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☆ Americans are finding it harder to get a new job
▼ + stars: | 2024-06-27 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

CNN —Americans are staying unemployed for longer, the latest Labor Department data shows, in a reflection of a slowing economy. The number of Americans receiving jobless benefits for multiple weeks climbed to its highest level since November 2021, according to a Department of Labor report released Thursday. While the number of initial claims remains near pre-pandemic levels (but well below historical averages), they’ve moved higher in recent weeks. Weekly jobless claims data, which is looked at as a proxy for layoff activity, can be highly volatile and is frequently revised. Still, the trend as of late has been an upward one, economist Ian Shepherdson wrote in a note to clients Thursday.

Persons: they’ve, Ian Shepherdson, Shepherdson, ”, “ Organizations: CNN, Labor Department, Department, Labor, Pantheon, Federal, Consumer

☆ US stockpiles of the rare earth minerals it would need to fight a war against an adversary like China are a mystery, and experts warn it's a problem
▼ + stars: | 2024-06-27 | by ( Kelsey Baker | ) www.businessinsider.com time to read: +8 min

Part of the military's mission at home is to keep stockpiles of goods like critical minerals on hand for emergency wartime use. In the dark on the stockpileAlthough the name suggests otherwise, rare earth minerals are not exactly rare — in fact, they're relatively plentiful. The Biden administration began cutting American imports of Chinese rare earth minerals a few years ago in an effort to decrease US reliance on China for critical minerals. Submarines, fighter aircraft, magnets used in missiles, radar systems, and drones all require critical earth minerals for manufacturing. AdvertisementA past report for Congress on rare earth minerals for national defense, for instance, noted that a single Virginia-class submarine requires 9,200 pounds of rare earth minerals, while an Arleigh Burke-class destroyer requires 5,200 pounds.

Persons: —, Biden, Lockheed Martin, Gregory Wischer, Wischer, Arleigh Burke, Halsey, Sampson, Chris Williamson Fabian Villalobos, Locke Organizations: Service, Business, Pentagon, Lockheed, Getty, Gratia, Defense Logistics Agency, of, Department of Defense, Defense Industrial Strategy, . US, Pacific, DoD, Materials, Lynas, Joint Base, Hickam . US Navy, RAND Corporation, National Defense, NDS, Industrial Base Locations: China, Fort Worth, Virginia, Arabian, Japan, South Korea, United States, California, Lynas USA, Texas, Vermont, Hickam

☆ Thom Browne’s 2024 couture collection takes a lead from the Olympics
▼ + stars: | 2024-06-27 | by ( Alice Pfeiffer | ) edition.cnn.com time to read: +4 min

Paris CNN —True to his theatrical form, Thom Browne’s fall 2024 couture show opened with spectacle. The collection featured couture made from muslin "toiles" as well as intricate embroidery and needlework in gold, silver and bronze. Thom Browne (which has, since 2018, been part of Zegna group who own a 90% stake) is also a ready-to-wear business currently offered in over 300 department-stores and boutiques across 40 countries, as well as in 110 Thom Browne retail stores. “I like to entertain and to ground it in beautifully made clothes.”"The work in progress becomes the final work... Couture," wrote Thom Browne in their show notes, of the decision to use toile in the collection. Kristy Sparow/Getty ImagesPerhaps surprisingly for a couture collection, it was muslin — the simple, lightweight cotton used to create initial mock-ups of clothes (called “toiles”) at ateliers — that comprised much of Browne’s finished pieces.

Persons: Thom Browne’s, riffed, weightlifters —, Francois Durand, Browne, Thom Browne, ” Browne, ”, “, Kristy Sparow, Browne’s, … Couture, Laurel, —, David Fisher, Jared Ellner, Emma Chamberlain, Molly Gordon, Sabrina Carpenter, Sabrina, Emma Organizations: CNN, Paris Fashion, Couture, Paris CNN, Getty, Apollo Locations: Paris, France, New

☆ These 13 states — including Florida and Texas — opted out of a $2.5 billion federal food program that would help feed low-income kids this summer
▼ + stars: | 2024-06-27 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +8 min

During the pandemic, the federal government covered the entire cost of the Summer EBT program, but starting this summer, states will be on the hook to split administrative costs 50/50. AdvertisementThirteen Republican-led states ultimately opted out of the program this summer, citing myriad reasons, including redundancy, insufficient support, and politics. AlabamaAccording to the state's Department of Health, one in four children in Alabama faces food insecurity. The state will reconsider joining the summer program once the backlog is dealt with, the outlet reported. Brian Kemp told local outlet 11 Alive that the state already has a summer food program in place.

Persons: —, Brian Kemp, Republican Sen, Cindy Carlson, Kim Reynolds, Reynolds, Kevin Stitt, Stitt, Biden, Henry McMaster, Scott Olson, Iran Fury, Kristi Noem, Chalkbeat, Fury, Megan Degenfelder, Degenfelder Organizations: Service, Department of Agriculture, SUN, Business, The, Agriculture, state's Department of Health, SUN Bucks, Alabama, state's Department of Education, Assistance, SNAP, state's Department of Children, Families, Florida Department of Children, Republican Gov, Republican, Idaho Education, Iowa, Iowa Iowa Gov, Human Services, Biden Administration, Mississippi The Mississippi Department of Human Services, Magnolia Tribune, Oklahoma Republican Gov, South Carolina Republican Gov, The Texas Tribune, state's, Human Services Commission Locations: Alabama, Alaska Alaska, Alaska, Florida, Georgia, SUN Bucks, NurPhoto Idaho, Idaho, Iowa Iowa, Mississippi, Oklahoma, South Carolina, Dakota South Dakota, Iran, Texas Texas, Wyoming Wyoming, Wyoming

☆ Stock market today: Indexes edge higher, yields fall ahead of the Fed's favorite inflation gauge
▼ + stars: | 2024-06-27 | by ( Max Adams | ) www.businessinsider.com time to read: +3 min

Stocks ended Thursday slightly higher ahead of a key update on inflation. PCE for May will be published on Friday morning, providing new hints about when rate cuts may be coming. Chip firms Nvidia and Micron dipped in Thursday's session, though the broader Nasdaq edged higher. Bond yields dipped ahead of the new data, with the 10-year Treasury yield falling about two basis points to 4.292%. "More recent data have moved in the right direction, but not by enough to convince the Fed that inflation is whipped."

Persons: Stocks, —, economy's, Bill Adams, Michelle Bowman, Keith Gill Organizations: PCE, Nvidia, Micron, Nasdaq, Service, Commerce Department, Treasury, Friday's PCE, Federal Reserve, Comerica Bank, Fed, Here's Locations: Friday's, U.S, Chewy

☆ A Dead Russian Satellite Broke Into More Than 100 Pieces in Space
▼ + stars: | 2024-06-27 | by ( Katrina Miller | ) www.nytimes.com time to read: +1 min

A decommissioned Russian satellite fractured in space on Wednesday, creating a cloud of debris in low Earth orbit that prompted astronauts aboard the International Space Station to take protective measures. The satellite, which was orbiting about 220 miles above the ground, broke apart into more than 100 shards, according to an announcement on Thursday by U.S. Space Command, a Defense Department agency that executes military operations in space. Space Command added in its statement that there were “no immediate threats,” and that assessments of the situation were ongoing. Russia retired Resurs P1 in 2022. Roscosmos, the Russian space agency and the former operator of the defunct satellite, did not respond to a request for comment.

Organizations: U.S . Space Command, Defense Department, Command, Resurs P1 Locations: Russian, Russia

☆ Former Uvalde school police chief, officer indicted in 1st-ever criminal charges over failed response to 2022 mass shooting
▼ + stars: | 2024-06-27 | by ( Shimon Prokupecz | Leigh Waldman | ) edition.cnn.com time to read: +2 min

Former Uvalde Consolidated Independent School District Police Chief Pete Arrendondo and former school police officer Adrian Gonzales were named in the indictments, which represent the first criminal charges filed in the school massacre. The two officers face felony charges of abandoning and endangering a child, Uvalde District Attorney Christina Mitchell told the Uvalde Leader-News, and one of them was expected to surrender later Thursday. Earlier this year, the US Justice Department released a damning report that concluded law enforcement officers had many opportunities to reassess their flawed response to the May 24, 2022 shooting at Robb Elementary School. Instead, it took 77 minutes from when the 18-year-old shooter walked into Robb Elementary School until he was stopped. Critical failures in leadership among specific law enforcement officers who rushed to Robb Elementary are cited by the Justice Department, whose 575-page report was released nearly 20 months after the massacre.

Persons: CNN —, Pete Arrendondo, Adrian Gonzales, Christina Mitchell, Brett Cross, Uziyah Garcia, Robb Organizations: CNN, Robb Elementary, Former Uvalde Consolidated Independent School District Police, Uvalde, Court, US Justice Department, Robb Elementary School, Justice Department Locations: Texas, Uvalde, Uvalde County

☆ Judge Aileen Cannon pushes back on idea that more hearings will delay Trump classified documents case
▼ + stars: | 2024-06-27 | by ( Katelyn | ) edition.cnn.com time to read: +4 min

CNN —Judge Aileen Cannon wants to hold additional hearings on Donald Trump’s attempts to challenge key evidence in his classified documents case and will allow the former president’s lawyers to question witnesses about the investigation and search of Mar-a-Lago. Those issues were argued in hearings on Tuesday, but Cannon did not rule on the matters. The judge did not say when additional hearings would be held. The special counsel’s office has strongly opposed the need for additional hearings and Trump’s attempts to cut out parts of the case. Cannon has not set dates for the additional hearings yet.

Persons: Aileen Cannon, Donald Trump’s, Evan Corcoran, Cannon, ’, ” Cannon, Ty Cobb, Judge Cannon’s, CNN Cannon, Trump’s, Corcoran, Trump Organizations: CNN, FBI, Mar, Trump Locations: Florida, Lago, Mar, Trump’s Florida, Washington, DC

☆ Pentagon and USAID launch oversight reviews of US pier and humanitarian aid for Gaza amid repeated challenges
▼ + stars: | 2024-06-27 | by ( Haley Britzky | ) edition.cnn.com time to read: +3 min

The Defense Department IG will look specifically at the “effectiveness of DoD’s efforts to facilitate the delivery of humanitarian aid to Gaza through the maritime corridor,” a press release on Thursday, announcing the effort, said. The pier — called the Joint Logistics Over The Shore, or JLOTS — was first established on the Gaza coast in May. WFP has had their distribution of aid from the pier paused for more than two weeks as they assess the security situation on the ground. Meanwhile, the humanitarian situation in Gaza has only grown more dire as the war between Israel and Hamas continues. “Given this, the DoD OIG and USAID OIG are working together to address the challenges associated with this mission.

Persons: —, “, Robert P, Storch, Paul K, Martin Organizations: CNN, Pentagon, USAID, General, The Defense, The, WFP, Integrated, DoD, DoD OIG, USAID OIG Locations: Gaza, Israel, “

☆ The Supreme Court just made it much harder to go after financial fraud
▼ + stars: | 2024-06-27 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +3 min

Read previewThe Supreme Court dealt a blow to the US Securities and Exchange Commission in a ruling Thursday, sharply limiting the way it pursues financial fraud cases. Until Thursday, the SEC had two ways of pursuing fraud cases. Or it could bring an "administrative proceeding" in its own in-house court, where it appoints its own judges and the cases have no juries. They handle all sorts of cases, not just financial fraud. Justice Sonia Sotomayor, who wrote the dissenting opinion, wrote that the majority decision disrespected the separation of powers between the different branches of government.

Persons: —, John Roberts, Roberts, Dodd, Frank, George Jarkesy Jr, Justice Sonia Sotomayor, Sotomayor Organizations: Service, US Securities and Exchange Commission, SEC, Business, US Senate, Department of Labor, Occupational Safety, Health Administration Locations: United States

☆ Supreme Court rejects multibillion-dollar Purdue Pharma opioid settlement that shielded Sackler family
▼ + stars: | 2024-06-27 | by ( John Fritze | ) edition.cnn.com time to read: +3 min

As the nation continues to grapple with the opioid epidemic, the Sackler family had agreed to pay $6 billion to families and states as part of an agreement to wind down Purdue Pharma, the maker of OxyContin. In exchange, the Sackler family would be immunized from future civil liability claims. Those supporting the bankruptcy argued the yearslong process had gone on long enough and was unlikely to yield additional money from the Sackler family. The vast majority of known current opioid victims and their families supported the agreement. But the Justice Department said it was a raw deal for victims – particularly potential future victims.

Persons: Sackler, Neil Gorsuch, ” Gorsuch, “, ” Kavanaugh, ”, John Roberts, Sonia Sotomayor, Elena Kagan Organizations: Washington CNN, Chief, Congress, Purdue Pharma, Department Locations: New York

☆ Modi's government calls on Indian state to look into report on Foxconn hiring
▼ + stars: | 2024-06-27 | by ( ) www.cnbc.com time to read: +1 min

Indian Prime Minister Narendra Modi's government on Wednesday said it has asked the Tamil Nadu state to submit a "detailed report" after a Reuters story revealed that Apple supplier Foxconn rejected married women from iPhone assembly jobs in the country. Indian Prime Minister Narendra Modi's government on Wednesday said it has asked the Tamil Nadu state to submit a "detailed report" after a Reuters story revealed that Apple supplier Foxconn rejected married women from iPhone assembly jobs in the country. The ministry said it has requested a detailed report from the Labor Department of Tamil Nadu, site of a major iPhone factory where Reuters uncovered Foxconn's practice of shunning married women from jobs. The Labor Ministry said it also directed the office of the Regional Chief Labor Commissioner to provide a "factual report." The Tamil Nadu state government did not immediately respond to Reuters' request for comment outside office hours.

Persons: Narendra Modi's, Foxconn Organizations: Indian, Apple, government's Ministry of Labor, Labor Department of Tamil, Reuters, Labor Ministry, Regional Chief Labor Locations: Tamil, Labor Department of Tamil Nadu, India, Chennai, Tamil Nadu

☆ Boeing Angers Safety Officials With Disclosures on 737 Max Incident
▼ + stars: | 2024-06-27 | by ( Niraj Chokshi | Mark Walker | ) www.nytimes.com time to read: +1 min

Boeing drew fresh criticism from a federal regulator on Thursday over disclosures about the continuing investigation into a harrowing January flight in which one of the company’s 737 Max planes lost a panel, exposing passengers to howling winds at an altitude of about 16,000 feet. Addressing reporters at a company factory in Renton, Wash., Elizabeth Lund, a Boeing executive, provided new details on Tuesday about how the plane involved in the incident left the plant apparently without four critical bolts that secured the panel, known as a door plug, in place. Boeing said the information was not for release until Thursday morning, under a common kind of agreement that allowed the attending reporters time to process the detailed briefing. But on Thursday, the National Transportation Safety Board rebuked the company for sharing investigative information and speculating about the cause of the incident, saying Boeing had “blatantly violated” the agency’s rules surrounding active investigations. The agency said it would provide details about that violation to the Justice Department, which is investigating the January flight.

Persons: Max, Elizabeth Lund Organizations: Boeing, National Transportation, Justice Department Locations: Renton, Wash

☆ How the N.Y.P.D. Quietly Shuts Down Discipline Cases Against Officers
▼ + stars: | 2024-06-27 | by ( Eric Umansky | ) www.nytimes.com time to read: 1 min

Brianna Villafane was in Lower Manhattan protesting police violence in the summer of 2020, when officers charged into the crowd. One of them gripped her hair and yanked her to the ground. “I felt someone on top of me and it was hard to breathe,” she said. Ms. Villafane received a letter from the oversight agency about its conclusions. The next step would be a disciplinary trial overseen by the New York Police Department, during which prosecutors from the oversight agency would present evidence and question the officer in a public forum.

Persons: Brianna Villafane, “, Villafane, ” Organizations: New York, New York Police Department Locations: Lower Manhattan, New York City

☆ A Tesla driver says he crashed his brand new Cybertruck after the brakes stopped working
▼ + stars: | 2024-06-27 | by ( Ana Altchek | ) www.businessinsider.com time to read: +4 min

Read previewA Tesla owner said he crashed his new Cybertruck into a neighbor's yard within the first few hours of driving it — and he said it's because the vehicle's brakes didn't work. The owner, Bruce Freshwater, told BI that the crash happened on April 27 after he picked up the Cybertruck. That car then ran into a second vehicle, Freshwater told the police in the report, which BI has viewed. AdvertisementFreshwater's Cybertruck, along with one of the neighbor's vehicles, sustained "disabling damage," according to the police report. Freshwater told BI that he still makes car payments every month on a vehicle he isn't using.

Persons: —, Bruce Freshwater, Freshwater, Freshwater's, Freshwater Freshwater, Tesla, he's, Cybertrucks, I'm Organizations: Service, Business, Police Department, BI, Tesla, National, Traffic Safety Administration, NHTSA Locations: Fayette, Pennsylvania

☆ How cleanliness can increase your restaurant's bottom line in 5 critical areas
▼ + stars: | 2024-06-27 | by ( Sponsor Post | Sponsored Ecolab | ) www.businessinsider.com time to read: +5 min

When it comes to reviewing a restaurant, cleanliness is one of the most critical concerns for guests. To maximize revenue, restaurant industry businesses should consider a holistic, company-wide approach to advancing a higher level of cleanliness. Employee turnover is reducedIt's no secret that employee churn is a challenge in the restaurant industry, with turnover rates reaching as high as 80%. However, after these seven businesses committed to the Ecolab Science Certified program, 72% of employees said this would "help them stay," further boosting the bottom line. For restaurant industry businesses, cleanliness is essential – it helps improve your online reviews, maintain a better relationship with the Health Department, increase foot traffic, and boost employee retention.

Persons: Ecolab Organizations: Ecolab, Health Department, ESC, Health Department Intelligence, CDC, FDA, Ecolab Science, Insider Studios Locations: Ecolab

☆ I'm delighted by this car dealership's parody of 'The Office'
▼ + stars: | 2024-06-27 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +3 min

The workplace drama I'm now highly invested in is from the Mohawk Chevrolet dealership in Ballston Spa, New York. The three-person marketing team in charge of posting on social media would sometimes try to jump on a TikTok trend or some other kind of lighthearted fare. So far, nothing out of the ordinary for a car dealership, this one founded in 1919 with the slogan "We go out of our way to please you." But then, somehow, they made a masterpiece — a mockumentary about the dealership in the style of "The Office." But is a viral video from a local car dealership actually good for sales?

Persons: —, I'm, Nathanael Greklek, Ben Bushen, Grace Kerber, Bushen, Guy Fieri, Kerber, They've Organizations: Service, Mohawk Chevrolet, Business, Chevy, Chevrolet, Honda, BMW Locations: Ballston Spa , New York, Saratoga

☆ CoolApp: Cambodia’s WhatsApp-like messaging app critics fear could be used for state surveillance
▼ + stars: | 2024-06-27 | by ( Heather Chen | ) edition.cnn.com time to read: +4 min

CNN —Cambodian strongman leader Hun Sen has thrown his weight behind a new homegrown messaging app, which critics say is a way for the government to monitor and undermine political discussion in the country. One of the world’s longest-serving leaders, Hun Sen has ruled Cambodia with an iron fist for more than three decades. Though his eldest son, Hun Manet, succeeded him as prime minister last year, Hun Sen remains the ruling party’s center of power. Greater online surveillanceInternet freedom in Cambodia has experienced a drastic regression under Hun Sen’s rule, rights groups say. CNN has reached out to Hun Sen’s office for comment.

Persons: Hun Sen, WhatsApp, ”, Vietnam’s, Hun Manet, Lim Cheavutha, Hun Sen’s, Hun, Mu Sochua, leader’s, China’s, “, Sam Rainsy, ” Sam Rainsy Organizations: CNN, Facebook, US State Department, United Nations, Meta, Reuters, Communist Party, CoolApp Locations: Cambodian, Cambodia, Southeast Asia

☆ Asteroid Bennu has a surprisingly watery past, researchers say
▼ + stars: | 2024-06-27 | by ( Ashley Strickland | ) edition.cnn.com time to read: +6 min

CNN —An early analysis of a sample collected from the asteroid Bennu suggests that the space rock had an unexpectedly water-rich past — and it may have even splintered off from an ancient ocean world. But the compound from the Bennu sample is purer and has larger grains. Rocks and dust were collected from asteroid Bennu and returned to Earth by the OSIRIS-REx mission. Erika Blumenfeld/Joseph Aebersold/NASA“The sample we returned is the largest reservoir of unaltered asteroid material on Earth right now,” Lauretta said. “Each week, analysis by the OSIRIS-REx Sample Analysis Team provides new and sometimes surprising findings that are helping place important constraints on the origin and evolution of Earth-like planets.”

Persons: REx, ”, Jason Dworkin, OSIRIS, Connolly, Dante Lauretta, “, Erika Blumenfeld, Joseph Aebersold, ” Lauretta, Nick Timms, Harold Connolly Jr Organizations: CNN, NASA, Planetary, Goddard Space Flight, Japan Aerospace, Earth, University of Arizona, Bennu, Curtin University’s School of, Planetary Sciences, Rowan University’s School of Earth Locations: Greenbelt , Maryland, Tucson, Glassboro , New Jersey

“Julian plans to swim in the ocean every day. He plans to sleep in a real bed, he plans to taste real food, and he plans to enjoy his freedom.”Stella Assange wed the WikiLeaks founder while he was incarcerated at London’s Belmarsh prison in 2022 and they have two children together. WikiLeaks founder Julian Assange kisses his wife, Stella Assange, as he arrives in Canberra, Australia, June 26, 2024. “But they were very excited when they found out that daddy was coming home,” Stella Assange said. Stella Assange, wife of WikiLeaks founder Julian Assange, speaks as lawyers Barry Pollack and Jennifer Robinson look on during a press conference at East Hotel in Canberra, Australia on June 26, 2024.

Persons: Julian Assange, Stella Assange, ”, “ Julian, ” Stella Assange, Edgar Su, Assange, “, Barry Pollack, Jennifer Robinson, Lisa Maree Williams Organizations: CNN, WikiLeaks, Justice Department, East Hotel Locations: United States, Canberra, Australia, Saipan, Northern Mariana Islands, Iraq, Afghanistan

☆ Where Biden and Trump stand on major issues like the economy, Ukraine, and immigration
▼ + stars: | 2024-06-27 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +9 min

In his three and a half years already in office, Biden has done pretty well on the core metrics of a healthy economy. Biden vs Trump on immigrationBiden and Trump are sharply divided on immigration, as are Americans. Advertisement"Peace looks like making sure Russia never, never, never, never occupies Ukraine," Biden told TIME in a May interview. Biden vs Trump on Israel-GazaBiden has consistently defended Israel since the country invaded Gaza last year following Hamas' October 7 attack. Biden vs Trump on housingWhile in office, Biden has pushed a number of policy changes on housing, including the " Housing Supply Action" plan.

Persons: Joe Biden, Donald Trump, Biden, Trump, he's, He's, Roe, Wade, Vladimir Putin, Read, Gaza Biden, Israel, hasn't Organizations: Service, ABC, Business, Biden, Trump, Dow, Keystone XL, Immigration, Republicans, Union, Department of Housing, Urban Locations: Ukraine, Gaza, Unemployment, Paris, Mexico, Florida, Russia, Israel

☆ Here's where Trump and Biden stand on reining in soaring home prices and rents ahead of their first debate
▼ + stars: | 2024-06-27 | by ( Eliza Relman | ) www.businessinsider.com time to read: +7 min

Former President Donald Trump has promised to attack President Joe Biden specifically on inflation. Even as the Federal Reserve has raised interest rates, demand and prices have stayed high, keeping housing inflation stubbornly elevated. Where Trump standsAs president, Trump didn't pursue as many policies directly intended to make housing more affordable. While in office, Trump's proposed budgets included significant cuts to agencies that provide federal housing subsidies, including the Department of Housing and Urban Development. Trump hasn't talked much about housing policy on the campaign trail, despite arguing that Biden hasn't done enough to control housing costs.

Persons: Donald Trump, Joe Biden, Trump, Biden, —, James Marshall, I'm, Kamala Harris, Janet Yellen, haven't, Trump's, suburbanites, Obama, Karoline Leavitt Organizations: Service, Business, Harvard, Federal Reserve, Tax, Union, Republicans, Biden, Department of Housing, Urban Development, Center, Budget, Trump, Homeless, NPR Locations: homeownership, Vegas, State, Nevada, Las Vegas

☆ The $7 billion Purdue bankruptcy plan giving the Sacklers immunity from more lawsuits gets nixed by Supreme Court
▼ + stars: | 2024-06-27 | by ( Jack Newsham | ) www.businessinsider.com time to read: +3 min

Read previewThe US Supreme Court has struck down a $7 billion bankruptcy plan for Purdue Pharma that would have protected the Sackler family from further lawsuits — a ruling that could mean "chaos" for other big legal liability cases. The Sackler family, which ran Purdue, agreed to provide up to $6 billion in funding in exchange for immunity from further legal action. Anne Andrews, a leading bankruptcy lawyer for victims, predicted tumult if the Supreme Court struck down the Purdue plan in an interview with Business Insider ahead of the decision. Related stories"The U.S. Supreme Court got it right — billionaire wrongdoers should not be allowed to shield blood money in bankruptcy court," he said. Its plan, which would provide $2.5 billion, is currently on appeal in the Third Circuit Court of Appeals.

Persons: —, Sackler, Anne Andrews, William Tong, wrongdoers, Johnson, Leigh O'Dell, Beasley Allen, J's Organizations: Service, Purdue Pharma, Purdue, Business, Sackler, U.S, Supreme, Justice Department, J, Boy Scouts of Locations: Boy Scouts of America

☆ U.S. needs major nuclear power expansion to meet rising electricity demand, Southern Company CEO says
▼ + stars: | 2024-06-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

"This country will need more nuclear plants going forward," Chris Womack said at the Reuters Global Energy Transition conference in New York City. This is equivalent to about 10 new nuclear plants with a single reactor each. Based on market capitalization, Southern Company is the second largest name in the Utilities Select Sector SPDR Fund (XLU) . After two decades of nearly flat power growth, Southern Company is now expecting demand to grow by three to four times, the CEO said. "You're also seeing in the Southeast, this incredible population growth and you're seeing all this onshoring with manufacturing."

Persons: Chris Womack, It's, Womack Organizations: Southern Company, Reuters, Energy, Department of Energy, Utilities, Southern Locations: States, New York City, Georgia , Alabama, Mississippi, Atlanta, U.S, Southern

☆ There's a big Fed inflation reading coming Friday. Here's what to expect
▼ + stars: | 2024-06-27 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

There could be some pretty good inflation news on the way from the Commerce Department when it releases a key economic report Friday. If that date rings a bell, it's when core PCE first passed the Fed's coveted 2% inflation target during this cycle. Should the core PCE price forecasts transpire, it will serve as a milestone of sorts. "We are in line with [the forecast] that the PCE core pricing data will come in soft," said Beth Ann Bovino, chief economist at U.S. Bank. In addition to the inflation numbers, the Commerce Department at 8:30 a.m.

Persons: Dow Jones, Beth Ann Bovino, It's, pocketbooks, Lisa Cook, Cook, Bovino Organizations: Commerce Department, Federal Reserve, U.S . Bank, Fed Locations: Brooklyn , New York

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