Business

The number of Americans filing new applications for unemployment benefits increased more than expected last week, while the jobless rate appeared to have picked up in May as labor market conditions continue to ease.Initial claims for state unemployment benefits rose 14,000 to a seasonally adjusted 240,000 for the week ended May 24, the Labor Department said on Thursday. Economists polled by Reuters had forecast 230,000 claims for the latest week.Worker […]

E.l.f. Beauty recently signed a definitive agreement to acquire celebrity skincare brand Rhode, founded by Hailey Bieber, in a $1 billion megadeal.The agreement includes $800 million of consideration payable at closing in a combination of cash and stock, subject to customary adjustments, and an additional potential earnout consideration of $200 million based on the future growth of the brand over a three-year timeframe."e.l.f. Beauty found a like-minded disruptor in rhode," […]

Tech giant Nvidia reported its first-quarter earnings on Wednesday, beating analysts' expectations, though it projected second-quarter sales below estimates amid tightening export controls to China that cover some of its AI chips.Nvidia, a leader in the artificial intelligence (AI) space, saw shares rise 3% in after-hours trading following the announcement. The earnings report showed that first-quarter net income was up 26% from a year ago at nearly $19 billion, with […]

American lobsters could get shipped to the European Union (EU) tariff-free amid the U.S. and the EU’s ongoing discussions on trade. The U.S. and EU have been negotiating a deal to address tariffs and, according to the Financial Times, the European Commission is amenable to including such a measure in it. The trade talks between the U.S. and EU commenced after the Trump administration implemented tariffs on the EU as well as other […]

Chevron has terminated the oil production, service and procurement contracts it had to operate in Venezuela, delegating its joint-venture governance to its partner, state company PDVSA, but it plans to retain its direct staff in the country, four sources close to the decisions told Reuters.The State and Treasury departments had given companies such as Chevron, Maurel & Prom and Repsol until May 27 to receive cargoes of Venezuelan crude oil, […]

Victoria's Secret's website went dark on Wednesday after a "security incident" prompted the company to completely shut down U.S. online operations.Customers clicking onto the world's largest lingerie retailer's website were met with a black screen featuring a message sprawled across the center of the page.CYBERATTACK AT SOFTWARE GIANT POTENTIALLY COMPROMISED PATIENT DATA; FBI INVESTIGATING: REPORT"Valued customer, we identified and are taking steps to address a security incident. We have taken […]

Vice President JD Vance on Wednesday delivered remarks at a bitcoin conference to highlight the Trump administration's policies related to cryptocurrency and digital assets.Vance attended the Bitcoin 2025 Conference in Las Vegas and highlighted how President Donald Trump and his administration are taking a more favorable approach to the emerging digital assets industry than their Democratic predecessors."There's a new sheriff in town because, after four years of mistreatment and outright hostility led […]

Macy's executives warned on Wednesday that the retailer will raise the prices of select products due to global tariffs.CEO Tony Spring, who took over last year to lead the company’s turnaround, said during an earnings call on Wednesday that the company is reducing its exposure to China, renegotiating orders with suppliers and canceling or delaying orders "where the value proposition is just not where it needs to be" in order […]

GameStop is investing in bitcoin.On Wednesday, the video game retailer disclosed an acquisition of 4,710 bitcoin.It marks GameStop’s first time buying the cryptocurrency following the company revising its investment policy to include bitcoin as a "treasury reserve asset."  The 4,710 bitcoin that GameStop bought had a value of $505 million as of Wednesday. GAMESTOP TO CLOSE ‘SIGNIFICANT NUMBER' OF STORES IN 2025, INVEST IN BITCOINThe purchase comes nearly two months after the […]