Norfolk Southern CEO Alan Shaw will tell the Senate tomorrow that he is "deeply sorry" for last month's derailment of a nearly two-mile long freight train carrying hazardous chemicals, according to prepared testimony obtained by Axios.
Why it matters: The derailment has ensnared his company in a public relations disaster, left residents of East Palestine, Ohio, questioning the safety of their town's water and air, and set off a bipartisan push for tighter safety regulations in an industry that's fended off such restrictions for years.
Silvergate Capital, the publicly-traded parent of Silvergate Bank, said Wednesday that it would liquidate the bank, just days after saying future operations would be uncertain.
What they're saying: "In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the Bank is the best path forward," a press statement reads.
Twenty-three states and Washington D.C. have banned taxes on menstrual items and 12 states are considering legislation for so-called “period tax” exemptions this year.
The big picture: As the world celebrates International Women’s Day, progress in efforts towards gender equity still lags when it comes to how much money women spend on everyday items.
Two senators — one Republican, one Democrat; one from Louisiana, the other from Massachusetts — gave Powell a hard time Tuesday on the same theme: that the central bank seems dead-set on putting millions of Americans out of work with monetary tightening.
The big picture: The two unusually testy exchanges were a preview of what is likely to be a key dynamic, both for the central bank and for U.S. political debates heading into the 2024 elections.
Ares Management has invested $375 million for a minority equity stake in WHP Global, the retail brand management firm whose portfolio includes Toys "R" Us.
Zoom out: It's fascinating to see private equity go back to a well in which it previously drowned.
The number of job postings in the U.S. dipped in January, though the level of openings remains elevated, the Department of Labor said on Wednesday.
Why it matters: The data signals that the labor market continues to chug along. Employers still have healthy demand for workers, and hiring and turnover rates are holding steady, while layoffs hover near historic lows.
The Fed head's testimony before the Senate Banking Committee on Tuesday telegraphed a growing chance the central bank could lift rates by another half-percentage point when it meets later this month.
What he's saying: "If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes," chair Jerome Powell said in his first testimony to lawmakers in over nine months, as Axios' Courtenay Brown and Neil Irwin reported.
Norfolk Southern CEO Alan Shaw is scheduled to testify before a Senate committee Thursday about the train derailment in East Palestine,Ohio, as federal regulators open a special investigation into his company's safety practices.
Why it matters: One of the country's largest freight rail operators, Norfolk Southern has become the common enemy in the wake of the devastating accident. Expect a grilling of the chief executive, a longtime company veteran who took the helm last May.
Why it matters: The program tells Axios on International Women's Day that it has provided over $4.5 billion in loans via financial institutions to women-owned businesses.
A conservative group leading the charge against "woke capitalism" is taking its campaign to the next level, giving congressional leaders a detailed roadmap for dismantling the environmental, social and governance (ESG) movement.
Why it matters: A new report from Consumers' Research provides a lengthy list of specific questions for House Republicans at public hearings to establish fact patterns for litigations and to prove asset managers are forsaking fiduciary duty in the name of political goals.
The boardroom diversity push lost some steam last year. The share of new Fortune 500 board seats going to underrepresented groups declined, according to a report out this morning from executive search and leadership consulting firm Heidrick & Struggles.
The big picture: The murder of George Floyd and subsequent racial justice protests galvanized companies to ramp up diversity efforts in 2020 and 2021, with a significant jump in Black appointees to corporate boards.
Fox Corp. chair Rupert Murdoch told Fox News CEO Suzanne Scott that hosts Sean Hannity and Laura Ingraham maybe "went too far" in pushing former President Trump's election fraud claims on the network, according to court documents made public Tuesday.
The U.S. will lift COVID testing restrictions for travelers from China, the Washington Post first reported and Axios has confirmed.
The big picture: The Centers for Disease Control and Prevention announced in December a negative test requirement for travelers from the country, which began on Jan. 5 after China saw a spike in coronavirus cases following Beijing's loosening of travel restrictions.
The National Transportation Safety Board has opened an investigation into Norfolk Southern Railway's safety practices and culture in response to five "significant" accidents dating back to December 2021, the agency announced Tuesday.
The big picture: The railroad operator has been facing criticism overthe derailment of one of its trains carrying hazardous materials in East Palestine, Ohio. The special investigation comes after a conductor was killed in the state during a collision Tuesday.
The Association of Flight Attendants on Tuesday reiterated its backing for JetBlue’s troubled $3.8 billion deal to buy Spirit Airlines, which the Department of Justice moved to block on antitrust grounds.
The big picture: The organization called the deal the “anti-merger merger” that would provide better working conditions and stronger protections for its membership.
