Axios

For decades, the scale of the relationship between a major global bank and the former German Nazi regime has remained unclear, with investigations lacking the necessary funding and resources.

Yes, but: Two confidential reports released Tuesday shed new light on the connections between the Nazis and Credit Suisse, revealing that the bank held nearly 100 accounts linked to German Nazis and members of Nazi-linked groups in Argentina — in some cases, until recent years.

The Hamburglar has come out of retirement for a new McDonald’s advertising campaign to promote the coming rollout of changes to its classic burgers.

Driving the news: The iconic character — first debuted in the 70s and known for his “robble, robble” catchphrase — is back for his first commercial in traditional form in more than two decades, McDonald’s said.

Netflix on Tuesday said it's ending its 25-year-old mail-in DVD business and delaying plans to crack down on password sharing more broadly until later this year.

Why it matters: The streamer has been looking closely at costs as its growth slows amid greater competition.

Fox News settled with Dominion Voting Systems on Tuesday for over $787 million in what would have been a historic defamation trial in a Delaware court.

Why it matters: The 11th-hour settlement protects Fox executives from having to possibly testify in court about their role in the network's airing of 2020 election lies.

The landmark defamation trial between Fox News and Dominion Voting Systems kicked off in a Delaware court Tuesday morning, but delays kept opening arguments from starting until an announcement about a settlement was made by the judge.

Why it matters: The trial, which was slated to last six weeks, was watched closely for potential implications for the First Amendment and the impact it might have on Fox News ahead of the 2024 election.

A Russian court on Tuesday upheld the detention of Wall Street Journal reporter Evan Gershkovich, who the U.S. has said was wrongfully detained when Russian authorities arrested him last month on espionage charges.

The big picture: Gershkovich appeared at the hearing in a defendant's glass cage — his first public appearance since being arrested. The court denied his lawyers' request to release him on bail or house arrest. A day earlier, U.S. Ambassador to Russia Lynne Tracy said she was allowed to visit Gershkovich for the first time since he was detained.

The nation's craft beer market is at an inflection point.

Driving the news: Independent brewery production remained flat at 24.3 million barrels in 2022, according to an annual report released Tuesday from the Brewers Association, the industry's trade group.

Southwest Airlines was temporarily forced to halt domestic departures Tuesday following a technical issue.

Why it matters: This is the latest hurdle for the airline, which suffered a disastrous holiday meltdown late last year that prompted days of delays, cancellations, and baggage claim chaos.

European Central Bank president Christine Lagarde came to New York on Monday with a warning: A more fragmented world economy is here to stay.

• It aligns with the tone we heard last week at the International Monetary Fund and World Bank spring meetings.

Why it matters: If the geopolitical instability and supply disruptions of the last three years amount to a new normal, it will make it hard — maybe impossible — for policymakers to keep their economies on an even keel.

This tax day, there's slightly more at stake than usual. If federal tax collections are strong, that could push out the absolute deadline when the nation exhausts cash and borrowing capacity.

Yes, but: If tax receipts are weak, that drop-dead date could be reached sooner than anticipated — leaving less time for lawmakers to hash out a deal. The latter is beginning to appear more likely, according to Goldman Sachs.

NewsNation will debut a new daytime block of news programming next Monday that will bring the network to 24 hours of news, five days a week, president of news Michael Corn told Axios. The expansion includes a multimillion-dollar investment in studios and talent in Washington, D.C., and New York City.

Why it matters: The network, which is owned by TV giant Nexstar, is trying to build a 24-hour cable news network that doesn’t have a political bent at a time when polarization in America has never been higher.

America is inching toward its next debt ceiling fight, with House Speaker Kevin McCarthy (R-Calif.) yesterday laying out part of his strategy in a speech at the New York Stock Exchange.

The big picture: On the surface, this is nothing new. Republicans for over a decade have used the debt ceiling as leverage to cut future spending.

Why it matters: But monetary and political conditions in 2023 are much different than they have been during past debt ceiling battles, as could be the consequences of a 2011-style downgrade.

• In 2011 the Federal Reserve was in an era of quantitative easing, giving confidence to sovereign noteholders that there would be a buyer for their Treasuries, even if downgraded.
• In 2023 the Fed is in the midst of quantitative tightening. That means a downgrade could cause much more severe ripples through the capital markets and economy. One private equity executive recently told me it's the thing that scares him much more than a second-half recession.
• Politically, McCarthy has a much narrower majority than did John Boehner in 2011. That is likely to limit his ability to negotiate with the White House (assuming, of course, that the WH moves off its current stance of "clean" debt ceiling increase or nothing).
• McCarthy is pledging a debt ceiling vote in the House within weeks, although we're still waiting on specifics. His conference is meeting to hammer that out as I type.

Reminder: Raising the debt ceiling, or not, is about servicing debts already incurred by past spending. In other words, America paying its bills.

• We also don't yet know exactly when the Treasury Department's "extraordinary measures" run their course.

Behind the scenes: Wall Street obviously wants a deal that avoids downgrades or default, but so far is sitting on the sidelines.

• McCarthy's appearance at the NYSE was part of a GOP effort to get financiers to put pressure on the White House. Likewise, there's been Democratic pressure in the other direction.
• "This is the stupidest debate in the world because obviously we need to raise the debt ceiling," says a private equity executive who mostly donates to Republicans. "But I don't think it's helpful yet for people like me to get involved."

The bottom line: Most economic calamities are unavoidable, or at least take us by surprise. The debt ceiling is an exception to that rule.

The vast majority (87%) of Americans who listen to news on podcasts say they expect the information they hear to be mostly accurate, according to a new Pew Research Survey.

Why it matters: At a time when trust in news is at a historic low, podcasts offer hope that media institutions can rebuild relationships with the public through a new medium.

Taxes are due April 18 — three days after the normal April 15 deadline — giving procrastinators a short reprieve to file income tax returns or an extension this year.

The big picture: The regular deadline falls on a weekend and Washington, D.C.'s Emancipation Day is Monday.

Is getting a tax refund irrational? Some economists would have you think so.

Why it matters: Tuesday is tax day; those who pushed filing to the deadline are just learning if they overpaid their taxes this year and are due a refund — or if they owe more money.

The end of strict COVID lockdown policies in China marked the beginning of the country's economic rebound, just as the outlook for worldwide growth darkens.

Driving the news: During the first quarter of 2023, China's gross domestic product grew by 4.5% over the same time last year, according to data from the country's statistics bureau released Tuesday.

• The expansion is higher than forecasts of 4%, and is the highest annual growth since the first quarter of last year (4.8%), CNBC notes.

Why it matters: China's economy, the world's second-largest, has a huge impact on the rest of the world. A slowdown could impact global financial markets and activity around the globe.

• The country's policymakers set a modest target for economic growth this year of about 5%, slightly below its 5.5% target for 2022. It fell short due to a heavy-handed response to COVID infections that shut down key areas of the country repeatedly.

The big picture: Beijing reversed course on its COVID policies toward the end of last year, around the same time it pulled back on its crackdown of tech companies and property developers.

• Policymakers have also pledged to help reduce unemployment in the country, especially among younger workers between 16 and 24, but "they face limited room" to make changes amid debt risks and continued global recession worries, Reuters notes.

What to watch: Oil prices rose slightly on China's economic data, as traders expect demand from the world's largest crude importer to grow.

Apple opened its first retail store in Mumbai on Tuesday with roughly 200 people gathered in wait and CEO Tim Cook taking selfies, including with Bollywood celebrities earlier in the week.

Why it matters: The most profitable Fortune 500 company is deepening its commitment to India as it expands manufacturing in the country and develops greater ties to Indian consumers. And it isn't alone.

Few events capture so perfectly the cultural, political and social toxicity of America as the Great Bud Light Debacle of 2023.

Why it matters: One transgender social-media influencer, Dylan Mulvaney, radically changed beer sales and stock prices — literally overnight — after a conservative backlash spread, bar to bar.

Elon Musk is on a reputation-mending media tour as Twitter faces business challenges and advertiser skepticism tied to his erratic and controversial product and policy changes.

Why it matters: Musk claimed in an interview with BBC last week that most of Twitter's advertisers have returned, but analysts suggest Twitter's ad revenue is rapidly declining.

Republicans and Democrats are staking out their positions, ahead of what's expected to be a big fight over raising the debt ceiling.

Why it matters: Congress must raise the debt ceiling in the coming months or risk pushing the Federal government into default, a gamble that could have serious and tough-to-predict economic consequences.

Shoppers looking for a tax break on a new electric vehicle (EV) have fewer options starting today — and almost all of them come from American brands.

Driving the news: The Treasury Department just narrowed the list of EVs eligible for a $7,500 consumer tax credit to U.S.-built cars made with battery components from the U.S. or its trading partners.

Minnesota settled its lawsuit against Juul labs and the e-cigarette manufacturer's previously largest investor Altria as their trial was wrapping up on Monday, the two parties announced.

The big picture: Juul has settled thousands of lawsuits — its biggest coming last week when it agreed to pay six states and the District of Columbia $462 million related to allegations that the vaping company targeted youth in its marketing. The Minnesota case was first to reach trial.

Love is not patient, as fans of Netflix's "Love is Blind" reality show demonstrated on Sunday night when a live reunion episode failed to stream as promised.

Driving the news: The "Love is Blind Live Reunion" was the streamer's second-ever live show.

Apple has launched a high-yield savings account with a 4.15% annual percentage yield, the company announced Monday.

Why it matters: It's the tech giant's latest move to entice people to sign up for its growing basket of financial products at a time when the national average annual percentage yield for savings accounts is sitting at under 0.4%.