Business Update – May 3, 2023

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

JPMorgan is buying First Republic Bank

Following news that First Republic Bank was put into receivership by regulators early Monday, JPMorgan announced it would take over the bank. This makes First Republic Bank the third regional bank to be taken over by federal regulators since March and the second-largest bank failure in US history.

Weight loss company Jenny Craig shuts down corporate offices

As part of what is expected to be a transition to an e-commerce company, Jenny Craig notified employees that it would close its Carlsbad, California company site and end the majority of its operations at the facility on or around June 24. Its New Jersey facility is also scheduled to close at the same time.

Facebook donated to group that fought antitrust legislation

A group called American Edge received a $34 million donation from Facebook as the organization campaigned against antitrust legislation.

GM lays off hundreds from product development

GM announced it was cutting several hundred full-time contract positions to reduce costs as the automaker moves forward. The majority of those jobs were from its engineering group, which works on future car models.

Fox News parts ways with Tucker Carlson

Fox News announced it had “agreed to part ways” with Tucker Carlson, without providing a reason for the move. The senior executive producer of his show was also let go. According to reports, the decision was made by Fox Corporation CEO Lachlan Murdoch and Fox News CEO Suzanne Scott.

Lawsuit between DeSantis, board and Disney escalates

A board backed by Gov. Ron DeSantis said it planned to counter-sue Disney over the state’s long-running fight for control of Disney’s Florida theme park. The counter-suit will be filed in response to Disney’s own lawsuit filed against DeSantis and the board claiming retaliation for Disney speaking out against a Florida bill.

California to only allow zero-emission trucks by 2045

California announced it would require all medium- and heavy-duty trucks operating in the state to be zero-emission by 2045. The Advanced Clean Fleets rule was approved by the California Air Resources Board and also bans the sale of internal combustion engine models by 2036. Trucks that haul in heavy areas–such as ports and warehouse districts–have until 2035 to become zero emission.

Writers Guild of America votes to strike

In a move that could shut down production on most television shows, the Writers Guild of America voted 98% in favor of going on strike. The last strike by the union was held in 2007 and lasted for 100 days.

Lawsuit filed against FAA regarding test launch of SpaceX’s Starship rocket

The April 20 test launch of SpaceX’s Starship rocket resulted in a lawsuit filed against the Federal Aviation Administration by environmentalists and a Native American tribe. The groups say the FAA approved the launch too quickly near a sensitive wildlife area without conducting a proper environmental impact review of the nearby tidal flats, marshes and wetlands.

A recession may be coming

Economists at the Federal Reserve fear a mild recession is on the way, and it could last longer than usual. Thanks to turmoil in the banking industry, recovery from the recession could take up to two years.

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