Regional Bank Stocks Fall After New York Community Bancorp Cuts Dividend, Posts Loss - The Wall Street Journal

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1. Regional Bank Stocks Fall After New York Community Bancorp Cuts Dividend, Posts Loss  The Wall Street Journal
2. New York Community Bancorp Stock Plunges 38%, Reigniting Fears for Regional Banks  The Wall Street Journal
3. NY Community Bancorp's (NYCB) Surprise Loss Is a Warning to Real Estate Lenders  Bloomberg
4. US bank stocks sink after New York Community Bancorp cuts dividend  Reuters
5. Moody's puts New York Community Bancorp on review for downgrade  Yahoo Finance

Regional Bank Stocks Fall After New York Community Bancorp Cuts Dividend, Posts Loss - The Wall Street Journal
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Child Safety Hearing: Tech Chiefs From Meta, TikTok and Others to Testify on Child Safety Online - The New York Times

Hours before Mark Zuckerberg, the chief executive of Meta, was set to testify on Wednesday about child safety online, lawmakers released internal documents showing how his company had rejected calls to bulk up on resources to combat the problem.

In 90 pages of internal emails from fall 2021, top officials at Meta, which owns Instagram and Facebook, debated the addition of dozens of engineers and other employees to focus on children’s well-being and safety. One proposal to Mr. Zuckerberg for 45 new staff members was declined.

The documents, which are being released in full for the first time, were cited in a lawsuit last year by 33 state attorneys general who accused Meta of getting young users hooked on its apps. They contradict statements from company executives, including the head of global safety and the head of Instagram, who testified in congressional hearings on child safety during that period that they prioritized the well-being of their youngest users and would work harder to combat harmful content on their platform.

Mr. Zuckerberg, who will be testifying before Congress on Wednesday for the eighth time, is in the hot seat to defend Meta’s lack of investment in child safety amid rising complaints of toxic and harmful content online, said Senator Richard Blumenthal, Democrat of Connecticut, who released the emails with Senator Marsha Blackburn, Republican of Tennessee.

“The hypocrisy is mind-boggling,” Mr. Blumenthal said in an interview. “We’ve heard time and time again how much they care and are working on this but the documents show a very different picture.”

Meta has created more than 30 tools to help protect teens, and it has a “robust” team overseeing youth well-being, Andy Stone, a Meta spokesman, said in a statement, adding that “these cherry-picked documents do not provide the full context of how the company operates or what decisions were made.”

Included in the emails were Mr. Zuckerberg; the former chief operating officer, Sheryl Sandberg; and Nick Clegg, the president of global affairs, though they didn’t always reply. The emails show senior executives quibbling over budgets and head counts while also acknowledging regulatory threats related to their handling of teenage users.

One incident revealed in the documents was a request by Mr. Clegg in August 2021 for the 45 new staff members. It was rejected and he returned to Mr. Zuckerberg in November with a scaled-down proposal for 32 new hires. It is unclear what Mr. Zuckerberg decided.

Mr. Clegg wrote that the company was failing to meet goals to prevent bullying and harassment and other harmful activities on Instagram and Facebook and warned that global regulators could take action.

He said the investment in staff would enable the company to “stand behind our external narrative of well-being on our apps.”

Before the release of these documents, Mr. Zuckerberg’s plans for the hearing included speaking about the difficulties of being a parent in the digital age, according to a copy of his prepared remarks. He also planned to defend Meta by pointing to the dozens of tools the company had rolled out over the past eight years to give parents more control.

Meta has roughly 40,000 people working on safety and security issues across its apps, according to the prepared testimony, and it has invested more than $20 billion in those efforts since 2016. Nearly a quarter of that investment was spent over the past year. It is unclear how much of the $20 billion is dedicated to child safety.

A major line of questioning on Wednesday is expected to focus on how apps verify users’ ages, since the company bars users younger than 13.

At the hearing, Mr. Zuckerberg plans to suggest that Apple bear the responsibility for verifying ages via its App Store, according to his prepared remarks. He also plans to encourage legislation that will require teenagers to seek parental approval for downloading apps.

Mr. Zuckerberg has long positioned Meta — and the internet writ large — as a place for both good and ill. He has said that his company’s job is to elevate the good while doing its best to mitigate the harms. He also plans to emphasize how the internet can be a positive place for people, including children, according to his prepared remarks.

“They use our apps to feel more connected, informed and entertained, as well as to express themselves, create things and explore their interests,” he plans to say according to his prepared remarks. “Overall, teens tell us this is a positive part of their lives.”

A correction was made on 

Jan. 31, 2024

: 

An earlier version of this article incorrectly described a proposal to add 45 staff members at Meta. It is less than 1 percent of Meta’s total employees, not 1 percent.

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Child Safety Hearing: Tech Chiefs From Meta, TikTok and Others to Testify on Child Safety Online - The New York Times
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New York sues Citibank for alleged failure to reimburse fraud victims - CNBC

In this article

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A Citibank branch in the central business district of Singapore on Feb. 12, 2018.

Ore Huiying | Bloomberg | Getty Images

New York Attorney General Letitia James on Tuesday sued Citibank for allegedly failing to protect and reimburse victims of electronic fraud.

The suit claims that Citi does not have strong protections in place to prevent unauthorized account takeovers, misleads victims of fraud and illegally denies reimbursements, according to a release. The attorney general's office said the alleged failure on Citi's part has cost New York account holders millions of dollars, and in some cases, their entire life savings.

"Banks are supposed to be the safest place to keep money, yet Citi's negligence has allowed scammers to steal millions of dollars from hardworking people," James said in a statement. "Many New Yorkers rely on online banking to pay bills or save for big milestones, and if a bank cannot secure its customers' accounts, they are failing in their most basic duty."

Citigroup, the parent company of Citibank, has struggled with risk management and controls in the past. Former executives have said the bank — the product of decades of mergers that created a patchwork of technology systems — underinvested in its infrastructure. That was evident when Citigroup accidentally sent almost $900 million to Revlon's lenders in 2020.

Later that year, banking regulators fined Citigroup $400 million and ordered the firm to improve its risk management systems. Since taking over in 2021, CEO Jane Fraser has pushed to improve the bank's technology and appease regulators.

The New York lawsuit includes specific people who had thousands of dollars stolen from their accounts and said the bank did not reimburse them.

In a statement, Citi said the bank "works extremely hard" to prevent threats and assist customers who become victims of fraud.

"Banks are not required to make customers whole when those customers follow criminals' instructions and banks can see no indication the customers are being deceived. However, given the industry-wide surge in wire fraud during the last several years, we've taken proactive steps to safeguard our clients' accounts with leading security protocols, intuitive fraud prevention tools, clear insights about the latest scams, and driving client awareness and education," the company said in a statement. "Our actions have reduced client wire fraud losses significantly, and we remain committed to investing in fraud prevention measures to help our clients secure their accounts against emerging threats."

James alleged in the lawsuit that Citi must reimburse victims of fraud under the Electronic Fund Transfer Act.

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What To Watch: Federal Reserve Meeting - Yahoo Finance

A busy January ends with a Fed decision high on expectations, despite zero chance of any actual move on rates. The central bank is likely to hold its benchmark rate steady at a 22-year high of 5.25 percent to 5.5 percent for the fourth straight meeting. Here’s what you need to know:

#1 The Economic Backdrop:

The Fed’s first meeting of 2024 comes at a time of economic expansion. It may be backwards looking, but 3.3 percent GDP growth in the fourth quarter has us asking yet again: what recession? Then there’s inflation, we know it’s finally heading back down toward that much sought after 2 percent level. Sounds like the perfect recipe for cuts - but is it?

#2 March is the Word:

Investors have put the second meeting of 2024 on the table for the first rate cut, but will the Fed nod in that direction? The Cleveland Fed’s Loretta Mester says that’s "probably" too early. Fed Governor Christopher Waller seems to agree, this month effectively saying ‘fools rush in’ - and cuts should be implemented ‘methodically and carefully.’ Then there’s Austan Goolsbee of the Chicago Fed; he needs to see more data…

#3 The Balance Sheet:

It may not be the most exciting part of the Fed’s activities, but it does have potentially serious implications for investors. At the start of the pandemic the Fed started boosting its balance sheet - in part through buying lots of treasuries. That’s known as Quantitative Easing. The reversal of that process - known as QT or quantitative tightening started in 2022. Now the future of that policy is increasingly becoming a talking point for investors. We’ll be across all the action in a critical meeting for the Fed right here on Yahoo Finance. Don’t miss it.

Video Transcript

- A busy January ends with a Fed decision high on expectations despite zero chance of any actual move on rates. The central bank is likely to hold its benchmark rate steady at a 22-year high of 5.25% to 5.5% for the fourth straight meeting. Here's what you need to know.

Number one, the economic backdrop. The Fed's first meeting of 2024 comes at a time of economic expansion and may be backwards-looking, but 3.3% GDP growth in the fourth quarter has us asking yet again, what recession? Then there's inflation. We know it's finally heading back down toward that much sought after 2% level. Sounds like the perfect recipe for cuts, but is it?

Number two, March is the word. Investors have put the second meaning of 2024 on the table for the first rate cut. But will the Fed nod in that direction? The Cleveland Fed's Loretta Mester says that's probably too early. Fed Governor Christopher Waller seems to agree, this month, effectively saying, fools rush in and cuts should be implemented methodically and carefully. Then there's Austan Goolsbee of the Chicago Fed. He needs to see more data.

Number three, the balance sheet. It may not be the most exciting part of the Fed's activities, but it does have potentially serious implications for investors. At the start of the pandemic, the Fed started boosting its balance sheet in part through buying lots of treasuries. That's known as quantitative easing. The reversal of that process, known as QT, or Quantitative Tightening, started in 2022. Now the future of that policy is increasingly becoming a talking point for investors.

We'll be across all the action and the critical meeting for the Fed right here on Yahoo Finance. Don't miss it.

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Burger King adding new Candied Bacon Whopper, Fiery Big Fish to menu - USA TODAY

Burger King will soon offer more options to "have it your way" - this time with lots of bacon.

Burger King confirmed the release of two new menu items to USA TODAY, with more "big" news to come next week. One limited-time product, a sweet, bacon-heavy twist on the classic Whopper, is already available at restaurants as of Jan. 29, while a spicy update to its crispy fish sandwich is set for next month.

News of the new items was anticipated by fans after popular food and snack news account Snackolator posted about the upcoming burger, along with food influencer Markie Devo.

Burger King's official social media is also teasing more announcements to come on Feb. 5, leaving fans to wonder what else is in store.

For now, here's what we know about the new Candied Bacon Whopper and Fiery Big Fish sandwiches.

Burger King Candied Bacon Whopper

A Burger King representative told USA TODAY about the Candied Bacon Whopper, which features the classic Whopper flame-grilled beef patty, tomatoes, lettuce and sesame seed bun. Crispy fried onions, garlic aioli, sweet bacon jam and brown sugar candied bacon top the new sweet, meaty sandwich.

The new Candied Bacon Whopper will be available at participating restaurants nationwide starting Monday, Jan 29. The item is limited edition and only while supplies last, so visit a store in person soon if you want to get your hands on it.

National Croissant Day 2024:Burger King's special breakfast offer plus other deals

Fiery Big Fish

Wendy's breakfast items:Wendy's adds breakfast burrito to morning menu

Burger King also told USA TODAY that the classic Big Fish sandwich will be getting the spicy treatment for a limited time just in time for Lent. At participating locations, customers can get the Fiery Big Fish, a twist on the classic that comes with lettuce, pickles, tartar sauce and a spicy glaze on a brioche-style bun, starting Feb. 14.

The classic Big Fish will also be part of a special for Royals Perks members. From Feb. 14 - March 28, subscribers to the free loyalty program can get a Big Fish for $2 with the purchase of a full-price item.

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Trump vs. Biden: How the 2024 election could affect Exxon, Nvidia, and other stocks - Yahoo Finance

A likely Biden-Trump rematch is top of mind for investors, as former president Donald Trump moves closer to clinching the GOP nomination.

For investors, history suggests a strong pre-election year will carry over into the following year. Analysis from Carson Group’s Ryan Detrick found the S&P 500 has recorded gains every election year after a 20%-plus gain in the pre-election year.

And while history shows stocks usually go up regardless of which party is in the White House, analysis from Goldman Sachs found that tech is usually the worst performing sector in the year leading up to the general election, while utilities and consumer staples tend to outperform.

In the near term, President Biden’s green energy push, crackdown on fossil fuels, and escalating tech war with China are among top issues for investors. For Trump, the former president’s trade agenda, along with his pledge to "drill baby, drill," have different implications for stock portfolios.

Record profits for big oil

Energy policy will likely be a priority for both side of the aisle in November.

Though critics of Biden’s renewable energy push argue he's waged a war on fossil fuels, the sector has performed quite well under the current administration. Exxon Mobil (XOM) and Chevron (CVX) have reported record profits, and US oil production has hit record levels.

But Trump’s campaign promise to deregulate energy production and abolish current renewable energy subsidies will be another boon to the oil industry, according to Keith Bliss, global head of markets and strategy for BloxCross.

"Big oil will be able to export as much as possible to new markets," Bliss told Yahoo Finance. "When you sum up the reduction in cost, the access to new markets, the reduction in regulation costs, and the ability to produce additional products with increased feedstock, then Big Oil will make even more money."

On the other hand, Bliss warns oil giants will "struggle" if President Biden is re-elected, arguing the administration will likely become "more aggressive."

Crackdown on China

No matter who wins, some industries will be facing an uphill battle.

Both Trump and Biden’s aggressive stances towards China have the potential to "rattle investors and corporate decision makers," warned China Beige Book’s Shehzad Qazi.

"I think we're going to see a lot of aggressive maneuvers on the China front," Qazi told Yahoo Finance.

Trump’s decision to target China with tariffs as high as 25% during his first term put investors on edge, while Biden's initiatives to crack down on China’s technological advancements placed chip giants in the crosshairs.

Portfolio Wealth Advisors president Lee Munson warns that while neither candidate is good news for chipmakers like Nvidia, Trump could pose a bigger risk.

"Biden has not been friendly to China, but Trump's going to be even worse," Munson told Yahoo Finance Live. "When you look at Trump, he's mercurial and could just cut off the tap…. And tell Nvidia they can’t sell anything."

A total ban could be a massive hit to American chip giants. China accounted for about one-third of the sector’s global sales in 2023, with AI leaders like Nvidia (NVDA) and AMD (AMD) generating at least 20% of their revenue from the country.

"Companies that rely on China for sales or for supply chains are going to have to adapt," Munson added.

Automakers struggle with EV costs

Since Biden took office, electric vehicles sales have more than quadrupled, as automakers jumped on board with the administration's ambitious EV-sales goals. But the transition is proving costly for traditional automakers.

Ford (F) recorded a $1.3 billion loss in its EV division in its most recent quarter; General Motors (GM) is also losing money on its EVs.

"They haven't figured out the EV market yet, and if Biden comes back in, the government will keep pushing the EV story," Bliss said. "The Big Three could continue to struggle."

Higher manufacturing costs have driven up EVs' price tags, making affordability an issue. Ford CEO Jim Farley told Yahoo Finance earlier this month that the company needs to lower their costs to succeed.

"We're seeing mainstream customers who are interested in EVs, but they're not convinced, and they're not going to pay a big premium," Farley said. "So what it means for the [manufacturers] is cost — we have to dramatically reduce the cost."

Trump targets ESG

Investments that take into account environmental, social, and governance (ESG) factors have become a top target for Republicans ahead of the 2024 election.

Trump has been vocal about his opposition to ESG initiatives in the past, promising to support "a law to keep politics away from Americans’ retirement accounts forever."

During the final months of his term, he pushed to discourage employers from considering ESG issues for retirement plans, a rule later reversed by Biden.

The increased skepticism and scrutiny of sustainable funds from politicians and regulators has had a chilling effect on fund flows. Investors pulled a total of $13 billion from US sustainable funds in 2023, the worst year on record according to Morningstar's data.

Seana Smith is an anchor at Yahoo Finance. Follow Smith on Twitter @SeanaNSmith. Tips on deals, mergers, activist situations, or anything else? Email seanasmith@yahooinc.com.

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Icon of the Seas: World's largest cruise ship to set sail from Miami - BBC.com

Tribune News Service via Getty Images

The 20-deck Icon of the Seas boasts seven swimming pools, six waterslides, and more than 40 restaurants, bars and lounges

The world's largest cruise ship is due to set sail from Miami, Florida, on its maiden voyage, amid concerns about the vessel's methane emissions.

The 365m-long (1,197 ft) Icon of the Seas has 20 decks, and can house a maximum of 7,600 passengers on board. It is owned by Royal Caribbean Group.

The vessel is going on a seven-day island-hopping voyage in the tropics.

But environmentalists warn that the liquefied natural gas-powered ship will leak harmful methane into the air.

"It's a step in the wrong direction," Bryan Comer, director of the Marine Programme at the International Council on Clean Transportation (ICCT), was quoted as saying by Reuters news agency.

"We would estimate that using LNG as a marine fuel emits over 120% more life-cycle greenhouse gas emissions than marine gas oil," he said.

Earlier this week, the ICCT released a report, arguing that methane emissions from LNG-fuelled ships were higher than current regulations assumed.

LNG burns more cleanly than traditional marine fuels such as fuel oil, but there is a risk of leakage.

A powerful greenhouse gas, methane in the atmosphere traps 80 times more heat than carbon dioxide over 20 years. Cutting these emissions is seen as crucial to slowing down global warming.

A Royal Caribbean spokesperson is quoted by media outlets as saying that Icon of the Seas is 24% more energy efficient than required the International Maritime Organization for modern ships. The company plans to introduce a net-zero ship by 2035.

On Thursday, Argentina's World Cup winning captain Lionel Messi, who currently plays for Inter Miami, took part in the ship's naming ceremony. He was seen placing a football on a specially-built stand to trigger the traditional "good luck" breaking of a champagne bottle against the vessel's bow.

Icon of the Seas cost $2bn (£1.6bn) to build. It now boasts seven swimming pools, six waterslides, and more than 40 restaurants, bars and lounges.

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