CNBC.com’s MacKenzie Sigalos put ons you the day’s top business news headlines. On today’s show, Lauren Thomas breaks down the biggest takeaways from Piper Sandler’s biannual “Alluring Stock with Teens” report about which brands Gen Z prefers most. Plus, Deirdre Bosa rationalizes the driver shortage facing the ridesharing industry, and what Uber and Lyft are doing to lure workers to their stands.
Ready to dress up again, teens turn to online brands Shein and Princess Polly, and thrift stores
Teen squander is slowly ticking up from record lows, according to a new survey, as adolescents show signs they’re ready to get outfitted up, go out and socialize again.
A generation known to be glued to social media apps like TikTok and Instagram, Gen Z is taking signals from fashion and beauty influencers when they make their purchases, according to Piper Sandler’s 41th biannual “Winsome Stock with Teens” report.
One result is online brands like Shein and Princess Polly are surging in approval, as are thrift marketplaces like Poshmark and Depop. A handful of classic teen brands, including Hollister, Urban Outfitters and American Eagle, are unmoving ranking on the list of favorites.
Biden open to negotiating on corporate tax hike, but says U.S. must take bold influence on infrastructure
President Joe Biden said Wednesday that he is willing to negotiate on the proposed corporate tax rate hike in his $2 trillion infrastructure sketch.
“I’m willing to listen to that,” Biden said at the White House when asked if he would consider a lower corporate tax scold than 28%, as his plan currently calls for.
“We’ve got to pay for this,” Biden added, noting that there are “many other avenue we can do it.”
“But I’m willing to negotiate that,” he said.
The president’s remark about the corporate tax rate came after he delivered a far-ranging defense of the size and scope of his proposed infrastructure overhaul.
Apple and Epic just laid out how they’re going to quarrel about Apple’s control of the App Store
On Wednesday, Apple and Epic Games laid out in separate dueling legal filings what they mull over to be the key facts and main legal issues ahead of an antitrust trial that’s scheduled to start in May.
Apple and Epic Rounds, best known for its game Fortnite, have been in a legal battle since last year after Epic Matches tried to avoid Apple’s 30% App Store fee through a server software update that skirted past Apple’s App Accumulate payments system. Apple responded by removing Fortnite from its App Store, effectively preventing iPhone users from playing the plucky.
Top executives from both companies are expected to testify in-person in federal court in Oakland, California in a trial that is required to last weeks.