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Photo: Houthi Military Media/Handout via Reuters (Reuters), Yuka Obayashi (Reuters), Angus Mordant/Bloomberg via Getty Images (Getty Images), Ty O’Neil/SOPA Images/LightRocket via Getty Images (Getty Images), Image: Rafael Henrique/SOPA Images/LightRocket via Getty Images (Getty Images), Jamal Dummett, Pisaphotography (Shutterstock), Fred Greaves (Reuters)
Houthis are holding ships hostage and attacking them with drones and missiles.Photo: Houthi Military Media/Handout via Reuters (Reuters)
The fallout from the Israel-Hamas war is reverberating in the Red Sea.
The Iran-backed Houthi movement in Yemen has responded to the conflict by escalating attacks on vessels going to or coming from Israel. Reacting to that growing threat—including an attack on one of its ships—the world’s largest container line, Mediterranean Shipping Co. (MSC) decided to stop all voyages through the Suez Canal on Friday (Dec. 15). – Ananya Bhattacharya Read More
Nippon Steel aims to grow its steel output to 100 million metric tons a year.Photo: Yuka Obayashi (Reuters)
Japan’s Nippon Steel, the world’s fourth-largest steelmaker, announced on Monday (Dec. 18) that it’s acquiring US Steel for $14.9 billion in cash.
The deal to purchase the 122-year-old American business shows just how eager a buyer Nippon Steel is. The company is paying a huge 142% premium to US Steel’s share price on its last day of trading in August, when rival Cleveland-Cliffs made an offer of $7.3 billion—barely half of the final price tag. – Mary Hui Read More
Farfetch’s future is no longer in its own hands.Image: Rafael Henrique/SOPA Images/LightRocket via Getty Images (Getty Images)
One of the biggest names in luxury retail is still alive, but at what cost?
South Korean retail giant Coupang announced on Monday (Dec. 18) that will rescue UK online fashion destination Farfetch with a $500 million deal. That money saves Farfetch from the dustbin of history for now, but it also dooms the company’s tie-up with longtime rival Yoox-Net-a-Porter (YNAP). – Melvin Backman Read More
Cleaning workers march through the streets of Newark, New Jersey on Dec. 13. Image: Jamal Dummett
Ederle Vaughan, 48, has worked as a cleaner at Prudential Center in Newark, New Jersey for 16 years. She lives paycheck to paycheck, using those wages for her daughter’s college tuition as well as her own groceries and rent. With stubbornly high prices, her dollars don’t go as far as they used to. – Laura Bratton Read More
Office buildings in Manhattan, New YorkImage: Pisaphotography (Shutterstock)
It’s no secret that office landlords have been sweetening deals for renters over the past year in a still-difficult commercial real estate market. New data suggests the deals have been getting even sweeter. – Laura Bratton Read More
Photo: Angus Mordant/Bloomberg via Getty Images (Getty Images)
All the financial suspense of the past few months has been building toward this.
November saw construction get started on the annualized equivalent of 1.6 million US housing units, and new permits were filed on 1.5 million units. The latter rose year-over-year for the first time since July 2022, suggesting that homebuilders are excited about conditions conspiring to bring customers back into the market. – Melvin Backman Read More
Now we lay them down to sleep.Photo: Ty O’Neil/SOPA Images/LightRocket via Getty Images (Getty Images)
Consider Bird grounded. The scooter rideshare company, which was once a high-flying transportation startup, has filed for bankruptcy. In its paperwork, the company blamed huge losses—$235 million and $471 million in 2021 and 2022, respectively—plus a post-covid slump in ridership, and more than 100 personal injury lawsuits. – Melvin Backman Read More
A memorial for shooting victims in Half Moon Bay, California, in January.Image: Fred Greaves (Reuters)
In the US, homicides on the job have become more and more of a hazard in recent years. Nearly 20 American workers were shot to death at their workplaces from the beginning of this year until June, according to data from the Occupational Safety and Health Administration (OSHA). In January alone, seven immigrant farm workers were fatally shot by a former employee in California, and a 26-year-old car wash employee in Texas was shot by his coworker. – Laura Bratton Read More
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