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☆ Tapestry deepens push into China, undeterred by luxury market slump
▼ + stars: | 2022-10-25 | by ( Casey Hall | ) www.reuters.com time to read: +6 min

It also follows some 60 Tapestry store openings in China over the last two years. Research from real estate firm Savills also shows 55% of the world's luxury store openings last year took place in China. It saw China sales slide 32% for the quarter ended July 2 from the same period a year earlier. China sales generally account for around a fifth of its overall sales. Coach's luxury market share in China is also more than double that of Michael Kors and more than triple that of Ralph Lauren and Tory Burch, according to Euromonitor data.

☆ Oracle is shunning job seekers in high-paying tech hubs like San Francisco, Seattle, and New York to cut costs: 'They're OK passing on the top candidates'
▼ + stars: | 2022-10-25 | by ( Ellen Thomas | Jessica Xing | ) www.businessinsider.com time to read: +9 min

Oracle hiring managers and recruiters have been told to fill roles in cheaper US cities or abroad. Filling roles in areas where talent is cheaper, especially outside the US, has long been a cost-saving strategy for Oracle hiring managers, current and former employees said. "That sounds crazy to me," said Oracle executive Ken Glueck in response to a description of the claims made by Oracle employees in this story. Glueck did not directly answer whether the company was prioritizing hiring candidates outside of tech hubs like the San Francisco Bay Area, Seattle, and New York. Cities like Philadelphia, Dallas Fort-Worth, and Denver saw the highest growth rates for tech salaries this year.

That loyal inner circle has not only strengthened Xi’s hold on power – but also tightened his grip over China’s future. In the eyes of Xi, China is closer than ever to achieving its dream of “national rejuvenation” and reclaiming its rightful place in the world. What he decides to do – and how he goes about doing it – will have a profound impact on the world. Under Xi, Beijing has ramped up military pressure on Taiwan, sending warplanes and conducting military drills near the island. Xi continues to back a costly zero-Covid policy that keeps borders heavily restricted and regularly sends its cities into lockdown – dragging down China’s economic growth.

☆ A Facebook contractor describes what it's like working on the company's customer service front lines
▼ + stars: | 2022-10-20 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +4 min

In a conversation with Insider, a Meta customer service agent working for third-party firm described what it's like to work with customers, from torrents of abuse to insomnia from the stress. Each day, she fields around 20 cases a day from organizations, businesses, celebrities, and creators who depend on Facebook and Instagram for their livelihoods. More than 200 Gopuff customer service workers were let go last week. On a podcast, Glenn Howerton said he was locked out of his Tesla when his key fob broke, and that he had a difficult time reaching customer service, saying that Tesla "lost a customer." Acquired a decade ago for $22 billion, WhatsApp has yet to become a big business for Facebook.

☆ Oracle employees say a wave of new hiring restrictions is cratering already low morale, and many worry another round of mass layoffs is looming
▼ + stars: | 2022-10-19 | by ( Ellen Thomas | Jessica Xing | ) www.businessinsider.com time to read: +6 min

Start dates are being pushed and hiring cut across several business units at Oracle, insiders say. Some units that are hiring must target low-cost areas and avoid markets like Seattle and New York. Employees say restrictions are hurting an already demoralized workforce and worry more layoffs loom. Hiring managers across the company have been asked to push back start dates for new recruits, according to two sources within Oracle's recruiting division. More broadly, hiring has been slashed or significantly slowed down across several business units, according to conversations with several company insiders.

☆ 15 risky and hated stocks that could rally if market keeps bouncing
▼ + stars: | 2022-10-19 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

The major averages are up this week on the back of those results, with the S & P 500 roughly 3.8% higher. When a beaten-up stock market is bouncing off recent lows, the most hated names are sometimes what leads the way back. We screened for risky and hated names in the S & P 1,500 Composite Index. These stocks are down more than double the broader market this year, and have more than 10% of their tradable shares shorted. About 38% of tradable shares are being shorted.

☆ The stock market crash is exposing Wall Street's biggest charlatans
▼ + stars: | 2022-10-16 | by ( Linette Lopez | ) www.businessinsider.com time to read: +9 min

In a market bubble, it's easy to confuse opportunity for genius. While many of these new investors invested wisely, a pack of them got swept up in a social-media-driven market mania. For the past decade-plus, the stock market loved this. It's really never a good sign when you see celebrities hanging around the stock market, and during the bubble they were everywhere, pumping crypto and investing in SPACs. Good information about the stock market does not come easy, and Gordon Gekko was right to say that if you want a friend on Wall Street, you should buy a dog.

Then came the pandemic and a property crisis, and with them, clear evidence of the limits of the debt-fuelled, investment-driven model that had propelled China's economy and businesses like Shores'. "If there is no investment, consumption will be like a tree without roots," said Jia, who previously led a finance ministry think tank. Many uncertainties hang over China's economy: the zero-COVID policy, a crackdown on tech and other industries, geopolitical tensions and rising borrowing costs in export markets. China is widely expected to miss this year's 5.5% GDP growth target and Natixis estimates growth may not even top 3% a year into Xi's next mandate. Oxford Economics expects average annual GDP growth this decade to halve from the 1999-2019 average to 4.5% and slow to 3% in the decade after.

☆ Inside the only lithium producer in the U.S., which provides critical mineral used in batteries by Tesla, EV makers
▼ + stars: | 2022-10-14 | by ( Pippa Stevens | ) www.cnbc.com time to read: +14 min

The town's mining roots are still on display, but the action has shifted to the country's largest lithium brine operation 45 minutes away. Specialty chemicals company Albemarle acquired the site in 2015 from Foot Mineral Company, and has owned it ever since. Under the International Energy Agency's most ambitious climate scenario, lithium supply will have to grow 40-fold by 2040 from today's levels. The U.S. used to be a leader in lithium production, but it's since ceded that position to foreign nations, including China. Albemarle's Silver Peak lithium plant spans 13,000 acres.

☆ Dollar climbs as case for U.S. rate hikes firms
▼ + stars: | 2022-10-09 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

U.S. unemployment unexpectedly fell last month, Friday figures showed, and inflation data due on Thursday is forecast to show headline inflation at a hot 8.1% year-on-year. Westpac strategist Sean Callow said the data and rising yields in response was a "robust combination for the dollar." Register now for FREE unlimited access to Reuters.com Register"It's further evidence that the U.S. economy is not cratering," he said. The U.S. dollar index was steady at 112.83, off lows around 110 last week and creeping back toward last month's 20-year high of 114.78. Chinese markets reopen after a week-long holiday, and ahead of that the offshore yuan was steady at 7.1310 per dollar.

☆ European stocks set to rebound after Bank of England placates markets
▼ + stars: | 2022-09-29 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European stocks are heading for a higher open on Thursday after the Bank of England said it would purchase bonds in an effort to steady its financial markets and the cratering British pound. Sterling has stooped to record lows against the U.S. dollar in recent days. Global markets saw another volatile trading day on Wednesday, with stocks trading sharply lower as global markets sold off on economic concerns surrounding inflation and the growth outlook. That move calmed markets in the U.S. yesterday, and that, in turn, pacified indices in Asia-Pacific overnight. U.S. stock futures inched lower in overnight trading Wednesday.

☆ CarMax shares crater as its huge earnings miss signals an end to the used car boom
▼ + stars: | 2022-09-29 | by ( Robert Hum | ) www.cnbc.com time to read: +4 min

CarMax shares are cratering Thursday after the used car dealer posted one of its biggest earnings misses ever. That's the phrase generating all the headlines, but it's not the first time CarMax has used that line. It said it back in its June earnings report , too – when the company posted a 7-cent earnings beat. Is it that used car prices have suddenly gone through the roof, making purchases unaffordable? Yes, car prices are much higher than pre-pandemic, but prices have been elevated for about a year.

☆ Stock futures inch lower after Wednesday's big market rally
▼ + stars: | 2022-09-28 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Stock futures inched lower in overnight trading Wednesday after the Dow Jones Industrial Average staged a comeback off its lowest level for the year. Futures tied to the Dow Jones slipped 49 points, or 0.16%, while S&P 500 and Nasdaq 100 futures shed 0.19% and 0.26%, respectively. It marked a stark shift from the aggressive tightening campaign many global central banks have undertaken to cope with surging inflation. The Nasdaq Composite is leading the monthly losses, down about 6.5%, while the Dow and S&P are on pace to close 5.8% and 5.9% lower, respectively. The S&P is on pace for its third negative quarter in a row for the first time since its six-quarter negative streak that ended the first quarter of 2009.

Higher interest rates are coming, and they are likely to remain in place for a long time. The Fed last week raised rates by three-quarters of a percentage point, the third consecutive hike of that size. 'RESET' UNDERWAYTo some degree, in fact, the thrust of Fed policy is to force just such a reevaluation. According to one index maintained by the Chicago Fed, overall financial conditions remain below their historical average, or slightly on the "loose" side, a signal that Fed officials may still have, as many of them put it, "work to do." Rising interest rates paid on safe investments like short-term U.S. Treasuries help that effort by changing the prices of a broad array of other assets.

☆ The British pound is cratering against the dollar. Here's everything you want to know.
▼ + stars: | 2022-09-27 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

I'm Phil Rosen, and economic signals from our colleagues across the pond are deep in the red to start the week. No frills or tomfoolery today, out of fear that the pound will drop further before we get to the news. FILE PHOTO: British five pound banknotes are seen in this picture illustration Reuters1. Even after its third consecutive 75-basis-point hike last week, all signs point to more to come. What do you think is the Bank of England's best option to stop the pound from falling further?

☆ Layoffs, lost sales, and revised business plans: How a Facebook tech glitch is wreaking havoc for advertisers around the world
▼ + stars: | 2022-09-27 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +6 min

A technical glitch continues to ban Meta ad accounts at random. But three weeks ago, business ground to a halt when Color Crush Book's Facebook ad account was unexpectedly terminated. The founders of Color Crush Books said they're considering shifting from their digital-only model after experiencing Facebook ad account issues. The company's Meta ad account was reinstated on Tuesday after Insider contacted Meta. Silverbird's ad account was disabled in mid-August and Lorenzos shifted some of the budget to search and offline channels.

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