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Business World

Business World

Coronavirus pandemic claims another victim: Robocalls

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Have you been missing something amid the lockdowns and stay-at-home orders? No, not human contact. Not even toilet paper. Robocalls. Industry experts say robocalls are way down — scam calls as well as nagging from your credit-card company to pay your bill. The coronavirus pandemic has inflicted millions of job losses, and scammers have not been immune. YouMail, which offers a robocall-blocking service, says 2.9 billion robocalls were placed in April in the U.S., down from 4.1 billion in March and 4.8 billion in February. That’s a daily average of 97 million calls in April, down from 132 million in
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Business World

Hertz Files For Bankruptcy As Car Rentals Decline In The Pandemic

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  Hertz said in a U.S. court filing on Friday that it voluntarily filed for Chapter 11 reorganization. Its international operating regions including Europe, Australia and New Zealand were not included in the U.S. proceedings. The firm, whose largest shareholder is billionaire investor Carl Icahn, is reeling from government orders restricting travel and requiring citizens to remain home. A large portion of Hertz’s revenue comes from car rentals at airports, which have all but evaporated as potential customers eschew plane travel. With nearly $19 billion of debt and roughly 38,000 employees worldwide as of the end of 2019, Hertz is among
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Business World

Coronavirus has been ‘catastrophic’ for fashion industry

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Anna Wintour, the longtime editor of Vogue, said Wednesday that the coronavirus pandemic has been "catastrophic" for the fashion industry, devastating emerging designers and big retailers alike. "I think it's really giving the industry a pause," Wintour said on CNBC's "Closing Bell." "I think everybody is rethinking what the fashion industry stands for, what it means, what it should be." Wintour, who also serves as Conde Nast's U.S. artistic director, referenced the recent bankruptcy filings by department stores Neiman Marcus and J.C. Penney, both of which entered the public health crisis on precarious financial footing."It's the small businesses, whether you call them luxury or accessible,
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Business World

San Francisco Cafes Are Banishing Disposable Coffee Cups

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A new cafe culture is brewing in the San Francisco area, where a growing number of coffee houses are banishing paper to-go cups and replacing them with everything from glass jars to rental mugs and BYO cup policies. What started as a small trend among neighborhood cafes to reduce waste is gaining support from some big names in the city’s food and coffee world. Celebrated chef Dominique Crenn, owner of the three-star Michelin restaurant Atelier Crenn, is opening a San Francisco cafe next year that will have no to-go bags or disposable coffee cups and will use no plastic. Customers
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Business World

The Town That Christmas Remade

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MCADENVILLE, N.C. — On the last Saturday of November, Kathy Ramsey was alone in her bakery, preparing for the onslaught. Over the next month, 600,000 people would visit McAdenville, a town of just 665 residents, for its annual spectacle: Christmas Town, USA. “Normally, I’ve got three or four other girls here helping out,” said Ramsey, arranging cookie-dough-topped brownies on a platter. “Thank God. There’s no way I could do this all myself. I’d be dead in my shoes by the end of December.” Ramsey, 56, has lived in McAdenville for her entire life, so she knows how seriously the town
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Business World

Colin Kaepernick’s new Nike shoe sells out on the first day

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Force 1 x Colin Kaepernick shoe. Nike Nike's new "True to 7" shoe with former NFL quarterback Colin Kaepernick has already sold out on the first day of its North American release, according to the company's website. "This Air Force 1 season, Nike partnered with a collective of collaborators to design an AF1 that connects to their life personally. Colin was identified because we believe his voice and perspective inspire many generations on and off the field," said a Nike spokesperson in an email. The $110 black-and-white shoe sports an embroidered portrait of Kaepernick on the heel tab, reflective Swoosh
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Business World

Forget the Tech. These Are the Real Tools You Need to Manage Remote Workers

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As tech tools like email, video chatting, videoconferencing, and instant messaging increasingly allow people to work at great distances from the office—and each other—managers have to step up to some new challenges. Yes, remote work can be a boon to recruiting, morale, and productivity, but putting traditional management techniques to work to keep a widely-scattered workforce moving forward together is rarely successful. While you still have to “set clear goal and help your team achieve them,” says Mark Strassman, a senior vice president of LogMeIn, “there’s a huge cultural difference in leading teams where people are located in one place,
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Business World

Nike’s stock is at record levels and has room to run

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Nike's stock notched a record high on Friday, and it can go higher still, UBS analyst Jay Sole told CNBC on Friday. Shares of the Beaverton, Oregon-based company hit $101.40 intraday Friday, boosted by quarterly earnings and sales released after the bell Thursday that beat analysts' expectations. It closed Friday down 1.1% at $99.96 but is up around 34% year to date. "Even though it's a $41 billion company, it's only 9% global market share in footwear and just 1% in global market share apparel," Sole said on "The Exchange." "There's lots of room to go." Sole raised his price
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Business World

Why Investors Love the IAC and Match Group Breakup

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This is one breakup that Wall Street is cheering. IAC, which owns a variety of online companies such as Handy, Vimeo, and The Daily Beast, outlined its plan for breaking up from Match Group, which includes dating sites like Match, Tinder, and Hinge. While both IAC and Match Group have separately-traded stocks, Match is still a part of IAC and accounts nearly half of its parent company’s revenue. Shares of IAC finished the day up more than 7%, trading at $237.54. Match Group shares also spiked more than 7%, closing at $76.76. IAC owns an 80.4% stake in Match, according
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