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☆ Peloton Chief Executive Steps Down as Company Cuts 15% of Staff
▼ + stars: | 2024-05-02 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Peloton said on Thursday that its chief executive, Barry McCarthy, was stepping down and it would lay off more workers, as it continued to struggle in the fitness market. The connected-fitness company announced disappointing quarterly earnings on Thursday, with revenue down 4 percent from last year. The company, which has not turned a profit since December 2020, is also looking to refinance more than $1 billion in debt. Peloton had a spectacular rise at the start of the pandemic, when gyms and fitness centers closed and consumers were hungry for at-home workout options. But after gyms reopened, Peloton began to face stiffer competition from companies like Bowflex and Lululemon.

Persons: Barry McCarthy, Kevin Dietsch Organizations: Spotify, Netflix

☆ Gold subdued as traders ready for Fed rate verdict
▼ + stars: | 2024-05-01 | by ( ) www.cnbc.com time to read: +1 min

Gold prices struggled for momentum on Wednesday as investors refrained from taking big positions ahead of a U.S. Federal Reserve policy decision that could offer for more cues on its rate-cut timeline. U.S. gold futures were down 0.2% at $2,298.30 per ounce. The Fed is expected to hold its benchmark interest rate steady at 5.25% to 5.5%. Gold is known as an inflation hedge but elevated interest rates reduce the appeal of holding the non-yielding asset. Among other metals, spot silver rose 0.2% to $26.32 per ounce and platinum inched up 0.2% to $935.10.

Persons: Edward Meir, Jerome Powell, Powell, Meir Organizations: U.S, Federal, Focus, Labor, Palladium

☆ Johnson & Johnson Proposes $6.5 Billion in New Talc Settlement Offer
▼ + stars: | 2024-05-01 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Johnson & Johnson said on Wednesday that it would ask tens of thousands of people suing the company over claims that its talcum powder products caused their cancer to approve a new $6.5 billion settlement, its third attempt to resolve the lawsuits. The proposal would settle nearly all current and future claims that its talcum powder products caused ovarian cancer, the company said. Judges have rejected the two previous attempts, on the grounds that bankruptcy court isn’t the right venue for them. Representatives for Johnson & Johnson declined to comment beyond its announcement. The company has long denied those claims, but has in recent years stopped selling talc-based baby powder worldwide.

Persons: Johnson, — Organizations: Johnson

☆ Auto Safety Regulator Investigating Tesla Recall of Autopilot
▼ + stars: | 2024-04-26 | by ( J. Edward Moreno | ) www.nytimes.com time to read: +1 min

The federal government’s main auto safety agency said on Friday that it was investigating Tesla’s recall of its Autopilot driver-assistance system because regulators were concerned that the company had not done enough to ensure that drivers remained attentive while using the technology. The National Highway Traffic Safety Administration said in documents posted on its website that it was looking into Tesla’s recall in December of two million vehicles, which covered nearly all of the cars the company had manufactured in the United States since 2012. The safety agency said that it had concerns about crashes that took place after the recall and results from preliminary tests of recalled vehicles. The investigation adds to a list of headaches for Tesla, the dominant electric vehicle maker in the United States. Tesla announced in December that it would recall its autopilot software after an investigation by the auto safety agency found that the carmaker hadn’t put in place enough safeguards to make sure the system, which can accelerate, brake and control cars in other ways, was used safely by drivers who were supposed to be ready at any moment to retake control of their cars using Autopilot.

Persons: Tesla, hadn’t Organizations: Traffic Safety Administration Locations: United States

☆ Southwest Quits Four Airports in Cost-Cutting Drive
▼ + stars: | 2024-04-25 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Southwest Airlines is ceasing operations at four airports, and reducing flights from others, in an effort to cut costs after its growth plans were curtailed by fewer than expected plane deliveries from Boeing. The airline, which flies only Boeing 737 planes, said on Thursday that delays from the embattled aircraft manufacturer were behind its struggles. Southwest reported a loss of $231 million for the first quarter, worse than analysts expected, sending its share price down 10 percent in early trading. To cut costs because of its curtailed growth plans, Southwest said it would cease operations at four airports from early August: Bellingham International Airport in Washington State, Cozumel International Airport, George Bush Intercontinental Airport in Houston, and Syracuse Hancock International Airport. It would also “significantly restructure” its flights from other airports, most notably by reducing flights at Hartsfield-Jackson Atlanta International Airport and Chicago O’Hare International Airport.

Persons: George Bush Organizations: Airlines, Boeing, Bellingham International Airport, Cozumel International Airport, George, George Bush Intercontinental Airport, Syracuse Hancock International, Hartsfield, Jackson Atlanta International Airport, Chicago O’Hare International, Max, Alaska Airlines Locations: Bellingham, Washington State, Cozumel, Houston

☆ Business Groups Sue to Stop F.T.C. From Banning Noncompete Clauses
▼ + stars: | 2024-04-24 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

The lawsuit, filed in a U.S. District Court in Texas, argued that the F.T.C. The Chamber of Commerce was joined by three other business groups: the Business Roundtable, the Texas Association of Business and the Longview Chamber of Commerce. announced a final rule to ban the noncompete agreements. The rule was approved in a 3-to-2 vote, with both Republican commissioners voting against the measure. The Chamber of Commerce vowed to challenge the rule shortly after the vote.

Organizations: U.S . Chamber, Commerce, Federal Trade Commission, Business, Texas Association of Business, Longview Chamber of Commerce Locations: U.S, Texas, Longview

☆ F.T.C. Issues Ban on Worker Noncompete Clauses
▼ + stars: | 2024-04-23 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

The Federal Trade Commission on Tuesday banned employers from limiting their workers’ abilities to work for rivals, a sweeping change that the agency says could help raise wages and increase competition among businesses. The move bars contracts known as noncompetes, which prevent workers from leaving for a competitor for a certain amount of time, in most circumstances. The agency has said the proposal would raise wages by forcing companies to compete harder for talent. The proposal was approved by the agency in a 3-to-2 vote. She estimated the decision would lead to 8,500 new start-ups created in a year.

Persons: Melissa Holyoak, Andrew N, Ferguson, ’, Lina M, Khan Organizations: Federal Trade Commission

☆ Supreme Court to Hear Starbucks Challenge to Labor Ruling
▼ + stars: | 2024-04-23 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

The Supreme Court is set to hear Starbucks’s challenge on Tuesday to a federal judge’s order to reinstate workers who were attempting to unionize a store in Memphis. Starbucks is asking the court to make it harder for the National Labor Relations Board to obtain intervention by judges in cases where a company is accused of violating labor law. Starbucks, which has faced hundreds of accusations of labor law violations across the country, argues that there is a patchwork of standards under which the N.L.R.B. The appellate court in this case, the U.S. Court of Appeals for the Sixth Circuit, applies a lower standard, and Starbucks is pushing the Supreme Court to apply a more strict, uniform standard that is in line with other circuits. Starbucks Workers United, the union representing the company’s workers, filed an unfair labor practice charge over the firings, arguing that the company selectively enforced the rules against organized workers.

Organizations: National Labor Relations Board, Starbucks, U.S ., Appeals, Sixth, Starbucks Workers United Locations: Memphis

☆ Election Updates: Biden courts labor unions, with a speech to electrical workers planned today.
▼ + stars: | 2024-04-19 | by ( Chris Cameron | ) www.nytimes.com time to read: +9 min

Members of this prominent Democratic family, including most of Mr. Kennedy’s siblings, had already signaled their support for Mr. Biden. Just as President Biden does today.”“Nearly every single grandchild of Joe and Rose Kennedy supports Joe Biden,” she said. “That’s right: The Kennedy family endorses Joe Biden for president.”Responding on social media, Mr. Kennedy avoided engaging with his family’s rejection of his candidacy. “I know you’re never supposed to reject a gift,” Mr. Kennedy joked as he held them. He then encouraged the roughly dozen people there to volunteer for the Biden campaign, arguing that their help could decide the election.

Persons: Kennedy, Biden, Robert F, Kennedy Jr, I’m, Kathleen, Rory, Joe, Chris, Max, Joe Biden, Kamala Harris, —, Kennedy’s, Biden’s, Jim Wilson, Donald, ” Kerry Kennedy, “ Daddy, Rose Kennedy, ”, “, Mr, John, Kennedy —, John F, Martin Luther King, Donald J, Trump, Conor Lamb, Teenie Harris, Edward M, ” Joseph P, Kennedy II, Joseph P, Kennedy III, you’re, ” Mr Organizations: America, Biden, White, Democratic, Black, New York Times, Trump, PAC, Voters, Marquette Law School, Carnegie Museum of Art, Getty, Mr, Republican, MAGA Inc, Philly Locations: Philadelphia, America, Michigan, United States, Wisconsin, American, Pennsylvania, Kennedy, Washington, Pa, Harlem, Massachusetts

☆ Tesla Will Recall Cybertruck in Latest Setback
▼ + stars: | 2024-04-19 | by ( J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Tesla has agreed to recall nearly 4,000 of its Cybertruck pickups to fix an accelerator pedal that can get stuck, raising the risk of crashes, a federal safety agency said on Friday. The defect could cause the vehicle to accelerate unintentionally, the National Highway Traffic Safety Administration said in a notice posted on its website. Tesla started selling the Cybertruck, its first pickup truck, in November after many delays. The recall is yet another setback for Tesla, the largest electric vehicle manufacturer in the United States. Tesla’s recent troubles have unnerved investors, and the company’s stock has fallen roughly 40 percent so far this year.

Persons: Tesla Organizations: Traffic Safety Administration Locations: United States

☆ U.S. Mortgage Rates Jump Above 7% for the First Time This Year
▼ + stars: | 2024-04-18 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Mortgage rates rose above 7 percent for the first time this year, crossing a symbolically concerning threshold that threatens to keep millions of potential home buyers and sellers on the sidelines of a U.S. housing market that is increasingly showing signs of slowing. Mortgage rates reached a recent high of nearly 8 percent late last year — a level not seen since 2000. As mortgage rates have risen in recent months, making homeownership costlier for buyers, potential sellers who may feel locked into lower rates on their existing loans have been keeping their houses off the market, in effect pushing prices higher, too. “Potential home buyers are deciding whether to buy before rates rise even more, or hold off in hopes of decreases later in the year,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “It remains unclear how many home buyers can withstand increasing rates in the future.”

Persons: Freddie Mac, ” Sam Khater, Freddie Mac’s, ” Locations: U.S, United States

As sales of Teslas drop and demand for electric vehicles cools — even as more models enter the market — an increasing number of automakers are competing for a slice of a shrinking pie. Nearly 269,000 electric vehicles were sold in the United States in the first three months of this year, according to Kelley Blue Book. And amid the quarter-to-quarter slowdown in the industry, Tesla’s market share has fallen from 62 percent at the start of 2023 to 51 percent now. Elon Musk told employees on Monday that Tesla would cut 10 percent of its work force. Investors, in turn, have been spooked: Tesla’s stock price has dropped over 30 percent this year, erasing billions of dollars in market capitalization.

Persons: Kelley, Elon Musk, Tesla Locations: United States

☆ Rejoice, millennials: The vampire boyfriend is cool again
▼ + stars: | 2024-04-14 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +7 min

If you've spent time on TikTok or X in the past few months, you may have spotted a proliferation of videos and posts about two video game characters. There's Astarion from "Baldur's Gate 3," and more recently, there's Vincent Valentine, a fan-favorite character from Square Enix's "Final Fantasy VII" remake. Square Enix; Gregg DeGuire/Getty ImagesMercer's opening line in "Final Fantasy VII: Rebirth" is now a fandom legend. from within the depths of his velvet-lined coffin, longtime "Final Fantasy" fans were introduced to the super-cool, uber-goth gunslinger. "I hope viewers of the work see, too, that there's more underneath the surface of a person than the trope of this decadent, hedonistic, theatrical vampire," Newbon said.

Persons: —, hasn't, you've, There's, there's Vincent Valentine, Edward Cullen sparkled, Edward, he's, there's, Alucard, Valentine, Matthew Mercer, Neil Newbon, Matt Mercer, Zelda, Vincent Valentine, Gregg DeGuire, Vincent, Mercer, I've, Vox, Scott Garfitt, who's, Astarion, Newbon Organizations: Service, Business, BAFTA, Getty Images

☆ Norfolk Southern Settles Derailment Suit for $600 Million
▼ + stars: | 2024-04-09 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Norfolk Southern announced on Tuesday that it agreed to pay $600 million to settle a class-action lawsuit stemming from a February 2023 derailment of a train carrying hazardous materials in East Palestine, Ohio. The settlement, which must be approved by U.S. District Judge Benita Y. Pearson, includes payments to residents and businesses within 20 miles of the derailment. It also resolves personal injury claims within a 10-mile radius of the derailment. “Individuals and businesses will be able to use compensation from the settlement in any manner they see fit to address potential adverse impacts from the derailment,” Norfolk Southern said in a statement. “This could include health care needs and medical monitoring, property restoration and diminution, and compensation for any net business loss.”The lawyers representing the victims said the settlement was “a fair, reasonable and adequate result for the community on a number of levels,” including the speed in which the resolution was reached and how much money residents and businesses would receive.

Persons: Benita Y, Pearson Organizations: Norfolk Southern, U.S, District Locations: East Palestine , Ohio

☆ Cities in the eclipse’s path are getting an economic ‘shot in the arm.’
▼ + stars: | 2024-04-08 | by ( Santul Nerkar | J. Edward Moreno | ) www.nytimes.com time to read: +1 min

A vast swath of North America will soon be plunged into darkness. Though momentary, the total solar eclipse on Monday has already proved lucrative. Across the United States, Mexico and Canada, towns and villages have been planning what could be the biggest tourist attraction for many small cities. “We don’t usually have this kind of tourism — it’s not common,” said Edgar Augusto González-Zatarain, the mayor of Mazatlán, Mexico. In Oklahoma, the Choctaw Nation had seen a 200 percent increase as of mid-March in reservations at its resorts and casinos.

Persons: ”, Edgar Augusto González, Hertz, Airbnb Organizations: Choctaw Nation Locations: North America, United States, Mexico, Canada, Mazatlán, Montreal, Oklahoma

☆ Gold smashes record again as U.S. inflation worries loom
▼ + stars: | 2024-04-03 | by ( ) www.cnbc.com time to read: +2 min

Gold prices extended a record run on Wednesday as concerns of rising inflation boosted demand for gold as a hedge, with bullion traders shrugging off doubts over an imminent U.S. interest rate cut and rising Treasury yields. Gold prices extended a record run on Wednesday as concerns of rising inflation boosted demand for gold as a hedge, with bullion traders shrugging off doubts over an imminent U.S. interest rate cut and rising Treasury yields. Spot gold was up 0.3% at $2,286.24 per ounce, as of 0406 GMT, and hit a record high of $2,288.09 earlier in the session. Data this week showed U.S. manufacturing unexpectedly rebounded, with the rise in raw materials prices triggering fears that inflation could resurge. "With commodity prices rising in general, it brings the risks of another round of inflation - so perhaps investors are hedging for inflation," Simpson said.

Persons: Bullion, Matt Simpson, Simpson, Edward Meir said Organizations: Index, Federal Locations: U.S, Ukraine, Asia

☆ Sam Bankman-Fried Sentenced to 25 Years in Prison
▼ + stars: | 2024-03-28 | by ( David Yaffe-Bellany | J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange who was convicted of stealing billions of dollars from customers, was sentenced to 25 years in prison on Thursday, capping an extraordinary saga that upended the crypto industry and became a cautionary tale of greed and hubris. Mr. Bankman-Fried, 32, did not visibly react as Judge Lewis A. Kaplan handed down the sentence in Federal District Court in Manhattan. His parents, the law professors Joe Bankman and Barbara Fried, sat two rows from the front, staring at the floor. He knew it was criminal,” Judge Kaplan said of Mr. Bankman-Fried’s actions. Before the sentence was delivered, Mr. Bankman-Fried, cleanshaven and wearing a loosefitting brown jail uniform, apologized to FTX’s customers, investors and employees.

Persons: Sam Bankman, Bankman, Lewis A, Kaplan, Joe Bankman, Barbara Fried, ” Judge Kaplan Organizations: Court Locations: Manhattan

The Walt Disney Company and Gov. Ron DeSantis of Florida have reached a settlement over control of a special tax district that includes the Disney World theme park in Orlando, the company said on Wednesday. “We are pleased to put an end to all litigation pending in state court in Florida,” Jeff Vahle, president of Walt Disney World, said in a statement. Disney and Mr. DeSantis have been fighting for two years over Disney World, the 25,000-acre theme park and resort complex south of Orlando and one of the state’s largest employers. In response to Disney’s criticism of a Florida education law that opponents called “Don’t Say Gay,” Mr. DeSantis took over the tax district, appointing a new board and ending the company’s long-held ability to self-govern Disney World as if it were a county.

Persons: Ron DeSantis, “, ” Jeff Vahle, DeSantis, ” Mr Organizations: Walt Disney Company, Gov, Disney, Walt Disney Locations: Florida, Orlando

BOSTON (AP) — Financially embattled hospital operator Steward Health Care has struck a deal to sell its nationwide physician network to Optum, a subsidiary of UnitedHealth Group, as it works to stabilize its finances. Maura Healey has said state monitors are keeping eye on the nine health care facilities operated by Steward Health Care in Massachusetts, including hospitals in some of the state’s poorer communities. Emails to Steward Health Care and Optum seeking comment were not immediately returned. Democratic U.S. Sen. Edward Markey said for-profit companies that participate in the health care system must understand that their decisions have direct impacts on patients and communities. “After years of gross profiteering and mismanagement, Steward’s latest plan raises more serious questions about the future of the Massachusetts health care system," Warren said in a written statement.

Persons: —, Maura Healey, Optum, David Seltz, ”, ” Seltz, Ronald Mariano, Democratic U.S . Sen, Edward Markey, ” Markey, “, Sen, Elizabeth Warren, Steward’s, Warren, Steward Organizations: BOSTON, Health Care, UnitedHealth, Steward Health Care, Department of Public Health, Steward, Democratic Massachusetts, Democratic U.S ., Health, Education, Labor, Primary Health Locations: Massachusetts, The Dallas, Boston, U.S

☆ Opinion: RFK Jr.’s VP pick is a missile aimed at Biden
▼ + stars: | 2024-03-26 | by ( Paul Begala | ) edition.cnn.com time to read: +5 min

CNN —Robert F. Kennedy Jr.’s independent presidential campaign can’t win, but it could swing the presidency to former President Donald Trump. RFK Jr.’s namesake father was a Democratic US attorney general and a Democratic senator from New York. So was Joe’s son, RFK Jr’s nephew, Joseph P. Kennedy III. To believe that, one must ignore that Perot, like Clinton, was a change candidate; like Clinton, he was pro-choice, and like Clinton, Perot supported campaign finance reform. But you don’t need decades of experience and reams of data to see who RFK Jr’s bid hurts.

Persons: Paul Begala, Bill Clinton’s, Clinton, Robert F, Kennedy Jr, can’t, Donald Trump, Nicole Shanahan, Kennedy, Shanahan, Sergey Brin, Hillary Clinton, Pete Buttigieg, Ro Khanna, Biden, McDonkeyface, John Francis “ Honey Fitz ” Fitzgerald, Joseph P, Franklin Delano Roosevelt, Bobby Jr, ’, John F, Edward M, Teddy, Bobby’s, RFK, Kennedy III, Kathleen Kennedy Townsend, Patrick Kennedy, Jean Kennedy Smith, Caroline Kennedy, Barack Obama’s, Bobby Kennedy Jr, Trump, Reagan, I’ve, Ross, Perot, George Bush Organizations: Democratic, CNN, RFK, Biden, Trump, RFK Jr, Google, The New York Times, Times, Boston, Securities Exchange Commission, Rhode Island, Republicans, Twitter, Facebook, Perot Locations: Northern California, California, Great Britain, New York, Massachusetts, United States, Maryland, Rhode, Ireland, Japan, Australia

☆ Crafts Retailer Joann Files for Bankruptcy
▼ + stars: | 2024-03-18 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +2 min

Joann, the arts-and-crafts retailer that has operated for more than 80 years, has filed for bankruptcy as consumers pare back on D.I.Y. Its filing listed liabilities of $1 billion to $10 billion, and assets of $500 million to $1 billion. Joann’s shares will be delisted after its bankruptcy proceedings, and the company will be owned by its lenders and other stakeholders. The private equity firm Leonard Green & Partners bought Joann for roughly $1.6 billion in 2011, and spun it off publicly in 2021. Joann owes about $12 million to Spinrite, a craft yarn supplier, its largest unsecured creditor.

Persons: Joann, pare, Ann, Leonard Green, Jones Lang LaSalle Organizations: Nasdaq, Leonard Green & Partners, FedEx Locations: D.I.Y, Hudson , Ohio

☆ Family Dollar to Close Nearly 1,000 Stores
▼ + stars: | 2024-03-13 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: 1 min

Family Dollar will close nearly 1,000 stores, a move its executives say is a result of declining sales and economic headwinds. Dollar Tree, which owns Family Dollar, said Wednesday that it would close 600 Family Dollar locations this year and phase out 370 more when their leases expire. Family Dollar currently has about 8,000 stores. The company said stubborn inflation, theft and the end of pandemic-era additional benefits from the federal government’s Supplemental Nutrition Assistance Program were weighing on the company. “Family Dollar is a victim of the macro environment out there,” Dollar Tree’s chief executive, Rick Dreiling, told analysts on Wednesday.

Persons: Rick Dreiling Organizations: Assistance

☆ Dating Apps Have Hit a Wall. Can They Turn Things Around?
▼ + stars: | 2024-03-12 | by ( J. Edward Moreno | ) www.nytimes.com time to read: +1 min

As online dating became as easy as swiping a finger across your phone screen, the companies who own apps like Tinder and Bumble became Wall Street darlings. But about a decade later, those platforms are now struggling to live up to expectations, and investors have grown frustrated and eager for something new. Match Group and Bumble — which make up nearly the entire industry by market share — have lost more than $40 billion in market value since 2021. Even in an age when the apps are a staple on people’s smartphones, the two companies are laying off workers and reporting lackluster revenue growth. Both companies have recently brought on leaders who have vowed to experiment with new features, hoping to capture the growth investors crave.

Persons: Bumble, daters, TikTok, they’re Organizations: Match

☆ Biden secures Democratic nomination with majority of delegates, NBC News projects
▼ + stars: | 2024-03-12 | by ( Peter Nicholas | ) www.cnbc.com time to read: +5 min

President Joe Biden clinched the Democratic presidential nomination Tuesday, NBC News projects, winning a majority of the necessary delegates and setting up what is expected to be a bitter, closely contested rematch with Donald Trump. By clearing the field for the 81-year-old Biden, Democrats have gambled that he remains the party's best shot at defeating Trump one more time. The general election campaign opens with Biden an underdog against an opponent who historians have ranked as the worst president in the nation's history. He ran for the party's nomination in 1988 and again in 2008 and never made headway with rank-and-file Democratic voters. Through sheer persistence, he is now finishing a presidential term while wrapping up his second party nomination in a row.

Persons: Joe Biden, Donald J, Trump, Donald Trump, Biden, Govs, Gavin Newsom, Gretchen Whitmer, —, Liano Sharon, parry, Marc Morial, Sen, Claire McCaskill, Beau's, Barack Obama's, Obama, Hillary Clinton, John Kerry, Al Gore, Edward M, Kennedy Organizations: United, Former U.S, YMCA Allard Center, Democratic, NBC News, Biden, Trump, Democratic National Committee, parry Republicans, State, Union, National Urban League, Israel, Office Locations: Goffstown , New Hampshire, United States, Michigan, New Orleans, Israel, Gaza, South Carolina

☆ New York Community Bank Tries to Reassure Markets After $1 Billion Rescue
▼ + stars: | 2024-03-07 | by ( J. Edward Moreno | ) www.nytimes.com time to read: +1 min

A new management team at New York Community Bank is working to reassure investors after the struggling lender announced a $1 billion cash infusion led by the former Treasury Secretary Steven Mnuchin. On Thursday, the bank’s beaten-down shares jumped after executives gave investors new information about the state of the company and details about its rescue plan announced the day before. They also announced a cut to the dividend, the second this year, to just one cent per share. The bank’s share price rose more than 10 percent at the start of trading on Thursday, before settling to a 7 percent gain. The bank’s stock spiraled and its bonds were downgraded by credit-rating agencies.

Persons: Steven Mnuchin, Joseph Otting, Mr, Mnuchin, Otting Organizations: New York Community Bank

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