For decades, the world has pointed to Detroit as a symbol of the entire Rust Belt and the decay of American manufacturing. But the city is attempting to change that narrative — and succeeding.
Why it matters: Detroit may be the starkest example, but its story is mirrored in dozens of U.S. cities — Columbus, Pittsburgh and Toledo among them — that have shared its challenges and are embarking on comebacks of their own.
City governments are feeling a staffing squeeze as baby boomers retire in droves and the tight job market makes it harder to attract millennials into municipal gigs.
Why it matters: Vacant positions means state and local governments are less able to provide services. They're also struggling to find workers with the expertise to drive tech- or data-intensive projects.
U.S. media conglomerates are trying to hold on in struggling newspaper markets, while their reporters, editors and photographers are unionizing to protect their rights.
Driving the news: McClatchy, a major newspaper publisher, saw two of its papers forge ahead with plans to unionize in October. Staff at the Miami Herald and El Nuevo Herald, the paper’s Spanish-language outlet, cited concerns over pay, leave, hiring and decision-making. A count on Wednesday declared the union drive a success by a 66-24 vote.
Ken Starr, who authored the report that led to President Clinton's impeachment, said Wednesday on Fox News that Gordon Sondland's impeachment testimony "doesn't look good for the president, substantively."
The big picture: The former independent counsel and federal judge added that "it was one of those bombshell days" because it all but confirmed that "there will be articles of impeachment" drawn up against President Trump.
Alibaba Group raised around $11.2 billion via a secondary share sale in Hong Kong.
Why it matters: It's the largest Hong Kong listing in nearly a decade and returns Alibaba to the exchange where it first listed in 2007 (later it went private and then IPO'd in New York).
What's next: The company is looking forward, not back, with a top executive saying that the company won't rely as heavily on data as rival Netflix did in building its service or creating its content.
Purchases of variable annuities hit a three-year high last quarter, according to new sales figures released by the Secure Retirement Institute.
Why it matters, per Axios Business Managing Editor Jennifer Kingson: Variable annuities, meant to generate income in retirement, fluctuate depending on the performance of various markets. The fact that consumers are buying them is another indicator of economic confidence.
Off-price retailers are cashing in on consumers who are increasingly demanding more bargains.
Why it matters: The consumer is emboldened by a steady economy with a low jobless rate and spiking wages. But even with more money in their pockets, shoppers are increasingly turning to retailers that prioritize deals.
Live from Dallas, Mike Allen hosts a conversation on job training, placement and financial support for veterans in the workforce, featuring Trident Response Group and HoldFast founder and veteran Clint Bruce, Veteran Women's Enterprise Center Founder and veteran V.R. Small and JPMorgan Chase CEO of Commercial Banking Doug Petno.
