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CNN —Fox News said in a court filing Tuesday that it plans to put some of its most prominent executives and TV hosts on the witness stand to testify as part of its defense in the Dominion defamation trial. Fox will call these witnesses as part of their defense, but Dominion also wants to question them as part of their case. The list includes Fox TV hosts Tucker Carlson, Maria Bartiromo, Sean Hannity, and Bret Baier, as well as Fox News CEO Suzanne Scott and President Jay Wallace. Last week, a Delaware judge ruled that Dominion Voting Systems’ case against Fox News will go to jury trial in mid-April. Both Fox News and Dominion had previously asked the judge to declare them the outright winner without a trial.

☆ World Bank President David Malpass to step down early
▼ + stars: | 2023-02-15 | by ( Kate Trafecante | ) edition.cnn.com time to read: +3 min

New York CNN —World Bank President David Malpass plans to step down a year before his term is set to end, the organization announced Wednesday. Former US President Donald Trump appointed Malpass as World Bank chief in 2019 for a five-year period. During Malpass’ tenure, the organization responded to multiple crises, including a global pandemic and Russia’s war in Ukraine. The World Bank said Malpass implemented record surges in finances in response to both. Yellen also noted his commitment to “ensuring a smooth transition” and said the United States is looking forward to a “transparent, merit-based and swift nomination” for the next World Bank president.

☆ Bob Iger beats Nelson Peltz in Disney board battle
▼ + stars: | 2023-02-09 | by ( Kate Trafecante | ) edition.cnn.com time to read: +3 min

After reporting a multibillion cost-cutting initiative that sent Disney shares surging, CEO Bob Iger gained a key battle against activist shareholder Nelson Peltz. Peltz, who demanded changes at Disney (DIS) and a seat on the company’s board, declared defeat after Iger announced many of the cost-cutting initiatives Peltz had been demanding. One possible cost-cutting – and debt-reducing– maneuver for Disney: selling its stake in streaming service Hulu, a move Iger said he has not yet ruled out. Wall Street analysts had widely expected Disney to buy the rest of the Hulu stake, owned by rival Comcast (CMCSA). Iger said the changes he announced during Wednesday’s earnings call were to unwind Chapek’s previous restructuring of the company.

☆ American Airlines places price caps on some cities to help Southwest customers get home
▼ + stars: | 2022-12-28 | by ( Jennifer Korn | ) edition.cnn.com time to read: +3 min

New York CNN —Many Southwest customers have been desperately trying something – anything – that will get them back home. American Airlines says it has a solution: It will place price caps on travel to and from select cities, the company told CNN in a statement. Although it didn’t specifically mention Southwest in its message, and the company didn’t name the cities, American implied the price caps were designed to help the melted-down airline’s customers get home. The price caps vary by location in areas affected by cancellations, an American Airlines spokesperson told CNN. American Airlines notified customers about the price caps in a series of tweets directed at people who posted screenshots of thousand-dollar flights.

New York CNN Business —From retailers and computer chip makers to the oil-and-gas industry, businesses are scrambling to find workarounds where possible for a potentially devastating freight rail strike. Retailers, which rely on rail to move cargo from ports to warehouses, are considering shifting the timing of orders and shipments. Critically, the rail strike could disrupt the supply of chlorine and other critical chemicals used to keep drinking water safe. The oil-and-gas industry, for instance, warns a rail shutdown would spark fuel supply crunches and price spikes. “Congress appears likely to intervene in the coming days to avert a rail strike,” economists at Goldman Sachs wrote in a note to clients on Tuesday.

☆ World’s largest academic endowment lost money for the first time since 2016
▼ + stars: | 2022-10-14 | by ( Kate Trafecante | ) edition.cnn.com time to read: +2 min

CNN —Harvard University’s endowment lost $2.3 billion in fiscal 2022, blaming the loss on both the global market downturn as well as the university’s commitment to climate goals. This is the fund’s first negative return since 2016, according to the University’s Annual Financial Report, published on Thursday. During Harvard’s most recent fiscal year, which ended on June 30, HMC lost 1.8% on its investments, bringing the endowment’s total value down to $50.9 billion. The loss follows a banner year for fund, the largest academic endowment in the world. Its value increased by more than $10 billion to $53.2 billion fiscal year 2021 - the largest in the endowment’s history.

☆ Proposed labor rule could give millions of gig workers employee status
▼ + stars: | 2022-10-11 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +3 min

CNN Business —The Biden administration is proposing a new labor rule that could classify millions of gig workers as employees — a move that would challenge the low-cost labor models behind Silicon Valley heavyweights such as Uber, Lyft and DoorDash. The proposed rule announced by the Labor Department on Tuesday aims to broaden the test that determines whether workers are entitled to protections such as minimum wage and overtime pay under federal law. The new rule would affect workers in a wide range of industries like home care, trucking, delivery services, and hospitality, according to the Labor Department. Shares of Uber (UBER (UBER)) and Lyft (LYFT (LYFT)), whose drivers are considered independent contractors, fell nearly 10% on the news of the proposed rule. A 45-day public comment period on the proposed rule will start October 13.

New York (CNN Business) The New York State Comptroller said Tuesday that several of New York City's fiscal challenges could result in a budget gap nearing $10 billion by 2026 — potentially affecting essential services in the future. Total revenue is expected to decline by $10.5 billion in fiscal year 2023, according to a new report titled "Review of the Financial Plan of the City of New York." The city's fiscal position "significantly improved" last year, the report added, but that was due to several one-time factors, including higher than expected tax revenue, extraordinary federal COVID relief aid, and record pension returns due to the stock market's gains. Many of those factors have begun to reverse, the comptroller said. New York City Mayor Eric Adams said during a press conference on Monday that the city is getting ready to "enter a financial typhoon."

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