The Prada Group has completed its €1.25 billion ($1.4 billion) acquisition of Milan fashion house Versace, bringing the brand under the same umbrella as Prada and Miu Miu. Lorenzo Bertelli, Prada heir, will serve as Versace’s executive chairman while maintaining his roles as Prada Group marketing director and sustainability chief. Versace, ranked among the world’s top 10 most recognized fashion brands, had been underperforming under … Continue reading Prada Group says it has purchased fashion rival Versace in a deal worth nearly $1.4 billion

Costco has sued the Trump administration, asking the Court of International Trade to declare all tariffs imposed under the International Emergency Economic Powers Act (IEEPA) unlawful and seek a full refund. The company argues that IEEPA does not authorize the president to impose import duties, a use of the law first attempted by Trump. The Supreme Court is currently reviewing the legality of Trump’s tariff … Continue reading Costco sues the Trump administration, seeking a refund of tariffs

U.S. Black Friday retail sales rose 4.1% from last year, with online spending hitting $11.8 billion, up 9.1%, though inflation may mean real spending growth was closer to 1%. Consumer behavior is sharply divided: high-income shoppers continue to spend on luxury items and travel, while low- and middle-income consumers are cutting back due to rising prices and job concerns, reflecting a K-shaped economy. Higher costs … Continue reading Black Friday sales up by 4.1% from last year, online spending jumps 9.1%

South Korean authorities are investigating a major data breach at e-commerce giant Coupang, which exposed the personal information of over 33 million customers, marking the country’s worst such incident in more than a decade. The breach, believed to have started on June 24, involved overseas servers and exploited authentication vulnerabilities in Coupang’s systems. While names, email addresses, phone numbers, shipping addresses, and order histories were … Continue reading South Korean police probe massive data leak at Coupang

Asia-Pacific markets opened mixed on Monday as investors weighed weak Chinese manufacturing data and rising expectations of a U.S. Federal Reserve rate cut later this month. China’s private manufacturing PMI fell to 49.9 in November, signaling contraction, while official data showed continued weakness in both factories and services. Hong Kong-listed firms exposed to digital assets dropped sharply after the People’s Bank of China issued warnings … Continue reading Asia markets open December mixed as China factory activity weakens unexpectedly

Global arms revenues rose 5.9% in 2024, reaching a record $679 billion, driven by the wars in Ukraine and Gaza and rising military spending worldwide, according to SIPRI. U.S. and European companies accounted for most of the growth, with American firms up 3.8% and European firms up 13% amid heightened security concerns. Czech and Ukrainian defense companies saw especially sharp increases due to demand for … Continue reading Biggest arms producers increased revenue by 5.9% last year to record level

Airbus has ordered urgent repairs for about 6,000 A320-family aircraft after discovering that intense solar radiation could corrupt flight-control data. The recall—one of the largest in Airbus history—was prompted by an October JetBlue flight that abruptly lost altitude, injuring passengers. Airlines must revert affected jets to an earlier software version before they can fly, with the fix taking about two hours per plane. Major U.S. … Continue reading Airbus orders immediate repairs on 6,000 jets worldwide

Stocks ended a short Friday session near record highs, capping a five-day rally that nearly erased the S&P 500’s losses from earlier in November. The S&P 500 rose 36 points (0.5%) to 6,849, the Dow gained 289 points (0.6%) to 47,716, and the Nasdaq added 0.7%, though it still posted a 1.5% monthly decline due to big tech losses. The rebound followed market volatility fueled … Continue reading Wall Street edges higher on Friday, pushing S&P 500 close to its record high

Best Buy beat Wall Street expectations in Q3, with same-store sales up 2.7% and adjusted EPS of $1.40 on $9.67 billion in revenue. The retailer raised its full-year outlook, now expecting same-store sales growth of 0.5%-1.2% and revenue between $41.65 billion and $41.95 billion. Strong performance came from computing, gaming, and mobile phones, with particularly high demand for Nintendo’s Switch 2. US same-store sales rose … Continue reading Best Buy earnings beat Wall Street’s forecasts

Gas prices are hovering near four-year lows ahead of Thanksgiving, with the national average at $3.07 per gallon and 28 states averaging below $3. The drop is driven by falling crude oil prices — down about 17% since June — and the end of refinery maintenance, which is boosting fuel production. Gas demand has also eased after summer, helping keep prices low despite a temporary … Continue reading Gas prices near lowest level in 4 years ahead of Thanksgiving

Consumer confidence fell sharply in November, dropping to 88.7 — its lowest level since April and well below economists’ expectations. The Conference Board noted that consumers expressed growing concerns about inflation, tariffs, politics, and a potential government shutdown. Confidence declined across nearly all income, political, and age groups, with only the lowest-income bracket and adults under 35 showing slight improvement. Expectations for inflation over the … Continue reading Consumer confidence falls sharply as Americans worry about the economy

Dick’s Sporting Goods plans to close an unspecified number of Foot Locker stores as part of a restructuring aimed at boosting profitability by fiscal 2026. Executives said they are taking aggressive steps—such as markdowns, asset impairments, and selective closures—to streamline Foot Locker’s operations. The restructuring will pressure Foot Locker’s near-term sales and margins, even as Dick’s core stores posted stronger-than-expected comparable sales growth. Dick’s raised … Continue reading Dick’s Sporting Goods to shutter some Foot Locker stores to protect profits

A Michigan lawsuit claims Campbell Soup executive Martin Bally made offensive remarks about Indian workers and called Campbell’s products food for “poor people” during a salary meeting with cybersecurity analyst Robert Garza in November 2024. Garza says he reported the comments to his manager, who discouraged involving HR, and was then abruptly fired. A recording of the conversation later aired on local TV; Campbell’s says … Continue reading Campbell Soup executive called its products food for “poor people,” lawsuit claims

Tyson Foods announced it will close its large beef plant in Lexington, Nebraska, in January and scale back operations at its Amarillo, Texas, facility due to declining U.S. cattle supplies. The shutdown affects about 3,200 workers in Nebraska and 1,700 in Texas, though Tyson says it will help employees find positions elsewhere and offer relocation support. The company said consolidating operations will help maintain production … Continue reading Tyson Foods to close major beef plant, scale back operations

Bitcoin fell as much as 6% early Friday, briefly dipping near the key $80,000 support level as investors pulled back from risk assets. Analysts say selling pressure has intensified due to renewed activity from long-term holders, shrinking ETF inflows, and cascading liquidations that began in October. Although the cryptocurrency later recovered part of its losses, it remains down 12% this week, 26% over the past … Continue reading Bitcoin continues slide that’s roiling markets

What once seemed a near-certain Federal Reserve rate cut in December now looks uncertain, with officials divided over whether inflation or weak hiring poses a greater threat. Some policymakers, like Boston Fed President Susan Collins, favor keeping rates steady to curb persistent price increases, while others, such as Fed Governor Christopher Waller, emphasize sluggish hiring and support a cut. The Fed faces heightened uncertainty due … Continue reading Sharp disagreements over economy threaten Federal Reserve interest rate cut

JetBlue Airways will expand its European network next year with daily seasonal flights from Boston to Milan starting May 11 and Barcelona beginning April 16. The airline is using its long-range Airbus A321LR planes, allowing single-aisle jets to operate transatlantic routes more efficiently and cost-effectively than larger twin-aisle aircraft. These new routes target higher-paying vacationers with JetBlue’s profitable Mint business class, complementing its existing service … Continue reading JetBlue to add Milan, Barcelona flights next year in push for high-spending travelers

Bitcoin fell below $96,000 on Friday for the first time in over six months, marking a nearly 24% decline since its October peak. Traders pulled back from risky assets amid fading hopes for a Federal Reserve interest-rate cut in December, with the odds of a quarter-point reduction dropping to 45.9%. Ether also fell nearly 2% to $3,169.39, while tech stocks saw mixed movements after a … Continue reading Bitcoin falls to six-month low as investors turn risk averse

Walmart CEO Doug McMillon will retire in January after leading the company for over a decade, during which he expanded online operations and streamlined international units. He will be succeeded by John Furner, a longtime Walmart executive and current head of the US business. Under McMillon, Walmart navigated challenges like tariffs and supply chain disruptions while achieving solid growth, with online sales becoming a key … Continue reading Walmart boss retiring after more than a decade

The U.S. announced it will remove tariffs on select foods and other imports from Argentina, Ecuador, Guatemala, and El Salvador, aiming to lower prices on items like coffee and bananas while giving U.S. firms greater market access. Most framework agreements are expected to be finalized within two weeks, with additional deals possible before year-end. The deals maintain broader tariffs but lift them on products not … Continue reading U.S. to remove tariffs on some products from Ecuador, Argentina, Guatemala and El Salvador

Mortgage applications to buy a home rose 6% last week, marking the strongest pace since September, as increased supply and softening prices encouraged buyers. Volume was 31% higher than the same week a year ago, despite the average 30-year fixed mortgage rate rising slightly to 6.34%. Demand for refinancing fell 3% for the week but remained 147% higher than last year, reflecting lower rates. Economist … Continue reading Mortgage demand from homebuyers hits highest level since September

Treasury Secretary Scott Bessent announced that “substantial” tariff relief on everyday consumer goods, including coffee, bananas, and other fruits, will be implemented soon. The move comes after President Trump raised tariffs on imports like Brazilian coffee, contributing to rising prices and surging inflation, which hit 3% in September. Bessent said the cuts would help bring prices down quickly and that Americans could start feeling relief … Continue reading Bessent says ‘substantial’ tariff relief on coffee and bananas is coming soon

The U.S. Mint in Philadelphia will strike its last circulating penny on Wednesday, ending a production run that began in 1793. President Donald Trump ordered the coin’s phase-out as it now costs nearly 4 cents to produce a 1-cent coin, making it financially inefficient. While many Americans collect pennies for nostalgia or luck, retailers and banks have faced challenges adjusting to the abrupt end, including … Continue reading US Mint in Philadelphia to press final penny as the 1-cent coin gets canceled

CoreWeave shares fell 13% after CEO Mike Intrator cited delays at a third-party data center provider, which caused the company to lower its 2025 revenue guidance to $5.05–5.15 billion, below analyst estimates. The delays are tied to a “singular data center provider,” potentially Core Scientific, though Intrator did not confirm the name. Despite the setbacks, CoreWeave stressed that its 41-data-center portfolio and contract backlog remain … Continue reading CoreWeave CEO responds to data center delays as stock plunges

SoftBank sold its entire $5.83 billion stake in Nvidia and part of its T-Mobile stake for $9.17 billion to fund investments, including a $22.5 billion commitment to OpenAI. The company emphasized that the sales were part of a broader asset monetization strategy and not due to concerns about AI valuations. SoftBank has previously cashed out of Nvidia but continues to rely on its technology for … Continue reading SoftBank sells its entire stake in Nvidia for $5.83 billion