One of the most prominent private equity firms is pulling back on a controversial recruiting practice that has drawn criticism from banking leaders like JPMorgan Chase CEO Jamie Dimon. Apollo, which manages $785 billion in assets, told would-be candidates for its 2027 associate class that it will not participate in recruiting for their cohort this year.The news, communicated via email, was sent by Apollo's cohead of private equity and head of human capital on Wednesday. Business Insider obtained and review ...

Amazon is integrating Whole Foods more deeply into its core business, in a major reorganization that it hopes will reinvigorate its grocery business under new leadership. In an internal memo last week, Whole Foods CEO and Amazon VP of Worldwide Grocery Jason Buechel explained how the restructuring will bring the two companies closer together.The plan includes a new leadership team and a change that will bring Whole Foods corporate staff under Amazon's employee programs, including performance reviews and pa ...

Hollywood is taking aim at the AI image generator Midjourney. On Wednesday, Disney and NBCUniversal's movie studios sued Midjourney, alleging its product ripped off their famous characters in properties ranging from Star Wars to The Simpsons.The media companies use colorful language in their 110-page copyright infringement lawsuit. They argue that Midjourney's tech amounts to a "virtual vending machine, generating endless unauthorized copies of Disney's and Universal's copyrighted works." They call Midjo ...

Apple is opening up about why your iPhone doesn't have a more personalized AI-powered Siri yet. It's a relatively rare example of the company speaking at greater length about a bruising setback months after it first issued a statement saying its development was taking "longer than we thought" and the AI feature would be delayed.The saga began a year ago at Apple's WWDC 2024 conference, where it introduced with much fanfare an overhauled version of Siri with new AI features. Now, a year later, it's still ...

Core Viewpoint - Victoria's Secret is planning to reduce promotional deals to mitigate the impact of tariffs on its operating income, which is expected to decrease by $50 million in the 2025 fiscal year due to these tariffs [2][5]. Group 1: Tariff Impact - President Trump's tariffs are projected to significantly affect Victoria's Secret's operating income, with an estimated hit of $50 million during the 2025 fiscal year [2]. - The company is currently facing a 30% tariff on imports from China and a 10% tariff on many goods from other countries, which has prompted a reevaluation of its sourcing and pricing strategies [5]. Group 2: Promotional Strategy Changes - The CFO, Scott Sekella, indicated that the company will optimize its promotions, leading to fewer gift-with-purchase deals and a reduction in traditional discounts [3][4]. - Victoria's Secret will adopt a "strategic, case-by-case" approach to price increases in response to tariffs, rather than applying uniform price hikes across all product categories [4]. Group 3: Sourcing Adjustments - To offset the tariff impact, Victoria's Secret is exploring new suppliers and negotiating with existing ones to minimize costs [5]. - The company has already written off some raw materials sourced from China in the first quarter due to the tariffs [5].

Tesla might be safe from Chinese EV competition in the US — but across the Atlantic in the UK, China's automakers are booming. Sales of Chinese cars have surged this year in Britain, even as Tesla's sales have cratered, with the likes of BYD growing at enormous speed in the tariff-free market.According to data from the Society of Motor Manufacturers and Traders, vehicles manufactured in China made up 9.4% of all UK sales in May, up from 7.7% in April, and up from 5.5% in May 2024. The surge was driven by ...

Group 1 - Tesla has announced a tentative launch date for its robotaxi service, aiming to compete with Alphabet's Waymo in Austin, with a potential start date of June 22 [1] - Elon Musk emphasized the company's focus on safety, indicating that the launch date may change [2] - The first Tesla capable of driving itself from the factory to a customer's house is expected to be ready by June 28 [2]

Paramount is laying off 3.5% of its US workforce as it deals with ongoing declines in its linear TV arm. This is the second layoff in a year after a 15% reduction in 2024. Paramount is the latest old-media company, after Disney and Warner Bros. Discovery, to cut jobs in recent days as they adjust staffing to align with their declining legacy TV business. Paramount employed 18,600 worldwide as of the end of 2024.The industry is in the midst of a broad reordering, prompted by the shift of audiences from lega ...

Core Insights - Uber and Wayve are launching a pilot program for fully driverless autonomous vehicles in London, marking a significant step in Uber's robotaxi ambitions [1][2] - The UK government is expediting the approval process for self-driving taxi pilots, moving the timeline from 2027 to spring 2026 [2] - Wayve's AI technology allows for a more adaptable driving experience compared to competitors, as it does not rely on high-definition maps [5][6] Company Strategies - Uber has shifted its strategy from developing its own self-driving cars to partnering with self-driving companies, including Wayve, Waymo, WeRide, and Pony.AI [3][4] - The partnership with Wayve includes deploying self-driving vehicles powered by Wayve's technology across multiple global markets [4] Technology and Testing - Wayve's autonomous vehicles have been tested in 90 cities over the past 90 days, showcasing the technology's adaptability to diverse driving conditions [6] - The initial robotaxi service in London will utilize a combination of sensors, including cameras, radar, and lidar, to navigate the complex urban environment [7] - Wayve's AI driver is designed to react to the physical world similarly to a human, enhancing its operational capabilities in various settings [5][8]

Core Insights - Apple's stock dropped over 2.5% during the WWDC keynote, resulting in a loss of approximately $75 billion in market value due to concerns over Siri's AI advancements [1][2] Group 1: Siri and AI Developments - Apple software chief Craig Federighi indicated that the anticipated AI enhancements for Siri are still not ready, which disappointed investors [2] - The company has been under pressure as competitors like Google, Microsoft, and OpenAI continue to make significant strides in AI technology, while Apple reiterated that major features are still in development [3] - Earlier this year, Apple faced criticism for overstating the readiness of its AI features, including Siri, which highlights the company's struggle to build the necessary infrastructure for modern AI [4] Group 2: Market Reactions and Strategy - The market's reaction to Apple's admission of delays in AI development reflects a broader trend where even minor setbacks can lead to substantial losses in market value [5] - Apple's traditional strategy of maintaining silence until products are perfected may not be effective in the current competitive landscape of AI advancements [5]