Business

A collection of 1832 posts

Business

Lucid lays off 1,500 workers in second cut of the year

Just three months after unveiling a new midsize electric-vehicle platform that it said would spawn multiple models, Lucid Motors is cutting about 1,500 jobs — roughly 18 percent of its workforce. The Saudi-backed startup is selling the Gravity SUV alongside the Air sedan and has been aiming for profitability with

Business

MBA warns demographic shifts could push US home prices lower

The Mortgage Bankers Association says US home prices could fall in the medium term as demographic trends reshape supply and demand. The group projects prices will rise about 1% this year and remain roughly flat over the next two years, but warned that if construction stays elevated, supply growth could

Business

Amazon expands sales events as Prime Day runs June 23 to 26

Amazon has turned Prime Day into a quarterly affair, adding a Spring Sale in March, an October Prime Day and an extended Black Friday on top of the original event. This year Prime Day runs from Tuesday, June 23 to Friday, June 26. I spend a lot of time writing

Business

EA Lays Off Staff Ahead of Expected $55 Billion Sale

Electronic Arts has carried out another round of layoffs affecting recruitment, customer support, trust and safety, and IT teams. The total number of affected employees is unknown, but public postings and messages from impacted staff point to remote roles in the U.S. and several people from EA’s Hyderabad

Business

Lloyd Blankfein says he's focused on tech, energy, and financial services

Lloyd Blankfein, who left Goldman Sachs in 2018, told Sam Parr on the My First Million podcast that he has not been sitting on the sidelines. He outlined his investing approach and explained where he is putting his money and how he makes decisions. Blankfein said he is concentrating on

Business

Commutes are getting worse, but I'm here to help

Rush hour is turning into every hour. The fight for fully remote jobs is dead, but many employees have won a flexible schedule, and a 9-to-5 no longer necessarily means being at the office from 9 to 5. With no standard arrival or departure times, non-traditional commutes have left traffic

Business

How a 2020 SEC exemption and $796 million in fees fueled retail private credit

A narrow SEC exemption adopted in early 2020 allowed private-credit firms to offer multiple share classes, enabling wealth advisors to earn upfront commissions and ongoing servicing fees when selling semi-liquid retail private-credit funds. An analysis found advisors have collected at least $796 million in those commissions since 2020, a boost

Business

Wall Street fixates on timing of next Fed rate hike under Warsh

With the Iran war edging toward resolution, pump prices falling, chip stocks in a lull and SpaceX not joining a major index until July, the Federal Reserve has reclaimed center stage. Last week's FOMC meeting and newly appointed chair Kevin Warsh's first presser gave investors a

Business

Grocery stores are replacing restaurants with ready-to-eat meals

Caught between busy schedules and rising restaurant prices, US shoppers are turning to grocery stores that sell freshly prepared meals. The trend traces back to offerings like the Whole Foods hot bar and now appears across many chains. Walmart US CEO David Guggina said the chain's ready-to-eat meals,

Business

How remote work and flexible schedules created a never-ending rush hour

“Who are all these people? Why are they not at work?” is the first thought that crosses Erika’s mind when she encounters crowded sidewalks or a jammed 3:44 p.m. express train from New York to New Jersey. She often follows that with a sobering realization: "I&

Business

Chipotle and Cava are thriving as consumers prioritize value

Americans are eating out less and scrutinizing every restaurant purchase, concentrating spending on a smaller group of perceived winners. Fast-casual bowl-and-salad chains such as Chipotle and Cava are pulling ahead amid a K-shaped economic recovery. Consumer Edge describes a "barbell-shaped recovery" in which diners either trade down to

Business

Silverwood welcomes new residents with affordability and kindness

Silverwood is a master-planned, 9,000-acre residential community in Hesperia created to keep outpriced Californians close to home and add a multibillion-dollar boost to the local economy. The development combines lower-for-California home prices with a kindness pledge that every resident must sign. John Ohanian, general manager of Silverwood, said many

Business

Four side gigs eased money stress and reshaped a product manager's plans

Jennifer Martinez, a 35-year-old product manager at an AI startup who has worked remotely since 2017, started side gigs to ease growing financial pressure. Prices had risen faster than her pay, and worries about layoffs and future job security pushed her to build a cushion while pursuing goals like homeownership

Business

Auction clearance rates hit six-year low in Australian capitals

Clearance rates in Australia's capital cities have fallen to a six-year low, with preliminary Cotality data showing 47.4% of homes that went to auction sold in the week ending Sunday 21 June. The weighted average masks variation across cities: Sydney cleared 47.4% of auctions with 166

Business

LEGO Hogwarts Castle hits record low on Amazon for Prime Day

LEGO is clearing inventory of the Hogwarts Castle set 76419 for Prime Day, pricing the 2,660-piece display model at $136, down from its $169 list price and the lowest Amazon price the set has reached. The deal is available without a Prime membership. The model captures the full castle

Business

Australia sells long-range radar to Canada in $2.5bn deal

Deputy prime minister and defence minister Richard Marles announced a $2.5bn government-to-government agreement to export an over-the-horizon long-range radar to Canada at Parliament House. He described it as a "historic moment for Australia’s defence industry" and said Canada will use the system to "engage in

Business

Creators take over Cannes Lions, advertising's biggest bash

Creators are set to dominate this year’s Cannes Lions festival as an estimated 13,000-plus attendees head to the Côte d'Azur. A list compiled by a coalition of marketing firms expects more than 250 creators to attend, including Alex Cooper, Emily Sundberg, Cindy Chen, Josh Richards, Golloria,

Business

CME sues CFTC over Kalshi perpetual futures approval

CME Group sued the Commodity Futures Trading Commission, asking a court to vacate its approval of Kalshi's perpetual futures contracts and related self-certified products. The suit followed an announcement by outgoing CEO Terry Duffy that the company would take legal action over the CFTC approval. The case is

Business

Coal companies could get $6.2bn more in taxpayer diesel refunds

Coal companies could receive an extra $6.2bn in taxpayer refunds for diesel if the government greenlights half the mine developments currently up for approval, an analysis released by Lock the Gate found. Consultancy Energy & Resource Insights, created by the Sunrise Project, said 45 coal developments were proposed in

Business

Ubisoft co-founder Claude Guillemot dies in plane crash

Claude Guillemot, co-founder of French video game company Ubisoft, died Friday at the age of 69 in a plane crash in the French resort town of La Baule. He was one of two people aboard the plane, both of whom died. Guillemot founded Ubisoft with his four brothers in 1986.

Business

Obsidian faces class action alleging California wage-law violations

Obsidian Entertainment, developer of Fallout: New Vegas, Avowed and The Outer Worlds, is the target of a class action lawsuit that alleges a systematic pattern of wage and hour violations under the California Labor Code and Industrial Welfare Commission Wage Orders. The case has been active since October last year

Business

Investors rotate from Magnificent 7 and bitcoin into AI infrastructure

The so-called Magnificent 7 stocks and bitcoin have lost momentum. Microsoft is down 33% from its highs, Meta 28% and Tesla 20%, while Amazon, Nvidia and Alphabet trade more than 10% below their peaks and Apple is the best performer at -7%. Bitcoin has slumped about 50% from its October

Business

MTG TMNT bundle discounted at Best Buy but may sell out soon

Best Buy has the Teenage Mutant Ninja Turtles Magic: The Gathering bundle marked down to $56, a $14 cut from its MSRP. The item appears in the retailer’s Clearance section and is labeled a 'Trending Deal', which suggests stock could be limited. The bundle contains more than

Business

Hive gains 10% after securing $220M Canada sovereign AI contract

HIVE Digital Technologies shares climbed 10% in pre-market trading after the company announced a $220 million, three-year GPU cloud contract with Bell Canada and AI firm Cohere, as it continues its transition away from pure-play bitcoin mining. Under the deal, HIVE's BUZZ High Performance Computing unit will deploy

Business

Netflix's next challenge: holding attention, not subscribers

For nearly 20 years Netflix focused on building a global streaming platform and growing its audience. The company now counts over 200 million subscribers, nearly 1 billion monthly viewers, and—by the end of 2024—277.6 million paid subscribers, making it the largest premium streaming service. It still sees