Author: Financial Reporter

Adidas has resumed selling Yeezy shoes online, months after cutting ties with the brand’s creator, rapper Kanye West.[0] The sportswear company released a new Yeezy drop on May 31, featuring 15 of West’s shoe designs, including different colorways of the Yeezy Boost 350 V2, Foam Runner, and Yeezy Slide.[0] The decision to sell remaining Yeezy…

Macy’s Inc. has reported a decline in net sales, amounting to $5 billion, which was 7% lower than the first quarter of 2022.[0] The company’s comparable sales were down 7.9% on an owned basis and down 7.2% on an owned-plus-licensed basis.[1] This was much more than the 5.5% fall in owned-plus-licensed sales that analysts had…

A group of Amazon employees have walked off the job to protest the company’s return-to-work policies, impact on the climate, and deepest-ever round of layoffs.[0] In response to the company’s requirement to return to the office, two groups, Amazon Employees for Climate Justice and Amazon’s Remote Advocacy community leaders, have come together to organize the…

JPMorgan CEO Jamie Dimon has stated that the Federal Reserve should hit a pause on hiking interest rates. Although the market has already dealt with several big increases, there is a possibility that the authority is going to raise a little more from here.[0] Dimon noted that the Federal Reserve has elevated benchmark rates at…

Tesla CEO Elon Musk has made his first trip to China in three years, meeting with senior Chinese officials and visiting the company’s Gigafactory in Shanghai. Musk’s visit comes amid increasing competition in China’s electric vehicle (EV) market and uncertainty around Tesla’s demand in the country.[0] China is Tesla’s second-largest market after the US, and…

Elizabeth Holmes, the founder of Theranos, has started serving her 11-year sentence in a Texas federal prison after defrauding investors.[0] A former Silicon Valley star, Holmes was once known for her revolutionary blood-testing technology, which promised to diagnose complex medical conditions with just a few drops of blood.[1] However, the company’s technology was exposed as…

Elon Musk, Tesla’s CEO, is scheduled to visit China this week, marking his first trip to the country in three years. Following discussions between Musk’s team and Indian officials, there has been much talk about Tesla’s plans for expansion, and the recent visit only adds to the speculation.[0] Elon Musk is anticipated to have a…

President Joe Biden and House Majority Leader Kevin McCarthy have reached a deal to raise the US debt ceiling and avoid a default.[0] The agreement, which includes a two-year debt-limit increase, will be put to Congress for a vote on Wednesday.[0] Both Republican and Democratic support is needed for the bill to pass.[1] The deal…

Memorial Day is a time of remembrance, but it’s also a time for sales.[0] Retailers across the United States offer deals on a wide range of products, from mattresses to electronics, during this holiday weekend. This year, Amazon is offering some of the best deals, with discounts up to 60% off. The best part is…

US President Joe Biden and top congressional Republican Kevin McCarthy have reached an agreement to raise the government’s $31.4tn debt ceiling for two years, potentially averting an economically destabilising default.[0] The agreement permits each party to assert a measure of success, as well as trade-offs.[1] Both sides had some requests denied.[1] The agreement was inked…