A court case on this term's Supreme Court docket could end up granting 400 of America's largest corporations some $271 billion in tax relief, per new calculations from the Institute on Taxation and Economic Policy.
Why it matters: The argument being made by the plaintiffs, an American family with minority shares in an Indian farming firm, is that taxing multiple years of accrued income is unconstitutional.
When one of the biggest banks in the world announces a legal settlement with a government agency, normally both sides can at least agree on what is being announced. That wasn't the case earlier this week in the matter of Government of the U.S. Virgin Islands v. JPMorgan Chase Bank.
Why it matters: According to the bank, it simply settled a civil lawsuit out of court — something it does on a regular basis — and did not admit any liability.
New Federal Reserve rules meant to make big banks safer — the set of plans known as Basel Endgame — would make it even harder for low- and middle-income Americans, a group that includes a disproportionate number of Black Americans, to get a mortgage.
Why it matters: The Federal Reserve is being torn between two imperatives — strengthening the banking system and preserving the ability of under-served borrowers to get onto the bottom rung of the housing ladder.
A Nevada man believed to be the last living suspect investigated in the 1996 murder of rapper Tupac Shakur was arrested Friday, authorities said.
The big picture: The arrest by Las Vegas police, which AP first reported, comes after nearly three decades of public speculation about the infamous drive-by shooting of the hip-hop icon.
Zoom out: Business leaders talked a lot about the importance of mental health during the pandemic, but now that deal flow has returned, events are back in person and remote work policies are being curbed — it's less clear where wellness falls on the priority list.
Ford CEO Jim Farley said Friday the automaker is "very close" to a record labor agreement with the UAW, but he believes the union is delaying the deal over reservations about electric vehicle battery plants.
Why it matters: The shift to electric vehicles, and the impact that could have on unionized auto workers, has long been a simmering issue in labor talks with U.S. automakers.
If you squint, even just a little bit, the end of the great post-pandemic inflation looks to be in sight.
Driving the news: The details of the August Personal Consumption Expenditures Price Index, the inflation measure favored by the Federal Reserve, were released Friday and showed the most favorable inflation dynamics in nearly three years.
Driving the news: The decision comes after ongoing contract negotiations didn't result in meaningful progress with the two automakers this week, Fain said.
Why it matters: This would include a pause by German sandal maker Birkenstock, whose IPO roadshow is otherwise scheduled to begin next week, per multiple sources.
One hundred and 50 years ago this fall, a once-penniless German immigrant named Adolph Coors brewed his first beer in Golden with Rocky Mountain spring water.
Why it matters: The birth of Coors in 1873 launched a global beer empire, transformed the brewing industry and created a Colorado mystique that defines the state to this day.
Even a relatively brief government shutdown could exacerbate an ongoing air traffic controller shortage, with potentially serious operational and safety implications.
Why it matters: Air travel is skyrocketing post-pandemic — the Federal Aviation Administration predicts more than 54,200 flights next Thursday, Oct. 5, ahead of the holiday weekend, which would make it the busiest travel day of the year so far.
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