The world of luxury retail is consolidating fast. The announced $2.65 billion acquisition of Neiman Marcus by Saks Fifth Avenue will bring those two brands under the same roof as Bergdorf Goodman, Barneys, and Lord & Taylor — all backed by tech giants Amazon and Salesforce.
Why it matters: Luxury fashion brands are going from strength to strength, as exemplified by the $390 billion valuation of Bernard Arnault's LVMH. Luxury fashion retailers, on the other hand, are struggling.
President Biden is facing calls to step aside from some wealthy Democratic donors following his poorly received presidential debate performance, with at least two saying they'll pause contributions while he's still a candidate.
The big picture: Biden campaign officials held a call with anxious donors on Monday following his debate with former President Trump. But Abigail Disney, the granddaughter of Walt Disney Company cofounder Roy Disney, confirmed Thursday she'll no longer donate to the Democratic Party while Biden's in the race.
The U.S. economy added 206,000 jobs in June, the Labor Department said on Friday.
Why it matters: Job gains were in line with economists' expectations, but the report showed signs the labor market is cooling off. The unemployment rate ticked up to 4.1%, the highest since November 2021.
Activist investors were strong supporters of the SEC's changes to the way shareholders elect corporate directors. Then, when they finally got their wish last proxy season, the proportion of seats they won steadily dropped.
Why it matters: The new system, known as the Universal Proxy Card, or UPC, turns out to have been much more management-friendly than anybody expected.
Black Americans, and Black women in particular, tend on average to have lower 401(k) balances than the rest of the population, contribute less to retirement accounts, and be more likely to take out loans against the balance they do have. That's true even after adjusting for any difference in salary.
Why it matters: The Saver's Match, a federal retirement-savings incentive that is due to be introduced in 2027 as part of the Secure 2.0 Act, should help to narrow the gap, although it won't come close to closing it.
Millions of people across the U.S. celebrated Independence Day on Thursday in searing heat that's enveloped much of the country over the Fourth of July holiday.
The big picture: A record number of people were expected to travel for the holiday weekend that was marked by fireworks, parades and hot dogs. In the U.S. West, where a heat dome was expected to linger for up to two weeks, officials provided cooling stations across the region amid festivities.
The U.S. Chamber of Commerce is launching a new agenda on Thursday, telling politicians that economic growth should be the top issue in the 2024 election and beyond.
Why it matters: The influential business group is telling elected officials to prioritize economic policies that could return U.S. economic growth to the 3%+ rates that prevailed in the second half of the 20th century—not the sub-2% growth economists project for the decades ahead.
The big picture: Most of the nation's largest retailers and restaurants are open Thursday with many stores holding sales throughout the holiday weekend.
President Biden's interview with ABC News' George Stephanopoulos will now air as a primetime special on Friday.
Why it matters: The shift from the previously announced Sunday morning time slot reflects the urgency of the situation as Biden faces growing pressure from some Democrats toabandon his re-election bid in the wake of his lackluster debate performance.
