Where it stands: A consent decree issued simultaneously from the Federal Reserve said the bank did not adequately address previous problems the Fed had identified related to "various areas of risk management and internal controls."
Apple's TV+ streaming service has joined the Motion Picture Association of America's (MPA) anti-piracy coalition — the Alliance for Creativity and Entertainment (ACE) — and will join its governing board.
Why it matters: The move represents Apple's growing commitment to its original programming. The company has long championed creators' rights, but now that it's producing its own content for Apple TV+, it is doubling down on efforts to protect original content.
Halloween this year will be unrecognizable. Much less trick-or-treating. Far fewer parties. For candy-makers, 2020 presents a major challenge.
Axios Re:Cap digs in with Ferrara Candy CEO Todd Siwak, whose company is the country's largest maker of candy corn, jelly beans and all sorts of other confectionary treats.
Ruby Tuesday, a casual restaurant chain owned by NRD Capital Management, filed for Chapter 11 bankruptcy protection.
Why it matters: It highlights how restaurants continue to be in crisis, with little federal help on the horizon. Not just casual chains like Ruby Tuesday, which was already struggling pre-pandemic, but also independent joints that had been hoping for help via a federal stimulus that President Trump just bailed on.
Venture capitalists like to talk about "full stack" when it comes to software investments. Now, some are using it to describe themselves.
Driving the news: FirstMark Capital raised $360 million in an upsized IPO for its first SPAC, whose target universe will include portfolio companies of FirstMark's early-stage and growth-stage funds.
In the next major step in its quest to replace email, Slack plans to start allowing direct messages between people who work at different companies, regardless of whether the companies are themselves connected via Slack.
Why it matters: Slack CEO Stewart Butterfield told Axios this is the company's biggest product move since it started allowing companies to have shared channels with outside vendors, suppliers and partners.
Here's one more way the pandemic is hitting people's finances: New federal projections show higher winter heating bills, and COVID-19 is partly to blame.
Driving the news: Households that heat with gas, electricity and propane are expected to pay more on average this winter, while heating oil users may see lower bills, per an Energy Information Administration outlook.
The big picture: "More people are working and attending school from home this year, which EIA expects will increase demand for space heating at any given temperature relative to past winters," the agency said.
NOAA also is forecasting that this winter will be colder than 2019–2020, which would increase home heating needs, the report states.
JPMorgan Chase said late Tuesday that it will "align its financing activities" with the goals of the Paris Agreement.
Why it matters: JPMorgan is the country's largest bank and, as the Wall Street Journal notes, holds "considerable sway in boardrooms around the globe." It's also the banking sector's largest financier of fossil fuels, per an analysis from several environmental groups of lending and underwriting.
The K-shaped recovery happening in the broader U.S. economy, where the wealthy are seeing their fortunes rise while the poor see theirs fall, also is happening in credit markets, analysts at S&P Global say.
What it means: The pace of overall credit rating downgrades has slowed from earlier this year, but negative outlooks are at historical highs, and defaults could double within a year.
Small business owners and employees have been less sanguine about a delay in fiscal spending than stock traders.
Driving the news: A new survey from Alignable finds that many small businesses are growing more worried about "a severe cash crunch," with 42% saying they could collapse by the end of the fourth quarter.
Markets were stunned by President Trump's announcement on Twitter that the White House was pulling out of stimulus discussions with House Democrats on Tuesday — and several Trump advisers even told Axios' Jonathan Swan they were perplexed by the "inept" decision, calling it a "gift" for House Speaker Nancy Pelosi. But it makes sense if you follow the logic of Trump's economic advisers.
Where it stands: Trump has surrounded himself with die-hard acolytes of supply-side economics, like one-time pick for the Federal Reserve Stephen Moore, who argue that fiscal stimulus measures and increased benefits for unemployed Americans not only don't help, but hurt the economy.
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