The nation's biggest banks are healthy enough to withstand a severe economic downturn, the Federal Reserve said on Thursday announcing the results of its annual stress test.
Why it matters: The banks proved they had enough capital to continue lending in a hypothetical scenario that saw unemployment skyrocket and commercial real estate prices and stocks collapse. The results of the yearly checkup open the door for banks to return billions of dollars to investors.
CANNES, France — Netflix continues to project confidence despite a downshift in its business.
Why it matters: Investors have been abandoning the stock as conditions which propelled stay-at-home stocks disappear. But co-CEO Ted Sarandos said they have been here before.
Airlines are crying uncle. Reeling from staffing shortages, they are responding to a sudden upswing in demand by cutting flights and reducing their commitments to regional airports.
Why it matters: Americans are eager to travel again, and regional airports make it easier to reach some of the nation's far-flung hotspots.
More dogs are heading to work each day with their pet parents, whether it's remotely in the home office or company headquarters.
The big picture:Remote work has grown dramatically during the pandemic and pet ownership has boomed with more than 23 million households adding a pet, a survey from Cesar Canine Cuisine found.
Artist Amber Vittoria's step into the nonfungible token world helped her go "fully abstracted." Think ribbons of color or shapes scattered across the page.
Why it matters: The NFT boom of 2021 fed creatives. As coin prices took off, a marketplace where those coins could be spent blossomed. A downturn in coin values threatens what Vittoria refers to as "the digital art renaissance" — also the name of the panel she led at NFT NYC.
In 2019 we wrote that Altria's $12.8 billion investment for a 35% stake in vaping products maker Juul was "at risk of becoming one of the worst corporate investments of all time."
June 2022 update: It is the worst corporate investment of all time.
SumUp, a London-based maker of point-of-sale payments solutions for small businesses, raised €590 million in equity and debt funding led by Bain Capital Tech Opportunities at an €8 billion valuation.
Why it matters: This reflects softening valuations for European fintech, given reports from earlier this year that investors were floating a €20 billion mark for SumUp.
Nike announced Thursday that it plans to permanently close all its businesses in Russia in the coming months.
Driving the news: In March, Nike joined a slew of other global businesses in pulling back its business operations in Russia after the country's unprovoked invasion of Ukraine.
The White House is showing a renewed focus on hammering down gasoline prices — including calling oil company executives to Washington for face-to-face talks Thursday.
Why it matters: Prices at the pump have become a central focus for increasingly cranky consumers, and a ubiquitous reminder of the administration's fecklessness on inflation, their top concern.
There are increasing signs that workers' power — a consequence of the hot COVID-era economy — is leveling off or even eroding in some sectors.
Why it matters: The super-tight labor market has been great for working people but a little too spicy for the Fed's taste — chair Jerome Powell has cited it as a factor driving inflation. Now there are signs his rate hikes are having the intended cooling-off effect.
Kraft Macaroni and Cheese is getting a rebrand with a new blue box and a shorter name, "Kraft Mac & Cheese."
Driving the news: The 85-year-old brand revealed a new look Wednesday for its comfort food, which still includes a noodle smile but now it's "even more delicious and dripping with creamy, cheesy goodness," parent company Kraft Heinz said in a news release.
They crave work-life balance and mental health support. They dread getting stuck in a dull job. And they fault today's decision-makers for downplaying the issues that move them, like school shootings and racism. Meet Gen Z, as depicted by a new report.
Why it matters: Gen Zers — those born between 1997 and 2012 — will soon be the biggest U.S. voting cohort, and they vote in record numbers.
Tesla's new plants in Texas and Germany are "losing billions of dollars" as the electric car maker struggles with production due to supply chain disruptions and battery shortages, Elon Musk said in an interview released Wednesday.
What he's saying: "Both Berlin and Austin factories are gigantic money furnaces right now," Musk said in the interview with Tesla Owners of Silicon Valley, an official Tesla-recognized club, recorded on May 31. "It's really like a giant roaring sound, which is the sound of money on fire."
Teaching has become one of the most draining jobs in America. So we asked Axios Finish Line readers who are teachers how we can help them.
Why it matters: Teachers' stress and burnout is on the rise, while wages remain stagnant. All of us can step up to aid those who educate the next generation of leaders.
