Summary

The Federal Reserve kept interest rates unchanged while the DEA moved to reclassify marijuana as a less restrictive Schedule III drug, expected to drive growth in the cannabis industry. In corporate news, HSBC CEO Noel Quinn stepped down after the bank's shares grew during his tenure, Boeing whistleblower Joshua Dean passed away after accusing the 737 Max of defects, and Apple announced a massive $110 billion share buyback despite a drop in iPhone sales.

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Let's dive into the latest B-News:

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Starting with the Macro Business Landscape: 

• For what feels like the millionth time, The Federal Reserve announces interest rates will remain unchanged, alleviating concerns of another rate hike while signaling no imminent cuts that could ease high borrowing costs burdening consumers. The Fed Chair Powell concluded his conference asserting the economy is not facing stagflation.
• And reflecting on the recent 4/20 festivities, the DEA has enacted an initiative to reclassify marijuana from a Schedule I drug to a less restrictive Schedule III drug. This policy change is anticipated to drive significant growth in the $30 billion cannabis industry by potentially alleviating tax and banking burdens that have previously affected growth in the space.

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Moving to the Corporate World:

• HSBC, the prominent global Asian bank, has popped the champagne bottles early as Chief Executive Noel Quinn surprisingly decided to step down after a five-year tenure that saw the bank's shares grow by roughly 30%. With Quinn's departure, the search for his successor is now underway, and many expect Georges Elhedery, HSBC’s current CFO, to take over the top job.
• In what feels like a mafia-style warning, Boeing whistleblower Joshua Dean, who accused the 737 Max jet of having excessive defects, has been found dead this past week. While Dean's family noted he fell into critical condition after being diagnosed with an MRSA bacterial infection, the unsettling news marks him as the second Boeing whistleblower to pass away in just the last three months.
• Additionally, Apple announced a massive $110 billion share buyback program, the largest in company history, after reporting a 10% decline in iPhone sales in the fiscal second quarter. Despite the drop in iPhone revenue, the tech giant unveiled the record-setting buyback in a show of confidence after slightly beating earnings estimates.

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That's all for this week's Business Column.

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Stay tuned for more updates next Friday!

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Macro Recap:

Fed Chair Powell Announces Nothing as He Keeps the Interest Rates The Same (CNBC) (NYT)

Smokey Biden Says Yes To Marijuana (UT) (AP)  

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Corporate World Recap:

HSBC Waves Farewell to CEO Noel Quinn (RT) (CNBC) 

Second Boeing Whistleblower Passes Away in the Last 3 Months (NPR) (UT) 

Apple Buys Back Record $110 billion in Shares After Declining Sales Quarter(RT)(CNBC)