The daily business briefing: July 24, 2020
Jobless claims rise for the first time since March, Hearst magazines president resigns after report on sexist remarks, and more

- 1. New jobless claims rise for 1st time since March
- 2. Hearst magazines president resigns after Times report on sexist remarks
- 3. Stock futures point to more losses as tech stocks struggle
- 4. Mnuchin: Next coronavirus relief bill won't include payroll tax cut
- 5. Mall owner Simon teams up with Authentic Brands in bid for Brooks Brothers

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. New jobless claims rise for 1st time since March
The Labor Department reported Thursday that 1.42 million Americans filed new applications for unemployment benefits last week, marking the first increase since March. A week earlier, 1.3 million people filed new jobless claims. Last week's increase was larger than expected, suggesting that the hiring recovery was weakening as coronavirus cases, hospitalizations, and deaths surged, prompting states to slow or reverse the reopening of their economies. The number of new jobless claims had been gradually decreasing every week, although they remained twice as high as in the worst week of the Great Recession. Last week's increase came as the additional $600 a week in unemployment benefits that Congress passed is about to expire, and Republicans in the Senate continue to discuss a possible extension.
2. Hearst magazines president resigns after Times report on sexist remarks
The president of Hearst's magazine division, Troy Young, resigned on Thursday following a New York Times report on his alleged history of inappropriate workplace behavior. The Times reported Wednesday that Young had made lewd and sexist remarks at work, including suggestive comments about sex toys. He also allegedly emailed pornography to a senior editor. Young, 52, apologized in an email to staff Thursday but said the Times report misrepresented "the culture that we have built at Hearst Magazines." He said he was committed to learning from "this moment" and remained "committed to the work I need to do here." Hearst President and CEO Steve Swartz later announced Young's departure on Hearst's website, saying he and Young agreed he should resign, effective immediately.
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. Stock futures point to more losses as tech stocks struggle
U.S. stock index futures fell early Friday following Thursday losses fueled by broad declines for big tech companies. With U.S.-China tensions rising, futures for the Dow Jones Industrial Average and the S&P 500 were down by just over 0.4 percent, while those of the tech-heavy Nasdaq fell by more than 1.1 percent several hours before the opening bell on Wall Street. On Thursday, the Dow and the S&P 500 fell by more than 1 percent. The Nasdaq plunged by more than 3 percent as Apple and Microsoft shares fell by more than 4 percent, and Amazon and Facebook dropped by more than 3 percent. The big tech names have buoyed a market shaken by the coronavirus crisis in recent months. "Concerns of another technology bubble are rising," said Keith Lerner, chief market strategist at Truist/SunTrust Advisory, in a note.
4. Mnuchin: Next coronavirus relief bill won't include payroll tax cut
Treasury Secretary Steven Mnuchin told CNBC on Thursday that the next coronavirus relief bill will not include the payroll tax cut President Trump has pushed. The Trump administration was pushing for the cut as recently as this week, but seemed to abandon the idea after Republicans vehemently opposed it in a lunch with administration officials. Senate Republican leaders scrapped a plan to roll out their $1 trillion proposal at the last minute on Thursday after failing to come up with an agreement due to fierce lingering divisions within the GOP over the details. House Democrats approved their $3 trillion package in May. It includes new stimulus checks to individuals, and aid to struggling cities and states.
5. Mall owner Simon teams up with Authentic Brands in bid for Brooks Brothers
Sparc, a venture created by mall-owner Simon Property Group and apparel-licensing company Authentic Brands Group, has made a $305 million offer for Brooks Brothers, according to a Thursday court filing. The iconic clothier filed for bankruptcy on July 8. Simon and ABG are proposing keeping at least 125 Brooks Brothers stores open, down from the 250 locations the retailer had at the beginning of the month. The "stalking horse" offer sets a minimum for other bidders to beat. Brooks Brothers has agreed to the deal, but Sparc's bid still must win out against any other offers and meet court approval. A court hearing on Sparc's offer is scheduled for Aug. 3, with competing bids due by Aug. 5.
The Wall Street Journal Reuters
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 gossip: Man arrested in connection with shooting of Tupac Shakur, an OceanGate movie is in the works, and more
Feature The daily gossip: September 29, 2023
By Brendan Morrow Published
-
What to expect from an El Niño winter
The Explainer Things might be different thanks to this well-known weather phenomenon
By Devika Rao Published
-
The week’s best photojournalism
In Pictures A steaming volcano, a giant crater and more
By Anahi Valenzuela Published
-
The daily business briefing: September 29, 2023
Business Briefing Newsom signs $20 minimum wage for California fast food workers, EEOC accuses Tesla of racial harassment, and more
By Harold Maass Published
-
The daily business briefing: September 28, 2023
Business Briefing China Evergrande suspends trading on Hong Kong stock exchange, oil prices jump to highest level in a year, and more
By Harold Maass Published
-
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
-
China: a superpower’s slump
The Explainer After 40 years of explosive growth, China’s economy is now in deep distress — with no turnaround in sight
By The Week Staff 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