More than half the citrus grown in the southern part of Florida was lost due to Hurricane Irma, a state grower group said Wednesday. “Based on reports from the field, it’s estimated that there’s a 50 to 70 percent crop loss in South Florida, depending on the region,” said Lisa Lochridge, a spokesperson for the
Target is investing big to win the 2017 holiday shopping season. The big-box retailer announced Wednesday it will hire about 100,000 seasonal workers this year, a gain of more than 40 percent from last year’s 70,000. Target also said it will add 4,500 jobs at its distribution centers, in anticipation of more online orders. “Target
Royal Caribbean is using its ships and supplies to provide relief in the aftermath of Hurricane Irma, the company’s chief executive said Tuesday. CEO Richard Fain told CNBC’s Closing Bell that the cruise operator will return to a “normal schedule” by this weekend, but, in the meantime, it is focused on helping islands ravaged by
Despite cancelled sailings and other impacts from Irma and Harvey, it’s “insufficient to derail strong trends” in the cruise industry, according to an analyst. “August pricing remained strong, and although the two major hurricanes are likely to be material to numbers, the impact should be short-lived,” said Wedbush analyst James Hardiman in a research note
In the wake of Hurricane Irma, Florida residents — or at least those who stuck around — are left scrounging for the items they need most, mainly food and water. While the Federal Emergency Management Agency is prepared to get some supplies to the storm’s survivors, it will take time for distribution to begin, with
The chief executive of German automaker Volkswagen says the current discussion regarding diesel cars is unjustified and that the diesel engine has a “great future” ahead. “The diesels we are offering today are clean. They comply with the Worldwide Harmonised Light Vehicle Test Procedure (WLTP) requirements and they meet the requirements and needs of our
“Almost all of the citrus areas saw peak wind gusts between about 60 and 80 miles per hour,” Joel Widenor, a meteorologist and co-founder of Commodity Weather Group, told CNBC. Widenor estimates that Florida’s citrus losses were between 10 to 20 percent. He estimates a 10 percent loss to the state’s sugar cane crop, and
China’s clampdown on cryptocurrencies has reportedly taken a new direction – to close down local bitcoin exchanges. Initial reports from Chinese media that the government plans to close down domestic cryptocurrency exchanges have seen the virtual coin shed more than $100 since Friday. Bloomberg and the Wall Street Journal also reported Monday that that the
Hurricane Irma poses a mixed bag of good and bad for retailers across the Southeast, with the storm scheduled to make landfall in Florida beginning Sunday. Sales are expected to surge for grocers, home centers and mass merchants ahead of the storm, Cowen and Co. analyst Oliver Chen wrote in a Friday note to clients.
Target shares dropped after the retailer posted a blog on Friday, promising to lower prices on thousands of goods. The cuts will be on items including cereal, paper towels, baby formula, razors and bath tissue, Target said. And the news comes just days after Amazon started cutting prices at Whole Foods’ stores across America. Target
Investor psychology has moved on from the memory of the 2008 financial crash and the recession that followed, a fund manager told CNBC. “I think what’s very interesting at the moment is why equity markets are not really moving very much in response to what you might have expected to be events that would move
French President Emmanuel Macron delivered an ambitious vision for how the European Union should reform, but used the opportunity to lash out the International Monetary Fund (IMF) for its role during the euro zone debt crisis. Macron was in Athens for a two-day visit, accompanied by 40 business executives from companies including Total and Vinci
Simon Dawson | Bloomberg | Getty Images Takeshi Uchiyamada, chairman of Toyota, poses for a photograph at the World Economic Forum in Davos, Switzerland, on Jan. 18, 2017. A hybrid car was never the first option. But when Uchiyamada’s bosses shot down an initial pitch to develop a car with 50 percent better fuel efficiency,
Georgia Gov. Nathan Deal ordered evacuations for all areas east of Interstate 95, including the city of Savannah, and authorized about 5,000 National Guard members to help with response and recovery. Noel Marsden said he, his girlfriend, her son and their dog left Pembroke Pines north of Miami with plans to ride out Irma in
Target is growing in the beauty department. The big-box retailer earlier this week unveiled an exclusive brand, building on its successes online, that’s about to hit the market. The collection, called Glow Studio, will feature four-step routine kits that simplify a typical 10-step Korean beauty regimen, making it more accessible to users. In launching Glow
Ride-sharing challenger company Taxify is expanding into Western Europe in a bid to unseat Uber and bring greater competition to the market. Taxify will launch in London at 10:00 a.m. local time on Tuesday, September 5, and will offer fares at a 50 percent discount for the rest of the month as it aims to
“Whilst this is obviously bad and unfortunate news, it is also so far the only case of long term impact from Harvey on the asset base of the industry in the region,” Laurent Favre, head of global chemicals research at Evercore ISI, said in a note. “We stress that the financial impact should be limited
“(These plans are) just more crony capitalism from the Tories, who once again prop up the rigged system for the few at the expense of the many,” Long-Bailey said, according to Reuters. May’s government has had to work closely with business leaders over recent months as it seeks to secure their loyalty to the U.K.
Johannes Eisele | AFP | Getty Images Employees working on a car assembly line of France’s Renault and China’s Dongfeng factory in Wuhan, Hubei province, China on on February 1, 2016. Nissan Motor and its alliance partner Renault SA said on Tuesday they are setting up a new joint venture with their partner Dongfeng Motor
So how will this historic and dramatic breach between a Republican president and the business community be closed? In a word: carefully. Businesses will have little choice but to continue to interact with the White House on some level but in a way that acknowledges how devastating and dangerous dancing with this administration can be.