Meg O’Neill’s memo comes as company tries to rebuild strategy amid oil shock of Iran war and after failed green pivot Business live – latest updates The new boss of BP has told staff that the oil company is operating in a world of “significant complexity” as it attempts to rebuild its strategy under a fresh leadership team. In her first message to staff as BP’s chief executive, Meg O’Neill promise...
Meg O’Neill’s memo comes as company tries to rebuild strategy amid oil shock of Iran war and after failed green pivot Business live – latest updates The new boss of BP has told staff that the oil company is operating in a world of “significant complexity” as it attempts to rebuild its strategy under a fresh leadership team. In her first message to staff as BP’s chief executive, Meg O’Neill promised a “clear direction and consistency” after a tumultuous period for the 117-year-old fossil fuel company, in which it has pivoted away from a failing green strategy . Continue reading...
Macy's has spent the better part of a decade trying to prove it still has a place in modern retail. Now, a new AI chatbot may be the clearest sign yet that the turnaround is real. The company recently launched "Ask Macy's," a shopping assistant powered by Google's Gemini AI. Before the full ...
Macy's has spent the better part of a decade trying to prove it still has a place in modern retail. Now, a new AI chatbot may be the clearest sign yet that the turnaround is real. The company recently launched "Ask Macy's," a shopping assistant powered by Google's Gemini AI. Before the full ...
baona/iStock via Getty Images Cal-Maine Foods ( CALM ) traded higher after the company topped expectations with its fiscal third-quarter earnings report. Revenue was down 53.0% year over year to $667.0M after egg prices fell from their historically high levels tied to a supply shock from the widespread bird flu in the U.S. Conventional egg sales decreased 72.1%, with 70.1% lower selling prices and...
baona/iStock via Getty Images Cal-Maine Foods ( CALM ) traded higher after the company topped expectations with its fiscal third-quarter earnings report. Revenue was down 53.0% year over year to $667.0M after egg prices fell from their historically high levels tied to a supply shock from the widespread bird flu in the U.S. Conventional egg sales decreased 72.1%, with 70.1% lower selling prices and 6.7% lower sales volume. A higher proportion of conventional egg sales were executed under hybrid pricing models, supporting greater stability through cycles. Specialty egg sales decreased 12.1%, with 16.9% lower selling prices and 5.8% higher sales volume. Volume growth was broad-based across the majority of specialty egg subcategories, including free-range and pasture-raised. "We believe the recent decline in wholesale egg prices reflects improved supply following prior-year HPAI disruptions, during our last fiscal quarter, depopulations reported by the USDA were down 70.6%, and the average national layer flock increased 2.2% year over year. In parallel, more stable purchasing patterns across retail and foodservice have contributed to lower wholesale prices, while retail pricing continues to adjust more gradually," updated Cal-Maine ( CALM ) CEO Sherman Miller. Cal-Maine (CLAM) reported prepared foods sales jumped 441% during the quarter to $63.6M. The acquisition of Echo Lake was the primary driver of the increased prepared foods sales volume as well as a ninefold increase from Crepini. Gross profit for the quarter was down 83% to $119.3M, primarily driven by 56.5% lower shell egg selling prices partially offset by a decrease in the price and volume of outside egg purchases, as the percent produced to sold increased 3.1 percentage points to 91.5%. Q3 GAAP EPS of $1.06 beat the consensus estimate by $0.30 but was far below the $7.34 mark from a year ago. Shares of Cal-Maine Foods ( CALM ) were up 5.2% in premarket trading. More on Cal-Maine Foods Cal-Maine Foods: One-Sto...
Welcome to Tech In Depth, our daily newsletter about the business of tech from Bloomberg’s journalists around the world. Today, Benoit Berthelot reports on the moves in Europe to try to ban teenagers from social media. Tech Across the Globe Activist at Snap : Irenic Capital, which has taken a stake in Snap, criticized co-founder and Chief Executive Officer Evan Spiegel for hiring too many people a...
Welcome to Tech In Depth, our daily newsletter about the business of tech from Bloomberg’s journalists around the world. Today, Benoit Berthelot reports on the moves in Europe to try to ban teenagers from social media. Tech Across the Globe Activist at Snap : Irenic Capital, which has taken a stake in Snap, criticized co-founder and Chief Executive Officer Evan Spiegel for hiring too many people and failing to maximize Snapchat’s position in the social media market. Musk’s Twitter setback : Twitter shareholders were given permission to sue Elon Musk as a class, delivering another legal blow to the billionaire over his purchase of the company in 2022. Trump lifts markets: Samsung and SK Hynix drove an 8.4% jump in the Kospi in Seoul, as Asian markets surged following US President Donald Trump’s comments about concluding American involvement in the Iran war this month. Huawei’s slowdown : The Chinese tech champion reported annual revenue rose 2.2% in 2025, compared with about 22% growth a year earlier, as its businesses were challenged by Apple’s iPhone 17 and domestic AI chipmakers. Revalued OpenAI closed a $122 billion funding round that values the company at $852 billion. The bulk of the money, which will help pay for more chips, data centers and talent, came from Amazon, Nvidia and SoftBank. A big slice of Amazon’s $50 billion investment is contingent on OpenAI going public or reaching the technological milestone of artificial general intelligence. A hodgepodge of ideas The move to ban social media for teens is ricocheting around the world, from Australia to France. Proponents have been boosted by the recent California verdict that found Meta products and Google’s YouTube were designed to be addictive. So far, national debates show everyone agrees on the problem. But there are lots of nuances on how to enforce any policy — which is proving tricky. The Australian example shows the challenges. The country is leading the pack, with a ban in force for three months now...
Welcome to Going Private , I’m Sinead Cruise and this is Bloomberg’s twice-weekly newsletter about private markets and the forces moving capital away from the public eye. Today, we look at threats to Hong Kong’s lucrative listings revival, the depleted supervisory manpower at the Securities & Exchange Commission and the long-awaited arrival of guidelines governing 401 (K) investments in private ma...
Welcome to Going Private , I’m Sinead Cruise and this is Bloomberg’s twice-weekly newsletter about private markets and the forces moving capital away from the public eye. Today, we look at threats to Hong Kong’s lucrative listings revival, the depleted supervisory manpower at the Securities & Exchange Commission and the long-awaited arrival of guidelines governing 401 (K) investments in private markets. But first we look at the strong-arm tactics some private equity firms are using to bring smaller creditors to heel. If you’re not already on our list, sign up here . Have feedback? Email us at goingprivate@bloomberg.net *Friday’s Going Private will land on Thursday due to the Easter holiday* Code of silence It’s rarely been tougher to be a small lender to a private-equity backed company fighting to stay afloat. Some buyout firms are turning to side deals and gagging orders to curb dissent against debt workouts that can favor some creditors over others. American Securities , owner of Vibrantz Technologies , would not share details of its debt restructuring plan for the paint-additives maker until lenders signed pacts barring any talks with peers that could put its negotiations at risk. The owner was free to cut different deals with larger lenders including GoldenTree Asset Management , Monarch Alternative Capital and Oak Hill Advisors , who ended up grabbing the highest-ranking debt, people familiar with the matter told my colleagues Reshmi Basu and Luca Casiraghi . These larger creditors agreed to issue a fresh $350 million loan with so-called “first-out” status. This meant that if Vibrantz went under, holders of that loan would be repaid before a single cent reached the next group, the people said. “Sponsor behavior is getting even more aggressive in a market where lenders for the last few years have leaned in and played the game,” said Scott Greenberg , a partner at law firm Gibson Dunn & Crutcher. “The weaponization of NDAs and other ways to prevent lenders from t...
MBA Mortgage Applications Composite Index: -10.4% to 278.3, compared with -10.5% to 310.7 in the prior week. Purchase Index: -2.6% to 159.4, vs. -5.4% to 163.6 a week ago. Refinance Index: -17.3% to 946.4, vs. -14.6% to 1,145.0 prior. 30-year fixed-rate mortgages came in at 6.57%, compared to 6.43% last week. "The 30-year mortgage rate, now at 6.57%, reached its highest level since last August and...
MBA Mortgage Applications Composite Index: -10.4% to 278.3, compared with -10.5% to 310.7 in the prior week. Purchase Index: -2.6% to 159.4, vs. -5.4% to 163.6 a week ago. Refinance Index: -17.3% to 946.4, vs. -14.6% to 1,145.0 prior. 30-year fixed-rate mortgages came in at 6.57%, compared to 6.43% last week. "The 30-year mortgage rate, now at 6.57%, reached its highest level since last August and is up half a percentage point from just one month ago," said Mike Fratantoni, chief economist at the Mortgage Bankers Association. "Refinance application volumes declined sharply again last week, and are down more than 40% compared to last month," noted Fratantoni. More on Mortgages Mortgage rates continue to rise, but housing market is gradually improving Worst performing Mortgage REITs in the past one month
For 128 years, it’s been clear that if you are born in this country, you are a citizen. The court must not turn back the clock I am lead counsel in the challenge to Donald Trump ’s birthright citizenship executive order. As I and my team help the ACLU legal director, Cecillia Wang, prepare for the supreme court argument in this case on Wednesday, we are poring over legal minutiae and sharpening ou...
For 128 years, it’s been clear that if you are born in this country, you are a citizen. The court must not turn back the clock I am lead counsel in the challenge to Donald Trump ’s birthright citizenship executive order. As I and my team help the ACLU legal director, Cecillia Wang, prepare for the supreme court argument in this case on Wednesday, we are poring over legal minutiae and sharpening our arguments. But the larger questions that loom over the whole case are simple: What does it mean to be an American? Will we adhere to the best of American history and protect the values of equal citizenship and opportunity? In early America, like today, people born on US soil were citizens, even if their parents were immigrants. That’s a principle we inherited from England as part of a body of rules known as the “common law”. In England, that rule was originally about monarchical power; but in our young republic it found new life as a principle of equal citizenship. As waves of immigrants arrived, the birthright rule ensured that the child of Irish or German immigrants would be no less citizens than those who traced their lineage back to the Mayflower. Cody Wofsy is deputy director of the ACLU Immigrants’ Rights Project and lead counsel on the Trump v Barbara legal team Continue reading...
James Broadnax was a teenager when a jury convicted him of capital murder, with his rap lyrics presented as evidence he posed a threat of ‘future dangerousness’ James Broadnax has been locked up in a 6ft-by-10ft cell on death row in Texas for more than 16 years, and in that time he has developed coping mechanisms for passing the long and desolate days. A favourite technique is to write spoken word...
James Broadnax was a teenager when a jury convicted him of capital murder, with his rap lyrics presented as evidence he posed a threat of ‘future dangerousness’ James Broadnax has been locked up in a 6ft-by-10ft cell on death row in Texas for more than 16 years, and in that time he has developed coping mechanisms for passing the long and desolate days. A favourite technique is to write spoken word poetry at his cell desk. He becomes so engrossed in the creative process that he can lose himself for hours, transfixed in what he calls a “time gap”. In one of his recent poems, featured in a short death row documentary, Solitary Minds , Broadnax, who is 37, describes how he writes: Continue reading...
As a youngster, Philip Kotler loved books. "When I was 12, I got into Plato and Aristotle," said Kotler, 94, who's considered the father of modern marketing. "It could get noisy so I found a place I could read about the history of the world" in peace.
As a youngster, Philip Kotler loved books. "When I was 12, I got into Plato and Aristotle," said Kotler, 94, who's considered the father of modern marketing. "It could get noisy so I found a place I could read about the history of the world" in peace.