The US stock market is off to the races on Tuesday, extending its rally from the start of the week as all three major indexes kicked the day off sharply higher. The S&P 500, Wall Street’s broadest gauge, opened up 1.3%, while the Dow rose 0.9%, or 330 points. The Nasdaq Composite, which had lagged…… MORE
The United Arab Emirates and its international finance hub Dubai are switching to a four-and-a-half-day work week ending midday Friday to make it easier to do business globally. The move away from the current Sunday to Thursday schedule — the first by a Gulf state — will help the UAE “achieve business continuity and alignment…… MORE
US labor market productivity tanked in the third quarter. Paychecks grew and the number of hours worked jumped, but workers’ output increased only at a moderate pace. Revisions to the data that were initially published a month ago show that the productivity drop was even worse than feared, falling 5.2% on a seasonally adjusted basis.…… MORE
For years, the future of the department store has been in doubt, as shoppers abandon malls and instead opt to scoop up dresses, appliances and accessories online. But some investors believe they’ve found a clever way for these once-mighty brands to move forward. What’s happening: Activist shareholders are increasingly pushing retailers to spin off their…… MORE
Doug Parker will retire in March as CEO of American Airlines, the airline that he made the world’s largest through a series of mergers that led to a massive consolidation of the US airline industry. Parker, 60, will be succeeded by Robert Isom, who has served as the company’s president for the last five years.…… MORE
Hertz has gone from bankruptcy court to buybacks in the span of five months. And Senator Elizabeth Warren is not happy about it. The Massachusetts Democrat wrote Hertz a letter Monday calling the company out for rewarding shareholders with up to $2 billion in stock buybacks despite skyrocketing rental car prices. Warren questioned why Hertz…… MORE
China has decided it’s time to loosen its purse strings and pump money into the economy in a bid to stave off threats to the recovery. The People’s Bank of China on Monday said it would cut the reserve requirement ratio for most banks by half a percentage point, starting December 15. That move, which…… MORE
The coronavirus pandemic has worsened the massive financial gap between rich and poor around the world, a new report has found. Global billionaires last year enjoyed the steepest increase in their share of wealth since the World Inequality Lab began keeping records in 1995, according to the research group’s analysis released Tuesday. Their net worth…… MORE
How you let employees go matters for your company’s reputation. Consider Better.com’s CEO, who just fired roughly 900 employees in a very brief Zoom call and quickly faced backlash. No one will ever react positively to hearing they are terminated — whether it’s due to balance sheet problems or their own performance. So it’s incumbent…… MORE
Fred Hiatt, The Washington Post’s longtime editorial page editor, died on Monday morning. He was 66 years old. The Post’s newsroom was informed of Hiatt’s death on Monday afternoon by publisher Fred Ryan. The Post said in its obituary that Hiatt had cardiac arrest on November 24 while visiting his daughter in New York and…… MORE
