Fugees rapper Prakazrel "Pras" Michel was convicted Wednesday for his role in a multibillion-dollar scheme to ransack Malaysian state investment fund 1MDB.
The big picture: After a trialfeaturing high-profile witnesses including Leonardo DiCaprio and former U.S. Attorney General Jeff Sessions, Michel was found guilty on 10 counts — including conspiracy, acting as an agent of a foreign government and witness tampering.
Tyson Foods announced Wednesday the company will cut 15% of its senior leadership — mostly senior vice president and vice president roles — and 10% of its corporate jobs.
State of play: CEO Donnie King shared the news with employees from Springdale, Arkansas, in an emailed memo.
The annual switch to a pricier variety of gas known as summer blend is almost complete — meaning prices at the pump are likely peaking and could fall before beach season begins.
Why it matters: Summer blend fuel, a higher grade of gas, can add up to 15 cents per gallon in the spring, according to NACS, the trade organization for fuel and convenience stores.
It's been a brutal month or so for regional banks, since the implosion of Silicon Valley Bank in March.
Why it matters: The chart above shows that while the broader regional banking sector has sold off in sympathy with seriously troubled lenders like SVB and First Republic, the downturn has been nowhere near as deep.
The big picture: Tuesday was the last day to use the iconic blue coupons — which households across the country have stowed away for years — before they were worthless.
After the failures of Silicon Valley Bank and Signature Bank, regulators took extraordinary steps to backstop the nation's banks. That looked as though it was enough to shore up general confidence in the financial system — until now.
Why it matters: Trouble at First Republic Bank is the latest sign that fallout from the banking crisis is ongoing. There's now a significant risk that briefly restored confidence could unravel, should the bank fail.
If First Republic Bank fails — and its failure is, at this point, priced into both the stock market and the bond market — then the U.S. government is going to reward select financial institutions with billions of dollars' worth of gains.
PwC US plans to devote $1 billion over the next three years to AI projects for both its clients and its own operations, including upskilling its 65,000 workers.
Why it matters: Companies are grappling with the best way to use AI to improve their businesses.
Why it matters: Sales of the humble corrugated containers tell us a lot about the state of the goods economy, as everything from dishwashers to food to toys get stuffed into them.
British antitrust regulators on Wednesday said they'll seek to block Microsoft's $69 billion takeover of video game giant Activision Blizzard, citing how the merger could hinder competition in the emerging cloud gaming market.
Why it matters: This would be the largest gaming merger of all time, but now is being opposed by both U.S. and U.K. regulators, with European Union regulators continuing to investigate.
Consumer spending fell substantially in March from the previous month, according to a survey out Wednesday from Morning Consult.
Why it matters: The polling offers a hint about the official consumer spending data that will come out Friday from the Bureau of Economic Analysis. In the past, Morning Consult's survey — though more volatile — has directionally tracked those numbers.
Several startups working on self-driving trucks — viewed by many as an easier challenge than autonomous passenger cars — have stalled in recent months, leaving only a handful of players aiming to deliver on a huge promise.
Why it matters: Autonomous trucks could help freight companies meet increased demand amid a nationwide driver shortage, while lowering costs, reducing fuel consumption and boosting safety.
But it's not easy to commercialize self-driving 18-wheelers — especially as investment capital dries up amid rising interest rates.
That's left some to wonder whether autonomous trucks will ever arrive.
