Welcome to Startups Weekly – your weekly digest of everything you can't miss in the startup world. Sign up here to get it in your inbox every Friday. In the corporate fight over remote work, CEOs like Andy Jassy and Elon Musk are old-school sports teachers who insist everyone gets back on the field, even though the stands are working fine. They argue that remote work is akin to slacking off, but studies and employee sentiment suggest otherwise, highlighting that flexibility may just be the secret sauce to productivity and satisfaction. Meanwhile, the rest of us are watching this like…
Author: ricardofrancois
Illuminated brand of American sports footwear and apparel company Nike, Inc. It appears in the window of a Nike store in Antwerp, Belgium. (Photo by Carol Sirius/SOPA Images/LightRocket via Getty Images)Carol Sirius | Rocket Lite | Getty ImagesNike CEO John Donahue acknowledged Friday that the company has moved too far away from wholesale partners such as… Messi And dso It seeks to become a retailer that sells merchandise to shoppers primarily through its stores and website. “We realize that in our move toward digital, we've gone a little further away from wholesale than we intended,” Donahue told CNBC's Sarah Eisen…
Nike President and CEO John Donahue.Source: NikeNike CEO John Donahue on Friday blamed remote work for the company's lag in innovation, saying it's hard to be disruptive when people are working from home. In an interview with CNBC's Sarah Eisen in Paris, Donahue was asked about the company's lack of fresh new products in its lineup, which has been a concern among investors. “What we're missing is the kind of bold, disruptive innovation that Nike was known for, and when we look back, the reasons are fairly clear,” Donahue said.He noted that shoe factories in Vietnam had to close during…
Beyoncé leaves the Luar fashion show at 154 Scott in Brooklyn during New York Fashion Week on February 13, 2024.James Devaney | GC Photos | Getty ImagesWestern boots have a new protector in Beyoncé.Sales of the country's fashion staple rose more than 20% in the week after the music star released her “Cowboy Carter” album, according to consumer behavior firm Circana. That could come as good news for the companies that make the iconic shoe, as well as other items that fit the same Wild West aesthetic.“Cowboy Carter,” released late last month, marked the “Halo” singer’s entry into the country…
Check out the companies making headlines in midday trading. JPMorgan – The bank's stock fell 5% after revealing that the level of net interest income may be lower than Wall Street analysts expected in 2024, despite beating top and bottom estimates last quarter. CEO Jamie Dimon also stressed the risk of inflationary pressures. Wells Fargo – Shares of the bank fell less than 1% after it reported a decline in net interest income during the first quarter. Wells Fargo beat analysts' expectations for its first-quarter adjusted earnings and revenue. BlackRock – BlackRock shares are down nearly 2%. The asset manager…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, selects her favorite stories in this weekly newsletter.High interest rates can be a double-edged sword. JPMorgan Chase, Bank of America, Wells Fargo and Citigroup collectively generated $253 billion in net interest income (NII) for all of 2023 — a 19 percent jump from 2022's total.For Wall Street's big four lenders, expectations that the Federal Reserve will delay interest rate cuts in response to stubbornly high inflation readings and a strong labor market mean the good times should continue. Or is it? The flip side of high interest rates is…
Shakib Ahmed, the cybersecurity engineer convicted of stealing about $12 million in cryptocurrencies, was sentenced Friday to three years in prison. The US Attorney for the Southern District of New York announced the ruling in a press release. Ahmed is accused of hacking into two cryptocurrency exchanges and stealing about $12 million in cryptocurrencies, according to prosecutors. Adam Schwartz and Bradley Bondi, attorneys representing Ahmed, did not immediately respond to a request for comment. When Ahmed was arrested last year, authorities described him as a “senior security engineer for an international technology company.” His LinkedIn profile said he previously worked…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, selects her favorite stories in this weekly newsletter.The dollar is headed for its strongest weekly performance since 2022 after huge US inflation numbers caused tremors in global markets.The US currency has strengthened 1.6 percent against a basket of six currencies since Monday, its best weekly performance since September 2022, as traders reversed their bets on early interest rate cuts by the Federal Reserve.The euro and pound fell to their weakest levels against the dollar since November on Friday at $1.0642 and $1.2447, respectively, while the yen fell to a…
Wegovy boxes made by Novo Nordisk appear in a pharmacy in London, Britain, March 8, 2024. Holly Adams | ReutersEuropean Union drug regulators have found no evidence that hugely popular weight loss and diabetes drugs such as Wegovy and Ozempic are associated with an increased risk of suicidal thoughts and self-harm, the regulator said on Friday. The European Medicines Agency has conducted a nine-month investigation into so-called GLP-1s, a popular class of treatments that mimic a hormone produced in the intestines to suppress a person's appetite. The demand for these drugs has increased significantly over the past year despite their…
Dubai, United Arab Emirates – December 4: Larry Fink, CEO of BlackRock, speaks in a roundtable discussion entitled: “Financing the New Climate Economy,” during which he described the urgent need for a “new financial landscape” to finance investments in the region. Global energy transition on day 5 of the UNFCCC Climate Conference (COP28) at Expo City Dubai on December 04, 2023 in Dubai, United Arab Emirates. COP28, taking place from November 30 to December 12, brings together stakeholders, including international heads of state and other leaders, scientists, environmentalists, indigenous representatives, activists and others to discuss and agree on the implementation…