Walmart topped the 2023 Fortune 500 list for the 11th year in a row, while Amazon took the second spot for the fourth year running.
Context: Walmart has been running one primary type of business for about 60 years. Amazon, meanwhile, has spent half that time on two or three major services — online retail, cloud computing and online advertising.
A pilot and three passengers were killed in a plane crash that prompted officials to place the U.S. Capitol complex on alert Sunday afternoon.
State of play: Federal investigators said they expected to be at the scene for several days to determine why the plane went off course and collided into a mountain in heavily wooded and rural terrain some two to three miles north of Montebello, Virginia.
Cava, a fast-casual Mediterranean restaurant chain with over 250 locations, on Monday began pitching investors on an IPO that could value the company at more than $2 billion.
Why it matters: U.S. IPOs have been few and far between since the beginning of last year, so the entire market will pay close attention to Cava's performance.
Nike co-founder Phil Knight has been repeatedly rebuffed and ignored in his efforts to buy the NBA's Portland Trail Blazers from the late Paul Allen's estate, per a must-read from the WSJ.
Why it matters: The situation is bizarre, and has created confusion among pro sports dealmakers.
Corporate America may still love China, but some institutional investors elsewhere have begun their own decoupling dance.
Driving the news: CDPQ, a Canadian pension system with around US$300 billion in assets under management, has stopped making new private market investments in China, and reportedly will close its Shanghai office after more than a decade of in-country presence.
The delinquency rate on office building-related mortgage bonds spiked in May, per a report from Trepp.
The big picture: Investors have been watching for this to happen since last summer — and May's move may represent a "tipping point," the data provider said in a note.
With a debt ceiling deal signed, sealed and delivered, it’s time for Uncle Sam to refill its bank account.
Why it matters: It’s yet another example of the chaos caused by the monthslong impasse. The U.S. government's well-oiled borrowing machine, which screeched to a halt in January, is now playing catch up. And the incoming deluge could strain the system.
The James Beard Foundation's Restaurant and Chef Awards will kick off Monday night in Chicago amid a whiff of controversy over the enforcement of ethics policies.
Driving the news: Recent stories in the New York Times and Eater have spotlighted at least two nominated chefs who were investigated after the foundation received reports of ethics violations, including yelling at staff and patrons.
Why it matters: It's hard to see what could turn sentiment around. That's largely because of Fed chair Jerome Powell, who doesn't want and won't allow some kind of economic boom — he thinks the economy is running too hot already.
