Business News

Celebs including A-Rod and Ciara are getting into SPACs. What could go wrong?

Celebs including A-Rod and Ciara are getting into SPACs. What could go wrong?

SPAC mania has entered the celebrity phase. Colin Kaepernick, Shaquille O’Neal, Larry Kudlow and pop star Ciara are all lending their star power to the blank-check boom. Baseball legend Alex Rodriguez’s special purpose acquisition corporation, Slam Corp., began trading Tuesday on the Nasdaq after raising $500 million. The fact that athletes, politicians and musicians are…

Instacart is moving beyond the grocery store

Instacart is moving beyond the grocery store

Instacart started as a grocery delivery service. But it’s increasingly moving into delivering office supplies, sporting goods, televisions, makeup and drug store essentials. Its latest move: Instacart announced a partnership with Walgreens Tuesday for same-day delivery on over-the-counter medications, beauty items and other drug store purchases. The partnership will start in Illinois and expand across…

New York theaters are going to open. Now will anyone show up?

New York theaters are going to open. Now will anyone show up?

Governor Andrew Cuomo announced Monday that movie theaters would reopen in New York City next month, welcome news for an industry that has been battered by the coronavirus pandemic for nearly a year. New York has long been one of the most important markets for movie theaters. With it reopening for business, studios may be…

Oprah-backed Oatly just made a move to go public

Oprah-backed Oatly just made a move to go public

Oatly, the popular oat milk maker backed by Oprah, is making plans to go public. The Swedish company said it filed confidential IPO forms with the SEC, the company said in a statement Tuesday. The move is “the first official step towards pursuing a potential IPO,” said Sara Fletcher, an Oatly spokesperson. The price and…

Hillary Clinton is co-writing a political thriller

Hillary Clinton is co-writing a political thriller

Hillary Clinton is working on a book with Canadian mystery novelist Louise Penny, set in the aftermath of US political chaos. The book, titled “State of Terror,” focuses on a Secretary of State who is trying to solve a wave of terrorist attacks. It will be published by Simon & Schuster and St. Martin’s Press…

4 reasons Tesla’s stock is tumbling

4 reasons Tesla’s stock is tumbling

Tesla, the hottest stock in the market for more than a year, has sunk into bear market territory. Shares of Tesla fell 6% Tuesday after closing down 8.5% Monday, wiping out its gains for the year. The stock closed at a record just above $883 on January 26 and has tumbled since. It fell low…

Regulators examine Texas energy market after natural gas prices soared 10,000%

Regulators examine Texas energy market after natural gas prices soared 10,000%

Federal regulators are looking closely at the Texas energy market after natural gas prices rocketed during last week’s deep freeze. And they’re warning that extreme weather will continue to stress the power grid. “We are monitoring irregularities in the Texas energy markets following last week’s freeze,” Rostin Behnam, acting chair of the Commodity Futures Trading…

Elon Musk, Bill Gates and Janet Yellen are sending bitcoin tumbling

Elon Musk, Bill Gates and Janet Yellen are sending bitcoin tumbling

Bitcoin’s roller coaster ride continues. The top cryptocurrency surged to a new all-time high above $58,000 on Sunday but fell to just above $46,000 in early trading Tuesday morning. The move followed skeptical comments from Tesla CEO Elon Musk, Treasury Secretary Janet Yellen and Microsoft co-founder Bill Gates. Prices stabilized around $49,000 in early trading…

Macy’s made money for the first time in the pandemic

Macy’s made money for the first time in the pandemic

The pandemic has slammed Macy’s and other department stores. But signs of a recovery are beginning to emerge. Macy’s said Tuesday that it turned a profit for the first time in the pandemic, making $160 million during the 13 weeks ended Jan. 30, down from $340 million in the same stretch a year ago. To…

‘I was behind it.’ The man responsible for the 1973 oil shock has died

‘I was behind it.’ The man responsible for the 1973 oil shock has died

Ahmed Zaki Yamani, the long-serving Saudi oil minister who masterminded an OPEC embargo that plunged western economies into recession in 1973, has died at the age of 90, Saudi state TV reported on Tuesday. Yamani became Saudi oil minister in 1962, a rare instance of someone from outside the Royal Family being promoted to such…

A spike in prices could change everything for Wall Street

A spike in prices could change everything for Wall Street

Wall Street is increasingly concerned that a wave of spending when the economy reopens could cause prices to spike, spoiling the financial market party that’s been raging since last March. What’s happening: Government bond yields — which move opposite prices — have jumped, signaling rising optimism about the economic recovery. But a surging economy can…

JPMorgan and Google launch program to help minority-owned banks

JPMorgan and Google launch program to help minority-owned banks

JPMorgan Chase and Google launched a program Tuesday to help banks owned and led by people of color increase their lending capabilities. The new initiative is dubbed “Empowering Change.” It’s designed to help banks that are majority-owned or directed by people of color provide JPMorgan-backed money market funds to large companies. Most minority depository institutions…

Goodyear is going big in China with $2.8 billion takeover of Cooper

Goodyear is going big in China with $2.8 billion takeover of Cooper

Goodyear has agreed to buy rival Cooper for $2.8 billion. The deal will give America’s largest tire producer a much bigger footprint around the world, including in China, the world’s top car market. Goodyear was already the world’s third largest tire manufacturer after Japan’s Bridgestone and France’s Michelin. It will retain that spot after the…

HSBC is pushing even harder into China and India

HSBC is pushing even harder into China and India

HSBC is pushing even harder into Asia as the bank seeks to shore up its business in the wake of the coronavirus pandemic. It’s also bringing back its dividend, a sign that it’s optimistic about its ability to navigate the year ahead. The bank — which is still headquartered in London even though it makes…

Jay-Z sells half of his Champagne brand to owner of Dom Pérignon

Jay-Z sells half of his Champagne brand to owner of Dom Pérignon

Jay-Z and luxury goods giant LVMH have a reason to break out the bubbly. LVMH, which owns Dom Pérignon and Moët & Chandon, has taken a 50% stake in Jay-Z’s Champagne brand Armand de Brignac, also known as “Ace of Spades.” The terms of the deal were not disclosed. The partnership comes at a time…

After the GameStop fiasco, momentum builds for an $800 billion tax

After the GameStop fiasco, momentum builds for an $800 billion tax

Uncle Sam is in search for a pot of gold that could ease the pain of trillion-dollar deficits. And some believe Wall Street might just have the answer. For more than a decade, progressives have tried and failed to impose a financial transaction tax. But there is new momentum for such a levy as the…

Kohl’s tried striking a deal with Amazon. It wasn’t enough

Kohl’s tried striking a deal with Amazon. It wasn’t enough

When Michelle Gass took over as Kohl’s CEO in 2018, she tried getting creative to bring more shoppers into stores. The company had just struck a deal with Amazon the previous year to allow customers to bring their returns to select Kohl’s locations. The hope was that the deal would attract younger consumers who would…

This bitcoin bank’s stock has jumped nearly 1,300% in just over a year

This bitcoin bank’s stock has jumped nearly 1,300% in just over a year

The boom in bitcoin prices is giving a huge lift to a California bank that accepts cryptocurrency deposits and doles out bitcoin-backed loans. Shares of Silvergate Capital are up more than 120% so far this year -— and the stock has skyrocketed nearly 1,300% since going public in November 2019. Increasingly more financial services firms,…

Barack Obama and Bruce Springsteen team up to host Spotify podcast

Barack Obama and Bruce Springsteen team up to host Spotify podcast

Barack Obama and Bruce Springsteen have teamed up to host a new podcast about masculinity, race, fatherhood and their professional and personal journeys. The podcast, called “Renegades: Born in the USA,” is part of the multi-year partnership between Spotify and Barack and Michelle Obama’s production company, Higher Ground. Spotify revealed the new show on Monday,…

The Texas deep freeze could force this energy company out of business

The Texas deep freeze could force this energy company out of business

Electricity and gas provider Just Energy warned that the financial impact of the Texas winter storms could force it out of business. Just Energy said Monday that it could lose about $250 million from Texas’ deep freeze that left millions without power last week. The hit “could be materially adverse to the Company’s liquidity and…

Chief of Cherokee Nation asks Jeep to stop using tribe’s name

Chief of Cherokee Nation asks Jeep to stop using tribe’s name

The principal chief of the Cherokee Nation has asked Jeep to stop using the tribe’s name on its SUVs. The Jeep Grand Cherokee is the brand’s best-selling model, while the Jeep Cherokee is its third best-selling. Jeep recently unveiled a redesigned version of the Grand Cherokee, and the company has sold SUVs under the Cherokee…

Janet Yellen on what a successful economic recovery looks like

Janet Yellen on what a successful economic recovery looks like

The US economy is still at the mercy of the pandemic. But for policy makers to help the recovery along, we must first get the virus under control, said Treasury Secretary Janet Yellen. “Success on the public health front is a key metric that we will be watching,” Yellen said during an interview with the…