Ryan Reynolds and Rob McElhenney have joined an investment group taking a 24% stake in Formula 1 team Alpine Racing, worth approximately $218 million. This transaction values Alpine Racing Ltd. around $900 million and will "accelerate Alpine's growth plans and sporting ambitions in F1". The two actors have previously completed a $2.5 million takeover of Welsh soccer team Wrexham and are now looking to make a success of their latest investment in Formula 1.
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On Monday, the ruble reached a 14-month low after an aborted weekend mutiny in Russia led by Yevgeny Prigozhin, the chief of Russia's Wagner mercenary group. The rebellion was ended after the Kremlin made an agreement to send Prigozhin to Belarus, and pardon him and his soldiers, brokered by Belarusian leader Alexander Lukashenko. Former U.S. director of national intelligence James Clapper said the deal appears "fishy," raising concerns about stability in the nuclear-armed country.
Last week, the Republican Study Committee released a 167-page document proposing changes to Social Security and Medicare, including privatization of Medicare and adjustments to the retirement age for future retirees. The White House has rejected the proposal, while Senator Rick Scott is considering a run for the White House despite receiving little support on Twitter.
Overstock.com has won an auction for the bankrupt Bed Bath & Beyond's intellectual property and digital assets for $21.5 million, allowing them to continue selling the retailer's goods online. JOWA Brands was selected as a backup bidder for Bed Bath's Wamsutta brand. The sale of Bed Bath & Beyond's assets marks the end of an era for the home goods retailer, with the future of its brick-and-mortar stores uncertain.
Key takeaways: In 29% of heterosexual marriages today, women and men earn about the same. The study found that wives in these marriages spend roughly…
The Federal Trade Commission has filed a lawsuit against Amazon, accusing the online retailer of using deceptive tactics to enroll consumers into its Prime program without their knowledge and making it difficult for them to cancel their subscription. FTC Chair Lina Khan said Amazon has been "tricking and trapping people into recurring subscriptions without their consent," and the FTC is seeking a court order to stop Amazon from using deceptive tactics and to provide refunds to those affected.
UPS employees have voted overwhelmingly to authorize a nationwide strike if a satisfactory agreement is not reached by July 31. Teamsters President Sean O'Brien said the vote showed workers are united and determined to get the best contract in their history. If a strike is declared, it could have far-reaching implications for workers and the economy.
The NAACP is expressing deep frustration over the White House's decision to end the pause on federal student loan payments, which they argue will erode economic progress for Black Americans and disproportionately impact Black borrowers. In a letter to President Joe Biden, the organization is calling for targeted relief for those struggling to repay their loans and advocating for policies that will help close the racial wealth gap.