Actress Annabella Sciorra took the stand at Harvey Weinstein's trial on Thursday to confront the media mogul over his alleged rape of her in the 1990s.
What they're saying: Sciorra told the jury that Weinstein barged into her apartment in the mid-1990s and raped her, AP reports. She recounted trying to force him off by kicking and punching him. Roughly a month later, Sciorra says she ran into Weinstein and confronted him over the incident, to which he responded: "That’s what all the nice Catholic girls say," adding, "This remains between you and I."
"PBS NewsHour" co-founder and longtime anchor Jim Lehrer died Thursday at 85, according to a statement from his colleague, Judy Woodruff.
Why it matters: Lehrer co-founded "NewsHour" in 1975, which he anchored for 36 years before retiring in 2011. He also moderated 12 presidential debates, more than any other person in American history. He received the National Humanities Medal from President Clinton in 1999 and was inducted into the Television Hall of Fame that same year.
Global equity prices have largely bounced back from the selloff after the first reports of the coronavirus outbreak in China, but traders are still punishing companies tied to Wuhan, China, the city at the center of the outbreak.
What happened: "Wuhan Department Store Group, which operates several malls in Wuhan, lost 3.1% to head for a weekly drop of 16%. Hubei Heyuan Gas Co., which generates all of its revenue from Hubei province, extended its two-day drop to 10%, the biggest on record," Bloomberg reports.
Investors have gotten very bullish in the past two weeks, but it's not stocks they're buying, it's bonds — especially highly rated, low-yielding investment grade corporate bonds.
Why it matters: Unlike in past market rallies when cash flooded into traditionally risky assets like stocks and high-yield bonds, money is flocking to traditionally safe alternatives even after 2019's stellar gains.
S&P 500 companies are poised to see a 2.1% decline in earnings along with net profit margins of 10.7% , FactSet data show, based on reports from the companies that have so far reported their results from the fourth quarter of 2019.
Why it matters: Both numbers suggest overall weakness in 2019, analysts say.
Labor union membership in the U.S. continued to drop in 2019, new data released Wednesday from the Bureau of Labor Statistics shows.
The big picture: Amid this slight dip in union membership — which decreased 0.2% from 2018 — the United Auto Workers led the largest demonstration by any union against any U.S. business since UAW's last strike against General Motors in 2007.
Michael Bloomberg's 2020 campaign is releasing a digital ad on Wednesday that goes after President Trump for his "empty promises" on infrastructure.
Why it matters: Bloomberg is continuing to spend his unlimited funds on ads that question Trump's governing abilities, which have prompted Trump to tweet negatively about his billionaire rival on several occasions. The ads highlight an issue on many voters' minds while impeachment is consuming Washington.
New Jersey on Tuesday became the first state to require businesses and corporations to provide severance pay in the event of mass layoffs after Democratic Gov. Phil Murphy signed new legislation, AP reports.
Why it matters: With the fall of numerous chain stores in recent years, the law seeks to protect people who are left unemployed with little notice. It comes after the closing of chain Toys "R" Us last year cost 2,000 people their jobs in the state.
Local radio and TV stations always expect a revenue boost in election years, but many didn't foresee the staggering spends of Mike Bloomberg and Tom Steyer. Dan and Axios' Sara Fischer dig into what this sudden cash infusion means for struggling outlets.
WeWork said that it has sold its minority stake in women co-working space operator The Wing to a group of new and existing investors, including Google Ventures. No terms were disclosed.
Why it matters: This is a reminder that WeWork isn't just a cautionary tale to be shoehorned into every scattered critique of the venture capital and startup ecosystem. It's still a commercial real estate giant that's trying to right the ship by refocusing on its core, slower-growth business.
With the "phase one" trade deal signed, major asset managers have taken their eyes off the trade war a bit and begun to focus on the upcoming U.S. presidential election.
Why it matters: The outcome of November's election is now investors' top concern, according to the results of Bank of America Securities' latest global fund manager survey.
The price of rhodium, a metal used in fine jewelry and car parts, has skyrocketed over the last few months. It has jumped by more than 50% in just the first three weeks of January, reaching a price more than six times that of gold and the highest since late 2008, FactSet data show.
What's happening: "Surging demand from carmakers is partly to blame," the Economist writes. "More than four-fifths of global demand for both rhodium and palladium comes from the automotive industry. The metals, together with platinum, help convert toxic gases in a vehicle’s exhaust system (such as carbon monoxide) into less harmful substances before they exit the tailpipe."
The U.S. and Hong Kong both announcedthe first confirmed cases of coronavirus, and China's National Health Commission said the death toll from the virus has risen to nine, with 440 confirmed cases across 13 provinces.
Why it matters: "There's no question that economic activity in Asia will be affected as we head into one of the busiest travel weeks in China," BK Asset Management managing director of FX strategy Kathy Lien wrote in a note to clients late Tuesday.
