HBC, the owner of Saks Fifth Avenue, said it will split the luxury department store's website into a separate business after raising $500 million. The venture capital firm Insight Partners has put up $500 million to take a minority stake in Saks.com, valuing the business at $2 billion. "Luxury ecommerce is poised for exponential growth," HBC CEO Richard Baker said. […]
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Iraqis were keen to welcome Pope Francis and the global attention his visit will bring, with banners and posters hanging high in central Baghdad. Francis' plane touched down at Baghdad's airport just before 2 p.m. local time (1100 GMT). Pope Francis arrived in Iraq on Friday to urge the country's dwindling number of Christians to stay put and help rebuild […]
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With the pandemic boosting demand for alternative assets, J.P. Morgan Securities' Joyce Chang is seeing a new dynamic unfolding in the cryptocurrency space: a battle between banks and fintech. "Fintech is coming into the mainstream from this pandemic as there has really been demand for digital services — less in person transactions," the firm's chair of global research told CNBC's […]
Read morePrimarily reflecting the $600 stimulus checks included in the last coronavirus relief bill, the Commerce Department released a report on Friday showing U.S. personal income skyrocketed in the month of January. The Commerce Department said personal income spiked by 10.0 percent in January after rising by 0.6 percent in December. Economists had expected personal income to soar by 9.5 percent. […]
Read moreCindy Ord/Getty Images Hertz’ lenders are proposing a shakeup that would take a reorganized company public, according to Bloomberg. If Hertz approves the proposal, its planned sale to two investment funds for $4.2 billion would not go through. The creditor group views the $4.2 billion bid as too low, and believes Hertz has an enterprise value of $5 billion. Sign […]
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LONDON — What to do when a brand doesn’t have enough budget to lock down a popular star or top-tier influencer, or it wants to tap into China’s sizable two-dimensional anime, comic and game-loving community? Virtual idols — influencers who are not human, but rather are digital creations or robots — sound like a good solution. In this 5G nation, […]
Read moreThe U.S. Department of Agriculture’s Food Safety and Inspection Service or FSIS has issued a public health alert for certain beef meatball products by Whole Foods Market, Inc. due to misbranding and undeclared milk, a known allergen. As per the warning, Amazon’s Whole Foods Market sold an undetermined amount of beef meatballs with marinara sauce that were misbranded. In addition, […]
Read moreRobert Galbraith/Reuters Shares of GameStop surged 19% on Thursday, bucking the broader market slump. Reddit chatter seemed to have picked up around 2 PM ET. At around the same time, Ryan Cohen tweeted a photo, which users interpreted the post as a positive outlook for GameStop. Sign up here for our daily newsletter, 10 Things Before the Opening Bell Shares […]
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Story Highlights The Southwest is the area of most concern due to the drought. In California, about 90% of the state is in a drought. The nearly-20-year drought is almost as bad or worse than any in the past 1,200 years, scientists say. Much of the western U.S. continues to endure a long-term drought, one that threatens the region’s water supplies and […]
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