Business
A&F Launches Investigation Into Ex-CEO Sexual Misconduct Claims
Abercrombie & Fitch (A&F) has announced that it is investigating allegations against its former CEO.
Mike Jeffries has been accused of exploiting men at international sex events that he hosted.
An investigation by the BBC revealed that an organized network used a middleman to recruit young adult males for events with Mr. Jeffries and Mr. Smith’s partner, Matthew Smith, with some alleging abuse.
Mr. Jeffries and Mr. Smith did not respond to comment requests.
Since being contacted by the BBC, A&F, which operates approximately 850 stores worldwide, including its Hollister brand, has hired an “outside law firm to conduct an independent investigation” into the allegations. It stated that it was “appalled and disgusted” by the behavior in question.
There is no evidence that the company was aware of the BBC’s discovery of allegations of sexual exploitation at sex events.
It has previously referred to Mr. Jeffries as its modern-day founder, as he transformed the Ohio-based brand from a failing heritage outfitter to a multibillion-dollar adolescent retailer during the 1990s. According to company filings at the time, he departed with a retirement package valued at approximately $25 million (£20.5 million) in 2014 due to declining sales.
According to BBC Panorama, in the months preceding Mike Jeffries’ departure, a pension fund invested in A&F brought legal proceedings alleging that the company had paid out settlements in response to allegations of “misconduct” by its then-CEO.
Abercrombie & Fitch (A&F) has announced that it is investigating allegations against its former CEO.
A source requesting anonymity stated that he had seen internal documents documenting payoffs for staff and contract employees complaining about Mr. Jeffries’ behavior. According to the source, the documents he reviewed did not disclose the nature of the complaints.
BBC Panorama inquired if the complaints were sexual, but A&F refused to respond.
After the BBC published its investigation into allegations of exploitation at sex events on Monday, A&F stated that it “was unaware of the sexual misconduct allegations” and that its new leadership had transformed the company into “the values-driven organisation we are today.”
Mr. Jeffries allegedly exploited men for sex at events he hosted in his New York residences and luxurious hotels around the globe, including in London, Paris, Venice, and Marrakech, according to a two-year BBC investigation.
Between 2009 and 2015, twelve men described attending or organizing events featuring sex acts for the 79-year-old fashion mogul and his 60-year-old British companion, Mr. Smith.
The eight men who attended the events stated that a man with a missing snout and a snakeskin patch recruited them. The BBC has identified him as James Jacobson.
Abercrombie & Fitch (A&F) has announced that it is investigating allegations against its former CEO.
Half of the men who spoke to the BBC about their recruitment claimed they were initially misled about the nature of the events or were not informed that sex was involved. Others stated that they knew the events would be sexual, but this was not precisely what they expected. Everyone was compensated.
Mr. Jacobson refuted any wrongdoing and stated that all participants entered the events “with their eyes open.”
Warning: This story contains explicit sexual content
Men who attended these occasions told the BBC Mr Jeffries and Mr Smith would engage in sexual activity with about four men – or “direct” them to have sex with each other. The men reported that personnel at the event gave them envelopes containing thousands of dollars in cash.
David Bradberry, who was 23 then, said he was introduced to Mr. Jacobson in 2010 by an agent who described him as the gatekeeper to “the owners” of A&F, but no mention of sex was made. During their meeting, he stated that Mr. Jacobson suggested that Bruce Weber, A&F’s official photographer at the time, capture his photograph.
Then, Mr. Bradberry stated, “Jim made it clear that I would not meet with Abercrombie & Fitch or Mike Jeffries unless I agreed to oral sex with him.” He described his condition as “paralysed.”
In retrospect, he acknowledges that this incident should have been a “red flag,” but he viewed Mr. Jacobson as “just a creepy old man I wouldn’t have to see again.”
Later, Mr. Bradberry accepted an invitation to a daytime event at Mr. Jeffries’ former Hamptons property on New York’s Long Island, which was sold for $29 million. He claimed to have discussed his aspirations to become an A&F model with Mr. Jeffries and Mr. Smith. Then, he claimed, Mr. Jeffries held “poppers” (a drug that can induce a strong head rush and disorientation) under his nose and later engaged in sexual activity with him.
Abercrombie & Fitch (A&F) has announced that it is investigating allegations against its former CEO.
Signing a nondisclosure agreement “felt like intimidation” – David Bradberry.
In 2011, Barrett Pall reported feeling pressured to attend an event in the Hamptons. When he was 22, he claimed that an older model who received a referral fee recruited him as his “replacement” for “some sort of sexual experience” with the couple. He stated that he consented because the older model had helped him financially and felt indebted to him.
Mr. Pall reported that the elder model told him, “You don’t have to do anything you don’t want to do,” but suggested, “The further you go, the better,” alluding to career opportunities. He felt compelled to “perform” when he arrived at the event. Mr. Pall stated at one point that Mr. Jeffries was molesting him from behind.
“I believe this experience has broken me,” he said. “I believe that this robbed me of any remaining innocence. It affected my mental state. But with the vocabulary I possess now, I can inform you that I was taken advantage of.”
Barrett Pall stated that his experience left him feeling devastated.
In 2011, dozens of males were flown to Marrakesh for the largest event described to the BBC, which took place in a private villa at a five-star hotel. According to the BBC, Mr. Jeffries and Mr. Smith are also guests. Alex, whose name has been changed to protect his identity, explained that he was a struggling model supporting his family back home when he was recruited as a performer for the event, where he anticipated having to strip.
Alex, a straight man in his twenties at the time, claimed he auditioned for Mr. Jacobson, who praised his dancing but demanded he “finish the job” by engaging in oral sex with him. “I had debt, and I wanted to support my family,” Alex explained. “I completed the task while feeling disgusted.”
Alex flew to Marrakesh for the event a few weeks later, believing that “the hardest part had been completed.” However, moments into his performance, Mr. Jeffries allegedly attempted to kiss him. “I attempted to participate without offending him. “I was extremely uneasy,” Alex stated.
Eventually, he said he hid in a back room and fell unconscious. Alex stated that he awoke with a prophylactic in his stomach and feared that the champagne he was given earlier had been tampered with.
“After putting the pieces together, I believe there is a strong possibility that I was drugged and assaulted. “I will likely never know for certain what happened,” he said.
Abercrombie & Fitch (A&F) has announced that it is investigating allegations against its former CEO.
A civil attorney who reviewed the BBC’s evidence recommended that US prosecutors investigate whether what these “brave men” describe could constitute sex trafficking. Under US law, sex trafficking includes using force, fraud, or coercion to induce an adult to travel to another state or country in exchange for sexual services.
Brad Edwards stated, “There may have been evidence of coercion for some of the men, while others may not have felt the coercive tactics.”
He added that Mr. Jeffries and Mr. Smith could contend that the men were consenting adults and that the fact that some of them had engaged in commercial sex in the past was “a factor”; however, he stated that past actions were “really irrelevant” when determining whether a particular commercial sex act was the result of force, fraud, or coercion.
“Given the stories of these courageous men who have come forward, I believe it is vital that federal prosecutors investigate this case,” Mr. Edwards said, adding that prosecutors faced a “very high” burden of proof.
Over several weeks, the BBC made repeated attempts via letter, email, and phone to contact Mr. Jeffries and Mr. Smith, inviting them to respond to a detailed list of allegations and ensuring that they were fully aware of the allegations against them. There has been no response.
Mr. Jacobson, the 70-year-old intermediary, stated his attorney in which he took offense at the suggestion of “any coercive, deceptive, or forceful behavior on my part” and stated that he had “no knowledge of such conduct by others.”
He stated that he did not recall promising modeling opportunities. “Every encounter I had was entirely voluntary and never coercive,” he said. Everyone I’ve interacted with who attended these events did so with wide-open eyes.
SOURCE – (BBC)
Telsa second-quarter profit fell more than 40% from the previous year as the electric car business faced more EV competition from established automakers and a slowing in global EV sales growth.
The decline in income is a dramatic contrast to a corporation that developed to become the world’s most valuable automobile based on rising sales and profitability.
The findings highlight how Tesla, a pioneer in introducing electric vehicles to American drivers, is now facing more domestic and international competition. And as the EV market matures, customer interest in EVs has declined.
Tesla | Auto Guide
Tesla Stock Tumbles After Its Profit Plunged
Tesla (TSLA) shares plunged almost 12% on Wednesday morning, pushing down the broader market. Tesla’s stock was down roughly 1% this year through Tuesday’s close after plunging as much as 44% earlier in the year.
Tesla announced adjusted earnings of $1.8 billion in the quarter or 52 cents per share. Analysts expected 61 cents per share earnings, down from 91 cents the previous year. Its crucial profit margin fell substantially as a series of EV price cuts took its toll.
From April to June, the company had its second consecutive quarter of year-over-year sales decreases and its first consecutive quarter of dropping sales volume. Tesla’s only previous quarterly sales decline since going public occurred early in the pandemic when stay-at-home orders caused its plants to close.
Tesla did not provide a new sales target for the full year. However, it stated: “In 2024, our vehicle volume growth rate may be notably lower than the growth rate achieved in 2023.”
On the investor’s call following the announcement, Tesla CEO Elon Musk criticized the quality of EVs produced by other manufacturers, claiming that it was simply a short-term issue for Tesla and not a long-term one. He added that Tesla is still persuaded that the world is going towards fully electric transportation systems, not just for automobiles, planes, and ships.
Musk also stated that the business would provide more information on fully automated robotaxis in October rather than August as initially intended. The business calls its driver assistance feature “Full Self Driving,” but drivers must still be prepared to take control of the vehicle. According to the company’s earnings statement, Tesla still confronts regulatory and technical challenges before offering self-driving cars.
Musk stated that he still believes it is possible to reach by the end of this year and certainly by next year, but cautioned: “My predictions on this have been overly optimistic in the past.”
Tesla | Top Gear Image
Tesla Stock Tumbles After Its Profit Plunged
The company faces government probes into several of Musk’s boasts about Full Self-Driving capabilities. The company has also been the subject of a Department of Justice investigation, though it is unclear what the current situation is.
However, he disclosed that Tesla’s plans to build an assembly factory in Mexico had been placed on hold. The plans were disclosed more than a year ago, but Musk said they have been halted until after the presidential election due to Republican contender Donald Trump’s vow to impose taxes on Mexican-imported vehicles. Musk is a big Trump booster, having endorsed him and reportedly pledged tens of millions of dollars to the former president’s re-election campaign. Trump promised comparable duties on Mexican-made autos in 2019 but has yet to follow through.
SOURCE – CNN
(VOR News) – Over the Bitcoin course of the last twenty-four hours, the sum of money that has been liquidated in short positions for Bitcoin BTC +4.71% has increased to more than $34 million.
This is a significant increase from the previous state of affairs. The fact that Bitcoin, the digital asset with the highest market capitalisation, has broken beyond the barrier of $67,000 is the reason for this new development.
Nashville, Tennessee will host this year’s Bitcoin Conference.
According to the website of the conference, the former president of the United States is set to make an appearance on the Nakamoto Stage on July 27 at 2:00 p.m. Central Time for a session that will last thirty minutes.
This information is indicated on the website. Yesterday, on the final day of the conference, the session is scheduled to take place.
As a direct result of the increase in the price of bitcoin that took place during the course of the previous day, a total of holdings representing a value of 54 million dollars were sold off.
As a consequence of the increased volatility of the market, the cryptocurrency market as a whole went through liquidations that amounted to more than two hundred million dollars within the same time period. This is evidenced by the data that were provided by Coinglass.
The information that is provided by The Block’s Bitcoin Price Page reveals that the current value of Bitcoin is around $67,330 at the time that this article is being written and published.
This information is provided by The Block. Over the course of the past twenty-four hours, there has been an increase that is greater than five percent.
President Trump will invest in bitcoin by 2024.
Because of the keynote presentation that he will deliver at Bitcoin 2024, Donald Trump will create history by becoming the first candidate for the presidency of the United States of America to visit a conference of this kind that is sponsored by the industry.
This will be something that he will accomplish by attending Bitcoin 2024. In spite of the fact that there is a little amount of information available concerning the specifics of his discussion, the organisers have already claimed that it will be “historic.”
Throughout the course of his presidency, President Trump has adopted a variety of perspectives about a wide range of cryptocurrencies, including bitcoin and others from the same category.
He voiced his disapproval of cryptocurrencies on Twitter in July 2019, saying, “I am not a fan of bitcoin and other cryptocurrencies, which are not money and whose value is highly volatile and based on thin air.”
He was referring to the fact that certain cryptocurrencies are not money. His hatred for these cryptocurrencies has been made clear in his statements.
Specifically, he expressed his discontent with the bitcoin market.
Which was the subject of his expression. This viewpoint was reiterated by him in 2021, when he gave an interview to Fox Business in which he referred to the digital asset as a hoax and voiced his concern that it may compete with the United States dollar or other currencies. In addition, he expressed his concern that it could be used to compete with other currencies.
Nevertheless, throughout the course of the last six months, Trump has rebuilt himself as the “crypto president.” The fact that he chose Ohio Senator JD Vance, who is an investor in bitcoin, to be his vice presidential candidate lends credence to the notion that a Donald Trump presidency may be advantageous to cryptocurrencies.
This is an extra point of interest that is worth mentioning. Bitcoin is an investment that Vance has made.
During the course of the previous day, the dominance of Bitcoin increased slightly to 52.8%, as indicated by the data that were provided by Coingecko. On the other hand, the dominance of ether decreased slightly to 15.5%.
Indicative of the fact that Bitcoin’s dominance rose, both of these data are indicative of reality. After reaching its highest position, the GM 30 Index, which is comprised of a selection of the top 30 cryptocurrencies, witnessed a climb of 3.08% within the same time period, hitting 133.99.
This was after the index had reached its highest peak.
SOURCE: TBN
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(VOR News) – Sanstar shares made a quiet Dalal Street debut on Friday, which was less than market participants had anticipated as a consequence of their expectations.
However, the number of buyers rose significantly following the stock’s listing, suggesting that investors are interested in purchasing the company at reduced prices.
At Rs 109 per share, Sanstar shares were offered on the National Stock Exchange (NSE) at a premium of approximately 15%. The stock was listed on the Bombay Stock Exchange (BSE) at a premium of 12 percent over the issue price of Rs 95 per share.
Nevertheless, the stock attained a price of Rs 127.68, achieving a 20% upper circuit and bringing the cumulative profits to 34.4 percent over the price at which it was initially issued.
The majority of analysts continue to maintain a positive outlook on the company and suggest that investors remain invested in the stock for a period of time that varies from medium to long term.
On the other hand, there are some experts who suggest that investors record profits after achieving a respectable profit during the initial trading session.
A successful initial public offering (IPO) was achieved by Sanstar
The company’s shares are currently trading at Rs 109 per share, an increase of 15% from their issue price of Rs 95.
This performance is positive, according to Shivani Nyati, Head of Wealth at Swastika Investmart; however, it fails to satisfy the expectations that were established prior to the listing. The broader market volatility that ensued subsequent to the budget’s announcement was a contributing factor.
Sanstar has been listed, which is a fantastic development, despite the fact that it did not meet the initial hype.
The company’s future expansion is supported by the interest of investors and the company’s robust foundations. Investors have the option to maintain their stake at the issue price, according to her.
Sanstar’s initial public offering (IPO) had the potential to be subscribed between July 19 and July 23, as the business issued its shares at a price range of Rs 90-95 per share, with a lot size of 150 shares.
Sanstar’s follow-on offering yielded a total of Rs 510.15 crore in revenue. This offering comprises a wholly new share sale of up to 397.10 equity shares and an offer-for-sale of up to 1.19 crore equity shares.
Sanstar got a 15% premium because of demand.
Which contributed to the company’s successful launch on the bourses today. According to Prathamesh Masdekar, Research Analyst at StoxBox, Sanstar has established enduring relationships with its consumers and currently serves more than 525 customers, with 162 new customers joining during fiscal year 24.
“The company is committed to expanding its customer base by leveraging the relationships it has established with customers in India and around the world, while simultaneously actively seeking out opportunities to establish new relationships.
“”Because of this, we recommend to the market participants that they keep the shares for a period of time ranging from the medium to the long term,” according to him.
A total of 82.99 subscriptions were received from consumers worldwide for the Sanstar issue. The quota for qualified institutional vendors (QIBs) was satisfied 145.68 times during the auction.
A remarkable 136.50 percent of the quota that was designated for non-institutional investors was subscribed to. The portions that were specified for retail investors were only subject to requests for bids 24.23 times during the three-day bidding procedure.
Sanstar’s listing was lower than anticipated, despite the fact that markets were trending upward. Prashanth Tapse, Senior Vice President of Research at Mehta Equities, maintains that designated investors should record profits on the day of listing, despite the market’s optimistic outlook.
Compared to other listed peers, Sanstar’s valuations are a little higher.
Sanstar is a manufacturer in India that specialises in the manufacturing of plant-based products and ingredient solutions for industrial products, pet food, and food.
Pantomath Capital Advisors served as the exclusive book-running lead manager for Sanstar’s initial public offering (IPO), while Link Intime India served as the registrar.
According to Amit Goel, Co-Founder and Chief Global Strategist at Pace 360, the market volatility in the Indian markets resulted in Sanstar shares failing to meet pre-listing expectations. Sanstar shares were listed on the National Stock Exchange (NSE) at a price of Rs 109.
We strongly recommend that investors take profits in the near term following the completion of the listing. He continues, “It is advised that long-term investors maintain their positions in the company due to its strong fundamentals.”
SOURCE: BTN
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