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☆ FDIC says Republic First Bank is closed by Pennsylvania regulators
▼ + stars: | 2024-04-26 | by ( Luciana Lopez | ) edition.cnn.com time to read: +1 min

CNN —The Federal Deposit Insurance Corporation on Friday said that Republic Bank has been closed by Pennsylvania state regulators, in what the FDIC said was the first US bank failure this year. “Philadelphia-based Republic First Bank (doing business as Republic Bank) was closed today by the Pennsylvania Department of Banking and Securities, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into an agreement with Fulton Bank, National Association of Lancaster, Pennsylvania to assume substantially all of the deposits and purchase substantially all of the assets of Republic Bank,” the FDIC said in a statement. That makes Republic Bank (FRBK) far smaller than the regional bank failures that rocked the financial world last year. The FDIC said that Republic Bank was the first bank to fail in the United States since Citizens Bank in Sac City, Iowa, in November 2023.

Persons: “ Organizations: CNN, Federal Deposit Insurance Corporation, Bank, First Bank, Republic Bank, Pennsylvania Department of Banking, Securities, Fulton Bank, National Association of Lancaster, Silicon Valley Bank, FDIC, Bloomberg, Citizens Bank Locations: Pennsylvania, “ Philadelphia, National Association of Lancaster , Pennsylvania, Silicon, New Jersey , Pennsylvania, New York, United States, Sac City , Iowa

☆ Supreme Court agrees to hear case over Starbucks’ firing of pro-union employees
▼ + stars: | 2024-01-12 | by ( Luciana Lopez | Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —The US Supreme Court on Friday agreed to hear a case in which Starbucks was ordered to re-hire pro-union workers that the coffee company had previously fired. Starbucks appealed, and on Friday, the Supreme Court said it would take up the case. Since then, Starbucks has fought those unionization efforts, often resulting in NLRB and court battles. In that case, the judge said the company displayed “egregious and widespread misconduct” in its dealings with employees involved in unionization efforts. “We are pleased the Supreme Court has decided to consider our request to level the playing field for all US employers,” Starbucks said.

Persons: ” CNN’s Danielle Weiner, Bronner Organizations: New, New York CNN, Starbucks, National Labor, Board, Starbucks Workers United Locations: New York, Memphis , Tennessee, Memphis, Buffalo

☆ Economist Larry Summers joins the board of OpenAI as ousted CEO Sam Altman returns
▼ + stars: | 2023-11-22 | by ( Luciana Lopez | ) edition.cnn.com time to read: +1 min

CNN —Economist Larry Summers, the former Obama and Clinton official, is joining an initial, revamped OpenAI board, as the company welcomes back CEO Sam Altman just days after he was ousted by the previous board. Summers and Taylor, for example, both sit on other corporate boards. Those three directors have significantly more experience than much of the previous board, which abruptly fired Altman late on Friday only to see an employee revolt and wide-ranging repercussions in the tech and business worlds. Days later, OpenAI said it had reached an agreement in principle for Altman to return. “We are collaborating to figure out the details,” the company posted on X, the social media platform formerly known as Twitter.

Persons: Larry Summers, Obama, Sam Altman, Clinton, Summers —, Bret Taylor, Adam D’Angelo —, Summers, Taylor, Altman, OpenAI, meany, ” Organizations: CNN, Clinton

☆ William Lewis is named publisher of the Washington Post
▼ + stars: | 2023-11-04 | by ( Manav Tanneeru | Luciana Lopez | ) edition.cnn.com time to read: +2 min

New York CNN —The Washington Post on Saturday named news media veteran William Lewis as its new publisher and CEO at a critical time for newspaper, as it contends with financial trouble, a rapidly shifting media environment and a looming presidential election. Amazon founder Jeff Bezos bought the Washington Post in 2013, and the paper’s traffic surged in the years immediately after, particularly after former President Donald Trump took office. As with much of the news industry, the Washington Post has faced a reckoning as Americans’ reading habits have shifted in recent years. Previous publisher and chief executive Fred Ryan announced in June that he was stepping down after nearly a decade heading up the Washington Post. “Ten years ago, I made a commitment to the future of The Washington Post, inspired by its ambitious and consequential journalism,” said Bezos in a statement.

Persons: William Lewis, Lewis, ” Lewis, Dow Jones, Jeff Bezos, Donald Trump, Patty Stonesifer, Fred Ryan, Stonesifer, ”, Will, ” CNN’s Oliver Darcy Organizations: New, New York CNN, Washington Post, Wall Street, Amazon, Interim, The Washington Post Locations: New York

That means the relationship between the two nations is interlaced and complex and far more nuanced than much of the debate might have suggested. “We need a totally new approach to China,” DeSantis said in the first half hour of the debate. “We’re going to have economic independence from China, where we’re decoupling our economy.”But the two economies are in fact deeply intertwined, and still depend on each other despite rising tension. “The United States will, in certain circumstances, need to pursue targeted actions to protect its national security. “We benefit greatly from access to cheaper products, a wide array of products and products in some cases where China has a technological lead.

Persons: Ron DeSantis, Vivek Ramaswamy, Doug Burgum, ” DeSantis, “ We’re, Janet Yellen, ”, Gina Raimondo, Yellen’s, ” Raimondo, ‘, “, Laxman, Jamie Dimon, Tim Cook, Eric Zheng, Burgum, Vladimir Putin, China —, Biden Organizations: CNN, Florida Gov, North Dakota Gov, Republican, US, Elon, Tesla, Starbucks, JPMorgan, Apple, American Chamber of Commerce, Geological Service Locations: China, ”, United States, Beijing, Shanghai, Moscow, Washington

Discovery boss David Zaslav called for Hollywood to work together to end the writers and actors strikes, which have crippled Hollywood and which WBD this week said could cost the company as much as $500 million this year. “We really have to focus as an industry, and we are, on trying to get this resolved in a way that’s really fair,” Zaslav told the Goldman Sachs Communacopia + Technology Conference on Wednesday. As soon as the strikes are resolved, he said, “everybody is ready to get back to work, us in particular.”Warner Bros. SAG-AFTRA, which represents about 160,000 actors, joined the writers on strike on July 14. We need to do everything we can to get people back to work,” Zaslav said.

Persons: David Zaslav, “, ” Zaslav, Goldman Sachs, Warner, Mario Anzuoni, Reuters “, Shawn Fain, doesn’t Organizations: CNN, Warner Bros, Hollywood, Technology, The, Guild of America, SAG, Writers Guild of America, Netflix, Reuters, “, ” Unions, Teamsters, UPS, United Auto Workers, GM, Ford, UAW Locations: Hollywood, Los Angeles , California, U.S

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