The latest quarterly reporting shows that America’s biggest banks—among them, JPMorgan, Citigroup, and Wells Fargo—are taking self-imposed hits now in anticipation of a “wave of loan losses” later. Those three are collectively stockpiling “$28 billion to cover losses as consumers and businesses start to default on their loans” – WSJ and Bloomberg and NYTimes
Automakers have kicked their factories back into high gear after a Covid-caused hiatus. But the recent resurgence in infection rates is making keeping them open a much harder option – NYTimes and WSJ
Massachusetts AG Maura Healy is suing ride-hailing companies Uber and Lyft in an effort to force them to treat their drivers as “employees with the right to receive benefits, instead of . . . independent contractors.” With the filing, MA joins CA in targeting the gig-economy companies over their worker classifications – NYTimes
Anticompetition, anyone? Peruse the results of the Journal’s own test tracking the prevalence of Google-owned YouTube videos in Google Search video carousels – WSJ
Meanwhile, a proposed class of mobile app users is seeking to take Big G to task for its role as a “voyeur extraordinaire,” in which it allegedly collects and sells their data after “lull[ing] them into a false sense of privacy” – Law360
Apple, on the other hand, is at least temporarily celebrating a huge antitrust win. Earlier yesterday, the EU’s second-highest court ruled that Ireland’s tax arrangements with the company “weren’t illegal state aid,” and voiding the requirement that Apple pay a staggering 13 billion euros in back taxes – Bloomberg and NYTimes and WSJ
Even as it’s making tentative strides to reintroduce the 737 Max to the skies, Boeing is reporting another loss of nearly 200 reservations of the troubled aircraft from its order book this week – WSJ
Here’s what to watch as electric-car-maker Fisker prepares to go public – MarketWatch
Streetwise on why the inflation outlook is so wrong (and why that’s actually a good thing) – WSJ
Law360 considers the fate of Dodd-Frank, 10 years and 2 administrations on – Law360
A wave of U.S. retailers have “quietly stopped providing their workers with the pay raises they had dispensed at the start of the pandemic,” even as the virus shows no signs of receding. They’re largely citing the end of the “panic-buying that flooded stores during the early weeks of the crisis” – NYTimes
AutoNation CEO Cheryl Miller has decided to step down from her role following her 3-month medical leave, “making her the second chief executive to exit from the top job in about a year.” Company chair Mike Jackson “will fill the CEO role permanently” – WSJ
The backyard as a family’s entertainment-everything zone. Welcome to summer 2020, Covid-style – WSJ
Stay safe.