The daily business briefing: March 9, 2017
RadioShack files for bankruptcy again, payroll processor ADP finds U.S. businesses added more jobs than expected, and more


1. RadioShack files for bankruptcy for second time in 2 years
RadioShack filed for bankruptcy protection on Wednesday for the second time in two years. The troubled electronics retailer said it would close 200 stores and review options for the remaining 1,300. RadioShack's president and CEO, Dene Rogers, said in a statement that the company had cut operating expenses by 23 percent since 2015, when it first filed for bankruptcy, but faced a setback when a partnership with Sprint failed to yield the profits expected. RadioShack was founded in 1921 and was long a popular source for batteries and electronics parts, but recently has tried to remake itself as a provider of wireless devices as it contended with competition from online and discount rivals.
2. Payroll processor ADP says employers added 298,000 jobs last month
U.S. businesses added 298,000 jobs last month in the latest sign that the employment market is gaining strength, payroll processor ADP said Wednesday. The February figure was significantly stronger than the 189,000 new private-sector jobs forecast. The numbers "indicate that the U.S. job market is in very good shape at the beginning of 2017," PNC Financial Services Group economist Gus Faucher said in a note to clients. "The tighter job market will support income gains and consumer spending this year." The federal government's February jobs report is due on Friday.
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. GOP starts push to replace ObamaCare in House
The Republican proposal to replace ObamaCare cleared its first hurdle early Thursday when the House Ways and Means Committee approved the legislation in an 18-hour session. House Speaker Paul Ryan tried to mollify resistance from fellow Republicans, saying the legislation is "what good, conservative health care reform looks like." Democrats, in the minority on committees in the GOP-led Congress, fought the plan in meetings of two committees by offering doomed amendments that would have kept the bill from raising deficits or stripping anyone of health insurance coverage. Opposition grew on Wednesday, with the American Medical Association, the American Hospital Association, and the AARP coming out against the Republican proposal, saying it would hurt vulnerable Americans. The proposal would end fines for those who don't buy insurance, and replace income-based subsidies with age-based tax credits to help people pay for coverage.
4. Oil prices hit new 2017 low as U.S. supply increases
Oil prices dropped below $49 a barrel for the first time in 2017 early Thursday, with the U.S. benchmark West Texas Intermediate crude falling by 2.8 percent to $48.88 a barrel. Oil traders said there was not a clear reason for the decline, other than that the "market psychology" had changed as buyers stopped betting that oil prices would push higher. The fall came after supply data in the U.S., the world's biggest oil consumer, showed inventories rose sharply to a fresh record as domestic crude supplies climbed for the ninth straight week. "U.S. oil stockpiles have gained around 50 million barrels since the start of the year, raising some doubts over the effectiveness of OPEC cuts," said Hamza Khan, head of commodities strategy at ING Bank in Amsterdam.
5. Activists mark International Women's Day with strike
Many women skipped school or work on Wednesday in a strike marking International Women's Day. The "Day Without Women" event was organized by leaders of the women's marches that drew more than a million participants in Washington, D.C., and other cities on the day after President Trump's inauguration, although the crowds were far smaller on Wednesday, numbering in the hundreds in some places. The aim was to show the economic power of women in the U.S. A crowd of about 1,000 people, mostly women, gathered near Trump Tower in New York City, waving signs with slogans such as "Misogyny out of the White House now" and "Resist like a girl." First lady Melania Trump hosted a luncheon at the White House to mark the day. "As an immigrant myself, having grown up in a communist society, I know all too well the value and importance of freedom and equal opportunity," she said.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Book reviews: ‘Red Scare: Blacklists, McCarthyism, and the Making of Modern America’ and ‘How to End a Story: Collected Diaries, 1978–1998’
Feature A political ‘witch hunt’ and Helen Garner’s journal entries
By The Week US Published
-
The backlash against ChatGPT's Studio Ghibli filter
The Explainer The studio's charming style has become part of a nebulous social media trend
By Theara Coleman, The Week US Published
-
Why are student loan borrowers falling behind on payments?
Today's Big Question Delinquencies surge as the Trump administration upends the program
By Joel Mathis, The Week US Published
-
'Like a sound from hell': Serbia and sonic weapons
The Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
By Abby Wilson Published
-
The arrest of the Philippines' former president leaves the country's drug war in disarray
In the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
By Justin Klawans, The Week US Published
-
Ukrainian election: who could replace Zelenskyy?
The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
By Sorcha Bradley, The Week UK Published
-
Why Serbian protesters set off smoke bombs in parliament
THE EXPLAINER Ongoing anti-corruption protests erupted into full view this week as Serbian protesters threw the country's legislature into chaos
By Rafi Schwartz, The Week US Published
-
Who is the Hat Man? 'Shadow people' and sleep paralysis
In Depth 'Sleep demons' have plagued our dreams throughout the centuries, but the explanation could be medical
By The Week Staff Published
-
Why Assad fell so fast
The Explainer The newly liberated Syria is in an incredibly precarious position, but it's too soon to succumb to defeatist gloom
By The Week UK Published
-
Romania's election rerun
The Explainer Shock result of presidential election has been annulled following allegations of Russian interference
By Sorcha Bradley, The Week UK Published
-
Russia's shadow war in Europe
Talking Point Steering clear of open conflict, Moscow is slowly ratcheting up the pressure on Nato rivals to see what it can get away with.
By The Week UK Published