Before the 2008 stock market crash, 52% of Americans aged 35 or younger were invested in the stock market. As of last year, the number had dropped to 37%, according to Gallup.
New York Magazine said Monday it has laid off 16 full-time staffers and 16 freelancers or part-time employees, as the media company restructures to adapt to a volatile digital news landscape.
Details: The departments affected most are audience development, circulation, copy, fact, production and video. "In some cases, the changes we are making reflect a need for new focus as we build out our digital subscription business; in others, they reflect an overdue integration of print and digital staffs," the magazine said in a statement.
U.S. retail sales rebounded a bit in January, rising a better-than-expected 0.2%, following the biggest plunge in consumer spending in a decade in December.
What to watch: Revised data shows December's retail sales numbers were worse than initially reported: The Commerce Department said sales fell 1.6% versus the first estimate of -1.2%. The weaker picture for consumer spending may push 2018 fourth-quarter GDP growth lower when revisions are released in the coming weeks.
Investors salivating over the upcoming IPOs of the LUA stocks (Lyft, Uber, Airbnb) may soon find these companies facing an onslaught of regulatory battles.
Details: Uber has been banned outright in multiple countries and a number of U.S. cities and states, and faces partial bans in others as local governments seek to mollify taxi drivers and other unions. Lyft and Uber may also face restrictions like advertising bans, as has been proposed in Los Angeles.
Fox News "strongly" condemns comments by its host Jeanine Pirro suggesting Rep. Ilhan Omar (D-Minn.) wearing a hijab meant she followed Sharia law, the network said in a statement issued to Axios Sunday night.
"We strongly condemn Jeanine Pirro’s comments about Rep. Ilhan Omar. They do not reflect those of the network and we have addressed the matter with her directly."
— Fox News statement
The other side: Pirro also issued a statement in which she invited Omar to come on her show. "I’ve seen a lot of comments about my opening statement from Saturday night’s show and I did not call Rep. Omar un-American," she said. "My intention was to ask a question and start a debate, but of course because one is Muslim does not mean you don’t support the Constitution."
Everything is a service, these days. Here's investor Mikal Khoso:
Today you can rent living space flexibly based on your needs (AirBNB, Stoop), commute from that space without ever buying a car (Wheels, Uber, Lyft), rent clothes to fill your closet (Le Tote), rent specific appliances based on your needs (Joymode) and rent the furniture you fill your apartment with (Fernish).
Why it matters: There's a lot to be worried about in this brave new world where our entire lives are dominated by rentiers, even if investors like Khoso have managed to persuade themselves that everybody wins.
CNN is significantly expanding their partnership with Twitter to better serve advertisers on the platform, where user growth is booming for the global news brand.
Why it matters: The partnership gives advertisers the opportunity to buy ads around the most buzzworthy Twitter videos from CNN, like a hot one-liner from a presidential debate or a dramatic moment during an exclusive interview.
More than a dozen booksabout Trump's Washington are on the way from prominent journalists who signed lucrative deals, with a subgenre of five major books that are entirely or partly about Supreme Court Justice Brett Kavanaugh.
The big picture: One reason for the burst of books — money. Publishers are paying big advances, for some nearing or topping $1 million. "Trump has dominatedeverything else, so it only makes sense that that would include the publishing industry," said Matt Latimer of Javelin, a literary agency that has handled James Comey, Cliff Sims and other hot names.
During her opening monologue on Saturday, Fox News host Jeanine Pirro insinuated that Rep. Ilhan Omar's (D-Minn.) use of a hijab could be "indicative of her adherence to Sharia law, which in itself is antithetical to the United States Constitution."
The U.S. and China have reached a consensus on "many key issues" in the latest round of trade talks, the Chinese Xinhua English reported early Sunday.
Details: People’s Bank of China Governor Yi Gang told a news conference during the National People's Congress annual legislative session the two parties discussed how to respect the autonomy of each other's monetary authorities in determining monetary policy, the state-run news agency said. “We stress that we will never use the exchange rate for competitive purposes, nor will we use it to boost China’s exports,” Yi said, according to the Associated Press.
