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Labubu’s parent company, Pop Mart, saw its stock price slide after China issued a warning on the addictive nature of blind boxes.Pop Mart’s stock dropped by more than 5% on Friday and by about 14% in the past five days.The slump comes after People’s Daily, a publication run by the Chinese Communist Party, published an article on Thursday warning about the blind box sales strategy, saying its addictive nature can hook children.While the article did not mention Pop Mart specifically, it discussed products like blind trading cards and mystery boxes. China has, since 2023, banned the sale of blind boxes…

David Blitzer’s interest in sports investing began after he became, in his own words, a “failed athlete.””I thought I was good when I was, you know, like a teenager. Then I realized by high school that I was adequate at best and certainly was not playing past high school,” he said in a Thursday episode of the Bloomberg podcast “The Deal.”The billionaire, who is a chairman at Blackstone’s cross-asset investment group, made a name for himself as a pioneer in sports investing — a now-hot segment of the media and entertainment dealmaking world.On the podcast, Blitzer sat down with hosts…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldThe writer is an FT contributing editor, chief economist at American Compass and writes the Understanding America newsletter Surging deficits and expiring tax cuts have placed the Republican party in an unenviable position. Simply extending all the tax cuts would add trillions of dollars in debt. But, as the party has become more attuned to the interests of the working class, the deep spending cuts it has traditionally championed alongside lower tax revenue have become less palatable. Proposed cuts to Medicaid, the programme…

In a social media post on Juneteenth, President Donald Trump said America has “too many” holidays where people don’t work.”Too many non-working holidays in America,” Trump wrote on Truth Social late Thursday. “It is costing our Country $BILLIONS OF DOLLARS to keep all of these businesses closed.”The president said that the frequency of holidays “must change” and that workers didn’t want them, either.”The workers don’t want it either!” he continued. “Soon we’ll end up having a holiday for every once working day of the year. It must change if we are going to, MAKE AMERICA GREAT AGAIN!”Juneteenth, held on June…

This week, the world’s top leaders in advertising and marketing have been on the coast of France at the Cannes Lions festival to talk about all things brand strategy.There, the CEO of an iconic American company took to the mic to discuss why his company is doing less promotions as it tries to revitalize its image and reputation to consumers.Richard Dickson, the chief executive officer of Gap Inc. — which owns its namesake company, plus retailers Banana Republic, Old Navy, and Athleta — was open about the company’s past blunders in a conversation with the Wall Street Journal.”This is a…

Seeking shelter; please be Gentle; where the heart is; and other highlights of recent tax cases.Nixa, Missouri: Tax preparer Tina Louise Yager has pleaded guilty to making false and fictitious claims against the U.S. and to wire fraud.Yager used clients’ information to present false returns to the IRS from November 2023 through March of 2024, submitting returns in the name of her clients without their knowledge or approval. She also included unapproved deductions to inflate refunds and then pocketed the money using debit cards.The intended losses amounted to $48,481, but Yager was able to embezzle only $16,850.Yager must pay restitution…

Social Security on track to run out of money for full payouts by 2034, report finds – CBS News Watch CBS News Social Security could run out of funds to fully pay out benefits to millions of people in less than 10 years. CBS News MoneyWatch associate managing editor Aimee Picchi has the details. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On Source link

Senate Republicans are crafting provisions to provide funding for struggling rural hospitals in order to resolve an impasse on Medicaid changes that is one issue holding up passage of President Donald Trump’s tax-cut bill. Senate Majority Leader John Thune told reporters on Wednesday he is working with members of his party on a solution that would ensure financially vulnerable rural hospitals aren’t threatened by the legislation’s cuts to the Medicaid health program for low-income and disabled Americans. Lawmakers are looking to create a special fund that rural hospitals could tap to blunt the effect of the legislation’s Medicaid reductions, Senator Bill Cassidy…

It’s been a rough year for luxury retailers, as economic headwinds have reduced consumer demand, but there are still a few places where people are willing to spend money.Luxury brands could be facing their biggest setback in 15 years, according to a report published by Bain & Company and Italian luxury goods industry association Altagamma on Thursday. In addition to a global trade war, the industry is struggling to adapt to social and cultural changes. Demand in the US and China, the two biggest markets for luxury products, has been slowing. Some legacy companies are facing financial difficulties with debt and restructuring.Another challenge for the…

Bloomberg via Getty Images Looking for “greater tax certainty” for large business and international taxpayers, the Internal Revenue Service has improved its Pre-Filing Agreement program.The PFA program allows taxpayers under the Large Business and International Division jurisdiction to resolve potential tax issues before filing their return. Enhancements include:A landing page with program statistics, a streamlined process overview and navigation to dispute prevention resources.Step-by-step instructions to submit a PFA request, including response time expectations and post-submission next steps.A Pre-Filing Agreement Likely Suitable Issues and Documentation page for taxpayers to identify if a PFA request is appropriate for their situation.Updated guidelines to…