Uber could face suit by 500-plus female passengers over sexual assault complaints
Uber has long defended itself by asserting that it can’t be held responsible for behavior of its drivers, who aren’t employees but rather are contractors.
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U.S. retail sales top forecast, keeping big Fed rate hike in focus
Nine of the 13 retail categories showed increases last month, according to the report, including furniture stores, e-commerce and sporting-goods stores.
Amazon Prime Day pushed web sales up 8.5%, to $11.9 billion
Amazon sold more than 300 million items over two days, more than any previous Prime Day, the company said Thursday. Best-selling items included diapers, beauty products and Apple watches, according to Amazon.
Fed could weigh historic 100 basis-point hike after inflation scorcher
Investors upped bets the central bank could make a one percentage-point rate hike at its July 26-27 meeting—which would be the largest increase of the modern Federal Reserve era.
Economists expect fresh U.S. inflation peak, keeping Fed on aggressive rate path
The consumer price index probably increased 8.8% in June from a year earlier, marking the largest jump since 1981, according to the median forecast in a Bloomberg survey.
Potential Kohl’s sale falls apart in shaky retail environment
Kohl’s shares tumbled as much as 20%, to $28.50 each, Friday morning, their biggest drop since March 2020. The stock had already fallen 28% so far this year through Thursday’s close.
Mondelez agrees to acquire energy-bar maker Clif for $2.9B
Clif Bar & Co. operates a major commercial bakery in Indianapolis that employs more than 400 workers. The plant at 7575 Georgetown Road received a $10 million expansion in 2019.
Worldwide airline industry predicts profit in 2023, defying slowdown
While most carriers are enjoying bumper sales as customers flood back following the lifting of COVID curbs, taking leisure trips and catching up with friends and family, there are doubts about how long the surge will continue as high fuel prices push airlines to hike fares.
U.S. retail sales post first drop in five months as auto purchases plunge
Americans trimmed their spending unexpectedly in May compared with a month before, underscoring how surging inflation on daily necessities like gas is causing them to be more cautious about buying discretionary items.
Tampon manufacturers say they’re working to address reported shortages
On Monday, U.S. Senator Maggie Hassan sent a letter to Procter & Gamble, Edgewell Personal Care, Johnson & Johnson and Kimberly-Clark asking what they plan to do to address reports of diminished supply and price gouging by third-party sellers.
U.S. lifts COVID-19 test requirement for international travel
A senior administration official said the Centers for Disease Control and Prevention would reevaluate the need for the testing requirement every 90 days and that it could be reinstated if a troubling new variant emerges.
U.S. consumer sentiment slumps to record low on inflation woes
As high prices leave less income for discretionary purchases, the risk to the economy is a more pronounced slowdown in consumer spending.
Salesforce raises profit forecast on resilient demand for business software
Shares in Salesforce experienced their steepest increase in almost two years on Wednesday after the company signaled that demand for business software is holding up despite a broader downturn for major tech firms. About 2,000 Salesforce Marketing Cloud employees are based in Indianapolis.
U.S. wage increases show signs of peaking in welcome sign for Federal Reserve
After handing out hefty salary increases over the past year, companies are now becoming more cautious with their cash over concern further big payouts will eat into profits, according to staffing companies, business owners and recent surveys.
Average age of U.S. cars hits record in fifth straight annual increase
Cars on U.S. roads are as old as they’ve ever been, potentially complicating efforts to expand the use of new safety and emissions-reduction technologies.
Worker shortage driving U.S. nursing homes to brink of collapse
The median occupancy rate at skilled nursing facilities, historically around 90%, is forecasted to be 77% for the year. And most homes are losing money, with an expected median operating margin of negative 4.8%.
Target shares plunge 26% amid rout of retail stocks
Target Corp. is on pace for its worst stock drop since 1987’s Black Monday crash after becoming the second big retailer in two days to trim its profit forecast. Other retailers suffered steep drops in their stock prices Wednesday.
Lithium sector needs $42 billion as pivot from China adds costs
The forecast comes as Europe and North America look to reduce their dependency on Chinese imports and develop their own lithium production. China has enjoyed a stranglehold over the lithium supply chain.
Fewer nuggets, smaller salads as shrinkflation hits U.S. restaurant diners
Feeling a bit cheated when you look down at your plate? It’s not just a figment of your imagination—portions at some U.S. restaurants are indeed getting smaller.
Fed’s Bostic says no need to move faster than half-point hikes
Fed officials raised interest rates by a half-point last week and Chairman Jerome Powell signaled they would continue at that pace at meetings in June and July to curb inflation.