Thursday, February 29, 2024

Mar 1, 2024 - Body Shop to shut 75 stores and cut hundreds of jobs

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TradeBriefs Editorial

From the Editor's Desk

What to Do When You Have a Bad Boss - Harvard Business Review (No paywall)

Despite the $15 billion companies spend annually on managerial and leadership development, bad bosses are common in the American workforce.  So why do employees end up working longer (two years, on average) for toxic bosses than nontoxic bosses? Quitting can be hard for a number of psychological reasons. But it’s not the only option for employees struggling with bad bosses. Before deciding to quit, employees should try a number of strategies to ameliorate their tough situations. Having direct conversations with their bosses, engaging with their support networks, making lifestyle changes outside of work, and exploring other opportunities within their current organizations are good places to start. It is, however, possible that quitting is the best option — and that’s okay. Doing so gracefully and strategically will help employees transition from bad situations to better ones.

Despite the $15 billion companies spend annually on managerial and leadership development, bad bosses are common in the American workforce.  A study by Life Meets Work found that 56% of American workers claim their boss is mildly or highly toxic. A study by the American Psychological Association found that 75% of Americans say their “boss is the most stressful part of their workday.”

Continued here


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Body Shop to shut 75 stores and cut hundreds of jobs  
  

Body Shop to shut 75 stores and cut hundreds of jobs
Since then, The Body Shop has changed hands twice, most recently to private equity firm Aurelius in late 2023. Within weeks, it decided to place the UK arm in administration following poor sales over Christmas and January.


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Uber chief unlocks $136mn in options after beating $120bn valuation target - FT (No paywall)  
  

Dara Khosrowshahi became entitled to award after meeting targets set before ride-hailing group’s IPO


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The threat to the Italian heritage in car manufacturing - FT (No paywall)  
  

Rome faces choice over how to handle the transition to electric vehicles


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Nigeria detains Binance executives in cryptocurrency crackdown - FT (No paywall)  
  

African state steps up pressure on exchanges as it tries to halt speculation on naira


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Harvard Business School grad's Ponzi scheme swindled alums out of $2.9 million, New York attorney general says  
  

Harvard Business School grad's Ponzi scheme swindled alums out of $2.9 million, New York attorney general says
A Harvard Business School graduate tricked his fellow alumni and associates into investing at least $2.9 million in a Ponzi scheme he ran, New York Attorney General Letitia James said Thursday.


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Star Wars game cancelled as EA cuts 670 jobs  
  

Star Wars game cancelled as EA cuts 670 jobs
"This greater focus allows us to drive creativity, accelerate innovation, and double down on our biggest opportunities — including our owned IP, sports, and massive online communities — to deliver the entertainment players want today and tomorrow."


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Can a new CMO save Rent the Runway? - Fortune (No paywall)  
  

Can a new CMO save Rent the Runway?
Good morning, Broadsheet readers! Olivia Rodrigo announced that a share of her tour ticket sales will go to feminist nonprofits, Levi’s new CEO Michelle Gass wants to reprioritize the store’s offerings, and Rent the Runway hires a new exec to win back customers. Have a wonderful Wednesday.


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China's factory activity contracts for fifth straight month - Nikkei Asia (No paywall)  
  

China's factory activity contracts for fifth straight month
The country's benchmark purchasing managers' index recorded 49.1 for the second month of 2024, the National Bureau of Statistics reported on Friday. The reading is a tick lower than January's 49.2 and matches the median forecast in a Reuters poll.


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Death of shipping CEO Angela Chao under 'criminal investigation,' Texas sheriff says  
  

Death of shipping CEO Angela Chao under 'criminal investigation,' Texas sheriff says
The death earlier this month of Foremost Group CEO Angela Chao, the sister-in-law of Senate Minority Leader Mitch McConnell, is currently under "criminal investigation," a Texas sheriff's office said Thursday.


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New York City wants you to pay another $15 (at least) to drive into Manhattan, starting this summer - Fortune (No paywall)  
  

New York City wants you to pay another $15 (at least) to drive into Manhattan, starting this summer
Most drivers in private cars would pay a congestion fee of at least $15, or $22.50 if they aren’t enrolled in a regional toll collection program. That would come on top of the already hefty tolls to enter the city via some river crossings, like the $13.38 to $17.63 it costs to take a car through the Lincoln or Holland tunnels.


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Why the Kremlin Tried to Obstruct Alexei Navalny's Funeral  
  

Why the Kremlin Tried to Obstruct Alexei Navalny's Funeral
On Feb. 16, Russian opposition leader Alexei Navalny died in prison. It took eight days for authorities to release his body, and they initially sent his mother Ljudmila Navalnaya on a wild goose chase in the Arctic Circle. Then, they threatened the possibility of a state burial in a prison colony unless she consented to a private funeral. She held her ground and insisted the government follow the law.


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'Ghosting' gets more common in the job market: It's not a 'passing fad,' report says  
  

'Ghosting' gets more common in the job market: It's not a 'passing fad,' report says
"Ghosting" isn't just a dating phenomenon: It has grown more common at the workplace, too. And that unreliable behavior risks reputational harm to employers and job seekers, said career experts.


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Women Held Only 35% Of Speaking Roles In 2023 Films, According To Study - Forbes (No paywall)  
  

Women Held Only 35% Of Speaking Roles In 2023 Films, According To Study
In a year when Barbie, Beyoncé and Taylor Swift revealed the economic purchasing power of women and girls, female characters were still grossly underrepresented on the big screen. A new study of top films from 2023 showed only about a third of the speaking characters were female.


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Bangladesh and U.S. Pursue Post-Election Reset - Foreign Policy (No paywall)  
  

Bangladesh and U.S. Pursue Post-Election Reset
South Asia Brief: Bangladesh and U.S. Pursue Post-Election Reset


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Meet the 55-year-old veterinarian who walked away from a 6-figure salary in the prime of her career because corporate ownership drove her to the nonprofit world - Fortune (No paywall)  
  

Meet the 55-year-old veterinarian who walked away from a 6-figure salary in the prime of her career because corporate ownership drove her to the nonprofit world
Alicia Bye hit a breaking point about 11 years ago. At age 43, she co-owned two animal clinics in Texas, but by age 44 she had moved to Washington state to work as a wildlife veterinarian at a nonprofit where she earns $50,000, less than half of what she used to make. 


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Humanoid robot startup Figure AI valued at $2.6 billion as Bezos, OpenAI, Nvidia join funding  
  

Humanoid robot startup Figure AI valued at $2.6 billion as Bezos, OpenAI, Nvidia join funding
Humanoid robots require expensive components such as actuators, motors and sensors to function. Goldman researchers say those costs are expected to come down in the coming years, noting they\'ve already dropped to between $30,000 and $150,000 per unit, from a range of $50,000 to $250,000 per unit last year.


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AI optimism sends Nasdaq to new post-Covid high  
  

AI optimism sends Nasdaq to new post-Covid high
On Thursday, the US\'s Department of Commerce said the personal consumption expenditures (PCE) price index, an alternative inflation measure that is watched by the Federal Reserve, fell to 2.4% in January, down 0.2% from December.


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A.I. Frenzy Complicates Efforts to Keep Power-Hungry Data Sites Green  
  

A.I. Frenzy Complicates Efforts to Keep Power-Hungry Data Sites Green
Just a decade ago, data centers drew 10 megawatts of power, but 100 megawatts is common today. The Uptime Institute, an industry advisory group, has identified 10 supersize cloud computing campuses across North America with an average size of 621 megawatts.


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How Cable News Handled Biden and Trump at the Southern Border  
  

How Cable News Handled Biden and Trump at the Southern Border
Ms. McCallum offered her own take to viewers about undocumented migrants: “If they break one law, they should be deported from the country, at the bare minimum. I think that’s just a basic common sense that I think most Americans would agree with.”


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All of AMC's revenue growth came from Taylor Swift and Beyoncé films, theater chain says  
  

All of AMC's revenue growth came from Taylor Swift and Beyoncé films, theater chain says
AMC also announced it would air new, shorter advertisements with Kidman, the actress whose first campaign for the chain became a cult classic. Rather than showing the same 60-second spot before each showing, audiences will instead see one of three different 30-second commercials starring the Australian-American actor beginning in March.


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Senate passes short-term funding bill to avert government shutdown  
  

Senate passes short-term funding bill to avert government shutdown
The renewed focus on this year’s spending bills doesn’t include the separate, $95.3bn aid package that the Senate approved for Ukraine, Israel and Taiwan earlier this month, with much of that money being spent in the US to replenish America’s military arsenal. The bill also contained about $9bn in humanitarian assistance for civilians in Gaza and the West Bank, Ukraine and others caught in war zones.


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Biden calls for compromise while Trump goes full red meat at US-Mexico border  
  

Biden calls for compromise while Trump goes full red meat at US-Mexico border
Cristina Tzintzún Ramirez, president of NextGen America, a group focused on young voters, says: “Any immigration plan actually has to address the root causes. People are coming out of deep economic need and also fleeing very violent situations. Until you address that it doesn’t matter what kind of barriers they try and create physically at the border to make it more difficult. If they want real solutions, they have to address that.”


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Jack Teixeira expected to plead guilty in leaked Pentagon documents case  
  

Jack Teixeira expected to plead guilty in leaked Pentagon documents case
Following the leak and Teixeira’s arrest, the US air force removed Sean Riley, the commander of Teixeira’s unit, last December and reprimanded 14 others including enlisted members and officers with the air national guard with disciplinary and other administrative actions.


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How Hyundai Motor Group became the world's third-largest automaker  
  

How Hyundai Motor Group became the world's third-largest automaker
Hyundai Motor Group is the world's third-largest automaker in the world by volume — but it wasn't always so. In the late 1980s and 1990s, Hyundai cars suffered ridicule in America for being cheap and low quality. But that is no longer the case.


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McConnell Ends an Era for Himself, His Party and the Senate  
  

McConnell Ends an Era for Himself, His Party and the Senate
Yet a growing number of his fellow Republicans hold a different view of America’s role in the world, and Mr. McConnell took that as his cue to step aside, though he undoubtedly will continue to push military assistance to Ukraine for its fight against what is now Russia.


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Republican Lawmakers Berate Austin for Secrecy Surrounding His Illness  
  

Republican Lawmakers Berate Austin for Secrecy Surrounding His Illness
“We did have a breakdown in notifications during my January stay at Walter Reed — that is, sharing my location and why I was there,” he told the packed hearing room. “And back in December, I should have promptly informed the president, my team, and Congress and the American people of my cancer diagnosis and subsequent treatment.”


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Issa brother to step back after 'fixing' Asda  
  

Issa brother to step back after 'fixing' Asda
\"When you\'re fortunate enough to see the opportunities and have the ability to execute them and be part of a plan and then move on to the next thing then that\'s something that I will always look to do.


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Sainsbury's cuts 1,500 jobs in bid to reduce costs  
  

Sainsbury's cuts 1,500 jobs in bid to reduce costs
Sainsbury\'s chief executive Simon Roberts summed up the changes as the next part of its strategy to deliver value and good service to customers, while making \"difficult but necessary decisions\".


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Ocado warns M&S of legal action over food deal  
  

Ocado warns M&S of legal action over food deal
Ocado admitted that its retail business had failed to meet the performance measures in the last financial year that would have triggered the automatic payment of the money from M&S, which is due this August.


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Could product passports revolutionise the way we shop?  
  

Could product passports revolutionise the way we shop?
To make a success of DPPs, he emphasises the need for large companies to support their supply chains. \"It\'s about how the individuals who have resources can help educate some of those lower-level suppliers who, maybe, are willing but don\'t have the necessary knowledge.\"


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Tories explore scrapping non-dom tax status  
  

Tories explore scrapping non-dom tax status
Ms Reeves is expected to wait until after the Budget, and the new set of economic forecasts from the Office for Budget Responsibility, before new detail about Labour\'s economic approach is revealed.


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British Airways owner IAG sees record profits as air travel recovers  
  

British Airways owner IAG sees record profits as air travel recovers
In a call with reporters, Mr Gallego said the airline group had seen little impact from the sluggishness in the UK economy, with consumer demand continuing \"to be very strong, particularly in leisure\".


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The U.S. Economy Is Surpassing Expectations. Immigration Is One Reason.  
  

The U.S. Economy Is Surpassing Expectations. Immigration Is One Reason.
Note: Data includes permits granted to refugees, public interest parolees, as well as those with a pending asylum application, Temporary Protected Status and people who have been granted asylum.


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A Key Inflation Measure Moderated in January  
  

A Key Inflation Measure Moderated in January
Fed officials aim for 2 percent price increases, so today’s inflation rate remains elevated. Still, it is much lower than this measure’s roughly 7 percent peak in 2022. In their December economic projections, central bankers predicted that inflation would cool to 2.4 percent by the end of the year.




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