Latest Business News
Saks Global Files for Bankruptcy
The parent of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman filed for bankruptcy a year after a failed merger due to heavy debt and weak luxury sales. Executive chairman Richard Baker orchestrated the deal, with former Neiman CEO Geoffroy van Raemdonck now leading through restructuring. This highlights ongoing retail struggles in high-end sectors.
World Economic Forum 2026 Global Risks Report Highlights CEO Worries
CEOs rank geoeconomic confrontation as the top short-term risk, with anxiety over physical conflict and economic downturns like inflation bubbles. The report surveys over 1,300 leaders ahead of Davos. It reveals a divide between short- and long-term risk perceptions.
Allianz Risk Barometer: Cyber Top Business Risk, AI Rises to #2
Cyber incidents, especially ransomware, remain the #1 global business risk for the fifth year (42% of responses), while AI jumps from #10 to #2 (32%). Geopolitical risks hit a record #7 position. Nearly half see AI benefits outweighing risks.
Delta Airlines Reports K-Shaped Earnings
Delta posted $58.3 billion full-year revenue driven by premium demand, but price-sensitive segments struggle amid affluent customer gains. CEO Ed Bastian noted this disparity on the earnings call. It reflects broader economic polarization.
Apple Partners with Google on AI for iPhone and Siri
Apple announced integration of Google's AI tech into iPhones, upgrading Siri, endorsing Google's capabilities over rivals like OpenAI. This deal signals shifting AI alliances in tech.
US Productivity Surges Due to Tech, Job Market Cools
US productivity rises from tech sector strength, but manufacturing jobs fell since April amid tariffs boosting costs and cutting margins. Professional services show highest job opening rates despite declines.
Philippines Starts 2026 on Weaker Footing as ASEAN Chair
Third-quarter GDP hit a four-year low of 4%, prompting slashed growth targets through 2028 due to trade tensions and a $2 billion corruption scandal. Manila faces challenges leading ASEAN.
McKinsey Introduces AI Test for Job Candidates
McKinsey pilots in-house AI assistant for graduate screening tests to mimic expected work practices. This reflects consulting firms adapting hiring to AI integration.
Meta Launches Output-Based Performance Review Platform
Meta debuts a system valuing employee output over effort, similar to Amazon and X, per internal documents. It aims to boost productivity in tech.
Goldman Sachs Predicts 6-7% Job Displacement from AI
Goldman calculates AI will displace 6-7% of jobs during adoption, warning of a potential 'job apocalypse'. This underscores AI's transformative labor impact.
CFOs Shift Finance AI from Pilots to Deployment in 2026
Deloitte survey finds digital transformation and AI as top priorities for North American finance teams. Deployment accelerates post-pilot phases.
Polygon Labs Acquires Crypto Startups for $250 Million
Blockchain firm Polygon buys Coinme and Sequence to compete with Stripe in crypto infrastructure. This bolsters cash-to-crypto and wallet tech.