Author: Emily Harper

Despite economic uncertainty and rising inflation, some retailers have managed to thrive by adapting to changing consumer behaviors. According to rankings by the National Retail Federation (NRF) and Kantar, companies like Walmart, Amazon, and Costco have successfully balanced online and in-store strategies to maintain impressive revenues. Here’s a breakdown of the top five U.S. retailers by revenue in 2024, along with their significant moments this year. 5. Walgreens Noteworthy Moments 4. The Home Depot Noteworthy Moments 3. Costco Noteworthy Moments 2. Amazon Noteworthy Moments 1. Walmart Noteworthy Moments Resilience Amid Economic Uncertainty These retailers’ ability to navigate economic headwinds and meet consumer needs highlights their adaptability and resilience. While…

Chinese leaders have agreed to raise the budget deficit to 4% of gross domestic product (GDP) in 2025, marking the highest level on record. The move reflects a more proactive fiscal policy aimed at maintaining an economic growth target of around 5%, according to sources familiar with the matter. While the decision has yet to be officially announced, it aligns with strategies outlined during December’s Politburo meeting and the recent Central Economic Work Conference (CEWC). The shift to a higher deficit, up from an initial 3% target, signals a stronger push for fiscal stimulus. The additional one percentage point in…

Berkshire Hathaway, led by Warren Buffett, has significantly increased its position in VeriSign (VRSN), an internet infrastructure company, solidifying its status as the company’s largest shareholder. Details of the Recent Purchase According to a Form 4 filing with the Securities and Exchange Commission (SEC), Berkshire Hathaway acquired 143,424 shares of VeriSign during the three trading sessions ending on December 24, 2024. In total, the company purchased 377,736 shares over six sessions, spending approximately $74 million. With these acquisitions, Berkshire Hathaway now owns 13.2 million shares of VeriSign, valued at around $2.7 billion. VeriSign’s Position in Berkshire Hathaway’s Portfolio Berkshire Hathaway first invested in VeriSign in the fourth quarter of 2012. Over a decade later,…

South Korean President Yoon Suk Yeol declared martial law in an unexpected late-night address on Tuesday, accusing the opposition Democratic Party of engaging in anti-state activities and sympathizing with North Korea. This declaration marks the first imposition of martial law in South Korea since 1980, during a nationwide uprising. Yoon justified the move by citing the opposition’s actions, including motions to impeach top prosecutors and reject a government budget proposal. National Assembly Overturns Martial Law Shortly after Yoon’s announcement, the National Assembly voted to block the martial law decree. Out of 300 members, 190 lawmakers, including opposition and some ruling-party representatives, voted to overturn the measure. Woo Won-sik,…

Bank of America Corp. has agreed to purchase approximately $990 million in multifamily commercial real estate loans from HomeStreet Inc., a move aimed at helping the struggling Seattle-based lender return to profitability. Transaction Details The deal involves the sale of loans at a price equivalent to 92% of their unpaid principal balance. Proceeds will allow HomeStreet to pay down Federal Home Loan Bank advances and high-cost brokered deposits, replacing them with less expensive core deposits. The transaction is divided into two phases: A Step Toward Profitability HomeStreet has faced mounting challenges, including four consecutive quarters of losses and regulatory hurdles that blocked its acquisition by FirstSun Capital Bancorp.…

South Korea’s central bank, the Bank of Korea (BOK), surprised markets on Thursday by cutting its benchmark interest rate by 25 basis points to 3.00%. This marks the second consecutive rate cut, the first time the bank has enacted back-to-back reductions since 2009. The move aims to support the economy amid signs of slowing growth. Economists polled by Reuters had widely expected the BOK to hold rates steady at 3.25%. Weaker-than-Expected GDP Growth The rate cut follows disappointing GDP data for the third quarter. South Korea’s economy grew by just 1.5% year-on-year, falling short of the 2% growth economists had…

OpenAI, the Microsoft-supported pioneer in artificial intelligence, has announced plans to transition its for-profit operations into a Delaware Public Benefit Corporation (PBC). This reorganization aims to address the company’s growing financial needs while ensuring that the development of artificial general intelligence (AGI) benefits humanity. Balancing Profit and Public Benefit Under the proposed PBC structure, OpenAI will prioritize public benefit alongside shareholder and stakeholder interests. This shift will enable the company to secure significant conventional equity financing, crucial for advancing its AGI research and development. The non-profit branch of OpenAI will remain operational, leveraging its stake in the PBC to fund philanthropic…

A DHL-operated cargo plane crashed early Monday near Vilnius Airport in Lithuania, claiming the life of a Spanish crew member and injuring three others. The Boeing 737, operated by Madrid-based contractor Swiftair, was on its final approach from Leipzig, Germany, when the accident occurred. Fiery Crash Near Residential Area Surveillance footage captured the aircraft descending before disappearing behind a building. Moments later, a massive fireball erupted, illuminating the sky. The crash occurred around 5:30 a.m. local time, approximately half a mile from the airport runway. Emergency responders reported that the plane broke apart on impact and skidded several hundred yards,…

Starbucks employees staged a major walkout this holiday season, culminating on Christmas Eve with expanded labor action across the country. While the Starbucks Workers United union claimed the strike affected more than 300 stores and involved around 5,000 baristas, Starbucks reported that about 170 locations remained closed, leaving 98% of its 10,000 stores operational during the busy holiday period. Growing Strikes Amid Labor Disputes The walkouts, which began on Friday, escalated over the weekend and reached their peak on Tuesday, as workers in over 60 stores across 13 cities participated. The union cited frustrations over stalled contract negotiations, particularly around…

American Airlines resumed service Tuesday morning following a brief system outage that grounded flights across the United States during one of the busiest travel periods of the year. The airline attributed the delays to a “vendor technology issue,” and boarding resumed around 8 a.m. ET. Despite significant delays, the airline managed to avoid widespread cancellations. The Cause of the Outage The Allied Pilots Association revealed that American Airlines’ Flight Operations System (FOS), crucial for managing flight departures and passenger boarding, went down briefly. While the airline did not confirm the specific system impacted, it acknowledged that the outage temporarily halted…