The stock market is soaring and bond yields have pulled back after a big spike earlier this year. But make no mistake: Investors still have plenty to fret about when it comes to the threat of inflation. The US economy is rebounding thanks to stimulus and Covid-19 vaccines. Retail sales went through the roof in…
Business News
This $800 million whistleblower program is losing its top cop
The head of the Securities and Exchange Commission’s highly-successful whistleblower program is stepping down at a delicate moment for the market watchdog. Jane Norberg is leaving the SEC on Friday, after presiding over a four-and-half-year period during which the whistleblower office handed out a staggering $702 million in awards to 114 individuals who aided the…
GM and LG announce another $2.3 billion EV battery plant
General Motors and LG plan to build a new $2.3 billion plant to build batteries for electric vehicles, a key step toward the US automaker’s goal of an all-electric future. The new plant, GM’s second EV battery operation with LG, will be adjacent to the automaker’s Spring Hill assembly plant in Tennessee, where it announced…
Are you leaving your restaurant job for good? Share your story
The restaurant sector suffered millions of job losses during the pandemic. Many restaurant workers and bartenders were let go when restaurants closed their doors. Now, those jobs are starting to come back. But restaurant operators say they’re struggling to staff up. We want to know: Are you a restaurant worker or bartender who has decided…
Bank of America CEO calls for bipartisan push to study restrictive voting laws
Bank of America’s chief executive is the latest business leader to speak out about restrictive voting legislation in states such as Georgia and Texas, calling for a federal bipartisan commission to investigate the measures. “The right to vote should be distributed in the broadest sense and anything that goes against that shouldn’t be tolerated,” said…
The stock market is throwing a global party
Spurred on by renewed optimism about the post-pandemic recovery and a strong fear of missing out, investors keep pushing stocks higher. What’s happening: The Dow Jones Industrial Average closed above 34,000 for the first time on Thursday as Wall Street celebrated a strong start to corporate earnings season. But US stocks aren’t the only ones…
Dogecoin price soars more than 100% to new record after Elon Musk tweets
For the second time this week, Dogecoin has hit a milestone. And this time around, it may be thanks to the world’s richest man. The virtual currency, which features the face of a Shiba Inu dog as its logo, soared more than 100% to hit an all-time high of $0.298 Friday morning, according to cryptocurrency…
How to watch Prince Philip’s funeral
Millions of people around the world are expected to tune into Prince Philip’s funeral service on Saturday, which will be broadcast by major television networks and streamed online. The service honoring the Duke of Edinburgh will begin at 3 p.m. local time (10 a.m. ET) in St George’s Chapel, Windsor with a national minute of…
Newsrooms confront the ‘police say’ problem
A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. The podcaster and cultural critic Toure tweeted on Thursday, “We interrupt our coverage of the protests of the police murder of Daunte Wright which interrupted the trial of the police murder of George Floyd to…
China’s economy grows by a record 18.3% in the first quarter
China just posted its strongest quarterly growth on record as the world’s second largest economy continued its robust recovery from the coronavirus pandemic. GDP growth of 18.3% year-on-year in the first quarter was the strongest since China began keeping records in 1992, and was driven by a surge in retail sales, industrial production and investment…
Massachusetts wants to pull the plug on Robinhood
Regulators in Massachusetts are seeking to pull the plug on Robinhood just as the booming app aims to go public in a blockbuster IPO. The Massachusetts Securities Division escalated its months-long battle against the controversial startup Thursday by moving to revoke its broker-dealer license in the state. To make their case, state regulators accused Robinhood…
CBS News, still trying to find its way, is going from one president to two
CBS is merging its national news division with its local TV stations and naming two executives to jointly run it all. Neeraj Khemlani is joining from Hearst and Wendy McMahon is joining from ABC. Both executives worked at CBS earlier in their careers. In the new structure, they will be presidents and co-heads starting in…
Sotheby’s CEO explains why NFTs are the future
Despite what Pete Davidson’s rap spoof suggests, NFT isn’t just for crazy kids with cash to burn. You want proof? You can buy them at Sotheby’s. The market for the unique digital collectibles remains volatile, but Sotheby’s has given the NFT space legitimacy. First Move’s Julia Chatterley spoke to Sotheby’s CEO Charles Stewart Thursday. People…
BBC received more than 100,000 complaints over coverage of Prince Philip’s death
The UK’s public broadcaster, the BBC, received over 100,000 complaints over the level of coverage of Prince Philip’s death, the network said Thursday. Figures made available by the BBC showed 109,741 complaints had been made, as of Thursday, “driven by reaction to the amount of coverage given to the death of the Duke of Edinburgh.”…
Joe Biden bans US banks from buying or underwriting Russian debt sales
The Biden administration is punishing Russia for its interference in the 2020 US election and cyberattacks by hitting Moscow where it hurts the most: the ruble. The Treasury Department announced Thursday that starting June 14, US banks will generally be banned from participating in all bond sales by Russia’s central bank, ministry of finance and…
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