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First LookVenmo, PayPal not safe for long-term deposits, watchdogs sayCustomers should not keep their money in apps like Venmo for the long term, the Consumer Financial Protection Bureau warned weeks after three banks collapsed. Payment apps are not traditional bank accounts, so funds may not be covered by deposit insurance.
First LookJob growth defies expectations: U.S. adds 339,000 jobs in MayU.S. employers added 339,000 jobs in May, demonstrating a resilient job market despite recession predictions. The unemployment rate, however, rose to 3.7% from a five-decade low of 3.4% in April.
First LookAmazon will pay $25 million in FTC child data-privacy fineAmazon will pay over $30 million in fines resulting from Federal Trade Commission claims that it illegally kept data 鈥� including that of children 鈥� collected by its products. Amazon disputes the claims but says the settlements 鈥減ut these matters behind us.鈥�
First LookTeens or immigrants: Who should fill US jobs?A tight labor market means many teen summer workers have secured more hours and better pay. Meanwhile, states are considering a variety of proposals to expand teens鈥� roles in the workplace, a move critics worry will erode hard-won protections for minors.
First LookBiden, McCarthy reach debt-ceiling deal. Now Congress must approve.President Joe Biden and House Speaker Kevin McCarthy have reached an "agreement in principle," leaving Congress just days to approve the deal and avoid default.
How much would debt default damage US? History offers clues.In U.S. debt limit talks, even going to the brink of default can harm investor confidence. Yet the nation has survived past cases of mini default.
Need an apartment? Have we got an office for you!With more people working from home, office vacancy rate is at a 30-year high. That鈥檚 bad for city downtowns 鈥� and tax revenues.聽
First LookGet a new car or fix the one you have? More Americans choose to fix.Instead of buying new cars, Americans are holding onto their old ones due to increased prices, and simply cars are lasting longer. The average age of a U.S. vehicle on the roads is now a record 12.5 years, according to data gathered by S&P Global Mobility.
First LookThe Fed raises interest rates for 10th time amid economic turmoilThe Federal Reserve raised key interest rates by a quarter percentage point. The Wednesday announcement offered little indication that the Fed鈥檚 rate hikes have made significant progress toward the goal of cooling the economy, the job market, and inflation.
After bank failures, raising deposit insurance has benefits 鈥� and risksRecent bank failures have raised questions about whether to expand insurance for depositors 鈥� but also about how to instill prudent behavior by banks.
Are corporations going liberal? Conservative pushback on the rise.For years corporations have faced pressure from the left to pivot beyond 鈥渟hareholder value鈥� to think of wider stakeholders and longer-term risks such as climate change. But that so-called ESG movement faces rising criticism.
Germany ditched nuclear power. Other nations show new interest.Renewable energy is competitively priced. But many say nuclear power still has a role to play even as old plants shut down. A status report in charts.
Dominion v. Fox: Could case be weaponized against freedom of press?A defamation trial brought against Fox News for conspiracy theories it aired could have wide-ranging ramifications for all news media.
First Look鈥楾here鈥檚 a huge need鈥�: Nonprofits face shortage of volunteersNonprofits have been a significant source of help for vulnerable groups in society. However, many are struggling to find volunteers as younger generations lack the time or financial security to spend time volunteering.
The ExplainerCan you hear me now? Cellphones turn 50.On the 50th anniversary of the first cellphone call, we explore how mobile technology has transformed our lives 鈥� for better and for worse.
Labor strikes are rising 鈥� and winning pay hikesAt a time of high inflation, pushing household budgets to the limit, workers are speaking up through union action 鈥� and the boosts won by employees have been sizable.
First LookFirst Citizens to buy Silicon Valley Bank. When will bank turmoil end?The FDIC has approved the sale of Silicon Valley Bank to First Citizens Bank & Trust Co. Bank stocks have been largely on the rise since the announcement of the acquisition, 鈥渂ut uncertainty is high,鈥� said IMF Managing Director聽Kristalina Georgieva.
With credibility at stake, Fed fires new volley at inflationThe Federal Reserve鈥檚 credibility as an inflation fighter is on the line. Fed Chair Jerome Powell signaled his resolve on that today, with an interest rate hike despite recent U.S. banking troubles.
First LookBillion-dollar save: Risk-aware UBS steadies Swiss bank turmoilSwiss banking giant UBS is buying troubled rival Credit Suisse for almost $3.25 billion, amid global churn in the banking system. The deal was 鈥渙ne of great breadth for the stability of international finance,鈥� said Swiss President Alain Berset.
First LookHow will the bank failures affect ordinary Americans?Silicon Valley Bank and Signature Bank collapsed within two days of each other, becoming the biggest U.S. bank failures since 2008. The Biden administration says it will guarantee uninsured deposits at both banks, but the cost won鈥檛 be known for months.