Mercedes-Benz CEO says auto market is in a ‘Darwinian battle’ as German carmakers flounder
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Mercedes-Benz CEO Ola Kaellenius says carmakers need to address a crisis of consumer confidence in the Chinese market.
How to catch a hectocorn
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OpenAI valuation, Google reasoning race, Apple budget phone, Biden chip duel. Plus: Amazon RTO hits Whole Foods.
Maui fire that killed 102 in Lahaina erupted from earlier blaze firefighters thought they put out, investigation finds
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The Aug. 8, 2023, blaze — the deadliest U.S. wildfire in more than a century — emerged in the afternoon in the same area as the blaze that began earlier that morning.
U.S. cybersecurity head says there’s no chance a foreign adversary can change Harris-Trump election results
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The comments stand in contrast to the doubts millions of Americans, especially Republicans, have held since the 2020 election.
Dutch airline KLM will do ‘everything’ it can to protect jobs in cost-cutting drive
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KLM CEO Marjan Rintel said the measures would be "painful for every KLM colleague, but it is necessary, and it has to be done now."
Stocks rise in Japan while the yen and U.K. pound fall on dovish interest rate talk
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Japan jumped while Hong Kong and Europe stumbled as Israel pushed into Lebanon and Middle East tensions grew. China’s markets remained closed for Golden Week holidays.
https://fortune.com/2024/10/03/premarket-stock-futures-dow-sp500-nasdaq-8/
U.K. challenger bank Starling hit with £29 million FCA fine for ‘shockingly lax’ customer checks
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Regulator said Starling had opened 54,000 high-risk accounts without proper customer screening.
California’s new law against election deepfakes blocked by judge over free speech worries
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“Most of AB 2839 acts as a hammer instead of a scalpel, serving as a blunt tool that hinders humorous expression and unconstitutionally stifles the free and unfettered exchange of ideas” the judge wrote.
A $1 billion CPAP recall devastated Philips. The CEO’s turnaround plan involves overhauling company culture and adding a key role to the C-suite
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The CEO can't afford anymore disasters as he pushes deeper into AI-assisted medicine.
https://fortune.com/2024/10/03/philips-cpap-recall-ceo-roy-jakobs/
China EV startup Xpeng wants to bring ‘the best technology’ to Europe as the EU is set to finalize new tariffs on auto imports
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Brian Gu, Xpeng’s co-president, argued Wednesday that fierce local competition, not state support, explains China’s EV success.
Biden administration bans imports of Chinese steel and artificial sweetener brands on forced labor allegations
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It accuses both of being involved in the use of forced labor from China's far-west region of Xinjiang.
Luxury retailers Prada and Kurt Geiger shamed for taking up to 4 months to pay U.K. suppliers
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Slow and late payments are estimated to force 50,000 small businesses to close a year.
Boomer women are pouring into the stock market—making up for lost time and wealth
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"It’s never too late to start investing."
How EV adoption will be affected by Trump or Harris winning the election
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With electric vehicles, there’s a sense we're in suspended animation, holding our breaths to see who wins the presidential election.
https://fortune.com/2024/10/02/trump-harris-election-ev-adoption/
Leaked: Whole Foods CEO tells staff he wants to turn Amazon’s RTO mandate into more ‘carrot’ than ‘stick’
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Employees of the Amazon-owned grocery subsidiary submitted more than 1,200 questions about the controversial five-day return-to-office policy ahead of a special all-staff meeting.
https://fortune.com/2024/10/02/leaked-whole-foods-ceo-meeting-amazon-5-day-rto-office-policy/
More renters think Harris is the better candidate on housing, survey finds
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Close to half think Kamala Harris would be better for making housing more affordable and almost a third think Trump would be better, according to Redfin.
https://fortune.com/2024/10/02/renters-harris-trump-housing-survey/
‘Every job is going to change pretty radically,’ many in the next year, thanks to AI, says Indeed’s CEO
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AI isn't a fad like blockchain or the metaverse, says Hyams. It will have as much impact on business as the birth of the World Wide Web.
IT’S OFFICIAL: OpenAI is worth $157 billion
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The AI startup is grappling with a wave of high-level exits and internal debate over its business objectives, but it has not dampened investors’ appetite.
Nike stock dives after sneaker giant scraps investor day amid CEO shake-up
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Analysts appear largely confident in Elliott Hill’s ability to spark a revival at Nike, but many also see a stock in limbo short-term.
https://fortune.com/2024/10/02/nike-shares-fall-ceo-transition/
Longtime China bull Ray Dalio says Beijing now has to choose between ‘beautiful deleveraging’ and economic malaise
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Billionaire investor Ray Dalio says Beijing’s ‘big week’ of stimulus could be one for the history books.