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Nike to replace Converse CEO in bid to reverse sales slump
The Converse and Nike logos are displayed in a store window in Bangkok, Thailand, in 2017.
Brent Lewin/Bloomberg
Nike Inc. is replacing the chief executive of its Converse subsidiary as it looks to reverse a lengthy sales slump for the struggling sneaker brand. Aaron Cain, a vice president and general manager of Nike's global men's business based at headquarters in Beaverton, Ore., will take the top job at Converse in Boston, according to an internal memo seen by Bloomberg News. Cain, a 21-year Nike veteran, has held roles in the company's sportswear divisions in North America, Europe, and Asia. He takes over for Jared Carver, who's exiting Converse after two years as CEO. 'The time is right for the next chapter of the brand's evolution,' the memo said. Nike confirmed the move. The two executives will work together through the end of the month to facilitate the transition. Converse has struggled to revive sales in recent years, with revenue falling in each of the last eight straight quarters. Sales plummeted 26 percent in its most recent quarter, leaving management scrambling to map a path back to growth. — BLOOMBERG NEWS
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FOOD
Ferrero to buy WK Kellogg in candy-meets-cereal deal
The takeover would combine Ferrero, a family-owned company that makes Tic Tacs, Ferrero Rocher candies and Nutella spreads, with the producer of Frosted Flakes, Froot Loops, Rice Krispies and other cereals.
Scott Olson/Getty
Ferrero, the Italian candy maker, has agreed to acquire WK Kellogg, the American cereal giant, in a deal valued at $3.1 billion, the companies announced Thursday. The takeover would combine Ferrero, a family-owned company that makes Tic Tacs, Ferrero Rocher candies, and Nutella spreads, with the producer of Frosted Flakes, Froot Loops, Rice Krispies and other cereals. It represents Ferrero's latest push to grow its business in North America following a series of acquisitions in recent years, including buying Nestlé's US confectionary business in 2018. The deal would expand Ferrero's presence in North America and help the company move beyond its candy and snack offerings, Lapo Civiletti, the CEO of the Italian group, said in a statement. — NEW YORK TIMES
AUTOMOTIVE
Tesla sets date for shareholders meeting after protests
A Tesla dealership in Colma, Calif.
David Paul Morris/Bloomberg
Tesla said Thursday that it would hold a shareholders meeting Nov. 6, nearly four months after what is required under Texas law. The maker of electric cars made the announcement in a regulatory filing, a day after a group of state treasurers, comptrollers, and shareholder representatives sent a letter to the company expressing 'deep concern regarding the lack of timely notice about the date and format of Tesla's 2025 annual general meeting.' Texas, where Tesla is incorporated, requires companies listed on a stock exchange to hold annual meetings within 13 months after the previous meeting. In Tesla's case, that deadline is Sunday. It is unclear whether Tesla will face any penalties for holding a late meeting. In a document, dated Wednesday, filed with the Securities and Exchange Commission, Tesla did not give a reason for delaying the meeting. — NEW YORK TIMES
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ONLINE CRIME
AI-generated images of child sexual abuse are flooding the internet
Over the past two years, new AI technologies have made it easier for criminals to create explicit images and videos of children. Now, researchers at organizations including the Internet Watch Foundation and the National Center for Missing & Exploited Children are warning of a surge of new material this year that is nearly indistinguishable from actual abuse. New data released Thursday from the Internet Watch Foundation, a British nonprofit that investigates and collects reports of child sexual abuse imagery, identified 1,286 AI-generated videos of child sexual abuse so far this year globally, compared with just two in the first half of 2024. The videos have become smoother and more detailed, the organization's analysts said, because of improvements in the technology and collaboration among groups on hard-to-reach parts of the internet called the dark web to produce them. The rise of lifelike videos adds to an explosion of AI-produced child sexual abuse material, or CSAM. In the United States, the National Center for Missing & Exploited Children said it had received 485,000 reports of AI-generated CSAM, including stills and videos, in the first half of the year, compared with 67,000 for all of 2024. While still a tiny fraction of the total amount of child sexual abuse material found online, which tallied reports in the millions, the police have been inundated with requests to investigate AI-generated images, taking away from their pursuit of those engaging in child abuse. — NEW YORK TIMES
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FAMILY SERVICES
Most US adults say child care costs are a 'major problem,' a new AP-NORC poll finds
Students at Little Legacy Village Preschool in New York on April 3.
ELIAS WILLIAMS/NYT
Americans overwhelmingly view the cost of child care as a significant issue, and most support initiatives to offer free or low-cost day care and to require employers to provide paid family leave for parents of babies, according to a new poll. But they're divided over how to solve the problem and what role the government should have in that solution. About three-quarters of US adults see child care costs as a 'major problem,' but only about half say helping working families pay for child care should be a 'high priority' for the federal government, according to the June poll from The Associated Press-NORC Center for Public Affairs Research. The latest congressional package of tax cuts included tax credits and benefits for parents and businesses that assist employees with child care. Those changes have been praised by some, while others say millions of families at lower income levels wouldn't get the full credit and would be affected by cuts in Medicaid and food stamps. — ASSOCIATED PRESS
AUTOMOTIVE
Ford recalls over 850,000 cars in the US due to potential fuel pump failure
Ford is recalling more than 850,000 of its cars across the United States because the low-pressure fuel pump inside the vehicles may fail — and potentially cause an engine stall while driving, increasing crash risks. The recall covers a wide range of Ford and Lincoln-branded vehicles made in recent model years. That includes certain Ford Broncos, Explorers, and F-150s, as well as Lincoln Aviators and Navigators, documents published this week by the National Highway Traffic Safety Administration note. Ford plans to send out notification letters to affected owners starting July 14, to warn of safety risks related to potential fuel pump failure. But a remedy is still 'under development,' the NHTSA's recall report notes. — ASSOCIATED PRESS
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TOURISM
The Bad Bunny bump: Star's residency boosts Puerto Rican economy
Bad Bunny performs at TD Garden in Boston in 2024.
Ben Stas for The Boston Globe/The Boston Globe
Puerto Rico's summers are a time when tourism slows, hurricanes threaten, and power outages increase. But this year's doldrums have an unlikely bright spot: Bad Bunny. The superstar's 30-date concert run at the Coliseo de Puerto Rico that starts July 11 has led to a once-in-a-generation surge in flights and hotel bookings that's giving the economy a trap-flavored kick. Discover Puerto Rico, the island's tourism promotion agency, says it's expecting 600,000 visitors during the period — about twice the average for those months — with the concerts pumping an estimated $181 million into the local economy. The agency has no record of a single event that brought this many people to the island, not even Old San Juan's famed annual San Sebastián festival. World tours are common in an era of globalized pop. And they can have a real impact on host cities, with Harvard Business Review estimating that Taylor Swift's blockbuster Eras Tour poured $10 billion into local economies across several continents. But what Bad Bunny is doing — staying put — is unprecedented outside of Las Vegas residencies, said Jorge Pérez, whose company runs the 18,500-seat Coliseo. — BLOOMBERG NEWS
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