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☆ Activist firms call on Dollar General, Dollar Tree to improve worker safety, wages
▼ + stars: | 2023-05-16 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Two activist investment firms are calling on Dollar General and Dollar Tree shareholders to approve a pair of resolutions aiming to improve worker safety and wages, the firms said Tuesday. Dollar General Proposal 7, led by Domini Impact Investments, calls for an independent audit into worker safety and well-being. "It's far too dangerous in the stores that we work in," David Williams, a Dollar General stocker, said during a panel event Tuesday. Federal regulators have repeatedly found similar violations at Dollar General stores across the country, prompting OSHA to label it a "severe violator" of workplace safety rules. Considering the $37.84 billion in sales Dollar General posted in fiscal 2022, the penalties are unlikely to have a major impact on its balance sheet.

☆ The No. 1 reason Gen Z workers are leaving their dream jobs behind—and what they're seeking instead
▼ + stars: | 2023-05-16 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Gina Fahrenholz, 22, left her childhood dream job of criminal justice to become a nurse once she realized she would be more financially stable. After advising thousands of college students on their career paths, Christine Cruzvergara "doesn't truly believe in only having one dream job." Rather, Cruzvergara, the chief education strategy officer at early-career job platform Handshake, says, "The reality is your dreams can change." The 2023 definition of a dream jobFarenholz is not alone in her decision to abandon her childhood dream job in favor of stability. Instead, Cruzvergara says, students are looking at brands "that have stood the test of time" like Raytheon, Capital One and Nike.

WASHINGTON, May 15 (Reuters) - Top U.S. banking regulators plan to tell lawmakers the government will be open to future bank mergers, but are committed to establishing tougher rules after recent turmoil. Barr maintained his commitment to overhauling bank rules to ensure firms do not escape stricter oversight because they are smaller or viewed as less risky. "The prudential regulation and supervision of these institutions merits additional attention, particularly with respect to capital, liquidity, and interest rate risk," he said in prepared testimony. While vowing to draft tougher rules, the agencies have also been criticized for not identifying and preventing weaknesses before the lenders failed. In prepared testimony, he said rapid interest rate increases and social media-fueled rumors drove the "unprecedented" bank run that sank his firm.

WASHINGTON, May 15 (Reuters) - A U.S. banking regulator plans to tell lawmakers his agency is "open-minded" when it comes to potential bank mergers and would act on any proposed deal in a timely fashion. Recent turmoil has added "urgency" to the OCC's work on updating bank merger guidelines, Hsu said. Tuesday's hearing will be the first for regulators since the FDIC agreed to sell failed First Republic Bank to JPMorgan Chase & Co (JPM.N) this month. Watchdogs have been under intense scrutiny after the collapses of SVB and Signature set off fears of contagion. In prepared testimony, he said rapid interest rate increases and social media-fueled rumors drove the "unprecedented" bank run that sank his firm.

In prepared testimony published on Monday by the Senate Banking Committee, Becker said he believed the bank was responsive to regulator concerns about managing risk and working to address issues before an "unprecedented" bank run led to its failure. Becker said he did not believe "that any bank could survive a bank run of that velocity and magnitude." The former executives for New York-based Signature Bank, which also failed in March, maintained the bank could have survived had regulators not chosen to close it, according to separate testimony. California banking regulators moved quickly to shut SVB down on March 10 after depositors withdrew $42 billion in 24 hours. Regulators closed Signature on March 12 after it also experienced liquidity issues following SVB’s collapse.

☆ A Look at Philip Jefferson, the Fed’s Likely Next No. 2 - The New York Times
▼ + stars: | 2023-05-15 | by ( Peter Coy | ) www.nytimes.com time to read: +1 min

Philip Jefferson, an economist who joined the Federal Reserve’s Board of Governors in May 2022, was nominated by President Biden on Friday to be its vice chair. I didn’t write about his appointment last year; his proposed elevation gives me a second chance to discuss his ideas. He became a Fed staff economist, a professor and then the vice president for academic affairs and dean of faculty at Davidson College in North Carolina. On the Board of Governors he is considered a centrist. If confirmed as vice chair, as is expected, Jefferson would become the second Black person to serve in the post, following Roger W. Ferguson Jr., who held it from 1999 to 2006.

☆ Divorce Can Wreck a Woman’s Financial Future. Here’s How to Rebuild.
▼ + stars: | 2023-05-13 | by ( Lela Nargi | ) www.nytimes.com time to read: +2 min

At the time, I smugly demurred, but eventually there was no denying she had been right. Although this money would theoretically be equitably divided when divorce papers were signed, I realized the precarious situation I had unwittingly set myself up for: I’d relinquished control over my financial future. Facing reduced income and the extra expenses that come with divorce proceedings, wresting it back would be painful. Preparing for a financial setbackI’m hardly alone. Women of color are also disproportionately affected because of a wider gender pay gap.

☆ China unlikely to play peacemaker role in Ukraine war, Western officials and experts say
▼ + stars: | 2023-05-13 | by ( Dan De Luce | ) www.cnbc.com time to read: +3 min

A Ukrainian soldier controls a drone at a training camp during the Russia-Ukraine war in Donetsk, Ukraine, on May 11, 2023. The Biden administration and U.S. allies doubt China can play a decisive role in bringing an end to the war in Ukraine, given Beijing's tendency to play it safe in the diplomatic arena and its reluctance to alienate Russia, Western diplomats and former U.S. officials say. "I think they're appropriately skeptical of the role that China might actually play," Medeiros said. "And I have to say, until recently, it was very unclear whether China accepted that basic principle. China's position on the Ukraine conflict "is consistent and clear," said Liu Pengyu, spokesperson for the Chinese Embassy in Washington.

☆ US set to issue $362 mln loan for vehicle wiring production
▼ + stars: | 2023-05-12 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, May 12 (Reuters) - The U.S. Energy Department on Friday said it intends to loan California startup CelLink $362 million to help finance construction of a U.S. manufacturing facility to improve key vehicle wiring components. The conditional commitment from the government's Advanced Technology Vehicles Manufacturing loan program is for the development of lighter, more efficient flexible circuit wiring harnesses for automotive and other industries. Once fully operational, the Georgetown, Texas facility is expected to produce flex harnesses to support some 2.7 million electric vehicles per year, the department said. CelLink, which already has products installed in more than a million vehicles on the road, currently operates a manufacturing facility in San Carlos. The new Texas facility will eventually hold up to 25 manufacturing lines that will be brought online in stages over the next several years depending on demand.

If confirmed, Kugler, a Colombian-American, would be the first Latino to serve on the Fed board, marking the latest effort by Biden to improve the central bank’s diversity. Kugler, who is currently on leave from Georgetown University, previously worked in the Obama administration as the Labor Department’s chief economist. Getty Images/AlamyJefferson, who joined the Fed as a governor a year ago, has been tapped by Biden to the influential role of vice chair, serving as the No. He joined the Fed board in May 2022, after winning broad bipartisan support during his congressional confirmation process. He taught economics at Swarthmore College, Columbia University and the University of Virginia, and served as a high-ranking administrator at Davidson College.

☆ U.S. Covid public health emergency ends, leaving behind a battered health system
▼ + stars: | 2023-05-11 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The U.S. public health emergency declared in response to Covid-19 comes to an end Thursday more than three years after the pandemic began. The Biden administration's decision to end the emergency comes as deaths and hospitalizations have declined dramatically due to the availability of vaccines, antiviral treatments and widespread exposure to the virus. The end of the emergency will bring significant changes in how the U.S. responds to the virus. After the emergency ends, the CDC will no longer be able to compel labs to report Covid test results. While public health experts agree the U.S. has many more tools to fight Covid today, they warn the virus will remain a persistent threat to the elderly, the vulnerable and the nation's fragmented, battered health-care system.

☆ Russia's navy is flexing its muscles around the world, but it may end up paying for Moscow's losses in Ukraine
▼ + stars: | 2023-05-11 | by ( Christopher Woody | ) www.businessinsider.com time to read: +8 min

Russia's navy has had little involvement in Ukraine, losing only one major warship so far. Russia's military closed off parts of the Sea of Okhotsk and the Sea of Japan to practice firing torpedoes, missiles, and artillery. Russia's navy received heavy investment in the 2000s, as President Vladimir Putin rebuilt the military after a decade of post-Soviet decay. While it still struggles with its larger ships, Russia's navy now has dozens of frigates and corvettes armed with effective long-range weapons. Russian navy corvette Gremyashchiy, front, and the frigate Admiral Kasatonov in St Petersburg in July 2019.

Debate over the US debt ceiling puts the potential of a US Treasury default in focus. Failing to do so could lead to a US Treasury default if the government becomes unable to make payments on all of its outstanding debts. "This type of default — one that occurs due to not being able to raise the debt ceiling — would be unprecedented," Steeno says. 6 ways a US Treasury default could hurt your financesHere are some of the biggest financial impacts Americans would feel in the event of a US Treasury default:1. But a Treasury default could undo any progress they've been made.

☆ Former PIMCO chief economist: Overall Fed message will be high for longer
▼ + stars: | 2023-05-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer PIMCO chief economist: Overall Fed message will be high for longerPaul McCulley, former PIMCO chief economist and Georgetown professor, joins 'Squawk on the Street' to discuss the economist's thoughts on inflation, the Federal Reserve's data dependence, and more.

The Biden Administration’s signature drug pricing reform, part of the Inflation Reduction Act (IRA), aims to save $25 billion through price negotiations by 2031 for Americans who pay more for medicines than any other country. The first ever Medicare drug price reduction process begins in September, when the Centers for Medicare and Medicaid Services(CMS) identifies its 10 most costly drugs. Reuters has seen responses to CMS from five of the world's top drugmakers raising legal concerns with the law and the agency's proposed roadmap. Former CMS head Andy Slavitt, who now works at a venture capital company focused on healthcare, said the Medicare agency would have consulted lawyers. One said the Medicare roadmap, which did not go through a formal process with proposed and final rules, could be challenged in court for being unlawful as well.

"Responding to such changes have become a common challenge for countries across the world, including Japan," he said, adding that the topic will be among many issues to be discussed at this week's G7 meeting. "We're watching the situation with a strong sense of alarm, as markets and economies are globally intertwined," he said, adding that Japan's banking system was stable as a whole. Japan would aim to issue a G7 joint communique after the finance leaders' meeting, which may stress the need for authorities to remain vigilant to banking-sector woes, two government sources with direct knowledge of the matter said. The Nikkei newspaper reported on Tuesday the G7 finance leaders will discuss setting up individual emergency plans in case they face digital bank runs. U.S. Treasury Secretary Janet Yellen, who will travel to Japan, will tell her G7 counterparts that the U.S. banking system remains sound, a senior Treasury official said on Friday.

☆ An ominous policy change is a sign Russia is preparing for a long, bloody war in Ukraine
▼ + stars: | 2023-05-08 | by ( Michael Peck | ) www.businessinsider.com time to read: +6 min

Recent changes to Russian conscription law indicate Moscow is preparing for a long war in Ukraine. Beyond a need for manpower, the changes may reflect the Kremlin's embrace of more heavy-handed rule. But Russian leaders appear to preparing for a long and bloody fight, judging by a series of new measures related to military conscription. The Russian government is "methodically stepping through a process to go over to a higher readiness and protracted war," Massicot added. Michael Peck is a defense writer whose work has appeared in Forbes, Defense News, Foreign Policy magazine, and other publications.

☆ Her dad was diagnosed with cancer. This teen has donated thousands of books to kids in hospitals
▼ + stars: | 2023-05-07 | by ( Faith Karimi | ) edition.cnn.com time to read: +9 min

At the age of 17, Emily launched a neighborhood book drive in honor of her dad, Mike Bhatnagar. Her initial goal was to collect books for children undergoing cancer treatment, but she’s expanded it to all patients under 18. The neighborhood book drive that began with a lone teen in a cloud of despair over her dad’s illness has grown into a nationwide initiative. “We are grateful to have been chosen by Emily … Hospitals are a scary place for kids, and the books will help enhance the healing environment.”Whenever possible, Emily specifies the books go to hospitals with pediatric cancer units. Her not-so-little book drive is teaching her how to run a nonprofit and build relationships with community leaders.

☆ Floating sea life thrive in Great Pacific Garbage Patch
▼ + stars: | 2023-05-05 | by ( Mindy Weisberger | ) edition.cnn.com time to read: +6 min

CNN —Translucent, fragile marine creatures that drift through the sea are riding the motion of the ocean to a destination that’s infamous as a home for trash: the Great Pacific Garbage Patch. A surprising number of delicate, floating invertebrates, called neustons, are making the Great Pacific Garbage Patch home, according to data from a new study. The Great Pacific Garbage Patch and the Sargasso Sea are both oceanic gyres — marine zones where multiple ocean currents converge to form a vortex (though the Sargasso Sea is known for its floating algae rather than drifting garbage). There are five main oceanic gyres, and the North Pacific Subtropical Gyre is where the best-known garbage patch lies. But when long-distance swimmer and environmental activist Benoît Lecomte swam through the Great Pacific Garbage Patch in 2019, he and his crew gathered data on floating life as well as drifting litter.

Exxon "engaged in a disingenuous attempt" to dilute its obligations under its environmental permit for Liza One, the project that inaugurated Guyana's oil production in 2019, High Court Justice Sandil Kissoon said in the ruling. Guyana's Environmental Protection Agency and the energy ministry so far has approved five offshore oil and gas projects submitted by the group. According to Kissoon's ruling, Exxon must furnish Guyanese authorities with a liability agreement from an insurance company by June 10, or the Liza One environmental permit will be suspended. The company "engaged in a course of action made permissible only by the omissions of a derelict, pliant, and submissive Environmental Protection Agency," the judge wrote. Exxon is reviewing the court decision and evaluating next steps, a company spokesperson said.

However, a number of countries have recently begun lifting their domestic states of emergency, such as the United States. WHO Director-General Dr Tedros Adhanom Ghebreyesus has said he hopes to end the international emergency this year. One source close to negotiations said lifting the "public health emergency of international concern", or PHEIC, label could impact global funding or collaboration efforts. "I expect WHO to end the public health emergency of international concern. If WHO does not end it... [this time], then certainly the next time the emergency committee meets."

☆ 33 Democrats urge ban on investor-state dispute provisions in all US trade deals
▼ + stars: | 2023-05-03 | by ( David Lawder | ) www.reuters.com time to read: +3 min

REUTERS/Amanda Andrade-RhoadesWASHINGTON, May 3 (Reuters) - Democratic U.S. lawmakers on Wednesday urged the U.S. Trade Representative and State Department to eliminate investor-state dispute settlement provisions from current and future trade deals and to intervene on behalf of Honduras against a U.S. company's nearly $11 billion claim against the country. In a letter to Secretary of State Antony Blinken and Trade Representative Katherine Tai seen by Reuters, 33 lawmakers said that investor-state dispute settlement (ISDS) systems in trade deals constitute a "problematic corporate handout" that violates countries' sovereignty and democracy rights. The Democrats signing the letter said the case could require impoverished Honduras to pay billions of taxpayer dollars to a company that has "weaponized" the dispute settlement provisions. The dispute settlement provisions had been a way to protect U.S. firms from abrupt changes in trading partners' government policies by providing recourse through arbitration. The letter cited Georgetown University research tallying $27.8 billion in ISDS settlement orders against Latin American governments, with Argentina, Venezuela, Peru, Mexico and Ecuador the worst hit.

☆ For a Good Job by 30, Do This in Your 20s
▼ + stars: | 2023-05-02 | by ( Lindsay Ellis | ) www.wsj.com time to read: 1 min

Skepticism about the value of college is growing, but earning a four-year degree by your mid-20s is the surest route to a good job by age 30. That is a key takeaway from a new analysis by Georgetown University’s Center on Education and the Workforce that aims to identify the paths that bring people to good jobs. The findings are important as companies, individuals and families are trying to better understand how college degrees affect career outcomes.

[1/3] Federal Reserve Board Vice Chair for Supervision Michael Barr and Federal Deposit Insurance Corporation Chairman Martin Gruenberg testify at a House Financial Services Committee hearing on the response to the recent bank failures of Silicon Valley Bank and Signature Bank, on Capitol Hill in Washington, U.S., March 29, 2023. REUTERS/Kevin LamarqueMay 2 (Reuters) - The U.S. Senate Banking Committee said on Tuesday it would hear from former top officials at the failed Silicon Valley Bank and Signature Bank, as well as top U.S. banking regulators at separate hearings later this month. Gregory Becker, the former CEO of Silicon Valley Bank, and Scott Shay and Eric Howell, former senior executives for Signature Bank, will appear on May 16. On Monday, regulators closed a third firm, First Republic, which then was sold to JP Morgan Chase. The panel will also hear from top regulators for the states of New York and California, which helped oversee the two failed firms.

WASHINGTON, May 1 (Reuters) - JPMorgan Chase & Co's (JPM.N) deal to buy First Republic Bank pushed the Biden administration into a corner, leaving officials scrambling to explain how their stance against mergers squared with allowing the largest U.S. bank to get even bigger. At a White House event on small business on Monday, President Joe Biden hailed the sale of the troubled San Francisco-based lender, saying it would protect all depositors and avert a government bailout. "A poorly supervised bank was snapped up by an even bigger bank — ultimately taxpayers will be on the hook," Warren tweeted. "No recent administration has done more to promote competition, address (the) concentration process across industries," she told a White House briefing. Jean-Pierre added that Biden administration officials valued the fact that community banks offer services to those who might not otherwise have banking access.

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