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☆ Premarket stocks: The FDIC could ask big banks to clean up $23 billion mess
▼ + stars: | 2023-03-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

While regional and mid-sized banks are behind the recent turmoil, it appears that large banks may be footing the bill. Ultimately, that means higher fees for bank customers and lower rates on their savings accounts. The law also gives the FDIC the authority to decide which banks shoulder the brunt of that assessment fee. Passing it on: Regardless of who’s charged, the fees will eventually get passed on to bank customers in the end, said Isaac. In 2021, Wall Street was estimated to be responsible for 16% of all economic activity in the city.

☆ Why so many banks seem to fail on Fridays
▼ + stars: | 2023-03-31 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

That’s because when banks fail, they have a tendency to do so on Friday. Friday, March 10, 2023: Silicon Valley Bank seized by regulators, the second biggest bank failure in US history. “That was very unusual.”Similarly, Silicon Valley Bank’s unraveling happened at a head-spinning pace nearly three weeks ago. Skinny cansAnyone else notice how skinny cans are these days? My colleague Nathaniel Meyersohn, a reporter with an eagle eye for retail trends, explains that skinny cans are, in fact, in.

☆ Bed Bath & Beyond says it will likely file for bankruptcy if it can’t sell $300 million in stock
▼ + stars: | 2023-03-30 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: 1 min

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☆ Why skinny soda cans are everywhere
▼ + stars: | 2023-03-30 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

Drink manufacturers are aiming to distinguish their products on crowded shelves and save money on shipping and packaging with skinny cans, say analysts and drink makers. The can, presented at New York’s Fashion Week, had the tagline: “The New Skinny.” It was widely criticized as offensive and the National Eating Disorders Association said the company’s comments were both “thoughtless and irresponsible.”White Claw's skinny white cans have brought along copycats. Red Bull was one of the first brands to popularize slim cans, and White Claw saw success with its hard seltzer in thin white cans. skinny cans on store shelves, warehouse pallets and trucks than wider cans, said Dave Fedewa, a partner at McKinsey who consults for retail and consumer packaged goods companies. But the key, Fedewa said, is that skinny cans catch the eye: “It’s funny how much growth that can drive in retail.”

☆ Macy's will have a new CEO. He's from Bloomingdale's
▼ + stars: | 2023-03-29 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

Macy’s (M) CEO Jeff Gennette will retire in 2024, the company announced Wednesday. Gennette, 61, has been Macy’s CEO for seven years. He led the 165-year-old department store chain through the rise of Amazon (AMZN), the Covid-19 pandemic, and industry upheaval. Under Gennette, Macy’s most notably built out its online platform and shifted away from malls. “Thanks to Mr. Gennette, Macy’s isn’t dead or even circling the drain,” GlobalData Retail analyst Neil Saunders said in a note to clients Wednesday.

☆ Macy’s will have a new CEO. He’s from Bloomingdale’s
▼ + stars: | 2023-03-29 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +1 min

Macy’s (M) CEO Jeff Gennette will retire in 2024, the company announced Wednesday. Gennette, 61, has been Macy’s CEO for seven years. He led the 165-year-old department store chain through the rise of Amazon (AMZN), the Covid-19 pandemic, and industry upheaval. Under Gennette, Macy’s most notably built out its online platform and shifted away from malls. But Macy’s has outperformed Kohl’s (KSS), Nordstrom (JWN) and other department store peers in recent years, while Sears, JCPenney and Neiman Marcus have filed for bankruptcy.

☆ Foot Locker is closing 400 stores. They may become an eyesore
▼ + stars: | 2023-03-29 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

Foot Locker will close 400 stores by 2026 in malls. Anchor vacancies in malls hurt neighbors like Foot Locker and reduce traffic to their stores as well. Eventually, stores like Foot Locker go dark and it becomes harder for the mall to survive. Finding tenants for the 400 Foot Locker spaces will be challenging as big retailers look to stay away from weaker malls. Bed Bath & Beyond will be “much easier to fill than in-mall spaces.”So what happens to all the indoor malls with empty Foot Locker stores and other vacant spaces?

☆ Why Corporate America has grown silent on gun violence
▼ + stars: | 2023-03-28 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

Their efforts to curb gun violence have run into fierce pushback from Republican lawmakers that oppose both gun restrictions and corporations taking on social roles. Gun safety advocates say businesses have a civic responsibility to keep their customers and employees safe from gun violence. “Whether you’re a business that works directly with gun manufacturers, sells guns or are a grocery store, gun violence comes to your front door,” he said. “I’m not arguing they need to solve the social issue of gun violence,” Volksy said. “I am arguing they have a business incentive to solve for the cost of gun violence.”

☆ It’s not just your imagination. More places are asking you to tip
▼ + stars: | 2023-03-25 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —More stores now offer customers the option to tip, from coffee shops to ice cream stores. They are also overwhelmed with the number of places that give them the option to tip with a card on an iPad, leading people to be less generous. Although consumers are accustomed to tipping waiters, bartenders and other service workers, tipping a barista or cashier may be a new phenomenon for many shoppers. Some customers tip no matter what. Others feel guilty if they don’t tip or embarrassed if their tip is stingy.

CNN —New rules from the US government could soon let Americans more easily cancel free trials and subscriptions they no longer want, according to the Federal Trade Commission. The proposed rule change announced Thursday would apply to vast swaths of the US economy, covering both digital and physical subscriptions. Americans should not have to jump through hoops or be hounded by unwanted retention offers just to cancel their subscriptions, FTC Chair Lina Khan told reporters on a conference call Wednesday. The FTC in 2021 warned companies against deploying illegal dark patterns that trick or trap consumers into subscription services. Gyms, newspapers, phone companies and other businesses have faced lawsuits for imposing obstacles on consumers who try to cancel their services.

☆ Bed Bath & Beyond is closing hundreds of stores. But they won’t be empty for long
▼ + stars: | 2023-03-21 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

New York CNN —Bed Bath & Beyond is stripping down its big blue signs, clearing out aisles of linens and closing 400 stores as it tries to stave off bankruptcy. Bed Bath & Beyond (BBBY)’s real estate is a precious, scarce resource for retailers, gyms and anyone else who needs ample space. “A lot of great real estate is going to come available into a market where there’s been no vacancies. “Bed Bath and Beyond sites are interesting to us, and we are exploring available opportunities with our franchisees,” a spokesperson told CNN. He also believes Bed Bath & Beyond may not be able to avoid bankruptcy or liquidation, which would lead to more vacancies.

☆ Dollar Tree will stop selling eggs because they're too expensive
▼ + stars: | 2023-03-18 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Eggs have gotten too expensive for Dollar Tree. Reuters first reported that Dollar Tree would stop selling eggs. Family Dollar, owned by Dollar Tree, will continue selling eggs. Dollar Tree, Family Dollar and Dollar General, the largest of the three chains, have spread in recent years and added more food basics, although fresh and healthy options are limited. In 2021, Dollar Tree announced it would raise prices to $1.25 because selling everything for $1 was squeezing business.

☆ Credit Suisse: Why it’s struggling and why that’s a big deal
▼ + stars: | 2023-03-16 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

Credit Suisse is one of the biggest financial institutions in the world. “Credit Suisse is much more globally interconnected … not just a Swiss problem but a global one.”Why is Credit Suisse struggling now? That engulfed other banks facing big problems, including Credit Suisse, which has been a slow-moving car wreck for decades. In 2014, Credit Suisse pleaded guilty to federal charges that it illegally allowed some U.S. clients to evade their taxes. Credit Suisse acted as an underwriter when the company went public on the Nasdaq in 2019.

☆ How 'bailout' became a dirty word
▼ + stars: | 2023-03-15 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

New York CNN —“Bailout” became a curse word in American politics following the 2008 global financial crisis, fueling backlash among people who felt the risks and potential consequences of capitalism didn’t apply to big corporations or the wealthy. A financial bailout is generally considered to be providing compensation for losses when there was reckless, irresponsible or nefarious behavior at play, he added. “Bailout is a dirty word. The politics of bailoutsBailout politics have returned in response to the Silicon Valley and Signature meltdown. If those depositors are made whole, that would constitute a bailout, he said.

☆ Pickleball is America’s fastest-growing sport. These people hate it
▼ + stars: | 2023-03-11 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +7 min

The sound and disruption from pickleball, America’s fastest-growing sport, is driving some neighbors, tennis players, parents of young children, and others crazy. Pickleball is America's fastest-growing sport. Some tennis players are also frustrated because pickleball is taking over tennis courts. There were 11,000 places to play Pickleball at the end of 2022, an increase of around 130 new locations a month, according to USA Pickleball, the sport’s national governing body. People play pickleball on what were once tennis courts at Allendale Park in Pasadena, CA, in 2022.

☆ Customers Are Being Asked to Tip Everywhere. They're Sick of It.
▼ + stars: | 2023-03-10 | by ( Aidan Pollard | ) www.businessinsider.com time to read: +4 min

Many have taken a stand against the pressure to tip everywhere, saying the US has a "tipping culture." But the shift in American tipping culture has come with some consumer backlash. Even as consumers expect to be solicited for a tip when they're out and about, some on social media are working to draw a new line, spurring regular debates. Dubbed "tipping culture" by many on social media, the feeling that gratuities have become compulsory has also spread beyond North America and into other countries like Australia. Still, many on the side of service workers argue that tipping is necessary for many workers to be able to stay afloat and pay their rent.

☆ Use code ‘Bankrun’: Camp toy store pleads for help after Silicon Valley Bank collapse
▼ + stars: | 2023-03-10 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —A toy company based in New York has gotten caught up in the collapse of Silicon Valley Bank and is pleading with customers for help keeping it afloat. He urged customers to use the code “BANKRUN” to save 40% off all merchandise, in an apparent nod to the run on the bank that may have helped bring down the Silicon Valley lender. Kaufman said the company was “hopeful that this will be resolved soon.”CNN has not confirmed if Camp had funds with Silicon Valley Bank when the bank collapsed. Silicon Valley Bank was put under control of the US Federal Deposit Insurance Corporation on Friday, capping off a stunning 48 hour period during which fears of a liquidity crisis at the firm prompted some startups to weigh withdrawing funds. The rapidly unfolding fallout at Silicon Valley Bank comes at a challenging moment for startup and tech industries.

New York CNN —Visa, Mastercard and Discover announced they will pause a plan to implement a new merchant category code for the nation’s gun retailers after political pressure from Republicans. In the wake of mass shootings, some financial companies, including Mastercard and Visa, have explored the possibility of tracking gun sales through their payment systems. The merchant category code (MCC) system would have separately categorized sales at gun and ammunition stores. Nearly every retail item has a merchant category code. Accordingly, Visa is pausing implementation of the MCC.”It’s the latest example of companies changing their plans based on pressure from Republican lawmakers.

☆ WeightWatchers jumps into into the prescription weight loss drug business with Ozempic
▼ + stars: | 2023-03-07 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —WeightWatchers is getting into the booming prescription weight loss drug business. The GLP-1 agonists Sequence helps prescribe include Wegovy, Ozempic, and Rybelsus. The FDA approved Ozempic for the management of diabetes in 2017 and Wegovy for weight loss in 2021. Ozempic has gained popularity in part due to celebrities using it for weight loss. But there are many concerns with using diabetes drugs for weight loss, including high costs and shortages that are making it harder for people with diabetes to obtain the drugs.

New York CNN —Walgreens on Friday said it will not distribute abortion medication in 20 states, bowing to pressure from anti-abortion lawmakers and lawsuits targeting the legality of medication abortion. The company said it will not dispense mifepristone, the first of two drugs in the medication abortion process, in 20 states following a February 1 letter from GOP attorneys general in those states. Companies are loath to antagonize lawmakers in states where they may face politically motivated reprisals. The US Food and Drug Administration had previously said that pharmacies that become certified to dispense mifepristone can do so directly to someone who has a prescription from a certified prescriber. Medication abortion, which now accounts for a majority abortions obtained in the United States, has become a flashpoint in the fallout from the Supreme Court’s decision last year overturning Roe v. Wade.

☆ Target, Macy's and Best Buy say consumers are strained
▼ + stars: | 2023-03-02 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Big retailers say consumer demand is starting to buckle from the strain of inflation and customers are making changes in how they shop. Target (TGT), Best Buy (BBY), Macy’s (M) and other chains say shoppers have pulled back on discretionary goods like clothing, electronics and home improvement. The slowdown could mean consumers will see more discounts on shelves as stores look for ways to entice shoppers and work down their inventory. “The consumer electronics industry continues to feel the effects of the broader macro environment and its impact on consumers,” Best Buy finance chief Matt Bilunas said. Best Buy predicts its comparable sales will decline 3% to 6% this year.

☆ Gas surcharges have ended. But not everyone is happy
▼ + stars: | 2023-03-01 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Amazon, Uber and Lyft recently ended extra fuel surcharges as gas prices dropped late last year. These companies added gas surcharges in response to skyrocketing energy prices following Russia’s invasion of Ukraine last year. Gas prices swung wildly in 2022: At one point the national average for a gallon of gas was above $5 for the first time ever, according to AAA. Fuel surcharges went directly to ride-share drivers and were meant to help them soften the blow of high gas prices. It’s unlikely that gas prices will spike this year.

☆ Kohl’s had a rough holiday
▼ + stars: | 2023-03-01 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —As consumers pulled back on their holiday spending amid biting inflation, it seems that Kohl’s dropped off many shoppers’ lists. Sales at Kohl’s stores open for at least one year dropped 6.6% during the holiday quarter, the company said Wednesday. Kohl’s comments echo those of other retailers, like Walmart (WMT) and Target (TGT), who have said consumers are strained, although those companies posted stronger holiday results than Kohl’s did. This change in shopping behavior hurts Kohl’s more than big-box rivals because the chain does not sell food, nor as many necessities. In November, Kohl’s chief executive Michelle Gass announced she was leaving the company to become the CEO-in-waiting at Levi’s (LEVI).

☆ Why it’s impossible to find an open squat rack at the gym
▼ + stars: | 2023-02-28 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +7 min

You’ll have much better luck finding an open elliptical machine than a bench press, squat rack or 30-pound dumbbells. The pandemic led more people to take up weight training, gym owners and industry experts say. Post-pandemic, the surge in the popularity of weight training has helped the gym industry recover. Paul/Fairfax Media/Getty ImagesThe arrival of Nautilus and Universal strength training equipment in the 1970s and 1980s made weightlifting more attractive to a broader range of people. Genesis clubs have added more squat and dumbbell racks to keep up with demand for strength training and downsized cardio areas.

☆ Mormon Church, investment manager fined $5 million by SEC
▼ + stars: | 2023-02-21 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +1 min

Instead, the firm filed forms for shell companies that obscured the church’s portfolio and misstated the firm’s control over the church’s investment decisions, the SEC said. The SEC filed charges against both the church for causing the violations as well as Ensign Peak. To settle the charges, Ensign Peak agreed to pay a $4 million fine and the LDS church agreed to pay a $1 million penalty. Members of the LDS church are expected to donate a tenth of their income to the church, a longtime practice known as tithing. In a statement Tuesday, the LDS said Ensign Peak and the church cooperated with the government to seek a resolution.

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