Month: July 2020

Retailers Beat Low Bar While Banks Stay Cautious: Earnings Wrap

(Bloomberg) — Some consumer companies beat depressed earnings expectations but the broader outlook for the rest of the year remains murky based on forecasts from chemical producers and banks, particularly with fears of a possible resurgence in virus infections.

Gucci-owner Kering SA said it was seeing signs of a recovery through online sales even as its second-quarter revenue plunged. French grocer Carrefour SA was also boosted by a standout performance in its Latin American arm. And though U.K. high street bellwether Next Plc’s sales fell by nearly three-quarters, the expectations were even worse.

European companies’ second-quarter reports so far have

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U.S. small businesses face mass closures without more pandemic aid

By Ann Saphir and Jonnelle Marte

OAKLAND, Calif./NEW YORK (Reuters) – After surviving two strokes at age 27, Olivia Colt threw herself into starting a catering business, a lifelong dream. Ten years and another stroke later, she had built Salt & Honey Catering Plus Events into a thriving operation in downtown Oakland.

Now with the coronavirus pandemic forcing cancellations of her customers’ weddings and events, she has slashed her staff from 25 to six and tried to drum up new business by selling groceries online. She secured a $100,000 forgivable loan under the U.S. Paycheck Protection Program (PPP) and another

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What People Are Shopping for Now, Months Into a Pandemic

Click here to read the full article.

As the coronavirus pandemic drags on, online shopping habits continue to evolve.

Even with the easing of lockdown measures in most U.S. states (with some now reverting), a lot of people are still investing in staying at home, according to trends seen by media companies with large or growing affiliate businesses. This includes Wirecutter, owned by The New York Times; Vox, which owns New York Magazine and The Strategist and The Cut verticals; and Condé Nast, which is increasingly focused on affiliate revenue.

“I think we’ve reached a different stage, where it

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What to expect at the antitrust tech hearing

Today marks a significant milestone for Jeff Bezos: it’s the first time he’s testifying before Congress. 

The chief executive of Amazon, alongside his counterparts at Alphabet (GOOG), Amazon (AMZN), Apple (AAPL) and Facebook (FB), faces the House Judiciary Subcommittee on Antitrust, Commercial and Administrative Law for a hotly anticipated hearing on antitrust concerns facing each of the big four. His traditionally tight-lipped nature coupled with Amazon’s particularly expansive and multi-dimensional business model have put a bright spotlight on Bezos’ performance. 

Bezos released a written statement Tuesday evening, outlining the purpose of Amazon, which he founded 26 years ago — to

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America’s Race Movement Affects You, Too

(Bloomberg Markets) — Black Americans, myself included, were not surprised by what happened to George Floyd and countless others who preceded him. Or, sadly, those who will surely follow him.

Enraged, yes. Hurt? Incredibly. Surprised, no.

These days, I’m often asked whether I regret returning to the U.S. after spending 23 years working and living in France and the U.K. As I near the end of my first year back, the answer is a hard no. I’d rather have a front-row seat to watch, query, and appreciate the shift that’s occurring here. Europe, for the record, has its own issues

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