Author: Press Room

A national lobbying group has retracted its startling estimate that “organized retail crime” was responsible for nearly half the $94.5 billion in store merchandise that disappeared in 2021, a figure that helped amplify claims that the United States was experiencing a nationwide wave of shoplifting.The group, the National Retail Federation, edited that claim last week from a widely cited report issued in April, after the trade publication Retail Dive revealed that faulty data had been used to arrive at the inaccurate figure.The retraction comes as retail chains like Target continue to claim that they are the victims of large shoplifting…

Hamas’ attack on Israel and the Gaza invasion that followed touched off anger and fear at colleges.Harvard, MIT, and UPenn leaders faced criticism — but public universities also struggled.Emails show staff at seven public colleges attempting to appease students and alumni on both sides. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app As the presidents of Harvard, UPenn, and MIT flail to appease donors and keep their jobs in the aftermath of their congressional testimony this week, emails newly obtained by Business Insider show…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The UK’s competition regulator has taken the first steps in an investigation into Microsoft’s multibillion-dollar partnership with OpenAI, one of the tech industry’s most lucrative tie-ups. The Competition and Markets Authority on Friday said it had begun an “information gathering process”, a necessary precursor to a formal investigation that is likely to begin next year.“The CMA has decided to investigate and is inviting comments,” the agency said. The move makes the CMA the first competition watchdog to probe Microsoft and OpenAI since…

© Reuters. FILE PHOTO: A street sign for Wall Street hangs in front of the New York Stock Exchange May 8, 2013. REUTERS/Lucas Jackson/File Photo By Amruta Khandekar and Shristi Achar A (Reuters) -Wall Street’s main indexes held steady in choppy trading on Friday as investors assessed a strong jobs report that underscored market optimism over a soft landing for the economy, although Alphabet (NASDAQ:) shares were a drag. The Labor Department’s report showed nonfarm payrolls increased by 199,000 jobs in November, compared with an estimated increase of 180,000. The unemployment rate slipped to 3.7%, while average earnings edged up…

© Reuters. FILE PHOTO: Elon Musk ‘s X account is seen in this illustration taken, July 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo (Reuters) -Elon Musk’s social media platform X has discussed a potential partnership with Amazon.com (NASDAQ:) that would make X ads available on the online retailer’s ad-buying software, the Wall Street Journal reported on Friday citing people familiar with the matter. The social media platform’s billionaire owner last month cursed out advertisers that have fled his social media platform X over antisemitic content. Amazon and X did not immediately respond to Reuters’ requests for a comment. Several companies including Comcast…

© Reuters. An oil storage tank and crude oil pipeline equipment is seen during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson By Timothy Gardner WASHINGTON (Reuters) – The U.S. Department of Energy on Friday said it wants to buy up to 3 million barrels of for the Strategic Petroleum Reserve (SPR) for delivery in March 2024, as it takes advantage of lower prices to start to replenish the stockpile. The administration of President Joe Biden last year conducted the largest sale to date from the SPR of 180 million…

Spencer Platt U.S. stocks on Friday made small moves while bonds sold-off, as conflicting data on the labor market and inflation led to market participants paring back their bets that the Federal Reserve would start cutting rates soon. Wall Street’s major averages opened lower after November nonfarm payrolls came in higher than anticipated. There was an upward move shortly after the opening bell following consumer sentiment data, and the indexes have fluctuated since then. The tech-heavy Nasdaq Composite (COMP.IND) was up 0.02% to 14,342.15 points in mid-day trade. The benchmark S&P 500 (SP500) was flat at 4,585.58 points, while the…

An Indiana county judge ruled Thursday a contested state law that stipulates voting requirements for candidates’ party affiliation is unconstitutional, dealing a win to a U.S. Senate hopeful who is seeking to run as a Republican in the primary.The Marion County judge granted the injunction sought by John Rust, former chair of the egg supplier Rose Acre Farms who is running to replace Sen. Mike Braun. Rust filed a lawsuit in September against Secretary of State Diego Morales, the Indiana Election Commission and Jackson County Republican Party Chair Amanda Lowery to challenge the law and ensure the possibility of his…

The economy isn’t seeing “immaculate disinflation,” and Fed rate cuts will come later than markets expect, JPMorgan asset manager said. Wage growth remains strong, challenging hopes for inflation falling to 2% soon. A Morgan Stanley economist echoed concerns of sticky inflation, saying the Fed won’t cut rates until June. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Markets have rallied on the prospect of a cooling economy that will bring on rate cuts, but they may be getting ahead of themselves, analysts said.JPMorgan Asset…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Heathrow airport is exploring options for a new expansion plan that would prioritise smaller improvements before construction of a controversial third runway is considered. Chief executive Thomas Woldbye, who joined in October, has launched an internal review into the airport’s options to increase its capacity, according to people familiar with the matter. The review by the UK’s largest airport is still in its early stages and no decisions have yet been made, the people added. One option under consideration is a new…