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A Financier’s Finish, and Uber Hits the Skids

It’s been a tough week of reports. So why not catch up shortly on the largest tales in enterprise and tech after which give your self a couple of hours away from the headlines? Put down your telephone, eat a lobster roll, learn some Toni Morrison and luxuriate in these last weeks of summer time as greatest you’ll be able to.

Credit scoreGiacomo Bagnara

Jeffrey Epstein, the financier indicted on intercourse trafficking expenses that concerned women as younger as 14, was discovered lifeless by suicide in a Manhattan jail on Saturday morning. Mr. Epstein was identified for his opulent way of life of personal jets, lavish properties and entry to elite circles even after he was convicted of intercourse crimes in 2008. (On the time, he managed to keep away from federal felony expenses and severe jail time after prosecutors brokered a broadly criticized plea deal.) For the reason that new expenses had been introduced in opposition to him in Could, the case has ensnared two banks that did enterprise with him, Deutsche Financial institution and JPMorgan Chase, in addition to different highly effective figures, together with Leslie Wexner, the billionaire mogul behind Victoria’s Secret and Mr. Epstein’s most distinguished monetary shopper.

Uber broke two undesirable information final quarter: It posted its largest loss ($5.2 billion) and slowest income progress price. To be truthful, a giant chunk of that loss got here from stock-based compensation that Uber paid its staff after going public (disappointingly) in Could. Both approach, the numbers don’t look good. Uber’s smaller rival, Lyft, additionally misplaced cash this quarter, albeit lower than predicted. What does this imply for the once-booming enterprise of ride-hailing apps? Diversification could also be the easiest way ahead. Uber’s meals supply service, Uber Eats, is doing properly. And the corporate has additionally been partnering with cities and transit businesses to complement public transportation.

Nicely, Barneys now is aware of the ache of wishing it might afford itself. The high-end division retailer, which as soon as embodied a sure artistic, eclectic urbanity however has just lately suffered from falling gross sales, has filed for chapter. It’s looking for a purchaser and can shut 15 of its 22 places. However its most well-known retailer on Madison Avenue in Manhattan will keep open. And earlier than you ask: No, there is not going to be a hearth sale — a minimum of not but. “While difficult decisions had to be made, this process will allow us to reset our financial position and maintain our longstanding vendor relationships,” stated Daniella Vitale, the shop’s chief executive.

Credit scoreGiacomo Bagnara

Within the commerce battle between america and China, tariffs aren’t the one weapon. Beijing retaliated in opposition to President Trump’s newest threats by devaluing its personal foreign money, which helps Chinese language factories offset the prices of American levies. And that’s not all: Chinese language officers signaled that they’re able to weaken their foreign money additional and cease exports of minerals which can be very important for tech merchandise. It’s additionally value noting that China’s exports elevated final month, regardless of larger tensions with Washington. In the meantime, economists predict that the percentages of a recession in america are rising.

FedEx introduced that it will terminate its floor supply contract with Amazon on the finish of August. This comes two months after FedEx dropped the e-commerce large from its air cargo companies. However this may increasingly not do a lot to harm Amazon, which is poised to turn out to be a FedEx competitor. The corporate has been beefing up its personal supply capabilities by investing in planes, vans, big-rig vehicles and a community of warehouses. And don’t overlook: It’s nonetheless engaged on Prime Air, also called supply by way of drone.

Some clients of the high-end health club Equinox and the indoor biking studio SoulCycle had been dismayed to study final week that their expensive train habits could also be not directly benefiting Mr. Trump. How? Stephen Ross, a billionaire investor and stakeholder in Equinox and SoulCycle, raised thousands and thousands of by holding an occasion for the president’s re-election marketing campaign. Each health firms confronted boycotts and criticism on social media, the place they every launched statements distancing themselves from Mr. Ross and his politics. It stays to be seen whether or not the backlash will make a long-lasting monetary dent, however it displays rising public objections to the president’s backers, which can additionally have an effect on their companies heading into the 2020 election.

Nonetheless trying to fill the opening that “Game of Thrones” has left in your Sunday nights? Look to Netflix, which beat out Disney and Amazon to poach the creators of the HBO hit to develop exhibits and have movies. Google, Tesla, Amazon and different tech firms are persevering with to cover quirky (and nerdy) software program surprises — often called Easter eggs — of their merchandise, only for laughs. Lastly, the relationship app Tinder is providing people a lift of their seek for love, offered they’re keen to pay for it (which, no shock, they’re).

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Updated: August 12, 2019 — 11:03 pm

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