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New Delhi CNN —Narendra Modi has declared victory in India’s election but he’ll need the support of smaller parties to govern, a shock result that could make it harder for him to pass major economic reforms. Experts have highlighted land reform as an example of policies that might now be tougher for Modi to implement. India will need to address those issues if it is to capitalize on the massive rethink underway among companies on supply chains. Despite the surprise electoral setback for Modi’s right-wing, Hindu-nationalist Bharatiya Janata Party (BJP), experts say the world’s fastest growing major economy will continue to live up to its billing. The party’s underperformance led to a plunge on India’s stock market, which had its worst day in four years Tuesday.
Persons: New Delhi CNN — Narendra Modi, , Peeyush Mittal, Modi, ” Shilan Shah, underperformance, Aditya Suresh, Shah, Malcolm Dorson, It’s Organizations: New, New Delhi CNN, Matthews Asia, Apple, Foxconn, Bharatiya Janata Party, BJP, Capital Economics, Investors, Macquarie Capital, Unified Locations: New Delhi, United Kingdom, India, China, San Francisco, Beijing, Washington, United States, Western
The H5N1 virus has become a pandemic among animals, raging through worldwide bird populations and now through US cattle herds. There, the H5N1 virus can continue operating as an avian virus, grabbing avian receptors with no need to adapt to human receptors. Two previous one-off human cases of H5N1 — one in Chile and one in Ecuador — featured respiratory symptoms. Even with its current monitoring, the CDC would probably detect sustained human spread, he said. Correction — June 4, 2024: An earlier version of this story misstated the nature of genomic sequencing of the H5N1 virus.
Persons: , Jude virologist Richard Webby, Diego Vara, Rick Bright, Amanda Perobelli, John Harper, Nirav Shah, farmworkers, Shah, Bright, Bill Powers, Nathan Howard, Department of Agriculture hadn't Organizations: Service, US Centers for Disease Control, Business, CDC, Reuters, World Health Organization, Studies, New York Times, Stock, Drug Administration, STAT, Webby, Department of Agriculture Locations: Texas, Michigan, Americas, Norte, Brazil, Chile, Ecuador, Campinas, Townsend , Delaware
India's Prime Minister Narendra Modi flashes victory sign at the Bharatiya Janata Party (BJP) headquarters to celebrate the party's win in country's general election, in New Delhi on June 4, 2024. Completed vote counts by the Election Commission of India showed that Modi's BJP won just 240 seats. India's Parliament has 543 seats, and the party or coalition that wins at least 272 forms the government. Modi's decade-long ruleUnder Modi, India, home to 1.4 billion people, has witnessed robust economic growth. While India has seen robust economic growth under Modi, observers and critics have warned about the country's "democratic decline."
Persons: Narendra Modi, Money Sharma, Modi, Aiyar, CNBC's, Shilan Shah, Shah, Kranthi, Sensex, Samir Kapadia, that's, Malcolm Dorson Organizations: India's, Bharatiya Janata Party, BJP, Afp, Getty, Indian, Modi's BJP, National Democratic Alliance, Developmental Inclusive Alliance, Indian National Congress, Policy Research, Centre, Monitoring, Capital Economics, BSE, WealthMills Securities, Adani, Adani Enterprises, State Bank of India, ICICI Bank, Monetary Fund, India Index, Vogel, Dem, Global, Vogel Group, IMF Locations: New Delhi, India, INDIA, China, Sweden
New Delhi CNN —There’s no fresh water in the slums of Delhi’s Chanakyapuri neighborhood. She tried to run back for it – but it was too late, the water had run out. Residents in Delhi’s Chanakyapuri neighborhood clamber to get water under baking heat on May 31, 2024. As record heat grips northern India, the Delhi government has been forced to ration these free water deliveries. But if they get to the hospital late and the intervention is late, the mortality rate is so high.
Persons: New Delhi CNN —, Shah, Vijay Bedi, , it’s, Poonam Shah, Ram Manohar Lohiya, Ajay Shukla, Anupam Nath, ” Dr Shukla, Kali Prasad, aren’t, Farwa Aamer, Aamer Organizations: New, New Delhi CNN, CNN, Indian Meteorological Department, Ram, , Workers, Asia Society Policy Institute Locations: New Delhi, Delhi’s Chanakyapuri, India, Delhi, Guwahati, South Asia
Bird Flu Has Infected a Third U.S. Farmworker
  + stars: | 2024-05-30 | by ( Apoorva Mandavilli | ) www.nytimes.com   time to read: 1 min
A third farmworker in the United States has been found to be infected with bird flu, heightening concerns about an outbreak among dairy cattle first identified in March. The worker is the first in this outbreak to have respiratory symptoms, including a cough, sore throat and watery eyes, which generally increase the likelihood of transmission to other people, federal officials said on Thursday. The other two people had only severe eye infections, possibly because of exposure to contaminated milk. All three individuals had direct exposure to dairy cows, and so far none has spread the virus to other people, Dr. Nirav Shah, principal deputy director of the Centers for Disease Control and Prevention, said at a news briefing.
Persons: Nirav Shah Organizations: Centers for Disease Control Locations: United States
A new generative AI tool can create those studies in minutes. That directive informed Atropos' development of ChatRWD, which Atropos Health launched in beta form in October to 75 customers. Atropos says it's the first generative AI tool to create publication-grade studies from clinical data in minutes. AdvertisementAtropos' $33 million Series B funding follows Atropos' $14 million Series A in August 2022, bringing the company's total funding to $54 million. See the 22-slide pitch deck Atropos Health used to raise $33 million in Series B funding.
Persons: , Brigham Hyde, Valtruis, Jim Breyer's Breyer, Laurene Powell Jobs, Nigam Shah, Saurabh, Hyde, Atropos, Green Button, Green, Johnson, Johnson's Janssen Organizations: Service, Business, Atropos, Cencora Ventures, McKesson Ventures, Merck GHI Fund, Presidio Ventures, Stanford University, National Institutes of Health, Atropos Health, pharma Locations: Geneva, Arcadia
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed doesn't want to hike rates, says Goldman Sachs’ Ashish ShahAshish Shah, Goldman Sachs Asset Management CIO of public invest, joins ‘Squawk Box’ to discuss the latest market trends, why rates are so high, and more.
Persons: Goldman Sachs, Ashish Shah Ashish Shah, Goldman Organizations: Management
Read previewThe Ambanis are continuing their glitzy pre-wedding celebrations with another set of festivities. This story is available exclusively to Business Insider subscribers. Meta CEO Mark Zuckerberg and Priscilla Chan, Microsoft cofounder Bill Gates, and Ivanka Trump also turned up for the events. Mark Zuckerberg and Priscilla Chan at the March pre-wedding party. Representatives for the Ambanis at Reliance Industries did not immediately respond to a request for comment from Business Insider.
Persons: , Anant Ambani, India's, Mukesh Ambani, Radhika Merchant, Shah Rukh Khan, Ranbir Kapoor, Alia Bhatt, Rihanna, Mark Zuckerberg, Priscilla Chan, Bill Gates, Ivanka Trump, Zuckerberg, Chan, Alexander McQueen, Gautam Adani Organizations: Service, Business, Meta, Microsoft, Fortune, Reliance Industries, Bloomberg Locations: Italy, France, Deccan Chronicle, Gujarat
CNN —Shah Rukh Khan’s manager has said India’s “King of Bollywood” is recovering well after reports he was hospitalized with heatstroke, as parts of the country swelter during a weeks-long general election. Maximum temperatures there climbed to 45 degrees Celsius (113 degrees Fahrenheit) this week. Also known as “King Khan,” the actor has near-demigod status in India, having starred in more than 90 movies and earned multiple accolades. He received India’s fourth-highest civilian honor in 2005, and a spot on Time magazine’s 100 most influential list in 2022. Experts say the climate crisis is only going to cause more frequent and longer heatwaves in the future, testing India’s ability to adapt.
Persons: CNN — Shah Rukh, , Khan’s, Pooja Dadlani, Khan “, Om Prakash Jat, Gauri, King Khan, Khan Organizations: CNN, K D, Press Trust of India, KD Hospital, Indian Premier League cricket, Kolkata Knight Riders, India Meteorological Department, IMD, Authorities Locations: Ahmedabad, Gujarat, Rural, India, Hyderabad, Rajasthan, Punjab, Haryana, Uttar Pradesh, Delhi, Barmer
The decision by Microsoft to link executive compensation to successful cybersecurity performance is another is prompting discussions at other firms. One change the tech giant is making in response: linking executive compensation more closely to cybersecurity. In recent years, many Fortune 500 companies, including Apple, have added bonus pay tied to ESG metrics. The conversations about cybersecurity-linked executive pay have started taking place at other companies since Microsoft made its move, according to Aalap Shah, managing director at executive compensation consultant Pearl Meyer. Madnick's research shows that gaps in corporate culture are often culprits in high-profile hacks, not just the Microsoft example.
Persons: Brad Smith, Charlie Bell, Aalap Shah, Pearl Meyer, It's, I've, Shah, , Stuart Madnick, Madnick, Ryan Kalember, unavoidability, Jen, Kalember, ransomware, Mike Doonan, Doonan Organizations: Microsoft, U.S, Hill, Google, U.S . Department of Homeland, Initiative, Microsoft Security, Team, Companies, Fortune, Apple, MIT, Infrastructure Security Agency, CNBC, Technology, State Department Locations: China, Russia, cybersecurity, U.S
Bollywood actor Shah Rukh Khan, along with his family, leaves a polling booth after casting his ballot in Mumbai on May 20, 2024. Sujit Jaiswal/AFP/Getty ImagesThe “King of Bollywood” Shah Rukh Khan was seen leaving a Mumbai polling booth with his family – wife Gauri, daughter Suhana, and sons Aryan and Abram. Bollywood actors Ranveer Singh and Deepika Padukone arrive to cast their ballots at a polling station in Mumbai on May 20, 2024. Residents queue to cast their vote on May 20, 2024 in Mumbai, India. Voters wait to cast their vote in Chandivali, Mumbai, on May 20, 2024.
Persons: Narendra Modi, Shah Rukh Khan, Sujit Jaiswal, ” Shah Rukh Khan, Gauri, Suhana, Aryan, Abram, Amitabh Bachchan, ” Khan, “ Let’s, Deepika Padukone, Ranveer Singh, Mukesh Ambani, Nita, Akash, Akshay Kumar, , Aishwarya Rai Bachchan, Stringer, Shiv Sena —, Satish Bate, Sachin Chaudhary Organizations: CNN, Getty, Bharatiya Janata Party, BJP, Indian National Congress, Hindustan Times, Getty Images Locations: Mumbai, Maharashtra, India’s, AFP, Andheri, , India, Mumbai’s, West Bengal, Getty Images Mumbai, New York, Chandivali
Wayfair follows other direct-to-consumer brands that have opened stores, including Warby Parker , Figs , Casper, Glossier and Everlane. In the early 2010s, new store openings largely outpaced closures, until the tide turned in 2017. Jeenah Moon | Bloomberg | Getty ImagesOther privately held direct-to-consumer brands have also expanded into retail stores, including bedding company Brooklinen, furniture store Burrow and apparel brands Everlane and Untuckit. High cost of entryIf direct-to-consumer brands could all open stores and suddenly boost sales and profitability, they'd all be doing it. Courtesy: WayfairSome direct-to-consumer brands have already been burned after they expanded too quickly and demand fell.
Persons: Niraj Shah, Wayfair, Warby Parker, Glossier, They're, Larry Cheng, It's, you'll, Liza Lefkowski, Shah, Coresight, John Mercer, Coresight's, Trina Spear, Spears, King, King of Prussia, Rebecca Fitts, Alvarez, Tolia, Allbirds, Al Drago Organizations: CNBC, Apple iOS, Companies, Walmart, Target, Joss, Discount, TJX, Bloomberg, Getty, Marsal, Washington , D.C Locations: Wilmette , Illinois, Chicago, Casper, Amazon, U.S, Coresight Research's, Burlington, Los Angeles, Philadelphia, King, King of Prussia , Pennsylvania, Georgetown, Washington ,
US stocks rose as traders took in slightly cooler inflation figures. Consumer prices rose 3.4% year-per-year in April, down from the prior month's 3.5% increase. Still, investors have muted expectations for Fed rate cuts by the end of the year. AdvertisementUS stocks jumped on Wednesday as traders took in the latest inflation report, which showed prices cooled slightly in April. Falling inflation has fueled some hope the Fed is set to issue several interest rate cuts this year, which is bullish for stocks.
Persons: , Seema Shah, Sonu Varghese Organizations: Service, Treasury, Asset Management, Traders, Carson Group
GHAZIABAD INDIA - APRIL 06: Prime Minister Narendra Modi greets supporters at a roadshow on April 06, 2024 in Ghaziabad, Uttar Pradesh, India. India's 2024 general election is set to be the world's largest democratic exercise, with over 969 million registered voters, more than the combined population of the EU, US, and Russia. (Photo by Elke Scholiers/Getty Images)India voted on Monday in the fourth phase of a seven-week long general election, as campaign rhetoric became more strident over economic disparities and religious divisions. "I appeal to all to vote for a decisive government," said Amit Shah, Modi's powerful aide and the country's interior affairs minister, as voting began. The lower turnout has raised doubts over whether BJP and its allies can win the landslide predicted by opinion polls.
Persons: Narendra Modi, Elke Scholiers, Amit Shah Organizations: EU, Bharatiya Janata Party, BJP Locations: GHAZIABAD INDIA, Ghaziabad, Uttar Pradesh, India, Russia, Telangana, Andhra Pradesh
Who Are Key Players in the Menendez Case?
  + stars: | 2024-05-11 | by ( Tracey Tully | Benjamin Weiser | ) www.nytimes.com   time to read: +7 min
Who Are Key Players in the Menendez Case? Mr. Menendez goes to trial on May 13 with two of the businessmen, Fred Daibes and Wael Hana. Fred Daibes New Jersey Real Estate Developer Mr. Daibes is accused of giving Mr. Menendez furniture, gold and cash. Nadine Menendez Mr. Menendez’s Wife Ms. Menendez served as a go-between for Mr. Menendez, Egyptian intelligence officials and men who were seeking political favors from the senator, according to the indictment. Defense LawyersAdam Fee Lawyer for Robert Menendez He previously spent five years as a prosecutor in the U.S. attorney’s office for the Southern District — the same office prosecuting Mr. Menendez.
Persons: Menendez, Robert Menendez, Nadine Menendez, Mr, Fred Daibes, Wael Hana, Menendez's, Daibes, Nadine Menendez Mr, Menendez’s, Ms, Jose Uribe, Uribe, Uribe's, Sidney H, Stein, Bill Clinton, Jennifer Shah, Hassan Nemazee, Damian Williams, Williams, President Biden, Sam Bankman, Fried, Juan Orlando Hernández, Christina Clark, Clark, Charles McGonigal, Catherine Ghosh, Eli Mark, Paul Monteleoni, Robert Hadden, Lara Pomerantz, Ghislaine Maxwell, Jeffrey Epstein, Norman Seabrook, Daniel Richenthal, Sheldon Silver, Michael Avenatti, Adam Fee, Fee, Avi Weitzman, Lawrence Lustberg Organizations: Democrat, Robert Menendez New Jersey, Senate Foreign Relations, Jersey Real, EG, Prosecutors, United, Jose Uribe Former New, Benz, U.S, Southern, of, Democratic, Attorney, Southern District of, ex, Public, New, New York City Housing Authority, Justice Department, Southern District’s, New York State Assembly, Nike . Defense, Southern District Locations: New Jersey, Manhattan, Jersey, Egypt, Qatar, United States, Jose Uribe Former New Jersey, of New York, Southern District, Southern District of New York, Russian, New York City, Brooklyn, Columbia, New York, U.S, California
Mumbai, India CNN —As Indians head to the polls in a massive ongoing nationwide election, much attention has focused on the country’s explosive growth under Prime Minister Narendra Modi’s leadership. There is expected to be 740 million active smartphone users in India by 2030, according to EY India. “I wanted to make similar shoes that were printed with ‘Made in India,’” Shah says. After four years of trial and error, Shah Shoes was born. Some 17 years on, Shah Shoes has helped support his family back in Bihar, including six siblings.
Persons: Narendra Modi’s, — Modi, Javed Khatri, Noemi Cassanelli, he’d, Khatri, , , , , Apoorva Mukhija, , Instagram, Mukhija, ” Mukhija, That’s, she’s, she’d, Jameel Shah, CNN Jameel Shah, Shah, wasn’t, CNN Shah, Kylie Minogue, ” Shah, , ’ ” Shah, Shah Shoes, Priyanka Chopra, Katrina Kaif, He’s, Modi’s Organizations: India CNN, Bharatiya Janata Party, BJP, CNN, EY, World Bank, Facebook Locations: Mumbai, India, , Bangalore, Silicon, , EY India, Dubai, London, California, , Delhi, Bihar, India’s, Dharavi, Australian
CNBC's Inside India newsletter: A disconnected stock market
  + stars: | 2024-05-10 | by ( Ganesh Rao | ) www.cnbc.com   time to read: +5 min
CNBCThis report is from this week's CNBC's "Inside India" newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. For local investors, Indian stocks would have underperformed the U.S. benchmark by more than 45 percentage points since Buffett's 2008 bet. It appears that India's near 8% GDP growth isn't transforming into stock market returns. But that has also meant significant competition for the incumbents, many of which are listed on the stock market. This year has also been particularly unlucky for Indian stock market investors thanks to the uncertainty added by politics.
Persons: Warren Buffett, it's, Jonathan Pines, Federated Hermes, Rajeev Agrawal, Agrawal, Narendra Modi's, Kevin Carter, Buffett, Carter, Modi, Narendra Modi, Amit Shah, Virat Kohli, Rajat Patidar Organizations: Berkshire, CNBC, BSE, Federated, DoorDarshi Advisors, Narendra Modi's BJP, India, Ecommerce, One97 Communications, Ujjivan Financial, BJP, Russia, Indian, Ukraine, India's Central Bureau of Investigation, Indian Premier League, Wednesday, Royal Challengers Bengaluru Locations: Omaha , Nebraska, Omaha, BSE India, India, United States, Gandhinagar Lok Sabha, Russia, Mumbai, Punjab Kings
Related storiesThis is the résumé he used to land a software development graduate program role at Booking.com in Amsterdam right after college. Later, he used an updated version of that résumé — with the same template — for a software engineering role at Google, where he's worked for more than four years. AdvertisementThe résumé template Dua used to apply to Booking.com in 2016. Make yourself searchable online: Dua adds links to his online profiles on his résumé and takes steps to build more online visibility. On LinkedIn, he uses his current job section to add more about his role and achievements than his one-page résumé allows.
Persons: , Dua, he's, PyCon, Nick Shah, Shah Organizations: Service, Business, Booking.com, Google, LinkedIn, Peterson Technology Partners Locations: Delhi, India, Amsterdam, Google's Zurich, Sahil, Park Ridge , Illinois
Just as Wall Street appeared to come to terms with the idea of high interest rates sticking around for longer, a cooler-than-expected jobs report on Friday brought the idea of rate cuts back into the conversation. The Labor Department reported that job and wage growth in April came in lower than economists had expected, a shift after months of piping-hot labor market reports. The findings rekindled hopes that the Federal Reserve — which has been looking for signs that interest rates are slowing the economy — may yet cut rates before the end of the year. “This is the jobs report the Fed would have scripted,” said Seema Shah, chief global strategist at Principal Asset Management. The S&P 500 rose 1.3 percent on Friday, its best day in more than two months.
Persons: , Seema Shah, Russell Organizations: Labor Department, Federal, Asset Management
Wayfair's sales slid during its first fiscal quarter, but the online furniture retailer reduced its losses after cutting 13% of its workforce at the start of the year, the company announced Thursday. The steepest drop off came from Wayfair's international segment, where sales fell nearly 6% to $338 million compared to the year-ago period. The restructuring – the third Wayfair implemented since summer 2022 – was expected to save the company about $280 million, it said previously. During the quarter, Wayfair's active customers grew 2.8% to 22.3 million, slightly ahead of the 22.1 million that analysts had expected, according to StreetAccount. On average, orders were valued at $285 during the quarter, compared to the $275.07 that analysts had expected, according to StreetAccount.
Persons: Wayfair, Niraj Shah, Shah, Organizations: LSEG
CNBC's Inside India newsletter: Will AI make or break India?
  + stars: | 2024-05-02 | by ( Ganesh Rao | ) www.cnbc.com   time to read: +9 min
But one that could foreshadow India's growth story. Can Teleperformance's stock plunge be the canary in the coal mine for what is likely to happen to India because of AI? But it's likely to be a blip for India's growth trajectory, given the macro forces at play. Besides creating jobs that are less likely to be immediately disrupted by AI, India could also be a net beneficiary of artificial intelligence. The Indian stock market indexes, Sensex and Nifty 50 , are heading for a positive week again — up by 1% and 1.2%, respectively.
Persons: Findlay Kember, Klarna, ChatGPT, K Krithivasan, Krithivasan, Narendra Modi, It's, Shilan Shah, Goldman Sachs, Vinay Dwivedi, Ashok Gulati, Nomura, League Pickleball, Karine Jean, Pierre, Jerome Powell, Raghuram Rajan, Ashish Jain, CNBC's Ayushi Jindal Organizations: AFP, Getty, India's Tata Consultancy Services, Financial Times, TCS, World Bank, International Monetary Fund, University of Oxford, Capital Economics, Investment, Nomura, Qualcomm, Powerchip Semiconductor Manufacturing, UPI, India, Commission, Agricultural, United Pickleball Association, Global Sports, PPA, League, Washington Post, White, U.S ., Federal, CNBC, Reserve Bank of India, University of Chicago Booth School of Business Locations: Swedish, Paris, India, Chennai, U.S, Europe, China, Singapore, South Korea, Canada, United States
Israel supporters standing on the opposite side of a walkway from the large pro-Palestinian encampment at the University of California, Los Angeles. “These incidents have put many on our campus, especially our Jewish students, in a state of anxiety and fear.”In a statement, the U.C.L.A. On Sunday, the Israeli American Council, which has denounced pro-Palestinian protests on college campuses as “overtly antisemitic,” hosted a rally at U.C.L.A. On Monday night, another fight broke out between two groups of protesters after about 60 pro-Israel demonstrators attempted to enter the pro-Palestinian encampment. Image Pro-Palestinian protesters have come face to face daily with Israel supporters at the University of California, Los Angeles.
Persons: Israel, Royce, Gene Block, , , Block, ” Mary Osako, megaphones, Mark Abramson, Asher Taxon, ” Mr, Taxon, Kaia Shah Organizations: University of California, Royce Hall, . Palestinian Solidarity, Israeli American Council, Israel, Los Angeles . Credit, The New York Times, U.C.L.A, Locations: Los Angeles, Israel, . Palestinian, California, Israeli, U.C.L.A, Atlanta, Orange County, Calif, Gaza
US Police officers patrol on the campus of the University of California Los Angeles (UCLA), after clashes erupted in Los Angeles on May 1, 2024. Counter protesters attack a pro-Palestinian encampment set up on the campus of the University of California Los Angeles (UCLA) as clashes erupt, in Los Angeles on May 1, 2024. Some screamed pro-Jewish comments as pro-Palestinian protesters tried to fight them off. "They were coming up here and just violently attacking us," said pro-Palestinian protester Kaia Shah, a researcher at UCLA. NYPD officers arrest a student as they evict a building that had been barricaded by pro-Palestinian student protesters at Columbia University, in New York City on April 30, 2024.
Persons: Etienne Laurent, Israel, Eric Adams, Kaia Shah, Benjamin Kersten, Charly Triballeau Organizations: US Police, University of California, UCLA, AFP, Getty, New York City, Reuters, New York, Columbia University, City College of New, Gaza, Students, Republican, Getty Images UCLA, Jewish, Peace, Police, Palestinian, Getty Images Columbia Locations: University of California Los Angeles, Los Angeles, New, Columbia, City College of New York, New York, Israel, Gazaand, New York City
Israel supporters standing on the opposite side of a walkway from the large pro-Palestinian encampment at the University of California, Los Angeles. On Sunday, the Israeli American Council, which has denounced pro-Palestinian protests on college campuses as “overtly antisemitic,” hosted a rally at U.C.L.A. On Monday night, another fight broke out between two groups of protesters after about 60 pro-Israel demonstrators attempted to enter the pro-Palestinian encampment. Image Pro-Palestinian protesters have come face to face daily with Israel supporters at the University of California, Los Angeles. Many Jewish groups say the campus protests have created a climate hostile toward Jewish students.
Persons: Israel, Royce, U.C.L.A, , ” Mary Osako, , Ms, Osako, megaphones, Mark Abramson, Asher Taxon, ” Mr, Taxon, Kaia Shah Organizations: University of California, Royce Hall, University of Southern, University of Texas, Israeli American Council, “ UCLA, Israel, Los Angeles . Credit, The New York Times, U.C.L.A Locations: Los Angeles, University of Southern California, Austin, Israeli, Israel, U.C.L.A, Atlanta, Orange County, Calif, Gaza
Read previewIn October 2022, Shopify's once high-flying stock hit its lowest price since before the Covid pandemic. AdvertisementNow, after two rounds of layoffs and a divestment of its fulfillment and logistics business, the picture looks a bit different for Shopify. Shedding a "money-losing logistics business"Dropping logistics and fulfillment is a major part of Shopify's stock comeback story. In May 2023, Shopify announced it would be selling the logistics business entirely to Flexport. In May 2023, Shopify cut another 20% of its workforce as it sold its logistics business to Flexport.
Persons: , Shopify's, Shopify, Oppenheimer, Ken Wong, Wong, D.A, Davidson, Gil Luria, Tobi Lütke, Lütke, Luria, Morgan Stanley, Jeff Hoffmeister, Bhavin Shah, GMV, We've, Shah Organizations: Service, Business, Systems, Investors, SEC, Deutsche Bank Locations: Salesforce, mstone@businessinsider.com
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