Federal Reserve officials said Wednesday that while there are signs the economy is slowing, the Fed was not yet ready to cut its key interest rate. Yet even as it held rates at their current level of about 5.5%, the Federal Open Market Committee’s latest statement included changes in language that acknowledged growing signs of economic weakness that suggest a ...
WOODLAND PARK, N.J. — Kohl’s is thinking small to rev up its sales. The retailer is opening Babies R Us shops in its existing stores across the country starting this week, and plans to have 200 by the end of September. The shops will carry a variety of baby merchandise that the company hasn’t offered before, including shampoo, strollers and car seats. ...
Call Don Draper, Venu Sports may have a marketing problem The Disney, Fox and Warner Bros. Discovery jointly-owned streaming service said Thursday it will launch this fall at $42.99 per month. That’s much more expensive than Netflix, Max, Peacock or any other major subscription streaming service. It’s a lot less than the $73-per-month YouTube TV or a standard cable bundle — but those offerings include a wide ...
Online home goods company Wayfair saw sales decline in its fiscal second quarter as its CEO called the current slowdown in the home goods category “unprecedented” — and likened it to the 2008 financial crisis. “Our credit card data suggests that the category correction now mirrors the magnitude of the peak to trough decline the home furnishing space experienced during the great ...
Amazon must notify customers about and remove products deemed dangerous that it sells through its website, federal regulators ruled Tuesday. In a unanimous decision, the Consumer Product Safety Commission said that as a ‘distributor,’ Amazon ultimately bears legal responsibility for affected products’ recalls, even if they are sold in the first instance by third-party sellers using the Fulfilled by Amazon ...
Texas Attorney General Ken Paxton has won a $1.4 billion settlement from Facebook parent Meta over charges that it captured users’ facial and biometric data without properly informing them it was doing so. Paxton said that starting in 2011, Meta, then known as Facebook, rolled out a “tag” feature that involved software that learned how to recognize and sort faces ...
Starbucks on Tuesday reported quarterly revenue that missed analysts’ expectations as both its U.S. and international cafes faced weaker demand. Shares of the company rose more than 1% in extended trading. Here is what the company reported compared to what Wall Street was expecting, based on a survey of analysts by LSEG: The coffee giant reported fiscal third-quarter net income attributable to the ...
Amid surging summer heat, the earth reached a new hottest day on record on July 22. That day, the global average temperature was almost 63 degrees Fahrenheit, and was surrounded by similar high temperature days. Across the U.S. this summer, many areas have experienced unrelenting heat waves. As a result, many Americans face a tough tradeoff between paying higher cooling costs or suffering in ...
Boeing has named Robert “Kelly” Ortberg to replace CEO Dave Calhoun, picking a longtime aerospace veteran from outside the company as the manufacturer struggles to regain its footing from its safety and manufacturing crises. He will start Aug. 8. Ortberg, 64, previously led major aerospace supplier Rockwell Collins, which later became Collins Aerospace, leading major acquisitions, including one early in his tenure. The ...
DETROIT — Automaker Stellantis plans to once again reduce its U.S. employee headcount through a broad voluntary buyout, as the company attempts to reduce costs and boost profits. In an email to employees Tuesday morning, the company said it would offer a voluntary separation program to non-union U.S. employees at the vice president level “and below in certain functions.” The company, which ...