Workers are getting higher wages, but at some point that could bite into companies’ profits. As the economy reopens, costs are climbing for everything from packaging and raw materials to shipping. In addition to these expenses, companies are also paying more to get workers to come in the door. But the disparity between labor costs […]
President Joe Biden seems unperturbed by last month’s jobs report, writing on Twitter Saturday that the US economy is expected to grow faster than it has in 40 years. “Since we took office, we’ve gone from an economy in crisis to one that is projected to grow faster than it has in nearly 40 years,” […]
Virgin Galactic took a step closer to completing development of its space tourism system on Saturday, successfully flying its first spaceflight in more than two years. The company’s spacecraft, named VSS Unity, was carried up to an altitude of about 44,000 feet by a carrier aircraft called VMS Eve. The aircraft then released the spacecraft, […]
Cryptocurrency project DeFi100, a decentralized finance protocol built on the Binance Smart Chain, appears to have been a scam, with the people running it having taken investors’ money and running. A unnamed crypto analyst on Twitter with more than 197,000 followers put the haul at $32 million. It was unclear how that figure was obtained. A message […]
Officials at the Federal Reserve are working to make sure history does not repeat itself. It has been eight years since the economy witnessed the infamous “Taper Tantrum” when the Federal Reserve hinted that it would reduce its bond purchases and triggered a minor panic in financial markets. Robert Kaplan, the president of the Federal […]
Global oil demand is recovering with major economies reopening amid a cautious supply approach from OPEC+ and restraint in U.S. shale, Barclays said on Friday. Despite the possibility of a return of Iranian oil supply and the resurgence of COVID in parts of Asia, global oil demand is “healing” and oil inventories are set to […]
California is requiring ride-sharing companies such as Uber and Lyft to transition from gasoline to electric vehicles (EVs) in their networks by the end of this decade. The state’s clean-air regulator on Thursday unanimously approved the Clean Miles Standard mandating that EVs account for 90 percent of ride-hailing vehicle miles traveled in California by 2030. […]
WeWork’s losses quadrupled to $2.1bn (£1.47bn) in the first quarter as the pandemic-driven move to flexible working drove a 30% plunge in customers at the troubled office-sharing company. The company, which made a loss of $556m in the same quarter last year, was also hit by an almost $500m non-cash charge relating to a settlement […]
orporations around the world should pay at least a 15% tax on their earnings, the Treasury Department said Thursday as part of its push for a global minimum for businesses. The final rate could go even higher than that, according to a Treasury release that said the 15% minimum is a “floor and that discussions […]
The US Treasury Department said Thursday it will require any cryptocurrency transfer worth $10,000 or more to be reported to the IRS. “Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,” the agency said in a new report on tax compliance proposals. “This is why the President’s proposal includes […]
The CEO of ByteDance, Zhang Yiming, is stepping down at the end of 2021 according to a memo posted to the ByteDance website on Thursday. And while most corporate transitions are filled with bland PR-speak, Yiming’s departure memo is an interesting case study in honesty. Why is Yiming letting someone else take the reins at […]
The Federal Reserve is moving forward in its efforts to develop its own digital currency, announcing Thursday it will release a research paper this summer that explores the move further. Though the central bank did not set any specific plans on the currency, Chairman Jerome Powell cited the progress of payments technology and said the […]
