The Federal Reserve said Wednesday it will begin selling the corporate bonds and ETFs it purchased last year to shore up market liquidity.
Why it matters: The enormity of the Fed's emergency response after the onset of the pandemic was without precedent. The liquidity it injected into the market supported asset prices and encouraged lending — and probably helped avert a drawn-out recession.
Ally Bank is doing away with overdraft fees, and it could be an opening salvo for the industry facing mountingpressure in Washington for the decades-long practice.
Why it matters: Banks rake in billions fining customers who spend more money than they have in their account. It's one of many fees associated with banking — shouldered most often by those who can least afford it.
For the second time in as many months, a major part of America’s infrastructure has been held for ransom by cybercriminals. This time is was a hack of JBS, the nation’s largest beef producer, which was forced to take its largest processing facilities offline.
Axios Re:Cap speaks with Laura Reiley, The Washington Post’s business of food reporter, about why the country’s meat supply chain is vulnerable, domino effects for the industry and what it all means for consumer prices.
LinkedIn will begin paying the global co-chairs of its employee resource groups $10,000 a year starting in July, Axios is first to report.
Why it matters: Diversity and inclusion has been a huge focus for companies during the past year, with hiring within D&I roles growing more than 90%. However, employee and affinity groups are most often run on a volunteer basis with limited financial support for their efforts.
Stimulus checks carved out by two major U.S. COVID relief bills — one signed by then President Trump last December and one by President Biden in March — helped many Americans avoid disaster, a new University of Michigan study analyzing census data finds.
Why it matters: More Americans were able to afford food and pay for standard household expenses after stimulus checks were distributed by the IRS in January and April, the analysis found.
Private equity titan Leon Black — who earlier this year left Apollo Global Management, the alternative investing giant he co-founded and led — has been sued in New York State Supreme Court for sexual assault and defamation.
Driving the news: Guzel Ganieva, the woman with whom Black claims he had a "consensual affair," sued Black for allegedly lying about the nature of their relationship and for engaging in "forced sexual misconduct."
AMC Entertainment will offer retail investors free popcorn and special movie screenings as part of a program to put it "in direct communication with" individual shareholders, the company announced Wednesday
The big picture: AMC has been benefitting from the power "meme stocks" as retail investors rally around the company to boost its assets even during volatile markets, Axios' Sara Fischer writes. The move is the company's latest move to keep investors engaged and interested.
Climavision, a new "weather services and intelligence platform," emerged out of stealth mode Wednesday with a goal of helping customers manage the growing risks of extreme weather spurred on by climate change.
Why it matters: Competition in the weather and climate risk management space has heated up as climate change drives an increase in the frequency and severity of extreme weather and climate events.
Anheuser-Busch announced Wednesday it is partnering with the White House to offer its "biggest beer giveaway ever" if the U.S. reaches President Biden's goal of having 70% of adults partially vaccinated by July 4.
Why it matters: The campaign to "buy America’s next round of beer" comes as states, businesses and employers have sought creative ways to get shots in arms, as vaccination rates have dropped since April.
Securities regulators told Tesla Elon Musk twice violated court orders requiring company lawyers to approve his tweets before he posts, according to records obtained by The Wall Street Journal Tuesday.
Driving the news: The Securities and Exchange Commission wrote to Tesla in 2019 and 2020 saying Musk had tweeted about Tesla's solar roof production volume and its stock price without pre-approval, breaching a 2018 settlement deal, the WSJ reports.
Amazon's worldwide consumer CEO Dave Clarkannounced in a blog post Tuesday that the company has endorsed a federal bill to legalize marijuana and will no longer screen certain workers for the drug.
Why it matters: Amazon is the second-largest private employer in the U.S. behind Walmart. Its drug policy change use may nudge other employers into adopting similar policies.
JBS SA told Bloomberg Tuesday that a "vast majority" of its plants will be operational Wednesday after a ransomware attack forced all of the company's beef plants in the U.S. to shut down.
Why it matters: The attack has raised fears of meat supply or pricing issues, similar to what happened to gas prices and availability after the ransomware attack against Colonial Pipeline last month.
