Usually limited to geeky product launches such as iPhones or high-street fashion collaborations, such as H&M’s tie-up with Karl Lagerfeld, the cronut queuers are inspired by similar motivations.
There are bonders who come to meet people who share their cake interests. And then there is the trophy value of being caught in the media and buzz. Even a humble cronut has bragging rights attached to it: “All day I waited for the flaky donut confection,” queuers will tell their children one day. Read more
As a red-faced, red-haired infant who was close to her hands-on stepfather, the metaphor invoked by activist investor Dan Loeb that Sony treats its entertainment business like a “red-headed stepchild” has no personal resonance.
But I get it. Leaving aside any gripes from the ginger brigade, his accusation that the company treats this part of the group with disdain is clear.
This comes just days after the forthright statement from Mark Cutifani, chief executive of Anglo-American, condemned the mining company’s performance as “constipated” and promised to “get our arses into gear and start making a difference”. Read more
Bobby Kotick always liked his independence.
The chief executive of Activision Blizzard, who has launched an $8.2bn buyout of most of Vivendi’s controlling stake of his company, is an entrepreneur who built Activision as a video games maker before merging it with Vivendi’s Blizzard, maker of the massively multiplayer phenomenon World of Warcraft. Read more
The criminal indictment of SAC Capital, the hedge fund founded and run by Steve Cohen, left, is a seminal moment on Wall Street. It is also a relief that prosecutors and the Securities and Exchange Commission have not backed down.
It looked dicey for a while, after SAC reached one of its infuriating “neither admit nor deny” civil settlements with the SEC on insider trading charges. The distinctive feature was that SAC paid $616m to settle, which a judge described as “counterintuitive and incongruous.” Read more
Detroit’s bankruptcy has many implications, but for Reid Hoffman it will reinforce the cautionary metaphor in his 2012 book The Start-Up of You: “When it comes to your career . . . you may be heading down the same path as Detroit.”
It’s summer holiday time in the UK, which means a good chunk of the country decamps to France. For those who end up in Paris, things may be a bit more welcoming than in the past.
That’s because the city’s Chamber of Commerce for Business and Industry has just launched a guide for Parisians to help them respond better to foreign tourists. Do You Speak Touriste? has information on how to deal with visitors from 11 countries, from Brits, Americans and Italians to Chinese, Japanese and Brazilians. Read more
JK Rowling is very annoyed at Russells, a London law firm that specialises in entertainment and media, for leaking the fact that she had written The Cuckoo’s Calling under the name Robert Galbraith. Read more
How well is Wall Street doing? That depends on whether you are looking at their results as a casual observer, or a shareholder.
This is turning into one of the best earnings seasons on Wall Street since 2009, when banks made a rapid recovery from the 2008 crisis. Not only were they bailed out but supported by ultra-low interest rates and official backing for troubled assets. Read more
Alfred Marshall, the economist, wrote in 1890 that changes in technology and trade meant that “the operations in which a man exceptionally favoured by genius and good luck can take part are so extensive as to enable him to amass a large fortune with a rapidity hitherto unknown”.
Children learn that “copycat” is a term of abuse the first time they are punished or ridiculed for trying to replicate a friend’s work – or style – at school. In business, however, imitation can be a virtue, as Rocket Internet has discovered.
Newly endowed with $400m from billionaire Len Blavatnik and Kinnevik, the Swedish investment company, Rocket should now be able to launch even more companies into cyberspace. But Rocket, known and often criticised for cloning others’ internet successes in new territories and then selling them, needs to beware the old maxim “up like a rocket, down like a stick”. Read more
I’m intrigued by the possibility that the civil trial of Fabrice Tourre, the former Goldman Sachs banker, may hinge on whether an email to his girlfriend was a love letter or an injudicious admission that he was misleading investors about the complex mortgage-related securities he was selling.
The lead attorney for the Securities and Exchange Commission said at the opening of the civil hearing on Monday that it was the latter. Mr Tourre’s lawyer asked the jury to put the language of the communication down to “youthful arrogance” and said it was “an old-fashioned love letter” to his girlfriend, who was a Goldman co-worker. Read more
It’s hard to hide from big data. After submitting its staff records for independent analysis, one retailer discovered it was paying more than 150 employees who had called in sick years earlier – and simply disappeared from the workplace. The human resources managers responsible were so terrified of the potential backlash if they revealed the figures to their chief executive, they decided to keep the job of handling absences in-house.
Not since Barings financed the Louisiana Purchase on behalf of Thomas Jefferson in 1803 has a UK enterprise had so much money riding on the Gulf of Mexico state. It isn’t working out as well for BP as for the former merchant bank.