Nike on Thursday forecast a surprise drop in fiscal 2025 sales, after disappointing fourth-quarter sales laid bare the company’s weakening market share and its faltering direct-to-consumer strategy.Shares of the company were down 12% in extended trading after Nike also forecast a wider-than-expected drop in first-quarter revenue.The company’s efforts to drive more sales through its direct-to-consumer channel have failed to reap rewards as customers turn more picky about non-essential spending and splurge on ...

Target plans to crack down on retail theft by lowering the threshold for how much shoplifters can swipe before employees are allowed to finally step in, according to a report.The Minnesota-based big box retail chain — which has blamed retail theft for hurting its bottom line — instructed store staff to halt bandits who try to flee with items totaling $50, down from the previous sum of $100, Bloomberg News reported Thursday.“Our priority remains ensuring the safety of the team and guests, while maintaining t ...

US investigators on Thursday sanctioned Boeing for revealing details of a probe into a 737 MAX midair blowout and said they would refer its conduct to the Justice Department, prompting the embattled planemaker to issue an apology.The National Transportation Safety Board said Boeing had “blatantly violated” its rules by providing “non-public investigative information” and speculating about possible causes of the Jan. 5 Alaska Airlines door-plug emergency during a factory tour attended by dozens of journalist ...

A US appeals court on Thursday revived a software engineer’s proposed class action claiming Meta Platforms refused to hire him because it preferred to give jobs to foreign workers who are paid less wages.The San Francisco-based 9th US Circuit Court of Appeals in a 2-1 ruling said that a Civil War-era law barring discrimination in contracts based on “alienage” extends to bias against US citizens.The decision reverses a California federal judge’s dismissal of a lawsuit by Purushothaman Rajaram, a naturalized ...

Amazon’s market value surpassed the $2 trillion mark for the first time on Wednesday as optimism around artificial intelligence and potential interest rate cuts this year drove demand for technology-related stocks.The stock rose 3.4% to $192.70, giving the e-commerce giant the fifth company to join the $2 trillion club, following tech behemoths Microsoft, Apple, Nvidia and Alphabet.US stock indexes have notched robust gains this year on relentless enthusiasm around AI, optimism around resilience in the US e ...

Tesla issued a pair of recalls for its futuristic Cybertruck electric pickup to fix issues related to fatuity windshield wipers and trim in the truck bed, filings showed on Tuesday.Billionaire Elon Musk’s firm issued the physical recall to fix an issue in which “the front windshield wiper motor controller may stop functioning due to electrical overstress to the gate driver component” on affected vehicles, according to a National Highway Traffic Safety Administration filing.A separate NHTSA filing showed Tes ...

Core Points - A US judge rejected a $30 billion antitrust settlement involving Visa and Mastercard, which aimed to limit fees charged to merchants [1][3] - The settlement was intended to resolve litigation over swipe fees, which totaled approximately $72 billion in 2023 [3] - Merchants and retail trade groups criticized the fees, which range from 1.5% to 3.5%, as excessive and detrimental to consumers [3][5] Settlement Details - The proposed settlement aimed to reduce the average swipe fee by at least 0.04 percentage points for three years and maintain it at least 0.07 percentage points below the current average for five years [5] - Visa and Mastercard would have capped rates for five years and removed anti-steering provisions, allowing merchants more flexibility in offering discounts or surcharges [5] - Trade groups, including the National Retail Federation, opposed the settlement, arguing that the relief was minimal and temporary [5] Legislative Context - Some senators are advocating for the Credit Card Competition Act, which would allow merchants to use alternative payment networks for processing Visa and Mastercard transactions [7] - The rejection of the settlement does not impact a separate $5.6 billion class action settlement involving Visa, Mastercard, and around 12 million merchants [7] - A federal appeals court upheld the $5.6 billion settlement in March 2023, following the dismissal of a previous $7.25 billion settlement [7]

Software giant Oracle warned investors that a US ban of TikTok will likely damage its bottom line if it takes effect.In April, Congress passed a bill that would require TikTok’s Beijing-based parent ByteDance to divest from the app entirely within 12 months or face a total US ban.Oracle, co-founded and chaired by billionaire tech executive Larry Ellison, said the law “will make it unlawful to provide internet hosting services to TikTok,” Oracle said in its annual report published Monday. 4 Congress passed ...

Microsoft allegedly violated European Union antitrust rules by bundling its Teams software with apps such as Office 365 and Microsoft 365 — behavior that the regulatory body said was “possibly abusive.”The European Commission said Monday it informed Microsoft of its preliminary view that the US tech giant has been “restricting competition” by bundling Teams with its core office productivity applications.On Monday, the commission took aim at another American tech behemoth — Apple. It accused the iPhone maker ...

Apple has rejected overtures by Meta Platforms to integrate the social networking company’s AI chatbot into the iPhone months ago, Bloomberg News reported on Monday, citing people with knowledge of the matter.The companies are not in discussions for an AI partnership involving Meta’s Llama chatbot and only held brief talks in March, the report said.Discussions about a potential partnership did not reach a formal stage and Apple was not actively planning on integrating Llama into iPhones, because it does not ...