One of the country's most influential economic officials doesn't anticipate that surging coronavirus cases will knock the reopening recovery off course.
What he's saying: "There has tended to be less economic implications from each [coronavirus] wave. We'll see if that's the case for the Delta variety," Federal Reserve Chairman Jerome Powell told reporters today.
The Federal Reserve said Wednesday that the economy has made progress, but reiterated its commitment to keep monetary policy loose and stimulative.
Why it matters: The rapid economic recovery has caused the prices for some goods and services to jump, causing measures like the core PCE price index to rise above the Fed’s target for an average of 2%.
Close to 500 current and former employees of “Assassin’s Creed” publisher Ubisoft are standing in solidarity with protesting game developers at Activision Blizzard with a letter that criticizes their company's handling of sexual misconduct.
Why it matters: Ubisoft and Activision Blizzard workers are framing the actions as part of a bigger movement meant to have lasting change in the industry and its culture.
Retailers have a new edge for fighting theft: They're using technology to disable stolen goods — from iPhones to Black & Decker drills — and render them useless.
Why it matters: Organized retail crime has a considerable affect on retailers every year, costing them an average of $719,000 per $1 billion dollars in sales, according to estimates from the National Retail Federation.
Spotify on Wednesday reported significant ad revenue growth from its podcast business, as part of its quarterly earnings disclosure.
Take a listen: Company founder and CEO Daniel Ek appeared on the Axios Re:Cap podcast to discuss how the podcast business model is changing, why he's spending big on exclusive shows and his personal favorites in both podcasting and music.
Pfizer expects revenue from the COVID-19 vaccine, co-developed by BioNTech, will reach $33.5 billion this year — a 29% jump from the previously estimated $26 billion.
Why it matters: This vaccine, which has dramatically slowed the coronavirus pandemic, is on pace to be the world's top-selling drug of all time, by far. And now Pfizer is pushing for people to get a third "booster" shot of its vaccine to combat the growing Delta variant.
Bankers have a reputation for being coin-operated — eager to bend reality on behalf of high-paying clients. Unlike in past boom times, however, they're currently holding the line on contortion.
Why it matters: Private equity-owned businesses are more likely to weather an economic downturn than they were before the Great Recession, which protects both jobs and limited partner investments.
Redwood Materials, a Reno, Nevada-based battery recycling startup founded by Tesla co-founder JB Straubel, has raised $700 million at a $3 billion pre-money valuation led by T. Rowe Price.
Why it matters: Battery supply chains are coming under pressure from growing public acceptance of electric vehicles and automaker promises to switch away from gasoline engines.
Apple reported quarterly sales and earnings that were far better than what analysts were expecting. But these numbers could’ve been even better if the company had access to more chips.
Why it matters: Over the past year, automakers have been the focus of the global chip shortage as these supply constraints have led to explosive prices in used cars.
A growing cohort of restaurants around the world are offering a respite for tech-addicted diners: a digital detox at the table.
What's happening: Cafes and fine dining establishments alike are taking away phones to encourage customers to unplug, enjoy the meal and actually talk to one another, as if it were the 1990s or something.
Lordstown Motors just announcedan apparent rescue deal in a gambit that layers more financial engineering into the pre-revenue electric truck maker that last year merged with a SPAC.
Catch up quick: The company is now under federal investigation for misleading investors about its preorders, and in June it said it may not be able to begin vehicle production or continue as a going concern.
