Business

A collection of 1072 posts

Business

Saks Global files for bankruptcy amid century-long shifts in department stores

Businessinsider reports Saks Global, the parent company of Saks Fifth Avenue, Bergdorf Goodman, and Neiman Marcus, filed for bankruptcy on Tuesday. Department stores have changed dramatically over the last 100 years. In the early 1900s they sold necessities such as food, home goods, and apparel; today many also sell novelty

Business

U.S. lawmakers and some tech executives push to make data centers pay more for power

Governors, senators and some technology executives across the United States are increasingly calling for data center companies to pay more for electricity, citing strain on the power grid and higher consumer costs. A growing body of research suggests the rapid expansion of data centers to support artificial intelligence is beginning

Business

Plans for Fannie Mae and Freddie Mac IPO Remain Unclear After White House Push

Six months after President Trump urged major banks to prepare an initial public offering for Fannie Mae and Freddie Mac, there is still no firm plan for taking the government-controlled mortgage firms public, several people briefed on the process said. The government has retained the law firm Sullivan & Cromwell

Business

Saks Global files for chapter 11 after Neiman Marcus deal

Saks Global has filed for chapter 11 bankruptcy, the company announced on Wednesday. The group was formed after a deal that combined Saks Fifth Avenue with Neiman Marcus and Bergdorf Goodman under a single holding company. The filing follows a costly acquisition: Saks announced a $2.7bn deal to buy

Business

Big U.S. Banks Report Disappointing Quarterly Results Amid Policy and AI Questions

This week the nation’s largest banks — Bank of America, Citi, JPMorgan Chase and Wells Fargo — reported quarterly earnings that fell short of expectations, and their shares declined, marking what The New York Times described as the first stumble after a yearlong run of rising markets and easing regulations. The

Business

Why petrol prices differ so much between nearby UK filling stations

Petrol prices in the UK can vary by several pence per litre between neighbouring filling stations, according to motorists’ groups. The AA’s figures showed prices in Horsham ranging from 136.9p to 140.9p a litre, while about 10 miles away in Crawley they were 128.9p to 131.

Business

TSMC's record quarterly profit lifts chip stocks and renews AI optimism

Businessinsider reported that Taiwan Semiconductor Manufacturing Company posted fourth-quarter results and a record quarterly profit, sending chip stocks higher as traders cheered fresh signs of AI strength. TSMC blew past analyst estimates on multiple metrics, reporting a record 35% quarterly profit. Revenue rose 20% year over year, while both net

Business

Bitmine Immersion invests $200 million in MrBeast’s company

Tom Lee’s Bitmine Immersion has invested $200 million in MrBeast’s company. The investment gives Bitmine a stake in a brand the provided material described as having strong Gen Z and millennial appeal, reaching over 450 million subscribers across its YouTube channels. The provided material did not include further

Business

Howard Marks says gold can't be fairly priced, questions store-of-wealth claim

According to Businessinsider, in a fireside chat at Pepperdine University, Oaktree Capital cofounder Howard Marks questioned gold's reputation as a store of wealth and said there is no way to tell if the metal is being priced fairly. Marks contrasted gold with assets such as stocks, bonds, and

Business

Trump pledges U.S. investment in Venezuela, but oil and politics cloud prospects

After the audacious U.S. capture of Nicolás Maduro early this month, President Trump promised tens of billions of dollars of American capital would pour into Venezuela and said the intervention was "already making Venezuela rich and safe again," The New York Times reported. The paper observes that

Business

McDonald’s CEO names fiber, sweet‑and‑spicy flavors, and drinks as 2026 trends

Businessinsider reports McDonald's CEO Chris Kempczinski said on Monday via Instagram that three food trends will define 2026: fiber, sweet-and-spicy flavor combinations, and beverage innovation. Kempczinski prefaced his list by saying he wanted to "do a little bit of a victory lap" because his 2025 predictions

Business

Saks flagship nearly empty hours before parent filed for bankruptcy

Businessinsider reports that late on Tuesday night Saks Global — the parent company of Saks Fifth Avenue, Bergdorf Goodman, and Neiman Marcus — filed for bankruptcy, and a reporter who visited the Saks flagship earlier that day found nearly empty floors, bored sales associates, blacked-out window displays, and steep discounts. The filing

Business

JPMorgan posts $57 billion profit in 2025, cites multiple headwinds

JPMorgan Chase, the nation’s largest bank, reported $57 billion in profit for 2025, down from a record $59 billion in 2024, the bank said on Tuesday. The bank, which recently moved into new headquarters in Manhattan, described the result as mixed. Executives flagged several factors that limited earnings growth,

Business

Neko Health to open first U.S. clinic in New York this spring

Neko Health, the Swedish health‑tech start‑up backed by Spotify founder Daniel Ek and co‑founder Hjalmar Nilsonne, plans to open its first U.S. clinic in New York this spring, DealBook first reported. The company, founded in 2018 and valued at roughly $1.7 billion, has been offering

Business

Trump imposes 25% tariff on select foreign A.I. semiconductors

President Trump signed a proclamation on Wednesday to impose a 25 percent tariff on a narrow list of foreign semiconductors, a White House document said, and the tariff would take effect Thursday. The document said the 25 percent duty applies to A.I. chips made by companies like Nvidia and

Business

Resellers listing Lego Pokémon Kanto starter set for $800 to over $1,000

Kotaku reports that Lego's expensive Pokémon sets — including Pikachu, Eevee and the Kanto starter trio — are selling out and appearing on reseller sites with inflated prices. The set featuring Charizard, Blastoise, and Venusaur is supposed to run for $649.99 and contains more than 6,800 pieces, but

Business

Bilt rolls out three new cards and will let mortgage holders earn points from Feb. 7

Bilt, the rewards and payments start-up known for letting renters earn points, introduced three new credit cards and a new rewards currency and said mortgage holders can begin earning points on monthly mortgage payments starting Feb. 7. The company added a second form of currency, Bilt cash, which members receive

Business

Banks react after Trump calls for a 10% cap on credit card interest

President Trump posted on social media calling for a one-year, 10 percent cap on credit card interest rates, touching off alarm among banks and lenders that the move would hit a major profit source. The industry has been “in a tizzy,” and shares of card-heavy banks have fallen this week

Business

Grocery prices rose 2.4% over year as Trump repeats claim they’re falling

Data released Tuesday by the Bureau of Labor Statistics showed the cost of food at home rose 2.4 percent over the last 12 months and 0.7 percent in December, the fastest single-month increase since October 2022, even as President Trump continued to say grocery prices are falling. The

Business

PureGym uses tube-style entry pods at about 60 New York-area locations

About 60 PureGym locations around New York and New Jersey now require members to tap their phones to enter narrow plastic pods that open on the other side to give access to the gym, a system being rolled out as the company transitions its recent Blink Fitness acquisition to the

Business

Banks Prepare to Fight Trump’s Proposed 10% Credit Card Rate Cap

America’s largest banks, including JPMorgan Chase, are preparing to contest a White House proposal backed by President Trump to cap credit card interest rates at 10 percent. JPMorgan’s chief financial officer, Jeremy Barnum, said after the bank’s earnings call that “everything’s on the table” to block

Business

Walmart AI chief says Google Gemini enables more seamless agentic shopping than ChatGPT

Businessinsider reports that Walmart's head of AI, Daniel Danker, said at the ICR Conference in Orlando that Google Gemini's agentic shopping creates a more seamless transaction flow than ChatGPT's shopping integrations. Danker said Gemini's agent partners with Walmart's AI agent

Business

Business leaders split over Trump’s proposed 10% credit‑card interest cap

Businessinsider: President Donald Trump proposed a one-year 10% cap on credit‑card interest rates starting January 20, 2026, saying consumers are being "ripped off" by rates he said can be as high as 20% or 30%. The proposal drew mixed responses from industry leaders. Klarna CEO Sebastian Siemiatkowski

Business

Britain guarantees prices for offshore wind projects to power 12 million homes

On Wednesday the British government said it would provide guaranteed electricity prices to a group of offshore wind farms off England, Scotland and Wales that would, once built, provide power for 12 million homes. The support covers 8.4 gigawatts of capacity, the largest amount secured in a British auction,

Business

Saks Global files Chapter 11, secures $1.75 billion to keep operating

People reports Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, filed for Chapter 11 bankruptcy late Tuesday in U.S. Bankruptcy Court for the Southern District of Texas after struggling under a heavy debt load following its 2024 acquisition of Neiman Marcus. Former Neiman