Category: Business

The regional lender, which operated as Republic Bank, was reeling with higher costs and inability to improve profitability that prompted it to cut jobs and...

The Biden administration delayed a plan in the works since 2021 to ban menthol cigarettes, the White House confirmed on Friday. 

“This rule has garnered historic attention and the public comment period has yielded an immense amount of feedback, including from various elements of the civil rights and criminal justice movement,” HHS Secretary Xavier Becerra said in a statement shared with FOX Business. “It’s clear that there are still more conversations to have, and that will take significantly more time.”

Menthol cigarettes are popular among Black and Hispanic smokers, and in whose communities the minty smokes are heavily marketed, according to the Wall Street Journal, citing data from the National Survey on Drug Use and Health.

CIGARETTE SALES INCREASE FOR THE FIRST TIME IN 20 YEARS 

Menthols account for one-third of the cigarettes smoked in the United States. 

FDA ORDERS MENTHOL VUSE VAPE PRODUCTS OFF THE MARKET

A ban could also benefit the illegal market for cigarettes and lead to racial profiling, some Black leaders worried, including the American Civil Liberties Union Black Caucus members, the newspaper reported. 

The administration, as part of Biden’s Cancer Moonshot initiative in 2021, proposed banning the cigarettes as an effort to address racial smoking rate disparities and to discourage children and teens from the mint-flavored products.

And as the presidential election draws closer, the administration has weighed the health benefits of the ban with a potential backlash from Black voters, the Journal reported. 

“I am deeply disappointed that the FDA has chosen to abandon its established plan to ban menthol cigarettes,” Rep. Robin Kelly, D-Ill., who is the chair of the Congressional Black Caucus Health Braintrust, said. “This is a commonsense plan which could have saved hundreds of thousands of lives.”

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At the state level, California and Massachusetts have already banned menthol cigarette sales.

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-Anti-Israel protests escalate across campuses nationwide; Patriots owner Robert Kraft pulls donations to one 

-1Q GDP hits the skids as inflation ticks higher, creating a new headache for the Fed 

-President Biden signals plans to raise taxes by eliminating cuts already on the books

-Trump makes a pit stop at construction site heading to NYC trial 

-Tesla walks a tightrope in latest quarterly results 

-Google delivers investors a double surprise. Stock soars 

-Oracle’s moving its headquarters … again 

-Retailer Express is shuttering stores 

CAMPUS CHAOS: Columbia, Harvard and New York University were among the many colleges across the nation raracked by anti-Israel protesting, some forced to cancel classes, telling students to stay home. Billionaire Robert Kraft, owner of the New England Patriots, is taking a big stand…continue reading here.  The crisis has put many university leaders under the microscope, especially those earning millions…continue reading here.

VIDEO: Former Facebook COO Sheryl Sandberg on anti-semitism rise. 

ANTI-ISRAEL PROTESTS RAGE ON CAMPUS: LATEST UPDATES: 

HOT & COLD: U.S. economic growth slowed, taking many on Wall Street…continue reading here… At the same time, inflation saw another nudge higher…continue reading here. There will be plenty for the Federal Reserve to hash out at next week’s meeting. 

VIDEO: Former Kansas City Federal Reserve President Esther George talks inflation.

WINNING WEEK: U.S. stocks notched weekly gains amid mixed earnings and economic data…more on the markets.

LIVE PRICES FOR CRYPTOCURRENCIES: HERE

BIDEN TAX HIKES: President Biden said he won’t keep Trump’s tax cuts after they expire, and while he’s at it he may even add a few more hikes…continue reading here.

VIDEO: Larry Kudlow talks taxes under Biden and Trump. 

HARDHATS: Former President Trump visited a top construction site in New York City and was welcomed with open arms…continue reading here.

VIDEO: Union members talk 2024 election after Trump’s visit.

TESLA’S UPDATE: CEO Elon Musk talked about making more affordable cars in the company’s quarterly update, and investors took the news in stride…continue reading here.  

VIDEO: Tesla is not a car company. Here’s what it is…

DIVIDEND CLUB: Google parent Alphabet became the latest tech-titan to initiate a dividend for investors after posting stellar quarterly results, sending the company above $2 trillion in market value…continue reading here. 

VIDEO: Rival Meta also reported earnings. Here are the top takeaways. 

MUSIC CITY MOVE: Oracle founder Larry Ellison spilled the beans this week, telling investors he’s moving his company’s headquarters to Nashville, Tennessee, from Austin, Texas. Here’s why…continue reading here.

RIP: Multi-brand fashion retailer Express is shuttering locations in 31 states, blaming market pressures and the economy. Here’s a list of the stores closing…continue reading here.

UP NEXT:

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Who is the best candidate to defend American democracy? Well, it’s not Joe Biden. 

Biden and his lawfare allies have launched a legal campaign to tie up Donald Trump in court, actually out of court with gag orders, even putting him in the Supreme Court where his immunity plea is finally getting a fair hearing. 

The Alvin Bragg trial in New York is a farce. People can’t even decide what the charges are, and the charges change from day to day and week to week. Nondisclosure agreements are perfectly legal. Candidate Trump in 2016 was spending his own personal funds. 

TRUMP HUSH MONEY TRIAL: MEET THE JURORS WHO WILL HEAR BRAGG’S CASE AGAINST THE 2024 PRESIDENTIAL CANDIDATE

Money didn’t even transfer until 2017, well after the election. The Jack Smith special may never come to pass because Trump may well win his immunity argument. And the Fani Willis Atlanta RICO election charges have completely been discredited, as she has. Then the classified documents trial in South Florida is going to go on for quite some time, if it ever comes to fruition at all.

But Biden, as the Democratic candidate, will use every legal and political maneuver to block his primary opponent, Mr. Donald Trump. Biden is misusing his office, and people see that more and more. 

Folks should have a read, by the way, of Kim Strassel’s excellent Wall Street Journal piece today, not only about the phony, two-tiered lawfare jihad against Trump, but also the point that without any congressional statutory mandate, the Biden administration is unilaterally invalidating 30 million non-compete contracts in business.

TRUMP THREATENED WITH JAIL IF HE MISSES HUSH MONEY TRIAL AS BIDEN CAMPAIGNS IN PENNSYLVANIA

Then the FCC wants to take over the internet again with a failed net neutrality rule. Then energy agencies have taken 13 million Alaskan acres out of use. Then the EPA wants to shut down coal, oil, natural gas and gasoline-powered automobiles. 

Joe Biden is the biggest regulator in the history of regulations. So far, roughly $1.5 trillion of cost. Donald Trump cut seven regs for every one that was promulgated. That’s a big difference, isn’t it?

Now, necessarily, all the Biden regs will be thrown out in court, according to the Supreme’s decision EPA vs. West Virginia, where EPA lost. 

Meanwhile, the economy is now moving to a stagflation phase with very high personal costs plaguing the middle class, while real hourly wages, which were $11.40 when Mr. Biden was inaugurated, have dropped down to only $11.11. That’s from recent numbers. I mean, for three-and-a-half years, working folks have lost money under Biden. 

All this, the trials, the rules, the regulations, the loss of real wages — all this is why polls show Trump in the lead, especially in the swing states. Why? Because ordinary working folks, the backbone of this country, are smart, not dumb. The Bidens think they’re dumb. The Bidens think they can fool people, but that’s why they don’t understand what’s gone wrong.

But for ordinary folks, hard-working, middle-class folks, they know what’s good for them, their self-interest and what’s good for the country. And by the way, that idea that people are smart, not dumb, is the basis of the success of free market capitalism. 

And then finally, you know what? Mr. Alvin Bragg here in New York. Guess what? Donald Trump is closing in on Joe Biden, even in this far-left, blue, blue state of New York. Just think of it, Mr. Bragg. 

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Massachusetts Senate candidate John Deaton isn’t letting the busy campaign trail prevent him from fighting the Securities and Exchange Commission on behalf of the crypto industry.

FOX Business was first to report that the crypto-enthusiast and lawyer, now turned political candidate, filed an amicus brief in the Southern District of New York on Friday in support of the U.S.’s largest crypto exchange Coinbase in its ongoing legal battle with the SEC.

Deaton says he’s intervening in the case on behalf of 4,701 Coinbase users, developers and crypto investors who want their voices heard in court.

CRYPTO INDUSTRY FIGHTS BACK AGAINST GOVERNMENT CRACKDOWN

“SEC Chairman Gary Gensler and his agency have demonstrated that they are not interested in protecting small investors and operate only to serve their political masters,” Deaton tells FOX Business. “The SEC has unlimited resources, paid for by the taxpayer, and Coinbase is a multibillion-dollar company with the best lawyers money can buy. The consumers deserve an advocate and a voice as well.”  

Coinbase and the SEC declined comment. 

The SEC sued Coinbase in June for allegedly violating securities laws by operating as an unregistered broker dealer offering unregistered securities in the form of crypto tokens on its platform. A Manhattan judge ruled in March that the SEC has enough grounds to move forward with the case. 

Coinbase has since filed a motion for a so-called interlocutory appeal, asking the judge to halt legal proceedings so that a higher court can resolve once and for all the biggest legal impasse dividing the SEC and the crypto industry: Does the Howey Test apply to crypto transactions?

The Howey Test is the result of a 1946 Supreme Court ruling and the litmus test the country’s highest court uses for determining whether a transaction qualifies as an investment contract and thus a security.

CRYPTO NO LONGER OUTSIDER AT FAMED MIAMI BEACH ETF CONFERENCE

The SEC argues that all cryptocurrencies except for Bitcoin are likely securities because of their resemblance to traditional securities like stocks and bonds where investors buy the product from an entity with the expectation of profits. 

The crypto industry says the SEC is engaging in a jurisdictional power grab, attempting to force digital assets into the existing framework of the nation’s securities laws, which did not factor in blockchain technology when they were established in the 1930’s. Many in the industry also believe most digital assets more closely resemble commodities and, therefore, belong under the purview of the SEC’s sister agency, the Commodity Futures Trading Commission.

In his amicus brief, Deaton takes aim at what he says is the SEC’s inconsistent views on how tokens should be regulated. 

SEC lawyers in the Coinbase lawsuit argued that Bitcoin, the only asset the SEC believes is not a security, has earned that status because it doesn’t have an ecosystem, or “network” behind it.

Deaton argues that Bitcoin arguably has the largest and most established ecosystem, which is the reason that investors choose to put their money into it.

“Bitcoin is certainly distinguishable from other cryptocurrencies but claiming it is not a security, unlike other tokens, because it doesn’t have an ecosystem, is just plain dumb,” Deaton says. 

Deaton’s brief, which heavily criticizes the SEC’s “malevolent” approach to regulating crypto, supports Coinbase’s motion for appeal, arguing that the lack of clarity on how the Howey Test is applied to digital assets should be a matter ultimately decided by a higher court. 

“If the Howey test is going to be interpreted and used to include all transactions in perpetuity, an appellate court, possibly the U.S. Supreme Court, needs
to be the one who validates it,” he wrote. 

Deaton also cites statements from Republican SEC Commissioners Hester Peirce and Mark Uyeda as well as government officials like Congressman Ritchie Torres (D-New York) expressing concerns about the regulatory environment under Gensler. 

CRUZ, GOP SENATORS DOUBLE DOWN ON ANTI-CENTRAL BANK DIGITAL CURRENCY LEGISLATION

“The underlying lack of clarity seems to be a strategic effort by the SEC to hinder the digital asset industry. If not rooted in maliciousness, they certainly, at least, do not seem to be advancing their mission of protecting investors,” Deaton says in the brief.

This is not the first time Deaton, who’s running as a Republican to unseat incumbent Democratic Senator from Massachusetts Elizabeth Warren, has taken on securities regulators to advocate on behalf of the $2 trillion crypto industry.

But he’s now doing it as a political candidate and has been able to use his bully pulpit to rally the crypto industry and its heavyweights to his campaign and raise significant sums of money. It helps that Warren is among the most anti-crypto lawmakers in Congress and an ally of SEC Chairman Gary Gensler, also an industry critic. 

Deaton’s involvement in crypto firm Ripple’s three-year legal battle with the SEC earned him folk hero status among retail holders of the XRP token. He represented XRP investors as a so-called amicus curiae, or “friend of the court,” and did the same on behalf of users of the LBC token in the SEC’s lawsuit against decentralized content sharing platform LBRY.

Deaton’s efforts in the Ripple case were widely regarded as part of the reason Manhattan District Judge Torres ruled, in what was seen as a watershed moment for the industry, that sales of the token XRP between retail investors on exchanges, did not meet the SEC’s classification of a securities transaction.

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If the ruling stands appeal, it would set a legal precedent that the SEC does not have oversight of the transactions between retail investors who engage in secondary market transactions using exchanges such as Coinbase to buy and sell crypto. 

It also sparked a fierce legal debate over what makes a digital asset a security, the central argument in most of the lawsuits the SEC has brought against the crypto industry.  

Three judges in the same Southern District of New York courthouse have opposing views on whether transactions involving digital assets satisfy the Howey Test, a point that Deaton cites in the brief and uses as an argument for why Coinbase should be granted the interlocutory appeal to solve the regulatory riddle of digital assets once and for all.

Interlocutory appeals are difficult to get granted, and it’s unclear whether Judge Failla, who is presiding over the Coinbase case, will side with Coinbase on this issue. 

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Paramount Global is reportedly considering dumping longtime CEO Bob Bakish and replacing him with a group of executives as the entertainment giant inches closer to...

Everyone is getting a piece of the pie. Read More 

Florida’s flagship university is making it clear that the disruptive anti-Israel protests occurring at colleges across the U.S. will not be tolerated on its campuses.

The University of Florida released a directive Friday spelling out what is and is not acceptable behavior for those who wish to express their right to free speech at the school, along with the consequences for students or employees who cross the line.

The memo obtained by FOX Business clarifies that demonstrators may engage in speech, expressing viewpoints and holding signs in their hands, but lists a litany of prohibited activities including “amplified sound,” holding protests inside campus buildings, issuing threats or engaging in violence.

ANTISEMITISM ON CAMPUS SURGES AS AGITATORS TAKE OVER

The University of Florida also noted explicitly that no tents or sleeping bags are allowed as part of demonstrations on campus, serving as a warning to activists who might want to set up a similar encampment to those that have cropped up at other schools since pro-Palestinian demonstrators set one up at Columbia University more than a week ago. 

The vast majority of America’s top 50 colleges have seen anti-Israel protests crop up over the past week, with some demonstrations leading to the arrest of dozens of participants. 

There have been several reports of antisemitic harassment stemming from protests, leading a number of schools to cancel in-person classes out of concern for the safety of Jewish students and faculty.

COLUMBIA PROTEST LEADER EXPRESSES ‘REGRET’ FOR DISCUSSING ‘MURDERING ZIONISTS,’ SAYING THEY SHOULDN’T EXIST

In many of the demonstrations, outside activists and professors have joined in with marching students, demanding schools divest from Israel.

But at the University of Florida, disruptive protesters can expect to be booted out for good.

The school said anyone engaged in the prohibited activities listed in its directive face being trespassed, and students who break the rules will be banned from the campus for three years and suspended.

Employees of the university, including professors, who engage in the prohibited activities face termination.

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When reached for comment about the memo, University of Florida VP of Communications James Wegmann told FOX Business, “This is Adulting 101: Actions have consequences.”

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Only one in 10 small SUVs evaluated during an updated crash test earned a “good” rating, according to the Insurance Institute for Highway Safety (IIHS). 

The organization announced Thursday that it has updated its vehicle-to-vehicle front crash prevention test to address crashes that occur at higher speeds as well as crashes in which the struck vehicle is either a motorcycle or large truck. 

Through research and evaluation, the group works to reduce deaths, injuries and property damage in motor vehicle crashes. This latest test update, according to IIHS President David Harkey, was “vital” to one of its more successful test-run programs. 

WAYMO SELF-DRIVING CAR CRASHES INTO SAN FRANCISCO BICYCLIST

During the updated test, the Subaru Forester was the only small SUV to earn a “good” rating, according to the IIHS. Meanwhile, the Honda CR-V and Toyota RAV4, achieved acceptable ratings.

The Ford Escape, Hyundai Tucson and Jeep Compass earned marginal ratings, but the Chevrolet Equinox, Mazda CX-5, Mitsubishi Outlander and Volkswagen Taos rated poorly, according to the data.

“The vast majority of new vehicles now come with automatic emergency braking, and our research shows the technology prevents as many as half of all front-to-rear crashes,” he said. “This new, tougher evaluation targets some of the most dangerous front-to-rear crashes that are still happening.”

TESLA DRIVER USING AUTOPILOT MODE CHARGED WITH VEHICULAR HOMICIDE IN DEATH OF MOTORCYCLIST

The issue is that the original vehicle-to-vehicle front crash prevention evaluation was developed when the technology was relatively new. As a result, the performance requirements only addressed low-speed crashes, according to the IIHS. It had test runs at 12 mph and 25 mph. When the original evaluation was discontinued at the end of 2022, all of the vehicles that were tested were earning the top rating of superior.

The group said that separate research has also shown that the systems used today are less effective at preventing crashes with motorcycles and medium or heavy trucks than they are at preventing crashes with other passenger vehicles.

The updated test included trial runs at 31 mph, 37 mph and 43 mph. In addition to a passenger car target, the test examined the performance with a motorcycle target and a semitrailer.

The IIHS said this new evaluation better “reflects a substantially greater proportion of police-reported front-to-rear crashes, including many that are more severe.” 

However, IIHS noted that even cars that were rated “marginal” in the test still demonstrated “a higher level of performance than what was required for the highest rating in the original vehicle-to-vehicle front crash prevention evaluation.” 

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The reason the Forester was rated the best was because it avoided a collision with the passenger car target at every test speed. It also avoided hitting the motorcycle target at 31 mph and 37 mph, and slowed by an average of 30 mph before hitting the motorcycle target in the 43 mph tests, according to the IIHS data. 

The group also noted that the forward collision warning alerts on the car also came more than the required 2.1 seconds before the projected time of impact in all the trials, and also in those conducted with the trailer.

Ford told FOX Business that its 2023-24 Ford Escape “meets or exceeds all current safety regulations and requirements.” 

“We are always working to continuously improve and we consider IIHS and other third-party feedback in vehicle development,” Ford said, adding that the 2023-24 model year “has a 5-star overall NHTSA rating, which is among the top on the market today.”

Stellantis, which owns the Jeep brand, told FOX Business that “every vehicle meets or exceeds all applicable federal safety standards” and that the company closely monitors third-party ratings. 

“However, we engineer our vehicles for real-world performance. No single test determines vehicle safety,” the company continued. 

Mazda noted that the company is always looking to improve its “suite of advanced driver assistance features, including the automatic emergency braking systems that IIHS has put to the test at higher speeds and with varied obstacles.” 

The company said it is currently evaluating IIHS’ new front crash avoidance criteria and believes it “can achieve higher ratings in the near future.”

Mitsubishi Motors North America told FOX Business that its vehicles “meet or exceed every required safety standard in the U.S., and have been recognized by IIHS for excelling in IIHS’ own testing protocols.” 

The company added that “the requirements of this particular test exceed any applicable safety standard” and that it remains “confident” in the 2024 Outlander’s real-world safety technology, given the vehicle’s IIHS Top Safety Pick rating.

General Motors, which owns the Chevy brand, told FOX Business that its “confident in the safety of the Chevrolet Equinox that achieved a 5-star safety overall rating from NHTSA’s comprehensive New Car Assessment Program.” 

It also plans to incorporate the IIHS findings into its designs.

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The official in charge of federal financial aid is leaving the Department of Education after the disastrous overhaul of the Free Application for Federal Student Aid (FAFSA) that has left students and families in limbo for months.

DOE officials said Richard Cordray, the chief operating officer for Federal Student Aid, will step down at the end of June, USA Today reported Friday.

A bipartisan spending bill passed in December 2020 included legislation aimed at reforming and streamlining the process for submitting the Free Application for Federal Student Aid (FAFSA) ahead of the 2024-25 award year.

BIDEN ADMIN’S BOTCHED FINANCIAL AID ROLLOUT UNDER INVESTIGATION BY WATCHDOG

Incoming and current students and their families must complete the FAFSA if they want to receive federal financial aid at institutions of higher education in the next academic year.

The Department of Education’s implementation of the new FAFSA process has been beset by delays that have prevented the agency’s Office of Federal Student Aid (FSA) from processing FAFSA applications on time.

With students and their families in the dark about their potential financial aid award, delays have had the effect of causing colleges and university systems to delay their priority admissions deadlines.

HIGHER ED IS FACING A ‘GIANT RECKONING’ AS BLUE-COLLAR JOBS PREVAIL, MIKE ROWE WARNS

Cordray’s announced departure comes as many high school seniors across the U.S. are still awaiting financial aid packages that should have been issued by now. 

SUCCESSFUL ENTREPRENEUR DITCHES COLLEGE DEGREE FOR ‘HANDS-ON EXPERIENCE’

In a statement to USA Today, Cordray touted the Biden adminstration’s sweeping student loan forgiveness as the top achievement of his three years at the DOE.

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“Over my tenure, we provided student loan forgiveness to more than 4 million borrowers and their families, made it easier for people to apply for and manage federal student aid and took strong actions to hold schools accountable for defrauding students,” Cordray said.

FOX Business’ Eric Revell contributed to this report.

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