Business news in brief

Penney pulls Argyleculture men's line

J.C. Penney Co. pulled a Russell Simmons menswear line after the media mogul was accused by two women of sexual misconduct.

The department-store chain introduced the Simmons-created Argyleculture line in September 2016. The collection of sweaters, polos and blazers was part of the chain's push to attract more young men to its stores. The products were being sold on J.C. Penney's website and at about 80 of the chain's 875 stores, according to a company spokesman.

Simmons, co-founder of hip-hop record label Def Jam Recordings, said Thursday that he would step down from his companies after a second woman -- screenwriter Jenny Lumet -- accused him of sexual misconduct, according to The Associated Press.

-- Bloomberg News

Stop spying, Uber lawyer orders staff

Revelations that Uber conducted secret surveillance against competitors prompted the ride-hailing company's top lawyer to issue a cease-and-desist order to the security staff, according to a new report.

"To the extent anyone is working on any kind of competitive intelligence project that involves the surveillance of individuals, stop it now," Uber's chief legal officer, Tony West, said in a message to his "security colleagues," the report said.

"We don't need to be following folks around in order to gain some competitive advantage. We're better than that."

West's message was prompted by a letter introduced during a theft-of-trade-secrets lawsuit against Uber by Google self-driving-car spinoff Waymo.

The letter, written by lawyers on behalf of former Uber security team member Richard Jacobs, said a special unit in Uber "collected intelligence and conducted unauthorized surveillance, including unauthorized recording of private conversations against executives from competitor firms, such as DiDi Chuxing and against its own employees and contractors at the Autonomous Technologies Group in Pittsburgh."

-- The Mercury News

Macy's to add 7,000 seasonal workers

NEW YORK -- Macy's is hiring an extra 7,000 seasonal associates this Christmas season, saying traffic in its department stores nationwide has been high.

The company said Friday that the hires will work on the sales floor and also fulfill online, pick-up-in-store orders and do other operational jobs. Most of the jobs are part time.

The news is encouraging and is in line with overall retail industry reports that have indicated a strong start to the season, with shoppers buying more than last year.

Macy's needs a good Christmas season after suffering 11 straight quarters of sales declines for a key measure. Macy's, like many of its department store peers, has been hit hard from shoppers' shift away from clothing and more toward experiences.

-- The Associated Press

China turns up the heat on micro-lenders

Chinese authorities banned unlicensed lending and capped borrowing costs in their latest efforts to crack down on the country's online micro-lenders as financial regulators zero in on risk in the soaring market for consumer credit.

The total interest rates plus fees charged on borrowing can't exceed the ceiling imposed by the Supreme People's Court, and lenders are barred from giving loans to those without income, China Business News reported, citing an official notice. Regulators will also stop approving new micro-lenders, and noncompliant creditors that have already been approved will be subject to a review.

At a Friday briefing in Beijing, the China Banking Regulatory Commission indicated it would carry out a concentrated operation to clean up the micro-lending industry, which offers almost immediate unsecured loans over the Internet, often at high interest rates. The commission said it wanted to make sure interest rates and costs imposed on borrowers didn't exceed permitted limits.

The latest step would escalate earlier moves to crack down on the sector and its estimated $152 billion of loans. News that China has halted further approvals for online micro-lenders has already pummeled the New York shares of firms like Qudian Inc. and PPDAI Group Inc.

-- Bloomberg News

Business on 12/02/2017

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