The U.S. video-conferencing company Zoom closed the account of a group of prominent U.S.-based Chinese activists after they held a Zoom event commemorating the 31st anniversary of the June 4 Tiananmen Square Massacre, Axios has learned.
Why it matters: Zoom has faced growing scrutiny over security concerns and its ties to China.
Update: A Zoom spokesperson confirmed to Axios that the account had been closed "to comply with local law" and said it had now been re-activated.
The Federal Reserve expects the economy will shrink by 6.5% this year due to the impact of the coronavirus pandemic, before growing 5% next year, according to new projections released Wednesday.
The state of play: The central bank also predicts unemployment rate will drop to a still-elevated rate of 9.3% this year. By 2022, it expects the unemployment rate to be 5.5% — still higher than the pre-pandemic rate of 3.5%.
United Airlines on Wednesday became the first major U.S. airline to ask all passengers to complete a health self-assessment during the check-in process amid the coronavirus pandemic.
Why it matters: To reassure the public it's safe to fly, battered airlines are stepping up their cleaning and disinfection procedures. Most carriers are requiring employees and passengers to wear masks and now United is going a step further by asking travelers to confirm they are healthy.
Treasury Secretary Steven Mnuchin said Wednesday that he believes the U.S. will "definitely" need another bipartisan stimulus package while appearing before the Senate Small Business and Entrepreneurship Committee, Bloomberg reports.
The state of play: While House Democrats have passed their own $3.5 trillion version of the next stimulus package, Senate Republicans have stressed to the White House that the next round should be under $1 trillion — and don't think it's possible to pass such legislation until July or August.
Just Eat Takeaway, a European restaurant delivery company, will merge with U.S. peer Grubhub, the companies announced Wednesday, CNBC reports.
Between the lines: Grubhub had spent weeks working on a deal to be acquired by Uber, even closing an early gap on price, but those negotiations were hampered by antitrust worries.
Simon Property Group canceled Wednesday its $3.6 billion deal for rival shopping mall operator Taubman Centers.
Why it matters: This is one of several mergers agreed to before the coronavirus pandemic that have been scrapped due to pandemic-related performance problems. The spurned targets have often fought back — with a possible precedent-setting trial to occur next month between private equity firm Advent International and enterprise software company Forescout Technologies.
Police unions are under a political microscope, with reformers arguing that they too often help keep bad cops on the streets.
Why it matters: This controversy could soon move beyond elected officials to venture capital and private equity firms that count police unions among their limited partners.
There were 5.05 million job openings at U.S. companies at the end of April — the lowest total since December 2014, according to the latest Job Openings and Labor Turnover Survey (JOLTS).
By the numbers: The number of hires during the month was 3.52 million, the lowest in the history of the report, dating back to 2000, and the first time the number of hires has been below 4 million since early 2010.
The corporate bond bonanza continues in the U.S., as non-financial investment grade corporate bond issuance reached $584 billion through May, ratings agency Fitch said Tuesday.
Why it matters: That was more than double the amount registered over the same time frame in 2019 and is fast approaching the entire amount issued that year, which was the second highest full-year issuance on record.
The New York Fed's new index designed to more quickly capture the state of the economy declined in the week of June 6 for the first time in more than a month.
The state of play: The retreat was driven by a falling retail sales report that more than offset a small increase in consumer sentiment, it said.
Having unloaded a historic arsenal of stimulus measures over the past three months, the world's central banks are doubling and tripling down on bond buying and policy easing even as the stock market booms and unemployment improves.
Why it matters: Many have credited the unprecedented surge of liquidity for the exceptionally fast rebound in capital markets — but with millions of workers and small business owners unable to take direct advantage of such programs, more action could further exacerbate the chasm between financial assets and the real economy.
Twitter and Square CEO Jack Dorsey announced Tuesday that Juneteenth would become a holiday for both companies.
Why it matters: The day — June 19 — marks the end of slavery in the United States in 1865, when Union soldiers landed in Galveston, Texas, and told slaves there that they were free and that the Civil War had ended.
Big or small, new or old, every business in America is witnessing a new reality — and a whole new set of unwritten workplace rules and unambiguous expectations.
Why it matters: Any CEO who ignores this bottom-up revolution will suffer public backlash, recruitment and retention challenges, and fits of internal turmoil.
Pfizer won't try to break the bank if it's able to develop a coronavirus vaccine, CEO Albert Bourla said yesterday during a virtual conference held by Goldman Sachs.
What he said: "If we were to implement free, open-market principles in pricing the product, we could go to huge prices and sell everything we can manufacture. But it would be unethical, I think. We will not do it, because that's really taking advantage of a situation, and people will not forget if you do that."
"Gone with the Wind" was removed by HBO Max from its library and Paramount Network canceled the show "Cops" on Tuesday in response to the Black Lives Matter protests.
Why it matters: The removal of the multiple Oscar-winning 1939 Civil War epic and cancellation of "Cops" after 25 seasons shows the effects the protests are having on entertainment companies and their content considerations.
CrossFit CEO Greg Glassman stepped down on Tuesday following massive backlash against a tweet he made over the weekend that referenced George Floyd's killing.
Driving the news: Reebok, several top-tier athletes and multiple gyms across the country have since broke ties with CrossFit in response to Glassman's tweet and his comments in response to pressure to issue a statement in support of Black Lives Matter.
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