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76 articles

Economy, markets, debt, jobs, the Fed, and business

NWS Survey Confirms EF-1 Tornado Collapsed Roof and Walls of Rivian's New R2 Assembly Building in Normal, Illinois

The National Weather Service's Lincoln, Illinois office classified the April 17 tornado as EF-1 with peak winds of 110 mph, and its damage survey explicitly cited the collapse of a roof and walls at Rivian's Manufacturing Center. Rivian said no one was injured and plans to resume operations in the damaged R2 building this week, with customer deliveries still targeted for June.

MoneyApr 22

Unsealed Emails: Amazon Told Vendors to Raise Prices on Walmart, Chewy, and Target, California Says

California Attorney General Rob Bonta released a largely unredacted preliminary-injunction filing on April 20 revealing internal Amazon emails that directed Levi's, Hanes, and GlobalOne to raise prices on rival retailers including Walmart, Chewy, and Target. The filing is part of the state's 2022 antitrust case; trial is set for January 2027.

MoneyApr 21

LayerZero Blames North Korea's Lazarus Group for $290M Kelp DAO Exploit; Kelp Says LayerZero's Defaults Are to Blame

LayerZero's April 19 incident statement attributes an $290 million exploit of Kelp DAO's rsETH bridge to North Korea's Lazarus Group and its TraderTraitor unit, while faulting Kelp's single-verifier setup. Kelp has responded that the setup in question was LayerZero's documented default configuration.

MoneyApr 21

Trump Signs Nine Enbridge Pipeline Permits, Authorizing New 24-Inch Bakken Crossing at the Canadian Border

The Federal Register on Monday published nine presidential permits that Donald Trump signed April 15 for Enbridge's cross-border oil pipelines. Eight are renewals of existing authorizations; one clears a new 24-inch Bakken pipeline at Burke County, North Dakota, tied to Enbridge's Mainline Optimization 2 plan to redirect light crude toward the Dakota Access Pipeline.

MoneyApr 21

CBP Opens Tariff Refund Portal for $166 Billion in IEEPA Duties Struck Down by Supreme Court

Customs and Border Protection launched Phase 1 of its CAPE refund tool at 8 a.m. Monday, letting more than 330,000 importers file claims for duties the Supreme Court invalidated in February.

MoneyApr 20

Apple Names John Ternus CEO, Tim Cook to Become Executive Chairman on September 1

Apple's board on April 17 appointed hardware engineering chief John Ternus as the next CEO effective September 1, when Tim Cook will transition to executive chairman. Cook has led the company since 2011.

EnergyApr 20

Fermi Co-Founder Toby Neugebauer Out as CEO, CFO Resigns Same Day; Restructuring Veteran Jeffrey Stein Joins Board

Fermi Inc., the Rick Perry-co-founded nuclear and gas data center company that IPO'd last October, replaced its CEO and CFO on April 19. Marius Haas steps in as Chairman, a search for a new CEO begins, and shares closed down 19.7% at $5.27 on twice the average volume. Texas Tech also signaled it is renegotiating certain milestones in the Project Matador lease.

MoneyApr 19

NPR Announces $113M in Gifts, Including $33M From an Anonymous Donor to Replace CPB Infrastructure

Philanthropist Connie Ballmer gave $80 million and an anonymous donor contributed $33 million, nine months after Congress clawed back $1.1 billion in forward appropriations from the Corporation for Public Broadcasting.

MoneyApr 19

Bond Market Sees the Oil Shock as Transitory: 5Y5Y Forward Inflation Stays at 2.16% Despite Brent Above $120

The Federal Reserve Bank of St. Louis's daily FRED updates as of April 17 show the 5-year, 5-year forward inflation expectation rate at 2.16% — essentially unchanged from 2.11% one year ago, despite the Middle East war driving Brent crude above $120 and US gasoline to $4.25/gal. Long-horizon market-implied inflation is behaving as if the shock will not persist.

MoneyApr 18

AI Chip Maker Cerebras Returns to Public Markets: Files S-1 for Nasdaq Listing 19 Months After CFIUS Delay

Cerebras Systems filed a public Form S-1 with the SEC on April 17, seeking to list on Nasdaq under the ticker CBRS. Revenue grew 76% to $510 million in 2025 and the company posted its first full-year GAAP net income of $237.8 million, but 91% of accounts receivable at year-end 2024 came from a single UAE customer, G42.

MoneyApr 18

IMF Pulls Forward Global Debt-to-GDP Forecast to 100% by 2029, Warns of 'Structural' Fiscal Pressure

The IMF's April 2026 Fiscal Monitor argues that the Middle East war is hitting public finances already weakened by structural deficits. Global gross public debt reached 94% of GDP in 2025, interest spending has climbed from 2% to nearly 3% of GDP in four years, and the Fund now projects debt will cross 100% of GDP by 2029 — one year earlier than its 2025 forecast.

MoneyApr 18

IMF: Financial System's Calm Response to Middle East War Masks Amplification Risks, Especially in Private Credit and Nonbanks

The IMF's April 2026 Global Financial Stability Report argues that the orderly market response to the Middle East war reflects resilience that 'should not be taken at face value' — and that elevated nonbank leverage, equity-market concentration, tight credit spreads, and opaque private credit create amplification channels that could turn future shocks into acute stress.