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Money & Markets

Kohl’s pushes back on investor group’s takeover efforts

NEW YORK — Kohl’s is fighting back against an investor group’s efforts to take control of the department store chain’s board, arguing that it would derail its progress and momentum. The response, issued Monday, comes after the investor group said it had nominated nine members for ...

Lawmakers to face off with GameStop saga’s key players

WASHINGTON — The GameStop saga has been portrayed as a victory of the little guy over Wall Street giants but not everyone agrees, including some lawmakers in Washington. GameStop shares soared 1,600% in January before falling back to earth. Entangled in the drama are massive short-selling ...

Biden’s commitment about minimum wage hike questioned

WASHINGTON — Union activist Terrence Wise recalls being laughed at when he began pushing for a national $15 per hour minimum wage almost a decade ago. Nearly a year into the pandemic, the idea isn’t so funny. The coronavirus has renewed focus on challenges facing hourly employees who have ...

Democrats pushing Biden’s virus bill through House panels

WASHINGTON — Democrats pushed half of President Joe Biden’s $1.9 trillion COVID-19 relief plan through a House committee Thursday, advancing $1,400 payments for millions of Americans and other initiatives that Republicans call too costly, economically damaging and brazenly partisan. The ...

Budget deficit totals record $735.7 billion through January

WASHINGTON — The U.S. government’s budget deficit hit $735.7 billion through the first four months of the budget year — an all-time high for the period — as a pandemic-induced recession cut into tax revenues while spending on COVID relief measures sent outlays soaring. The Treasury ...

Dems attempt to push through school funding, wage increase

WASHINGTON — House Democrats on Tuesday muscled past Republicans on portions of President Joe Biden’s pandemic plan, including a proposed $130 billion in additional relief to help the nation’s schools reopen and a gradual increase of the federal minimum wage to $15 an hour. Democrats on ...

Dems propose $1,400 payments as part of Biden virus relief

WASHINGTON — House Democrats on Monday proposed an additional $1,400 in direct payments to individuals as Congress began piecing together a $1.9 trillion COVID-19 relief package that tracks President Joe Biden’s plan for battling the pandemic and reviving a still staggering ...

Tesla buys $1.5B in Bitcoin, will accept as payment soon

SILVER SPRING, Md. — Holders of Bitcoin may be able to cash in some of their investment in the digital currency for a brand new electric car. Electric automaker Tesla said Monday that it has invested around $1.5 billion in Bitcoin and it plans to begin accepting the digital currency as ...

Biden wants fast COVID aid, but minimum wage hike in doubt

WASHINGTON — President Joe Biden laid out his case Friday for moving fast to pass $1.9 trillion in coronavirus relief, but even as he opened the door to proceeding without Republicans, he conceded that a key element of his plan — hiking the minimum wage to $15 per hour — was unlikely to ...

A meager gain in US jobs last month highlights virus’ damage

WASHINGTON — America’s employers barely added jobs last month, underscoring the viral pandemic’s ongoing grip on the economy and likely adding momentum to the Biden administration’s push for a bold rescue aid package. The increase of just 49,000 positions in January made scarcely ...

McKinsey agrees to pay nearly $600M over opioid crisis

The global consulting firm McKinsey & Company agreed to pay nearly $600 million for its role in advising businesses on how to sell more prescription opioid painkillers amid a nationwide overdose crisis. “We deeply regret that we did not adequately acknowledge the tragic consequences of ...

More GameStops possible as small investors flex muscles

LOS ANGELES — GameStop and a handful of other stocks whose meteoric rise last month shocked Wall Street began falling back to Earth this week. But the campaign that briefly pushed GameStop up by 1,600 percent at the expense of hedge funds that were betting it would lose value, known as ...

Biden flexible on who gets aid, tells lawmakers to ‘go big’

WASHINGTON — President Joe Biden encouraged Democratic lawmakers Wednesday to “act fast” on his $1.9 trillion COVID rescue plan but also signaled he’s open to changes, including limiting the proposed $1,400 direct payments to Americans with lower income levels, which could draw ...

GameStop’s stock rise doesn’t hide its reality

NEW YORK — Behind GameStop’s stock surge is the grim reality of its prospects: The video game retailer is floundering even as the industry around it is booming. GameStop has been swept up in a battle between big-moneyed hedge funds betting against it and small investors trying to prop it ...

Jeff Bezos, Amazon’s founder, will step down as CEO

NEW YORK — Jeff Bezos, who founded Amazon as an online bookstore and built it into a shopping and entertainment behemoth, will step down later this year as CEO, a role he’s had for nearly 30 years, to become executive chairman, the company announced Tuesday. Bezos, 57, will be replaced in ...

It’s not just GameStop worrying Wall Street about a bubble

NEW YORK — Now, even the pros on Wall Street are asking if the stock market has shot too high. U.S. stocks have been on a nearly nonstop rip higher since March, up roughly 70 percent to record heights and causing outsiders to say the market had lost touch with the pandemic’s reality. But ...

Biden meets Republicans on virus aid, but no quick deal

WASHINGTON — President Joe Biden met for two hours late Monday with a group of Republican senators who have proposed a slimmed down $618 billion coronavirus aid package that is only a fraction of the $1.9 trillion he is seeking. Skeptical Democrats vowed to push ahead in Congress with or ...

Biden opens ‘Obamacare’ window for uninsured as COVID rages

WASHINGTON — President Joe Biden on Thursday ordered government health insurance markets to reopen for a special sign-up window, offering uninsured Americans a haven as the spread of COVID-19 remains dangerously high and vaccines aren’t yet widely available. Biden signed an executive ...

Democrats to ‘act big’ on $1.9T aid; GOP wants plan split

WASHINGTON — Democrats in Congress and the White House rejected a Republican pitch to split President Joe Biden’s $1.9 trillion COVID-19 rescue plan into smaller chunks on Thursday, with lawmakers appearing primed to muscle the sweeping economic and virus aid forward without GOP ...

Apple posts big quarter on fast sales start for iPhone 12

SAN RAMON, Calif. — Apple’s delayed launch of its latest iPhones unleashed a holiday buying frenzy that propelled sales of the trendsetting company’s most popular product to its fastest start in years. The apparently pent-up demand for four different iPhone 12 models highlighted ...