Business

“Defence is now by far the most dynamic sector of German industry,” says Armin Papperger, chief executive of Rheinmetall, Germany’s biggest arms producer. Until recently no one, including Mr Papperger, the firm’s boss for the past 12 years, would have believed it. But as European countries prepare for a big boost to defence spending, Rheinmetall and its peers, including Hensoldt, a maker of electronic-warfare equipment such as radars, and Renk, which manufactures military vehicles, are scaling up production as quickly as they are able. More

Surveys of office behaviour are not scientific. In a global poll conducted last year by Kickresume, a firm that helps create cvs, 85% of people said they had experienced an annoying co-worker. That means the remaining 15% are either sole traders or liars. But surveys can still reveal truths about what gets people riled up. The Kickresume survey put credit-stealing top of the list of irritating colleague behaviour, as did a survey of British workers in 2022 by Perspectus Global, a research firm. Another recent poll, this time of American workers and conducted by BambooHR, crowned taking credit for employees’ ideas as the worst managerial trait of all. More

THERE IS LITTLE reason to cheer the cooling of relations between America and the European Union. But it’s an ill wind that blows no one any good. In the fast-growing world of artificial intelligence (AI), Mistral, a French startup, may be a beneficiary of the transatlantic tempest. More

AT THE START of the year dealmakers around the globe were sharpening their pencils. Donald Trump’s incoming administration was promising to slash corporate taxes and tear up red tape in the world’s mightiest economy. Political leaders in other large markets at last appeared to grasp that in order to keep up with America, they had better put innovation and economic growth ahead of caution (in risk-averse Europe) or common prosperity (in Xi Jinping’s China). More

That women earn less than men in rich countries is so well-known it is often met with a shrug. The gender wage gap is one of ten indicators in our annual “glass-ceiling index”, ranking how women fare in the workplace. On most measures, including representation on boards and in parliaments, countries improve each year. But across the oecd, a club of mostly rich countries, the median gap is stuck at 11.4%, up from a low of 11.1% in 2020 (see chart) despite policies designed to narrow it. More

Sotheby’s is auctioning off Michael Jordan and Kobe Bryant rookie jerseys.
The two items are expected to fetch a combined $20 million.
The sale comes as rookie memorabilia sees a surge in popularity and pricing.

Michael Jordan of the Chicago Bulls (L) eyes the basket as he is guarded by Kobe Bryant of the Los Angeles Lakers.
Vince Bucci | AFP | Getty Images

Rare pieces of memorabilia from two of the National Basketball Association’s biggest icons are hitting the auction block and are expected to sell for a combined $20 million.
Sotheby’s announced on Thursday that it is putting up for auction Michael Jordan and Kobe Bryant rookie jerseys that were worn during each of their first NBA games. The auction comes as rookie memorabilia has seen a recent surge in popularity and pricing.

“The historical weight of these two jerseys is difficult to overstate. They are as rare as they come,” said Brahm Wachter, Sotheby’s head of modern collectables, in a statement.
The jerseys will be available in separate lots beginning March 21.

Sotheby’s is auctioning off rare jerseys from Michael Jordan’s and Kobe Bryant’s rookie season.

The Jordan jersey was first worn Oct. 5, 1984, in Peoria, Illinois, where he played his first game for the Chicago Bulls in front of a crowd of just 2,000 people.
Sotheby’s said jerseys from Jordan’s rookie season are “unicorns” and rarely seen on the market.
Jordan ended up averaging 28.2 points per game that rookie season, earning him Rookie of the Year honors. He went on to win six NBA championships and has cemented his name as one of the greatest basketball players of all time.

Sotheby’s expects the iconic jersey to fetch about $10 million.
A second lot is offering Bryant’s first jersey from his 1996-97 rookie reason with the Los Angeles Lakers. Sotheby’s said the rare jersey was worn during Bryant’s first preseason and regular season games.
Bryant entered the NBA at just 18 years old and went on to win five NBA championships and two Finals MVP awards. He died in a tragic helicopter crash in 2020.
Bryant’s jersey is also expected to sell in the $10 million range.
Sotheby’s says rookie memorabilia has seen a recent uptick in demand among its customers. In October 2023, Victor Wembanyama’s game-worn San Antonio Spurs jersey sold for $762,000, and in August 2022, a 1952 Topps Mickey Mantle rookie card sold for $12.6 million.
“Early rookie jerseys represent the genesis of an athlete’s career. For collectors in search of true one-of-one treasures, this is a once-in-a-lifetime opportunity to own iconic pieces of basketball history,” said Wachter. More

Macy’s beat Wall Street’s earnings expectations but fell short on revenue as CEO Tony Spring works through his plan to revitalize the business.
The company’s so-called First 50 locations – the stores that Macy’s is devoting more resources to as part of its turnaround plan – outperformed the overall company.
In December, activist investor Barington Capital revealed it’s taken a stake in Macy’s and wants the department store to cut costs and consider monetizing its real estate portfolio.

Macy’s flagship store in Herald Square in New York, Dec. 23, 2021.
Scott Mlyn | CNBC

Macy’s delivered another quarter of mixed results on Thursday as investors wait and see how quickly CEO Tony Spring can pull off a turnaround of the business with yet another activist investor looking to take the chain private.
Across the business, which includes the Macy’s banner, Bloomingdale’s and Blue Mercury, comparable sales during the all-important holiday quarter were down 1.1%. But comparable sales across its owned and licensed businesses, plus its online marketplace, were up 0.2%, which is the highest the metric has been since the first quarter of 2022. 

Plus, the so-called First 50 locations – the stores that Macy’s is devoting more resources to as part of its turnaround plan – saw comparable sales up 0.8%, marking the fourth quarter in a row the metric has been positive. 
The two bright spots in an otherwise worse-than-expected set of results suggest Macy’s turnaround is showing some signs of life – it just might take a bit longer than expected. 
For fiscal 2025, Macy’s is expecting adjusted earnings per share of $2.05 to $2.25 and sales of between $21 billion and $21.4 billion, lower than Wall Street expectations of $2.31 per share and $21.8 billion, according to LSEG.
Macy’s shares were down more than 4% in premarket trading.
Here’s how the department store performed during its fiscal fourth quarter, compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:

Earnings per share: $1.80 adjusted vs. $1.53 expected
Revenue: $7.77 billion vs. $7.87 billion expected

The company’s reported net income for the three-month period that ended Feb. 1 was $342 million, or $1.21 per share, compared with a loss of $128 million, or a loss of 47 cents per share, a year earlier. Excluding one-time items including impairments and settlement and restructuring charges, Macy’s reported earnings of $507 million, or $1.80 per share. 
Sales dropped to $7.77 billion, down about 4% from $8.12 billion a year earlier. Like other retailers, Macy’s benefited from an extra selling week in the year-ago period, which has skewed comparisons. 
Macy’s mixed results come just over a year into CEO Spring’s tenure as the legacy department store’s chief executive. While Bloomingdale’s and Blue Mercury saw another quarter of positive comparable sales, growing 4.8% and 6.2%, respectively, Macy’s namesake banner continues to be the company’s laggard with comps down 1.9%. 
To address long-standing issues at the legacy banner, Spring has implemented an aggressive store closure plan that includes shuttering 150 stores and a strategy to fix its better-performing locations. As Macy’s and other department stores have shrunk over the years, it’s faced criticism for neglecting its stores, not having enough staff and falling behind on the retail essentials that are necessary to win in any environment. 
Spring has started to address those issues by investing in 50 locations and providing better staffing, merchandising and visual presentation of the company’s varied assortment. So far, the plan appears to be working. Those locations have performed better than the bulk of the chain and the company plans to expand the strategy beyond those 50 stores.
Still, Macy’s will have about 350 namesake locations left over after it finishes closing stores, and it will take time – and capital – to extend its strategy to the bulk of the chain. Whether or not investors have the patience to see Macy’s strategy play out remains to be seen. 
In December, activist investor Barington Capital revealed it has a position in Macy’s and wants the company to cut spending, explore selling its luxury brands and take a hard look at its real estate portfolio. It’s the fourth activist push at the department store in the last decade.
Like the activists that had come right before it, Arkhouse and Brigade, many suspect that Barington is mainly after Macy’s lucrative real estate portfolio and is more interested in juicing it for profit than doing the work necessary to revitalize the chain. Still, Macy’s must act in the interest of shareholders and if it’s not doing enough to return value quickly, an activist could eventually win out.
Macy’s on Thursday announced its intent to resume share buybacks under its remaining $1.4 billion share repurchase authorization, “market conditions pending.” 
“Building on our momentum, we continue to elevate the customer experience, deliver operational excellence and make prudent capital investments,” Adrian Mitchell, Macy’s chief operating officer and chief financial officer, said in a statement. “We remain committed to generating healthy free cash flow and returning capital to shareholders through share buybacks and predictable quarterly dividends.” 

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The White House granted a one-month delay for tariffs on automakers whose cars comply with USMCA, which was negotiated during President Donald Trump’s first term.
Automakers have urged Trump to waive 25% tariffs on Mexico and Canada on vehicles that comply with the United States-Mexico-Canada Agreement’s rules of origin.

In an aerial view, brand new Subaru cars sit in a storage lot at Auto Warehouse Co. on March 4, 2025 in Richmond, California.
Justin Sullivan | Getty Images

The White House on Wednesday announced a one-month North American tariff exemption for automakers after President Donald Trump spoke a day earlier with heads of General Motors, Ford Motor and Stellantis.
Automakers have urged Trump to waive 25% tariffs on Mexico and Canada on vehicles that comply with the United States-Mexico-Canada Agreement’s trade rules of origin.

“Reciprocal tariffs will still go into effect on April 2, but at the request of the companies associated with USMCA, the president is giving them an exemption for one month so they are not at an economic disadvantage,” Press Secretary Karoline Leavitt said on behalf of Trump.
The American Automotive Policy Council, a trade group representing the “Big 3” Detroit automakers, applauded Trump’s decision “recognizing that vehicles and parts that meet the high US and regional USMCA content requirements should be exempt from these tariffs.”
Leavitt said the president is “open” to hearing requests from other industries seeking exemptions as well.
Leavitt also confirmed the “Big 3” Detroit automakers requested the Tuesday call with Trump, who mentioned it during his address to Congress later in the day.
Two sources on Wednesday confirmed to CNBC that GM CEO Mary Barra, Stellantis Chairman John Elkann, Ford CEO Jim Farley and Ford Chair Bill Ford participated in the call.

The White House said it granted a one-month delay for tariffs on automakers whose cars comply with USMCA, which was negotiated under Trump’s first term in office.

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GM, Ford and Stellantis stocks

Shares of GM, Ford and Stellantis were notably up following the announcement. Stellantis closed Wednesday up 9.2%, followed by GM up 7.2% and Ford higher by 5.8%.
It was not immediately clear whether just vehicles will be exempt, or if automotive parts would also be included.
It’s also unclear how much if any input Tesla CEO Elon Musk had on the tariffs or the delay. After campaigning for Trump, Musk has been one of his closest advisors and a nearly constant presence by his side.
The exemption allows for additional preparation and discussions between the White House and automotive industry on tariffs. It also more closely aligns with potential vehicle tariffs on imports from outside of North America.
Trump previously said those tariffs would be confirmed on April 2, in a push for automakers to invest more in the U.S. for vehicle production.
“We’re going to have growth in the auto industry like nobody’s ever seen,” Trump said Tuesday night before a joint session of Congress. “That’s a combination of the election win and tariffs.”
Trump erroneously touted a “new” plant investment in Indiana for Honda Motor during his speech Tuesday night. The company operates a large assembly plant in the state, but its most recent major investments have been in Ohio.

President Donald J Trump addresses a joint session of Congress as Vice President JD Vance and Speaker of the House Mike Johnson (R-LA) listen in the Capitol building’s House chamber on Tuesday, March 04, 2025 in Washington, DC. 
Jabin Botsford | The Washington Post | Getty Images

Honda on Wednesday thanked the president for acknowledging the company, but confirmed it “did not announce plans for a new plant in the U.S. at this time.”
“We have invested over $3 billion in advanced vehicle manufacturing in America in just the past three years, with a cumulative total of more than $24.7 billion,” Honda said in an emailed statement. “We look forward to continuing to invest locally and build quality products in America, as Honda has been doing for the past 45 years.”
The American Automotive Policy Council earlier this week argued that vehicles and parts that meet USMCA requirements should be exempt from the tariff increase.

There was major concern among automotive executives and experts that prolonged tariffs would quickly eat into company profits and production plans.
Executives with France-based auto supplier Forvia on Wednesday said the company and its customers, including automakers, have been planning different contingency plans for the tariffs. That has included working with customers to reach parts agreements since the 25% tariffs took effect Tuesday.
“The whole supply chain cannot swallow 25%,” Forvia CEO Martin Fischer said during a media event. “Cars will get more expensive for consumers if tariffs continue for a long time.”
S&P Global Mobility on Tuesday predicted roughly a third of vehicle production in North America could be cut by next week due to the 25% tariffs.
The data and forecasting firm reports 25 automakers on average produce 63,900 light-duty passenger vehicles in North America per day. A majority of those, roughly 65%, are assembled in the U.S., followed by 27% in Mexico and 8% in Canada. More