The S&P 500 dropped for a fifth day, its worst stretch since February. The Dow Jones Industrial Average also fell nearly 1%.

The the s thing origin is a stock market indicator which shows the price of the S&P 500 at 3pm. The most recent reading was down 1.4% for the day, its worst stretch since February.

Briefing on Business Every Day

Updated on September 10, 2021 

10th of September, 2021, 4:14 p.m. ET

10th of September, 2021, 4:14 p.m. ET

On Friday, equities in the United States dropped for the fifth day in a row, with the S&P 500 finishing the week down 1.7 percent, its longest losing run since February.

The S&P 500, the benchmark U.S. index, dropped 0.8 percent on the day.

Apple fell 3.3 percent after a federal court ordered the firm to cease limiting software developers in its App Store from referring consumers to alternative methods to pay for their services. Apple is the biggest business in the S&P 500 by market capitalization, so it has a significant effect on the index. Google’s stock dropped 1.9 percent as it is embroiled in its own legal battle over app payments. The Nasdaq composite, which is heavily weighted in technology, finished the day 0.9 percent down.

However, the losses were not limited to the IT industry. One day after President Biden revealed that he was turning to what would essentially be a vaccination mandate for tens of millions of U.S. employees, companies depending on the end of pandemic-related measures took a pounding.

With a 6.2 percent drop, American Airlines was one of the worst-performing equities on the day, with United Airlines and Delta Air Lines following closely after. Penn National Gaming was down 4.9 percent, while Las Vegas Sands was down 4.2 percent.

Cigna, the health-care behemoth, dropped 4.3 percent. Kroger’s stock dropped 7.5 percent after the grocery store operator announced a drop in sales for the three months ended Aug. 14 compared to the same time previous year.

The Labor Department announced on Friday that producer prices in the United States increased 0.7 percent in August compared to July, indicating continued inflation. According to the Labor Department, the Producer Price Index increased 8.3 percent from a year ago, the biggest increase since the 12-month data was first collected in 2010.

Kroger officials stated in a conference call after its financial report that goods prices were increasing and that “inflation for the entire year would be greater than initially contemplated.”

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Sun-Man, a character created in 1985 by a New Jersey mother, will be officially added to the Masters of the Universe roster.

The character Sun-Man, developed by a New Jersey mother in 1985, will be formally added to the Masters of the Universe roster. Credit… The New York Times’ Bryan Anselm

He-Man, a brawny superhero released by Mattel in 1982, was an immediate success. Sales of the sword-and-sorcery toy line peaked at $400 million in the United States four years later, at the height of its popularity.

He-Man and the rest of the Masters of the Universe are back in the toy shops, almost four decades after their initial appearance.

Mattel, on the other hand, is attempting to resurrect a long-dormant brand for a new generation of customers who demand content that represents their lives. To that end, the toymaker has partnered with Netflix to create two new animated shows to accompany two toy lines that have already reached store shelves.

Sun-Man, a Black figure developed in 1985 by a New Jersey woman who sought to establish a role model for her son, is the latest addition to Mattel’s Masters of the Universe roster of muscled heroes.

Olmec Toys was founded in 1985 by Yla Eason to produce Sun-Man and other multicultural toys. Credit… The New York Times’ Bryan Anselm

“The goal was to portray a good Black image of inventiveness and creativity,” she said. Credit… Olmec Toys, courtesy of Yla Eason

“My kid said that since he was black, he couldn’t be a superhero. Yla Eason, an associate professor of professional practice at Rutgers University, stated, “He was 3.”

As a result, she founded Olmec Toys to provide Sun-Man and other toys for Black, Hispanic, and Native American youngsters. “The goal was to portray a good Black image of inventiveness and creativity,” she said.

According to Ed Duncan, a senior vice president at Mattel who is managing Sun-formal Man’s debut into the roster, “that idea resonates more strongly now.”

In an email, he added, “Reintroducing a Black hero for today’s youth not only feels nice, it feels necessary.” “Sun- From his visual design to his character characteristics and abilities, man is such an inspiring figure.”

Some characters were reinvented as Black in the two Netflix shows — “Masters of the Universe: Revelation” (produced by Kevin Smith, who directed bawdy films like “Clerks” and “Jay and Silent Bob Strike Back”) and “He-Man and the Masters of the Universe” (aimed at younger viewers).

Children need to see themselves reflected in the world around them, according to Rob David, Mattel Television’s vice president of creative content and an executive producer on both animated shows. “The television screen is both a window and a mirror,” he said.

Sun-formal Man’s debut into the Masters of the Universe toy line is being overseen by Mattel CEO Ed Duncan. Credit… The New York Times’ Alex Welsh

The Masters of the Universe relaunch is part of Mattel CEO Ynon Kreiz’s broader growth plan to resurrect fading brands. Richard Dickson, Mattel’s president and chief operations officer, stated, “We have a treasure mine of brands, some of which were shelved for whatever reason.” The Magic 8 Ball, the Major Matt Mason action figure, and the card game Uno are among the brands slated for growth.

Mattel may become more lucrative by expanding its intellectual assets at a time when the toy market is growing. According to the NPD Group, after falling 4% in 2019, toy sales in the United States increased by 16 percent to $25.1 billion last year. Mattel’s net sales increased by 40% in the most recent quarter as compared to the same time in 2020.

BMO Capital Markets stock research analyst Gerrick Johnson stated, “Ynon Kreiz altered a lot about the company.” “He looked at the licenses’ profitability.” He believes that bringing a brand like Masters of the Universe out of the vault is a good approach since Mattel can sell licenses for a variety of items, such as bedsheets and backpacks.

Mattel is setting up collaborations in publishing and softgoods, such as apparel and bedding, in addition to toys and the series — and a long-gestating movie project, according to Mr. Dickson, who refused to give more specifics.

Adults who grew up with the original He-Man and have kept the brand alive via fan blogs and conferences like Power-Con, which kicks out Saturday in Anaheim, Calif., are thrilled about his return, but they are cautious of overkill at mainstream stores.

Danny Eardley, the main author of “The Toys of He-Man and the Masters of the Universe,” stated, “I’m concerned about their being too much and flooding the market.” “A bad showing may indicate to Mattel that there isn’t enough interest.”

Mr. Dickson, on the other hand, wishes to alleviate such concerns. He said, “It’s clear that we let the land become inactive over time.” “However, every toy that we put out is strategic,” says the company.

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An employee works on a Yaris car at the Toyota car factory in Onnaing, France.

At the Toyota automobile plant in Onnaing, France, an employee works on a Yaris vehicle. Credit… Associated Press/Michel Spingler

Toyota Motor said on Friday that due to difficulties caused by a lack of computer chips and Covid-19 limitations impacting the manufacturing of components in Southeast Asia, it would produce approximately 40% fewer cars and trucks globally in October.

Toyota, the world’s biggest manufacturer by number of cars and trucks sold, would cut output for the second month in a row due to the scarcity and pandemic. It’s the latest indication that the chip scarcity will continue to stymie the auto sector far beyond 2022.

Toyota stated in a statement that it now expects to manufacture 330,000 fewer cars in October than originally anticipated. In October, its North American plants are expected to reduce output by 60,000 to 80,000 cars. In addition, the firm said that worldwide output in September will fall short of already reduced production goals by approximately 70,000 cars.

The carmaker cited “a decrease in operations at many local suppliers owing to the extended spread of Covid-19 in Southeast Asia, as well as the effect of tighter semiconductor supplies” as key factors for the production modification. “Although our facilities and suppliers are implementing stringent quarantine and immunization procedures in response to the Southeast Asian pandemic, the spread of Covid-19 infections remains unpredictable, making it difficult to sustain operations owing to lockdowns at different locations.”

Toyota now plans to manufacture nine million vehicles and trucks in the fiscal year ending March 31, down from a previous forecast of 9.3 million.

Because of its strong connections with suppliers and huge inventory of parts and components, Toyota has weathered the chip shortage better than many other manufacturers until lately. The chip scarcity was expected to alleviate in the second half of this year, according to most manufacturers. Despite this, businesses are nevertheless being compelled to reduce production and temporarily shut down operations.

Many companies were already moving toward vaccine mandates, but they were focused on white-collar workers.

Many businesses had previously begun to implement vaccination requirements, although they were mostly targeting white-collar employees. Credit… Associated Press/Eli Hartman/Odessa American

President Biden unveiled a broad strategy to combat the pandemic on Thursday, including forcing businesses with more than 100 employees to require staff to be vaccinated or face weekly testing.

The decision comes as airlines, restaurants, and other companies are already suffering the effects of the Delta virus’s economic downturn. The new regulation, which Biden directed the Occupational Safety and Health Administration to implement by creating an emergency interim standard, will have an impact on 80 million employees.

Many businesses were already preparing for requirements. In a recent poll conducted by Willis Towers Watson, 52 percent of respondents indicated they intended to implement vaccination mandates by the end of the year, and 21% claimed they already did.

However, many of these requirements, like those at Goldman Sachs and UPS, have targeted white-collar employees, who are more likely to get vaccinated. This presidential order will assist sectors with labor shortages, such as retail and hospitality, in implementing a requirement for their frontline employees.

Ian Schaefer, a partner at the legal firm Loeb & Loeb, stated, “It levels the playing field.”

Companies will now have to make additional choices, such as whether to pay for weekly testing and how to deal with religious exemptions – duties that many are already finding difficult.

According to a recent Aon survey of 583 worldwide businesses, 48 percent of employers with vaccination requirements indicated they accept religious exemptions, while just 7% said they would dismiss a worker who refused to be vaccinated.

Unanswered questions include:

  • How will the government collect, keep, and monitor employee immunization data?

  • What consequences will businesses face if they refuse to comply with the new rule?

  • Does it apply to all employees or just those who go to work in an office?

  • When will the new regulations go into effect?

Unsurprisingly, there was a mixed response. The Biden administration’s efforts were praised by the Business Roundtable and the US Chamber of Commerce. However, Montana Governor Greg Gianforte, a Republican, termed the new regulations “unlawful and un-American.” Montana is the only state that has banned vaccination requirements. The Republican National Committee announced its intention to file a lawsuit.

It’s uncertain if legal challenges will succeed. Except in jurisdictions with their own OSHA-approved workplace agency, OSHA’s emergency interim requirements preempt state governments’ existing laws. (About half of them do.) In jurisdictions where OSHA has direct authority, such as Montana, Texas, and Florida, the legal foundation for a challenge is likely to be weakest.

Are you the owner or employee of a company that will be impacted by the new vaccination mandate? If that’s the case, we’d want to hear from you. Please email [email protected] with your contact information in case we need to learn more.

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Employees entering Citigroup’s headquarters in Manhattan in July.

Employees entering Citigroup’s Manhattan offices in July. Credit… The New York Times’ Jeenah Moon

For businesses, the issue of vaccination requirements has been a difficult balancing act, including politics, health, and privacy. However, the government is putting growing pressure on employers to help vaccinate the nation, and CEOs are eager to return to some kind of normality.

President Biden said on Thursday that the Occupational Safety and Health Administration was working on a regulation that would compel all companies with 100 or more employees to have their staff be vaccinated against the coronavirus or face obligatory weekly testing. Around 80 million employees will be affected by this decision.

Even before that announcement, municipal, state, and federal requirements and incentives, as well as complete FDA clearance of the Pfizer-BioNTech coronavirus vaccine for individuals aged 16 and above, made it simpler for executives to go forward.

What does the new OSHA regulation entail?

The specifics have yet to be released, but the president stated that businesses with 100 or more employees must require workers to be vaccinated against the coronavirus or be tested at least once a week, and they must provide paid time off for workers to receive the vaccine and recover from any side effects.

Lawyers said it was unclear if the regulation would apply to all workers or just those who work in business offices or facilities as of Thursday.

Is OSHA authorized to act in this manner?

If OSHA can demonstrate that employees are in severe risk and that the rule is required to address that danger, it has the power to establish an emergency interim standard. Employers must also be able to enforce the regulation.

Except in states with their own OSHA-approved workplace agency, which makes up roughly half of the nation, such a requirement would preempt current state regulations. States that have their own programs have 30 days to establish a standard that is at least as effective and covers state and local government workers like teachers. State and local government workers are not covered by federal OSHA regulations.

In states immediately within OSHA’s authority, the legal foundation for a challenge is likely to be the weakest. Some of the states most affected by Covid-19 lately, and whose politicians have been opposed to requirements, like as Texas and Florida, are among them.

“I believe the Department of Labor will be able to defend its responsibility for worker health and safety,” said Steve Bell, a labor and employment partner at the law firm Dorsey & Whitney.

“They have a wide, fairly good foundation for saying, ‘We’re here to protect the workers, and this is part of our purview, and we believe this will safeguard employees,’” he added.

What are the current corporate mandates?

Corporate vaccination regulations started to take effect in late July, only days after the Biden administration announced that all civilian government workers would be required to get vaccinated against the coronavirus or subject to frequent testing and other stringent restrictions. Walmart and Disney were at the top of the list, followed by Uber and Google. When the Food and Drug Administration gave its clearance on Aug. 23, additional demands from Goldman Sachs, Chevron, and others poured in.

Even yet, many of them aren’t thorough. Corporate staff at companies like Walmart and Citigroup are subject to requirements, while frontline workers are not. Many businesses are experiencing workforce shortages and different degrees of vaccination apprehension across state borders.

In a recent Willis Towers Watson poll, 52 percent of respondents indicated they intended to have vaccination mandates by the end of the year, compared to 21% who said they already had vaccine requirements.

How are requirements being carried out by businesses?

Mandates have been approached in a variety of ways. Some companies, like as Tyson Foods, have made vaccinations a condition of employment for their whole workforce in the United States. Employees who do not comply with the airline’s vaccination requirement or get an exemption may be fired; those who are exempt will be put on temporary leave, often without pay.

Others, on the other hand, have built some flexibility into their criteria. Many companies, including AstraZeneca, have granted religious or medical exemptions to undertake weekly testing instead of immunization. Some companies, such as UBS, have said that workers who do not want to get the vaccination may work from home.

A recent survey of 583 worldwide businesses by Aon revealed a wide range of policies. Employers with vaccination requirements indicated they accept religious exemptions in 48% of cases, while just 7% said they would terminate a worker who refused to be vaccinated.

What are businesses doing about workers who haven’t been vaccinated?

To encourage employees to receive the vaccination, companies have offered incentives. To boost vaccination rates, some companies, such as Kroger, have given incentives, while others have provided vaccines in the workplace and extra paid time off.

Others, on the other hand, have used deterrents such as job loss. Unvaccinated workers at Delta Air Lines, for example, must pay an additional $200 per month to remain on the airline’s health plan. Others have put restrictions on who may enter their offices if they haven’t been vaccinated.

Workers who are unable to get vaccinated due to a handicap or conflicting religious views have been advised to follow rigorous safety measures such as coronavirus testing, masking, and social distance. Some employees are permitted to work from home.

What is the law’s position on vaccination mandates?

According to advice from the United States Equal Employment Opportunity Commission, employers are legally allowed to require workers to be vaccinated, but a number of states have introduced laws restricting the authority to mandate for employees or visitors.

Employers are permitted to inquire about a worker’s vaccination status, which is not covered by HIPAA. Only businesses and experts in the health care sector are covered by the legislation, which safeguards a patient’s private health information.

Are you the owner or employee of a company that will be impacted by the new vaccination mandate? If that’s the case, we’d want to hear from you. Please email [email protected] with your contact information in case we need to learn more.

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The grants are part of the federal Continuous Lower Energy, Emissions and Noise program, which began in 2010.

The subsidies are part of the federal government’s Continuous Lower Energy, Emissions, and Noise initiative, which started in 2010. Credit… The New York Times’ Scott McIntyre

On Friday, the Federal Aviation Administration awarded more than $100 million in grants to help make flying more environmentally friendly and quieter, the first such awards under a ten-year program since 2015.

The funds will go to some of the world’s biggest aviation firms, including Boeing, Pratt & Whitney, Honeywell Aerospace, and GE Aviation, as part of the Biden administration’s efforts to fight climate change. The funds will go toward initiatives that will decrease greenhouse gas emissions or noise pollution. Recipients are required to invest as least as much as they get from the government.

In a statement, Transportation Secretary Pete Buttigieg said, “Across the nation, communities have been ravaged by the impacts of climate change — but, if we act now, we can guarantee that aviation plays a key part in the solution.”

This year, the nation’s biggest airlines committed to eliminate net carbon emissions by 2050, but it’s unclear how they’ll get there. Electric aircraft capable of transporting a few hundred passengers do not exist, and they may not be viable for many years or decades. Some businesses, like as Boeing, have suggested that substituting or augmenting oil-based jet fuel with alternative fuels, which are often produced from waste, may help decrease emissions. Airbus is working on a hydrogen-powered aircraft. It’s unclear if either strategy will be viable.

President Biden has taken a number of steps to reduce carbon emissions, including establishing targets for the electricity industry to be carbon-free by 2035 and for half of new vehicles sold to be electric by 2030. His government established a goal of replacing all aviation fuel with sustainable alternatives by 2050, which he announced on Thursday.

In a statement, American Airlines CEO Doug Parker stated, “We heartily endorse the strategy set forth for our sector by the Biden administration.”

The new funds are part of the Continuous Lower Energy, Emissions, and Noise initiative, which started in 2010 as a public-private collaboration. Under previous President Donald Trump, who has labeled climate change a “hoax,” no funds were awarded.

The Federal Aviation Administration has previously spent $225 million on such awards, which have been used to enhance engine systems, aircraft wings, flight path software, and alternative jet fuels, among other things. According to the agency, the expenditures have aided in the development of technologies that would decrease carbon dioxide emissions by the equivalent of eliminating nearly three million vehicles off the road by 2050.

GE Aviation and the Federal Aviation Administration announced a $55 million joint investment over the next five years to research engine upgrades, electrification, noise reduction, and alternative fuels. Redesigned engine fan designs, better heat management, and new combustors are among the efforts being made to reduce the quantity of nitrogen oxides produced by the company’s engines.

“It just enables us to go faster,” said Arjan Hegeman, the company’s general manager of innovative technology. “We only have so many people and so much money, so any kind of involvement or collaboration that may help us accomplish more and get some of these key innovations to maturity and, therefore, to market sooner is a great opportunity.”

Some of the technologies being researched today, according to Mr. Hegeman, may be in completed goods by the end of the decade or shortly after.

Delta Air Lines’ maintenance, repair, and overhaul division, as well as other businesses, want to utilize the grant money to create better coatings for engine fan blades in order to decrease fuel consumption and prolong engine life.

In a statement, F.A.A. Administrator Steve Dickson, a former Delta pilot, said, “Making flying viable demands us to continually search for ways to improve, much like our drive for safer skies.”

United Airlines and Honeywell announced a joint investment in Alder Fuels, a developer of alternative jet fuels, on Thursday. United has said that it will purchase 1.5 billion gallons of the gasoline.

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A shopper in London. Retail sales in Britain fell in in July, contributing to the first decline in consumer-facing services since January.

In London, a shopper. In July, retail sales in the United Kingdom dropped for the first time since January, leading to the first drop in consumer-facing services since January. Credit… Reuters/Hannah Mckay

Even when most of the last pandemic restrictions were removed in July, the British economy nearly came to a halt. As the Delta variation swept throughout the nation, forcing people to remain at home and reducing consumer spending, the services sector, which had been the engine of the economic recovery this year, came to a stop.

According to the initial estimate from the Office for National Statistics, gross domestic product grew by 0.1 percent in July from the previous month, a slower rate than most experts had anticipated. Although Britain gained for the sixth month in a row, it did so at a far slower rate.

The reopening of an oil field following scheduled maintenance was the primary cause for the economy’s growth. Construction production fell for a fourth month, but services and industrial output remained unchanged.

The service industry’s output, which includes shops, restaurants, and hotels, dropped for the first time since January, according to the statistics agency, owing to a drop in retail sales. These services are still almost 7% below what they were before the epidemic. The comeback of music festivals and other major events in July wasn’t enough to overcome losses in advertising, real estate, and other areas in the total services industry.

Construction firms were hindered by price rises and limited supplies such as steel and timber, while manufacturing was hampered by a struggle to fill vacancies.

In July, the economy was still 2.1 percent below pre-pandemic levels, and it may take time to completely recover as a result of labor and supply shortages.

“The hard part will be making up that final G.D.P. ‘lost’ share of production, since the early benefits from the reopening have been essentially exhausted,” Royal Bank of Canada analysts said in a note.

The Bank of England expects the economy to rebound to pre-pandemic levels this year, but the recovery will take a different form. Last month, the central bank predicted that stronger growth in the second quarter would be counterbalanced by a downturn in the third.

Since then, central bankers have been watching supply chain disruptions and their effect on inflation very closely. Because of the virus’s persistence, the central bank has yet to witness the anticipated rebalancing of demand toward services (such as travel and office food) and away from commodities (such as automobiles and work-from-home equipment), according to Andrew Bailey, the Bank of England governor.

As a result, he added, worldwide demand for products was driving up commodity prices, such as oil and metals.

As the epidemic draws to a close, policymakers anticipate supply constraints to be addressed, but Mr. Bailey is more worried about how long labor market mismatches will persist. Businesses in almost every industry have expressed dissatisfaction with their inability to fill vacancies, despite the fact that unemployment has increased and many individuals remain unemployed.

On Wednesday, Mr. Bailey added, “We’re seeing some leveling down of the recovery.”

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A Ford showroom in New Delhi, India. The automaker said it would close its operations in the country.

In New Delhi, India, a Ford showroom. The carmaker has announced that it would cease operations in the nation. Credit… Reuters/Altaf Hussain

Ford Motor Business’s decision to shut its Indian operations on Friday was greeted with surprise and defensiveness, as it became the latest American company to lock its doors in a nation that offers both great opportunities and significant challenges.

The decision, which was revealed on Thursday, would have an impact on 4,000 workers, hundreds of dealers, and a large number of consumers.

According to Vinkesh Gulati, head of the Federation of Automobile Dealers Associations in India, which represents more than four-fifths of the country’s retailers, more than $272 million has been spent in the establishment of dealerships that employ approximately 40,000 people.

On Friday, the Hindu holiday of Ganesh Chaturthi, the birthday of a deity revered as a harbinger of good things and a symbol of wealth, many Indians were anticipating delivery of their new Ford cars. It may now be tough to sell such vehicles.

“The main priority is service,” Mr. Gulati said in a telephone interview, “but when a business leaves, everything they say for confidence building will ring false because consumers are scared.”

Following Harley Davidson, which left India in the winter of 2020, and General Motors, which left in 2017, Ford is the next major American automaker to depart India.

India’s rising middle class has long been seen as a market to be exploited by global industrial giants. They were also attracted by the country’s low labor costs and Prime Minister Narendra Modi’s pledges to reduce red tape and make doing business simpler.

Despite considerable progress, the government has failed to eliminate obstacles and build a strong ecosystem. According to industry analysts, the private sector has been discouraged by a lack of demand.

The epidemic has also had an impact on the economy. On paper, India has lately seen excellent economic development, but the official numbers were inflated by a severe drop last year when the government shut down the economy to combat the coronavirus.

Economists predict that India would struggle to make up for missed growth because to the epidemic in the coming years. Last year, real family income dropped as unemployment rose and tens of millions of Indians plunged into poverty.

Ford intends to close its facilities in India over time. A car assembly factory on the country’s western coast, in Gujarat, will close in the fourth quarter of 2021, while a vehicle and engine production plant in Tamil Nadu, in southern India, will close in the second quarter of 2022. The firm wants to refocus its activities on electric cars and specialized areas, such as supplying imported Mustangs to India.

In the local media on Friday, government officials defended India’s economic climate, claiming that other automakers had thrived. Nonetheless, industry statistics indicate that new car demand has slowed in recent years, and automakers are grappling with industry-wide problems such as a tight computer chip market.

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Brian Moynihan, the chief executive of Bank of America, announced the changes in a staff memo.

In a letter to employees, Bank of America CEO Brian Moynihan revealed the adjustments. Credit… Reuters/Shannon Stapleton

After the retirements of two senior executives, Bank of America revamped its top management on Friday.

Alastair Borthwick, who has led the commercial banking division for nine years, was named chief financial officer in the fourth quarter, according to a statement from the bank. Paul Donofrio, who will become vice chair and manage sustainable finance, will step down.

Lauren Mogensen will replace David Leitch, who will retire next year, as global general counsel at the end of the year. The bank’s investment banking and trading division leaders will remain in their present positions and report directly to CEO Brian Moynihan.

In a memo to employees, Mr. Moynihan wrote, “As we focus on the path ahead and what it requires, and individuals decide they are ready to transition and/or retire, we are able to promote and expand colleagues from within the company, resulting in new opportunities, smooth transitions, and continued momentum.”

Chief technology and information officer Aditya Bhasin has been elevated. Cathy Bessant, his predecessor, will take over as vice chair of global strategy.


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The blood testing start-discredited up’s founder Theranos appeared in federal court and was charged with two charges of wire fraud conspiracy and ten counts of wire fraud. CreditCredit… The New York Times’ Mike Kai Chen

The judge in the trial of Elizabeth Holmes, the founder of the blood-testing company Theranos, postponed Friday’s proceedings when one of the jurors said he had been exposed to the coronavirus.

The juror has no symptoms and will have a blood test on Saturday. Judge Edward J. Davila of the United States District Court for the Northern District of California suggested staying dark while waiting for the test results out of prudence. The study will continue for four months.

On Wednesday, the prosecution and defense lawyers gave their opening remarks, and a former corporate controller started to testify before the hearings stopped for the day. [Learn more about the opening remarks in the trial.]

The government’s argument

Robert Leach, an assistant US attorney, meticulously detailed the periods when Theranos was on the verge of bankruptcy. “Because she was short on time and money, Elizabeth Holmes chose to lie,” he continued, repeating himself.

Mr. Leach explained how Theranos made misleading statements about its technology being utilized on battlefields. He showed investors from pharmaceutical firms allegedly fabricated reports that Ms. Holmes provided them praising Theranos’ technology. He said she had sold grossly inflated income forecasts and perpetrated her deception via the press media.

Mr. Leach said, “The plan earned her recognition, respect, and love.”

Ms. Holmes was a diligent, if naive, businesswoman who failed but did not commit any crimes, according to the defense.

Ms. Holmes is represented by Lance Wade of Williams & Connolly. “The villain the government just portrayed is really a live, breathing human being who tried her very best each and every day,” he said. “It’s not a crime to give it your all and yet fall short.”

Mr. Wade claimed that the truth behind Theranos’ collapse was more complex than the government’s portrayal, and that the firm had developed some useful blood-testing technologies.

The trial of Elizabeth Holmes has piqued the public’s attention. Credit… courtesy of Getty Images/Nick Otto/Agence France-Presse

The circus is a great place to visit.

The trial drew such a large crowd that a queue formed outside the federal courtroom before 5 a.m. Ms. Holmes was surrounded by television teams as she entered the winding lane in front of the courtroom about 8 a.m. Billy Evans, her boyfriend, and family members led her past the crowd.

A group of three blond-haired ladies in black suits who resembled the defendant, as well as curious members of the public, arrived. Mr. Evans and the ladies in black handed out a cushioned seat to replace the hard seats in the courtroom at one point.

The Elizabeth Holmes Trial’s Who’s Who

Erin Woo

Erin Woo is a reporter based in San Jose, California.

The Elizabeth Holmes Trial’s Who’s Who

Erin Woo

Erin Woo is a reporter based in San Jose, California.


The New York Times’ Carlos Chavarria

Elizabeth Holmes, the discredited founder of the blood-testing company Theranos, is charged with two charges of wire fraud conspiracy and ten counts of wire fraud.

Here are some of the case’s main players:

The Elizabeth Holmes Trial’s Who’s Who

Erin Woo

Erin Woo is a reporter based in San Jose, California.


Reuters/Stephen Lam

As a 19-year-old Stanford dropout, Holmes started Theranos in 2003. She became the world’s youngest millionaire after raising $700 million from investors, but she has been accused of lying about how effectively Theranos’ technology performed. She has entered a not guilty plea.

The Elizabeth Holmes Trial’s Who’s Who

Erin Woo

Erin Woo is a reporter based in San Jose, California.


Getty Images/Justin Sullivan

Sunny, Ramesh Balwani, was the president and chief operational officer of Theranos from 2009 to 2016, and he had a love connection with Holmes. He’s also been charged with fraud and may go on trial next year. He has entered a not guilty plea.

The Elizabeth Holmes Trial’s Who’s Who

Erin Woo

Erin Woo is a reporter based in San Jose, California.


The New York Times’ Jefferson Siegel

David Boies, a well-known attorney, was Theranos’ lawyer and sat on its board of directors.

He attempted to silence critics of the company’s business methods, including whistleblowers and media.

The Elizabeth Holmes Trial’s Who’s Who

Erin Woo

Erin Woo is a reporter based in San Jose, California.


Getty Images

Journalist John Carreyrou exposed Theranos’ deceptive activities in his articles.

His reporting for The Wall Street Journal contributed to Theranos’ demise.

The Elizabeth Holmes Trial’s Who’s Who

Erin Woo

Erin Woo is a reporter based in San Jose, California.


Getty Images/Jeff Kravitz/FilmMagic

Former Theranos workers Tyler Shultz and Erika Cheung were whistle-blowers. In 2013 and 2014, they worked at the start-up.

Shultz is the grandson of former Secretary of State George Shultz, who served on the Theranos board of directors.

The Elizabeth Holmes Trial’s Who’s Who

Erin Woo

Erin Woo is a reporter based in San Jose, California.


The New York Times’ Eric Thayer

James Mattis, a former four-star general, was on Theranos’ board of directors.

He then became Secretary of Defense under President Donald J. Trump.

The Elizabeth Holmes Trial’s Who’s Who

Erin Woo

Erin Woo is a reporter based in San Jose, California.

The lawsuit will be overseen by Edward Davila, a federal judge in the Northern District of California.

Holmes’ main lawyer is Kevin Downey, a partner at the Washington law firm Williams & Connolly.

The government’s prosecution will be led by Robert Leach, an assistant US attorney for the Northern District of California, and other prosecutors from the US attorney’s office.

More about Elizabeth Holmes may be found here:

30th of August, 2021

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Senators Ron Wyden and Sherrod Brown say a tax on buybacks would make companies price in the financial risk and distortions that large-scale buybacks can pose to the economy.

Senators Ron Wyden and Sherrod Brown argue that a tax on buybacks will force businesses to factor in the financial risk and economic inefficiencies that large-scale buybacks may cause. Credit… The New York Times’ Hilary Swift

In 2019, the biggest American corporations spent a record $728 billion on stock repurchases.

Now, as part of the Senate’s budget package, Democrats are working on a proposal to tax such share repurchases in order to offset some of the $3.5 trillion in social policy expenditures. According to Jonathan Weisman and Peter Eavis of The New York Times, Democrats believe the tax reforms would bring in roughly $270 billion over ten years while encouraging businesses to spend more in their employees and their businesses.

Apple, JPMorgan Chase, Exxon Mobil, and Pfizer are among the cash-rich corporations that spend billions of dollars each year to buy back publicly listed stocks in the hopes of boosting the price of the remaining shares and expressing confidence in the company’s health. The practice has drawn widespread condemnation, particularly after President Donald J. Trump signed a massive corporate tax reduction into law in 2017.

Companies would utilize the tax law’s windfall to increase worker salaries and grow their firms and the economy, according to proponents of the tax reduction. Instead, the tax reform triggered a wave of stock buybacks, which opponents claim has increased the fortunes of senior executives and industry insiders.

Senators Sherrod Brown, Democrat of Ohio, and Ron Wyden, Democrat of Oregon and chairman of the Finance Committee, have decided to levy a 2% tax on the amount companies spend on such buybacks — enough, they say, to raise revenue while forcing companies to price in the financial risk and distortions that large-scale buybacks can cause.

The proposals demonstrate how far Democrats are prepared to go in reshaping corporate behavior via tax policy. Tougher regulations for corporate partnerships are also being suggested, which have enabled wealthy firms to avoid paying taxes on their earnings.

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