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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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Report: Oracle co-CEO Mark Hurd dies at 62

Mark Hurd. Photo: Adam Jeffery/CNBC/NBCU Photo Bank/NBCUniversal via Getty Images

Mark Hurd, co-CEO of Oracle, died on Friday, according to CNBC. Hurd, who was 62 years old, had taken a leave in September for unspecified health reasons.

Why it matters: Hurd became co-CEO in 2014 after four years as president of Oracle. He joined Oracle after resigning as chief executive of Hewlett Packard, where his five-year tenure revived the struggling firm's finances but also included a string of controversies, including sexual harassment claims and revelations that the company tried to spy on journalists.

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Dan Primack, author of Pro Rata
21 mins ago - Economy & Business

Trump blocks banks from limiting loans to gun and oil companies

Illustration: Sarah Grillo/Axios

Big banks are no longer allowed to reject business loan applicants because of the industry in which they operate, according to a new rule finalized on Thursday by the Trump administration.

Why it matters: Wall Street has curtailed its exposure to industries like guns, oil and private prisons, driven by both public and shareholder pressures. This new rule could reverse that trend.

Go deeper (1 min. read)Arrow
Ursula Perano
57 mins ago - Politics & Policy

Former FDA commissioner: "Reliable drug supply is absolutely critical"

Axios' Caitlin Owens and former FDA commissioner Mark McClellan. Photo courtesy of Axios Events

Having a reliable supply of pharmaceutical drugs throughout America will be "absolutely critical" to boosting affordability in health care during the Biden administration, former Food and Drug Administration (FDA) commissioner Mark McClellan said at a virtual Axios Event on Friday.

The big picture: McClellan, who served under President George W. Bush, says drugs having limited supply and limited competition leads to elevated pricing. He considers drug supply to be a national security and public health issue.

Go deeper (<1 min. read)Arrow
Felix Salmon, author of Capital
3 hours ago - Economy & Business

Americans are still spending money

Source: Census Bureau; Chart: Axios Visuals

Americans spent more money at stores and restaurants in 2020 than they did in 2019 — even in the face of a devastating global pandemic that shut down broad sectors of the economy.

Why it matters: The monthly retail sales report this morning came in well below expectations, and showed consumer spending falling on a seasonally-adjusted basis. Total expenditures were still higher in December 2020 than they were a year previously, however.

Go deeper (<1 min. read)Arrow

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