Category: News
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Adidas to Sell Unsold Yeezy Shoes and Donate Proceeds to Charity Following Kanye West Controversy
The proceeds from Adidas’ unsold Yeezy shoe stock will be donated to charity, as announced by the company. This decision comes after the company cut ties with Kanye West in October 2022 due to his antisemitic remarks.[0] Adidas plans to sell its stock of unsold Yeezy shoes and donate the proceeds to charity, CEO Bjorn…
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Elon Musk Hires New CEO for Twitter: Linda Yaccarino
Elon Musk has announced that he has found a new CEO for Twitter, although he has not yet revealed who the person is. The billionaire entrepreneur became Twitter CEO, or “Chief Twit,” last year after he bought the company and fired its former CEO, Parag Agrawal, within hours of taking the social media company private.…
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Southwest Airlines Pilots Overwhelmingly Vote in Favor of Strike Authorization
The Southwest Airlines Pilots Association (SWAPA) has announced that its members have voted overwhelmingly in favor of authorizing a strike. The union represents over 9,000 pilots at Southwest Airlines, and 98% of its members participated in the vote, with 99% voting in favor of a strike. This comes after over three years of labor negotiations…
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Peloton Recalls Over 2.2 Million Original Exercise Bikes Due to Safety Hazard and Offers Replacement Seat Post for Free
Peloton is recalling over 2.2 million of its original exercise bikes due to a safety hazard that has caused multiple injuries, according to a filing by the company with the Consumer Product Safety Commission.[0] The recall notice advises consumers to “immediately stop using the recalled exercise bikes.”[1] Peloton has received 35 reports of the seat…
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Introducing My Best Buy Memberships™: A New Suite of Membership Options with My Best Buy Plus™ Competing with Amazon Prime and Walmart+
Best Buy has announced a new suite of membership options called My Best Buy Memberships™ to give customers more freedom to choose a membership plan that fits their technology needs, budget, and lifestyle. The new membership options include My Best Buy™, My Best Buy Plus™, and My Best Buy Total™, each with a different set…
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Twitter Removes Blue Checkmarks from Non-Paying Users in Elon Musk’s Overhaul
Twitter has removed the blue checkmarks from almost all users who had been verified under the previous system, which was used under the former administration to verify journalists, celebrities, and politicians who had proved their identity. The company’s owner, Elon Musk, however, personally paid subscription costs for several high-profile celebrities.[0] On Thursday, Twitter took action…
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April Inflation Rate Drops Below 5%: Consumer Prices Rise by 4.9%
Consumer prices rose by 4.9% on an annual basis in April, according to data released by the Labor Department, marking the smallest year-over-year increase since May 2021 and coming in better than economists’ expectations for inflation to remain flat at 5%.[0] It also extended a monthslong slowdown and bolstered hopes that inflation will continue its…
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US Federal Reserve Raises Interest Rates for the 10th Time in 14 Months to Tackle Inflation
The US Federal Reserve has raised interest rates for the 10th time in 14 months to tackle inflation, bringing the benchmark rate to between 5% and 5.25%.[0] The Fed is considering additional hikes to bring inflation down to its goal of 2%.[1] While inflation has dropped from last summer’s high of 9.1%, it remains above…
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Global Markets Slightly Down Amidst Dip in Crude Oil Prices and Cautious Investor Sentiment
On Monday, Brent crude and West Texas Intermediate (WTI) crude both saw a slight dip in prices, with Brent crude dropping 16 cents to $77.28 a barrel and WTI crude dipping 20 cents to $73.51, paring gains from the previous session. The Brent crude price was down 30 cents, or 0.4%, at $76.71 and WTI…
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Lyft to Lay Off 1,200 Employees, Reduce Workforce by 30% to Cut Costs and Compete with Uber
Lyft, the ride-hailing company, has announced that it will lay off at least 1,200 employees, reducing its workforce by 30%.[0] The move comes as the company seeks to cut costs and better compete against its biggest rival, Uber. Lyft CEO David Risher announced the layoffs in a memo to staff, stating that the company needed…