The U.S. is investigating whether major airlines have unfairly devalued customers' frequent flier points, part of a broader probe into potentially fraudulent, deceptive or anticompetitive practices.
Why it matters: Rewards points earned on trips or from using an airline's branded credit card are an important form of currency that travelers may redeem for flights, upgrades and other products and services.
Former President Trump said during an economic speech Thursday that if elected, his administration would create an Elon Musk-inspired government efficiency commission that would audit U.S. agencies.
Why it matters: Rarely does the public see how an idea from an influential business leader makes its way into a campaign platform.
Here's what's new on Peacock, Hulu, Netflix, Disney+, Apple TV+ and Max.
What we're watching: A star-studded series about a pivotal event in Atlanta's history, a reality show about Mormon mom influencers and a new drama-filled season of "Selling Sunset."
A new Trump administration would bring a round of trade wars that reduce GDP growth and raise prices, while a Harris victory would bring a more steady-as-she-goes economic policy, two Wall Street forecasting teams say in new reports.
What they're saying: "The November elections bring the possibility of changes to trade, immigration, and fiscal policy in 2025 that could have implications for inflation, labor force growth, GDP growth, and the fiscal deficit," a team of economists at Goldman Sachs, led by Jan Hatzius, write in a new report.
Of course, the economy is buffeted by countless forces beyond the president's policies, so these types of projections are far from ironclad.
Johnson & Johnson broke its promises to investors in Auris Health, a surgical robotics startup it bought five years ago for $3.4 billion. Now it must shell out another $1 billion, based on a ruling yesterday from Delaware Chancery Court.
Why it matters: This appears to be the largest legal reward ever granted in an investor earnout dispute, and could change the way that such provisions are written.
Turo, a company that does for cars what Airbnb does for homes, needs to be able to tell a growth story if it's going to get its long-delayed IPO off the ground. To that end, it's partnering with Uber, Axios is first to report.
Why it matters: Turo's pandemic-fueled growth of 2020 to 2021 has slowed, which is one reason it still hasn't gone public.
Verizon has agreed to buy Frontier Communications for $20 billion, the company announced on Thursday.
Why it matters: This is the latest in a series of massive telecom mergers, and strengthens Verizon's fiber businesses to help it better compete with rivals like AT&T.
What if the best companies, judged on a moral level, were also, broadly speaking, the best companies judged by the stock market? The chart above suggests that might actually be the case.
Why it matters: The data suggests that ethical investing can deliver impressive risk-adjusted returns — especially if it takes the form of a long/short strategy that shorts the lowest-ranked companies.
Vice President Kamala Harris chose a rather obscure part of the federal tax code — the top rate for capital gains — to make her first big move toward the center of the 2024 political conversation.
Why it matters: Harris' call for Americans making $1 million a year to pay a 28% capital gains rate marked a symbolic departure from President Biden, who prefers a higher 39.6% tax.
