Home Depot plans to do away with testing prospective employees for marijuana and will ban screening current staffers for pot, according to a report.The big box retailer — which employs roughly 400,000 people in more than 2,000 locations nationwide — sent memo earlier this week saying that “marijuana will be removed from all drug panels” throughout the company’s US-based operations, according to the news site Marijuana Moment.The directive from the human resources department said the company will also ban te ...

Billionaire investor Warren Buffett’s Berkshire Hathaway sold nearly $1 billion worth of Bank of America shares as his firm continues to cut its stake in the second-largest US lender.The conglomerate sold about 24.7 million Bank of America shares, worth $981.9 million, between last Friday and Tuesday, according to a regulatory filing Tuesday.Berkshire has now shed about $5.4 billion worth of Bank of America shares in a string of sales since mid-July. Billionaire investor Warren Buffett’s Berkshire Hathaway ...

Apple has taken the rare step of laying off around 100 people from its digital services division, including the Apple News and Apple Books apps, as the iPhone maker reshuffles its priorities to focus more on artificial intelligence, according to a report.The affected employees, among them several engineers, were informed of the decision on Tuesday, according to Bloomberg News.Apple Books, which lets users buy and download e-books and audiobooks, is considered less of a priority at the Cupertino, Calif.-base ...

Core Viewpoint - Apple announced that Chief Financial Officer Luca Maestri will step down on January 1, with Kevan Parekh, his deputy, set to replace him in a planned succession [1][2]. Leadership Transition - Kevan Parekh has been a vital member of Apple's finance leadership for over a decade, and CEO Tim Cook praised his intellect and financial acumen as ideal for the CFO role [2]. - Maestri joined Apple in 2013 as vice president of finance and corporate controller and became CFO the following year, during which time the company's stock increased nearly 1,000% and revenue more than doubled [2]. - Parekh previously served as vice president of financial planning and analysis, indicating a strong internal candidate for the CFO position [2]. Market Reaction - Following the announcement of the leadership change, Apple shares experienced a slight decline of less than 1% in early trading [2]. Strategic Context - The leadership change occurs during a crucial time for Apple as it focuses on artificial intelligence to address declining iPhone sales [4]. - Apple is expected to reveal its latest AI-powered iPhone lineup at an event on September 9, alongside new AI features branded as "Apple Intelligence," which includes a partnership with OpenAI [4].

Shares of Temu parent PDD Holdings dropped nearly 30% on Monday after the Chinese e-commerce giant warned its revenue will likely falter amid intensifying competition in the fast-fashion sector.PDD co-founder Lei emphasized the company’s current growth was not sustainable as it battles competitors that included Shein, ByteDance’s TikTok and Alibaba for budget-conscious shoppers. “Competition is here to stay and is expected to intensify in our industry,” Chen told analysts during a post-results briefing, as ...

The Federal Trade Commission kicked off a trial on Monday in its bid to block Kroger’s $25 billion merger with Albertsons, telling a federal judge in Portland, Ore., that the deal would eliminate competition between the top grocery store chains and hit consumers’ wallets.The FTC and several states sued to block the deal in February, saying the merger would mean higher prices for consumers and less bargaining power for unionized grocery workers.FTC Chief Trial Counsel Susan Musser urged US District Judge Adr ...

Apple will host its fall event on Sept. 9 at its headquarters in Cupertino, Calif., according to an invite on Monday, where it will likely unveil a series of new iPhones and updates to other devices and apps.The upcoming launches are crucial for Apple as it looks to reverse a global sales slowdown, particularly in China, and lay out its artificial intelligence roadmap.At its developers conference in June, Apple announced a slew of AI features under the umbrella “Apple Intelligence,” including a revamped Sir ...

Starbucks has given its new CEO Brian Niccol a corporate jet to make the super commute from his southern California mansion to the company’s Seattle headquarters, according to a report.The coffee chain revealed the sweet deal in Niccol’s offer letter last week, which allows the new boss a “small remote office” at his Newport Beach home without having to permanently relocate to the Emerald City some 1,000 away, CNN reported.“Brian Niccol has proven himself to be one of the most effective leaders in our indus ...

Target’s sales and customer traffic bounced back this week after it closed crime-afflicted stores – suggesting more retailers may begin shuttering locations over shoplifting, sources told The Post.The “cheap chic” discounter posted earnings and revenue that beat Wall Street’s forecasts on Wednesday as markdowns lured inflation-weary shoppers. But Target COO Michael Fiddelke also cited a decrease in “inventory shrink” – or losses from shoplifting – for the company’s rebound. Target said it was making “progre ...

Meta Platforms has canceled plans for a premium mixed-reality headset intended to compete with Apple’s Vision Pro, the Information reported Friday.The company told employees at its Reality Labs division to stop work on the device this week after a product review meeting, the report said citing two Meta employees.The axed device was internally code-named La Jolla and was scheduled for release in 2027, the report said. It was going to contain ultrahigh-resolution screens known as micro OLEDs — the same displa ...