1. Yellen's take on the economy soothes investors
U.S. stocks jumped on Monday after Federal Reserve Chair Janet Yellen gave a speech downplaying Friday's disappointing jobs report, and saying the Fed still might raise interest rates soon. Yellen said the employment data were "concerning," but increases in employment, household incomes, and consumer confidence together indicate that the economy is improving. The S&P 500 index gained 10.28 points or 0.5 percent to end Monday's trading at 2,109.41, its best close of the year. European stocks also rose early Tuesday.
2. BuzzFeed scraps GOP ad deal over Trump's controversial remarks
BuzzFeed told employees on Monday that it was terminating a deal to run Republican National Committee ads in the fall due to the controversial rhetoric of the party's presumptive presidential nominee, Donald Trump. "The Trump campaign is directly opposed to the freedoms of our employees in the United States and around the world and in some cases, such as his proposed ban on international travel for Muslims, would make it impossible for our employees to do their jobs," the company said. The deal was worth $1.3 million.
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. Valeant cuts guidance again
Valeant Pharmaceuticals has made another sharp cut to its guidance in the latest sign of trouble as the Canadian drug maker tries to bounce back from what it called a "significant disruption." The company said it now expects earnings per share up to $7 this year, down from its previous guidance of up to $9.50. Valeant's stock has plunged by nearly 90 percent since its August peak as it faced concerns over investigations by Congress, accounting practices, and a reputation for buying drugs and hiking their prices.
The Wall Street Journal MarketWatch
4. General Mills launching its first new cereal brand since 2001
General Mills announced Monday that it is releasing its first new cereal brand in 15 years — Tiny Toast — this month. The cereal, which will come in blueberry and strawberry varieties, will be free of high fructose corn syrup, and artificial flavors and colors. The company makes popular brands such as Cheerios and Cinnamon Toast Crunch. Its new offering is appearing after a five-year stretch when cereal sales declined by 5 percent.
5. Playboy finds buyer for Playboy Mansion
The Playboy Mansion is under contract to be sold, a Playboy Enterprises spokesman said Monday. The famed, 20,000-square-foot Los Angeles home of Playboy founder Hugh Hefner was listed earlier this year for $200 million. Playboy bought the property in 1971 for $1.1 million, then the highest real estate price in L.A.'s history. The mansion, with its famous Playboy grotto and free-form swimming pool, was the scene of Hefner's legendary parties and the symbol of his men's magazine and entertainment empire. The buyer is Daren Metropoulos, a private equity executive.
-
5 of the best platonic TV friendshipsthe week recommends Maintaining boundaries has proven tricky for all but the most committed of buddies on the small screen
-
Why are global postal services cutting off package delivery to the US?Today's Big Question 'Uncertainty' around new tariff rules halts small-dollar imports
-
SpaceX breaks Starship losing streak in 10th testspeed read The Starship rocket's test flight was largely successful, deploying eight dummy satellites during its hour in space
-
China is silently expanding its influence in American citiesUnder the Radar New York City and San Francisco, among others, have reportedly been targeted
-
How China uses 'dark fleets' to circumvent trade sanctionsThe Explainer The fleets are used to smuggle goods like oil and fish
-
One year after mass protests, why are Kenyans taking to the streets again?today's big question More than 60 protesters died during demonstrations in 2024
-
What happens if tensions between India and Pakistan boil over?TODAY'S BIG QUESTION As the two nuclear-armed neighbors rattle their sabers in the wake of a terrorist attack on the contested Kashmir region, experts worry that the worst might be yet to come
-
Why Russia removed the Taliban's terrorist designationThe Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
-
Inside the Israel-Turkey geopolitical dance across SyriaTHE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
-
'Like a sound from hell': Serbia and sonic weaponsThe Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
-
The arrest of the Philippines' former president leaves the country's drug war in disarrayIn the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
