Category: Business

world-newspaper-news

White House economic adviser says unemployment rate may still be in double digits by election

White House economic adviser Kevin Hassett said on CNN's "State of the Union" Sunday that it's possible the unemployment rate could still be in double digits by November's election, but "all the signs of economic recovery are going to be...

/ May 24, 2020
world-newspaper-news

Small businesses left in limbo as Senate waits to pass PPP extension

The Senate failed millions of small businesses Thursday by ending its week without passing an extension to the number of weeks that PPP loan recipients have to use their funds.Why it matters: People may lose their jobs while politicians dither.The...

/ May 22, 2020
world-newspaper-news

Ex-Juul CEO Kevin Burns in talks to join digital pharmacy Alto

Ex-Juul CEO Kevin Burns is in advanced talks to join SoftBank-backed digital pharmacy Alto, Axios has learned from multiple sources.Why it matters: He'd be going from a company that was the scourge of public health officials to one that seeks...

/ May 21, 2020
world-newspaper-news

Walmart grounds Jet.com, but the $3.3 billion acquisition still paid off

Walmart yesterday announced plans to shutter its Jet.com e-commerce brand, less than four years after buying it for $3.3 billion.Under the hood: Appearances can be deceiving. Not only was this deal not a failure for Walmart, but it arguably was...

/ May 20, 2020
world-newspaper-news

Big Tech’s aid to small business comes with a catch

Big tech companies, including Facebook and Google, have made much of their efforts to help small businesses hurting from the pandemic. But the same programs that make life easier for those businesses today could end up separating them from their...

/ May 20, 2020
world-newspaper-news

SoftBank reportedly looking to sell $20 billion of T-Mobile shares

SoftBank Group reportedly is seeking to sell around $20 billion worth of shares in T-Mobile US, which it acquired via T-Mobile's recently closed merger with Sprint. One buyer is expected to be Germany's Deutsche Telekom, which currently holds a 43.6%...

/ May 19, 2020
world-newspaper-news

Mnuchin, Powell to be grilled by Congress over coronavirus small business loans

Small business loan recipients, or at least their lawyers, will be glued to their laptop monitors today, as both Treasury Secretary Steve Mnuchin and Fed Chair Jay Powell testify "in front" of the Senate Banking Committee.On the grill: Expect lots...

/ May 19, 2020
world-newspaper-news

Democrats line up against possible Uber-Grubhub merger

Democratic politicians are coming out in strong opposition to a merger that doesn't yet exist.Driving the news: Sen. Amy Klobuchar (D-Minn.) tweeted Sunday: "If Uber takes over Grubhub it isn’t good for competition and it isn’t good for you." That...

/ May 18, 2020
world-newspaper-news

Disney pulls Frozen from Broadway as coronavirus continues to take its toll

Disney announced on Thursday it will be pulling "Frozen" the musical from Broadway after nearly a year as the coronavirus pandemic continues to take its toll on large events and shows, The Washington Post reports.Why it matters: The show had...

/ May 15, 2020
world-newspaper-news

April retail sales drop a record 16.4% amid coronavirus pandemic

U.S. retail sales fell 16.4% in April, even worse than the previous record fall set in March, as consumers pulled back on spending during the coronavirus economic lockdown.Why it matters: It's another indication of how the pandemic is curtailing consumer...

/ May 15, 2020
world-newspaper-news

Another 3 million Americans filed for unemployment last week

Another 2.98 million Americans filed for unemployment last week, the Labor Department said on Thursday.Why it matters: The coronavirus is still forcing a historically high number of Americans out of work. In two months alone, more than 36 million people...

/ May 14, 2020
world-newspaper-news

Federal Reserve Chairman Jerome Powell joins the battle over fiscal spending

After the House of Representatives released a proposed $3 trillion relief bill on Tuesday, Fed chair Jerome Powell weighed in, backing calls for Congress to do more to battle the economic impact of the coronavirus pandemic.Why it matters: Expectations for...

/ May 14, 2020
world-newspaper-news

Americans don’t realize that coronavirus recovery may take months

Economic experts including Fed chair Jerome Powell, IMF chief economist Gita Gopinath and a multitude of top market analysts and economists have been saying for weeks that a quick economic recovery is a "fantasy" and likely at least a year...

/ May 13, 2020
world-newspaper-news

Americans don’t trust the Federal Reserve to look out for them amid coronavirus pandemic

Data: Ipsos/Axios survey; Chart: Andrew Witherspoon/AxiosThe Federal Reserve's unprecedented response to the coronavirus pandemic has not helped it win the battle for public opinion as a little more than half of Americans indicate they don't trust the central bank, per...

/ May 12, 2020
world-newspaper-news

Despite polling disadvantage, betting markets see Trump winning re-election

Even after the White House's delayed response to the coronavirus outbreak, unprecedented job losses and a bruising recession, investors and betting markets are still putting their money on President Trump to win re-election in November.The big picture: Presumptive Democratic presidential...

/ May 11, 2020
world-newspaper-news

The world was getting better and better. The coronavirus could change that.

From rising poverty rates to worsening hunger to renewed conflict, the COVID-19 pandemic threatens to put a halt to decades of remarkable progress for the world's population.The big picture: The story of humanity in the postwar era and even further...

/ May 9, 2020
world-newspaper-news

Coronavirus-driven bad news hasn’t stopped the stock market comeback

Friday's horrific jobs report will catch the eye of even the most casual economic data watcher, but don’t be surprised if the stock market shrugs.Why it matters: Grim economic news hasn't derailed the market's comeback. The stark difference between what's...

/ May 8, 2020
world-newspaper-news

Beware of bloated executive pay

Companies that fail their "say-on-pay" votes — in which shareholders give thumbs-up or thumbs-down on the compensation of the C-suite — tend to perform worse than the market and their peers, research from Morgan Stanley finds.Why it matters: "Say-on-pay failures...

/ May 8, 2020

Correct Pronunciation Of X Æ A-12 Is: “My · Pa-rents · Are · Wan-kers”

Experts have confirmed that the correct pronunciation of tech billionaire Elon Musk and singer Grimes’s newborn child X Æ A-12 is ‘My · Pa-rents · Are · Wan-kers’, or ‘You-ll · be · bull-ied · at · school’ for short....

/ May 6, 2020
world-newspaper-news

Colleges gamble on reopening this fall

Colleges around the U.S. are formulating plans to welcome students back to campus this fall — afraid they'll be headed for financial catastrophe if they remain closed.The big picture: Social distancing could still be in place and medical experts say...

/ May 4, 2020