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President Trump has suggested that diversity initiatives from previous administrations contributed to the tragic collision between a passenger jet and a U.S. army helicopter which resulted in 67 fatalities. The incident, the deadliest air disaster in the U.S. in over two decades, saw the aircraft collide mid-air before crashing into the Potomac River. Trump said: "The [Federal Aviation Administration] is actively recruiting workers who suffer severe intellectual disabilities, psychiatric problems and other mental and physical conditions under a diversity and inclusion hiring initiative spelled out on the agency's website.” He added that the program allowed for the hiring of people with hearing and vision issues as well as paralysis, epilepsy and “dwarfism.” An initial report from the FAA reveals that staffing shortages on the night of the crash forced one air traffic controller to do two people’s jobs.

 

The Baltimore Sun

Boston Globe

Los Angeles Times

In 2024, a record 202 CEOs departed from their positions, according to Russell Reynolds Associates, marking a 13% increase from the previous year and surpassing the six-year average of 186. The technology sector was particularly affected, with 40 CEOs leaving. Activist investors played a significant role, ousting 27 CEOs, nearly three times the number in 2020. Additionally, almost a quarter of the departures were due to planned succession processes, indicating a shift towards grooming internal talent. Margot McShane, co-lead of Russell Reynolds' global board and CEO practice, said: "It is only getting harder to be a CEO, where you're navigating uncharted territory." 

 

Financial Times

Reuters

The Arizona Supreme Court has decided to delay its decision regarding KPMG Law U.S., a subsidiary of the Big Four accounting firm KPMG, which is seeking to operate as a law firm in Arizona. Despite a unanimous recommendation from a high court committee to approve the application, the justices expressed a desire for further review and information gathering.  “The KPMG application remains under review,” said Alberto Rodriguez, the court’s communications director. He added that there are “no specifics or timeframe” on when a final ruling will be made.

 

Law

A federal hiring freeze has severely impacted the Federal Deposit Insurance Corp. (FDIC), leading to the withdrawal of job offers to over 200 new examiners. The FDIC is already grappling with a staffing shortage, which has compromised its ability to mitigate the risk of bank failures. This shortage was notably linked to the collapse of Signature Bank in 2023.

 

Washingtonpost.com

Amazon is facing a class action lawsuit filed by consumers who allege the company secretly tracked their movements via smartphones and sold the collected geolocation data. The lawsuit, initiated by Felix Kolotinsky in San Francisco, claims that Amazon gained "backdoor access" to users' phones through the Amazon Ads SDK, allowing it to gather extensive geolocation data without consent. The complaint states: "Amazon has effectively fingerprinted consumers and has correlated a vast amount of personal information about them entirely without consumers' knowledge and consent." The lawsuit seeks unspecified damages for millions of Californians, and highlights growing concerns over companies profiting from data collected without user consent.

 

Fast Company

PYMNTS

Reuters

Patrick Halligan, the former CFO of Archegos Capital Management, has been sentenced to eight years in prison for his involvement in the firm's 2021 collapse, which resulted in over $10bn in losses for Wall Street banks. Halligan was convicted of securities fraud, wire fraud, and racketeering conspiracy. He is appealing his conviction and will remain free on bail during the process. His former boss, Sung Kook "Bill" Hwang, received an 18-year sentence in November and is also appealing. Prosecutors noted that Halligan played a key role in facilitating Hwang's risky loans and trading activities that misled market participants. Archegos, which once managed $36bn, collapsed when Hwang failed to meet margin calls on substantial loans.

 

Reuters

The International Energy Agency (IEA) has come under pressure from its former oil market chief to cut its focus on the global energy transition. A report published on Wednesday written by the IEA's former head of oil industry and markets, Neil Atkinson, and also Mark Mills, director of think tank the National Center for Energy Analytics, criticizes the IEA for its focus on clean energy policy and claims the agency's assumptions on oil demand are flawed. The IEA said the report was "full of rudimentary errors" and "fundamental misrepresentations about both energy systems in general and IEA modelling in particular."

 

Reuters

CNBC reports that Google employees have launched a petition for “job security” as they prepare for more expected layoffs. The petition urges Google CEO Sundar Pichai to offer buyouts before conducting layoffs and to guarantee severance to employees that do get laid off. The petition has been signed by more than 1,250 employees. CNBC says it is the latest indication of employee upheaval at the company, which has struggled to maintain high morale among its workforce following "embarrassing product rollouts, worker protests sparked by controversial enterprise contracts, and continued rounds of layoffs that stretch back to 2023 and are expected to continue." 

 

CNBC

Nissan Motor is offering buyouts to employees and reducing shifts at three U.S. factories as the automaker aims to cut $2.6bn in global costs. A Nissan spokesperson declined to say how many U.S. workers the company hopes will take the voluntary buyout offer. Nissan could potentially cut up to around 1,500 jobs with the move, the Nikkei newspaper reported earlier on Thursday. The latest move follows a broader strategy to cut 9,000 jobs worldwide amid declining sales in key markets.

 

U.S. News

Civil rights activists gathered outside Target Corp.'s headquarters in Minneapolis to announce a national boycott in response to the company's decision to scale back its diversity, equity, and inclusion (DEI) initiatives. The boycott, set to begin on the first day of Black History Month, aims to hold Target accountable for its retreat from supporting racial equity. Activists encouraged consumers to support Black-owned businesses directly instead of shopping at Target.

 

ABC News

Minneapolis Star Tribune

X is collaborating with Visa to introduce a real-time payment system on its platform, marking a significant step towards Elon Musk's vision of an "everything app." X chief executive Linda Yaccarino announced that Visa will be the first partner for the upcoming "X Money Account," which will feature a digital wallet and peer-to-peer payment options linked to users' debit cards. Yaccarino described the partnership as a “milestone for the Everything App” and hinted at more announcements to come. While the service will initially be available in the U.S., details on international availability remain unclear. Musk's ambition for an all-in-one app has been a long-standing goal, dating back to his early ventures with X.com, which eventually became part of PayPal.

 

US News and World Report

An opinion poll reveals that 85% of Greenlanders oppose the idea of their island becoming part of the United States, according to Danish daily Berlingske. Only 6% support the notion, while 9% remain undecided. This survey follows U.S. President Donald Trump's assertion that Greenland is vital for U.S. security. Greenland Prime Minister Mute Egede emphasized that the island is "not for sale" and that its future should be determined by its people. Greenland, which has a population of 57,000 and gained self-governing autonomy in 2009, is strategically important due to its location for U.S. military operations. Denmark is also increasing its military presence in the Arctic, committing 14.6bn crowns ($2.04bn) for this purpose.

 

Reuters