The daily business briefing: June 2, 2022
Meta COO Sheryl Sandberg announces she's leaving the company, Biden erases Corinthian Colleges student debt, and more

- 1. Meta COO Sheryl Sandberg says she's stepping down
- 2. Biden administration forgives Corinthian Colleges student debt
- 3. Report: Saudi Arabia ready to hike oil output to offset Russia embargo
- 4. Stock futures rise after June starts with losses
- 5. Dimon warns economic 'hurricane' is coming

A free daily digest of the biggest news stories of the day - and the best features from our website
Thank you for signing up to TheWeek. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.
1. Meta COO Sheryl Sandberg says she's stepping down
Meta Chief Operating Officer Sheryl Sandberg announced Wednesday that she was leaving the company, which owns Facebook, Instagram, WhatsApp, and other apps. Sandberg said she would step down in the fall after 14 years, but continue to serve on the company's board. Sandberg, 52, has long been second in command at the social media giant, behind founder and CEO Mark Zuckerberg. She leaves as Facebook continues to confront a backlash over misinformation spread over the platform during and after the 2016 election campaign. "Have we gotten everything right? Absolutely not," Sandberg told The New York Times in an interview. "Have we learned and listened and grown and invested where we need to? This team has and will."
The Wall Street Journal The New York Times
2. Biden administration forgives Corinthian Colleges student debt
The Education Department announced Wednesday it would cancel all remaining $5.8 billion in federal student loan debt of 560,000 people who attended for-profit schools owned or operated by Corinthian Colleges. The chain closed in April 2015 under pressure from investigations and lawsuits accusing it of defrauding students. Former Corinthian students won't have to apply. The debts will be erased automatically. "For far too long, Corinthian engaged in the wholesale financial exploitation of students, misleading them into taking on more and more debt to pay for promises they would never keep," U.S. Secretary of Education Miguel Cardona said in a statement.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Report: Saudi Arabia ready to hike oil output to offset Russia embargo
Saudi Arabia has signaled to Western allies it could increase oil production to offset the loss of Russian crude due to sanctions imposed to punish Moscow for its Ukraine invasion, the Financial Times reported Thursday, citing five people familiar with the discussions. The kingdom resisted earlier White House requests for production increases as the war sent oil prices jumping to the highest level in a decade. The European Union has just announced new sanctions that would ban imports of Russian oil by sea, and an agreement to bar insurance of tankers carrying Russian oil later this year. That move could limit Russia's ability to sell its oil to other customers, potentially causing deeper supply shortages.
4. Stock futures rise after June starts with losses
U.S. stock futures rose slightly early Thursday after Wall Street started June with a choppy day of trading that ended with losses for the main U.S. indexes. Futures tied to the Dow Jones Industrial Average and the S&P 500 were up 0.3 percent at 6:30 a.m. ET, as oil prices fell following a report that Saudi Arabia might increase output to offset the effects of the European Union's embargo on Russian crude. Nasdaq futures were up 0.5 percent. Pet retailer Chewy's shares jumped by nearly 19 percent in after-hours trading after a strong quarterly report. The Dow fell 0.5 percent on Wednesday. The S&P 500 and the tech-heavy Nasdaq fell just over 0.7 percent.
5. Dimon warns economic 'hurricane' is coming
JPMorgan Chase CEO Jamie Dimon on Wednesday warned investors to prepare for a looming economic "hurricane" fueled by the Federal Reserve's tightening monetary policy and the ongoing effects of Russia's invasion of Ukraine. "That hurricane is right out there down the road coming our way," Dimon said at a conference sponsored by AllianceBernstein Holdings Wednesday. "We don't know if it's a minor one or Superstorm Sandy. You better brace yourself." His company's shares dropped 1.8 percent after the remarks, deepening a 2022 drop to 18 percent. JPMorgan economists last month cut their growth forecast to 2.4 percent from 3 percent for the second half of 2022, and to 1.5 percent from 2.1 percent for the first half of 2023.
Continue reading for free
We hope you're enjoying The Week's refreshingly open-minded journalism.
Subscribed to The Week? Register your account with the same email as your subscription.
Sign up to our 10 Things You Need to Know Today newsletter
A free daily digest of the biggest news stories of the day - and the best features from our website
Harold Maass is a contributing editor at TheWeek.com. He has been writing for The Week since the 2001 launch of the U.S. print edition. Harold has worked for a variety of news outlets, including The Miami Herald, Fox News, and ABC News. For several years, he wrote a daily round-up of financial news for The Week and Yahoo Finance. He lives in North Carolina with his wife and two sons.
-
The daily business briefing: September 27, 2023
Business Briefing The FTC accuses Amazon of running an illegal online monopoly, Biden visits auto workers on picket line, and more
By Harold Maass Published
-
The daily business briefing: September 26, 2023
Business Briefing Ford halts work at $3.5 billion electric-vehicle battery plant, Costco offers members basic health care services, and more
By Harold Maass Published
-
The daily business briefing: September 25, 2023
Business Briefing Hollywood writers reach deal that would end strike, Canadian autoworkers ratify a new contract with Ford, and more
By Harold Maass Published
-
The daily business briefing: September 22, 2023
Business Briefing Rupert Murdoch steps down as Fox, News Corp. chair, Cisco to buy Splunk in $28 billion cash deal, and more
By Harold Maass Published
-
The daily business briefing: September 21, 2023
Business Briefing The Fed leaves rates unchanged, Biden cancels debts for University of Phoenix borrowers, and more
By Harold Maass Published
-
The daily business briefing: September 20, 2023
Business Briefing Disney says it will invest $60 billion in theme parks, Instacart shares rise in debut, and more
By Harold Maass Published
-
The daily business briefing: September 19, 2023
Business Briefing Instacart prices its shares at top of range in IPO, the UAW threatens to widen its strike, and more
By Harold Maass Published
-
The daily business briefing: September 18, 2023
Business Briefing UAW strike continues after union rejects latest offer, China detains some Evergrande wealth management staff, and more
By Harold Maass Published