By Nathaniel Meyersohn, CNN One of the highest profile jobs in retail will change hands next year. Macy’s CEO Jeff Gennette will retire in 2024, the company announced Wednesday. Gennette, 61, has been Macy’s CEO for seven years. He led the 165-year-old department store chain through the rise of Amazon, the Covid-19 pandemic, and industry
Continue Reading By Anna Cooban, CNN Adidas is backpedaling fast over its latest attempt to protect its iconic three-stripe mark. The German sportswear company said Wednesday it was dropping its opposition to an attempt by a Black Lives Matter campaign group to trademark a logo featuring three parallel stripes. “Adidas will withdraw its opposition to the Black
Continue Reading By Danielle Wiener-Bronner, CNN Senator Bernie Sanders, who has roundly criticized former Starbucks CEO Howard Schultz over the company’s blatant attempts to shut down its own workers’ unionization efforts, finally got to question Schultz during a hearing before the Senate Health, Education, Labor, and Pensions Committee on Wednesday. Over the course of roughly two hours
Continue Reading By Julia Horowitz, CNN The Bank of England has called for urgent action to address a weak spot in the UK financial system as persistent worries about the global banking sector threaten to unleash fresh market turmoil. The central bank said Wednesday that UK banks had enough financial resources to avoid shocks but the pensions
Continue Reading By Chris Isidore, CNN Cal-Maine Foods, the largest egg producer in the United States, reported revenue doubled and profit surged 718% last quarter because of sharply higher egg prices. The company, which controls about 20% of the US egg market according to Reuters, said its average selling price for a dozen eggs in the quarter
Continue Reading By Jordan Valinsky, CNN Business The high price of eggs and other breakfast staples is forcing some to look for cheaper breakfast alternatives. How about ramen? Cup Noodles, the budget-friendly food company, has created a breakfast version of their instant ramen, which mixes together the flavors of sausage, maple syrup pancakes and eggs in a
Continue Reading By Alicia Wallace, CNN US Treasury Secretary Janet Yellen said she believes the American economy remains strong and its banking system is resilient despite some recent turmoil among regional financial institutions. “I’ve not really seen evidence at this stage suggesting a contraction in credit, although that is a possibility,” Yellen said at a press conference
Continue Reading From CNN’s Krystal Hur, Nicole Goodkind and Allison Morrow The-CNN-Wire™ & © 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
Continue Reading By Matt Egan, CNN Credit Suisse is complicit in ongoing tax evasion by ultra-wealthy Americans, including a potentially criminal conspiracy involving the failure to disclose nearly $100 million in secret offshore accounts held by a single family, a Senate investigation released Wednesday finds. The two-year investigation by Senate Finance Committee Chairman Ron Wyden alleges major
Continue Reading By Nathaniel Meyersohn, CNN Two major retail chains are closing roughly 800 stores. One company’s spaces likely will be filled, while the other’s may become empty, and unsightly, zombie stores. Retailers are already lining up to take over the approximately 400 shuttering Bed Bath & Beyond stores in strip malls, where customers can easily park
Continue Reading By Michelle Toh, CNN As many as 300 million full-time jobs around the world could be automated in some way by the newest wave of artificial intelligence that has spawned platforms like ChatGPT, according to Goldman Sachs economists. They predicted in a report Sunday that 18% of work globally could be computerized, with the effects
Continue Reading By Michelle Toh, CNN Alibaba showed off its answer to the ChatGPT craze on Tuesday, demonstrating new software that it plans to eventually roll out across all its platforms. The Chinese tech giant unveiled Tongyi Qianwen, a large language model that will be embedded in its Tmall Genie smart speakers and workplace messaging platform DingTalk.
Continue Reading By Michelle Toh and Hanna Ziady, CNN UBS is bringing back its former chief executive, Sergio Ermotti, to manage the hugely complex and risky task of completing the bank’s emergency takeover of rival Credit Suisse. The surprise appointment, announced Wednesday, highlights the scale of the challenge facing the Swiss lender as it executes a first-of-its-kind
Continue Reading By Taylor Romine, CNN California Gov. Gavin Newsom signed a bill into law Tuesday that gives the state’s energy commission oversight power on oil companies to determine potential price gouging and impose corresponding penalties. “Why is it that we are paying at peak $2.61 more per gallon of gasoline than the national average?” Newsom said
Continue Reading By Peter Valdes-Dapena, CNN Business The big Kia Telluride SUV, with three roomy rows of seats, has been a major hit for the South Korean car brand. So, for those ready to switch to electric vehicles, KIa just unveiled its all-electric big SUV. The Kia EV9, like the Telluride, has lots of seats and they
Continue Reading By Nathaniel Meyersohn, CNN America’s biggest companies rushed to strengthen their gun safety policies after the mass shooting at a high school in Parkland, Florida, in 2018. Dick’s Sporting Goods stopped selling semi-automatic, assault-style rifles at stores. Citigroup put new restrictions on gun sales by business customers. A year later, after mass shootings at a
Continue Reading By Matt Egan, CNN Two potential ownership groups are vying to buy the NFL’s Washington Commanders. Canadian billionaire Steve Apostolopoulos has officially submitted a $6 billion to buy the Commanders, a person familiar with the matter told CNN on Tuesday. The bid creates a head-to-head race for the Commanders between the Canadian businessman and a
Continue Reading By Peter Valdes-Dapena, CNN The National Highway Traffic Safety Administration has opened an investigation into model year 2022 and 2023 Tesla Model X SUVs because there may be a problem with their front seatbelt attachments. NHTSA will launch an investigation when there’s reason to believe there may be a safety issue requiring action such as
Continue Reading By Jennifer Korn Apple on Tuesday launched an option in its digital wallet allowing customers to pay for online purchases in installments, making it the latest company to embrace the buy now, pay later trend. The new feature, called Apple Pay Later, lets customers split payments for purchases into four installments over six weeks, with
Continue Reading By Oliver Darcy and Marshall Cohen, CNN Dominion Voting Systems said in a court filing Monday that it wants to put some of Fox News‘ top executives and most well-known hosts on the witness stand when its $1.6 billion defamation case against the right-wing network goes to trial. Among the network personnel that the voting
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