JPMorgan Chase CEO Jamie Dimon called the White House's student loan forgiveness plan "badly done" during a congressional hearing on Wednesday, and added the Biden administration's move doesn't go far enough to fix the problem with student lending.
Why it matters: As one of the country's most high-profile CEOs, Dimon's musings on a range of issues are closely watched. Dimon offered the most critical response, at least publicly, of the debt forgiveness program from corporate America yet.
Lithium prices have more than quadrupled over the last year as the rush from automakers to produce electric vehicles gains momentum.
Why it matters: The spike in prices for raw lithium — a key material used in batteries — is fueling a rise in the price of EVs, hampering their appeal to consumers already dealing with inflation elsewhere.
Trash is not sexy, it's not fun — it's literally the stuff we want to forget about the moment we throw it away. But the truth is, according to Miniwiz founder and CEO Arthur Huang, nearly everything we use can be remade into something else, creating a true circular economy.
Driving the news: During a main stage chat with Hope at the annual Concordia sustainability summit in New York yesterday, Huang showed off an entire wardrobe — suit, shirt and tie — made from recycled polyester yarn.
Jesse Powell is stepping down as CEO of prominent U.S.-based crypto exchange, Kraken. As the company's largest shareholder, he will continue to serve as Chairman of the Board, the Wall Street Journal reported.
Why it matters: Founded in 2011, Kraken is one of the longest running exchanges, currently ranked fourth for volume on CoinMarketCap. Bloomberg recently reported it had a $10 billion valuation.
The Federal Reserve enacted its third consecutive 0.75 percentage point interest rate hike Wednesday and released new forecasts that show the central bank envisions higher unemployment and yet higher rates in the coming months in its campaign to bring down inflation.
Why it matters: Altogether, the signal of more rate increases ahead paired with pessimistic projections for the labor market, is a clear signal of the Fed's commitment to putting a lid on soaring prices — even if it the broader economy takes a hit as a result.
Over 1,300 people have been detained for holding protests on Wednesday against Russian President Vladimir Putin's "partial mobilization" of reservists for the invasion of Ukraine, according to OVD-Info, a Russia-based human rights organization that monitors political persecution in the country.
Why it matters: Hundreds of people organized demonstrations in at least 38 Russian cities, including Moscow and Saint Petersburg, against the order in violation of Russia's anti-protest laws, which outlaw unsanctioned rallies.
Phoenix Suns and Phoenix Mercury owner Robert Sarver said Wednesday he is "beginning the process of seeking buyers" for the teams after being suspended by the NBA for one year for workplace misconduct.
Why it matters: A report from an independent investigation earlier this month found that Sarver "repeated the N-word when recounting the statements of others" and engaged in "inequitable conduct toward female employees," substantiating prior allegations.
Turns out the "pink it and shrink it" marketing strategy that mainstream shops often reach for in an attempt to draw women is fungible. What's not: social causes, or so one NFT project is banking on.
Why it matters: World of Women (WoW) started out as a PFP, or profile picture collection, offering an NFT collection depicting women in an industry better known for ape-punk dominated worlds fueled by memes, sarcasm and general punk crassness.
Nordstrom adopted a poison pill after listed Mexican department store chain Liverpool acquired a 9.9% stake for around $295 million, in order to prevent a hostile takeover.
Why it matters: Nordstrom is a perpetual M&A bridesmaid, but always ends up remaining single.
After getting laid offfrom her job at mortgage provider Better.com in March, Charmaine Steele interviewed at eight other mortgage companies. Each one subsequently announced layoffs of their own, she tells Axios. At least one has gone out of business.
Why it matters: It's lean times in the real estate business. The slowdown is a warning for the economy more broadly, and a rare labor market weak spot at a time of strong overall employment.
Why it matters: This is far fewer jobs than the 170,000 new positions the world’s largest retailer announced in September 2021, but Walmart told Axios that its “staffing is stronger heading into this holiday season than it was last year.”
The CEOs of the country'sseven largest commercial banks will appear before Congress this morning. Regulatory issues like bank capital requirements are expected to come up — but topics related to consumer protection may take center stage.
Who's testifying: Out are some banks that have long been the target for criticism of Wall Street greed, like Goldman Sachs. In are some of the largestregional players — including U.S. Bank, Truist and PNC — on the frontlines of consumer banking.
Even new conveniences like pre-scheduled TSA check-in or self-tagging baggage kiosks can't make up for the biggest problem plaguing airports: overcrowding.
Why it matters: It's 2019 all over again. After a brief, blissful period during the pandemic when passengers could breeze through security checkpoints, baggage claims and restaurants, airports are again a source of frustration, according to J.D. Power's latest annual Airport Satisfaction Study.
The work philosophy of quiet quitting — a rebellion against the "rise and grind" ethos — is spreading quickly and widely among young workers. And this has the potential to change how we all work.
Driving the news: 82% of Gen Zers say the idea of doing the minimum required to keep their jobs is pretty or extremely appealing. And some 15% of that share are already doing it, per a new Axios/Generation Lab poll.
Here's a corollary to Malcolm Gladwell's 10,000-hour rule: Greatness not only requires practice but opportunity.
Why it matters: This is essential for our kids. It takes time and hard work to master something, but it also takes the help of parents, teachers and family members to foster that talent and create the time and space for children to excel.
