Axios

New vehicles have a lot of problems — and cupholders are apparently one of them.

State of play: The number of problems in new vehicles rose to an average of 192 per 100 vehicles for the 2023 model year, up from 174 in 2022, J.D. Power reported Thursday in its annual Initial Quality Study.

Liquidating retailers have a peculiar way of sticking around years after their stores are closed — and it looks like Bed Bath & Beyond will have a similar sort of afterlife.

The big picture: The Bed Bath brand is going the way of several major bankrupt retailers that have liquidated in the past but have continued as online brands sold by other companies.

Frozen fruit products sold at major retailers including Walmart, Target, Whole Foods Market, Aldi and Trader Joe’s stores are being recalled for potential Listeria monocytogenes contamination.

Why it matters: It’s the second major recall hitting frozen fruit this month. Frozen strawberries sold at Walmart, Costco and HEB stores were recalled after being linked to a Hepatitis A outbreak.

TikTok chief operating officer V Pappas is stepping down from the company, they announced on Twitter.

Why it matters: TikTok remains under intense pressure from the U.S. government to sell its U.S. operations, as the firm's Chinese ownership raises security and privacy concerns and efforts to ban the app have gained bipartisan steam.

A majority of Latinos in a new survey say it's important to shift to electric vehicles to minimize climate change damage, but they expressed more interest in buying gas-powered cars over EVs.

Why it matters: Experts say that illustrates a lack of access to electric vehicles, which can be more expensive, as U.S. leaders push toward widespread adoption.

Big Money is still being wooed into crypto, only this time it's the Wall Street firms — not the crypto natives — doing the beckoning.

Why it matters: There is an inner battle emerging in the crypto market, pitting the benefits that come with an influx of institutional money against the ideological soul of the crypto OGs.

Americans gave the lowest percentage of their disposable incomes to charity last year since 1995, per a new Giving USA report.

Why it matters: Charities focused on areas like education, human services and the environment took a hit, as Americans faced high inflation and economic uncertainty.

While prices at gas pumps are cheaper this summer than last, drivers across the U.S. are paying vastly different amounts.

The big picture: The national average of regular gas stood at $3.58 per gallon Wednesday, with the cheapest metro being Hattiesburg, Mississippi at $2.93 a gallon and the most expensive nearly double that in Lihue (Kauai), Hawaii at $5.22.

Barely a week after the Federal Reserve took a break from its campaign of interest rate increases, four of its counterparts overseas elected to push their policy interest rates higher Thursday.

Driving the news: The Bank of England's surprise decision to raise interest rates by half a percentage point — sent shudders through financial markets.

Overstock.com won the auction of troubled retailer Bed Bath & Beyond’s intellectual property and digital assets, carrying on its name but not its brick-and-mortar locations.

Why it matters: Bed Bath & Beyond's demise is the latest death blow to the era of the category killer, following rival Linens 'n Things, not to mention Circuit City, RadioShack and Toys R Us and others that live on in name only.

Following a canceled acquisition by rival custodian BitGo, Prime Trust began announcing to customers Thursday that it was suspending withdrawals.

Why it matters: Suspension of withdrawals has become a major signal of serious danger for any third-party firm in the blockchain business, and it's a considerable concern for a custodian (their business is entirely keeping deposits safe).

Kathy Krenger is responsible for promoting and protecting the reputation of one of America's most iconic food and beverage companies, Kraft Heinz.

Why it matters: Krenger's team is tasked with telling Kraft Heinz's story and elevating its more than 200 global brands.

Any day now, the Supreme Court is expected to rule in favor of rolling back affirmative action at universities, and the decision could have a domino effect on corporate diversity initiatives.

Why it matters: If overturned, corporate hiring and recruiting practices could be next to land in the crosshairs.

All-staff meetings are one of the most common ways for business leaders to connect with employees, keep them informed and get face time, but internal communicators still struggle to find the perfect recipe for these meetings.

Why it matters: U.S. companies spend tens of billions of dollars each year on company-wide gatherings, and if done incorrectly these meetings can be a huge waste of time and resources.

A Fortress Investment Group-led syndicate is set to acquire Vice Media, leading to the cancelation of Vice's bankruptcy auction.

Why it matters: The pending deal marks another chapter in the distressed media company's dramatic history that once included a $5.7 billion valuation.

Auto giant Ford has won a conditional commitment for a $9.2 billion Department of Energy loan to build three factories to make batteries for electric vehicles.

Why it matters: The loan is one of the largest ever to come out of the Department of Energy's loan program's office, a department that previously funded Tesla, and is part of the Biden administration's effort to kickstart an American EV manufacturing wave.

World leaders and top figures in finance are gathering in Paris Thursday to take steps toward shaking up the world's major development banks, such as the World Bank and IMF, and get more money flowing to developing nations prone to climate disasters.

Why it matters: While firm commitments may prove elusive, the summit could nonetheless serve as a launching pad for reform in the run-up to the COP28 climate summit in Dubai later this year.

The outlook for corporate profits is looking better.

Why it matters: It's another reason the bulls of the market appear to have the bears on the run.

The Bank of England said it would raise interest rates by a half percentage point Thursday, surprising economists and traders that anticipated a smaller move.

Why it matters: The central bank returned to hiking rates by an outsized amount as the U.K. faces the worst inflation pressures of any major developed nation.

A new federal law protecting the rights of pregnant workers is poised to take effect on June 27.

Why it matters: The Pregnant Workers Fairness Act is a major advancement for the rights of pregnant workers — the first such breakthrough in more than four decades — and has the potential to increase women's labor force participation over the long term.

Adventurers around the world are shelling out big bucks to travel to remote — and often dangerous — parts of the Earth.

The big picture: Several factors, including new technologies and post-pandemic demand, are driving a surge in extreme tourism.

India is undercutting President Biden's strategy on Ukraine and backsliding on the human rights and democracy issues at "the core" of Biden's foreign policy — but U.S. officials are anxious to demonstrate this week that relations have never been better.

Why it matters: Prime Minister Narendra Modi's state visit underscores the stakes of the bet the U.S., and some major U.S. companies, are placing on the world's most populous country.

Editor's note: The Titan sub’s passengers are believed to be dead. See Axios’ latest coverage.

The massive search for a tourist submersible carrying five people that went missing in the North Atlantic during a diving trip to the wreck of the Titanic entered its fifth day Thursday, as oxygen supply concerns grow.

Driving the news: Capt. Jamie Frederick, the response coordinator from the First Coast Guard District, said during a news conference remotely operated vehicles (ROV) were searching an area where underwater noises were detected Tuesday and Wednesday.