The government paused federal student loan payments during the pandemic — but come September, borrowers are supposed to start paying again. Both they, and the infrastructure to support repayments, might not be ready.
Why it matters: Americans owe a whopping $1.6 trillion in student loans. The respite has provided enormous relief, to the tune of around $14 billion per quarter to over 40 million borrowers.
Luxury winter coat-maker Canada Goose will stop buying fur by the end of the year and will no longer use the animal product in its goods starting in 2022, the brand tweeted Thursday.
Why it matters: The move is part of Canada Goose's efforts to become more environmentally friendly, and the jacket-maker joins a growing rank of luxury brands going fur-free, per the BBC.
It's probably the biggest failure of international cooperationin decades — the way in which billions of people have been suffering through a pandemic with no access to vaccines, even as there are significant surpluses elsewhere in the world.
The big picture: Getting the vaccine out as quickly as possible to the people who need it most was "possibly the highest-return public investment ever," in the words of IMF chief economist Gita Gopinath.
All of the world's trillion-dollar companies (with the exception of Saudi Aramco) are reportedly having what Protocol's Issie Lapowsky characterizes as "heart palpitations" over the appointment of Lina Khan as FTC chair. But don't expect anything drastic to happen soon.
Why it matters: Khan is the most fearsome foe that Big Tech could have imagined in America's top antitrust role — and her fans in Congress are making waves as well. But you'd never guess that from the giants' share prices, which have been hitting new all-time highs since the announcement.
Greenlots, Chargepoint and several other electric vehicle charging companies will allow roaming access across their networks, a move that could help speed EV adoption.
Why it matters: Your phone works on any mobile network, no matter which provider you use. And you can use any bank's ATM machine, regardless of where you keep your money. Now the same will be true of EV charging.
BuzzFeed said Thursday it plans to go public via a special purpose acquisition company (SPAC). The company is targeting a $1.5 billion valuation upon combining with 890 Fifth Avenue Partners, Inc., a blank-check company.
Driving the news: As part of the transaction, Buzzfeed said it plans to acquire Complex Networks, a lifestyle and entertainment media company, for $300 million in cash and stock.
Economic growth could be hot for much longer than expected as shortages continue to push out the unsatisfied demand for goods and services.
Why it matters: The current blistering pace of growth has been spurred by the rapid reopening of the economy, a phenomenon some experts say can't last.
The challenge of finding qualified workers to fill open jobs is illustrated by the fact that just over a quarter of states saw employment increase in May.
Why it matters: The closely watched national employment report released on June 4 — which showed U.S. employers added 559,000 jobs in May — does not capture how uneven the labor market recovery has been.
The global CLO marketnow totals about $993 billion, and it’s growing, according to analysts at JPMorgan. With record issuance expected this year, the CLO market is on pace to top the $1 trillion mark.
Why it matters: If you have money with an insurance company or a pension, chances are some of that is invested in CLOs.
Investors are buying into corporate loan funds at a rapid clip — and that's likely to continue as they position for a rising rate environment.
Why it matters: Interest on this type of debt, known as leveraged loans, goes up when rates go up — since it's tied to benchmarks like Libor which can rise and fall.
The Biden administration on Thursday banned imports of solar materials from a Chinese firm accused of using forced labor in China's Xinjiang region.
Why it matters: It represents an escalation of pressure against China over allegations of forced labor and genocide in a region that produces large amounts of silicon-based materials.
Driving the news: For anyone comforted by President Biden's "America is back" mantra, N.Y. Times columnist Nick Kristof stacks up a sobering array of data to warn that the U.S. is actually weak on many vital fronts.
Hamilton Place Strategies, which was founded by Bush 43 alumni and became one of D.C.'s most innovative public-affairs firms, has sold a majority stake to a private-equity firm in Charlotte, sources tell me.
Why it matters: Hamilton Place shook up the Washington model by pioneering "analytical public affairs" — think The Upshot or FiveThirtyEight for reputation management.
Susan Page, after N.Y. Times bestsellers on Barbara Bush and Speaker Pelosi, now is tackling celebrity interviewer Barbara Walters for a biography expected in early 2023.
Driving the news: A forthcoming announcement by Simon and Schuster and Javelin notes that Walters was the first woman to host a network morning show ("Today"), and to co-host one of the Big 3 evening shows (ABC).
Human resources job postings are up 52.5% from their pre-pandemic baseline. That's far outpacing the average job posting bump of 30.5%, according to data from the jobs site Indeed.
What's happening: Companies are beefing up their HR departments to navigate the return to work.
"Stewardesses" became flight attendants decades ago. Now an FAA advisory panel is urging the rest of the aviation world to be more inclusive by adopting gender-neutral language.
Why it matters: Women and others in marginalized groups are underrepresented in aviation, contributing to a shortage of pilots and other professionals. Avoiding exclusionary language can help create a work environment in which all people feel welcome.
The post-pandemic obsession with hybrid events and classrooms and offices is coming to weddings too.
Why it matters: The average wedding in the U.S. costs about $30,000, and the biggest cost comes down to headcount. The pandemic ushered in a new way of celebrating the big day, with the nearest and dearest in attendance and the rest on Zoom — and that model will outlast the pandemic itself.
NBCUniversal will stream some of the most popular Olympics sporting events exclusively on its new streaming service Peacock, executives said Wednesday.
Driving the news: Most notably,USA Men’s Basketball live coverage will be available on the streaming platform only to subscribers of Peacock's premium paid tier.
A tech company is announcing a new health app Thursday that it says will help employers bring their employees back to the office safely by verifying their COVID-19 vaccination status.
Why it matters: The app, or others like it, could be a sign of how employers can enforce vaccination requirements without relying on the honor system or hand-checking CDC vaccine cards.
Lego unveiled toy building bricks made from recycled plastic on Wednesday and pledged to begin selling the prototypes within two years.
Why it matters: It's the first time Lego has made bricks from a recycled material, per a statement from the Danish toymaker. Lego used PET plastic from discarded bottles to make the bricks.
The White House on Wednesday replaced the regulator who oversees mortgage giants Fannie Mae and Freddie Mac, hours after a Supreme Court ruling enabled President Biden to oust the Trump appointee.
Why it matters: The removal of libertarian economist Mark Calabria as Federal Housing Finance Agency (FHFA) director gives Biden more control over the fate of Freddie and Fannie, "which play an outsize role in the housing market and are central to many homeowners' ability to afford homes," per the New York Times.
