business

Two US sports moguls just raised more than half a billion dollars — and insiders bet that they’re shopping for a UK soccer team. Last week, prolific sports banker Gerry Cardinale and Billy Beane — the number-crunching Oakland A’s executive-turned-minority owner played by Brad Pitt in 2011’s “Moneyball” — disclosed they had raised $575 million …

California Governor Gavin Newsom has been receiving his full monthly salary, though he pledged to take a pay cut in May in solidarity with state workers who saw a 10 percent cut in pay as a result of budgetary fallout of the coronavirus. While elected state officials are exempt from such pay cuts, Newsom promised …

House speaker Nancy Pelosi (D., Calif.) on Thursday rejected a request by some House Democrats to vote to extend unemployment benefits through a smaller coronavirus relief package, saying it could undercut negotiations on other Democratic funding priorities. More than 100 House Democrats had urged party leaders to allow a vote on a bill on Saturday …

The U.S. labor market remains unstable as 1.1 million Americans filed for unemployment benefits last week, up from 960,000 the week before. While there were far fewer jobless claims than at the start of the coronavirus pandemic, unemployment benefit applications have hovered between 1-2 million for the past two months, according to the U.S. Department …

The S&P 500 closed at an all-time high on Tuesday, rebounding from huge losses sparked by the coronavirus pandemic and breaking a previous record set in February. The S&P 500 climbed 0.23 percent, surpassing its intraday high of 3,393.52, before beating its February record and closing at 3,389.78. The index had come close to a …

Japan on Monday reported its worst drop in GDP on record, with its economy shrinking a record 7.8% from April to June as the coronavirus pandemic severely slowed economic activity in the country. The decrease translates to an annual rate of decline of 27.8%, the worst quarter the world’s third largest economy has recorded since …

A scammer is sending bogus emails from the US Small Business Administration to steal personal information from unsuspecting Americans, the feds have warned. The messages direct potential victims to a malicious webpage disguised as an SBA website that the “unknown malicious cyber actor” uses to steal credentials, according to an alert from the Department of …

The Senate adjourned on Thursday until September 8, the day after Labor Day, without reaching a deal for the next round of coronavirus relief legislation. House Speaker Nancy Pelosi has indicated that Democrats would pare down their $3 trillion relief bill to $2 trillion if Republicans were willing to compromise and boost their $1 trillion …

U.S. multinational corporations are pushing the Trump administration to soften the president’s executive order banning Chinese app WeChat, fearing a total ban will hinder their business efforts in China. Trump ordered the Commerce Department earlier this month to draw up a plan to ban WeChat within 45 days. WeChat is China’s most common messaging app, …

President Trump said he would push to cap the capital gains tax rate at 15 percent if he is elected to a second term, in comments to Fox News‘s Maria Bartiromo on Thursday. Trump stated earlier this week that his administration was considering a capital gains tax cut as an economic relief measure amid the …