Shownotes Transcript
With leading networking and connectivity, advanced cybersecurity and expert partnership, Comcast Business helps turn today's enterprises into engines of modern business. Powering the engine of modern business. Powering possibilities. Restrictions apply. Here's your midday brief for Wednesday, May 28th. I'm Pierre Bien-Aimé for The Wall Street Journal.
Macy's is raising prices on some items in order to offset tariff-related costs, renegotiating vendor agreements and shifting its inventory sourcing. The department store chain reported today sales falling just over 5% for the fiscal first quarter that ended May 3rd to $4.6 billion. And it cut its full-year profit outlook to account for the tariff war and some moderation in consumer spending.
In an earnings call this morning, Macy's CEO Tony Spring said some customers are spending now to avoid the effect of tariffs. Shoppers are buying more this month than in March and April.
Jeep parent Stellantis named Antonio Filosa as its next CEO today, putting a 25-year company veteran behind the wheel as the automaker navigates tariffs and a challenging car market. The decision caps an extensive six-month search process led by Stellantis executive chairman John Elkin, who has been operating the company by committee since former boss Carlos Tavares left last December. Filosa will take up the CEO role on June 23rd.
And German Chancellor Friedrich Merz says the country will step up financial and military aid to Ukraine. That's the latest sign that Europe is moving to replace the U.S. as Kyiv's key military supporter in its war with Russia. At a joint press conference with Ukrainian President Volodymyr Zelensky in Berlin today, Merz said the two countries will start a joint program to produce long-range weapons that Kyiv can use against Russian targets. We'll have more coverage of the day's news on the WSJ's What's News podcast.
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