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☆ Industries from cars to coal to ice cream could be impacted by Baltimore bridge collapse
▼ + stars: | 2024-03-27 | by ( Kelsey Vlamis | Dominick Reuter | ) www.businessinsider.com time to read: +6 min

The Francis Scott Key Bridge collapse has blocked shipments in and out of the Port of Baltimore. The port is a key shipping point for cars, construction and farm equipment, and coal. The Port of Baltimore is the top US port for roll-on/roll-off cargo, like cars and construction machinery. halbergman/Getty ImagesCoal, gypsum, and sugarIn 2022, coal was among the top export commodities by weight moved through the Port of Baltimore. A research briefing from Oxford Economics said the bridge collapse will likely have a greater impact on the local Baltimore economy than on a national level.

Persons: Francis Scott Key, —, Dali, Daraius Irani, Anirban Basu, Ford, Basu, Domino, Sugar, Irani Organizations: Service, Industry, Regional Economic Studies, Towson University, Sage Policy, General Motors, Caterpillar, Port, Baltimore Refinery, Oxford Economics Locations: Port of Baltimore, Port, Baltimore, Patapsco, India, West Virginia

☆ A staggering amount of money is slipping away due to the Baltimore bridge collapse
▼ + stars: | 2024-03-27 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Experts told Business Insider that the port alone contributes $15 million in daily economic activity, which will come to a near standstill "until further notice." While some cargo will have to wait, container ships can largely be rerouted to other east coast locations. Ryan Peterson, the CEO of global logistics firm Flexport, told Business Insider that 800 containers of his were destined for Baltimore, and are now being rerouted. And it's unclear whether East Coast ports will have enough available capacity to absorb Baltimore's container volume, Petersen said. A risk for Baltimore will be whether those route changes are temporary, or if they'll have a lasting impact on the port's business.

Persons: —, Baltimore's Francis Scott Key, Port, Anirban Basu, It's, Basu, Daraius Irani, Ryan Peterson, Petersen, we're, Martin Dresner Organizations: Service, Business, Sage Policy, Regional Economic Studies, Towson University, University of Maryland's Smith School of Business Locations: Port of Baltimore, Baltimore, East Coast, West Coast

☆ A complex and clubby group in London could face billions in claims from the Baltimore bridge collapse
▼ + stars: | 2024-03-27 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. With the crash of the container ship Dali into the Francis Scott Key Bridge in Baltimore on Tuesday, insurance underwriters are duly updating those books as a picture emerges of the true cost of damages. Economists told Business Insider the port closure itself will cost $15 million per day in lost economic activity, with other disruptions pushing the total into the tens of millions per day. All told, Barclays said insurance companies could be looking at claims as high as $3 billion as a result of the crash, Bloomberg reported. AdvertisementStill, the collapse of the Key Bridge could lead to "one of the largest claims ever to hit the marine (re)insurance market," John Miklus, president of the American Institute of Marine Underwriters, told Insurance Business.

Persons: —, Dali, Francis Scott Key, Morningstar, Marcos Alvarez, Edward Lloyd, doesn't, Lloyd's, John Miklus Organizations: Service, Business, Barclays, Bloomberg, Port, Reuters, Lloyd's, American Institute of Marine Underwriters, Insurance Business Locations: London, Baltimore, Port of Baltimore, Britannia

☆ A historic and clubby group in London could face billions in claims from the Baltimore bridge collapse
▼ + stars: | 2024-03-27 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Claims from the container ship Dali's crash into Baltimore's Key Bridge could cost insurers a lot. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . With the crash of the container ship Dali into the Francis Scott Key Bridge in Baltimore on Tuesday, insurance underwriters are updating those books as a picture of the true cost of damages emerges. Economists told Business Insider the port closure itself will cost $15 million a day in lost economic activity, with other disruptions pushing the total into the tens of millions a day. AdvertisementStill, the collapse of the Key Bridge could lead to "one of the largest claims ever to hit the marine (re)insurance market," John Miklus, the president of the American Institute of Marine Underwriters, told Insurance Business.

Persons: —, Dali, Francis Scott Key, Marcos Álvarez, Edward, doesn't, Lloyd's, John Miklus Organizations: Service, Barclays, Bloomberg, Port, Reuters, Lloyd's, American Institute of Marine Underwriters, Insurance Business Locations: London, Baltimore, Port of Baltimore, Britannia

☆ Baltimore port closure could cost $15 million per day in lost economic activity
▼ + stars: | 2024-03-26 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

The Port of Baltimore is closed "until further notice" following the collapse of a major bridge. Experts say the closure alone will bring some $15 million of daily economic activity to a halt. Experts told Business Insider that the port alone contributes $15 million in daily economic activity, which will come to a near standstill "until further notice." While some cargo will have to wait, container ships can largely be rerouted to other east coast locations. And it's unclear whether East Coast ports will have enough available capacity to absorb Baltimore's container volume, Petersen said.

Persons: —, Baltimore's Francis Scott Key, Port, Anirban Basu, It's, Basu, Daraius Irani, Ryan Peterson, Petersen, we're, Martin Dresner Organizations: Service, Sage Policy, Regional Economic Studies, Towson University, University of Maryland's Smith School of Business Locations: Port, Baltimore, Port of Baltimore, East Coast, West Coast

☆ Lawsuit by Elon Musk's X was an attempt to punish free speech, judge rules
▼ + stars: | 2024-03-25 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewA lawsuit that Elon Musk's X filed last year against a research group was thrown out Monday, with US District Judge Charles Breyer saying, "This case is about punishing the Defendants for their speech." But Breyer wrote "there can be no mistaking" that the real motive of the suit was to bully X's critics into silence. Related storiesWhen asked for comment on the decision, the press email for X replied, "Busy now, please check back later." Musk has previously said he's a "free speech absolutist" and that his "thermonuclear" lawsuits against media-watchdog groups are about "protecting free speech."

Persons: —, Elon Musk's X, Charles Breyer, X, Breyer, Musk, Imran Ahmed, lawfare Organizations: Service, US, Northern District of, Business, X Corp, Media Matters Locations: Northern District, Northern District of California

☆ One Rolex model bucked the trend and had the biggest increase in value since last year
▼ + stars: | 2024-03-23 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

The frenzy for pre-owned Rolex watches peaked exactly two years ago, sending the market into a slump. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementIt has been a rough two years in the pre-owned Rolex market. Related storiesDesigned as a utilitarian pilot's watch, Rolex introduced the GMT in 1955 with a dedicated hand to track the 24 hours of the day. What's more, this watch is selling on the pre-owned market for around $21,000, or nearly twice its $10,700 retail price.

Persons: II, —, I'm, Carol Altieri, It's, Altieri Organizations: Rolex, Service, Pepsi, Bloomberg Locations: Swiss

☆ Apple warns of a 'dangerous precedent' if the DOJ wins its lawsuit
▼ + stars: | 2024-03-22 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Apple's iPhone is at the center of a historic lawsuit from the US Justice Department. But Apple says the case would set a "dangerous precedent" if the DOJ wins. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. But Apple says the case "threatens who we are" and would radically transform tech companies' ability to serve their customers. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: US Justice Department, Prosecutors, Apple, DOJ, Service, US Department of Justice, Business

☆ Dollar General is taking a key strategy from Costco as it aims to lower costs
▼ + stars: | 2024-03-21 | by ( Dominick Reuter | Alex Bitter | ) www.businessinsider.com time to read: +5 min

Dollar General is sharply reducing the selection of products it sells in order to cut costs. The discounter previously stocked about 12,000 unique items, referenced by SKUs. AdvertisementSome Dollar General shoppers may see their favorite items disappearing from shelves as the discount retailer looks to control inventory costs. The move inches Dollar General closer to Costco's time-tested strategy for finding savings through simplicity — the wholesale club famously keeps its SKU count to around 4,000 in its warehouses. Last summer, Dollar General took a $95 million inventory write-down as it cleaned those stores up.

Persons: SKUs, —, Todd Vasos, there's, Neil Saunders, Vasos, didn't, Gina Goetter Organizations: Costco, Service, Walmart, Aldi, Hasbro

☆ Apple's horrible day — explained in 60 seconds
▼ + stars: | 2024-03-21 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

The US DOJ, with 16 state attorneys general, has filed a civil antitrust lawsuit against Apple. Apple says the suit is "wrong on the facts and the law," and it will "vigorously" defend itself. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Meanwhile, it was a bad day for Apple's stock, which was down more than 4% at market close. AdvertisementHere are the five key areas where prosecutors say Apple is breaking the law and harming consumers:1.

Persons: —, Apple, Prosecutors — Organizations: DOJ, Apple, Service, US Department of Justice, Prosecutors, Microsoft, Department

☆ Bill Gates says 'Steve Jobs was a natural' at appearing unrehearsed: 'I'll never achieve that level'
▼ + stars: | 2024-03-16 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Steve Jobs' seemingly unrehearsed presentation style is the stuff of legend in business and tech. "He would make it look like he's just thinking it up right there," Bill Gates said. AdvertisementWhen it comes to public speaking, few have matched the magic of Apple cofounder Steve Jobs. It's a skill that Jobs' chief rival, Microsoft cofounder Bill Gates, has long expressed jealousy of. More than a decade after Jobs' death, Gates says he has still not reached Jobs' mastery of appearing so natural and unrehearsed onstage.

Persons: Steve Jobs, Bill Gates, Gates, —, Jobs Organizations: Service, Apple, Business

☆ Bill Gates says AI won't magically solve problems that humans aren't already good at
▼ + stars: | 2024-03-15 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Bill Gates is one of AI's most enthusiastic proponents, but is wary of the technology's limitations. The key for current AI models, Gates says, is to have "data that embodies the expertise." download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementBill Gates has been thinking about AI since long before there was AI. This story is available exclusively to Business Insider subscribers.

Persons: Bill Gates, Gates, — Organizations: Service, Microsoft, Business

☆ Target says 10-item limits made self-checkout twice as fast — and your store is likely next
▼ + stars: | 2024-03-15 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Target will limit self-checkout to 10 items or fewer at most of its stores, beginning March 17. Target says item limits helped make self-checkout twice as fast. AdvertisementBig baskets will be banished from self-checkout at most Target locations starting Sunday. Related storiesOne result of the test: self-checkout was twice as fast with item limits than without, the company said. Several Walmart locations have recently limited self-checkout lanes to Spark drivers and Walmart+ members using the company's app.

Persons: — Organizations: Service, Walmart

☆ TikTok CEO doubles down and urges users to get loud and contact senators
▼ + stars: | 2024-03-14 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Hours after the US House of Representatives voted in favor of the bill by a wide margin, 352 to 65, Shou responded with a video on TikTok urging users to "make your voices heard." The rallying cry follows an earlier TikTok action that prompted users to input their ZIP code in order to identify and contact their representatives in Congress. Share them with your friends, share them with your family, share them with your senators. Over the past week, X users have responded in droves with their all-time favorite clips after @destroynectar asked, "What video is the reason they shouldn't ban TikTok?"

Persons: —, Shou Chew, Shou, TikTok's, Joe Biden, @destroynectar, ITYNCTnThf, Steven Mnuchin — Organizations: Service, Business, Big Tech

☆ This winter was weirdly warm — and rough for retailers
▼ + stars: | 2024-03-13 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

The US just experienced the warmest "meteorological winter" on record, NOAA said last week. It also led to unpredictable consumer demand, causing headaches for retailers and other businesses. For Dick's, warmer weather means that sales skew toward lightweight fleeces rather than pricier down parkas, she said. A retailer in South Dakota surveyed by the Federal Reserve said that even though the warmer weather led to higher foot traffic, sales of winter gear and equipment fell. AdvertisementFrom major complications to minor inconveniences, it's looking like this winter could be a preview of what's to come thanks to the climate crisis.

Persons: Lauren Hobart, Hobart's, didn't, Hal Lawton, Lawton isn't, Raymond James, Lowe's, Marvin Ellison, Bill Boltz, Wisconsin's Organizations: NOAA, Service, National Oceanographic, Atmospheric Administration, Sporting, Tractor, Co, Raymond, Raymond James Institutional Investors, Federal Reserve, Climate Central Locations: NOAA's, East, Midwest, South Dakota

☆ Costco CFO's go-to meal is a $5 rotisserie chicken, shrimp cocktail, and Kirkland Signature vanilla ice cream
▼ + stars: | 2024-03-12 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Costco CFO Richard Galanti received a $6.7 million pay package last year, but can be frugal at dinnertime. "I will buy a rotisserie chicken, shrimp cocktail and the Kirkland Signature vanilla ice cream, which is the best," he said. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementCostco's outgoing CFO Richard Galanti has been with the company for all but a few months of the wholesale club's 40-year history.

Persons: Richard Galanti, Galanti, he's, — Organizations: Costco, Progressive, Kirkland, Service, Business

☆ Costco's CFO reveals what you can learn when you arrive 30 minutes early to a job interview
▼ + stars: | 2024-03-11 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Costco's longtime CFO Richard Galanti will step down Friday after a 40-year career with the company. In an interview with Progressive Grocer, Galanti revealed a bit of advice he gives to students. Arriving 30 minutes early to an appointment can show you how a company's culture really is, he said. AdvertisementAfter an impressive 40-year career with Costco, Richard Galanti will step down from his longtime role as CFO on Friday. In a recent interview with Progressive Grocer, Galanti revealed a bit of advice he gives to students that goes beyond simply being on time for appointments like job interviews.

Persons: Costco's, Richard Galanti, Galanti, — Organizations: Progressive, Service, Costco, Atlanta, Business

☆ Target says Cat & Jack is the biggest kids' clothing brand in the US. Parents love the label's generous 1-year return policy.
▼ + stars: | 2024-03-06 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Target says its in-house children's apparel brand Cat & Jack is the largest kids brand in the US. Like all of Target's owned brands, Cat & Jack has a 1-year return policy, which parents love. AdvertisementFor parents of young children, the odds are pretty strong that there's at least one piece of clothing in the laundry bearing the name Cat & Jack. The children's apparel brand Target launched back in 2016 has exploded in popularity, reeling in more than $3 billion in annual sales for the Bullseye. Cat & Jack is "the biggest kids brand in America," said Jill Sando, Target's head of apparel merchandising, during the company's earnings call on Tuesday.

Persons: Jack, —, Jill Sando Organizations: Service, Business Locations: America

☆ Target just announced a new paid membership tier. Here's what $49 gets you.
▼ + stars: | 2024-03-05 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Target says it will soon launch Circle 360, a paid membership tier with unlimited same-day delivery. Target fulfills 95% of its web and app orders from its fleet of around 2,000 stores. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTarget is stepping up the competition with Amazon and Walmart with a new paid membership tier, Circle 360, that offers unlimited same-day delivery. CEO Brian Cornell said Tuesday the new Circle 360 service will launch on April 7 and will lean heavily on Target's Shipt service to "build unmistakable recognition for Target same-day delivery."

Persons: —, Brian Cornell Organizations: Walmart, Amazon, Service, Business

☆ Some Walmart stores are limiting self-checkout lanes just for Spark drivers and Walmart+ customers
▼ + stars: | 2024-03-04 | by ( Dominick Reuter | Alex Bitter | ) www.businessinsider.com time to read: +3 min

Read previewYou might need an app on your phone to use self-checkout during your next trip to Walmart — the lanes might be one reserved for the retailer's Spark delivery drivers or Walmart+ subscribers. Drivers with the company's Spark delivery platform told Business Insider they've seen the limited kiosks at their stores, and photos showing cordoned-off lanes have been cropping up on social media over the past few weeks. At these stores, shoppers need to use the full-service lanes unless they're buying for themselves using the Walmart app's scan-and-go feature or for someone else using the Spark app. A Spark driver in California told BI that designated lanes for Spark drivers showed up at a store there at the end of February. Requiring shoppers to log in to an account before using self-checkout could help stem some of those losses.

Persons: —, they've, Joe Pennington, Pennington, they're, abitter@businessinsider.com Organizations: Service, Walmart, Business Locations: California

☆ Amazon's average customer is a white Gen X woman who spent $2,662 there last year
▼ + stars: | 2024-03-03 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Amazon's average customer is a white Gen X woman who earns about $60K per year and spends $2,662. Numerator found that Amazon's typical shopper is a white Gen X woman earning around $60,000 per year. Although Baby Boomers slightly outnumber Gen X among Amazon shoppers, Boomers are slightly less likely to shop with the company than the overall US consumer, while Gen X shoppers are slightly more likely. Boomers and Gen X shoppers are also increasingly fans of Amazon's Chinese-owned challenger, Temu. About one fifth of the typical Amazon shopper's consumer spending takes place online, more than the overall US average.

Persons: —, you've Organizations: Amazon, Service, Walmart, Boomers, Temu, Disney, Hanes, Kraft, Apple Locations: Seattle

☆ Panera is exempt from California's fast-food wage increase. A billionaire franchisee previously donated to Gov. Newsom.
▼ + stars: | 2024-03-01 | by ( Ana Altchek | Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Read previewCalifornia's minimum wage increase from $16 to $20 an hour for fast-food restaurant workers, set to go into effect in April, caused a stir among fast-food chains — but not Panera. He owns 12 Panera locations in California. When asked last year about the bread exemption that baffled many, Newsom said, "That's part of the sausage-making," declining to elaborate further. Flynn, in a conversation with Bloomberg, denied having a hand in the bread exemption. A few smaller brands appear to benefit from the carve-out, including Paris Baguette and Great Harvest Bread Co, Bloomberg reported.

Persons: —, Gavin Newsom, Greg Flynn —, Flynn, Taco Bell, Flynn Group's, Newsom, Panera, Paris Baguette Organizations: Service, Flynn Group, Business, Bloomberg, San Francisco Chronicle, Flynn Properties Inc, US Food and Drug Administration, Co Locations: California, Paris

☆ HomeGoods has become 'a bit of a cult,' TJX CEO says
▼ + stars: | 2024-02-29 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

HomeGoods is the housewares and furnishings brand in TJX's off-price retail family. "It's become a bit of a cult," TJX CEO Ernie Herrman joked about the brand's popularity on TikTok. AdvertisementAnyone who has ever set foot in a HomeGoods store has likely walked out with at least one thing they hadn't planned on purchasing. HomeGoods is the housewares brand in the TJX off-price retail family, which includes megastars T.J. Maxx and Marshalls, plus the outdoorsy Sierra. Advertisement"It's become a bit of a cult," TJX CEO Ernie Herrman joked during the company's fourth-quarter earnings call on Wednesday.

Persons: HomeGoods, It's, Ernie Herrman, —, Herrman, housewares Organizations: Service, HomeGoods, Marshalls, TJX Locations: Maxx, HomeGoods

☆ Even Best Buy's CEO thinks laptops haven't seen enough innovation recently to convince you to replace your aging one yet
▼ + stars: | 2024-02-29 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

For companies that specialize in this area, like Best Buy, that has contributed to several years now of sluggish sales. AdvertisementBeyond the pull-forward effects, Best Buy CEO Corie Barry laid some of the blame for the continuing sales lull at the feet of tech brands. Indeed, tech companies haven't exactly inspired shoppers to race into their nearest Best Buy for an upgrade, especially when they could buy tickets to a Taylor Swift concert instead. Other tech companies are tossing some bold ideas at the walls too. Either way, whatever the next buzzy tech may be, Barry says Best Buy would love for you to come check it out in their stores.

Persons: —, haven't, Matt Bilunas, Corie Barry, We're, Taylor, Apple, Barry, Scot Ciccarelli Organizations: Service, Business, Lenovo

☆ Lowe's average customer is a white baby boomer who spent $809 there last year
▼ + stars: | 2024-02-28 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

The store's typical customer is a more rural baby boomer who earns $60K a year and owns her home. But which of those millions of shoppers is the "typical" Lowe's shopper? In addition to taking on Home Depot, Lowe's is looking to win over customers from outdoor lifestyle retailer Tractor Supply Co. with a push into smaller-format rural stores. Lowe's shoppers have dialed back in recent months, but the company said a few are still splurging on its offerings of high-tech, futuristic appliances at price points of $2,500 or more. The typical customer earns between $40,000 and $80,000 a year and now makes nine trips to Lowe's, spending about $90 per trip for an annual total of $809.

Persons: Lowe's, boomer, — Organizations: Service, Tractor Supply, Home Locations: North America, Wilkesboro , North Carolina, Lowe's

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