Many holiday shoppers looking to snap up the latest Apple iPhone will have to wait until next year because of shortages caused by violent protests at its main plant in China. The protests in Zhengzhou — sparked by low pay at the Taiwan-owned Foxconn plant and China’s draconian COVID lockdown measures — have resulted in … Read more
Ingka Group, the owner of most IKEA furniture stores, is planning additional price cuts as some input costs ease, its retail manager told Reuters on Monday, a reversal from price hikes introduced last year to counter soaring inflation. The world’s biggest furniture retailer raised prices in its fiscal year at the end of August to pass on soaring raw material costs … Read more
The “all-natural” baby product company Green Sprouts is recalling 10,500 of its signature sippy cups after finding lead in them. The cups, commonly sold in Whole Foods, Bed Bath and Beyond, and on Amazon’s baby section, have a bottom base that can break off, exposing children to a solder dot, a lead-based metal used in … Read more
Elon Musk’s Tesla is developing a revamped version of its Model 3, according to four people with knowledge of the effort, as the top EV maker aims to cut production costs and boost the appeal of the five-year-old electric sedan. One focus of the redesign, codenamed “Highland,” is to reduce the number of components and complexity … Read more
Nerdy crypto entrepreneurs who spent big at Miami nightclubs, showering patrons with cash as they ordered “bathtubs of champagne” and sang with rappers like 50 Cent, have gone quiet, South Florida venue owners said. The sudden collapse of the cryptocurrency exchange FTX and the plummeting value of digital coins has Miami nightclub owners pining for … Read more
Prominent cryptocurrency lending platform BlockFi filed for bankruptcy on Monday as the contagion effect from FTX’s collapse spreads through the sector, company officials said. The company’s bankruptcy filing stated it has more than 100,000 creditors, along with estimated assets and liabilities of between $1 billion and $10 billion. BlockFi confirmed bankruptcy proceedings were underway and … Read more
Nearly 90,000 pieces of children’s clothing featuring Disney and Star Wars characters, are being recalled over a risk of lead poisoning. The recall includes 87,000 clothing sets that were sold at TJ Maxx, DD’s/Ross, Burlington, Army & Airforce Exchange Service, Amazon.com, and other retailers between November 2021 and August 2022, according to clothing maker Bentex. … Read more
Manhattan’s struggling retail scene seems to get all the attention. It seems that for every fully or mostly leased, high-profile corridor like Broadway in Soho, there’s a stretch full of yawning vacancies — such as on Broadway in Tribeca. But Brooklyn’s retail picture is rosier. Although wounded by pandemic shutdowns and the rise of online … Read more
The finance world has been rocked by the sudden and unexpected death of a young crypto founder at the age of just 30. Tiantian Kullander, the co-founder of Hong Kong-based digital asset company Amber Group, died in his sleep on November 23, with the news confirmed on the company’s website “with the deepest sadness and … Read more
December will be a make-or-break month for many Midtown restaurants hobbled by slow lunch business, but they’re not sweating it at Le Bernardin. The West 50th Street seafood palace, where Michelin recently reaffirmed a precious three-star rating, was just named the world’s No. 1 restaurant for 2023 by La Liste, the increasingly influential rankings based in Paris. The … Read more