JPMorgan Chase will shutter more than 20 First Republic branches by the end of this year, following its takeover of the failed bank, the company announced on June 1. First Republic has 84 branches across eight states, including California, Connecticut, and Florida, according to its official website. The upcoming closures make up roughly a quarter of its…
Walmart to Offer Pride Merchandise Despite Controversies
Walmart is continuing to provide LGBT products as part of Pride Month, the firm said on Wednesday amid a consumer backlash against multiple brands aligning with such ideologies. “We haven’t changed anything in our assortment,” Latriece Watkins, Walmart’s chief merchandising officer, said on May 31, according to Reuters. Watkins’ statement comes following a backlash against…
JPMorgan’s Jamie Dimon Denies Ever Meeting Longtime Bank Client, Convicted Sex Offender Jeffrey Epstein
The head of JPMorgan Chase, Jamie Dimon, has denied ever meeting Jeffrey Epstein and said he was unaware that the bank was conducting an internal investigation into its former relationship with the disgraced financier and convicted sex offender. Dimon made the remarks in a deposition in New York on May 26 for lawsuits filed by the…
Australian Businesses Lambast Record Minimum Wage Increases
June 2, 2023
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AustraliaBusiness & MarketsCompanieseconomic policieseconomyFair Work CommissionJason Clareminimum wagepersonal financeWorld
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The Australian business community has criticised the Fair Work Commission for the latest wave of minimum wage rises, saying it would add more pressure to struggling businesses nationwide. On June 2, the commission announced that it would lift the national minimum wage by a total of 8.6 percent from July 1, effectively raising the pay…
Ella Irwin, Head of Trust and Safety at Twitter, Resigns
Twitter’s head of trust and safety, Ella Irwin, has resigned from the social media company nearly a year after she joined in June 2022. Irwin confirmed her departure to Reuters but did not provide a reason for the move. The former Amazon director joined Twitter last summer just a few months before Musk acquired the platform for $43 billion; taking…
Stocks Gain, Dollar Stumbles as US Averts Default, Fed Skip Bets Rise
June 2, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON/SINGAPORE—Global stocks and commodities rose on Friday while the dollar headed for its biggest weekly drop since January, as sentiment was buoyed by signs the Fed will skip a rate hike at its next meeting and the approval of U.S. debt ceiling legislation. Markets are now focused on U.S. jobs data due 0830 EST (1230…
Australia Considers Ban of High Risk AI
June 2, 2023
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AIartificial intelligenceAustraliaBusiness & MarketsChatGPTCompaniesInternationalMedia & Big Techregulatory frameworkTechTech NewsWorld
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High-risk artificial intelligence technology (AI) may soon be banned in Australia after the federal government announced it will move to establish guardrails around its growth. Minister for Industry and Science Ed Husic said that despite AI now being a prevalent part of people’s lives, he said there was a demand for some sort of regulation…
Aussie Mining Giant BHP Admits to Underpaying Almost 30,000 Workers
One of Australia’s leading mining companies, BHP, has admitted to underpaying 28,500 Australian workers’ allowances and entitlements dating back to 2010. In a June 1 statement, the company said a preliminary review suggested that former and current workers were incorrectly deducted six days’ leave on average during the 13-year period. “In addition, BHP has identified…
State Pension Funds Defy Anti-ESG Laws When Voting Their Shares, Watchdog Charges
June 1, 2023
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Anti-ESGBusiness & MarketsCompaniesESGFlorida CFO Jimmy PatronisGov. Ron DeSantisInvestmentMarketspersonal financePoliticsstate pension fundsstocksUS
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Conservative states working to keep state funds out of the environmental, social, and corporate governance (ESG) movement are finding that, when it comes to state fund managers, you can lead them to water but can’t always make them drink. Despite recent laws in states like Florida and Ohio banning the use of municipal dollars for…
Supreme Court Reverses Ruling Against Slack Technologies Over Direct Listing
June 1, 2023
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Big Tech, Censorship, and SocialismBusiness & MarketsCompaniesFeatured TopicsJudiciaryMedia & Big TechPolicies & ImpactsSalesforcesecurities lawsecurities litigationSlackSupreme CourtUSUS News
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The Supreme Court ruled in favor of a Big Tech company on June 1, issuing a unanimous ruling that limits the power of shareholders to sue over misleading statements made by companies when selling shares in a direct listing. Justice Neil Gorsuch wrote the court’s unanimous opinion (pdf) in Slack Technologies v. Pirani (court file…
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