BUSINESS

Looking for help with today’s New York Times Pips? We’ll walk you through today’s puzzle and help you match dominoes to tiles.

The price of Diesel is up almost 40% from one month ago—and the cost spike is likely to have a ripple effect.

Roche’s rollout of thousands of Nvidia chips is the latest example of a pharmaceutical giant trying to use AI to discover and manufacture new therapies faster.

Successful brands are meeting their young consumers where they want to be.

Deutsche Bank (DB) on Thursday, March 12, revealed in its annual report that it had $30 billion in private credit exposure in 2025.DB reported higher fee revenues within the private-credit lending space and financing on balance sheets.Given private-credit worries at the beginning of 2026 and redemption surges at giant asset managers such as Blackstone and Blue Owl Capital, DB reports pressure within private credit and non-bank financial institutions (NBFIs) due to higher interest rates, a change in investor sentiment, and refinancing risks.Noted in the annual report, subprime lenders in the U.S. have failed, highlighting risks associated with private credit-raising standards in underwriting and fraud.”Mom & pop” cash meets institutional risksDB claims it is not exposed to major risk related to these NBFIs; however, it says it may face indirect credit risks through interconnected counterparties.This could, in turn, “lead to a deterioration in Deutsche Bank’s portfolio quality and higher-than-expected credit losses, as well as increased capital and liquidity demands as clients draw down on funding lines,” the annual report said.Related: Deutsche Bank Slumps After China’s HNA Trims Stake in German LenderThis acknowledgement from a traditional bank has once again brought to light the weaknesses within the “shadow banking” sector.The question is: If shadow banking risk has been identified in 2025, what does that mean for this year? Since February, after Jefferies coined the term “SaaS-pocalypse,” retail investor sentiment in the private-markets sector has been negative, especially around the concept of democratization, where institutions want to grab mom & pop’s liquid cash.

Deutsche Bank’s acknowledgement of the indirect risks it faces related to non-bank financial institutions highlights weaknesses in the “shadow banking” sector.Shutterstock

Deutsche bank software and tech exposure amid SaaS worries DB’s loan exposure in the tech sector makes up around $18.1B USD, at an amortized cost, where $8.3B is concerned with financing data centers. DB’s portfolio is concentrated primarily within U.S. corporate exposures that are 60% investment grade, and a smaller, confined appetite for lower-rated clients. If you look at DB’s intangible assets, you’ll find $1.7B related to internally generated software. What does this mean? DB is manufacturing its own software, and if the software continues to lose relevance or plunge due to AI concerns, DB has to take a sudden loss of value, also known as an “impairment.” Deutsche Bank expands on its negative investor sentiment, claiming it will affect its ability to de-risk capital markets, leading to potential losses and higher volatility.Overall, if Deutsche Bank is seeing indirect risks from the private sector, it may set another precedent for other major banks to react similarly to the shadow banking sector. Related: KKR Arctos deal reshapes sports, GP solutions platform

Remember when shopping at Target was actually fun? You’d walk in with a budget in mind and hope that by the time you left, you didn’t more than triple it. But if you’ve spent a meaningful amount of time at a Target store lately, you probably know that shopping there is now more of a chore than anything else. Target may still be your go-to store when it comes to buying essential household products or groceries. But it’s probably not your “fun shopping” destination anymore.Of course, Target is trying to change that. In a release earlier this year, Target said that it’s focusing on four growth priorities in 2026 and beyond. And one of them is to “lead with merchandising authority by setting trends with differentiated, culturally relevant assortments that win in style, design and value.”That’s certainly not a bad plan. But Target may have bigger issues to address first.Fix the stores before fixing the merchandiseFor years, Target differentiated itself from other big-box chains by offering stylish products in stores that felt clean, organized, and pleasant to shop in. In recent years, though, Target’s reputation has taken a serious hit.Retail analyst Neil Saunders, managing director at GlobalData Retail, says the in-store experience has deteriorated noticeably. Some specific issues include messy stores, long lines to check out at registers, and understaffing.Related: Sam’s Club fixes problem that’s a major pain point at Costco“Visiting Target stores is less pleasurable and less fun than it used to be,” Saunders told CX Dive. “There is far too much friction, and the experience is sometimes unpleasant. That’s an issue as it lowers the probability of people making visits, reduces visit frequency, and weakens conversion and basket size when people are in stores.”Saunders also pointed out that inconsistent merchandising is part of the problem. But it may also be the easiest thing for Target to fix. Changing suppliers and investing in new inventory are largely within Target’s control. What the company can’t control as much is customer perception, unless it takes major steps to address its core issues.

An expert says Target’s in-store experience has noticeably deteriorated.Shutterstock

Customers agree the Target experience has deterioratedRetail experts aren’t the only ones raising red flags about Target. Many shoppers say the Target experience simply isn’t what it used to be.As one Reddit user wrote, “There’s no reason to go to Target,” pointing out that the merchandise isn’t cheap, convenient, or trendy. More Retail:Costco sees major shift in member behaviorRetail chain shuts all locations as legal changes hit industryCostco makes major investment in online shopping for membersT-Mobile launches free offer for customers after major loss”They used to be a lot cleaner, nicer looking stores with employees you can actually find.  Now they are starting to go the way of Sears,” said another user.Given these issues, Target needs to realize that it probably won’t win customers back on the basis of better merchandise alone.Sure, it’s a step in the right direction. After all, longtime Target fans surely remember the days when the inventory was outstanding and neatly displayed to make it look too appealing to pass up.But now, Target needs to reclaim that identity. And that means focusing on operational issues in conjunction with merchandising. Until the company recreates the in-store experience that once defined the brand, its focus on better products could miss the mark.Maurie Backman owns shares of Target.Related: Dollar Tree CEO signals tough times ahead for bargain hunters

CEO Jensen Huang predicted $1 trillion in chip demand through 2027 and praised OpenClaw and the rapid rise of agentic AI systems.

The alleged theft of 2,323 bitcoin has triggered a High Court dispute testing how English property law applies to digital assets.

‘Record Store Day’ U.S. independent stores to hold fan events for BTS ARIRANG album release day on March 20 through March 22, handing out freebies, while supplies last.

Advisers appointed by Robert F. Kennedy Jr. voted to reduce the number of recommended vaccines for children and said not all newborns should be vaccinated against hepatitis B.