The Mother's Day breakfast spread is more expensive than last year — even as falling grocery prices bring some relief from inflation.
The big picture:Eggs, bacon and coffee prices have all dropped from their record highs, but food prices are still up 7.7% in the 12 months through April, according to the latest Consumer Price Index.
Five years ago today, the Supreme Court overturned the Professional and Amateur Sports Protection Act, launching what has become a massive legal sports betting industry.
Why it matters: The booming business has become inescapable to fans, littering TV broadcasts with ads and driving the conversation in sports bars across America.
Forbes agreed to sell itself in a deal that makes it look like the iconic magazine brand is staying in American hands. But two sources familiar with the deal tell Axios the takeover may actually be substantially paid for by foreign investors.
Why it matters: The deal structure has the effect of obfuscating how much money foreign groups may put in, which could help alleviate any regulatory concerns.
Lim Chow Kiat, the CEO of Singapore's sovereign wealth fund GIC, downplayed Sequoia Capital’s investment in now-bankrupt crypto exchange FTX, insisting in an interview with Axios that “it’s the total portfolio” that matters.
Why it matters: Sequoia Capital, in which GIC is a limited partner, found itself with egg on its face when allegations of fraud and misappropriation of customer funds first emerged amid FTX’s collapse.
One of the most notable characteristics of the pandemic was that the truth became elusive and unknown — which meant that all of us were wrong even more frequently than usual.
Confession: My own biggest error was believing that economic growth wouldn't get back on track unless and until the virus was under control.
For the first time in decades, the forces shaping the world economy look inflationary.
Why it matters: We're seeing a reversal of the economic trends that, pre-pandemic, helped put downward pressure on consumer prices. That might make it more difficult (and possibly more economically painful) to get inflation back down to policymakers’ desired level, and keep it there.
The amount we spend on gifts for mom is reaching record highs.
The big picture: Consumers plan a total of $35.7 billion on Mother’s Day this year, nearly $4 billion more than last year, per the National Retail Federation’s annual holiday survey.
