fb-pixel
Larry Edelman

Tech stocks tank and take the rest of the market with them

Stocks had their worst day since June after a five-month rally fueled by virtually free money from the Fed, a handful of tech monopolies, and a truckload of wishful thinking about a V-shaped recovery and a vaccine delivered in record time.

Latest Business Headlines

Biogen moves $10m in deposits to Black-owned OneUnited Bank

The Boston-based bank is one of the largest Black-owned financial institutions. Biogen's move comes as part of a trend among corporations to pledge support for Black-owned businesses and communities of color.

Will long Labor Day weekend mean another coronavirus spike?

Americans headed into Labor Day weekend — the unofficial end to the Lost Summer of 2020 — amid warnings from public health experts that backyard parties, crowded bars and other gatherings could cause the coronavirus to come surging back.

A lot of people went back to work in August. Here are five things to know about the job market

There was plenty in the August jobs numbers report for optimists to savor over the long holiday weekend. But it wasn't all good news.

Unemployment falls to 8.4 percent as employers add 1.4 million jobs in August
Employers added 1.4 million jobs in August, the Bureau of Labor Statistics reported on Friday, and the unemployment rate dropped to 8.4 percent, down from 10.2 percent in July.

Boston’s hotel industry has been hit harder than all but two other metro areas
The COVID-19 pandemic has devastated the local hospitality industry, as the region has suffered declines in travel for tourism, business, education, and medical care.

on the street

Revere was going through a revival before COVID-19. Can it stay on track?

The seaside city was having a moment before COVID-19 hit. Revere’s revival was well underway until the pandemic wreaked health and economic havoc in a city that’s home to many immigrants and service industry workers. When and how it emerges will provide a measure of the “new” Revere’s resiliency.
Read more about Revere in 'On the Street'

More business headlines

Larry Edelman

How many people are working from home? Not as many as you might think

Cloistered in my privileged world, I don’t see the growing number of people who are back to their pre-pandemic routines.

Boston startup Biofourmis raises $100m for remote medical tech

As interest in telemedicine grows, the company is using wearable sensors and software to understand patients’ vital signs and help doctors make decisions about their care from afar.

CEO leaves high-flying Boston startup Indigo Ag

David Perry, who had led the agricultural technology company since 2014, will be replaced by Ron Hovsepian, the former CEO of Novell and Intralinks.

Fed: Outdoor dining tied to more than a third of restaurant sales

In its latest Beige Book, the Fed highlighted that more than a third of restaurant sales in Massachusetts this summer came from outdoor dining, which it said “is unusual in Massachusetts where fewer than 20 percent of restaurants had outdoor dining options before the pandemic.”

Federal budget deficit to hit record $3.3 trillion due to COVID-19 costs, recession

That's more than triple the 2019 shortfall and more than double the levels experienced after the market meltdown and Great Recession of 2008-2009.

United Airlines plans to furlough 16,000 workers

The new figure is down from an earlier target of 36,000 after thousands took early retirement, buyouts, or long-term leaves of absence with the industry facing a slow recovery from the COVID-19 pandemic.

Prince Harry and Meghan sign production deal with Netflix

Six months after detangling their work lives from the British royal family, the couple have signed a multiyear deal to produce nature series, documentaries, and children's programming for the streaming service.

Michael Jordan joins DraftKings as a special adviser

The NBA legend will advise DraftKings on “product development, diversity, equity and belonging, marketing activities and other key initiatives,” the company said.