Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
The US economy gained 222,000 jobs in June, many more than expected, according to a report from the Bureau of Labour Statistics on Friday. Economists had forecast that nonfarm payrolls increased by 178,000, according to Bloomberg.
Labour force participation ticked up, and wage growth missed expectations. The gap between white and black unemployment in America is now at a record low. North of the border, Canada added more jobs than expected in June, although most were part-time positions.
Berkshire Hathaway Energy said Friday that it agreed to acquire Energy Future Holdings for $US9 billion in cash, a purchase that would eventually hand it the electric-utility giant Oncor.
Irene Rosenfeld, the CEO of Mondelēz International, doesn’t seem interested in buying Nestlé’s candy business. She also explained what it’s like to be targeted by Bill Ackman and Nelson Peltz.
And we got the play-by-play account of how Amazon’s takeover offer for Whole Foods went down.
Markets are overreacting to “huffing and puffing” central bankers, according to Bank of America Merrill Lynch. And everyone’s scared of the wrong thing when it comes to the Fed’s plan for its $US4.5 trillion balance sheet, according to David Rosenberg.
Missouri’s governor says raising the minimum wage will take “money out of people’s pockets” — so he’s lowering it. US Secretary of Energy Rick Perry flubbed one of the most fundamental lessons of modern economics. And the huge gap between America’s rich and super-rich exposes a fundamental misunderstanding about inequality.
New emails show how mistrust and suspicions blew up the relationship between Uber’s Travis Kalanick and Google’s Larry Page. Tesla’s bloodbath racked up a $US1.4 billion profit for short sellers in just three days. And Volvo’s all-out assault on Tesla’s turf is as much about its future as its past.
Lastly, Goldman Sachs president David Solomon is selling his enormous Aspen estate for $US36 million.