Home Depot It said Thursday it has acquired SRS Distribution in an $18.25 billion deal, the latest and biggest sign of its ambitions to boost sales by winning more business from contractors, roofers and other home professionals.The home improvement retailer expects to close the acquisition this fiscal year, which ends in late January. It said it would finance the deal through available cash and debt.Home Depot already gets half of its business from professionals, while the other half comes from do-it-yourselfers. With this deal, the Atlanta-based company is making another push to win customers who handle complex and lucrative construction…
Author: ricardofrancois
Stay informed with free updatesSimply subscribe to Cryptocurrency myFT Digest – delivered straight to your inbox.The cryptocurrency company headed by former UK Chancellor Lord Philip Hammond has apologized for an event in which guests were served sushi from the bodies of scantily clad models, and said it would launch an internal review.Copper, which stores digital assets for clients, said the pool story earlier in March was “embarrassing.”The Financial Times revealed this week that the British group hosted a party at the five-star Mandrake Hotel in central London, where two people wearing skimpy underwear were lounging at a long table with…
Syadal Magos and Shahriar Tajbakhsh were working at Uber and Palantir, respectively, when they realized that recruiting — especially the interviewing process — had become unwieldy for many companies' HR departments. “It was clear to us that the most important part of the hiring process is interviews, but also the most ambiguous and unreliable part,” Magos told TechCrunch. “On top of that, there's a host of hassles associated with taking notes and writing comments, which many interviewers and hiring managers do everything they can to avoid. Magos and Tajbakhsh thought the hiring process was ripe for disruption, but they wanted…
Check out the companies making headlines before the bell. Walgreens Boots Alliance – Shares fell 1.6% after the company's fiscal second-quarter report was released. Walgreens generated revenue of $37.05 billion during the quarter, beating LSEG's forecast of $35.86 billion. However, the company also narrowed its full-year adjusted earnings guidance due in part to the “challenging retail environment.” Estee Lauder – Shares rose more than 3% after Bank of America upgraded to buy from neutral. The company pointed to efforts to restore profitability, new products and improve the share in the prestigious beauty sector. Allstate – Insurance stock rose 0.9% after…
Samuel Bankman Fried poster in downtown San Francisco.Mackenzie Sigalos | CNBCTwo years ago, Sam Bankman Fried was a 30-year-old billionaire living in a $35 million Bahamas penthouse, partying with his friends while running one of the world's most valuable cryptocurrency companies.Today, he is a 32-year-old inmate at the Metropolitan Detention Center in Brooklyn, waiting for a judge to tell him how long he will spend behind bars for masterminding “one of the largest financial frauds in American history,” as he puts it. American lawyer Damian Williams.Freed Bankman, founder and former CEO of failed cryptocurrency exchange FTX, will head to federal…
So-called meme stocks are having a moment again. What do Reddit, Trump Media & Technology Group, and GameStop have in common? All have strong retail involvement. Trump Media made its market debut on Tuesday under the symbol DJT, following its merger with shell company Digital World Acquisition Corp. The new company's current market cap is about $9 billion, and a market capitalization of roughly $9 billion would put Trump Media on par with names at the lower end of the S&P 500, making it comparable to Caesars Entertainment, American Airlines, and Mosaic. Reddit, which is not in the S&P 500,…
In the wake of two rainy winters, it's easy to forget how close some parts of California came to running out of water just a few years ago. But this climate amnesia will not help us prepare for the inevitable drought to come. Since before the state was founded, booms and busts caused by drought and floods have shaped our landscape. In this era of climate change, extreme weather events are becoming more common and more severe.The robust water supplies of the 20th century are no longer reliable. California recently agreed to reduce water imports from the Colorado River by…
More than halfway through the current two-year Congress, lawmakers there are recalling the old schoolyard quip about lazy students: They're really good at recess.This week before Easter is the first of two weeks in which the House and Senate are in session, although it seems like only yesterday that they were off for two weeks to celebrate Presidents' Day. Lucky for them, members of Congress get breaks no matter how well they perform, just like kids in elementary school. They did not do well at all, which explains the quotation marks above: “legislators” do not do much lawmaking. Opinion columnist…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.Thames Water said its shareholders would no longer offer £500 million of new shares by the end of the month, raising concerns about the future of the UK's largest water company.Shareholders, which include Chinese and Abu Dhabi sovereign wealth funds, as well as British and Canadian pension funds, fear conditions imposed by industry regulator Ofwat have made the business “uninvestable”, Thames Water said following crisis talks on Wednesday evening.The £500m was the first part of a commitment made by shareholders last July…
Newly appointed UBS CEO Sergio Ermotti (right) speaks with UBS Chairman Colm Kelleher during a press conference in Zurich on March 29, 2023.Arend Wegman | AFP | Getty ImagesUPS CEO Sergio Ermotti will receive 14.4 million Swiss francs ($15.9 million) in 2023 following his surprise return at the helm of the Swiss banking giant, following its takeover of stricken rival Credit Suisse.The bank announced in late March that Ermotti would return for a second term as CEO, replacing Ralph Hammers effective April 5 last year, as UBS took on the massive task of integrating the Credit Suisse business. Ermotti's previous…