Business

Saks Fifth Avenue parent Hudson’s Bay Company announced Friday that CEO Jerry Storch will step down, effective Nov. 1 to join his advisory firm Storch Advisors. The company, which also owns Lord & Taylor and Gilt Group, has not yet named a successor and HBC executive chairman Richard Baker will serve as interim CEO as
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The CEO of Puerto Rico’s largest solar provider said the hurricane that struck the island last month accelerated the timeline for home batteries by as much as a year and a half. Makers of home batteries have ramped up manufacturing in response to the humanitarian disaster at such a scale that it could have an
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General Electric CEO John Flannery told CNBC on Friday that everything in the company is up for review and its current cash flow is “horrible.” “I’ve spent really 90 days [in] an exhaustive review of the company,” Flannery said after the company posted earnings that fell far short of Wall Street’s expectations. “The businesses, our
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Hundreds of workers streamed through dark streets, blocking an entrance to an Apple iPhone supplier’s factory in eastern China to protest unpaid bonuses and factory reassignments, two witnesses and China Labor Watch, a New York based non-profit group, said Thursday. Jabil Inc., which runs the Green Point factory in Wuxi city, maintains that only 20
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The Journal report also alleged that the alternative jet would park at a distance from the other one to avoid attention, saying crew members were discouraged from discussing Immelt’s travel arrangements. In a statement to the Journal, GE said: “two planes were used on limited occasions for business-critical or security purposes.” GE declined to comment.
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Boeing said on Thursday it invested in Near Earth Autonomy, a Pittsburgh-based firm that develops technologies enabling autonomous flight such as drones. In addition to the undisclosed investment, Boeing said the two companies will also explore products and applications for emerging markets such as urban mobility. It was the first investment in autonomous technologies by
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It’s the end of an era for American aviation. At the end of the year, Delta Air Lines will retire its Boeing 747s, the double-decker, humpbacked jumbo jets that made air travel more affordable for millions over the past 50 years. Meet its replacement: The sleek, two-engine Airbus A350. Delta will have five of the
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“With a background of global growth which is now looking synchronized across the world for the first time in many years, that’s a pretty good environment in which to make money for European companies, which are very broadly based,” Stephen Macklow-Smith, head of European equity strategy at JPMorgan Asset Management, told CNBC Wednesday. In the
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Imagine a permanent house for pop-up shops. That’s what Simon Property Group, the largest mall operator in the U.S., is preparing to unveil next month at one of its properties on Long Island, New York. The platform, known as “The Edit@Roosevelt Field,” offers retailers early on in their businesses the opportunity to set up shop,
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The founder of New York’s beloved burger joint, Shake Shack, has millions to spend on start-ups looking to grow. Danny Meyer’s Union Square Hospitality Group has raised $220 million in a private-equity fund, targeting restaurant, food and technology investments, he told CNBC’s “Squawk Box” Monday morning. “We don’t have all the best ideas in the
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The Kurds have pressed for their own nation state for more than a century, but that movement gained momentum after the U.S. invasion of Iraq in 2003 and the rise of the so-called Islamic State, or ISIS, that followed. Kurdish fighters were among the most effective troops for the Iraqi government during the Iraq War,
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British police are investigating three new allegations of sexual assault against film producer Harvey Weinstein, all made by the same woman. London’s Metropolitan Police force said Sunday that the woman reported being assaulted in London in 2010, 2011 and 2015. The force said officers from its Child Abuse and Sexual Offenses Command are investigating. The
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Italy began winding up two failed regional banks in June in a deal that committed up to 17 billion euros ($19 billion) of public money and put the lenders’ good assets in the hands of Intesa Sanpaolo. The government will pay 5.2 billion euros to Intesa, and give it guarantees of up to 12 billion
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Though Amazon has promised steep discounts at Whole Foods stores, now that it owns the organic supermarket chain, Costco still reigns supreme in the ongoing grocery price wars, according to JPMorgan. “[Costco] offers an unquestioned value prop with the best pricing, curated assortment, strong private label offering, and treasure hunt atmosphere,” JPMorgan analyst Christopher Horvers
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A scandal about falsified quality data at Kobe Steel expanded on Friday, as the Japanese steel maker said nine subsidiaries, including several outside Japan, had either failed to carry out required product checks or had lied about the results. Including products sold by the subsidiaries, Kobe Steel said it now estimated that it had shipped
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Airplanes and Panamax cargo ships redefined the parcel service in the 20th century, but those days may be fading quickly. Morgan Stanley believes the SpaceX plan for the Big Falcon Rocket as a reusable mode of Earth transportation could change the game for United Parcel Services and FedEx. “The freight transportation business — especially parcel
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