Two days since the first of two cyberattackson CDK Global, thousands of car dealerships across the U.S. and Canada remain crippled.
Why it matters: It's the latest incident where an attack on a third-party vendor has sent scores of other businesses into operational chaos.
Catch up fast: CDK is a critical software provider for car dealerships.
Its dealer management system, used by 15,000 car dealerships in North America, has remained unavailable the past two days.
Many businesses have reverted to using pen and paper to process auto repairs and new vehicle sales as CDK worked to bring its systems back online, Axios' Rebecca Falconer writes.
Apple won't be rolling out some of its new AI in the European Union this year over concerns regarding the bloc's tech industry regulations, the company announced Friday.
Why it matters: Apple unveiled its new AI system, Apple Intelligence, earlier this month, marking one of the most significant revamps to its products to date.
Institutional Shareholder Services issued an updated recommendation on Vista Outdoor's $1.96 billion deal to sell its ammunition unit to a Czech buyer, saying it now advises investors to abstain on the vote.
Why it matters: ISS' reversal is a blow to Vista Outdoor, as the company is counting on shareholders to approve the deal at a July 2 vote.
Archer Aviation is cooking up plans for an air taxi network that would link five key cities in the San Francisco Bay Area.
Why it matters: If it happens, it could transform commuting in one of the most traffic-choked regions in the U.S., replacing drives of one to two hours with flights of 10 to 20 minutes, the company said.
Robert Winnett will remain at his post as top editor of the Telegraph, instead of joining the Washington Post later this year, the Post's CEO told staffers in a memo Friday.
Why it matters: His decision to stay relieves some pressure from Post CEO Will Lewis, whose decision to name his former colleague Winnett as the Post's next editor, as a part of a broader newsroom restructuring, sparked considerable internal and external scrutiny.
As the S&P 500 hits yet another new record high, all credit must be given to technology stocks — and specifically to Nvidia and the other megacaps that have been driving it higher.
Why it matters: The so-called magnificent seven stocks (Apple, Nvidia, Microsoft, Meta, Alphabet, Amazon, Tesla) have accounted for about 75% of this year's gains in the S&P 500, per Counterpoint Global — on top of more than half the gains in 2023.
The gap in homeownership rates between white and Black Americans could widen further in the coming decades, finds a new analysis from the Urban Institute.
Why it matters: The U.S. is at the starting gates of The Great Wealth Transfer — in which the boomer generation will pass down an estimated$84 trillion between now and 2045 — but only a small share of families will get a sizable inheritance.
Taylor, a pretty community to Austin's northeast, is about to go very big.
Why it matters: The pending opening of a $17 billion Samsung computer chip factory has thrust this Williamson County town, with its rutted roads and stately, semi-occupied old brick Main Street buildings, into a role as a key player in world geopolitics.
There's an "unprecedented" scramble underway to find defense industry workers, per a new FT report andsurvey of nearly two dozen U.S. and European companies in the sector.
Why it matters: Russia's invasion of Ukraine more than two years ago coupled with evolving geopolitical risk have pushed global military spending to new highs.
Auto retailers across the U.S. and Canada face potentially days of outages due to back-to-back cyberattacks this week on CDK Global, a software provider with 15,000 car dealerships in North America, per Automotive News.
Why it matters: Cybersecurity breaches have a domino effect, as hundreds of organizations this year faced service disruptions due to a singular attack on a third-party vendor, Axios Codebook author Sam Sabin notes.
President Biden's political operation raised $85 million into its various accounts in May, ending the month with $212 million cash on hand, the campaign announced.
Why it matters: Biden's May fundraising totals were significantly less than the $141 million the Trump campaign and the Republican National Committee said they raised in May.
William Lewis, publisher of The Washington Post, and Emma Tucker, editor-in-chief of The Wall Street Journal — two British leaders pushing radical changes at two revered American media brands — are getting pelted with criticism and constant leaks by their staffs.
The gripes: The execs are moving too fast, too bluntly, too haphazardly to change their storied newspapers, knowing little about how U.S. media really works. Media writers lap it up: It's a juicy story. Deep down, they — like other reporters — fear they could be next.
