Hearst Magazines president Troy Young resigned Thursday following a report from The New York Times that alleged he fostered a toxic workplace environment, according to an internal memo obtained by Axios.
The big picture: Young is the latest high-level media executive to resign after employees complained about inappropriate behavior. From 2017-2019, many executives were ousted due to complaints of sexual harassment. This year, several business leaders have resigned amid allegations of insensitivity around race and diversity.
Leading U.S. chipmaker Intel beat earnings estimates for the most recent quarter in results reported Thursday, but its stock plunged after hours after it revealed a gloomier outlook for the rest of the year and new delays in delivering its next-generation 7-nanometer chips.
Why it matters: This is the first quarter to reflect the full impact of the coronavirus pandemic on the U.S. and global economy.
Sen. Josh Hawley (R-Mo.) earlier this week introduced legislation aimed at stemming the use of forced labor by American corporations — particularly those that operate much of their supply chain through China.
Axios Re:Cap talks with Hawley about the bill, U.S. prison labor, China's persecuted Uighurs and what he sees as Corporate America's hypocrisy. Plus, he shares his thoughts on the new federal stimulus negotiations.
Why it matters: AMC and its rivals have been putting off their reopenings further and further as major movie releases are delayed. Most are waiting to time reopenings with Warner Bros. "Tenet," which AT&T says will still debut in theaters, but after being pushed back many times, remains unclear as to when.
The coronavirus shutdown gave a Denver-based coffee shop and others who weathered the hiatus a slight advantage, its owner said Thursday at an Axios virtual event.
The big picture: Ryan Cobbins, owner of Coffee at the Point, said businesses like his that held steady during the shutdown had the opportunity to review their practices while they weren't serving customers.
Marathon Petroleum (NYSE: MPC) this week is expected to get first-round bids of between $15 billion and $18 billion for its Speedway gas station chain.
Why it matters: The price tag is large, but still reflects a pretty steep pandemic discount. Marathon had been in exclusive negotiations to sell Speedway for between $20 billion and $22 billion to 7-Eleven owner Seven & i Holdings, before talks fizzled in early March.
The University of Texas' endowment recently made its first fund commitment to Sequoia Capital, which is among the top-performing venture capital firms of all time.
Why it matters: It is the final coda to venture capital's fight to prevent disclosure of its funds' performance, which raged in courtrooms and newspapers during the early aughts.
Jamf, a Minneapolis company that helps businesses manage their employees' use of Apple devices, had a blockbuster first day of trading Wednesday, with shares up nearly 40% in an initial offering that raised $468 million for the firm.
The big picture: CEO Dean Hager told me in an interview he has "absolutely no regrets" that money was left on the table, calling Wednesday "about as energizing a day as we've had in Jamf's history."
Twitter said Thursday that it added 20 million new monetizeable daily active users in the second quarter, an increase of 34% year-over-year — but its ad revenue was down 23% over the same period, due to pandemic-related pullback.
Why it matters: Twitter, like other media companies, is facing coronavirus' double-edged sword. While users flock online because of shelter-in-place orders, advertisers are cutting back their spending.
More than 31 million Americans are collecting unemployment benefits of some form — a slight decline — while roughly 2.3 million filed new applications to receive them last week, a rise from last week's number, the Labor Department said Thursday.
Why it matters: Enhanced unemployment benefits — an extra $600 per week — authorized under the coronavirus stimulus bill are set to expire in coming days, leaving millions of Americans with a smaller financial cushion as cases spike and businesses are forced to close again amid the worst economic downturn of our lifetime.
Tesla is enjoying arguably the best stretch of its 17-year history — despite a shambling economy, CEO Elon Musk's latest PR grenades, manufacturing quality concerns, and circling would-be competitors.
Why it matters: Beyond being a fascinating corporate drama, Tesla's success affects the pace of electric vehicle adoption, especially in the U.S., where it dominates what's still a rather niche market.
A proposal to suspend Social Security and Medicare payroll taxes for employees and employers through the end of the year is a "very high priority" in any new stimulus deal, White House chief of staff Mark Meadows said Wednesday.
Yes, but: Economists largely agree it would do little to help the economy.
The coronavirus-induced recession led to a decline in deals during the first half of the year, but global firms are quickly coming off of the sidelines and setting in motion major changes to their business strategy, according to a new research from PwC.
Why it matters: Business leaders are laying out the blueprint for the future of commerce in the U.S. and around the world right now and trends are starting to emerge.
Meredith Kopit Levien, the incoming CEO of The New York Times tells Axios that her vision for the future includes establishing The Times as a world-class digital and tech company, continuing to attract the industry's top talent, and working to promote The Times' brand and broader ecosystem of independent journalism.
Why it matters: KopitLevien is credited with the company's digital turnaround. Her focus on data, product and technology will be a big thing to watch in the coming years at The Times.
For years, there's been a popular notion — even among some Black people — that the wealth difference between white and Black Americans could be closed if Black folks collectively "got it together."
Reality check: The wealth gap — which could more accurately be described as a wealth chasm because of just how large it is —would not be closed by Black Americans doing any of the things that have been proposed, or all of them.
The legal and legislative fight over how much insurance companies must pay for coronavirus-related losses is just starting, and it's likely to get uglier.
Why it matters: COVID-19 is, as one insurance industry executive puts it, "the biggest insured loss event in history." For many companies, a successful insurance claim will make the difference between staying in business or going bust.
Derek Chauvin, the former Minneapolis police officer accused of killing George Floyd, has been charged for allegedly "fraudulently filing tax returns from 2014 to 2019," Washington County prosecutors announced in a statement Wednesday.
The big picture: He and Kellie Chauvin, who filed for divorce from him in June, face multiple tax-related felony charges. The pair are also accused of a failure to timely file Minnesota individual income tax returns from 2016 to 2019 following a probe launched last month by the Minnesota Department of Revenue and Oakdale Police Department.
