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☆ Apple Store workers in Maryland vote to authorize strike
▼ + stars: | 2024-05-12 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Apple Store workers in Towson, Maryland, the first of the tech giant’s retail employees to unionize, made history again by voting late Saturday in favor of authorizing a strike. “We deeply value our team members and we’re proud to provide them with industry leading compensation and exceptional benefits.”The union at the Towson store has not disclosed what date members would strike. Apple employees at the Mall at Short Hills store in New Jersey voted against unionizing on Saturday, according to Bloomberg. The union, known as the Communications Workers of America, alleged Apple engaged in illegal union-busting activity and blamed the defeat on the Apple’s tactics. The labor wave hitting Apple retail stores echoes the mass organizing that began at other influential companies in the United States, such as Starbucks and Amazon.

Persons: ”, Apple, “, unionizing, ” Kate Bronfenbrenner, CNN’s Ramishah Maruf Organizations: New, New York CNN, Apple, International Association of Machinists, Aerospace Workers Coalition, Retail Employees, IAM CORE, ” Employees, CNN, Towson, Bloomberg, Communications Workers of America, CWA, Labor, National Labor Relations Board, Labor Education Research, Cornell’s School of Industrial and Labor Relations Locations: New York, Towson , Maryland, Towson, Baltimore, Short, New Jersey, Washington, China, New York City, United States

☆ Whatever happened to airline food? /// Why the golden age of airplane food disappeared /// Why you don’t get served full meals on flights anymore
▼ + stars: | 2024-05-11 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

New York CNN —If you took an American Airlines flight in the 1960s, you’d be wined and dined from the Coach-class “Royal Coachman” menu. “Meal service was once a point of pride,” said Henry Harteveldt, who covers the travel industry for Atmosphere Research Group. Meal service was a big focus of [competition] because entertainment options were more limited,” Harteveldt said. The September 11 attacks accelerated the decline of free airline meals. Airline meals had been the brunt of jokes and criticism for decades, but now people miss them.

Persons: you’d, ”, Henry Harteveldt, Peter Stackpole, Robert Crandall, Blaise Waguespack, It’s, Beef, ” Harteveldt, Rob Welham, Molly Brandt Organizations: New, New York CNN, American Airlines, Atmosphere Research, Pan American Airline, Shutterstock Airlines, Carriers, Singapore Airlines, Michelin, Embry, Riddle Aeronautical University, ”, Smithsonian, ” Airlines, “ Airlines, British Airways, Camera, Airlines, Continental Airlines, North America, mojo Locations: New York, Daytona Beach , Florida, Delta, North

☆ Judge blocks Biden administration rule capping credit card late fees at $8
▼ + stars: | 2024-05-11 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +3 min

New York CNN —A federal judge in Fort Worth, Texas, on Friday blocked a new Biden administration rule that would prohibit credit card companies from charging customers late fees higher than $8. “Consumers will shoulder $800 million in late fees every month that the rule is delayed — money that pads the profit margins of the largest credit card issuers. The new rule would apply to large credit card issuers — those with more than 1 million accounts. The push to target credit card fees is part of the Biden administration’s efforts to ease financial burdens for many Americans. The new rule also intended to close a 2010 loophole the CFPB says has been “exploited” by credit card companies to hike fees on late payments.

Persons: Mark T, Pittman, Donald Trump, ”, Chuck Bell, Biden Organizations: New, New York CNN, Biden, US, Chamber of Commerce, Consumer Financial, CNN, of Commerce, Consumer Locations: New York, Fort Worth , Texas

☆ Fast food is expensive. Applebee’s and Chili’s are moving in
▼ + stars: | 2024-05-11 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +6 min

For them, and the fast food chains they’re now competing against, the stakes are high. “Fast food has gotten really expensive,” Henkes said. On X, Chili’s asked whether Chili’s is better than fast food, and promised rewards to those who said yes. Chili’s also ran video ads comparing its food favorably to fast food burgers. “People go to sit-down restaurants, generally speaking, for different occasions, than they go to fast food restaurants,” he noted.

Persons: New York CNN — McDonald’s, Applebee’s, ” John Peyton, it’s, Peyton, “, ”, Henkes, McDonald’s, Chris Kempczinski, Ian Borden, we’ve, Chili’s, Kevin Hochman, Chili's, Jeffery Greenberg, David Henkes, ” Henkes Organizations: New, New York CNN, Dine Brands, CNN, Bureau of Labor Statistics, Bloomberg, Applebee’s, Brinker International, Universal, “ Locations: New York, McDonald’s, Applebee’s, Chili’s, Technomic

☆ Consumers haven’t felt this bad about the economy since November
▼ + stars: | 2024-05-10 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +1 min

Additionally, consumers are bracing for even higher price increases in the year ahead compared to readings from prior months, the survey found. However, the latest reading is still better than last May, when inflation was running at 4%, versus the latest reading of 3.5%. Long-run inflation expectations also rose, to 3.1% from 3.0% in April. Since inflation expectations can effectively control the pace of price hikes, businesses take those expectations into account when pricing goods and services. The survey suggests that the recent optimism consumers had about the state of the economy is waning.

Persons: Biden, FactSet, it’s, they’re, Joanne Hsu Organizations: New, New York CNN, University of Michigan, Federal Reserve, Fed, Consumers Locations: New York

☆ You just heard your college-bound child is getting less aid than you hoped. Now what?
▼ + stars: | 2024-05-10 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

New York CNN —The good news is your child got into college and is preparing to enroll this fall. The bad news is that you’ve just learned the aid package your child’s school is offering is much smaller than you’d hoped. Over four years of college, students can take out a total of up to $27,000. “That’s cash-flow friendly while your child is in college,” Walker said. Also, Bogardus suggests checking to see if your state offers a tuition aid plan or subsidized loan rates for educational expenses.

Persons: you’ve, sobering, ”, Beth Walker, “, ” Walker, they’ve, Joseph Bogardus, it’s, Bogardus, Skip, Walker, you’ll Organizations: New, New York CNN, College Board, Center for College Planning Solutions, College, ”, Stafford, PLUS Locations: New York, New England, Stafford

☆ Social media platforms race to address AI-generated images ahead of November election
▼ + stars: | 2024-05-10 | by ( Oliver Darcy | ) edition.cnn.com time to read: +3 min

New York CNN —Big Tech is racing to address the stream of A.I.-generated images inundating social media platforms before the machine-crafted renderings further contaminate the information space. TikTok announced on Thursday that it will begin labeling A.I.-generated content. (Notably, Elon Musk’s X has not announced any plans to label A.I.-generated content.) Social media giants have reams of rules prohibiting certain content on their platforms, but history has repeatedly shown that they have often failed to adequately enforce them and allowed malicious content to spread to the masses before taking action. That poor record doesn’t inspire much confidence as A.I.-created images increasingly bombard the information environment — particularly as the U.S. hurtles toward an unprecedented election with democracy itself at stake.

Persons: TikTok, Elon Musk’s, OpenAI, Katy Perry, ”, Perry, ” Perry Organizations: New York CNN, Big Tech, YouTube, Microsoft, Social Locations: New York, Silicon

☆ Target is dialing back on Pride merchandise after right-wing backlash
▼ + stars: | 2024-05-10 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Target is limiting the number of stores that will sell LGBTQ-themed merchandise for Pride Month in June following a boycott from right-wing activists last year that took a toll on the brand’s bottom line. About half of its 2,000 stores will sell the Pride collection, according to Bloomberg, which first reported the news. The changes are a “sensible approach,” Neil Saunders, managing director of retail for GlobalData, told CNN. Pride problemsLast year, Target pulled Pride merchandise from some stores after the company and its employees became the focus of a “volatile” anti-LGBTQ campaign, which included threats against its store workers. A Target executive said on the earnings call that there was a “strong reaction” to Pride merchandise and the reaction was a “signal for us to pause, adapt and learn.”–CNN’s Nathaniel Meyersohn contributed to this report.

Persons: Target, it’s “, ” Neil Saunders, “, ”, ” –, Nathaniel Meyersohn Organizations: New, New York CNN, Pride Month, Bloomberg, CNN, Pride, Target, GlobalData, Wall Street Journal, Republican Locations: New York, Minneapolis

☆ Welcome to the AI dystopia no one asked for, courtesy of Silicon Valley
▼ + stars: | 2024-05-10 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

AI skeptics — who are legion, and not necessarily part of the fringe tin foil hat crowd — are begging Silicon Valley to take a beat before unleashing AI to the world. Then, the big reveal: It’s all contained in Apple’s new iPad, its thinnest and most powerful ever, thanks to its brand new AI chip. Meanwhile, is anyone else getting inundated with Google’s Pixel ads, which show people giddily using the smartphone’s AI photo-editing software to deceive their online followers? Apple is expected to announce its own ChatGPT-like tools that could be a game changer for your internet searches. The Jeff Goldblums of the AI debate — who include some of the industry’s own pioneers — are not necessarily saying we have to smother AI and pretend it never existed.

Persons: CNN Business ’, Jeff Goldblum’s, “, John, that’s, —, Cher’s, Asif Kapadia, ”, Luke Barnett, Apple, Tim Cook, Apple’s, Siri, I’ll, We’re, Jeff Goldblums, weren’t Organizations: CNN Business, New York CNN, Google, Apple, Space Invaders Locations: New York

☆ There’s a surprising bit of good news lurking in the stock market
▼ + stars: | 2024-05-10 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

Traders fear that elevated rates will uphold painfully high borrowing costs for consumers, squeeze corporate profit and weigh down the market. The labor market has stayed strong, consumers have continued spending and stocks have notched repeated record highs. The April jobs report was a welcome sign that the labor market is cooling without cratering. The labor market added just 175,000 positions last month, marking its lowest tally since October 2023 and a sharp cooldown from the upwardly revised 315,000 jobs added in March. First-time applications for unemployment benefits climbed last week to 231,000, the highest level since last August, in another sign that the labor market is cooling.

Persons: “, ”, Jeff Buchbinder, Jerome Powell, ” Powell, April’s, David Russell, Matt Egan, Wally Adeyemo, Read, Diksha Madhok, Narendra Modi, Modi, Mukesh Ambani, Gautam Adani, Ambani, Ji, ” Modi, Rahul Gandhi Organizations: CNN Business, Bell, New York CNN, Federal, Traders, CNN, Fed, LPL, ” Treasury, Treasury, Reliance Industries, Adani, Indian National Congress Locations: New York, Thursday’s, ’, India

☆ The next union organizing wave is at Apple
▼ + stars: | 2024-05-10 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +7 min

Apple store workers in Towson, Maryland, made history in June 2022 when they voted to form the first union at one of the tech giant’s sleek US stores. But the union vote in New Jersey this weekend, along with other efforts across the country, could just be the beginning. The Apple workers (possibly) going on strike is going to be a spark for other workers,” Bronfenbrenner said. Workers at the Towson Town Center Apple hold their new union T-shirts after their store employees decided to join the International Association of Machinists Union. Theirs is the first Apple store in the US to vote for union representation.

Persons: Apple, ” Kate Bronfenbrenner, ” Bronfenbrenner, Jay Wadleigh, Barbara Haddock Taylor, Bronfenbrenner, There’s, “, ”, Catherine Thorbecke Organizations: New, New York CNN, Apple, Big Tech, US, Employees, National Labor Relations Board, Labor Education Research, Cornell’s School of Industrial and Labor Relations, Oklahoma City, Towson, CNN, Maryland Apple, International Association of Machinists, Aerospace Workers Coalition, Retail Employees, Workers, Towson Town Center Apple, Baltimore Sun, Tribune, Service, Getty Images, Google, Union, NLRB, World Trade, US Labor Board Locations: New York, Washington, China, Towson , Maryland, Baltimore, Maryland, New Jersey, New York City, United States, International Association of Machinists Union, Short Hills, Atlanta, Cupertino , California

☆ Planet Fitness will raise its $10 membership plan for the first time in 26 years
▼ + stars: | 2024-05-09 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

New York CNN —The Planet Fitness $10-a-month membership plan is a powerful marketing tool and a central part of its strategy. Planet Fitness will raise the price of its “classic” membership from $10 a month to $15 for new members beginning in the summer. “It’s a ‘get you off the couch’ price,” Planet Fitness’ former CEO told CNN in 2022. Planet Fitness blared out the $10 gym plan, which includes annual fees and free training, in commercials. “We’ve seen in every industry people move in price,” Planet Fitness interim CEO Craig Benson said.

Persons: Sharon Zackfia, William Blair, “ We’ve, Craig Benson, ” Organizations: New, New York CNN, CNN, Fitness, Black Card Locations: New York, United States, Square

☆ Americans say it’s the worst time ever to buy a home
▼ + stars: | 2024-05-09 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

Just 21% say it’s a good time to buy a house, according to a Gallup survey released Thursday. An overwhelming majority of Americans — 76% — say it’s a bad time to buy a house. Young Americans seeking to buy a home have been confronted by a toxic one-two punch of record-high home prices and painful mortgage rates. For context, in April 2019, the final reading before Covid-19, 61% of Americans polled by Gallup said it was a good time to buy a house. Mortgage rates top 7%Americans started to sour on the housing market as mortgage rates spiked and home prices surged after Covid.

Persons: ” Jeffrey Jones, White, ”, Lawrence Yun, ” Yun Organizations: New, New York CNN, Gallup, Young, homebuyers, National Association of Realtors, Federal Reserve, NAR Locations: New York, That’s

☆ Americans are shopping less but they’re still spending on flights, hotels and Disneyland
▼ + stars: | 2024-05-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —Consumers may be fed up with high prices at the store, but they’re still willing to splurge on travel. Other key players in the travel industry have reported a similar trend this earnings season. Americans, especially lower-income consumers, have pulled back spending at retailers as goods inflation outpaces wage growth. They’ve even become frugal with some experience-based spending like dining out, opting instead to eat at home. “We saw a healthy but more normalized market environment for travel globally,” CEO Peter Kern told analysts on May 2.

Persons: they’re, ”, Hugh Johnston, it’s, Ed Bastian, Kathleen Oberg, “, Peter Kern, ” FTX, FTX, Sam Bankman, Fried, Olesya Dmitracova, Read, Tesla, Anna Cooban, André, Elon Musk’s Organizations: CNN Business, Bell, New York CNN, Delta Air, ” United Airlines, Marriott International, Marriott, Disney, Expedia Group, Alameda Research, CNN, RTL Locations: New York, Hong Kong, California, Florida, Alameda, Berlin, Germany, Europe

☆ Investigation into child exploitation on Meta platforms leads to arrests of three men
▼ + stars: | 2024-05-09 | by ( Clare Duffy | ) edition.cnn.com time to read: +5 min

The arrests came after a months-long investigation by the attorney general’s office into the risks of sexual exploitation of children on Facebook and Instagram. That investigation also formed the basis of a lawsuit against Meta, filed in December, accusing the tech giant of creating a “breeding ground” for child predators. The company also said in December that it had launched technology to proactively detect and disable accounts displaying suspicious behaviors and that it formed a Child Safety Task Force. But Torrez said during Wednesday’s press conference that the arrests underscore the ongoing, real-world risks to children from Meta’s platforms. “Throughout the conversation Fernando sent pictures of his genitals and spoke to her about having sex,” a press release from the attorney general’s office states.

Persons: Mark, General Raúl Torrez, we’ve, Zuckerberg, Meta, Torrez, Fernando Clyde, Fernando, ”, Clyde, Marlon Kellywood, Kellywood, Christopher Reynolds, Reynolds Organizations: New, New York CNN, Facebook, Meta, CNN, National Center for, ”, Force, “, Clyde Locations: New York, New Mexico, Mexico

☆ Treasury launches ‘Project Fortress,’ an alliance with banks against hackers
▼ + stars: | 2024-05-09 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

The new public-private partnership, dubbed Project Fortress, underscores the real danger US officials and bank executives believe cyberattacks pose to the economy. But Project Fortress is not just about playing defense. Project Fortress has been in the works for several months, with Treasury rolling out various parts of the alliance in pieces, the source said. One of the key elements of Project Fortress is the cyber hygiene tool run by the Cybersecurity and Infrastructure Security Agency (CISA). The federal government has recently flexed its offensive capabilities, including ones that are part of Project Fortress.

Persons: Wally Adeyemo, Janet Yellen, Adeyemo, Jamie Dimon, Brian Moynihan, Jane Fraser, Robin Vince, ” Vince, Vince, Jerome Powell, ” Adeyemo, Sean Lyngaas Organizations: New, New York CNN, Treasury, CNN, Bank Policy, JPMorgan Chase, Bank of America, Citigroup, BNY, Washington, Industrial, Commercial Bank of China, Infrastructure Security Agency, JPMorgan Locations: New York, Washington

☆ Weekly jobless claims rise to highest level since August
▼ + stars: | 2024-05-09 | by ( Lucy Bayly | ) edition.cnn.com time to read: +2 min

New York CNN —First-time applications for unemployment benefits rose last week to 231,000, the highest level since August, in another sign that the white-hot labor market is starting to cool off. Thursday’s data also showed that the number of continuing claims, or applications from people who have filed for unemployment for at least one week, was 1.78 million. That’s an increase of 17,000 from the prior week, according to the Bureau of Labor Statistics. Although the unemployment rate ticked up to 3.9% last month, it’s the 27th consecutive month that the jobless rate has held under 4%, matching a streak last seen in the late 1960s. The Federal Reserve has been battling inflation by raising its key lending rate in the hopes of slowing the economy.

Persons: ”, Chris Rupkey, Jerome Powell, ” Ian Shepherdson, It’s Organizations: New, New York CNN, Bureau of Labor Statistics, “, Federal Reserve, Pantheon Economics Locations: New York, Fwdbonds

☆ US regulators are looking at potential ‘bait and switch’ schemes with airline-affiliated credit card reward points
▼ + stars: | 2024-05-09 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

New York CNN —If you use a points-and-rewards credit card offered by an airline in partnership with a big bank, how much are the points you’ve accrued worth in dollars? The terms and conditions of such card programs can be confusing and in some instances they can be changed at any time. “For many families looking to finance a trip or a vacation, those [credit card] benefits are really valuable. “[But] our review of all the fine print suggests that credit card companies and airlines have the power to quickly and dramatically devalue those points by making it more challenging to redeem them. Such a drop in revenue, banks argue, could jeopardize the availability of rewards programs.

Persons: you’re, It’s, ”, Rohit Chopra, Chopra, Transportation Peter Buttigieg, Rob Nichols, ” Nichols, Nichols, Jaret, Seiberg, Biden, Trump Organizations: New, New York CNN, Department of Transportation, Consumer Financial Protection Bureau, Transportation, American Bankers Association, Cowen Washington Research Group Locations: New York, CFPB, U.S

☆ How Rupert Murdoch quietly helped Mike Johnson survive Marjorie Taylor Greene’s ouster attempt
▼ + stars: | 2024-05-09 | by ( Oliver Darcy | ) edition.cnn.com time to read: +4 min

But Murdoch was an anomaly, to a large degree, in the right-wing media universe. While Murdoch’s power has waned in recent years, his empire continues to serve as the source of gravity in the right-wing media universe. Without Murdoch Media joining the chorus and denouncing Johnson, Greene’s efforts failed to gain enough momentum to actually jeopardize Johnson’s leadership. Instead, Murdoch — invisibly — helped Johnson escape what could have been a dire situation. After all, elsewhere in right-wing media, Johnson was portrayed as a turncoat.

Persons: Rupert Murdoch, —, Mike Johnson, Marjorie Taylor Greene, Johnson, Greene, MOSCOW MARJORIE ”, Murdoch, Tucker Carlson, Steve Bannon, Charlie Kirk, Breitbart, Donald Trump, Ted Shaffrey, vlogs, Trump, Murdoch — invisibly — Organizations: New York CNN, Republican Party, Fox News, Street Journal, New York, MAGA Media, Republican, Democratic Party, GOP, CNN, MSNBC, Murdoch Media, Trump Locations: New York, Ukraine, Johnson

☆ Oprah Winfrey: I set an unrealistic standard for dieting
▼ + stars: | 2024-05-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +4 min

New York CNN —Oprah Winfrey said on Thursday evening that she has long played a role in promoting unhealthy and unrealistic diets. I cannot tell you how many weight loss shows and makeovers I have done and they have been a staple since I’ve been working in television,” she said. Winfrey told People Magazine in December that she has added a “weight-loss medication to her regimen” but didn’t specify which drug. Winfrey and WeightWatchersWinfrey left the board of WeightWatchers, ending a nearly decade-long stint as a director of the beleaguered company, in February. “I will say that I was on the board at the time there were discussions about whether or not WeightWatchers would move into weight loss medications,” Winfrey said on Thursday.

Persons: Oprah Winfrey, ”, I’ve, makeovers, Winfrey, Rebel Wilson, Amber Riley, Sima Sistani, Sistani, WeightWatchers Winfrey, ” Winfrey, Oprah, WeightWatchers, ” WeightWatchers, Jimmy Kimmel, “ Organizations: New, New York CNN, YouTube, WeightWatchers, Magazine, National Museum of, Goldman Sachs Locations: New York

☆ Neuralink’s first brain chip implant developed a problem — but there was a workaround
▼ + stars: | 2024-05-09 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —The first test subject for Neuralink, Elon Musk’s brain chip implant startup, has developed a problem just a few weeks after it was inserted. But the company said it was able to make the implant more sensitive to increase its performance even further. About a month after the operation, Musk said Arbaugh could control a computer mouse with his brain after having the chip implanted. Like existing brain-machine interfaces, the company’s implant would collect electrical signals sent out by the brain and interpret them as actions. Before Neuralink’s brain implants hit the broader market, they’ll need broader regulatory approval.

Persons: Elon, Noland, ” Neuralink, Musk, Stephen Hawking, ” Musk, Neuralink, – CNN’s Clare Duffy Organizations: New, New York CNN, Neuralink, Consumers, Drug, Wall Street Locations: New York

☆ FTX customers are getting a rare good deal. Here’s why some are still angry
▼ + stars: | 2024-05-09 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

And yet, for FTX customers, there’s an unavoidable twinge of resentment over what could have been. See here: If you had one bitcoin in an FTX account in mid-November of 2022, it was worth about $17,500. The bankruptcy managers tracked down all of FTX’s crypto and other holdings and hired an investment manager to sell them. The bull run inflated the value of FTX’s significant crypto holdings, leaving the estate with more than enough to pay back customers. Although FTX said it would have as much as $16 billion to disburse, customers and Uncle Sam get paid out first.

Persons: CNN Business ’, bitcoin, it’d, you’d, Tom Brady, John Ray III, Ray, they’ll, FTX, Uncle Sam, Sam Bankman, SBF, he’d, SBF’s, who’s, Fried Organizations: CNN Business, New York CNN —, Sequoia, Prosecutors Locations: New York, FTX, bitcoin, Bankman

☆ The Chair of the FDIC is facing calls to resign after scathing report. The implications for banks could be significant
▼ + stars: | 2024-05-08 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —Martin Gruenberg, the chair of the Federal Deposit Insurance Corporation, is facing a barrage of calls from lawmakers to resign after a scathing 234-page report released Tuesday detailed pervasive sexual harassment, discrimination and bullying at the agency. If he heeds the calls, there could be significant ramifications for banks across the country. “We do recognize that, as a number of FDIC employees put it in talking about Chairman Gruenberg, culture ‘starts at the top,’” the report said. Gruenberg’s temperament “may hinder his ability to establish trust and confidence in leading meaningful culture change,” the report added. Aside from Democratic Rep. Bill Foster, Democrats have stopped short of calling on Gruenberg to resign.

Persons: New York CNN — Martin Gruenberg, Cleary Gottlieb Steen, Gruenberg, ‘, ’, “, ” That’s, CNN Gruenberg “, Joe Biden, Bill Foster, That’s, Travis Hill, Rulemaking, ” Dennis Kelleher, Hill, Cowen, Sen, Elizabeth Warren aren’t, Karine Jean, Pierre didn’t, Biden, Kelleher Organizations: New, New York CNN, Federal Deposit Insurance Corporation, Hamilton, FDIC, CNN, Democrat, Democratic Rep, Republican, Senate, Democratic, Better, Federal Reserve, White Locations: New York, Basel

☆ What the proxy fight at Norfolk Southern means for railroad safety
▼ + stars: | 2024-05-08 | by ( Chris Isidore | ) edition.cnn.com time to read: +10 min

The fight has split the railroad’s unions, who disagree which management team – the current Norfolk Southern leadership or one proposed by activist investor Ancora Holdings – would be best for safety and the railroad’s employees. Norfolk Southern CEO Alan Shaw, third from left, listens to testimony during a hearing held by the Senate Commerce, Science, and Transportation Committee on March 22, 2023 in Washington, DC. The committee heard testimony on "Improving Rail Safety in response to the East Palestine Derailment." BLET said that Orr’s appointment shows that Norfolk Southern is committed to additional use of PSR, no matter which side wins the the proxy fight. On February 3rd, a Norfolk Southern Railways train carrying toxic chemicals derailed causing an environmental disaster.

Persons: Alan Shaw, Amit Bose, Win McNamee, Bose, ”, “, Jeremy Ferguson, Shaw, “ Shaw, Jerry Sturdivant, John Orr, BLET, Michael Swensen, Jim Barber, Glass Lewis, Ancora Organizations: New, New York CNN, Norfolk, Norfolk Southern, Ancora Holdings, PSR, Federal Railroad Administration, Senate Commerce, Science, Transportation, Shaw, SMART, of Locomotive Engineers, Trainmen, NS, Canadian Pacific, Canadian Pacific Kansas City, Way Employees, Norfolk Southern Railways, Teamsters, UPS, CSX, Union Pacific Locations: New York, Norfolk Southern, Atlanta, East Palestine , Ohio, Norfolk, East Palestine, Washington ,, Canadian Pacific Kansas, Palestine, ”, NS

☆ For US renters, the chance of owning a home is going from bad to worse
▼ + stars: | 2024-05-08 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +7 min

New York CNN —The American dream of homeownership is looking more like a nightmare. With inflation heating up again, the Federal Reserve is in no position to consider lowering interest rates at its upcoming meetings. That’s according to a New York Fed survey gauging consumers’ expectations of the housing market, released Monday. Consumers are gearing up for even bigger increases compared to the expected rise in mortgage rates over the next year, the New York Fed survey found. The issue of rent affordability is particularly pronounced in New York City, where housing costs have always been notoriously high compared to other parts of the country, absent a brief respite during the pandemic.

Persons: That’s, Kenny Lee, Aditya Bhave, Neel Kashkari, Bhave, ” Bhave, “, Perdue “, ”, Read, TikTok, Joe Biden, Brian Fung, Bytedance Organizations: CNN Business, Bell, New York CNN, Federal, New, Fed, Zillow, Bank of America, CNN, Minneapolis, Bloomberg, United States Department of Labor, Seaboard Triumph Foods, Perdue, Labor Department, Seaboard, Labor, Packers Sanitation Services, Appeals, District of Columbia Circuit Locations: New York, New York City, Fayette, DOL, Sioux City , Iowa, Accomac , Virginia, China

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