Shein grilled on China relationship, data privacy ahead of IPO
A sign hangs outside the Shein warehouse in Whitestown, Indiana, on Nov. 29, 2023. Scott Olson | Getty Images The chair of a powerful House committee is drilling down on Shein’s data privacy practices and its relationship with the Chinese Communist Party as the fast-fashion giant moves closer to a U.S. initial public offering. Reps. […]
Citigroup to close distressed-debt desk as bank’s overhaul continues: reports
Citigroup Inc. is reportedly closing its distressed-debt business as the latest part of Chief Executive Jane Fraser’s overhaul of the major Wall Street bank. The move, reported Wednesday by Bloomberg and CNBC, follows Citi’s announcement last week that it will shutter its municipal-bond group by the end of March. The bank’s distressed-debt desk currently employs […]
Warner Bros. Discovery, Paramount in merger talks
Warner Bros. Discovery and rival Paramount Global are in early merger talks, sources familiar with the matter told CNBC. Warner Bros. Discovery CEO David Zaslav and Paramount CEO Bob Bakish met Tuesday to discuss the contours of a possible deal, said the sources, who declined to be named since the talks are private. The discussions […]
13 media executives make 2024 predictions
NYT Columnist Andrew Ross Sorkin and C.E.O. of The Walt Disney Company Bob Iger speak during the New York Times annual DealBook summit on November 29, 2023 in New York City. Michael M. Santiago | Getty Images It’s the most wonderful time of the year! It’s the third annual anonymous media and entertainment executive predictions […]
Opinion: Retirement is coming. How do you make yours a good one?
Not long ago, the company I founded, Berkshire Global Advisors, celebrated 40 years in existence. It was a joyful and fun-filled evening atop a Manhattan tower with old friends, colleagues, and clients taking an unforgettable trip down memory lane. Though I am not involved daily anymore, I care deeply about the organization. It is also […]
Mortgage demand slips despite drop in interest rates
House for sale with “For Sale” real estate sign in yard in spring or summer season. No people. Fstop123 | E+ | Getty Images Mortgage demand fell last week compared with the previous week, despite a continued drop in rates, according to the Mortgage Bankers Association‘s seasonally adjusted index. The average contract interest rate for […]
Inflation’s path will drive the stock market next year. Here’s one playbook.
There was new data out of the U.K. on Wednesday morning, showing prices falling more than expected, further evidence that a global disinflationary trend is under way. How far and how long inflation will last are the key questions now for a stock market that has thrived in 2023, with the S&P 500 surging 24%. […]
GM has cut its Buick dealership network in half through buyouts
DETROIT – General Motors has cut the size of its Buick dealership network roughly in half in the U.S. through an ongoing voluntary buyout program, an executive told CNBC. The 1,000-store reduction aims to increase the amount of sales per location, or throughput, and profits at the remaining dealers, according to Duncan Aldred, global head […]
Tesla halting merit-based stock awards as part of compensation: report
Tesla Inc. has reportedly told some employees that merit-based stock grants won’t be included as part of overall compensation this year. Four salaried employees told Bloomberg News that no workers would get the stock awards that are usually given out. That was true even for top performers, they said in a report that published Wednesday. […]
Southwest Airlines, pilots union reach labor deal
Southwest Airlines ranked as the second-best domestic airline, according to Bounce’s 2023 Airline Index. Aaronp/bauer-griffin | Gc Images | Getty Images Southwest Airlines and its pilots’ union have reached a new preliminary labor agreement, ending months of tense negotiations. Southwest is the last of the largest U.S. airlines to strike a deal that is set […]
