Prompted by concerns over privacy, “government investigation, a class-action lawsuit and regulatory woes,” Facebook is planning to “shut down its decade-old facial recognition system this month, deleting the face scan data of...more
More good economic news in the U.S. this week, with first-time jobless claims falling to 613k, a decrease of more than 150,000 from a week earlier and the lowest level of the pandemic. ...more
U.S. Developments - Legislation - Congress Members Introduce Stablecoin Legislation - On December 2, 2020, Congresswoman Rashida Tlaib (MI-13), Congressmen Jesús “Chuy” García (IL-04) and Chairman of Task Force on...more
As we thought, stocks rallied on Monday thanks to Moderna’s news of promising results for its Covid-19 vaccine, with the Dow and S&P 500 hitting new record highs....more
Despite an earlier White House promise to postpone, American and Chinese trade negotiators met via videoconference on Monday to discuss “the status of the trade deal both nations signed in January, a pact that continues to...more
In Washington - Senate lawmakers are now saying they won’t pass another coronavirus relief package before the August recess. Previously, members said they were aiming to have something finalized for the 4 July recess but...more
As the world grapples with the health threat posed by the novel coronavirus (COVID-19), the secondary threats of the coronavirus—including economic and financial consequences—have come into clear view....more
It’s been a week or so, and we’re running out of ways to say that this is bad. But it certainly is. Your bear market stats for the day: the biggest daily drop by percentage for both the S&P 500 and the Dow Jones Industrial...more
Go ahead and put Tuesday, March 11th in the history books. The same day the WHO declared the COVID-19 outbreak as an official pandemic, the US stock market’s 11-year bull run officially came to an end, with the Dow closing...more
Monday on Wall Street was the equivalent of a well-forecast storm that still managed to blow meteorologists’ minds. The deadly combination of diving oil prices and yet more COVID-19 worries spelled disaster for U.S. markets,...more
BlackRock Inc. will sell out of all companies “that get more than 25% of sales from thermal coal.” This threshold, however, won’t affect larger, diversified miners—which includes some of the biggest coal shippers....more
The City of London has denied Uber’s request to extend its license in the city over concerns for rider safety. The decision puts Uber’s 45,000 drivers there in limbo, though they’ll be able to continue operating while the...more
Just months after Whole Foods raised prices on certain items after an initial Amazon-pushed lowering, Bezos & Co. are planning cuts on “hundreds of items” as early as this week in an effort to “change the chain’s high-cost...more
The US M&A market delivered another year of strong performance in 2018. Though deal volume dipped 2 percent year-on-year to 5,682 deals, deal value was up by 15 percent over the period, to US$1.5 trillion - A number of...more
After more than 110 years as one of its mainstays, General Electric is out of the Dow Jones Industrial Average. It will be replaced by drugstore retailer Walgreens Boots Alliance....more
As expected, ECB President Mario Draghi announced yesterday an “aggressive package of quantitative easing measures” that had the immediate impact of sending stock and bond prices higher (at least for an hour or so)....more
AIG may have shrugged off Carl Icahn for now, but Xerox has succumbed to his calls for breaking up and is expected to announce sometime today [update: it did] that it will separate its legacy hardware side from its services...more