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.
A humanoid robot startup has drawn a $675 million investment from Jeff Bezos, AI chipmaker Nvidia, ChatGPT-maker OpenAI and others.
Why it matters: Bipedal robots with dexterous hands are joining the labor force this year, a trend that's expected to gain steam, Axios' Jennifer A. Kingson writes.
Between the lines: The Series B funding for Figure, a Silicon Valley startup founded by "flying taxi" pioneer Brett Adcock, gives it a valuation of $2.6 billion.
The company will also collaborate with OpenAIto develop next-generation AI models for humanoid robots.
If you're still looking for a cool vantage point for the total solar eclipse on April 8, the sky awaits, Axios Dallas' Naheed Rajwani-Dharsi writes.
The big picture: Delta Air Lines is offering two flights that will align with the timing and path of totality, when the Moon covers the entirety of the Sun except for the Sun's corona.
The first — from Austin to Detroit — sold out within 24 hours, so the company has added a second from Dallas to Detroit.
Yes, but: It won't be cheap. Main cabin seats are over $730.
💭 Nathan's thought bubble: I guess the only way to guarantee clouds won't block the eclipse is to rise above them.
"While this season is far from over and we have a lot more goals to achieve, it will be my last one at Iowa. I am excited to be entering the 2024 WNBA Draft."
— Iowa basketball star Caitlin Clark on X this afternoon.
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.
Here's what's new on Netflix, BET+, Peacock, Hulu, Disney+, Apple TV+ and Prime Video.
What we're watching: A new drama with Adam Sandler as an astronaut, a new series about Freaknik-era Atlanta and a documentary with new details about Natalee Holloway's killer.
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.
With the new year came the return of a bad combination: inflation eating away at Americans' pay gains.
Why it matters: In the second half of last year, cooler inflation meant strong wages translated into pay gains in real terms, helping support the robust consumer spending that's kept the economy humming. But in January, a pickup in prices crushed income gains.
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.
Americans' fears about their job security rose this month, even as the labor market remains historically strong, according to polling by Morning Consult.
Why it matters: The uptick in anxiety comes on the heels of a string of headlines about high-profile companies laying off workers — headlines that often get outsized attention and help shape Americans' views of the economy.
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.
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