• “The name is an ode to the frustration I experienced myself many times over as a creator,” one of FYPM's founders said. Link
    DealBook Mon 02 Aug 2021 22:39
    Lindsey Lee Lugrin, right, and Isha Mehra have created an app where online influencers can share information in a collective effort to raise their pay.Credit...Amanda Hakan for The New York Times
  • Large employers like Google and Walmart are introducing stricter requirements for employees returning to the workplace. But the policies come with some important caveats as executives juggle public health, labor relations and the bottom line. Link
    DealBook Mon 02 Aug 2021 22:39

    Walmart’s vaccination mandate, for example, doesn’t cover the company’s most vulnerable employees: workers at its stores and warehouses. The retailer, the biggest private employer in the United States, announced mandatory inoculation for employees at its headquarters and for managers who travel domestically. For a sense of scale, about 17,000 of Walmart’s 1.6 million employees are expected to work in new headquarters in Bentonville, Ark.

  • With the coronavirus spreading across the country and hospitalizations rising again, and public health officials warning that the Delta variant carries new risks even for vaccinated people, big businesses are rethinking their plans. Link
    DealBook Mon 02 Aug 2021 22:39

    With the coronavirus spreading across the country and hospitalizations rising again, and public health officials warning that the Delta variant carries new risks even for vaccinated people, big businesses are rethinking their plans.

    Some are delaying their plans to bring workers back to the office, and others are restoring mask requirements for customers. In the last week, several have also imposed vaccine mandates, after having held off on such a step for months.

  • “People who want to be in the job force want stability — if they want to work, they work full time,” one employer said. “Locally there’s just no workers who want to do anything seasonal.” Link
    DealBook Mon 02 Aug 2021 21:44

    SALT LAKE CITY — Tyler Holt summed up the problem his Utah landscaping business faces every year. “People who want to be in the job force want stability — if they want to work, they work full time,” he said. “Locally there’s just no workers who want to do anything seasonal.”

    The complaint has been echoed not only by landscapers in Utah, but also by amusement parks in Wyoming, restaurants in Rhode Island, crab trappers in Maryland, camps in Colorado and thousands of other businesses around the country that depend on seasonal workers from abroad to work lower-wage nonfarm jobs.

    The scramble for these temporary guest workers has been intense in recent years, as the jobless rate inched down and tensions over immigration policy ratcheted up. But this year, after the coronavirus pandemic first halted and then seriously constrained the stream of foreign workers into the United States, the competition has been particularly fierce.

    The Biden administration responded to...

  • Some Federal Reserve officials are worrying that the housing boom could end up looking like a bubble, one that threatens financial stability, and that the central bank’s big bond purchases could be helping to inflate it. Link
    DealBook Mon 02 Aug 2021 20:29
    The Homeowners Assistance Fund was included in the $1.9 trillion measure enacted to help keep Americans “experiencing hardships associated with the pandemic” in their homes.Credit...Christopher Lee for The New York Times
  • States can allocate some of the $10 billion in federal funding for struggling homeowners to help people who bought their residences with nontraditional home loans, according to Treasury Department officials. Link
    DealBook Mon 02 Aug 2021 19:09
    The Homeowners Assistance Fund was included in the $1.9 trillion measure enacted to help keep Americans “experiencing hardships associated with the pandemic” in their homes.Credit...Christopher Lee for The New York Times
  • Square announced on Sunday a $29 billion, all-stock deal to buy Afterpay. The financial technology firms described the deal as a way to take on the traditional banking industry by building out an alternative to credit cards. Link
    DealBook Mon 02 Aug 2021 17:44
    The Homeowners Assistance Fund was included in the $1.9 trillion measure enacted to help keep Americans “experiencing hardships associated with the pandemic” in their homes.Credit...Christopher Lee for The New York Times
  • In today's DealBook newsletter: How partial vaccine mandates widen the class divide, why Square bought Afterpay, what crypto watchers think of the latest twist in the commodity-vs.-security debate, and more. Link
    DealBook Mon 02 Aug 2021 12:18

    The tide has begun to turn on corporate vaccine mandates, with companies including Disney, Facebook, Google and Walmart recently introducing stricter requirements for employees returning to the workplace. But the policies come with some important caveats as executives juggle public health, labor relations and the bottom line.

    Walmart’s vaccination mandate doesn’t cover the company’s most vulnerable employees: workers at its stores and warehouses. The retailer, the biggest private employer in the U.S., announced mandatory inoculation for employees at its headquarters and for managers who travel domestically. For a sense of scale, about 17,000 of Walmart’s 1.6 million employees work at its headquarters. For workers who fall outside the requirement, Walmart is doubling its cash incentive to get immunized, to $150.

    Unions and labor shortages complicate the picture. One fear that companies have with broad vaccine mandates is that they could drive away employees at a...

  • In the weekend edition of the DealBook newsletter: Doing business by video conference during the pandemic has led many companies to rethink their travel policies for the long-term. Link
    DealBook Sat 31 Jul 2021 14:58

    The DealBook newsletter delves into a single topic or theme every weekend, providing reporting and analysis that offers a better understanding of an important issue in the news. If you don’t already receive the daily newsletter, sign up here.

  • The genesis of this story was me trying to figure out why a pack of new lenders suddenly showed up on the SBA's PPP leaderboard in April. @ellawinthrop crunched #s, and when I started calling the top lenders, the story-behind-the-story emerged Link
    DealBook Wed 30 Jun 2021 07:25
    Dan Bourque, an Uber driver in San Francisco, saw Womply’s ads and applied for a loan in mid-April. Seventeen days later, he had a $10,477 deposit in his bank account.Credit...Jim Wilson/The New York Times
  • Many travelers are wondering why they still can’t take a vacation in a favorite, nearby destination: Canada, their neighbor to the north. Here’s why the border remains Link @ElaineGlusac Link https://t.co/csex1bA9zV
    DealBook Wed 30 Jun 2021 06:10
    Border signs above the Peace Bridge last summer. The bridge crosses the Niagara River between Canada and the United States; leisure travelers have not been able to enter Canada since last March.Credit...Brendan Mcdermid/Reuters
  • For the group of oil producers known as OPEC Plus, the pandemic has worked our far better than expected, @stanleyreed12 writes. Now, there is growing talk that the price of oil could eventually hit $100 for the first time since 2014. Link
    DealBook Wed 30 Jun 2021 04:40

    The pandemic has worked out far better for the group of oil producers known as OPEC Plus than might have been expected a year ago. After a self-destructive price war, and a brief episode when some oil prices fell below zero, Saudi Arabia, Russia and their allies have emerged in a position that may be stronger than when the lockdowns began.

    Prices have been gliding higher since November, up 85 percent to about $75 a barrel for Brent crude, as global economies begin to consume more oil while OPEC Plus keeps a tight leash on output.

    As the oil producers prepare for their monthly meeting on Thursday, there is growing talk that the price could eventually hit $100 for the first time since 2014.

    The Organization of the Petroleum Exporting Countries and its allies are holding some high cards at the moment. More and possibly explosive growth in demand is expected in the coming months as economies recover from the coronavirus pandemic. Crude oil production in the United...

  • .@ceciliakang and @dmccabe write that not since the government sued to break up Microsoft in the late 1990s has there been greater demand for people who know the ins and outs of corporate competition law. Link
    DealBook Wed 30 Jun 2021 03:20

    Not since the government sued to break up Microsoft in the late 1990s has there been greater demand for people who know the ins and outs of corporate competition law. That is only certain to increase after a federal judge dismissed a states’ antitrust case against Facebook on Monday and said the Federal Trade Commission’s complaint against the social network needed to be revised.

    The rulings put the Facebook case back into the hands of Lina Khan, a fierce critic of the tech industry, who recently became chair of the F.T.C., an agency that regulates antitrust. Last week, bills aimed at weakening the companies’ grip on the industry also advanced in the House.

    The clamor for talent extends to lobbying firms and economists, who can help the companies formulate counterarguments and provide expert testimony about the companies’ market power. But it is particularly acute in the legal profession.

    The tech giants are already flooding courtrooms with large teams of...

  • Almost one-fifth of the total market for office space in Manhattan is available for rent — a record high, @katekelly and @uwsgeezer report. Here are some of the concessions some corporate landlords are making to fill those spaces: Link
    DealBook Wed 30 Jun 2021 02:00

    Even as life returns to many New York City neighborhoods, its big commercial districts are awash with empty office space. Most workers haven’t yet returned — and it’s unclear if they all will. That uncertainty is terrifying the city’s biggest office landlords, and many of them are going to great lengths to retain and attract tenants.

    Lower rents or free months in multiyear leases are now de rigueur. But landlords are also trying to entice new and returning tenants with sweeping redesigns and new technology that can quickly refashion office space based on needs. They are dangling upscale new clubs and food halls available largely for tenants, hoping to draw back employees starved for workplace socializing while also pursuing new business opportunities. In one building on West 26th Street near the Hudson River, the owners — the private equity firm Blackstone and the building owner and developer RXR Realty — are showing off a 600-square-foot speakeasy tucked away in a corner...

  • A busy, functioning baseball stadium in Staten Island is crucial for turning the waterfront into a destination. But building such facilities does not come without risk. Link
    DealBook Wed 30 Jun 2021 00:35

    The artwork of elementary school students decorates the office windows behind home plate at Richmond County Bank Ballpark in Staten Island. One encourages residents not to litter. Another drawing, of the stadium’s infamous Staten Island pizza rat mascot, reads: “Better Days Are Coming!”

    But empty liquor bottles litter the nearby concourse, and dandelions and other weeds grow in the outfield.

    For the first time in 20 years, the ballpark is not the home of the Staten Island Yankees. In fact, nothing is happening at the city-owned stadium, which covers about six acres and offers waterfront views of Lower Manhattan.

  • “If I was an OPEC Plus producer, I would feel pretty comfortable with the way things are," said one oil analyst. After all, oil prices are up 85 percent since late last year.  Link
    DealBook Tue 29 Jun 2021 15:50

    The pandemic has worked out far better for the group of oil producers known as OPEC Plus than might have been expected a year ago. After a self-destructive price war, and a brief episode when some oil prices fell below zero, Saudi Arabia, Russia and their allies have emerged in a position that may be stronger than when the lockdowns began.

    Prices have been gliding higher since November, up 85 percent to about $75 a barrel for Brent crude, as global economies begin to consume more oil while OPEC Plus keeps a tight leash on output.

    As the oil producers prepare for their monthly meeting on Thursday, there is growing talk that the price could eventually hit $100 for the first time since 2014.

    The Organization of the Petroleum Exporting Countries and its allies are holding some high cards at the moment. More and possibly explosive growth in demand is expected in the coming months as economies recover from the coronavirus pandemic. Crude oil production in the United...

  • The judge also threw out an antitrust case brought against Facebook by more than 40 states, saying too much time had elapsed since the alleged offenses took place. Link
    DealBook Tue 29 Jun 2021 14:19

    The decisions were a major blow to attempts to rein in Big Tech. The judge said one of the complaints, from the Federal Trade Commission, lacked facts and gave the agency 30 days to refile it.

  • In today's DealBook newsletter: The government's antitrust case against Facebook crumples, landlords unveil post-pandemic office perks and readers suggest ways to change the tax treatment of philanthropy. Link
    DealBook Tue 29 Jun 2021 11:49

    In a major blow to attempts to shrink the power of Big Tech, a federal judge yesterday threw out two antitrust lawsuits brought against Facebook by the Federal Trade Commission and more than 40 states. The judge, James Boasberg, said the federal suit failed to provide enough facts to back claims that Facebook had a monopoly over “personal social networking.” He said the states had waited too long to bring their case, which centers on deals made in 2012 and 2014. The F.T.C. has 30 days to refile its case.

    The 53-page ruling is worth a read, given the current debate on what is or isn’t a monopoly. In case you don’t have time, we pulled some of the most telling passages, which provide a clear picture of the hurdles the government has to clear if it wants to take on Big Tech in the future.

  • For each year a beneficiary postpones claiming Social Security between the full retirement age and 70, the benefit rises 8 percent. Link
    DealBook Tue 29 Jun 2021 09:54

    As a single woman with no children, Karen Callahan is putting together the financial pieces that will protect her for a potentially long life on her own. A large piece of her puzzle: getting as much Social Security income as she can.

    Ms. Callahan, 67, of Marlborough, Mass., is holding off on claiming her benefits until she turns 70, when she will be eligible for $3,100 a month. If she claimed today, she said, her benefit would be permanently reduced to about $2,500.

    The income from a web design business she owns will cover her expenses until 70, including a $375 monthly condo fee on her townhouse. In excellent health and able to bench press 120 pounds, Ms. Callahan expects to live long enough to get more in lifetime benefits by waiting than by claiming less for a longer time.

    “Hell’s bells — I have put the money in, and I am going for the max,” she said.

    For many older single women, as well as for divorced women and widows, getting the most out of Social...

  • With lumber prices driving up the cost of new home construction, the Biden administration is facing pressure to seek a resolution to a long-running trade spat with Canada, @thomaskaplan writes. Link
    DealBook Tue 29 Jun 2021 08:39

    WASHINGTON — A trade dispute over Canadian lumber that began when Ronald Reagan was president has become a political problem for President Biden, with home builders and members of Congress urging the administration to try to strike a deal that could help bring down the cost of critical building materials.

    Lumber prices remain far above prepandemic levels, even after falling sharply in recent weeks, an increase driven in part by strong housing demand and an abundance of home improvement projects during the pandemic. The higher-than-normal prices are among a wide range of supply chain complications that have cropped up as the economy picks up steam.

    But unlike other commodities that have been in short supply, lumber is also the subject of a long-running trade dispute between the United States and Canada, adding a layer of diplomatic intrigue to the scramble for in-demand building materials. The two countries are locked in a thorny disagreement over softwood lumber,...

  • Three medical studies on Monday showed the strength and versatility of widely used coronavirus vaccines, breathing optimism into the fight to end the pandemic.  Link
    DealBook Tue 29 Jun 2021 07:19

    The vaccines made by Pfizer-BioNTech and Moderna set off a persistent immune reaction in the body that may protect against the coronavirus for years, scientists reported on Monday.

    The findings add to growing evidence that most people immunized with the mRNA vaccines may not need boosters, so long as the virus and its variants do not evolve much beyond their current forms — which is not guaranteed. People who recovered from Covid-19 before being vaccinated may not need boosters even if the virus does make a significant transformation.

    “It’s a good sign for how durable our immunity is from this vaccine,” said Ali Ellebedy, an immunologist at Washington University in St. Louis who led the study, which was published in the journal Nature.

    The study did not consider the coronavirus vaccine made by Johnson & Johnson, but Dr. Ellebedy said he expected the immune response to be less durable than that produced by mRNA vaccines.

  • After a year in which demands for racial justice acquired new resonance, African American economists and others are pushing back against the belief that differences in wages largely reflect differences in skill, @portereduardo writes. Link
    DealBook Tue 29 Jun 2021 06:04

    William Spriggs, a professor at Howard University, wrote an open letter last year to his fellow economists. Reacting to the police killing of George Floyd in Minneapolis, he began the letter with a question: “Is now a teachable moment for economists?”

    Slamming what he saw as attempts to deny racial discrimination, Dr. Spriggs argued that economists should stop looking for a reason other than racism — some “omitted variable” — to account for why African Americans are falling further behind in the economy.

    “Hopefully, this moment will cause economists to reflect and rethink how we study racial disparities,” wrote Dr. Spriggs, who is Black. “Trapped in the dominant conversation, far too often African American economists find themselves having to prove that African Americans are equal.”

    After a year in which demands for racial justice acquired new resonance, Dr. Spriggs and others are pushing back against a strongly held tenet of economics: that differences in...

  • In Missouri, those who expected the June 12 termination of federal jobless benefits would unleash a flood of job seekers were disappointed. Link
    DealBook Tue 29 Jun 2021 04:34

    MARYLAND HEIGHTS, Mo. — By lunchtime, the representatives from the recruiting agency Express Employment Professionals decided to pack up and leave the job fair in the St. Louis suburb of Maryland Heights. Hardly anyone had shown up.

    “We were hoping we would see prepandemic levels,” said Courtney Boyle, general manager of Express. After all, Missouri had just cut off federal unemployment benefits.

    Business owners had complained that the assistance, as Gov. Mike Parson put it, “incentivized people to stay out of the work force.” He made Missouri one of the first four states to halt the federal aid; a total of 26 have said they will do so by next month. But in the St. Louis metropolitan area, where the jobless rate was 4.2 percent in May, those who expected the June 12 termination would unleash a flood of job seekers were disappointed.

    Work-force development officials said they had seen virtually no uptick in applicants since the governor’s announcement, which...

  • “I’m not in denial that education matters, but I am pushing back on the extent that it matters,” said one economics professor. “The fact is there are a limited number of jobs and we sort them based on power. Race is a deciding factor.” Link
    DealBook Tue 29 Jun 2021 03:04

    William Spriggs, a professor at Howard University, wrote an open letter last year to his fellow economists. Reacting to the police killing of George Floyd in Minneapolis, he began the letter with a question: “Is now a teachable moment for economists?”

    Slamming what he saw as attempts to deny racial discrimination, Dr. Spriggs argued that economists should stop looking for a reason other than racism — some “omitted variable” — to account for why African Americans are falling further behind in the economy.

    “Hopefully, this moment will cause economists to reflect and rethink how we study racial disparities,” wrote Dr. Spriggs, who is Black. “Trapped in the dominant conversation, far too often African American economists find themselves having to prove that African Americans are equal.”

    After a year in which demands for racial justice acquired new resonance, Dr. Spriggs and others are pushing back against a strongly held tenet of economics: that differences in...

  • “For single women, longevity is their biggest risk,” said one retirement consultant. “Even waiting just one more year past her full retirement age will get her another 8 percent in benefits.” Link
    DealBook Tue 29 Jun 2021 01:44

    As a single woman with no children, Karen Callahan is putting together the financial pieces that will protect her for a potentially long life on her own. A large piece of her puzzle: getting as much Social Security income as she can.

    Ms. Callahan, 67, of Marlborough, Mass., is holding off on claiming her benefits until she turns 70, when she will be eligible for $3,100 a month. If she claimed today, she said, her benefit would be permanently reduced to about $2,500.

    The income from a web design business she owns will cover her expenses until 70, including a $375 monthly condo fee on her townhouse. In excellent health and able to bench press 120 pounds, Ms. Callahan expects to live long enough to get more in lifetime benefits by waiting than by claiming less for a longer time.

    “Hell’s bells — I have put the money in, and I am going for the max,” she said.

    For many older single women, as well as for divorced women and widows, getting the most out of Social...

S&P500
VIX
Eurostoxx50
FTSE100
Nikkei 225
TNX (UST10y)
EURUSD
GBPUSD
USDJPY
BTCUSD
Gold spot
Brent
Copper
Last update . Delayed by 15 mins. Prices from Yahoo!

  • Top 50 publishers (last 24 hours)