Saks officially emerges from Chapter 11 bankruptcy with less debt and a new name
NEW YORK (AP) — Saks Global, the parent company of Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman, officially emerged from Chapter 11 bankruptcy Friday with fewer stores, less debt, a more focused strategy to pamper the affluent — and a new name. The company said Friday that the new entity will be called Exemplar Luxury Group, and with an improved balance sheet, including a nearly 75% debt reduction and $500 million in extra financing. Its CEO Geoffroy van Raemdonck said the company is ready for its next chapter. Van Raemdonck said that the new name signifies the company’s focus on its exemplary shopping experiences, including great merchandise and pampered service, with help from its sales associates and the treasure trove of data it has on its customers.
Millions drop Obamacare health coverage after subsidies expire and costs rise
NEW YORK (AP) — New federal figures show that about 3 million fewer people had Affordable Care Act health insurance plans in February compared with the same time last year. The Department of Health and Human Services suggests the 13% drop is due to a federal crackdown on fraudulent enrollment. But health analysts believe it’s more likely related to the Jan. 1 expiration of federal subsidies that has caused a surge in costs. The healthcare research nonprofit KFF has said it expects the number of people in the government healthcare program to continue to decline throughout the year.
World Cup sticker frenzy: Panini packs sell out as fans race to fill 980 spots in collectible albums
KANSAS CITY, Mo. (AP) — Panini stickers have been an iconic World Cup collectible going all the way back to 1970, when four Italian brothers began to print images of the players for fans. But thanks to an enlarged, 48-team World Cup, there has never been quite the same buzz to fill the largest album yet with 980 stickers. Many stores are sold out, and the backorders at some places may not be filled until the tournament is over. But the end of an era is also within sight. After the 2030 World Cup, Fanatics through its Topps brand will take over the rights. It's unclear what plans the company has for sticker albums going forward.
Trump threatens 100% tax on European imports if countries impose tax on digital services
WASHINGTON (AP) — President Donald Trump is threatening a 100% tariff on imports from any country that imposes a tax on digital services provided by United States companies. In a post on social media Friday, Trump took aim at European countries that he said are discussing “imminent” implementation of taxes on American companies. He wrote, “Please let this statement serve to represent that any Country that imposes such a Tax will immediately be met with a 100% TARIFF on any and all Goods sent to the United States of America."
There's a beef about beef at the World Cup, as Argentina fans pour into Texas
DALLAS (AP) — Drop thousands of Argentina fans into Texas for the World Cup and the debate is inevitable. It’s not about who has the best team or players at the tournament. It’s about who produces the best, most succulent steaks, and how to prepare the meat. That’s right. There’s a beef about beef between two of the top cattle-raising and areas of the world where steak is deeply ingrained in diet and culture. Argentine beef cattle is mostly grass-fed on open pastures. The result is leaner meat with intense earthy flavors. Predominantly grain-fed beef in Texas has more marbling and a sweeter flavor. Texas' agriculture commissioner says the U.S. can take some credit for Argentina's cattle quality, though.
America In Focus: Key inflation gauge surges to 3-year high, mortgage rate climbs
The Federal Reserve’s preferred inflation gauge rose to a new three-year high in May as gas prices peaked, a sign rising costs could pose political problems for President Donald Trump and his political party as midterm elections near. Part of that pressure is coming from artificial intelligence, which has sent demand for computer chips soaring. Apple said it's raising prices in response. Meanwhile, the average long-term U.S. mortgage rate edged higher this week, staying close to 6.5%, where it’s been the last six weeks.
Former executive sues Meta over attempts to 'silence' her memoir, 'Careless People'
A former Meta executive whose memoir, “Careless People,” provides an explosive insider account of her time at the social media giant, has sued the company for attempting to “silence” her. The lawsuit was filed in federal court in Northern California on Thursday. It claims the tech giant’s private arbitration order preventing her from speaking out about the company or promoting her bestselling book is invalid. It also argues that the severance agreement she signed when she left Meta was done under duress.
OpenAI and Anthropic limit new AI models to Trump-approved customers during cybersecurity review
OpenAI has restricted the release of its new AI model at the request of President Donald Trump's administration. This move is part of a government effort to vet AI products for cybersecurity risks. OpenAI's rival, Anthropic, announced that the administration has approved a limited release of its cybersecurity model. Both companies will only provide access to small groups of trusted partners. OpenAI's new model, GPT-5.6 Sol, will be available to about 20 customers approved by the administration. The government’s actions have sparked criticism, with some experts warning that unpredictable intervention could hinder U.S. companies.
Most of Wall Street rises, but sinking AI stocks send it lower for the week
NEW YORK (AP) — Most of the U.S. stock market rose after oil prices eased back to where they were before the war with Iran, but drops for AI stocks kept the market in check. The S&P 500 finished Friday nearly flat and slipped less than 0.1% to close out just its second losing week in the last 13. The Dow Jones Industrial Average dipped 0.1%, and the Nasdaq composite fell 0.2%. The day began with sharp losses for stocks in South Korea and Japan due to weakness for big AI winners. Treasury yields eased in the bond market.
Supreme Court ruling blocks thousands of lawsuits against the maker of Roundup weedkiller
WASHINGTON (AP) — The Supreme Court has sided with the maker of Roundup weedkiller, blocking thousands of lawsuits alleging it failed to warn users the product could cause cancer. The decision on Thursday is a victory for the Trump administration but could complicate relations with allies who want to limit pesticide use. The court ruled that federal regulations finding a cancer link unlikely protect the company from state lawsuits. Roundup manufacturer Bayer disputes the cancer claims but has set aside billions of dollars to settle cases. Bayer says the ruling is good for science and farmers. Lawyers for some residents pursuing cases say the ruling “wrongly slams the courthouse door on Americans sickened by pesticides.”
