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Calling all cynics. Remember the Fearless Girl statue staring down Wall Street’s Charging Bull? It attracted enormous amounts of publicity and praise for its feminist message. Meanwhile, the $2.6 billion asset manager behind the public artwork, State Street, agreed today to pay $5 million to settle a discrimination dispute after a U.S. Labor Department audit found hundreds of female executives were allegedly being paid less than their male colleagues... —Katie Robertson
Tax cuts will only get harder from here. House and Senate Republicans took their first concrete steps Thursday toward enacting a major U.S. tax cut by advancing budget resolutions for fiscal 2018. They’re arguing over the size of proposed cuts, whether they should add to the federal deficit, and which tax breaks to eliminate—and lawmakers say there will be more fights ahead.
Netflix surged after raising prices. Its most popular U.S. service plan will now cost $11 a month, an increase of 10 percent, as the company looks for a way to pay for its ambitious budget for TV shows and movies. Netflix shares jumped as much as 4.5 percent to an intraday record, a sign that investors are confident the streaming video company can keep expanding its subscriber base.
Neel Kashkari isn’t under consideration for Fed chair, according to an administration official. Speculation around Kashkari began Tuesday when Jeffrey Gundlach said the president of the Minneapolis Fed would replace Janet Yellen. Trump’s advisers have given him a final list of people they’re recommending as candidates to lead the central bank and have ended the search.
Amazon is testing its own delivery service. The service would make more products available for free two-day delivery and relieve overcrowding in warehouses. It will push the online retailer deeper into functions handled by UPS and FedEx and give the company more control over the last mile to shoppers’ doorsteps.
Inside the revolt threatening to split Guggenheim. Interviews with more than a dozen current and former employees of one of the grand old names of American business paint a portrait of a once-thriving partnership now riven by personal and professional rivalries. No fewer than 60 bankers, traders and analysts have departed over the last two years.
Catalans stall independence push. Divided separatist leaders are trying to avoid an immediate declaration of independence from Spain as officials in Madrid and business leaders in Barcelona ratchet up pressure on the pro-breakaway camp. The leader of the most powerful group among the separatists promised the regional parliament would meet as planned on Monday, defying an order by Spain’s highest court.
Welcome to Hostile Takeover High. New York’s Stuyvesant High School is a legendary institution that has graduated generations of over-achievers. Its genius alumni do everything well—except raise money. Now a Wall Street clique is seizing control.