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$400 Million Donation to Fund Kalamazoo Government Projects | Business News

By DREW LINDSAY of The Chronicle of Philanthropy, Chronicle of Philanthropy

It began with a highly unusual offer from two business executives — who both have billions in wealth — to bankroll a distressed city government. Five years later, the marriage of government and philanthropy born of that $70 million gift looks as though it will last forever.

Kalamazoo, Michigan, officials gathered on the steps of their nearly century-old, Art Deco city hall on Wednesday to announce an anonymous commitment of $400 million to an endowment established in 2017 to spin off annual revenues for the city indefinitely. The Kalamazoo

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The Latest: US Health Officials to Release New COVID-19 Data | Business News

NEW YORK — U.S. health officials are expected to release new data about the spread of COVID-19 on Friday that led to their decision to recommend that vaccinated people wear masks in some situations, a reversal of previous guidance.

The report, to be released by the Centers for Disease Control and Prevention, comes from a recent investigation of a coronavirus outbreak in Provincetown, Massachusetts, according to a federal official who spoke on condition of anonymity because they were not authorized to disclose the plan.

Earlier this week, the CDC changed its masking guidelines, recommending that even vaccinated people return to

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Why some of Reddit’s meme stock traders refuse to buy Robinhood stock’s Pippa Stevens brings you the day’s top business news headlines. On today’s show, CNBC’s Kate Rooney explains why some meme stock traders are avoiding Robinhood’s IPO. Plus, Nikola founder Trevor Milton is indicted on fraud charges.

Robinhood falls in its public market debut, closes more than 8% lower at $34.82 per share

Shares of Robinhood closed down more than 8% in its Nasdaq debut, after pricing near the low end of its IPO range.

The online brokerage started trading at $38 per share, the low end of its range, valuing the company at roughly $32 billion. After dropping as

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Tech Leads Stocks Lower on Wall Street, Easing off Records | Business News

By DAMIAN J. TROISE and ALEX VEIGA, AP Business Writers

Drops in big technology companies led stocks broadly lower on Wall Street Tuesday, easing major indexes off the latest record highs they set a day earlier.

Markets have been choppy as investors try to get a clearer picture of how well the economy is recovering from the pandemic and how the Federal Reserve will eventually ease up on its support for low interest rates. The central bank is meeting Tuesday and will release its latest statement on Wednesday.

The S&P 500 fell 1.1% as of 2 p.m. Eastern. The benchmark

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Senators, White House in Talks to Finish Infrastructure Bill | Business News


WASHINGTON (AP) — Senators and the White House were locked in intense negotiations Monday to salvage a bipartisan infrastructure deal, with pressure mounting on all sides to wrap up talks and show progress on President Joe Biden’s top priority.

Despite weeks of closed-door discussions, senators from the bipartisan group blew past a Monday deadline set for agreement on the nearly $1 trillion package. Instead they hit serious roadblocks over was how much would be spent on public transit and water infrastructure and whether the new spending on roads, bridges, broadband

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Shrinkflation is the fad diet no one needs

In today’s business news: Yes, your cereal boxes are shrinking; a $30 billion insurance merger gets called off; and Philip Morris wants to ban cigarettes in the UK.

Forget intermittent fasting and keto. Shrinkflation is here to help you shed your quarantine weight.

Here’s how it works: You don’t have to do anything, just keep buying the same groceries and let the food manufacturers do the portion control for you. Because while you’ll still be spending the same amount, you’ll be getting just a bit less than before.

Shrinkflation, of course, is not a fad diet — it’s a sneaky

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