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close video Jamie Dimon: ‘High’ gov. debt has ‘potentially disastrous outcomes’

JPMorgan Chase CEO Jamie Dimon says banks will be there for customers in good times and bad.

Bed Bath & Beyond reported a loss in the third quarter on Tuesday but made no mention of shutting down the business, following a week of rumors swirling around a possible bankruptcy.

Net sales of $1.259 billion slipped 33%, primarily driven by a comparable sales decline of 32% and a 70% drop in customer traffic.Ticker Security Last Change Change % BBBY BED BATH & BEYOND INC. 1.93 +0.31 +19.14%

US AND JAPAN FORM TASK FORCE TO PROMOTE HUMAN RIGHTS IN SUPPLY CHAINS

As part of the new plan, the retailer will close 150 of its locations by the end of fiscal 2022 and has also initiated incremental cost reductions of approximately $80 million to $100 million, including overhead expense and headcount. The company is now on track to deliver roughly $500 million in yearly savings. 

Bed Bath & Beyond .

The stock has lost 90% of its value over the past 12 months and is trading in the $1 range. 

Amid plummeting sales and decreased customer traffic, Bed Bath and Beyond will close 150 stores by the end of fiscal 2022.

Sue Gove, president and CEO of Bed Bath & Beyond, said in the release the retailer implemented a turnaround plan at the beginning of the third quarter, "following a period when our merchandise and strategy had veered away."

SMALL BUSINESS OPTIMISM DIPPED IN DECEMBER: NFIB

"Although we moved quickly and effectively to change the assortment and other merchandising and marketing strategies, inventory was constrained and we did not achieve our goals," she continued. "We will continue to rebalance our assortment toward national brands and refine our owned brands mix to reflect the deep understanding of our customer."

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"We are implementing our plan expeditiously while managing our financial position in a changing landscape," she added.

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French woman faces online mockery after being conned out of £700,000 by fake Brad Pitt

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French woman faces online mockery after being conned out of £700,000 by fake Brad Pitt

A French woman has been mocked on social media after losing more than €830,000 (£700,000) to scammers posing as the Hollywood actor Brad Pitt.

The 53-year-old interior designer, known only as Anne, thought she was in a year-long romantic relationship with the Fight Club and Ocean’s Eleven star.

But after opening up about her ordeal to reporters, she suffered so much trolling that the French television channel TF1 had to pull her interview.

“The story broadcast this Sunday has resulted in a wave of harassment against the witness,” TF1 presenter Harry Roselmack wrote on X.

“For the protection of victims, we have decided to withdraw it from our platforms,” he added.

At the time of the broadcast, Anne was reported to have been suffering from severe depression.

Anne told TF1’s Seven to Eight show that, after starting to use Instagram for the first time, she was contacted by someone posing as Pitt’s mother.

More on Brad Pitt

“She told me that her son needed someone like me,” Anne explained. The scammers messaged her again several days afterwards, this time posing as Brad Pitt.

Anne said she began talking to the fake version of the actor sometime in February 2023 on different social media and messaging platforms, including WhatsApp.

Images from the TF1 programme have been widely shared online, showing a number of AI-generated images of Brad Pitt in hospital, designed to trick Anne in believing she was interacting with the 61-year-old actor.

"Wolfs" Red Carpet - The 81st Venice International Film Festival
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Brad Pitt with partner Ines de Ramon at the Venice film festival. File pic: AP

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‘I really didn’t understand’

“At first I said to myself that it was fake, that it’s ridiculous,” Anne explained to TF1. “But I’m not used to social media and I didn’t really understand what was happening to me.”

Scammers began requesting money, telling Anne that Brad was in hospital with kidney cancer and needed money for treatment. He claimed his bank accounts were frozen during divorce proceedings with ex-wife Angelina Jolie.

She eventually agreed to transfer a large sum of money to a Turkish bank account after receiving an email from the fake star’s “doctor”.

Scammers ‘deserve hell’

Anne said she finally realised she had been scammed after she saw pictures of the real Brad Pitt with his current partner, Ines de Ramon.

“I ask myself why they chose me to do such harm like this?” she told TF1. “I’ve never harmed anyone. These people deserve hell.”

Police are investigating the scam, but the interview has triggered some social media posts making jokes at Anne’s expense.

French newspaper Sud Ouest reported that Anne was going through divorce proceedings with a millionaire entrepreneur at the time and needed hospital treatment for severe depression following the scam.

A spokesperson for Brad Pitt told Sky News: “It’s awful that scammers take advantage of fans’ strong connection with celebrities.”

They added it was “an important reminder to not respond to unsolicited online outreach, especially from actors who have no social media presence”.

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Environment

Biden’s $635M good-bye, Trump’s DOT pick will investigate Tesla, and a look ahead

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Biden's 5M good-bye, Trump's DOT pick will investigate Tesla, and a look ahead

On today’s episode of Quick Charge we explore the uncertainty around the future of EV incentives, the roles different stakeholders will play in shaping that future, and our friend Stacy Noblet from energy consulting firm ICF stops by to share her take on what lies ahead.

We’ve got a couple of different articles and studies referenced in this forward-looking interview, and I’ve done my best to link to all of them below. If I missed one, let me know in the comments.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.

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Environment

In December, EV sales were still up and incentives were still sweet – Kelley Blue Book

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In December, EV sales were still up and incentives were still sweet – Kelley Blue Book

EV sales kept up their momentum in December 2024, with incentives playing a big role, according to the latest Cox Automotive’s Kelley Blue Book report.

December’s strong EV sales saw an average transaction price (ATP) of $55,544, which helped push the industry-wide ATP higher, according to Kelley Blue Book. The December ATP for an EV was higher year-over-year by 0.8%, slightly below the industry average, and higher month-over-month by 1.1%. Tesla ATPs were higher year-over-year by 10.5%.

Incentives for EVs remained elevated in December, although they were slightly lower month-over-month at 14.3% of ATP, down from 14.7% in November.

EV incentives were higher by an impressive 41% year-over-year and have been above 12% of ATP for six consecutive months. Strong sales incentives, which averaged more than $6,700 per sale in 2024, were one reason EV sales surpassed 1.3 million units last year, according to Cox Automotive, a new record for volume and share.

(My colleague Jameson Dow reported yesterday, “In 2024, the world sold 3.5 million more EVs than it did in the previous year … This increase is larger than the 3.2 million increase in EV sales from the previous year – meaning that EV sales aren’t just up, but that the rate of growth is itself increasing.”)

Kelley Blue Book estimated that in December, approximately 84,000 vehicles – or 5.6% of total sales – transacted at prices higher than $80,000 – the highest volume ever. KBB lumps gas cars and EVs together into this luxury vehicle category, so this is where Tesla Cybertruck is slotted.

However, Tesla bundles sales figures of Cybertruck with Model S, Model X, and Tesla Semi(!) into a category it calls “other models,” so we don’t know for sure exactly how many Cybertrucks Tesla sold in Q4, much less in December. However, Electrek‘s Fred Lambert estimates between 9,000 and 12,000 Cybertrucks were sold in Q4, and that’s not a stellar sales figure.

What will January bring when it comes to EV ATPs? What about tax credits? Check back in a month and I’ll fill you in.


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