Americans keep spending despite worrying about inflation.
Why it matters: It’s another sign that the underlying economy remains relatively strong even as fighting inflation is now President Biden's "top domestic priority."
Grubhub planned to treat New Yorkers to a free meal Tuesday with a three-hour lunch promotion that was designed to take $15 off orders.
Yes, but: The demand exceeded the delivery service's expectations, Grubhub spokesperson Christopher Krautler said in a statement to Axios, noting there was an average of 6,000 orders per minute and "redemptions were six times higher than a similar promotion."
United Airlines CEO Scott Kirby rarely has a sleepless night, he said yesterday on the Edge observation deck, 1,100 feet above Manhattan.
Driving the news: Kirby and his team held a reception at the restaurant attached to the tourist attraction to celebrate the launch of United’s new ad campaign, “Good Leads The Way.”
The recent stock market mayhem won't change the Federal Reserve's plan for a series of aggressive interest rate hikes meant to curb soaring inflation, Fed chair Jerome Powell said on Tuesday.
Why it matters: The nation's most influential economic policymaker says the Fed won't back down from an historic campaign to squash prices rising at the fastest pace in 40 years.
Venture capital giant Andreessen Horowitzargues that what seems like a boom-and-bust cycle in crypto has an underlying logic.
Driving the news: In a blog post accompanying the first of what it promises will be an ongoing series of annual reports on cryptocurrency, several members of the firm explained why crypto is different.
An estimated 42,915 people died in motor vehicle traffic crashes in the U.S. in 2021, the highest number of traffic fatalities since 2005, according to data released Tuesday from the Department of Transportation.
By the numbers: The National Highway Traffic Safety Administration said the number represents a 10.5% increase from 2020, when 38,824 deaths were reported.
Allianz Global Investors will pay $1 billion to settle what regulators charged was a "massive fraudulent scheme" that involved over 100 institutional investors, including public pension funds.
In a statement on Tuesday, the Securities and Exchange Commission said the complex investment strategy, which began as early as January 2016, came undone after the brutal COVID-19 bear market of March 2020 resulted in billions in losses.
Three portfolio managers were named in the complaint, with two pleading guilty to criminal charges.
Allianz's parent company will also cough up over $5 billion in restitution to the victims.
Why it matters: Germany-based Allianz is one of the biggest names in the financial world, with well over $2 trillion in assets under management. The scheme ultimately manipulating investors to sink $11 billion into a strategy called "Structured Alpha" that netted the firm around $550 million in fees. And a billion-dollar SEC settlement is a lot of money.
What they're saying: In recent days, the SEC has moved to reassert itself as the sheriff of Wall Street, and the downturn in markets is providing them with lots of fresh opportunities.
"Allianz Global Investors admitted to defrauding investors over multiple years, concealing losses and downside risks of a complex strategy, and failing to implement key risk controls," said SEC Chair Gary Gensler.
"The victims of this misconduct include teachers, clergy, bus drivers, and engineers, whose pensions are invested in institutional funds to support their retirement.
Thought bubble: A bull market can cover a multitude of sins — but when things get turbulent, malfeasance and criminality get exposed. That's when the "bezzle" comes to a screeching halt, and the crackdowns begin as Axios' Felix Salmon noted last week.
Nestlé, the owner of Gerber baby food, has flown in extra baby formula to the U.S. from Switzerland and the Netherlands to help alleviate the ongoing baby formula shortage.
Why it matters: The result of pandemic supply chain issues and a massive recall, the shortage has seen parents scrambling to find baby formula.
Candle Media, the new media rollup company backed by Blackstone and led by former Disney executives Tom Staggs and Kevin Mayer, is acquiring ATTN:, the digital media company that focuses on social change content for millennials and Gen-Z.
Why it matters: The deal gives ATTN: capital and access to Candle's portfolio companies and creator relationships to help the firm scale. It gives Candle access to a brand that has expertise in reaching a younger, socially-active audience.
NBC News is doubling down on the digital transformation of its flagship political show "Meet the Press" by rebranding its separate website for the franchise, overhauling its flagship political newsletter and adding a new blog.
Why it matters: The efforts come days after NBC News announced that Chuck Todd's daily "Meet the Press" show would move from MSNBC at 1 p.m. to the network's 24/7 news streaming service NBC News Now at 4 p.m.
Consumers continued to spend in April, with retail sales jumping 0.9% from the prior month, according to government data released on Tuesday.
Why it matters: Shoppers aren't pulling back on spending even as prices soar at the fastest pace in 40 years. This is a good sign for the American economy amid fears of a coming recession as inflation rages.
It’s been five months since the Federal Reserve started hinting it was about to raise interest rates, and two since its first hike — so it's a good time to check in on how the shift in monetary policy is changing corporate America’s borrowing habits.
Why it matters: The Fed is on a mission to make money more expensive — and that's supposed to constrain borrowing and slow the economy.
China's lockdowns continue to punish the world's second-largest economy, with a fresh round of data suggesting a worsening outlook for growth.
Why it matters: China is the single largest contributor to world growth, so its slowdown will ripple out in the form of lower economic activity and corporate profits worldwide.
Elon Musktweeted at 3:32am ET Tuesday that his bid to buy Twitter "cannot move forward" unless CEO Parag Agrawal provides proof for his estimate that less than 5% of users are bots or spam accounts.
Why it matters: Analysts believe Musk is using allegations that Twitter's user base has more bots than the company claims to either back out of the deal or negotiate down a price, especially now that Twitter's stock price has plummeted amid a broader market downturn.
Driving the news: 93% of shoppers in the U.S. have or are open to buying secondhand products, according to a new report from resale platform ThredUP out this morning.
Mayors from around the world have converged on the United Nations this week to propose ways to make cities more hospitable to immigrants and refugees — and to seek more money for their efforts.
Why it matters: Cities are on the front lines of immigration, but mayors feel they've been crowded out of discussions. A new group called the Mayors Migration Council hopes to make their voices heard in national and international circles — and highlight the actions that cities are taking to welcome and assimilate newcomers.
Some 75% of our daily speaking comes from just 800 words, BBC estimates.
The big picture: We all fall into language patterns and ruts, so we asked Axios' staff and Axios Finish Line readers (sign up here for free) to give us their favorite cool, underused words to lengthen our vocabulary lists.
Why it matters: The fast-food chain nixed its pizza back in 2020 amid menu streamlining in the early months of COVID-19. More than 171,000 fans signed a petition begging for the pizza’s return.
