American freelancers could be in for a summer surprise. The Department of Labor under President Joe Biden has pitched a rule that would classify many gig workers as traditional employees, and Biden’s pick for the next secretary of labor backs such a policy. The proposal could secure benefits for freelancers. Yet those perks come at a price to them and the economy in general. As these gigs grow, a rushed rethink could do needless harm to millions of workers.
ASOS , one of the pioneers of online fashion retailing, swung to a first-half loss, hit by a squeeze on household budgets and forecast a further drop in sales, sending its shares sharply lower.
French IT consulting group Capgemini on Thursday reported weaker revenue growth in the first quarter of 2023, compared with the year-ago period, citing a tense economic environment with clients adopting a "wait-and-watch stance".
Shopify is finding that simpler is better after all. The Canadian e-commerce firm said on Thursday that it is cutting staff by 20% and selling its logistics arm to freight company Flexport in exchange for a 13% equity interest, to add to Shopify's existing small stake. Investors welcomed the move: Shares of the company led by Tobias Lütke shot up over 20% in morning trade.
A "salad crisis" affecting British supermarkets hit headlines earlier this year but shoppers across Europe and the Middle East seeking some basic groceries - from pasta to beer to toothpaste - are also finding gaps on the shelves.