Amazon subsidiary PillPack is paying $5.79 million to the U.S. and various states for fraudulently overbilling for insulin, according to a document filed this week with the Department of Justice.
Why it matters: Amazon is a power player in the health care market, with sprawling efforts in virtual and in-person care, medical supplies, diagnostics and pharmacy.
Starbucks CEO Howard Schultz announced during an earnings call Tuesday that the company intends to spend nearly $1 billion this fiscal year to boost worker wages and increase trainings, among other initiatives.
Why it matters: The improved benefits will not benefit the approximately 50 Starbucks stores that have voted to unionize, where changes would have to be wrought through bargaining, CNBC reported.
A record 4.5 million people quit their jobs in March, while the number of job openings in the U.S. reached a new high.
Why it matters: Workers aware of their advantage are continuing to ask for and receive higher wages, which in turn continues to help prop up inflation — already at its highest point in over 40 years.
Former President Trump’s motion to stay a contempt order against him for failing to turn over documents to New York Attorney General Letitia James has been denied, a spokesperson for James' office said Tuesday.
Why it matters: The decision by a state appellate court means "the contempt order stands," James' office wrote. Trump will have to keep paying a $10,000-per-day fine as long as he doesn't turn over the documents amid James' investigation into the former president's business.
Sen. Cynthia Lummis (R-Wyo.) outlined plans at an Axios virtual event to release bipartisan legislation that creates a framework for regulating digital assets. Lummis in an Axios virtual event focused on the future of crypto adoption.
The virtual event, on the future of crypto adoption, also featured Tomicah Tillemann, the global chief policy officer at VC firm Haun Ventures.
The U.S. Securities and Exchange Commission (SEC) announced today that it is adding 20 positions to the enforcement unit overseeing crypto.
Why it matters: Investment and usage of cryptocurrency has dramatically increased. Crypto.com estimated that the total number of global crypto users fell just shy of 300 million in December.
Warren Buffett raised eyebrows, and share prices, when he said over the weekend that Berkshire Hathaway has increased its Activision Blizzard ownership stake to 9.5%, in a merger arbitrage play.
Why it matters: Buffett is betting that antitrust regulators won't use Microsoft-Activision to quench their thirst for a Big Tech block. Or that, if they do swing, they'll miss.
The Home Depothas launched a $150 million venture capital arm, focused on customer experience and home improvement startups.
Why it matters: Corporates continue to grow in importance to the U.S. VC market. They were represented in 19.1% of all such deals in 2021, according to PitchBook, up from 11.3% in 2012.
Lee Enterprises has been quietly laying off dozens of employees across its local papers and at the corporate level as it continues to cut costs following the unsolicited takeover bid from hedge fund Alden Global Capital, sources tell Axios.
Why it matters: Lee is one of the last remaining independent local newspaper companies. With these drastic and ongoing cuts, journalists are left to wonder whether a hedge fund takeover could have been better than staying independent.
The yieldon the 10-year Treasury note — arguably the most closely watched number in financial markets — hit 3% briefly Monday, a milestone it's rarely crossed since 2011.
Why it matters: The surge in Treasury yields is a big reason the stock market has been miserable lately.
The war in Ukraine and the unprecedented number of journalists killed in Mexico this year serve as a stark reminder on this year's World Press Freedom Day that journalists around the world are facing an extraordinary level of threats.
Why it matters: The global climate for journalists has become more perilous as autocrats weaponize the media to consolidate power. Those efforts are increasingly being carried out through surveillance and digital attacks.
Decrypt, a media company that focuses on covering cryptocurrency and web3, has spun out from its parent company after raising a $10 million series A round at a $50 million post-money valuation, executives tell Axios.
Why it matters: The spin-out from ConsenSys Mesh — a blockchain incubator — allows Decrypt to be fully independent. The money raised will be used to hire more people for its journalism coverage and continue building out its business projects pegged to web3 initiatives.
The Federal Reserve begins its two-day policy meeting today — and Wednesday afternoon it will very likely raise its interest rate target.
The intrigue: Axios spoke with Neel Kashkari, the president of the Federal Reserve Bank of Minneapolis, over the phone on April 21 as part of our reporting for a recent deep dive on the Fed.
A swift shift in investor enthusiasm, rather than a weakening in corporate profit power, is driving the market's recent flop. Blame Powell. Or Putin. Or both.
The big picture: The stock market is on track for the worst year since 2008, falling nearly 13% so far in 2022, lopping roughly $5 trillion off the value of the S&P 500 and threatening to turn a sour national mood downright poisonous.
A post-pandemic reality is settling in for the movie industry: Streaming releases are here to stay and the theatrical window has permanently shrunk, even as blockbuster films try to reignite the box office.
Why it matters: Theaters have more to lose in Hollywood's new status quo. The box office may have scored a few big hits this year, but it's still down 45% compared to 2019.
