The broadest measure of U.S. corporate profits continued to decline last quarter, the Commerce Department said on Thursday.
Yes, but: That includes profits from the Federal Reserve, which has taken historic losses on its massive bond portfolio as it rose interest rates at a rapid clip. Strip that out and corporate profits hit an all-time high, as Bloomberg reports.
Ford electric vehicle owners will get access to Tesla Superchargers in the U.S. and Canada in a new partnership that appears likely to accelerate adoption of Tesla's preferred charging setup.
Why it matters: Charging access is widely seen as crucial to speeding EV adoption — and Tesla has the largest network of chargers, although until recently it has been open only to Tesla owners.
First, it was electronics — then it was cars — and now it's AI: The semiconductor chip is entering a new stratospheric phase.
Why it matters: Pandemic-era supply chain breakdowns and national security concerns cast a spotlight on the need for more chip capacity and, in particular, more domestic production.
Illumina investors voted chairman John Thompson off the board of directors on Thursday as Carl Icahn's months-long battle against the $32 billion gene-sequencing equipment maker crossed the finish line at the company's annual meeting.
Why it matters: Icahn's proxy fight has pushed a seasoned business leader off the board of a company seeking to improve cancer care and detection options, and elected a financier lacking relevant sector experience.
Germany's economy, the world's fourth-largest, is officially in a recession — a major blow for the European Union and a warning for the global economy.
Why it matters: Germany is the first major nation to officially enter a recession since the pandemic shock. It is a result of painfully high inflation and the most aggressive monetary tightening cycle in decades.
Laurie Schalow is Chipotle's chief corporate affairs and food safety officer, overseeing internal and external communications, sustainability, employee and guest service centers, social listening, food safety and quality assurance, as well as the Chipotle Cultivate Foundation efforts.
Why it matters: Schalow was brought in shortly after Chipotle's e coli outbreak in 2016 and has since put the food chain on the offensive.
Silicon Valley Bank employeeshad been hearing layoff rumors for weeks. When the pink slips actually hit yesterday, it was even messier than they had feared.
Driving the news: First Citizens Bancshares, which bought the failed lender two months ago, laid off nearly 500 SVB employees, as Axios was first to report.
ElevateBio, a Massachusetts-based developer of cell and gene therapies, raised $401 million in Series D funding led by existing investor Matrix Capital Management.
Why it matters: This is the year's largest biotech VC deal, topping the mark set just one day earlier when ReNAgade Therapeutics raised a $300 million Series A round.
An influential climate panel tasked with guiding the creation of a new global carbon market has sparked widespread concern in the nascent carbon removal industry, after it cast doubt on whether it would be counted as a carbon offset.
The big picture: On Wednesday, More than 100 companies and organizations sent a letter to the United Nations Framework Convention on Climate Change's (UNFCCC) secretariat objecting to the draft guidance.
After weeks of warnings about looming financial doom, markets still don't seem worried about a default.
Why it matters: It means those most directly exposed to the supposedly drastic downside of an unresolved debt ceiling fight are taking the dire predictions — or the risk of defaulting itself — with a heaping helping of salt.
Outdoor retailer Patagonia, which is steering profits into fighting climate change, has the top ranking in the 2023 Axios Harris Poll 100 brand reputation survey.
Why it matters: The outdoor apparel company appears to have successfully avoided polarizing battles that have ensnared other big brands, and alienated some consumers.
Why it matters: No corporation, brand or leader is immune to crises, and rebuilding trust among consumers, shareholders and employees takes years of concerted communication campaigns.
A Chinese state-sponsored group has hacked into critical American infrastructure, including in the U.S. territory of Guam, Microsoft and the "Five Eyes" intelligence alliance warn.
Target is making changes to its Pride Month 2023 collection after customer backlash including some violent confrontations between staff and customersover select LGBTQ+ items.
Why it matters: Other major brands such as Disney and Budweiser have become embroiled in LGBTQ issuesas anti-LGBTQ legislation takes effect across the U.S.
