Money, Wealth & Power—A Daily Look at the Financial World
Wendy’s is embarking on one of the largest retrenchments in its history, shutting hundreds of U.S. restaurants and putting thousands of jobs at risk as it tries to reset its business for a harsher economic reality. The closures, which affect roughly 300 locations over this year and next, are expected to hit about 8,000 workers,…
Starbucks is preparing to send millions of dollars back to its workforce after a major enforcement action over scheduling and worker protection rules, and the stakes go far beyond one coffee chain. The headline number may grab attention, but what matters most for baristas and shift supervisors is how the money will be divided, who…
Bank of America’s decision to scale back its expectations for Federal Reserve rate cuts puts a sharper edge on the final policy meeting of the year, with investors now weighing a slower path to easier money against a still resilient economy. Instead of treating the coming move as the start of an aggressive easing cycle,…
Across the United States, a growing share of people with seven-figure portfolios say they feel more anxious than affluent. Surveys now show that roughly two in three American millionaires do not see themselves as rich, even as their account balances cross thresholds that once defined the upper class. The disconnect between balance-sheet success and day-to-day…
General Motors chief executive Mary Barra has quietly upended one of the Biden administration’s favorite electric vehicle talking points. After years of public praise from President Joe Biden that cast GM as the company “electrifying the entire automobile industry,” she has now acknowledged in private conversations with the president that Elon Musk and Tesla deserve…
After a year of breathless hype, the workplace AI boom is hitting a wall. Usage is no longer climbing in a straight line, and in some corners of the economy it is actually slipping as workers, managers, and executives reassess what these tools are really good for. The story is not that AI has vanished…
Bitcoin’s latest boom has minted new millionaires and revived old prophecies of digital gold, but it has also inspired a very different kind of bet. While traders cheer fresh highs, a German coder is quietly positioning himself for a spectacular collapse, convinced that the market’s most aggressive optimists are building on sand. His wager is…
Financial markets are no longer treating President Trump’s tariff strategy as background noise. Investors are staring at a Federal Reserve that is openly warning about inflation and asset prices just as the White House doubles down on trade barriers, and the result is a market that is starting to flash red instead of shrugging it…
Floyd Mayweather has spent a career turning expectations on their head, and his post-boxing life is no different. The undefeated champion has quietly built a sprawling business portfolio, and his latest move into digital gambling shows that his new hustle is less about nostalgia and more about owning the future of entertainment. What looks like…
Paramount’s new five-day office mandate was supposed to reset culture after a bruising merger. Instead, it triggered a mass exit that wiped out roughly 600 jobs and saddled the company with about $185 million in costs tied to those departures. The episode has become a high-profile stress test of the return-to-office era, showing how quickly…