U.S. GDP rose at an annualized rate of 3.3% in the second quarter to the end of June, the Commerce Department reported on Thursday, up from its previous estimate of 3%. Consumer spending was revised up to a 1.6% annualized rate in the latest estimate, up from the 1.4% previously reported. Business investment was revised…

The Wall Street Journal reports that Amazon plans to extend new employment offers to Whole Foods Market’s U.S. corporate employees as part of a new effort to integrate its grocery businesses and boost collaboration and innovation. Whole Foods corporate employees will have access to an Amazon discount and healthcare benefits, although they will over time…

GE Aerospace is facing a potential strike as early as August 28 after over 600 employees, represented by the United Auto Workers (UAW) Local 647, voted 84% in favor of authorizing a strike. The workers, based in Evendale, Ohio, and Erlanger, Kentucky, are concerned about a 36% increase in health insurance costs since 2021, along…

A new study using IRS data shows nearly 40% of taxes paid by the 400 richest Americans (2018–2020) came from corporate income taxes. Economist Emmanuel Saez called it “the tax that billionaires pay at source.” The ultrawealthy paid 23.8% of their economic income in taxes, much higher than prior estimates that excluded corporate tax. The…

Meta Platforms has frozen hiring in its artificial intelligence division to coincide with a broader restructuring of the group, which also prohibits current employees from moving across teams inside the division. Any exceptions to the ban on external hires would require permission from Meta’s chief AI officer, Alexandr Wang, according to sources. A Meta spokesperson…

A cyberattack on Allianz Life Insurance in late July has compromised the personal data of approximately 1.1m customers, according to the breach notification site Have I Been Pwned. The stolen information includes names, addresses, phone numbers, and emails of most of Allianz’s 1.4m U.S. customers, prompting the company to offer two years of identity monitoring…