Featured Articles in National Business News

The SEC told bankrupt Hertz it has issues with its plan to sell stock, Chairman Jay Clayton says

The Securities and Exchange Commission told Hertz, which filed for bankruptcy during the coronavirus pandemic, that the regulator has issues with the rental car company’s plan to sell stock. “In this particular situation we have let the company know that we have comments on their disclosure,” SEC Chairman Jay Clayton said Wednesday on CNBC’s “Squawk on the Street.” “In Read More…

The Fed cancels its famous in-person Jackson Hole gathering due to pandemic, will hold virtual event instead

The Federal Reserve Bank of Kansas City announced on Thursday that its popular annual economic policy symposium will not be held in Jackson Hole, Wyoming, for the first time in nearly 40 years due to the coronavirus pandemic. Instead, the bank said that this year’s symposium, titled “Navigating the Decade Ahead: Implications for Monetary Policy,” will be Read More…

US shocks economists by adding 2.5 million jobs in May as unemployment declines to 13.3%

Economists were shocked on Friday as the Bureau of Labor Statistics said US employers added 2.5 million payrolls in May, defying expectations of 7.5 million jobs lost. The surprise increase came on the heels of the record 20.5 million jobs lost in April. The unemployment rate declined to 13.3%, bucking forecasts of a near-record 19% rate. April’s Read More…

All in: National Business News

The SEC told bankrupt Hertz it has issues with its plan to sell stock, Chairman Jay Clayton says

The Securities and Exchange Commission told Hertz, which filed for bankruptcy during the coronavirus pandemic, that the regulator has issues with the rental car company’s plan to sell stock. “In this particular situation we have let the company know that we have comments on their disclosure,” SEC Chairman Jay Clayton said Wednesday on CNBC’s “Squawk on the Street.” “In Read More…

The Fed cancels its famous in-person Jackson Hole gathering due to pandemic, will hold virtual event instead

The Federal Reserve Bank of Kansas City announced on Thursday that its popular annual economic policy symposium will not be held in Jackson Hole, Wyoming, for the first time in nearly 40 years due to the coronavirus pandemic. Instead, the bank said that this year’s symposium, titled “Navigating the Decade Ahead: Implications for Monetary Policy,” will be Read More…

US shocks economists by adding 2.5 million jobs in May as unemployment declines to 13.3%

Economists were shocked on Friday as the Bureau of Labor Statistics said US employers added 2.5 million payrolls in May, defying expectations of 7.5 million jobs lost. The surprise increase came on the heels of the record 20.5 million jobs lost in April. The unemployment rate declined to 13.3%, bucking forecasts of a near-record 19% rate. April’s Read More…

A London-based trading house bought 250,000 barrels of oil during the historic plunge below $0 and likely made a fortune

One trader bought 250,000 barrels of oil and secured a rare payout as oil prices turned negative last month, causing jitters in markets and leaving most other traders scrambling to find storage options across both sides of the Atlantic, Bloomberg reported on Thursday. But for BB Energy, a trading house based in London, the historic oil-market crash was Read More…

US GDP shrank 4.8% in the first quarter amid biggest contraction since the financial crisis

Gross domestic product fell 4.8% in the first quarter, according to government numbers released Wednesday that provide the first detailed glimpse into the deep damage the coronavirus wreaked on the U.S. economy. Economist surveyed by Dow Jones had expected the first estimate of GDP to show a 3.5% contraction. This marked the first negative GDP Read More…

Nearly 3 million borrowers have been granted mortgage relief, and the industry is crying for help

More than 2.9 million homeowners have taken advantage of a program designed to provide relief to holders of government-backed mortgages, part of the coronavirus CARES Act relief package. This represents 5.5% of all active mortgages, according to Black Knight, a mortgage data and analytics company that is now tracking the growing numbers daily. The program Read More…

The Trump administration paid a bankrupt company with zero employees $55 million for N95 masks, which it’s never manufactured

The coronavirus pandemic has created a desperate clamber for vital medical supplies, like N95 masks, that has led the federal government to award massive contracts to third-party vendors to help fill the gaps. In this chaotic effort to obtain supplies, the Trump administration awarded a $55 million contract to Panthera Worldwide LLC, a company with Read More…

WeWork board sues SoftBank over withdrawal to buy $3 billion worth of shares

A special committee of WeWork’s board is suing SoftBank after SoftBank withdrew its $3 billion tender offer, the company announced Tuesday. WeWork is claiming that SoftBank breached its obligations under their agreement. SoftBank originally made the tender offer to buy shares of WeWork at an agreed upon price last year as part of a package to bail out Read More…

More than 6 million unemployment claims were made last week, Labor Department says

Unemployment claims have spiked to 6.65 million across the country, the Department of Labor said in a press release on Thursday. Unemployment claims have doubled since last week when the Labor Department reported that about 3 million people were seeking unemployment. That figure was already by far the highest number of unemployment claims the department had ever seen. READ Read More…

Theranos founder Elizabeth Holmes to face trial separate from ex-lover

Theranos founder Elizabeth Holmes will head to trial apart from fellow C-suite exec and one-time lover, Ramesh “Sunny” Balwani, according to a report. Holmes, who served as the company’s CEO, will head to trial starting Aug. 4 with a separate jury from Balwani, who will be tried following the conclusion of Holmes’ case, Bloomberg reported. The judge did not provide any Read More…

SoftBank strategy shifts from long-term domination to short-term survival as Vision Fund prepares for global downturn

About 10 years ago, SoftBank released a slideshow presentation on the company’s 300-year plan. “Unknown virus” got one reference, on slide 69 of 133. Perhaps coronavirus will just be a blip in the company’s long-term plan for world domination. Perhaps SoftBank’s vision of investing in artificial intelligence and other dominant technology companies will pay off in the long run, Read More…

Warren Buffett sold more than $800 million worth of Apple stock last quarter

Warren Buffett sold more than $800 million worth of Apple stock last quarter, according to SEC filings published on Friday. That might seem like a massive sale, but it’s closer to a rounding error for the billionaire investor and Berkshire Hathaway CEO. Berkshire is Apple’s biggest shareholder with a 5.4% stake worth $72 billion, according to Bloomberg data. Read More…

Kobe Bryant left huge impact on business off the court

NBA legend Kobe Bryant, 41, died in a helicopter crash on Sunday morning in Calabasas, Calif., along with his 13-year-old daughter Gianna, the Los Angeles County Sheriff’s Office confirmed. Seven other people were on board Bryant’s helicopter and were all killed in the tragic accident. Bryant’s impact on basketball is obvious: five-time NBA champion; two-time NBA Finals MVP; league Read More…

Jeffrey Epstein scandal: MIT professor put on leave, he ‘failed to inform’ college that sex offender made donations

The Massachusetts Institute of Technology said Friday that it had placed one of its tenured professors on paid administrative leave after finding that he “purposefully failed to inform MIT” that convicted sex offender Jeffrey Epstein was source of two donations in 2012 to support the professor’s research, and that the professor got a $60,000 personal gift from Epstein. Read More…

'Do Not Sell My Info': U.S. retailers rush to comply with California's new privacy law

WASHINGTON (Reuters) – U.S. retailers including Walmart Inc will add “Do Not Sell My Info” links to their websites and signage in stores starting Jan. 1, allowing California shoppers to understand for the first time what personal and other data the retailers collect, sources said. FILE PHOTO: Walmart’s logo is seen outside one of the Read More…

Satellite imagery company Maxar to sell Canadian unit for C$1 billion

FILE PHOTO: The Canadarm2 robotic arm, built by Canadian technology company MDA, is seen over the uncrewed SpaceX Crew Dragon spacecraft as it makes the first Commercial Crew vehicle to visit the International Space Station March 4, 2019. NASA/Handout via REUTERS/File Photo (Reuters) – U.S. satellite imagery company Maxar Technologies Inc said on Monday it Read More…

EU seeks reset in trade talks with U.S. – trade chief Hogan

FILE PHOTO: European Trade Commissioner-designate Phil Hogan of Ireland attends his hearing before the European Parliament in Brussels, Belgium September 30, 2019. REUTERS/Yves Herman/File Photo DUBLIN (Reuters) – The European Union’s new trade commissioner, Irishman Phil Hogan, was quoted on Monday as saying he would seek a reset of EU/US trade relations on a number Read More…

More than 150 flights canceled in Germany as Lufthansa's Germanwings hit by strikes

COLOGNE (Reuters) – Around 180 flights in Germany were canceled on Monday due to cabin crew strikes at Lufthansa’s budget airline Germanwings, in a bid to put pressure on management in wage talks. A timetable shows cancelled flights during a strike of cabin crew employees of German airline Germanwings called by German cabin crew union Read More…