The daily business briefing: April 14, 2021
Egypt seizes the ship that blocked the Suez Canal, the S&P 500 hits another record high with a boost from tech stocks, and more

- 1. Egypt seizes ship that blocked Suez Canal
- 2. S&P 500 hits another record high despite J&J news
- 3. Moderna says its coronavirus vaccine still effective after 6 months
- 4. IRS chief: $1 trillion in federal taxes go uncollected annually
- 5. Coinbase goes public in big step for cryptocurrencies

1. Egypt seizes ship that blocked Suez Canal
Egypt has seized the Ever Given, the container ship that got wedged in the Suez Canal and forced a weeklong shutdown of the vital waterway, the vessel's owner said Tuesday. Egyptian authorities are demanding that the ship's Japanese owner, Shoei Kisen Kaisha Ltd., pay at least $900 million to cover the damage to the canal, the rescue operation, and lost business. Tuesday's seizure came after the manager of the waterway obtained an order from an Egyptian court saying the company had failed to pay. "They don't want to pay anything," Osama Rabie, chair of the Suez Canal Authority, said. A spokesman for the ship's owner said authorities were "still talking to us. So we will continue negotiations on compensation."
2. S&P 500 hits another record high despite J&J news
The S&P 500 gained 0.3 percent to close at another record high on Tuesday, led by Apple, Microsoft, and Amazon. The tech-heavy Nasdaq jumped by nearly 1.1 percent, while the Dow Jones Industrial Average retreated from record territory, falling 0.2 percent. Early Tuesday, futures turned lower after federal agencies recommended pausing use of Johnson & Johnson's COVID-19 vaccine pending the investigation of rare blood clots in a few patients out of the millions vaccinated. The market recovered after the federal government released its consumer price index, a popular inflation gauge. The CPI rose sharply — by 0.6 percent in March, and 2.6 percent over the same period a year ago — as the economic recovery gained strength. U.S. stock futures edged higher early Wednesday ahead of bank earnings reports.
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.
Reuters The Wall Street Journal
3. Moderna says its coronavirus vaccine still effective after 6 months
Moderna announced Tuesday that studies indicated that its COVID-19 vaccine was still 90 percent effective six months after a patient's second dose. The vaccine's effectiveness also remained "greater than 95 percent against severe cases of COVID-19," the company said. Moderna is continuing to work toward final U.S. approval for the vaccine, which currently has emergency authorization. "The Moderna team continues to make important progress with our COVID-19 vaccine," said Moderna CEO Stéphane Bancel. "The new preclinical data on our variant-specific vaccine candidates give us confidence that we can proactively address emerging variants." The news came hours after U.S. authorities recommended pausing use of Johnson & Johnson's vaccine pending an investigation of several cases of rare blood clots.
4. IRS chief: $1 trillion in federal taxes go uncollected annually
IRS Commissioner Charles Rettig told the Senate Finance Committee on Tuesday that the amount of federal taxes going unpaid "could approach and possibly exceed $1 trillion per year." The figure is more than double the official estimate of $441 billion. IRS research shows that $175 billion of those underpayments come from the wealthiest Americans, Rettig said. Other factors include the rise in untaxed cryptocurrencies, income from foreign sources, and illegal income. Senate Finance Committee Chairman Ron Wyden (D-Ore.) called the $1 trillion tax gap "a jaw-dropping figure." Rettig said that the IRS is "outgunned" by tax cheats and dodgers after years of budget cuts. President Biden has proposed raising the IRS budget by 10.4 percent, mostly to boost enforcement.
5. Coinbase goes public in big step for cryptocurrencies
Nasdaq gave Coinbase shares a reference price of $250 each late Tuesday ahead of the cryptocurrency exchange's Wednesday public listing. The price would value Coinbase at $65.3 billion. Coinbase is the first major cryptocurrency business to go public, and analysts say its stock market debut is a "watershed" moment in the mainstream acceptance of digital currencies as forms of payment and investments. By listing its stock directly instead of holding a traditional initial public offering, Coinbase is giving existing shareholders a chance to start selling shares immediately at the market price. If the shares mirror the average 37 percent gains of the five big direct listings on the New York Stock Exchange, Coinbase shares would hit $343 per share, close to their first-quarter average private market price.
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.
-
Gandhi arrests: Narendra Modi's 'vendetta' against India's opposition
The Explainer Another episode threatens to spark uproar in the Indian PM's long-running battle against the country's first family
By Harriet Marsden, The Week UK
-
How the woke right gained power in the US
Under the radar The term has grown in prominence since Donald Trump returned to the White House
By Chas Newkey-Burden, The Week UK
-
Codeword: April 24, 2025
The Week's daily codeword puzzle
By The Week Staff
-
Why Russia removed the Taliban's terrorist designation
The Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
By Justin Klawans, The Week US
-
Inside the Israel-Turkey geopolitical dance across Syria
THE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
By Rafi Schwartz, The Week US
-
'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
-
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
-
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
-
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
-
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
-
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