Business

Lordstown Motors, the struggling electric truck startup, said that it has no firm orders for its vehicles, backtracking on assurances it made earlier this week that the company had enough committed buyers for its pickup truck to keep production going through 2022. Lordstown, which is named after the former General Motors factory in Ohio that

Bank of America is encouraging its vaccinated employees to return to the office after Labor Day in September, the company’s CEO Brian Moynihan said in a Bloomberg Television interview Thursday. After Labor Day, “our view is all the vaccinated teammates will be back,” Moynihan said. “We’ll be able to operate fairly normally and will then

The CEO of one of Wall Street’s top investment banks has a message for employees in its New York offices. You need to come back to work this fall. Morgan Stanley chief James Gorman said at an investing conference earlier this week that it’s time for the bank’s New York workers to head back to

Intense bidding wars and supply shortages for lumber and other building materials threaten to finally derail the housing market. But one top homebuilder says the good times — for builders, anyway — aren’t over just yet. Lennar, a Miami-based builder, reported earnings and revenue after the closing bell Wednesday that topped forecasts. What’s more, Lennar

New York Democrats want JPMorgan Chase to return the overdraft fees the bank collected during the pandemic — and to scrap the hated charges altogether. Despite the chaos set off by the pandemic, JPMorgan collected nearly $1.5 billion in overdraft fees last year, more than any other lender, according to a letter signed by Reps.

The biggest US bank is ramping up its plans to expand in the United Kingdom. JPMorgan Chase announced Thursday that it’s buying Nutmeg, the UK digital wealth manager, for an undisclosed amount. It said the new acquisition will “complement” the digital bank that it’s planning to launch in the country later this year under the

Hong Kong police declared the Apple Daily newspaper office a crime scene Thursday, after 500 officers descended on the premises to arrest executives and top editors and seize journalistic materials under the city’s national security law. Apple Daily said Thursday that the company’s CEO Cheung Kim Hung, COO Chow Tat Kuen and chief editor Ryan

There are three 50-year-old cars parked on the moon. Now, General Motors and Lockheed Martin wants to build some new ones and put them on the moon, too. In the 1960s, GM worked with Boeing to create the Lunar Roving Vehicle. Three of them — LRV-1, LRV-2 and LRV-3 — were driven on the moon’s

Shares in CureVac plummeted on Thursday after the German biotech company said that interim trial results showed its experimental Covid-19 vaccine was only 47% effective in preventing symptomatic disease. The disappointing results sent shares down 45% in afternoon trading in Germany, wiping nearly $8 billion off the company’s market value. Shares listed in the United

The Federal Reserve surprised the market Wednesday with projections that future interest rate hikes will come a bit sooner than expected. Gold bugs in particular were disappointed. The price of gold fell 4% Wednesday and was lower again Thursday, falling below $1,800 an ounce for the first time since early May. While it’s true that

Claims for unemployment benefits rose unexpectedly last week, marking the first increase in initial claims since late April. Another 412,000 workers filed for first-time benefits in the week ended June 12, adjusted for seasonal swings, the Labor Department said Thursday. Since the start of May, weekly claims had set new pandemic-era lows every week —

A number of companies are pulling advertising from GB News just days after Britain’s newest and most controversial TV channel launched with a self-professed mission to fight “cancel culture.” Swedish furniture giant IKEA, skin cream maker Nivea and brewer Grolsch are among brands that have either pulled or paused advertising on the channel. GB News’

What Federal Reserve Chair Jerome Powell said in staid tones on Wednesday may not have sounded momentous. It was. What’s happening: The US central bank now expects to raise interest rates in 2023 as the post-pandemic economy booms and inflation rises. That’s sooner than it indicated in March, when the Fed predicted rates would stay

Major corporations are celebrating Juneteenth in unique ways this week. The annual June 19 tradition, which falls on Saturday this year, commemorates the day in 1865 when former American slaves in Galveston, Texas, were finally informed of President Abraham Lincoln’s January 1, 1863, Emancipation Proclamation and the end of the Civil War. It took Union

After a protracted battle that nearly led to a workers strike, the staffers at three Condé Nast publications — The New Yorker, Ars Technica and Pitchfork — have come to an agreement on their first union contracts The New Yorker staffers announced their intention to form a union with the NewsGuild of New York in