For a $100 billion bank to lose bothits chief audit officer and chief risk officer might be considered a misfortune. For the same bank to then lose its CEO, while admitting that it had no "internal control over financial reporting," looks like carelessness.
Driving the news: Shares in New York Community Bancorp plunged in after-hours trading Thursday upon the news that it had defenestrated its CEO; that it was not going to be able to file its annual report on time; and that it had been suffering from "ineffective oversight, risk assessment and monitoring activities."
The Biden administration is taking steps to make it even harder for Chinese automakers to sell vehicles in the U.S., Nathan writes.
Why it matters: China's domestic auto industry has made major strides in quality and cost — especially on electric vehicles — but it still hasn't sold any of its homegrown cars in the U.S.
Driving the news: Biden today ordered the Commerce Department to investigate "connected vehicles with technology from countries of concern and to take action to respond to the risks," specifically citing China.
The move puts a spotlight on the data security of high-tech vehicles — many of which will be EVs with autonomous driving elements.
The Biden administration is taking steps to make it even harder for Chinese automakers to sell vehicles in the U.S.
Why it matters: China's domestic auto industry has made major strides in quality and cost — especially on electric vehicles — but it still hasn't sold any of its homegrown vehicles in the U.S.
Salt Lake City-based Nutraceutical Corporation is recalling more than 102,000 bottles of Heritage Store Hydrogen Peroxide mouthwash for posing a potential poisoning risk.
Why it matters: A lack of child-resistant packaging on the mouthwash that contains ethanol is a hazard if swallowed by young children, according to the recall notice.
The SEC on Thursday charged the once-ballyhooed startup automaker Lordstown Motors with fibbing about the financial prospects of its EV pickup.
Why it matters: Lordstown was showered with praise when it acquired a shuttered General Motors plant in 2019 and attracted a manufacturing partner in iPhone maker Foxconn.
Institutional Shareholder Services voted in favor of all of Starbucks' board nominees, dealing a blow to the union group waging a proxy fight against the coffee chain.
Why it matters: ISS holds heavy sway over institutional shareholders and the proxy advisory firm's decision puts Starbucks in a major advantage of winning all three seats.
The Washington Post's popular tech columnist Taylor Lorenz is partnering with Vox Media to launch a new video podcast called Power User.
Why it matters: It's a huge win for Vox Media, which is trying to become a top destination for premiere talent to partner on distribution, monetization and strategy for their podcasts.
The White House wrote a letter to Fox News executives asking to correct its coverage of corruption allegations against President Biden.
Why it matters: Republicans have faltered in their impeachment inquiry into Biden after an ex-FBI informant whose information was at the center of the probe was charged with felony false statement and obstruction crimes, as well as implicated Russian intervention.
WeightWatchers' stock plunged Thursday after longtime celebrity booster Oprah Winfrey announced she's leaving the board and giving away her stock in the company.
Why it matters: Winfrey's decision to join WeightWatchers and the company's board in 2015 improved investor confidence in its fortunes for a time.
As the first-ever chief communications officer of the New York Mets, Nancy Elder is focused on the team's broader mission off the field.
Why it matters: Elder is tasked with taking an iconic team with an active fan base and retooling how it thinks about itself as a brand, not just a baseball team.
The ability to communicate is what limits or enhances one's career — and it's a skill that everyone can learn.
Why it matters: Whether you're a CIA agent, surgeon, astronaut or TV producer, you can't be effective at your job if you can't communicate, writes Pulitzer-Prize-winning journalist and author Charles Duhiggin his new book, "Supercommunicators."
Bitcoin's 'Class of 2024' is forming now, just as the cryptocurrency tests levels it hasn't seen in at least two years. While some will graduate, history suggests many will flunk the test ahead.
Meta founder and CEO Mark Zuckerberg's reputation as a robotic tech villain has started to fade due to a series of authentic and — dare we say —charismatic communication choices.
Why it matters: Zuckerberg's new way of presenting himself to the world is casting a halo effect on the company itself, which signals a major PR turnaround.
All VC-backed startups someday will seek to go public or be acquired. That's the tacit bargain made when taking money from investors who have their own investors.
But what if they don't?
Driving the news: Stripe, the 15-year-old payments giant, yesterday announced a new employee tender offer at a $65 billion valuation.
Burger chain Wendy's is in damage-control mode following reports that it would be testing surge pricing — a mostly reviled strategy of raising prices during busy times made famous by Uber.
Why it matters: The whole debacle seems very of-the-moment, but actually mirrors another PR crisis from 25 years ago at the Coca-Cola Company.
Prices rose at a quicker pace in January, according to an inflation measure watched closely by Federal Reserve officials released on Thursday.
Why it matters: The measure confirms that a trend of cooler price increases that defined much of last year came to a halt last month — a warning that beating inflation might take longer than previously thought.
Fast-food fans were aghast when news broke this week that burger chain Wendy's would be testing out surge pricing — a mostly reviled strategy of raising prices during busy times made famous by Uber.
Why it matters: It's getting easier to use technology to monkey around with prices, but that doesn't mean customers will like it.
Workers at Anheuser-Busch InBev reached a tentative agreement with the nation's largest brewer — one day before they were set to go on strike, their union, Teamsters announced Wednesday.
The big picture: The strike would have disrupted operations at 12 breweries, but Teamsters said it had reached a five-year tentative agreement with the maker of beers including Budweiser that would "significantly" raise pay and improve benefits for all 5,000 of its union members at Anheuser-Busch breweries nationwide.
