Author: News Room

The race to the $25,000 EV in the U.S. car market has been won, but not in the way the auto industry wanted.Since January, Hertz Global Holdings has been in Tesla sales mode, with 20,000 electric vehicles from its global fleet, representing nearly a third of the rental-car company’s existing EV inventory, on the dealer lot. The move, viewed as a stumble in Hertz’s EV strategy — in 2021, it heralded plans to order hundreds of thousands of Teslas, Polestars and battery-electric GM models — also reflects a sobering up of the electrification hype within the U.S. auto industry, which…

Check out the companies making headlines in midday trading: Five Below — Shares of Five Below sank 12% after the discount retailer fell short of Wall Street’s first-quarter revenue estimates and offered disappointing guidance. For the current quarter, Five Below said it expects between $830 million and $850 million in revenue, while analysts polled by LSEG expected $883 million. Salesforce — The stock moved 2.7% higher following news that Salesforce board member and co-CEO of activist investor ValueAct, Mason Morfit, has increased his stake in the software company to just under $1 billion. The move was made earlier this week…

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A federal judge on Thursday ordered Steve Bannon to report to prison by July 1, giving the former Donald Trump adviser a short window to get a higher court’s intervention. Bannon was convicted of contempt of Congress in 2022 after failing to provide documents and testimony to the House Select committee that investigated the January 6, 2021 US Capitol attack. He was sentenced to four months in prison. The federal judge presiding over the case, Carl Nichols, had initially paused the sentence while Bannon appealed the conviction. Last month, however, a DC Circuit Court of Appeals panel unanimously rejected several challenges Bannon…

A new dim sum destination is opening in the shadow of Manhattan’s Flatiron building. Nomad Tea Parlour will open at 244 5th Avenue on Wednesday, June 12, adding modern Cantonese cuisine to the neighborhood with a touch of nostalgic charm. “The restaurant is meant to be a celebration of Chinese American food,” says owner Jae Yang, who is co-owners with Mandy Zhang. “We were inspired by American Chinatown and Hong Kong dining, which is incorporated into the visual elements of the restaurant. We want to bring Chinese American cuisine, specifically Cantonese food and dim sum, to the forefront of Chinese…

Shein plans to sell its supply-chain technology to other retailers.The strategy could help grow its revenue, but experts say the brand’s reputation may be an obstacle.This article is part of “The Future of Supply-Chain Management,” a series on companies’ manufacturing and distribution strategies. Shein is looking to sell the supply-chain technology that has been a big part of its success. Industry experts say that while it could boost the online retailer’s revenues, getting brands to sign on could be an uphill battle.Shein has developed a unique on-demand manufacturing model that enables it to turn around designs in a matter of…

The US conducted back-to-back intercontinental ballistic missile tests this week to ensure the silo-based leg of the US nuclear triad is working as it should.The tests of the Minuteman III demonstrate the readiness and reliability of the weapon, Air Force Global Strike Command said, as work on the next ICBM continues amid budget issues and delays.The first missile test occurred on June 4 at 12:56am Pacific Time at Vandenberg Space Force Base in California, where “a joint team of Air Force Global Strike Command Airmen supported by Space Force Guardians launched an unarmed Minuteman III intercontinental ballistic missile equipped with…

JERUSALEM (Reuters) – The Israeli military has warned the government its policy of cutting off funds to the Palestinian Authority could push the occupied West Bank into a third “intifada”, public broadcaster Kan Radio reported on Thursday. The warning, as the war in Gaza approaches the start of its ninth month, underlined the increasingly dire state of the West Bank economy where hundreds of thousands of workers have lost their jobs in Israel and public servants have been unpaid or on partial pay for months. The West Bank, home to 2.8 million Palestinians and 670,000 Israeli settlers, is under Israeli…

JPMorgan strategists dismissed concerns about the so-called “taper tantrum” in the oil market, asserting that fears are “unnecessary.” The initial alarm in the market was triggered by OPEC+’s announcement to return oil supply to the market later this year. However, in their note, JPMorgan strategists point out that many key OPEC producers are already operating above their assigned quotas. In May, OPEC produced an average of 35.6 million barrels per day (mbd), about 1.7 mbd above the production targets set last year. This overproduction has been consistent, with the alliance exceeding agreed limits by 1.5 mbd in the first five…

A class action case challenging the legality of the NFL’s Sunday Ticket package, whose opening arguments are scheduled for Thursday, could shake up television rights deals in professional sports and the way teams make money. The case, first brought in 2015, focuses on the NFL’s package of games outside of a local market that are not shown nationally on other networks. The suit says by restricting broadcasts of those “out-of-market” games to the Sunday Ticket package, the NFL is forcing customers who just want to watch one team or a small group of teams have to pay more. “Given the…