Business

Italian cashmere house Loro Piana, famed for its "quiet luxury" brand under the LVMH empire, has been placed under court monitoring over alleged labor abuses in its supply chain involving unauthorized Chinese-run factories using illegal and underpaid workers.An investigation revealed that Loro Piana had allegedly subcontracted production to a shell company that further outsourced work to reduce costs. The shell company allegedly issued fake invoices and engaged in exploitative labor practices, Reuters […]

A group of masked thieves are wanted in Washington, D.C., after they targeted a luxury athletic apparel store and made off with about $20,000 in merchandise late last month, authorities said.Six suspects entered an Alo store in D.C.’s Georgetown neighborhood at around 7:30 p.m. on June 30, the Metropolitan Police Department said.Surveillance video shows the suspects walking past what appears to be a security guard standing at the door before […]

Danone U.S. is recalling YoCrunch yogurts over the risk that the products’ dome toppers may have pieces of plastic inside them. The company said all flavors and sizes of YoCrunch products "currently in-market" are subject to the recall. The details of the various types of recalled yogurt products and their expiration dates were listed in Danone’s recall notice posted Monday on the Food and Drug Administration’s website. The expiration dates range from […]

President Donald Trump on Tuesday said consumer prices are lower and that the Federal Reserve should lower interest rates."Consumer Prices LOW. Bring down the Fed Rate, NOW!!!" Trump said in a post on Truth Social.The president said in a separate post that the central bank should lower rates by three points."Fed should cut Rates by 3 Points. Very Low Inflation. One Trillion Dollars a year would be saved!!!" he wrote.Trump's […]

Federal Reserve Chair Jerome Powell has asked the central bank's inspector general to review the renovation of its historic headquarters in Washington, which Trump officials have seized on as a new way of criticizing the Fed's operations amid a push to compel Powell's resignation.Over the weekend, Powell reportedly asked Federal Reserve Inspector General Michael Horowitz to review the project — which has been beset by cost escalations compared to the renovation's pre-pandemic […]

KFC is looking to make a comeback as it rolls out an offer of free buckets of fried chicken and makes some menu additions. The fried chicken chain on Monday unveiled a limited-time offer of a "Free Bucket on Us" to U.S. customers that purchase $15 worth of food through its website or app. They must belong to the KFC Rewards program to get the deal.With the promotion, the Yum! Brands-owned chain […]

Tariff revenues topped a record $113 billion for the first time during the fiscal year – a revelation that comes as President Donald Trump imposes near-weekly duties on some of the world’s largest economies.The U.S. received more than $27 billion in customs duties in June, the highest figure so far this year, according to the Treasury Department's "Customs and Certain Excise Taxes" data. Compared to last June, this year's figures […]

Nvidia CEO Jensen Huang believes more jobs will be created as a result of ever-changing artificial intelligence (AI). Huang has spoken to media outlets in recent days about the shift in the workforce, contrasting remarks of a "white-collar apocalypse" by AI safety and research company Anthropic's CEO, Dario Amodei."Everyone's jobs will change," Huang said, according to Axios. "Some jobs will be unnecessary. Some people will lose jobs. But many new jobs will […]

Bitcoin hit a record high on Monday amid investors' optimism that the cryptocurrency may soon have more regulatory certainty with legislation moving through the Republican-led Congress.Investors on Monday pushed bitcoin above the $120,000 threshold for the first time, touching an all-time high above $123,000 before paring some of those gains and trending closer to $120,000. That brings the cryptocurrency's year-to-date gains to 28.5%.Bitcoin's rise comes ahead of the House of […]