The Supreme Court is reining in the power of federal regulators.
Why it matters: Companies across the board could face a patchwork of rulings by different courts, rather than one agency’s decision, former FCC official Blair Levin told the Washington Post.
U.S. auto sales dropped sharply in the second quarter, according to estimates, as automakers continue to deal with supply chain problems, declining consumer sentiment and rising interest rates.
Why it matters: The auto industry remains a significant engine of the U.S. economy — and a decline in sales may portend a broader pullback in consumer spending.
The big picture: Historically high gas prices aren’t expected to stop more Americans from driving, and the holiday weekend road trip is still on for more than 52% of consumers surveyed by The Vacationer.
One crypto shop waiting to close its SPAC deal is forging ahead, despite missing a key deadline that frees investors from a previously agreed upon commitment of $300 million.
Why it matters: Many crypto shops are seeking a spot on U.S. public exchanges by merging with special purpose acquisition companies — only to be slowed down by a string of poorly performing post-merger firms, regulatory scrutiny and now — downturns in markets for both stocks and digital assets.
Four-digit monthly car payments are becoming increasingly common as new-vehicle prices and interest rates spike.
Driving the news: 12.7% of buyers who financed their new vehicles in June agreed to monthly payments of at least $1,000, the highest level ever, car research site Edmunds reported Thursday.
Shanghai Disneyland has officially reopened after a COVID-19 shutdown closed the park for about three months.
Why it matters: China's largest city faced a massive lockdown due to domestically transmitted COVID-19 cases. But numbers recently dropped down to zero, leading to an ease in restrictions, the Associated Press reports.
The union representing roughly 65 editorial workers at Wired, the tech publisher owned by Condé Nast, is threatening to strike for two days if it can’t reach a contract agreement with Condé Nast management by July 12 — the first of two digital shopping holidays known collectively as “Amazon Prime Days.”
Why it matters: The emloyees argue they aren’t being paid equitably despite the fact that their work helps drive some of the company’s most lucrative traffic days.
The signs of a crypto bear market must be heededas the first half of the year draws to a close.
Why it matters: The last bear market in crypto scattered institutions and yet — this time it feels different. This time there are a few opportunists looking to buy while prices are "fear-cheap."
Here's what we know so far about the fall of crypto investment firm Three Arrows Capital (3AC), which was reportedly ordered into liquidation Monday by a court in the British Virgin Islands.
Why it matters: Fear of contagion is thick in the crypto industry right now. And the process for 3AC is likely to take a while.
Toys R Us is long gone, but its former private equity owners still can't shake it.
Driving the news: A U.S. bankruptcy court judge has ruled that a creditor lawsuit can proceed against a group of the bankrupt retailer's former top executives and directors, including partners of Bain Capital and KKR.
Evolved By Nature, a Medford, Mass.-based creator of a library of activated molecules from natural silk protein, raised $120 million in Series C funding.
Investors include fashion brand Chanel, while the round was led by Ontario Teachers' and Senator Investment Group.
Why it matters: Silkworms could help alleviate human reliance on petrochemicals as coatings for textile, leather and skin care products — at a time when brands are trying to meet internal and government-mandated ESG goals.
Grayscale Investments, the firm behind the world's largest bitcoin fund, is suing the Securities and Exchange Commission following its rejection of the firm's bitcoin spot ETF proposal.
Why it matters: Financial advisors, in particular, have been eager to see a spot bitcoin ETF to improve accessibility, cost and tax treatment.
Inflation stayed steep in May, though the pace of cost spikes is showing some signs of leveling off, according to the personal consumption expenditures price index, the inflation gauge favored by the Federal Reserve.
Delta Air Lines already knows it will face "operational challenges" over the Fourth of July weekend, so it's trying to get customers to rejigger their plans ahead of time by offering free rebooking.
Why it matters: It's a sign of how bad the state of air travel is today that airlines have to beg their passengers to change their vacation plans. But at least Delta is trying to be proactive in the face of cascading issues that are disrupting air travel worldwide.
The G7 unveiled a plan this week to invest $600 billion in infrastructure projects in developing countries.
The program, which flew a bit under the radar as escalating sanctions against Russia took center stage in the German Alps, has the potential to strengthen the U.S.’s foreign relationships, while also funneling economic benefits back home.
Members of Delta's pilot union will be picketing outside airports across the country ahead of the holiday weekend to pressure the company to speed up its contract negotiations.
Why it matters: The union estimates that in an effort to meet the massive post-pandemic air travel demand, pilots are on track to have logged more overtime in the past few months than they did in all of 2018 and 2019 combined.
Fear of a recession could be the final straw that actually tips the economy into that recession, some analysts say.
Driving the news: Persistent inflation, and the Federal Reserve’s campaign to rein it in, are conspiring to tip the economy into a downturn — one that even Fed Chair Jerome Powell acknowledges could metastasize into a recession.
Global merger and acquisition activity fell 21.1% in the first half of 2022, including a 28% decline for U.S. targets, according to preliminary data from Refinitiv.
Why it matters: Deal activity can be viewed as a proxy for business sentiment, and these numbers suggest pessimism.
