The US economy is in the middle of an unusual “stagflation” period and lacks enough workers to meet spiking demand because of the Biden administration’s policies, FedEx founder and chairman Fred Smith said. Smith delivered his grim view of the economy after stocks tanked on FedEx CEO Raj Subramaniam’s warning of a looming “worldwide recession.” … Read more
Apple executives are reportedly torn over whether to delay the release of a movie starring Will Smith that they saw as a major Oscars contender before his infamous slapping of comedian Chris Rock at the Academy Awards last March. The uproar of “the slap heard ‘round the world” has prompted hand-wringing discussions within Apple over … Read more
There’s good news for Manhattan office landlords: Physical building occupancy rose to 46.6% for the seven-day period ending Sept. 14, according to the much-followed Kastle Systems Back-to-Work Barometer. The post-Labor Day jump was a huge increase over Kastle’s tally of 38% from the previous week – and a quantum leap over the low 20s last … Read more
An explosive shareholder lawsuit that may have played a role in the shocking suicide of Bed Bath & Beyond’s former financial chief Gustavo Arnal has recently run into trouble of its own. The $1.2 billion suit — which accuses the home-furnishings retailer, its late CFO, JPMorgan and a big investor of orchestrating a “pump and … Read more
CNBC anchor Joe Kernen took Transportation Secretary Pete Buttigieg to task on Friday for the Biden administration holding a celebration on the same day that a worse-than-expected August inflation report caused stocks to tank. President Biden held a party on the White House’s South Lawn on Tuesday to celebrate passage of the Inflation Reduction Act. … Read more
Self-conscious tech workers are reportedly taking extreme measures to add a few inches to their height by forking over six-figure payments for painful leg-lengthening operations. Kevin Debiparshad, the head of the Nevada-based LimbplastX Institute, said workers from the tech sector comprise a significant chunk of his patients for the cosmetic surgical procedure. The operation reportedly … Read more
FedEx’s shares tracked their worst day on Friday after the delivery heavyweight pulled its forecast, feeding into fears of a global demand slowdown while piling more pressure on its new chief executive for a quick turnaround. The preliminary results sent the stock tumbling 24% to about $155.95, with the company poised to shed about $12.5 billion … Read more
Wall Street’s main indexes hit near-two-month lows on Friday, after a profit warning from global delivery bellwether FedEx spooked investors already worried about aggressive rate hikes from the Federal Reserve tipping the economy into a recession. In midday trading, the Dow Jones Industrial Average was down 329.09 points, or 1.1%, at 30,632.73, the S&P 500 was down … Read more
Ex-Amazon employees are commiserating about their experiences at the “frugal” tech giant – with one describing how workers were forced to split bagels at office gatherings due to budget limitations. On an internal email thread among more than two dozen former Amazon employees who have since left to work at Google, titled “worked_at_amazon,” one posted … Read more
Goldman Sachs’ consumer banking unit is being reviewed by the Federal Reserve, Bloomberg Law reported on Friday, citing people familiar with the matter. Goldman’s management has been subjected to questions and follow-ups from the central bank’s officials for several weeks, the report said, adding that the process was still ongoing. Goldman Sachs and the Fed declined to comment. … Read more