Driving the news: “First of all, it’s not inevitable,” Biden said in a 30-minute interview at the Oval Office. “Secondly, we’re in a stronger position than any nation in the world to overcome this inflation.”
Circle Internet Financial, the issuer behind the second-largest stablecoin pegged to the U.S. dollar, is aiming for stablecoin dominance with a second offering — one pegged to the euro.
Why it matters: Circle's USDC dollar coin has a near $60 billion market capitalization and is rapidly closing in on Tether's USDT. Now, Circle is launching Euro Coin (EUROC), which like USDC, will be backed by full reserves, the firm said.
Why it matters: While 65% of the 11,889 surveyed journalists said news outlets do a "very" or "somewhat" good job at reporting the news accurately, only 35% of the 9,388 polled adults agreed.
Big Macs are still on sale at some former McDonald's locations in Russia even though many of the restaurants reopened under a new brand and ownership last week, Reuters reports.
Driving the news: A Russian-owned fast-food chain replaced several McDonald's locations in Russia over the weekend. Some of these restaurants continued to sell McDonald's meals.
Elon Musk met with Twitter employees Thursday for the first time since he started his effort to acquire the company.
What's happening: Musk told a company town hall meeting that he wants to make the platform a haven for free speech, open-source the algorithm that determines what posts users see and use China's WeChat as a model for how Twitter could move to the center of users' lives.
This is the moment for certain VC-backed "unicorns" to consider down-rounds. Not only because conditions may suggest them, but because they come with relatively little reputational damage.
Be smart: If everyone raises a down-round, does anyone raise their eyebrows?
Amazon's Prime Day sale will be July 12-13, bringing the annual shopping extravaganza back to July for the first time since 2019, the company announced Thursday.
Driving the news: The 48-hour sale kicks off July 12 at midnight PDT (3 a.m. EDT) and runs through July 13 for Prime members in select countries. Early deals will start June 21, Amazon said in its announcement.
Walmart is raising the average hourly pay for its store and Sam’s Club pharmacy technicians to more than $20 an hour and plans to give more frequent and automatic raises.
Why it matters: Amid a nationwide labor shortage of pharmacy technicians, the nation's largest retailer said Thursday it was introducing "a new, progressive wage model designed to set us apart from the competition."
Cosmetics maker Revlon has filed for Chapter 11 bankruptcy protection, succumbing to a rising debt load, online competition and supply chain woes.
Why it matters: While corporate bankruptcies remain at some of their lowest levels since 2010, the lipstick and nail polish maker could foreshadow more upheaval in the consumer discretionary sector as the U.S. braces for a possible recession.
Snapchat is launching a new feature that allows users to reply directly to creators' videos in Spotlight — its TikTok-like video feed — as a way of commenting on videos, Axios has learned.
Why it matters: Commenting has become one of the most requested features on Spotlight since Snapchat launched the product in November 2020. Competitive video features, like TikTok and Instagram Reels, have comments.
The housing market is moving into a new phase, and it's not quite clear yet what that means in terms of home prices.
Driving the news: Homebuilder confidence declined for the sixth straight month in June, dropping to its lowest level in two years, though it's still in positive territory, according to the National Association of Home Builders/Wells Fargo Housing Market Index released Wednesday.
Mortgages, car loans and credit card debt are all about to get more expensive.
The big picture: The era of dirt-cheap borrowing is over: The Federal Reserve is trying to slam the brakes on the economy, and the cost to borrow is going up as it rushes to contain inflation.
Turns out some of us might have what it takes to run a giant public company: social skills. CEOs with such skills are increasingly in demand, finds a new analysis just published in the Harvard Business Review.
Why it matters: People skills have grown in importance as CEOs are increasingly expected to respond to not just shareholders and board members, but employees, customers, the public at large, regulators, activists, and more. The upheaval of the pandemic has made it even more crucial that leaders are good, empathetic communicators.
Baby formula manufacturer Abbott announced late Wednesday it has paused production at its plant in Sturgis, Michigan, due to a severe storm system that caused flooding.
Why it matters: The U.S. has faced a baby formula shortage because of supply chain issues compounded by the earlier closure of Abbott's Sturgis facility after an FDA product recall. The plant resumed production of EleCare and other specialty and metabolic formulas on June 4.
Inflation is at a 40-year high, but a few things are actually getting cheaper.
Why it matters: We're here with actual good news. Yes, you read our opener right. Some prices have stayed the same — and others have actually gotten cheaper over the past year.
Ford is recalling 2.9 million vehicles due to a rollaway risk, per AP.
Why it matters: The National Highway Traffic Safety Administration has received multiple reports of property damage and injuries potentially related to the problem.
House Republicans welcomed to the Capitol on Wednesday a new self-described "anti-woke" business lobbying group, amplifying their hostility toward the U.S. Chamber of Commerce and broader "environmental, social and corporate governance" (ESG) movement.
Why it matters: The U.S. Chamber used to wield enormous power within the GOP as the representative of business interests. But the country's largest lobbying group is now viewed with contempt across large swaths of the Republican Party.
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