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☆ Jobs report: What to expect from the May data
▼ + stars: | 2023-06-01 | by ( Alicia Wallace | ) edition.cnn.com time to read: +5 min

But despite all that, the labor market has kept humming right along. And that’s largely expected to be the case, again, in Friday’s monthly jobs report from the Bureau of Labor Statistics. Private sector employment increased by 278,000 jobs in May, according to ADP’s monthly National Employment Report, frequently seen as a proxy for the government’s official number. Labor turnover data released Wednesday showed that the US employment market remained tight in April. The government’s May jobs report is scheduled for Friday at 8:30 a.m.

Persons: ” Daniel Zhao, that’s, ” Julia Pollak, “, Pollak, ”, Michael Feroli, Matthew Martin, ” Pollak, it’s Organizations: Minneapolis CNN, Federal Reserve, Bureau of Labor Statistics, “, ”, Commerce Department, CNN, Labor, JPMorgan, Oxford Economics, Challenger, Conference Locations: Minneapolis, April’s

☆ Stock Market Today: Dow Slides 100 Points as Debt-Ceiling Deal in Focus
▼ + stars: | 2023-05-30 | by ( ) www.wsj.com time to read: +1 min

Stocks were mixed and Treasury yields fell after a tentative deal was struck to raise the U.S. debt ceiling over the long weekend. The next step is for the legislation to be passed by Congress , which could run into procedural hurdles and opposition from lawmakers. Prices declined in some Western markets, such as San Francisco, Seattle and Phoenix. The worst performing sector in the S&P 500 this year led the way lower as fuel prices fell. Natural-gas futures fell 6% to trade at $2.27 per million British thermal units.

☆ Fact check: Ron DeSantis on Amanda Gorman poem being pulled from a Florida elementary school library
▼ + stars: | 2023-05-30 | by ( Kate Grise | ) edition.cnn.com time to read: +2 min

Ron DeSantis said Friday that he “had nothing to do with” a poem recently being moved from an elementary school library to a middle school library. “This is some book of poems. I had nothing to do with any of this, but it was a book of poems that was in an elementary school library and the school, or the school district determined that was more appropriate to be in the middle school library. So, they moved it from the elementary school library to the middle school library. The poem in question – Amanda Gorman’s “The Hill We Climb,” which she wrote for Joe Biden’s 2021 inauguration – was removed from the elementary school section of a Miami-Dade County K-8 public school to the middle school section of the school’s media center, CNN reported last week.

Persons: Ron DeSantis, “, Amanda Gorman’s, Joe Biden’s, DeSantis Organizations: CNN, Florida Gov, Republican, Florida Parent, Association Homeschool Convention, Dade, HB, Miami, Florida, Read Locations: Miami, Dade County, Orlando .

☆ Why does Wall Street expect a rate hike in June?
▼ + stars: | 2023-05-28 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

CNN —Wall Street expects the Federal Reserve to raise interest rates in June. Not only that, it finally believes the central bank when it says it likely won’t cut rates this year. Futures traders expected a roughly 66% chance of a quarter point rate hike in June as of Friday afternoon, according to the CME FedWatch Tool. That’s a drastic about-face from even earlier this month, when Wall Street expected the central bank to slash rates multiple times this year starting as early as this summer. “If it comes in hotter than expected, it almost locks a rate hike in” for June, said Heppenstall.

☆ Could the Fed raise rates again in June?
▼ + stars: | 2023-05-21 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

Traders saw a roughly 36% chance last Thursday that the Fed will raise rates by another quarter point in June, up from around 15.5% on May 12, according to the CME FedWatch Tool. Traders pared down their expectations to about a 18.6% chance that the central bank will raise rates next month, as of Friday evening. Experts seem to agree that the Fed is unlikely to raise rates again in June. Jim Baird, chief investment officer at Plante Moran Financial Advisors, also expects the Fed to hold rates steady in June. Dimon said in the same Bloomberg interview that he’d “love to get rid of the debt ceiling thing” altogether.

☆ Morgan Stanley CEO James Gorman to step down within next 12 months
▼ + stars: | 2023-05-19 | by ( Krystal Hur | ) edition.cnn.com time to read: +1 min

New York CNN —Morgan Stanley chief executive James Gorman will step down as the company’s head within the next 12 months, he said Friday at the bank’s annual shareholder meeting. He will assume the role of executive chairman for “a period of time” to help Morgan Stanley transition to its next era of leadership, Gorman, 64, said. The board of directors has three senior internal candidates in the pipeline to potentially take over as the next chief executive. Gorman also said that he believes Morgan Stanley is well insulated from turmoil in the banking sector after the collapses of three regional lenders. “I remain extraordinarily optimistic about the future Morgan Stanley and broader economy.”Shares of Morgan Stanley fell 0.9% on Friday.

☆ This PTA Mom From Escambia County Is Suing Her School District For Banning Books - The New York Times
▼ + stars: | 2023-05-19 | by ( Michelle Goldberg | ) www.nytimes.com time to read: +2 min

in bright-red Escambia County, Fla., knows that coming out as a public face in the fight against book banning could make her life difficult, but she’s made peace with it. “I don’t want my business to suffer,” the optometrist and mother of elementary school-age girls told me. I’m not one to keep my mouth shut.”Durtschi is part of a groundbreaking lawsuit, filed on Wednesday, against the Escambia County School District and Escambia County School Board for their sweeping school library censorship. In addition to Durtschi and another Escambia County parent, the plaintiffs include the free expression organization PEN America, Penguin Random House and a group of authors of children’s and young adult books. The suit seeks to have Escambia’s book restrictions declared unconstitutional for targeting specific viewpoints and for infringing on the rights of students to receive information.

☆ Tesla Board Faces Shareholders Grumpy Over Elon Musk Oversight
▼ + stars: | 2023-05-16 | by ( Rebecca Elliott | ) www.wsj.com time to read: 1 min

Most of Elon Musk’s wealth is tied up in shares of his companies. WSJ breaks down the outlook for Mr. Musk’s businesses and where he stands among the world’s richest people. Illustration: Michael TabbTesla ’s annual shareholder meeting Tuesday is poised to be a referendum on the board’s oversight of the carmaker and its chief executive, Elon Musk. Some Tesla investors have expressed concerns in recent months that Tesla’s board hasn’t done enough to focus Mr. Musk on the automaker’s day-to-day needs. Those worries have been fueled, in part, by a slump in Tesla’s share price, increasing competition in the EV market, and Mr. Musk’s takeover of social-media company Twitter.

☆ Taco Bell is fighting to cancel the ‘Taco Tuesday’ trademark
▼ + stars: | 2023-05-16 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

New York CNN —Taco Bell wants to liberate the “Taco Tuesday” trademark from a smaller, rival chain. The taco chain filed a petition Tuesday (naturally) with the US Patent and Trademark office to cancel the trademark, owned by rival Taco John’s for 34 years, because Taco Bell claims the commonly used phrase “should be freely available to all who make, sell, eat and celebrate tacos.”Since Taco John’s owns the trademark, other restaurants and companies must seek permission to use “Taco Tuesday” in branding and advertising. Taco Bell added that “nobody should have exclusive rights in a common phrase.”Maggie Mettler, director of legal for Taco Bell’s parent company, Yum! And it may have a strong case, because “Taco Tuesday” has become a commonly used phrase, according to trademark attorney Josh Gerben. “Taco John’s would like to thank our worthy competitors at Taco Bell for reminding everyone that ‘Taco Tuesday’ is best celebrated at Taco John’s – the trademark owner of Taco Tuesday.”In response, Taco John’s is selling a “Taco Tuesday” deal of 2 tacos for $2 everyday until May 31.

☆ Stocks week ahead: SVB and Signature Bank execs are set to testify next week
▼ + stars: | 2023-05-14 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

The US Senate Committee on Banking, Housing and Urban Affairs is holding three hearings this coming week centered around the collapses of Silicon Valley Bank and Signature Bank in March. ET : Greg Becker, former chief executive, Silicon Valley Bank; Scott Shay, former chairman and co-founder, Signature Bank and Eric Howell, former president, Signature Bank. ET : Mark Bialek, inspector general, Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau; Paul Kupiec, senior fellow, American Enterprise Institute and more. Since then, the Federal Reserve and Federal Deposit Insurance Corporation have released reports detailing management missteps at SVB and Signature Bank, as well as federal regulators’ own mistakes in properly addressing red flags preceding the banks’ demises. A separate report from the Federal Reserve Bank of New York on Friday shows that American households are becoming increasingly frugal.

☆ American consumers are growing worried about a US debt default
▼ + stars: | 2023-05-12 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

“If policymakers fail to resolve the debt ceiling crisis, these dismal views over the economy will exacerbate the dire economic consequences of default.”The latest survey showed that the university’s consumer-sentiment index fell by 9% in May. Monthly household spending growth tumbled to 5.4% from a revised 7.1% in December, according to the New York Fed’s Household Spending Survey, which is fielded every four months. Michigan’s report showed US household spending was flat in March from the prior month, after limping just 0.1% in February. Stack on top of that the Federal Reserve’s punishing interest-rate increases and still-high inflation, and consumers might just tap out. The Conference Board’s sentiment survey showed that consumer confidence worsened in April as Americans became more worried about the jobs market.

☆ Florida Legislature Passes Bill Banning Gender-Transition Care for Minors
▼ + stars: | 2023-05-05 | by ( Patricia Mazzei | ) www.nytimes.com time to read: +3 min

Background: The Legislature has prioritized bills aimed at L.G.B.T.Q. Last month, the Florida Board of Education expanded through 12th grade a prohibition on classroom instruction about sexual orientation and gender identity. Why It Matters: A growing number of states are passing similar restrictions. At least 13 states have passed laws or policies in recent months to ban or significantly limit the use of puberty blockers, cross-sex hormones and gender-transition surgery for people under 18. advocacy organization GLAAD has already sued Florida over the state health board’s prohibition of what experts call gender-affirming care.

The membership of the panel at Musk’s company, Neuralink, raises questions about potential violations of conflict-of-interest regulations aimed at protecting research integrity, a dozen animal-research and bioethics experts told Reuters. Autumn Sorrells has chaired an oversight board approving animal experiments by Elon Musk’s brain-chip startup, Neuralink, and also run the company’s animal care program. Reuters couldn’t determine the compensation terms of the Neuralink IACUC members who are also company employees. The independence of such boards, Nicolelis said, is critical to protecting the integrity of animal research that could impact humans in future clinical trials. These institutions generally prohibit people with direct financial interests from serving on IACUCs or voting on animal experiments.

Programming note: The full interview with Richard Glossip will air Friday, May 5, on “The Lead with Jake Tapper,” which starts at 4 p.m. Lea Glossip, left, wife of death row inmate Richard Glossip, listens with death penalty opponent Sister Helen Prejean, right, during a news conference on Thursday, May 4, in Oklahoma City. Sneed admitted to killing Van Treese, but at trial, prosecutors portrayed the killing as a murder-for-hire plot orchestrated by Glossip. Ultimately, Reed Smith concluded “that no reasonable juror hearing the complete record would have convicted Richard Glossip of first-degree murder,” said Stan Perry, a partner at the firm. The Oklahoma State Penitentiary in McAlester, where Richard Glossip is set to be executed, is seen in 2015.

Stephanie Joyce and Isaac Jones , Pat McCusker , Sonia Herrero andRepublican-led legislatures have recently made it clear what they don’t want taught in public school classrooms: sexuality, gender identity, structural racism. But when it comes to what they do want, one approach frequently arises: classical education. The central tenet of classical education is that students should focus on the Western canon, usually starting with the ancient Greeks. In 2015, he founded a company that developed the Classic Learning Test, or CLT, as an alternative to the College Board’s SAT. (A full transcript of the episode will be available midday on the Times website.)

☆ Ajay Banga: Indian American businessman is the new president of the World Bank
▼ + stars: | 2023-05-03 | by ( ) edition.cnn.com time to read: +4 min

The election came after World Bank board members interviewed Banga for four hours on Monday. Biden congratulated Banga on his “resounding approval” to run the World Bank, which he described as “one of humanity’s most critical institutions to reduce poverty and expand prosperity around the globe.”“Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President,” Biden said. “It is a challenging moment, but it’s a moment where the World Bank remains more vital than ever, and where getting the evolution of the World Bank is absolutely critical,” the official said. “The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process … on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries,” the bank said. The World Bank has been led by an American since its founding at the end of World War Two, while the International Monetary Fund has been led by a European.

☆ Common Consumer Products Contain Multiple Toxic Chemicals, New Study Shows
▼ + stars: | 2023-05-03 | by ( Dana G. Smith | More About Dana G. Smith | ) www.nytimes.com time to read: +1 min

More than 100 types of common consumer products contain at least one, and often multiple, chemicals linked to cancer or reproductive and developmental problems, according to research published Tuesday in the journal Environmental Science & Technology. Many of the chemicals were found in personal care products, including nail polish, shampoo, lotion and soap. Cleaning products, particularly all-purpose cleaners, laundry detergent and dish soap, also contained numerous chemicals. To compile the list of potentially hazardous products, researchers from the Silent Spring Institute and the University of California, Berkeley, cross-referenced two databases maintained by the state of California. The second was a list of chemicals flagged as being carcinogens or reproductive and developmental toxicants by Proposition 65, California’s Safe Drinking Water and Toxic Enforcement Act.

Organizations: Science, Technology, Silent Spring Institute, University of California, California Air Resources Locations: Berkeley, California

☆ Rent for Millions of New Yorkers Could Increase by 2 to 5 Percent
▼ + stars: | 2023-05-02 | by ( Mihir Zaveri | ) www.nytimes.com time to read: +1 min

The NewsThe New York City panel charged with regulating rents across nearly one million rent-stabilized apartments gave preliminary approval on Tuesday to some of the largest increases in years. The nine-member panel, the Rent Guidelines Board, voted to back increases on one-year leases of between 2 and 5 percent and increases on two-year leases of between 4 and 7 percent. To determine the level of increase, the board examined factors that affect renters, including employment trends and wages, and ones that affect landlords, including rising fuel and insurance costs. As in past years, the increases track inflation, which has been high during the rebound from the worst of the pandemic. Any increase would affect leases beginning on or after Oct. 1.

☆ Fed says new refinements of trading process are coming
▼ + stars: | 2023-05-01 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Other Fed officials have also faced heat for their trading activities, including Powell and former Vice-Chairman Richard Clarida. Meanwhile, last year Atlanta Fed leader Raphael Bostic acknowledged some of his investment activity inadvertently happened at forbidden periods. The IG is still looking into the trading of regional Fed officials. The Fed formalized new rules that sharply restricted what Fed officials and senior staff can trade and when they can do it, and required pre-approval for trades as well in February of last year. But according to the report, some at the central bank viewed the process as burdensome and possibly even unnecessary.

☆ Florida board picked by DeSantis to countersue Disney
▼ + stars: | 2023-05-01 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +2 min

(Reuters) -An oversight board appointed by Florida Governor Ron DeSantis on Monday said it would file a countersuit against Walt Disney Co in state court, according to prepared remarks seen by Reuters. Slideshow ( 2 images )The decision, which further escalates tensions between Disney and the state of Florida, comes in response to a lawsuit Disney filed last week in federal district court against DeSantis and members of the Central Florida Tourism Oversight district board. The skirmish began last year after Disney criticized a Florida measure banning classroom discussion of sexuality and gender identity with younger children. Florida lawmakers passed legislation that ended Disney’s virtual autonomy in central Florida where the Disney World theme parks attract millions of visitors each year. “The district will seek justice in state court here in central Florida where both it and Disney reside and do business,” Martin said.

☆ Florida board picked by DeSantis countersues Disney
▼ + stars: | 2023-05-01 | by ( Dawn Chmielewski | Tom Hals | ) www.reuters.com time to read: +5 min

(Reuters) - A district board appointed by Florida Governor Ron DeSantis to oversee development around Walt Disney Co’s Florida theme parks sued the company on Monday to void “backroom deals” favorable to the entertainment giant. The state court lawsuit escalates tensions between Disney and the Republican governor and likely presidential candidate. It comes in response to a case Disney filed last week in federal district court against DeSantis and members of the Central Florida Tourism Oversight district board. DeSantis who is expected to soon declare his candidacy for U.S. president, has repeatedly attacked “woke Disney” in public remarks. The Central Florida Tourism Oversight District board maintained that Disney rushed through the agreement before the new board assumed oversight of municipal services and development within the 25,000 acres of land in and around Walt Disney World.

☆ Future-Proofing the Board of Directors
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +29 min

Governance structures and practices should position the board to provide objective judgment and active oversight supported by board leadership, which is separate from and independent of company management. The board should design governance structures and practices that support it in determining board priorities, agendas, and information needs. The board should create governance structures and practices that ensure that directors are competent, committed, and diverse and that board and committee composition align with the company’s changing needs. Developing and supporting a positive and ethical corporate culture (see Corporate and Board Culture below). Corporate and Board CultureA strong board and corporate culture is imperative for a company’s success.

☆ DeSantis-aligned board votes to sue Disney
▼ + stars: | 2023-05-01 | by ( Steve Contorno | ) edition.cnn.com time to read: +3 min

Ron DeSantis – voted on Monday to sue the company days after the entertainment giant filed its own lawsuit against the board. “Since Disney sued us – yes, we didn’t sue Disney, Disney sued us – we have no choice now but to respond,” said Martin Garcia, chairman of the Central Florida Tourism Oversight District board of supervisors. Before the board was selected in February, Disney had reached agreements with the outgoing board that limited the power of DeSantis’ appointees. The new board voted last week to nullify those agreements, prompting Disney to sue DeSantis and the new board. Disney sued DeSantis and the board in federal court in the Northern District of Florida.

☆ Monitoring Financial Institution Compliance
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +41 min

Compliance MonitorshipsA compliance monitor (also called an independent examiner or independent compliance consultant) is an impartial party appointed by the government to detect the root causes of the institution’s compliance failures. The purpose of a compliance monitor is not to address a particular compliance failure or punish the institution. Responded to compliance issues, in a timely manner and in a way that demonstrates that the institution takes compliance issues seriously. Compliance Department EmployeesThe monitor must evaluate the adequacy of compliance department employees, including the number of compliance employees, their experience, and their expertise. Assess the Compliance SystemsThe monitor typically engages compliance technology experts, who have specific knowledge of coding and compliance technology software, to test and evaluate the institution’s compliance systems.

☆ White House Considers Two Key Nominations at the Fed
▼ + stars: | 2023-05-01 | by ( Jeanna Smialek | Jim Tankersley | ) www.nytimes.com time to read: +1 min

WASHINGTON — President Biden is closing in on two nominations for the Federal Reserve’s Board of Governors that would give the Fed its first Latina board member and its second ever Black vice chair, according to several people familiar with the process. Mr. Biden is close to nominating Adriana Kugler, an economist with Colombian heritage who is the U.S. executive director of the World Bank, to the Fed’s only remaining open governor position. In a corresponding move, he is likely to elevate Philip Jefferson, an economist who was confirmed overwhelmingly to the board when Mr. Biden nominated him to an open governor position, to be the board’s vice chair. A White House spokesman declined to comment on Monday. If confirmed by the Senate, Ms. Kugler would fill a governor position recently vacated by Lael Brainard, who became director of the White House National Economic Council in February.

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