Here's what we are reading this morning:
Kanye West Tells Gap He Is Terminating Partnership - WSJ: Designer says retailer hasn’t opened promised stores and was too slow to make items available at brick-and-mortar locations
U.S. Jobless Claims Fell Last Week - WSJ: Applications for unemployment benefits declined for the fifth consecutive week as employers held on to their workers in a persistently tight labor market.
As 'buy now, pay later' plans grow, so do delinquencies | AP News: Americans have grown fond of “buy now, pay later” services, but the “pay later” part is becoming increasingly difficult for some borrowers.
U.S. Railroad Strike Averted as Tentative Deal Is Reached, Biden Says - WSJ: Negotiations with unions and companies resulted in an agreement to avoid what would be the first nationwide rail strike in 20 years.
Mortgage Rates Jump Above 6%, Putting Pressure on Housing Market - The New York Times: Mortgage rates have been on the rise since the start of the year as the Federal Reserve affirmed its commitment to tame soaring inflation.
Credito Real’s Liquidator Wants Involuntary Chapter 11 Tossed: A liquidator for Credito Real SAB is asking a Delaware bankruptcy court to toss an involuntary Chapter 11 case for the Mexican payroll lender that was filed by its creditors, hoping to proceed with its work of dissolving the company’s assets in Mexico.
Bed Bath & Beyond Cuts 56 Stores in Latest Turnaround Move: "During recent visits by Bloomberg News reporters to Bed Bath & Beyond stores in New York City and its suburbs, as well as Atlanta, many brand-name items were out of stock"
SEC Sues Chicago-Area Unregistered Crypto Assets Broker, Its Owner, and Two Salespeople with Fraud and with Conducting an Unregistered Offering: The Securities and Exchange Commission charged Chicago Crypto Capital LLC, its owner, and former salesmen for allegedly defrauding investors during their unregistered offering of crypto asset securities.
Ether’s New ‘Staking’ Model Could Draw SEC Attention - WSJ: SEC chairman says system used by ether following software update could trigger securities laws.
Voyager Auction Update: From the Creditors' Committee: "The auction has adjourned for the day and is scheduled to resume tomorrow. The auction will continue until the highest and best bid is selected."
FedEx CEO says he expects the economy to enter a ‘worldwide recession’: The CEO's pessimism came after FedEx missed estimates on revenue and earnings in its first quarter.