Month: September 2024
Big Lots files for bankruptcy protection, sells to private equity firm as it promises to keep offering ‘extreme bargains’
A Big Lots store in Los Angeles, Sept. 7, 2024. Discount home goods retailer Big Lots Inc. filed for Chapter 11 bankruptcy protection on Sept. 9, 2024, indicating it plans to close nearly 300 stores and continue operating. Eric Thayer | Bloomberg | Getty Images Discount home goods retailer Big Lots filed for bankruptcy protection […]
Read More
The EU is a ‘monster,’ Dutch nationalist leader says, and it mustn’t have more power
The Netherlands far-right PVV Freedom Party leader Geert Wilders speaks to the media representatives following the European Parliament elections provisional results in The Hague on June 6, 2024. Emiel Muijderman | Afp | Getty Images Dutch populist leader Geert Wilders has described the European Union as a “monster” that must not be given any more […]
Read More
Battery maker Northvolt to cut costs, explore strategic partnerships
A Northvolt building in Sweden, photographed in February 2022. Mikael Sjoberg | Bloomberg | Getty Images Swedish battery maker Northvolt said on Monday it would cut costs and look for strategic partners while focusing on its large-scale cell manufacturing as the company seeks to curb its rapid expansion. The announcement follows a major review of […]
Read More
Jumbo 50 basis points Fed rate cut should not raise alarm, analyst says
Federal Reserve Chairman Jerome Powell. Andrew Harnik | Getty Images The U.S. Federal Reserve can afford to make a jumbo 50 basis point rate cut next week without spooking markets, an analyst has suggested, as opinion on the central bank’s forthcoming meeting remains hotly divided. Michael Yoshikami, CEO of Destination Wealth Management, said Monday that […]
Read More
Nelson Peltz steps down as chair of Wendy’s board, starting a new era for burger chain
Nelson Peltz speaking at the 2019 Delivering Alpha conference in New York on Sept. 19, 2019. Adam Jeffery | CNBC Nelson Peltz is stepping down as chair of Wendy’s, ending a 17-year reign at the fast-food chain. Wendy’s said Friday that the change is effective immediately. Peltz’s exit comes as low-income consumers eat out less, […]
Read More
A Porsche-backed startup is building a massive battery recycling plant to boost Europe’s EV industry
Cylib, a startup backed by Porsche and Bosch, is building a huge electric vehicle battery recycling facility in Dormagen, a town in Germany’s North Rhine-Westphalia region. Cylib A massive battery recycling plant is being built in Germany by Cylib, a startup looking to reduce waste from EV batteries that have reached the end of their […]
Read More
Stocks making the biggest premarket moves: Boeing, Dell, Merck and more
Check out the companies making the biggest moves in premarket trading: Boeing — Shares jumped 4% after the aircraft maker reached a deal with a union that represents its factory workers, potentially avoiding a costly strike. MarineMax — Shares jumped 6% after Citi upgraded shares to buy from neutral. The firm highlighted the upside of […]
Read More
5 things to know before the stock market opens Monday
Here are the most important news items that investors need to start their trading day: 1. Looking for a rebound Stock futures ticked higher Monday after equities tumbled last week. The S&P 500 dropped 4.3% for the period, its worst week since 2023. The Nasdaq Composite shed 5.8% in its poorest week since 2022, and […]
Read More
Eli Lilly names insider Lucas Montarce as new finance chief
An Eli Lilly and Company pharmaceutical manufacturing plant is pictured in Branchburg, New Jersey, on March 5, 2021. Mike Segar | Reuters U.S. drugmaker Eli Lilly on Monday said it appointed insider Lucas Montarce as its new chief financial officer, effective immediately. Montarce, who joined Lilly in 2001, has held various finance leadership roles within […]
Read More
Skype founder’s VC firm raises $1.24 billion to back European tech startups
Niklas Zennstrom, CEO of Atomico and co-founder of Skype. Simon Dawson | Bloomberg | Getty Images LONDON — Atomico, an early investor in top European technology firms from Stripe to Klarna, announced Monday the launch of two new funds worth $1.24 billion to back emerging and growth-stage startups in the sector. The launch of Atomico’s […]
Read More