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