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Close-up view of a gray Hermes Birkin bag in grained leather, during a photo shoot in Paris, Oct. 28, 2025.Edward Berthelot | Getty Images Entertainment | Getty ImagesDespite two recent blockbuster auctions for Birkin bags, overall auction prices for the iconic Hermès handbags are falling, according to a study.Earlier this month, a Birkin bag previously owned by Jane Birkin sold at Sotheby’s for $2.9 million, well above its high-end estimate of $440,000. The Black Box Birkin 40 with palladium hardware was signed by the actress, who owned the bag between 2003 and 2007. The auction followed the July sale of…

With so-called “prediction markets” giving taxpayers new ways to place wagers on future events such as sports, elections, pop culture happenings and even the weather, the uncertainty isn’t limited to the predictions — users are taking tax risks as well.Processing ContentUnder the One Big Beautiful Bill Act, gambling losses are only deductible up to 90% of gambling winnings. For example, if a taxpayer has $10,000 of gains and $10,000 of losses, they still must report $1,000 of income.Prediction markets claim they are not gambling platforms, but instead are financial contracts regulated by the Commodity Futures Trading Commission, not by the…

As winter temps drop, McDonald’s CEO Chris Kempczinski is sharing some cold, hard facts.The 57-year-old fast-food executive recently shared his top career tip in a viral Instagram video, warning that it might “hurt your feelings.””Remember, nobody cares about your career as much as you do,” Kempczinski said.”This idea that there’s somebody out there who’s looking out for you, who’s going to make sure that you get that opportunity, who puts you in the right thing — great if it happens,” he said. “You’ve got to make things happen for yourself.”Kempczinski is, of course, not the first corporate leader to make…

Netflix just made its second big podcast move, announcing a deal with iHeartMedia to exclusively host the video versions of more than a dozen of its shows.Those shows include “The Breakfast Club,” cohosted by popular radio personality Charlamagne tha God; true crime show “My Favorite Murder”; and “Dear Chelsea” with Chelsea Handler.Netflix said the shows will launch on its platform in early 2026 in the US, with other markets to follow.Netflix stressed the variety of the shows available through the deal. Bob Pittman, iHeartMedia’s CEO, said it let his company complement its audio foundation with a leading video-first service. The…

Smith Collection | Archive Photos | Getty ImagesPfizer on Tuesday forecast modest 2026 guidance as it looks to longer-term investments in its pipeline to counter waning Covid product sales and declines from older drugs.Those hurdles aren’t surprising or new for Pfizer, which has seen a dramatic decline in Covid vaccine and antiviral sales after raking in record-setting revenue during the pandemic. The drugmaker has pursued deals of all sizes in recent years to build new revenue streams, such as its recently closed $10 billion acquisition of the obesity biotech Metsera and the whopping $43 billion tie-up for cancer drugmaker Seagen…

Climate catastrophes like wildfires and severe storms have become more frequent and damaging in the U.S., accounting for 83% of the estimated global insured losses of $107 billion in 2025, according to a new report from Swiss Re Institute.This is the sixth consecutive year that global insured losses have surpassed $100 billion.  The Los Angeles wildfires in January accounted for insured losses of $40 billion alone, making them the costliest-ever wildfires globally, according to Swiss Re. The insurance research firm said the soaring costs are due in part to rising real estate values as well as homeowners building in areas where wildland…

Kraft Heinz announced plans to split into two separately traded companies, reversing its 2015 megamerger, which was orchestrated by billionaire investor Warren Buffett. Justin Sullivan | Getty Images News | Getty ImagesKraft Heinz on Tuesday announced that former Kellanova CEO Steve Cahillane will lead the company ahead of its planned split next year.Cahillane will join the Oscar Mayer owner as chief executive on Jan. 1. After Kraft Heinz divides into two publicly traded companies, he will serve as CEO of the business it is calling Global Taste Elevation, which will include high-growth brands like Heinz, Philadelphia and Kraft Mac &…

Shoppers carry Macy’s bags outside of Macy’s flagship store on Black Friday in New York, US, on Friday, Nov. 28, 2025. Adam Gray | Bloomberg | Getty ImagesAndre Lewis said he’s “anxious 364 days of the year.” Yet the rideshare and delivery driver wants to make it a special holiday season for his 7-year-old daughter.”I told myself I’d keep it modest,” said the 31-year-old, who lives in New York City. But he said his daughter wants a pink keyboard that lights up, and he’ll buy it for her — “even if it’s a little over budget.””Christmas is the one day…

Slope, a lending startup that uses artificial intelligence to vet businesses, is partnering with Amazon starting Tuesday to provide a reusable line of credit to Amazon sellers, backed by a JPMorgan Chase credit facility, the company told CNBC exclusively. The new relationship means eligible U.S. Amazon vendors can apply for and access capital directly through their Amazon Seller accounts with real-time approvals. Slope was co-founded by CEO Lawrence Lin Murata, who said said he saw the ups and downs of running a small business while he was growing up in São Paulo.Lin Murata helped his parents at their family’s toy…

JPMorgan took a bet to build an investment banking machine outside Wall Street, and it tapped John Richert to do it.Under Richert’s watch, the business that serves founder-run companies with deep ties to their local economies has grown from four people to nearly 300 bankers, collectively generating more than $1 billion annually. After completing their junior analyst years — most often in New York — bankers on his team can relocate to any of the 13 offices the group operates across the country.It’s a model that challenges the traditional idea of investment banking as a strictly New York endeavor. What’s…