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Corporate America scrambles to get behind voting rights

Corporate America scrambles to get behind voting rights

Illustration: Aïda Amer/AxiosIt's not just Georgia: Corporate America is under growing pressure to put its muscle behind voting rights.Why it matters: Big businesses have taken on a bigger role in social political issues, but got involved in Georgia's voting-rights fight too late to block it. And the fallout is raising the stakes for similar legislation in other states.Where it stands: Over 70 Black executives calling on fellow executives to speak out against a number of restrictive voting bills in dozens of states.Between the lines: Employees and customers are increasingly looking to...

Apr 3
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U.S. economy added eye-popping 916,000 jobs in March, crushing expectations

U.S. economy added eye-popping 916,000 jobs in March, crushing expectations

President Biden at his first Cabinet meeting yesterday. Photo: Drew Angerer/Getty ImagesThe U.S. economy added a whopping 916,000 jobs last month, while the unemployment rate fell to 6% from 6.2%, on Friday.Why it matters: The blowout job gains show how vaccines and the economic reopening are juicing the battered labor market. Economists had been expecting an increase of 675,000.The big picture: March's jobs report marked the biggest hiring spree since last summer.Plus: Job gains in both January and February were even higher (+156,000) than previously reported.Details: The leisure and...

Apr 2
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How the pandemic crushed baseball

How the pandemic crushed baseball

New estimates show how brutal the pandemic was for MLB teams.What happened: Sponsor revenues fell as much as 60% for most teams, while local media revenues plummeted even more, .The bottom line: Combined MLB team revenue fell by $7 billion. on team valuations.The average MLB franchise is now worth $2.2 billion, according to Sportico's , released on Friday.The backdrop: "Every MLB team faced crushing losses in 2020, as combined team revenue plummeted $7 billion, or 67%," Sportico's Kurt Badenhausen and Peter J. Schwartz .A 9-year-old migrant girl drowned as her family attempted to cross the...

Mar 26
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Financial fallout from the Texas deep freeze

Financial fallout from the Texas deep freeze

Illustration: Annelise Capossela/AxiosTexas has thawed out after an Arctic freeze last month threw the state into a power crisis. But the financial turmoil from power grid shock is just starting to take shape.Why it matters: In total, electricity companies are billions of dollars short on the post-storm payments they now owe to the state's grid operator. There's no clear path for how they will pay — something being watched closely across the country as extreme weather events become more common.Catch up quick: There was a "cascading failure of infrastructures" in the wake of the statewide...

Mar 5
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Robinhood CEO admits company did not respond perfectly to GameStop trading mania

Robinhood CEO admits company did not respond perfectly to GameStop trading mania

Robinhood CEO Vlad Tenev apologized at a House hearing Thursday for the confusion caused by his platform's decision to restrict trading of certain "meme stocks," while admitting he did not handle the situation perfectly.Yes, but: Tenev later admitted the company made mistakes, but could not spell out what those mistakes were — before Congress moved on to the next question.Key exchange:Why it matters: The wild stretch of Reddit-fueled trading last month has resulted in intense scrutiny of the power of platforms like Robinhood, short-selling hedge funds and the stock market's plumbing.The big...

Feb 18
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The global chip shortage is slamming the auto industry

The global chip shortage is slamming the auto industry

Illustration: Aïda Amer/AxiosA global chip shortage has forced virtually every major automaker to halt some car production and furlough workers — just as the industry was showing signs of recovery from the pandemic-related shutdowns last spring.Why it matters: Fewer chips, fewer cars. Semiconductors are crucial components that make computer-controlled systems in cars work — everything from engines to power windows, as well as driver-assistance and navigation features.What's going on: Automakers needed fewer chips when the pandemic forced them to halt production. Chipmakers curbed production...

Feb 5
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Unemployment filings explode again as pandemic slams job market

Unemployment filings explode again as pandemic slams job market

Volunteers distribute meals at a food bank in Pennsylvania last month. (Photo: Ben Hasty/MediaNews Group/Reading Eagle via Getty Images)More than 1.4 million Americans filed for jobless claims — a figure that includes first-time filings for regular state unemployment and another program for non-traditional workers. Why it matters: It’s another surge in the number of Americans applying for unemployment benefits, an additional sign the labor market is facing more strain as the coronavirus continues to ravage the country.How it breaks down: Separately, continued claims — or how many Americans...

Jan 14
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Wall Street wonders how bad the economy has to get for Congress to act

Wall Street wonders how bad the economy has to get for Congress to act

Illustration: Aïda Amer/AxiosWall Street is working out how bad the economy will have to get for Congress to feel motivated to move on economic support.Why it matters: A pre-Thanksgiving data dump showed more evidence of a floundering economic recovery. But the slow drip of crumbling economic data may not be enough to push Washington past a gridlock to halt the economic backslide.What they're saying: "What I can't figure out is what what is going to need to happen to kind of light a fire under Congress to actually compromise and get something done," says Liz Ann Sonders, chief investment...

Nov 30
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Boeing 737 MAX cleared to fly by FAA

Boeing 737 MAX cleared to fly by FAA

Boeing 737 MAX jets stored in Seattle, Washington. Photo: Stephen Brashear/Getty ImagesThe Federal Aviation Administration on Wednesday Boeing's 737 MAX to fly again in the U.S. — 20 months after the plane’s worldwide grounding.Why it matters: A pair of fatal laid bare the gross oversight and safety lapses on the part of Boeing and the FAA. The fallout led to the resignation of top executives — — a criminal investigation, and the company’s biggest financial hit in its centurylong history.The state of play: The planes likely won’t be in the air for several more weeks, if not months. Airlines...

Nov 18
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Struggling retailers hope for a Christmas miracle

Struggling retailers hope for a Christmas miracle

Illustration: Eniola Odetunde/AxiosRetailers on the brink are counting on what's possibly the most uncertain holiday season ever for a last shot at survival.Why it matters: Giants like Amazon and Walmart (plus those that have benefited from work-from-home needs) are thriving. For others, the all-important shopping season is unfolding against the bleakest backdrop for the industry in years. The backstory: The pandemic — and the economic cratering that accompanied it —intensified a long, slow industry decline that’s been underway for the past decade. The retailers still treading water are...

October 18, 2020
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