August 29, 2023

Markets Now

Hurricane Idalia and Labor Day could send gas prices and inflation higher

Labor Day — one of the busiest driving holidays in the US — is on the horizon, and so is Hurricane Idalia. That’s potentially bad news for gas prices.  
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Crypto assets soar as US court clears a path for bitcoin ETFs

The value of crypto assets surged Tuesday after a US court cleared a path for the nation’s first bitcoin exchange-traded fund.  
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Hundreds of flights are canceled as Hurricane Idalia disrupts air travel

All flights from Tampa International Airport have been canceled Tuesday as Hurricane Idalia barrels toward the Florida’s Gulf Coast.  
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Farmers Insurance to lay off 2,400 workers across its entire business

California-based Farmers Insurance said Monday it is laying off 11% of its workforce — or 2,400 employees — in a bid to restructure itself for long-term growth.  
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3M agrees to pay $6 billion after US military said faulty earplugs led to hearing loss

3M has agreed to pay $6 billion to resolve roughly 300,000 lawsuits alleging that the manufacturing company supplied faulty combat earplugs to the military that resulted in significant injuries, such as hearing loss.  
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Amazon CEO tells employees to return to the office or their days may be numbered

Amazon CEO Andy Jassy has told employees to get on board with the company’s return-to-office plan or to consider employment elsewhere, the company confirmed to CNN, after a report by Insider highlighted Jassy’s remarks from a recent internal event.  
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Source: CNN Business

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