Business Highlights
Roundup of top economy stories
SAN FRANCISCO — A two-year audit of Facebook’s civil rights record found “serious setbacks” that have marred the social network’s progress on matters such as hate speech, misinformation and bias. The audit’s leader, former American Civil Liberties Union executive Laura Murphy, was hired by Facebook in May 2018 to assess its performance on vital social issues. The final, 100-page report released Wednesday outlines a “seesaw of progress and setbacks” on everything from bias in Facebook’s algorithms to content moderation, advertising practices and voter suppression. The audit’s recommendations are not binding.
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NEW YORK — Renters are nearing the end of their financial rope as the assistance and protections given to them during the pandemic run their course. About 30% of renters polled by the U.S. Census say they have no confidence or slight confidence in their ability to pay rent next month. The COVID-19 Eviction Defense Project, a coalition of economic researchers and legal experts, estimates that 19 million to 23 million Americans are at risk for eviction by the end of September.
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NEW YORK — Brooks Brothers, the 200-yearold company that dressed nearly every U.S. president, is filing for bankruptcy protection. Founded in New York in 1818, Brooks Brothers survived two world wars, the Great Depression and even managed to stay afloat when more men opted to wear hoodies over ties in the office. But the pandemic pushed it into file for Chapter 11 bankruptcy protection Wednesday with so many of its stores closed.
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OMAHA, Neb. — Billionaire Warren Buffett has given away another $2.9 billion of his Berkshire Hathaway stock to five foundations as part of his plan to gradually give away his fortune. Buffett disclosed the annual gifts Wednesday. The biggest donation went to the Bill & Melinda Gates Foundation. Buffett also gave stock to his own foundation and to the foundations run by each of his three children. Buffett has been giving away blocks of Berkshire stock since 2006.
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DETROIT — A federal judge in Detroit has tossed out General Motors’ lawsuit alleging that rival Fiat Chrysler paid off union leaders to get better contract terms than GM. In a ruling Wednesday, U.S. District Judge Paul Borman wrote that GM’s alleged injuries were not caused by FCA violating racketeering laws. He wrote that GM has not stated a claim that can be granted. GM said it disagreed with the ruling and will pursue legal remedies.