Federal Reserve eases Volcker Rule restrictions

Federal Reserve eases Volcker Rule restrictions

The Federal Reserve and four other regulatory agencies announced on Thursday that they have finalized a rule that will ease restrictions curtailing the ability of banks to make investments in such areas as hedge funds. The announcement of the easing of regulations know as the “Volcker Rule” gave an immediate boost to bank stocks because … Read more

Trudeau won’t make China swap for Huawei’s Meng Wanzhou

Trudeau won’t make China swap for Huawei's Meng Wanzhou

Canadian Prime Minister Justin Trudeau on Thursday rejected a call to swap an imprisoned Huawei Technologies executive for two citizens held by Beijing, saying such a move would set a bad precedent and harm Canada. Shortly after Vancouver police arrested Huawei Chief Financial Officer Meng Wanzhou on a US arrest warrant in December 2018, Beijing … Read more

US economy shrank 5 percent in first quarter, more bad news ahead

US economy shrank 5 percent in first quarter, more bad news ahead

The US economy shrank at a 5 percent rate in the first quarter and a vastly worse performance is expected in the current three-month period, when the coronavirus pandemic began to spread across the US. The Commerce Department reported Thursday that the decline in the gross domestic product, the total output of goods and services, … Read more

Unilever to drop terms like ‘whitening’ from beauty products

Unilever to drop terms like ‘whitening’ from beauty products

Consumer products giant Unilever said Thursday it is aiming for a “more inclusive vision of beauty” in its skin care products and will remove words such as “fair,” “whitening” and “lightening” from its products, a move that comes amid intense global debate about race sparked by the Black Lives Matter movement. As part of the … Read more

Segway discontinuing its iconic two-wheeled device

Segway discontinuing its iconic two-wheeled device

The original Segway is rolling off into the sunset. Segway is discontinuing its iconic two-wheeled transportation device, the company announced Thursday, putting an end to a nearly 20-year run as the device of choice for tour groups and mall cops. The company said in a statement to The Post that the impetus for the move … Read more

Vice exec blasts advertisers demanding ads avoid sensitive topics

Vice exec blasts advertisers demanding ads avoid sensitive topics

An executive at Vice Media on Wednesday blasted advertisers for demanding their ads stay clear of sensitive topics online, including the words “George Floyd,” “Black Lives Matter” — and even “black people.” Since nationwide protests broke out over racial injustice at the hands of police, advertisers and their ad agencies have started asking that their … Read more

German payment giant Wirecard in insolvency owing $4 billion

German payment giant Wirecard in insolvency owing $4 billion

Wirecard collapsed on Thursday owing creditors almost $4 billion after disclosing a gaping hole in its books that its auditor EY said was the result of a sophisticated global fraud. The payments company filed for insolvency at a Munich court saying that, with 1.3 billion euros ($1.5 billion) of loans due within a week, its … Read more

Tesla fired two plant workers for staying home amid pandemic: report

Tesla fired two plant workers for staying home amid pandemic: report

Two Tesla factory workers claim that they were fired for not returning to work over coronavirus concerns — despite promises from Elon Musk that attendance was not mandatory. The pair of employees at the electric automaker’s Fremont, Calif. factory told the Washington Post that they received termination notices for “failure to return to work” during … Read more