Fortune
Russia’s economy minister admits ‘reserves have largely been used up’ while communist lawmaker warns of 1917-style revolution as GDP shrinks
Russia's economy minister has acknowledged the country's financial buffers are nearly exhausted as GDP contracts, signaling the war's economic toll is reaching a critical threshold. The warning carries extra weight coming from within the government itself, with a communist lawmaker raising the specter of 1917-style revolutionary collapse if emergency measures aren't implemented before autumn. The dual alarm from both the executive branch and legislature suggests internal pressure on the Kremlin is intensifying far beyond what official rhetoric has let on.
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Fortune
Trek spent over $300,000 closing women’s cycling’s prize-money gap. Its CEO says the point is to make the checks obsolete
Trek has quietly spent more than $300,000 supplementing prize money for women's cycling races, closing the gap between what male and female competitors earn. The bicycle giant's CEO argues the investment is working as intended — race organizers are increasingly building equal pay into their own budgets, reducing Trek's tab. The goal, in short, is to make Trek's own checks unnecessary.
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Fortune
Sen. Thom Tillis says he’s ready to move ahead with confirming Warsh as Fed chair after DOJ drops probe on Powell
Kevin Warsh's path to the Federal Reserve chairmanship cleared a critical Senate hurdle after the Justice Department dropped its investigation into Jerome Powell. Sen. Thom Tillis, whose opposition had been enough to stall the nomination in the GOP-controlled Senate Banking Committee, announced he is now prepared to move forward with confirmation. The development comes as Powell approaches the scheduled end of his term on May 15, relieving pressure on a nomination that had been in danger of stalling indefinitely.
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