Business News

Wall Street extends rally

Wall Street extends rally

The US stock market is off to the races on Tuesday, extending its rally from the start of the week as all three major indexes kicked the day off sharply higher. The S&P 500, Wall Street’s broadest gauge, opened up 1.3%, while the Dow rose 0.9%, or 330 points. The Nasdaq Composite, which had lagged…

Dubai is switching its work week to align with global markets

Dubai is switching its work week to align with global markets

The United Arab Emirates and its international finance hub Dubai are switching to a four-and-a-half-day work week ending midday Friday to make it easier to do business globally. The move away from the current Sunday to Thursday schedule — the first by a Gulf state — will help the UAE “achieve business continuity and alignment…

American productivity fell by the largest amount since 1960

American productivity fell by the largest amount since 1960

US labor market productivity tanked in the third quarter. Paychecks grew and the number of hours worked jumped, but workers’ output increased only at a moderate pace. Revisions to the data that were initially published a month ago show that the productivity drop was even worse than feared, falling 5.2% on a seasonally adjusted basis.…

Should retailers like Kohl’s and Macy’s break themselves up?
Luke Sharrett/Bloomberg/Getty Images

Should retailers like Kohl’s and Macy’s break themselves up?

For years, the future of the department store has been in doubt, as shoppers abandon malls and instead opt to scoop up dresses, appliances and accessories online. But some investors believe they’ve found a clever way for these once-mighty brands to move forward. What’s happening: Activist shareholders are increasingly pushing retailers to spin off their…

Doug Parker, architect of merger trend that resulted in four major US airlines, is retiring

Doug Parker, architect of merger trend that resulted in four major US airlines, is retiring

Doug Parker will retire in March as CEO of American Airlines, the airline that he made the world’s largest through a series of mergers that led to a massive consolidation of the US airline industry. Parker, 60, will be succeeded by Robert Isom, who has served as the company’s president for the last five years.…

Exclusive: Elizabeth Warren blasts Hertz for $2 billion stock buyback while jacking up rental car prices
David Paul Morris/Bloomberg/Getty Images

Exclusive: Elizabeth Warren blasts Hertz for $2 billion stock buyback while jacking up rental car prices

Hertz has gone from bankruptcy court to buybacks in the span of five months. And Senator Elizabeth Warren is not happy about it. The Massachusetts Democrat wrote Hertz a letter Monday calling the company out for rewarding shareholders with up to $2 billion in stock buybacks despite skyrocketing rental car prices. Warren questioned why Hertz…

As millions fell into poverty during the pandemic, billionaires’ wealth soared
Igor do Vale/Sipa USA/AP

As millions fell into poverty during the pandemic, billionaires’ wealth soared

The coronavirus pandemic has worsened the massive financial gap between rich and poor around the world, a new report has found. Global billionaires last year enjoyed the steepest increase in their share of wealth since the World Inequality Lab began keeping records in 1995, according to the research group’s analysis released Tuesday. Their net worth…

5 mistakes to avoid if you have to lay off employees remotely
CNN

5 mistakes to avoid if you have to lay off employees remotely

How you let employees go matters for your company’s reputation. Consider Better.com’s CEO, who just fired roughly 900 employees in a very brief Zoom call and quickly faced backlash. No one will ever react positively to hearing they are terminated — whether it’s due to balance sheet problems or their own performance. So it’s incumbent…

The Washington Post’s longtime editorial page editor dies at 66

The Washington Post’s longtime editorial page editor dies at 66

Fred Hiatt, The Washington Post’s longtime editorial page editor, died on Monday morning. He was 66 years old. The Post’s newsroom was informed of Hiatt’s death on Monday afternoon by publisher Fred Ryan. The Post said in its obituary that Hiatt had cardiac arrest on November 24 while visiting his daughter in New York and…

2022 is when investors will finally return to value stocks. Really
John Minchillo/AP

2022 is when investors will finally return to value stocks. Really

Stop us if you’ve heard this before: Market strategists are predicting that 2022 will finally be the year when investors choose value stocks -— like banking, oil, consumer, industrial and healthcare companies — over Big Techs, such as Apple, Amazon and Facebook owner Meta. It’s been a common refrain among stock pickers for several years.…

Jack in the Box is buying Del Taco for $575 million
Justin Sullivan/Getty Images

Jack in the Box is buying Del Taco for $575 million

Three years after ditching Qdoba Mexican Eats, Jack in the Box is scooping up Del Taco in a $575 million deal. The deal, which is expected to close early next year, doubles down on Jack in the Box’s success with tacos. Jack in the Box serves an eclectic array of food from burgers to egg…

Dow climbs more than 600 points amid renewed volatility
Richard Drew/AP

Dow climbs more than 600 points amid renewed volatility

It’s a strong start to the week on Wall Street, where the Dow finished up more than 600 points amid a rebound from last week’s losses. The Dow finished up 1.9%, or some 647 points, while the broader S&P 500 climbed nearly 1.2%. The Nasdaq Composite, which faced the steepest selloff Friday, continued to be…

OMG! LOL! BuzzFeed’s trading on the Nasdaq
Bennett Raglin/Getty Images for BuzzFeed Inc.

OMG! LOL! BuzzFeed’s trading on the Nasdaq

At Nasdaq Monday, BuzzFeed CEO Jonah Peretti — flanked by Instagram celebrity “Dude with Sign” and people holding oversized yellow “OMG” and “win” signs — rang the opening bell for BuzzFeed’s debut as a public company. Simultaneously at BuzzFeed’s headquarters in New York, an acrobatic cat performed. It was both a celebration of BuzzFeed, the…

Federal regulators are investigating the Trump SPAC deal
Brandon Bell/Getty Images

Federal regulators are investigating the Trump SPAC deal

The shell company that is facilitating former President Donald Trump’s return to Wall Street disclosed Monday that federal regulators are investigating the deal. In October, Trump announced a new media venture that would “stand up to the tyranny of Big Tech.” That new entity, chaired by the former president, agreed to go public through a…

SEC probes Tesla on whistleblower’s claims about solar panel defects
Spencer Platt/Getty Images

SEC probes Tesla on whistleblower’s claims about solar panel defects

Tesla is under regulatory investigation after a whistleblower alleged the company failed to properly disclose fire risks associated with solar panel defects. The investigation raises regulatory pressure on the world’s most valuable automaker, which already faces a federal safety probe into accidents involving its driver assistant systems. Concerns about fires from Tesla solar systems have…

Hong Kong warns Wall Street Journal of legal action over election editorial
Vladyslav Yushynov/Alamy

Hong Kong warns Wall Street Journal of legal action over election editorial

Hong Kong has warned the Wall Street Journal that it may have broken electoral law by “scaremongering” in a recent editorial about the upcoming vote for the city’s legislative council. On Monday, the US newspaper printed a letter from Hong Kong’s Secretary for Constitutional and Mainland Affairs, Erick Tsang, under the headline “Hong Kong Issues…

New York City to mandate Covid vaccines for all private sector workers
Angela Weiss/AFP/Getty Images

New York City to mandate Covid vaccines for all private sector workers

All private sector employers in New York City will now be required to implement a Covid-19 vaccine mandate by December 27, the city’s mayor Bill de Blasio announced Monday. This new move, which de Blasio announced Monday on MSNBC, means everyone who works in the city will now be subject to a vaccine mandate. “The…

Bitcoin’s plunge is another sign of market angst
Yuichiro Chino/Moment RF/Getty Images

Bitcoin’s plunge is another sign of market angst

Over the past week, as markets were churning on fears that the Omicron variant could derail the global economic recovery, bitcoin prices stayed surprisingly stable. Then came the weekend. What’s happening: The cryptocurrency at one point plunged more than 20% on Saturday. It’s now trading at roughly $48,600, down from about $57,000 at the beginning…

DoorDash thinks speedy grocery delivery is the future
Michael Nagle/Bloomberg/Getty Images

DoorDash thinks speedy grocery delivery is the future

DoorDash is jumping on the speedy delivery trend. Starting Monday, the company is offering 10- to 15-minute delivery in New York City from a new Dashmart, which stocks groceries, household goods and packaged restaurant products. Customers within the delivery zone will see the new option under a “convenience” tab in the app or on the…

KFC is testing a new dipping sauce in these three cities

KFC is testing a new dipping sauce in these three cities

Kentucky Fried Chicken is testing a new dipping sauce in three US cities. Beginning Monday, customers in Washington, Atlanta and Dallas can add “Sweet Hot Capital City” mambo sauce to their orders for a limited time. The chain describes the flavor as “sweet, spicy and tangy,” and one that “perfectly compliments” its fried chicken. DC…

Lucid Motors subpoenaed by the SEC. Shares plunge
Patrick T. Fallon/AFP/Getty Images

Lucid Motors subpoenaed by the SEC. Shares plunge

Upstart electric vehicle maker Lucid Motors disclosed Monday it has received a subpoena from the SEC, sending its shares plunging 14% in premarket trading. The company said the probe “appears to concern” the SPAC deal that took it public earlier this year, along with “certain projections and statements.” Lucid raised $4 billion through its combination…