Money, Wealth & Power—A Daily Look at the Financial World
Walmart’s top human resources executive has publicly criticized companies that cut workers in the name of artificial intelligence, calling the practice “unfortunate” and announcing plans to offer AI training to the retailer’s 1.6 million U.S. and Canadian employees instead. Chief People Officer Donna Morris framed the initiative as a direct alternative to the wave of…
A JPMorgan Chase Institute study found that tariffs paid by midsize U.S. companies tripled last year, landing the heaviest blow on small importers least equipped to absorb the cost. The finding arrives as the layered U.S. tariff strategy against China, built on Section 301 duties first imposed in 2018 and expanded through emergency powers, continues…
Kent Smetters, who leads the Penn Wharton Budget Model at the University of Pennsylvania, has labeled President Trump’s broad tariff regime a “dirty tax” that will deepen America’s debt crisis rather than solve it. With total public debt outstanding now at $38.6 trillion, according to Fortune’s reporting on the interview, the warning carries weight. Tariff…
Governor Kathy Hochul’s Fiscal Year 2027 Executive Budget has grown beyond its original $260 billion all-funds projection after a $1.5 billion state aid package for New York City, announced jointly with Mayor Zohran Mamdani on February 16, 2026. The infusion, split between $1 billion for City Fiscal Year 2026 and $510 million for City Fiscal…
Initial jobless claims fell to their lowest level of 2026, according to the latest weekly data from the Department of Labor’s Employment and Training Administration. The drop suggests layoffs may be easing, reinforcing a picture of labor market stabilization that Federal Reserve officials have described in recent communications. For workers, employers, and investors watching for…
President Donald Trump doubled Section 232 tariffs on steel and aluminum imports from 25% to 50%, effective June 4, 2025, in a move that lifted domestic producers but sent costs rippling through industries that depend on cheap metal. The policy, announced during a speech to steelworkers in Pennsylvania on May 30, 2025, was framed as…
Charter Communications, the parent company of Spectrum, has rolled out an aggressive new retention deal in the form of a streaming bundle called the Spectrum App Store in a direct bid to slow a significant customer exodus among internet subscribers. The platform promises included streaming apps with up to $125 in monthly retail value at…
Tesla dodged a 30-day suspension of its dealer and manufacturer licenses in California after making last-minute changes to its marketing practices, keeping the automaker’s sales flowing in the largest car market in the United States. The resolution, which centered on how Tesla described its driver-assistance features to consumers, carries consequences well beyond a single state…
Mark Cuban recently directed a blunt message at the biggest names in technology, arguing that their AI strategies are failing the vast majority of American businesses. His comments cut to a tension that has been building for months: while trillion-dollar companies race to build ever-larger AI models, the overwhelming share of U.S. firms operate without…
Red Lobster has shrunk its footprint through its Chapter 11 bankruptcy process and has warned that a smaller store base will be part of its path forward even after its court-supervised restructuring. The chain emerged under new ownership and new leadership, and the restructuring centered on closing underperforming restaurants. For longtime customers and the communities…