Starbucks made a significant leadership change by announcing that Chipotle CEO Brian Niccol would replace Laxman Narasimhan as CEO, in an effort to address ongoing challenges and reverse a sales slump. This decision, effective immediately, comes after Narasimhan’s brief tenure, during which Starbucks struggled with declining sales in its key markets, particularly the U.S. and… Continue reading Starbucks replaces CEO Laxman Narasimhan with Chipotle CEO Brian Niccol

Russia, excluded from the 2024 Olympic Games in Paris due to its ongoing war in Ukraine, has adopted a critical stance towards the event. Following its invasion of Ukraine in February 2022, Russian athletes were banned from participating in the 2024 Games unless competing as “Individual Neutral Athletes,” resulting in only 15 Russian athletes in… Continue reading Russia hates on the Olympic Games, relishing ‘scandals’ and controversy in Paris

Maersk, a leading indicator of global trade, reports no signs of a U.S. recession as freight demand remains strong, according to CEO Vincent Clerc. Despite fears of a recession over the past few years, the shipping container market has shown surprising resilience, indicating robust underlying macroeconomic conditions. U.S. inventories have risen since the start of… Continue reading No sign of U.S. recession in freight demand, CEO of shipping giant Maersk says

On Wednesday, shares of global semiconductor firms surged, buoyed by positive earnings reports and potential easing of U.S. export restrictions on China. AMD led the gains, with its stock rising 5% following a strong second-quarter earnings report that exceeded expectations. The company reported significant growth in its data center business, driven by the demand for… Continue reading AMD jumps 5% as global chip stocks rally after earnings and geopolitics lift sector

The British pound has been one of the best-performing major currencies this year, with analysts from several investment banks optimistic about its future prospects, even as the Bank of England (BOE) considers cutting interest rates. Goldman Sachs analysts remain bullish on the pound, setting a target of 1.31 against the dollar, up from the current… Continue reading Banks get bullish on the British pound despite the possibility of an imminent snapback

Procter & Gamble (P&G) reported mixed quarterly results, highlighting a significant development with an increase in volume for the first time in over two years. Volume, which excludes pricing, provides a clearer view of demand and had previously stagnated or declined due to the company’s extensive price hikes across its product range. For the fiscal… Continue reading Procter & Gamble earnings beat estimates, but quarterly sales disappoint

Berkshire Hathaway, led by Warren Buffett, has extended its selling streak in Bank of America (BofA) shares to nine consecutive days, suggesting a significant reduction in its long-held position. According to a recent regulatory filing, the conglomerate sold 18.4 million shares from Thursday to Monday, amounting to $767 million at an average price of $41.65… Continue reading Warren Buffett’s Berkshire Hathaway sells Bank of America for a ninth-straight day

Shares of Ford Motor experienced a significant drop of more than 18% in a day, a decline reminiscent of the Great Recession period when the U.S. automotive industry was near bankruptcy. However, unlike in 2008-2009, Ford is not facing such a disaster, but the sharp fall in shares highlights the tough challenges automakers are up… Continue reading Ford, GM, Stellantis face a daunting second half of 2024

McDonald’s reported quarterly earnings and revenue that fell short of analysts’ expectations, reflecting a decline in same-store sales across all divisions. The company posted earnings per share of $2.97, adjusted, compared to the anticipated $3.07, and reported revenue of $6.49 billion, missing the expected $6.61 billion. The fast-food giant’s second-quarter net income was $2.02 billion,… Continue reading McDonald’s earnings, revenue miss estimates as consumer pullback worsens

Federal prosecutors have criminally charged the activist short seller and analyst Andrew Left with securities fraud related to allegedly using his public platform to illegally profit to the tune of at least $16 million from manipulating stock market activity contrary to positions he presented to the public from 2018 through 2023. Left and his hedge fund Citron Capital also were separately charged… Continue reading Short seller Andrew Left charged with fraud by prosecutors, SEC

For the first time, a luxury brand is an Olympic sponsor, with the renowned empire of LVMH taking the lead. LVMH Chairman and CEO Bernard Arnault, in an interview at Dior’s flagship store in Paris, highlighted their unique partnership with the Olympic Committee, aiming to introduce novel elements to the Olympics. This sponsorship, a result… Continue reading LVMH CEO Bernard Arnault says Olympics sponsorship honors the spirit of France

American Airlines shares dropped more than 7% in premarket trading on Thursday after the airline significantly reduced its profit forecast for the year due to a failed sales strategy and an industry-wide surplus of flights, which have forced airlines to discount seats. The airline now expects to earn an adjusted 70 cents to $1.30 per… Continue reading American shares drop 7% on weak profit forecast after backfired sales plan, industry oversupply