The baby formula shortage has cast a spotlight on the heavily concentrated industry that manufactures the product, sparking a debate over whether import restrictions, “big bottle” or both set the stage for this crisis.
Four companies — Abbott Laboratories, Mead Johnson, Perrigo and Nestle — account for more than 87% of the market, according to IBISWorld.
The White House slammed Amazon founder Jeff Bezos on Monday after the billionaire accused President Biden of "misdirection" in his comments on inflation and corporate taxes.
Driving the news: Biden tweeted Friday that the wealthiest corporations must "pay their fair share" to help bring down record-high inflation.
Uber is adding "comfort electric" vehicles to the ride-hailing options on its app in some California cities, part of an ongoing effort to get drivers and consumers to go electric.
Plus: At many stadiums, you can now order food from the concession stands using Uber Eats so you don't have to miss any of the game standing in line.
KKR agreed to sell C.H.I. Overhead Doors, an Arthur, Ill.-based garage door maker, to Nucor Corp. (NYDE: NUE) for $3 billion.
Why it matters: C.H.I. isn't just a massive payout for KKR, which calls it one of the firm's "largest returns in recent history," but it's also life-changing for more than 600 C.H.I. factory workers, distribution center workers and truck drivers.
The euro is dropping fast against the dollar, an indication that markets see growing risks that Russia could curtail natural gas flows to the continent, hammering economic growth.
Driving the news: European benchmark natural gas prices spiked in the last week, on increased chatter that Russia would restrict gas flows, in what would be a crippling blow to Europe's economy.
Former President Trump plans to partially restrict himself from using Twitter, according to a new federal securities filing from the blank check company taking his social network, Truth Social, public.
Why it matters: Trump previously said he wouldn't return to Twitter, even if reinstated by Elon Musk, but many believe it's a hollow promise.
There's been a big uptick in graffiti being painted on New York City subway cars — including from tourism vandals who deliberately travel to Gotham to put their marks on the city's trains.
Why it matters: The tags and artwork are reminiscent of the "bad old days" of the 1970s and '80s, when spray-painted subway cars were a symbol of crime and urban blight.
An exceptionally robust job market. The Federal Reserve raising interest rates at a rapid clip. Overheated financial markets starting to correct themselves, with the frothiest sectors bearing the brunt.
That's the situation today — and was also the situation in the spring of 2000, when the dot-com bubble started to burst. A recession followed, but not until a year later.
The red-hot housing market is starting to cool this spring, after nearly two years of soaring prices and shrinking inventories.
Why it matters: Homebuyers and renters who've been struggling to find an affordable place to live will have more choices and fewer bidding wars — if only just a little.
/2022/05/16/1652725002004.gif?w=3840)
/2022/05/16/1652709572569.gif?w=3840)
/2022/05/16/1652699732974.gif?w=3840)
