For more than a decade, the former executive chairman of Saks Global dreamed of adding Neiman Marcus to his collection of legacy department stores, believing the combined entities would create a luxury powerhouse strong enough to defy changes dragging down the industry. Instead, Richard Baker’s $2.7 billion acquisition of Neiman Marcus in 2024 ultimately plunged…
People walk past Morgan Stanley global headquarters in Manhattan on March 20, 2025 in New York City. Spencer Platt | Getty Images Morgan Stanley on Thursday reported fourth-quarter results that exceeded Wall Street expectations on the back of strong revenue from wealth management. Here’s what the company reported compared with what Wall Street analysts surveyed…
Nikolas Kokovlis | Nurphoto | Getty Images Elon Musk’s xAI said late Wednesday that its Grok chatbot will no longer be able to create sexualized images of real people based on user prompts following extensive backlash from political figures in the U.S. and abroad. “We have implemented technological measures to prevent the Grok account from…
Netflix is likely to amend its offer for Warner Bros. Discovery’s assets, making an all-cash bid, CNBC’s David Faber reported on Wednesday. In December, Netflix reached a deal to purchase WBD’s streaming platform HBO Max and the Warner Bros. film studio in a transaction comprised of cash and stock. The deal is currently valued at…
A photograph shows a sign at the Congress Centre on the opening day of the World Economic Forum annual meeting in Davos, Switzerland, Jan. 16, 2023. Fabrice Coffrini | AFP | Getty Images Global power rivalries and strategic standoffs top the list of most severe near-term risks heading into 2026, according to the World Economic…
Shoppers walk outside the Saks Fifth Avenue flagship store in Manhattan in New York City, U.S., Jan. 6, 2026. Angelina Katsanis | Reuters Saks Global, the parent company behind the 159-year-old department store that’s become both a destination and a symbol for luxury fashion, filed for bankruptcy protection after running out of cash and failing…
Pickleball phenom Anna Leigh Waters has signed an apparel and footwear deal with Nike. Courtesy: Nike/Anna Leigh Waters Nike has signed a deal with No. 1-ranked pickleball player Anna Leigh Waters, making her the first pickleball athlete to join Nike’s roster. While the terms of the deal were not disclosed, Waters will represent Nike for…
JPMorgan Chase CFO Jeremy Barnum hinted Tuesday the industry could fight President Donald Trump’s demand for credit card price controls, saying “everything’s on the table.” “If you wind up with weakly supported directives to radically change our business that aren’t justified, you have to assume that everything’s on the table,” Barnum said on a call…
Microsoft on Tuesday promised that consumers won’t pay more when the software maker sets up data centers nearby. The company also committed to replenish more water than it uses, and to add to local tax bases in places where it has data centers. “Our pledge to each of these communities is that we will pay…
A turbine blade is lifted onto a rack near tower sections at the Revolution Wind project assembly site at State Pier in New London, Connecticut, US, on Friday, Oct. 24, 2025. Bloomberg | Bloomberg | Getty Images Shares of Danish renewables giant Orsted rose nearly 6% on Tuesday morning, shortly after a U.S. judge cleared…
