

Adele says she’s hosting ‘Saturday Night Live’ on October 24

Singer Adele has confirmed that she will host “Saturday Night Live” on October 24. It will be almost 12 years to the day since she last appeared on the NBC show, Adele wrote on Instagram, crediting the appearance with launching her career in the US. “Bloooooody hellllll I’m so excited about this!! And also absolutely…

Back after 20 years, the Land Rover Defender is named MotorTrend SUV of the Year

MotorTrend named the new Land Rover Defender as its 2021 SUV of the Year. The newly designed Defender recently returned to the US market after the model had not been sold here for more than 20 years. Like the Jeep Wrangler or Ford’s Bronco, the Defender is built to withstand serious off-road use — even…

China’s economy is the envy of the world

China’s economy expanded by 4.9% in the third quarter compared to the previous year, according to government data published Monday, showing the rest of the world what’s possible when Covid-19 is brought under control. The pace of growth was a tad slower than economists had expected. But there were plenty of signs of strength, with…

Netflix had a great 2020. But 2021 could be rough

Hollywood has had a disastrous 2020 with the coronavirus pandemic leaving the entertainment industry reeling. But Hollywood’s loss is Netflix’s gain. Netflix thrived in 2020 as people were stuck at home during the global health crisis. The company posted colossal subscriber gains over the past two quarters, which helped drive its stock up nearly 70%…

China’s economic recovery gains even more momentum

China’s economy is picking up steam as the country continues to dig its way out of the turmoil caused by the coronavirus pandemic. The world’s second largest economy expanded 4.9% in the July-to-September quarter compared to a year ago, according to government statistics released Monday. The pace was quicker than the 3.2% increase that China…

Time correspondent: American voters are plagued by a ‘nation of misinformation’

Misinformation has claimed the spotlight yet again ahead of the 2020 election. So much so that many American voters seem to care less and less what’s proven to be fact or false, Time Magazine national correspondent Charlotte Alter says. On Sunday’s broadcast of “Reliable Sources,” Alter told CNN’s Brian Stelter that a number of voters…

Joe Biden has his own island on ‘Animal Crossing’ where you can learn about his campaign

As Election Day approaches, Joe Biden and his team are exhausting all efforts to reach voters — even taking their campaign to a popular video game. The Biden Campaign on Friday launched new headquarters in “Animal Crossing: New Horizon,” where players can visit an island called Biden HQ and learn all about the presidential candidate.…

The anatomy of the New York Post’s dubious Hunter Biden story

Last week, the New York Post published a dubious story about Hunter Biden, the son of Democratic presidential nominee and former Vice President Joe Biden. The Post story claims Hunter Biden helped arrange a meeting between Joe Biden and an executive at a Ukrainian energy company Burisma in April 2015. The series of stories contained…

American Airlines plans to return the 737 Max to service in December

American Airlines is planning to return the Boeing 737 Max to service for passenger flights by the end of the year. The return-to-service dates are “highly dependent” on recertification from the Federal Aviation Administration, the airline said on Sunday. The Max has been grounded worldwide since March 2019 following two crashes that killed 364 people.…

Covid-19 vaccine company under federal investigation after allegedly misrepresenting its role in government program Operation Warp Speed

California biotech company Vaxart, which is working on a Covid-19 vaccine, is under federal investigation and is being sued by a number of investors for allegedly exaggerating its involvement in the US government’s Operation Warp Speed program for developing Covid-19 vaccines and treatments. Vaxart stated in an October 14 Securities and Exchange Commission filing that…

These companies’ workers may never go back to the office

As the United States prepares for another wave of the coronavirus, some companies are making plans to keep their employees remote for the forseeable future. Here are some companies that might never go back to the structure of a traditional office. Dropbox The tech company’s nearly 3,000 employees will continue to work remotely the majority…

Lockdowns in Europe are a warning to the United States

The coronavirus is surging again in Europe, forcing harsh new restrictions in London and Paris as governments carefully weigh their next steps. That’s bad news for the region’s economic recovery — and puts the United States on notice ahead of a difficult winter. What’s happening: Paris has imposed an overnight curfew. In London, people from…

‘SNL’ takes on the dueling town halls between Trump and Biden

Instead of a presidential debate, this week had dueling town halls between President Donald Trump and former Vice President Joe Biden. “Saturday Night Live” covered both, like many viewers, by flipping back and forth between the two. “One town hall was a thoughtful, cogent discussion of the issues facing our country,” the show’s announcer said…

You can now rent a private AMC theater for just $99

A crisp Benjamin Franklin can get you your own private AMC movie theater. AMC Theatres joins a handful of cinemas letting customers rent out auditoriums for private screenings — a growing trend due to the Covid-19 pandemic. AMC allows rentals of up to 20 people. According to its website, rates start at $99, excluding tax,…

Halloween is going to look very different during the pandemic

Halloween, a holiday that brings Americans together over a shared love for candy and costumes, will look very different during the pandemic. As families reconsider Halloween traditions, companies that usually rely on Halloween for sales have been shuffling to adapt. Here’s what Halloween will look like this year. Candy The Covid-19 pandemic is putting a…

Software CEO Robert Brockman charged in $2 billion tax evasion case

Texas tech mogul Robert T. Brockman has been charged in a $2 billion tax evasion case, the largest ever tax charge in the United States, law enforcement officials said. A federal grand jury returned an indictment alleging that Brockman, the CEO of software company Reynolds & Reynolds, engaged in tax evasion, wire fraud, money laundering…

US debt hasn’t been this high since World War II. That’s ok…for now

The amount of money that the United States owes investors has hit record levels in more than a few ways, based on new numbers reported Friday by the US Treasury. Both the annual deficit and total debt accumulated over the years has topped levels not seen since World War II. On Friday, the US Treasury…

Demand for pets is soaring during the pandemic. This company is cashing in

When the pandemic first hit, things were looking precarious for pet supply company West Paw’s ordinarily steady business. But then people were suddenly spending more time at home, locked inside with their pets. People who’d never owned pets before started adopting them in droves. That’s resulted in extra attention — and dollars — going toward…

Classic Disney films now have stronger advisories warning of racist content

Disney+ subscribers who log on to watch classic films like “Lady and the Tramp” or “Peter Pan” now see stronger advisory messages warning of racist content. “As part of our ongoing commitment to diversity and inclusion, we are in the process of reviewing our library and adding advisories to content that includes negative depictions or…

Boeing is nearing a long-delayed approval for the grounded 737 Max

Boeing appears close to securing key regulatory approvals for its grounded 737 Max to fly again — a potential lifeline for the struggling plane maker. The approval process has moved at a glacial pace, taking more than a year longer than Boeing had hoped. Even with the recent progress, there are many bureaucratic procedures, plane…

The future of public transportation in the US depends on who wins the election

The fate of some US transit agencies may be on the line in the upcoming presidential election. Public transportation systems are in dire straits as the Covid-19 pandemic has cut into their ridership and revenue. They’re counting on increased federal aid to survive until ridership returns to normal. Most expect to cut staff or service…

More people watched Biden on ABC than Trump on NBC, MSNBC and CNBC

Joe Biden’s town hall on ABC averaged 13.9 million viewers on Thursday night, easily surpassing the Nielsen ratings for President Trump’s town hall on NBC. That alone was a result virtually no one in the TV business expected. And that’s not even the most surprising part. The Trump town hall was simulcast by two of…

Pfizer may file for early Covid-19 vaccine use — but not until after the election

The Covid-19 vaccine Pfizer is developing with Germany’s BioNTech will probably not be available for emergency use until after the US presidential election, the company said Friday. In an open letter published on the company’s web site, Pfizer chairman and CEO Albert Bourla said that there must be certainty that the vaccine is safe and…

Peloton recalls pedals on 27,000 exercise bikes after reported injuries

Peloton has issued a voluntary recall on pedals used on about 27,000 of its exercise bikes because of a reported “laceration hazard.” The in-home fitness company announced the recall on its PR70P clip-in bike pedals on Thursday in cooperation with the US Consumer Products Safety Commission. The federal agency says Peloton has received at least…

How to election-proof your portfolio

Many market experts are trying to figure out what might happen to stocks after the election: A blue wave? Trump gets re-elected? A contested election tied up in the courts? But some strategists believe it’s a waste of investors’ time to go through all the possible political permutations. It may be best to just ignore…

Coca-Cola is discontinuing Tab after nearly 60 years

RIP, Tab. After nearly 60 years, Coca-Cola is discontinuing its first-ever diet soda, Tab, which acquired a huge fan base in the ’70s and ’80s and maintained a small but devoted following through the years. Tab is one of several “underperforming” products Coke has said it is eliminating from its brand lineup by the end…

Retail sales rose in September as people kept shopping

Retail sales climbed in September for the fifth straight month as people spent on clothing, sporting goods, furniture and other items in stores and online. US retail sales rose 1.9% in September, the Commerce Department reported Friday. That’s well above the 0.7% rise predicted by economists surveyed by Refinitiv. In August, retail sales grew 0.6%.…

People are buying luxury goods again. That’s a good thing

At first glance, the number of people buying pricy leather bags may not seem like a helpful bellwether for the health of the global economy. But solid earnings at LVMH, the fashion conglomerate that owns brands like Louis Vuitton, Fendi and Dior, are a good indicator that consumers are getting comfortable spending on big-ticket items…

Robinhood says a ‘limited number’ of accounts were recently hacked

Trading app Robinhood said that a “limited number” of customer accounts were recently targeted by cyber criminals, though the service itself was not hacked. Hackers compromised users’ personal email accounts outside of the trading app, and used those emails to gain access to customers’ Robinhood accounts, a Robinhood spokesperson said in a statement. While Robinhood…

Obama condemns current media ecosystem, citing Fox News, Rush Limbaugh, and spread of QAnon

Former President Barack Obama skewered the state of America’s media ecosystem, lamenting the fact that wild conspiracy theories such as QAnon have found haven in the Republican Party and calling out Fox News for its role in corrupting the public conversation. In a Wednesday interview with “Pod Save America,” a podcast hosted by former members…

Amazon just had its biggest Prime Day ever. But this year, it’s not hyping that up

Each year Amazon has held Prime Day, the retailer has touted that the savings event shattered prior Black Friday or company sales records. But this year, Amazon took a different tack in its annual announcement on results from the shopping event, playing up how small businesses benefited from Prime Day instead. The change comes as…

Fisker finds a partner to make its electric Ocean SUV

Fisker, a Manhattan Beach, California-based electric car maker is partnering with Magna International, a major contract auto manufacturing company based in Canada, to build its new electric SUV. Unlike Tesla, which has its own car factories and has plans for more, Fisker plans to outsource the building of its cars. It has arranged for Magna,…

C-SPAN political editor Steve Scully suspended after admitting he lied about his Twitter feed being hacked

C-SPAN said Thursday that Steve Scully, the network’s senior executive producer and political editor, has been placed on “administrative leave” for lying about being hacked earlier this month. Scully admitted to “errors in judgement” and apologized in a statement. And President Trump took a victory lap, proclaiming on Twitter, “I was right again!” Scully had…

Elizabeth Warren demands investigation into elite investors accessing Trump briefings

Senator Elizabeth Warren is calling on US financial regulators to investigate whether insider trading laws were violated when elite investors reportedly got wind of private concerns voiced by Trump officials about the pandemic in late February. “Numerous investors may have used this early and insider information about the looming, tragic economic and public health consequences…

Fastly shares plunge on worries about TikTok

Fastly shares plunged nearly 30% Thursday morning after the company said that demand from its largest customer — TikTok’s owner, ByteDance — “did not meet expectations.” In a preliminary third-quarter earnings report, the cloud computing service said it expects quarterly revenue of about $70 million to $71 million, which falls below analyst projections of $73.5…

NordicTrack owner sues Peloton for allegedly stealing bike features

The maker of NordicTrack and other in-home fitness brands has sued Peloton, claiming its cycling rival stole features for its newest stationary bike. The lawsuit filed by Icon Health and Fitness on Thursday alleges patent infringement. Icon claims that two new features in Peloton’s Bike+ — a swiveling touchscreen and the bike automatically changing resistance…

The ‘MAGA’ ETF is trailing the market for one major reason

With less than three weeks until Election Day, President Trump is trailing Joe Biden in the polls. And an ETF whose ticker is the acronym for Trump’s famous campaign slogan is lagging the market, too. The Point Bridge GOP Stock Tracker ETF, which trades under the symbol MAGA, is down 8% this year — in…

Electric car maker Nio was in a slump in March. Its stock is up 1,000% since then

China’s wannabe “Tesla killer” is on a wild ride. Just seven months ago, Shanghai-based electric vehicle maker Nio was seen as a cautionary tale. Its stock had cratered to less than $3 a share in New York trading, investors were calling the company a flop that put them off other startups, and it was bleeding…

Stocks slip on concerns about no stimulus deal and more Covid restrictions to come

US stocks were down Thursday afternoon, though they rebounded from their lows of the day. Investors have plenty to worry about: There is still no US stimulus deal on the horizon and Europe is returning to restrictions to limit the spread of Covid-19. Wall Street opened sharply lower but has since pulled back from their…

Borrowing is dirt cheap. These countries are cashing in

The world is going to exit the coronavirus crisis with huge piles of debt. What’s happening: Unprecedented support from central banks has unlocked a surge of borrowing by governments around the world as they look to fund expensive coronavirus relief efforts. According to the International Monetary Fund, the ratio of sovereign debt to GDP in…

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