Business News

It’s been a year since markets crashed. Is another reckoning around the corner?

It’s been nearly a year since the coronavirus pandemic ended the S&P 500’s longest-ever bull run and sent stocks everywhere into a violent nosedive. The turmoil was a fitting start to a year of frenzied activity. The virus continues to wreak havoc on our daily lives, but markets have long since forgotten the painful reckoning.…

China faces huge climate and tech challenges in its bid for global leadership

China’s leaders are finalizing their political and economic agenda for the rest of 2021 and beyond. How the country achieves technological independence and tackles the climate crisis will be near the top. This year’s “Two Sessions” meeting — the most important annual event on China’s political calendar — is particularly noteworthy because Beijing will ratify…

US and EU agree to suspend tariffs linked to long-running Boeing-Airbus dispute

US and EU agree to suspend tariffs linked to long-running Boeing-Airbus dispute

The United States and European Union have agreed to suspend for four months all tariffs related to the long-running dispute over subsidies to Boeing and Airbus. The suspended tariffs mark a first step toward repairing a transatlantic trade partnership that’s been strained for nearly 17 years by complaints on both sides about subsidies to the…

Jeep boss says it might drop Cherokee name

Jeep boss says it might drop Cherokee name

Jeep’s new boss says the company is open to dropping the name “Cherokee” from its vehicles in response to objections from the Cherokee Nation. The company is engaged in talks with officials from the Native American tribe, according to Carlos Tavares, CEO of Stellantis, the recently merged automaker that includes the Jeep brand. Tavares made…

Fake tax preparer gets six Covid-19 bailout loans worth more than $1 million

Fake tax preparer gets six Covid-19 bailout loans worth more than $1 million

His past clients say he’s a scammer who ran off with their money, and a judge barred him from illegally masquerading as a certified public accountant after government officials caught on to his scheme. But none of that stopped James Polzin and companies linked to him from seeking — and being granted — at least…

Every investor wants an answer to this question

Every investor wants an answer to this question

A wave of anxiety is sweeping through stock and bond markets as investors prepare to enter a new phase of the pandemic. What’s happening: Concerns are growing that a strong economic recovery later this year will cause a spike in inflation. That’s sparked a selloff in government bonds. When prices fall, yields rise, which weighs…

How TikTok made ‘WandaVision’ must-see TV

How TikTok made ‘WandaVision’ must-see TV

The finale of “WandaVision” premiered Friday, bringing to an end a successful season for Disney+’s first Marvel Studios series — and with it, a parallel drama that has been unfolding on TikTok. For weeks, fans have taken to the short-form video app to theorize about the show’s many mysteries, creating countless videos of themselves talking,…

China sets growth target of more than 6% in 2021

China sets growth target of more than 6% in 2021

China bucked the global recession in 2020, and in doing so narrowed the economic gap with the United States. Now it says it needs to pick up the pace this year. Premier Li Keqiang on Friday announced that China would target growth of more than 6% in 2021. While China emerged from the global downturn…

Stores are closing. This discount chain plans to move in

Stores are closing. This discount chain plans to move in

A record number of stores are closing across America. One discount clothing chain thinks it can step in to fill some of those vacancies. Burlington Stores plans to open 100 new stores this year and sees an opportunity to reach 2,000 US stores in the future, the company said Thursday. Previously, Burlington (formerly known as…

Ford’s Mustang Mach-E is eating into Tesla’s US sales

Ford’s Mustang Mach-E is eating into Tesla’s US sales

Tesla is starting to lose market share among US buyers of electric vehicles, and Ford’s Mustang Mach-E appears to be the beneficiary. Analysis by Morgan Stanley shows that Tesla’s share of the US EV market fell to 69% in February, down from 81% a year ago. Tesla’s US sales are still climbing, according to this…

Stocks tumble as Powell signals inflation is ahead

Stocks tumble as Powell signals inflation is ahead

US stocks tumbled Thursday after Federal Reserve Chairman Jerome Powell predicted an increase in consumer prices this summer — something investors fear will force interest rates up sooner than expected. Powell, speaking at a conference Thursday, predicted strong job growth and increases in consumer prices as the vaccine rollout allows the economy to reopen fully.…

Here we go again: Turmoil rocks the repo market

Here we go again: Turmoil rocks the repo market

The repo market, a murky yet crucial corner of Wall Street, is acting weird again. And the turmoil suggests the Federal Reserve may need to come to the rescue once more. The Dow, GameStop and bitcoin steal a lot of headlines, but the repo market is vital to the functioning of modern finance. Trillions of…

Oil prices surge as OPEC and its allies extend production cuts

Oil prices surge as OPEC and its allies extend production cuts

A group of major oil producers has agreed to extend production cuts for another month despite a recent price surge, choosing to limit supply until the global economic recovery is more firmly established. The Organization of the Petroleum Exporting Countries (OPEC) and allied producers said on Thursday that they would largely roll over production cuts…

Grocery stores’ pandemic boom is over

Grocery stores’ pandemic boom is over

Last year, people were stockpiling food and essentials at stores and ordering a lot more groceries online. That was great news for America’s biggest grocery chains. Now companies say the pandemic-time boom is over. Kroger, the largest supermarket chain in this country, said Thursday that it expects comparable sales, or sales at stores open for…

Amazon’s first physical store outside the US doesn’t have a checkout line

There’s something unusual about Amazon‘s first physical store outside the United States: No waiting to pay. The e-commerce giant opened a convenience grocery store in London on Thursday that offers “just walk out” shopping — meaning customers don’t scan items or pay for them in store. Instead, customers scan a QR code using the Amazon…

Dr. Seuss books are taking over Amazon’s bestseller list

Dr. Seuss books are taking over Amazon’s bestseller list

Oh, the places Dr. Seuss books will go after they ignite controversy. This week, Dr. Seuss Enterprises announced that six books penned by the children’s author will no longer be published because of the “hurtful and wrong” ways characters of color are portrayed. Now, Dr. Seuss books have soared to the top of Amazon’s bestseller…

Paramount+ is banking on iconic TV characters from ‘Frasier’ to ‘SpongeBob’

Paramount+ is banking on iconic TV characters from ‘Frasier’ to ‘SpongeBob’

Paramount is one of the most iconic studios in Hollywood, but can the name “Paramount” translate to streaming? ViacomCBS is banking on it. Paramount+, the rebranded service from ViacomCBS, launches Thursday with a lot of content from the company’s biggest brands, including TV shows and movies from Paramount Pictures, CBS, Nickelodeon, and MTV as well…

Disney is closing 60 stores in the US and Canada

Disney is closing 60 stores in the US and Canada

The Disney Store, once a mall mainstay, is drastically reducing the number of locations it has in the United States and Canada. Disney said it’s closing at least 60 stores in North America, amounting to about 35% of its locations in the region. Moving forward, Disney is placing a larger emphasis on its e-commerce business…

One year into the pandemic, America is still down nearly 10 million jobs

One year into the pandemic, America is still down nearly 10 million jobs

The American job market is nowhere near fixed. Nearly one year into the pandemic, the nation is still down nearly 10 million jobs. Another 745,000 Americans filed for first-time unemployment benefits on a seasonally adjusted basis last week, the Labor Department reported Thursday. It was a slightly smaller number of claims than economists had expected,…