Reuters
2 minute read
A Peloton exercise bike is seen at the Nasdaq Market site in New York City, September 26, 2019. REUTERS/Shannon Stapleton
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OVERUSE INJURY. Peloton Interactive (PTON.O) has backed away from its fight with the U.S. Consumer Product Safety Commission over treadmills following the death of one child and dozens of injuries. On Wednesday Peloton said it is recalling them and offering refunds. Chief Executive John Foley apologized. Shares tumbled almost 15%.
The companyâs valuation from here hinges greatly on whether die-hard users of its bikes and virtual workouts can brush off the spill. While Cowen says the high-end Tread+ makes up only 2% of Pelotonâs hardware sales by unit, Peloton has said that its new, cheaper model will be one of the biggest growth engines.
– Kering rebounds
Dodging the question. Sometimes democracy brings change. At Bank of America, it brought more of the same. The bank’s shareholders voted on Monday against a proposal to audit the lender’s impact on communities of color, according to a preliminary tally.
That will please rivals JPMorgan, Wells Fargo, Citigroup and Goldman Sachs, whose shareholders face the same question in coming weeks. They should see it as only a temporary reprieve.
Big U.S. banks are keen to tout their efforts to improve diversity and boost lending to marginalized communities, yet many have been twitchy about this year’s spate of proposals that they conduct external racial audits. JPMorgan and Citigroup asked the U.S. Securities & Exchange Commission to let them snip the question from their annual ballot – unsuccessfully. All five banks have argued they are already taking action.
BreakingviewsCapital Calls: WeWorkâs crypto dreams
Reuters
3 minutes read
A representation of virtual currency Bitcoin and U.S. One Dollar banknotes are seen in front of a stock graph in this illustration taken January 8, 2021. REUTERS/Dado Ruvic
Concise insights on global finance in the Covid-19 era.
RENT NOW, PAY VIRTUALLY. Companies can now pay for their rent at WeWork in select cryptocurrencies. The shared office provider said Tuesday it would join a few companies, like Tesla (TSLA.O), in accepting bitcoin read more . But it takes two sides to make a market.
Volatility of the currency has made its acceptance fluctuate among companies. It has been an on and off and on again experience at travel firm Expedia (EXPE.O), for example. As it happens, when the valuation of the currency is rising, vendors are more willing to take it, but buyers are less willing to part with it. When the fortunes swing, so do those who are interested in its exchange.
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