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California lawmakers approve Newsom's oil bill. Here's what you need to know

Business / Business News /

California lawmakers on Monday approved Gov. Gavin Newsom's legislation to increase transparency in the oil industry, in the final hours of a special session he called last year to penalize excessive profits.

After months of deliberation, the final bill does not cap oil refinery profits or penalize the industry as Newsom had intended when he ...Read more

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Cruise, port leaders at Seatrade conference in South Florida see fortunes rising post COVID-19

Business / Business News /

Passengers are returning to their favorite ships. And cruise line industry leaders are feeling better about their prospects after the COVID-19 pandemic nearly destroyed their businesses three years ago.

Where do the world’s big cruise lines, a major cog in South Florida’s tourism industry, go from here?

Answers emerged quickly Monday at ...Read more


The most striking claims in the CFTC's lawsuit against Binance

Business / Business News /

The top U.S. derivatives regulator’s lawsuit against crypto giant Binance Holdings Ltd. and Chief Executive Officer Changpeng Zhao hammers at the company’s alleged concealment of rules violations in a breakneck pursuit of growth.

As the Commodity Futures Trading Commission goes after the world’s biggest cryptocurrency exchange — in the...Read more

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Binance isn't FTX. It's much bigger and more systemically important to crypto

Business / Business News /

In every single corner of the crypto landscape, one name pops up: Binance.

Run by Changpeng “CZ” Zhao, the world’s largest crypto exchange is a dominant force in everything from Bitcoin trading and digital art to venture capital. With its power and influence only increasing after the collapse last year of Sam Bankman-Fried’s FTX empire,...Read more

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FDIC grants First Citizens rare credit line for SVB

Business / Business News /

First Citizens BancShares Inc.’s acquisition of Silicon Valley Bank came with an unusual provision: a $70 billion line of credit, courtesy of the Federal Deposit Insurance Corp.

The financing is meant to help First Citizens meet liquidity needs that arise in the next two years as it integrates SVB into its operations, the Raleigh, North ...Read more

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Moving hazardous chemicals by train is far safer than trucks, says top regulator who pushed merger and wants more freight moved by rail

Business / Business News /

Not even the toxic fireball over an Ohio derailment could shake Martin Oberman’s belief that railroads are a safer way to move hazardous chemicals, and most other freight, than long-haul trucks.

“Would you rather have your family and your SUV driving down the highway at 75 miles an hour next to a truck filled with chlorine, and the guy ...Read more

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Disney layoffs begin this week. Iger says 7,000 job cuts to finish before summer

Business / Business News /

Walt Disney Co. this week begins its plan to cut 7,000 jobs as part of a wider effort to rejuvenate the Burbank entertainment giant's finances and reach profitability at its streaming business.

The first wave of employees facing layoffs will be notified by Disney bosses over the next four days, Chief Executive Bob Iger said in a Monday memo to ...Read more

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A last-minute guide to filing your 2022 return: EV credits, shrinking refunds and the end of pandemic tax relief

Business / Business News /

With weeks to go before the April 18 deadline, the majority of the nation’s 168 million tax filers are once again scrambling to download software, organize receipts and call their accountants for last-minute help.

Procrastinators may find what early filers already know: Tax year 2022 is not producing as many happy returns as in previous years...Read more


Half of US employees earn extra cash on the side, survey finds

Business / Business News /

To meet increasing spending needs, households can generally do two things: cut spending or raise income. A large share of Americans are doing the latter, according to a new survey.

Almost half of employed consumers hold a side job or have some other form of supplemental income such as selling artisan products, data released Monday by ...Read more

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Can California put an end to corporate greenwashing?

Business / Business News /

LOS ANGELES — Nearly three years ago, American Airlines pledged to eradicate its greenhouse gas emissions by 2050 in an effort to help avoid the most catastrophic effects of climate change.

One of the largest airlines in the world, American carved a path toward its net-zero goal by focusing on six key sectors, including sustainable aviation ...Read more

Extra food assistance cushioned the early pandemic's blow on kids' mental health

Business / Business News /

The Research Brief is a short take about interesting academic work.

Despite the heightened poverty and unemployment seen when the COVID-19 pandemic got underway, many low-income U.S. children did not experience a decline in their emotional and mental health, we found in a new study.

We looked specifically at kids whose ...Read more

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First Citizens Bank will buy Silicon Valley Bank

Business / Business News /

RALEIGH, N.C. — Raleigh’s First Citizens Bank is buying most of Silicon Valley Bank, the tech-focused financial institution which collapsed earlier this month.

First Citizens will acquire all deposits and loans of the former Silicon Valley Bank in exchange for company stock worth up to $500 million, the Federal Deposit Insurance Corporation...Read more


For some, TikTok is a path to riches and the American dream. With a ban, it could all disappear

Business / Business News /

When Lauren Wyman felt crushed under the weight of her corporate finance job in 2019, she found solace in launching a small goth and alternative clothing business.

She initially made Facebook and Instagram accounts for her shop, Dark Mother Clothing, but generated only $5,000 to $6,000 in sales the first year. Wyman, 32, joined TikTok at the ...Read more

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Fain wins historic UAW presidential race, will be sworn in Sunday

Business / Business News /

DETROIT — United Auto Workers presidential candidate Shawn Fain has defeated incumbent Ray Curry in a historic, first-ever direct election for the union's highest office, the federal monitor overseeing the vote confirmed Saturday afternoon.

Fain will be sworn in on Sunday according to the monitor, clearing the way for him to lead the UAW's ...Read more

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Vince McMahon reimburses WWE $17.4 million for investigation into misconduct allegations

Business / Business News /

Vince McMahon has footed the $17.4 million bill for the WWE’s investigation into the misconduct allegations raised against him, which triggered his brief retirement.

The wrestling executive reimbursed the sports entertainment company on Thursday for all costs associated with the probe through Jan. 31, according to an SEC filing by the WWE on ...Read more

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Gordon Moore, Intel co-founder who coined chip rule, dies at 94

Business / Business News /

Gordon Moore, the Intel Corp. co-founder whose theory on computer-chip development became the yardstick for progress in the electronics industry, has died. He was 94.

Moore died peacefully surrounded by family at his home in Hawaii on Friday, the Gordon and Betty Moore Foundation said in a statement.

A founder of industry pioneer Fairchild ...Read more

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Attorney for former Marvel executive Victoria Alonso says she was silenced as 'a gay Latina.' Disney calls claim 'unfortunate'

Business / Business News /

LOS ANGELES — An attorney representing former Marvel Studio executive Victoria Alonso, who was fired earlier this week from the Walt Disney Co.-owned superhero juggernaut, is firing back at reports that she was pushed out over an Oscar-nominated film she produced.

The Hollywood Reporter on Friday published a story citing unnamed sources who ...Read more

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Attorney for former Marvel executive Victoria Alonso says she was silenced: 'A gay Latina who had the courage to criticize Disney'

Business / Business News /

LOS ANGELES — An attorney representing former Marvel Studio executive Victoria Alonso, who was fired earlier this week from the Walt Disney Co.-owned superhero juggernaut, is firing back at reports that she was pushed out over an Oscar-nominated film she produced.

The Hollywood Reporter on Friday published a story citing unnamed sources who ...Read more

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Michael Hiltzik: Biden says he wants to bring down drug prices. His actions tell a different story

Business / Business News /

You might get the impression from the Biden administration's insulin price cut and its initiative allowing Medicare to negotiate over other pharmaceuticals that the drug pricing issue is finally being taken seriously in Washington.

Sadly, no.

The evidence that nothing much has changed arrived just this week, with a notice from the Department ...Read more

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Brian Merchant: Silicon Valley elites are afraid. History says they should be

Business / Business News /

It’s become a common refrain among a certain set of Silicon Valley elite: They’ve been treated so unfairly. Case in point: Even after their bank of choice collapsed spectacularly — in no small part of their own doing — and the federal government moved with dispatch to guarantee all its deposits, tech execs and investors nonetheless spent...Read more