Axios

Patrick Soon-Shiong, a billionaire biotech executive turned media owner, has sold the San Diego Union-Tribune to MediaNews Group, a local newspaper company owned by hedge fund Alden Global Capital, for an undisclosed amount.

Why it matters: The deal strengthens MediaNews Group's foothold in Southern California.

The two most powerful leaders in social media can't stop throwing jabs at each other online.

Why it matters: The personal attacks between Twitter owner Elon Musk and Meta founder Mark Zuckerberg have escalated as Meta's new Threads app reached over 100 million users over the weekend, while internet traffic data from Cloudflare shows Twitter use "tanking."

You may have to celebrate your birthday with fewer freebies and specials as cutbacks and changes come to popular rewards programs.

Why it matters: Consumers love these once-a-year “gifts” that include treats like free coffee, ice cream or a cosmetic product and discounts to help inflation-weary shoppers save. The programs also help businesses build loyalty and boost sales.

Gemini sued Digital Currency Group and its chief Barry Silbert Friday, escalating claims of unpaid debts and alleged fraud.

Why it matters: Customers in Gemini's Earn program have been stuck in limbo since November, when the crypto exchange halted withdrawals as a result of its lending partner Genesis, a DCG unit, hitting the skids.

Amazon's annual Prime Day event has grown increasingly global.

Why it matters: If estimates that show how slowly Prime membership has been growing in Amazon's key U.S. market are accurate, international expansion is one imperative for the future of the company's e-commerce business.

BarnBridge DAO has ceased all operations, as its counsel notified users that it is under investigation by the U.S. Securities and Exchange Commission.

Why it matters: The disclosure raises the question of how far-reaching the regulator's crypto crackdown has become.

Wholesale used car prices fell 4.2% in June from the previous month — the largest monthly drop since the pandemic hit, according to a closely watched indicator out Monday.

Why it matters: It's another sign that inflation is easing — used car prices were a pandemic-era inflation poster child.

The New York Times plans to cut its stand-alone sports desk to focus more on its subscription sports site The Athletic, the Times said in a memo Monday.

Why it matters: The change is part of a broader effort to shift the company's sports coverage to focus "more directly on distinctive, high-impact news and enterprise journalism," the memo from publisher A.G. Sulzberger and president and CEO Meredith Kopit Levien read.

The nation's top financial regulator warned in a major speech Monday morning that a wider swath of America's banks will be forced to beef up their capital.

Why it matters: Nine months ago, Federal Reserve vice chair for supervision Michael Barr started a sweeping review of current capital rules. In the time since, the failure of three large regional banks added urgency to the effort.

Inflation is not looking quite so scary to American consumers, according to new data from the Federal Reserve Bank of New York that suggests a broader cooldown could be on the way.

Driving the news: In the bank's Survey of Consumer Expectations, the median expected inflation over the next year fell to 3.8% in June, from 4.1% in May, notching a third straight month of decline and reaching its lowest level since April 2021.

Social media users have spent the past week picking sides — either sticking with Elon Musk's Twitter or turning their attentions to Threads, the new app from Mark Zuckerberg's media megalodon.

But, but, but: Several big investors are playing both sides.

Time has named Kristin Matzen as its chief communications officer, Axios has exclusively learned.

Why it matters: Matzen is the latest in a string of executive leadership changes at the publication, and is the first person to hold the CCO title since Time spun off on its own in 2018.

The high-yield bond market — where companies with lower credit ratings borrow money — is showing signs of life after all but shutting down last year. But in this new era of expensive money, many companies are doing deals a little differently in order to save on their interest costs.

State of play: A record share of speculative-grade deals placed this year have shorter maturities and stronger collateral packages.

The share of women in their prime working years who (ages 25-54) are either working or looking for work is at a record high of 77.8% for the third consecutive month, per the jobs data out Friday.

Why it matters: Despite all the doom and gloom talk about women not coming back to the labor force after the pandemic, the participation rate is now higher than it was pre-pandemic.

There's a big economic shock coming this fall for both the economy and millions of American households — the resumption of student loan payments.

Why it matters: For millions of individuals that means real and often painful cuts to spending — cuts that will translate to a slowdown for the economy overall.

The auto industry is beginning to crank out more electric vehicles (EVs) to challenge Tesla, but there's one big problem: not enough buyers.

Why it matters: The growing mismatch between EV supply and demand is a sign that even though consumers are showing more interest in EVs, they're still wary about purchasing one because of price or charging concerns.