Facebook returns to its roots: showing posts from friends and family

LEGAL

Before his arrest Wednesday, Paul Steed was a respected sugar market expert for a subsidiary of famed candymaker Mars Inc. He served on a US trade advisory committee for sweeteners as well as on industry group boards, while giving presentations at conferences. Now Steed, of Stamford, Conn., is accused in a federal indictment of stealing more than $28 million from Mars since about 2013 through various schemes, including diverting funds to companies he set up. He is charged with seven counts of wire fraud and two counts of tax evasion. Steed, 58, a dual US and Argentine citizen, pleaded not guilty in federal court in Bridgeport on Wednesday and was ordered detained pending trial. A US magistrate judge said Steed was a flight risk and noted that while the government has seized $18 million of the allegedly pilfered funds, several million dollars remain unaccounted for and Steed has strong connections to family in Argentina. Steed’s lawyer, federal public defender Phoebe Bodurtha, did not immediately respond to an email seeking comment Thursday. Mars Inc. said in a statement that the case involves “the action of a single individual who sought to exploit the organization for personal gain.” “We fully cooperated with law enforcement to see this matter quickly brought to justice and always remain committed to maintaining the highest ethical standards and integrity in all our operations,” it added. Steed worked remotely from his Stamford home as global price risk manager for Mars Wrigley, according to federal prosecutors. The company is a subsidiary of McLean, Va.-based Mars Inc., the maker of M&M’s, Snickers, Skittles, Altoids mints, and Doublemint gum, as well as other food products and pet food. — ASSOCIATED PRESS

ECONOMY

US applications for unemployment benefits held steady last week, a sign that the labor market remains healthy as companies continue to retain their employees. Jobless claim filings ticked down by 1,000 to 224,000 for the week ending March 22, the Labor Department said Thursday. That’s mostly in line with the 225,000 new applications analysts forecast. Weekly applications for jobless benefits are considered a proxy for layoffs, and have remained mostly in a range between 200,000 and 250,000 for the past few years. It remains unclear when job cuts ordered by the Department of Government Efficiency, or “DOGE,” will show up in the weekly layoffs report, though the Labor Department’s February jobs report showed that the federal government shed 10,000 jobs. That’s the most since June of 2022. Economists don’t expect the federal workforce layoffs to have much of an impact until the March jobs report, which comes out April 4. — ASSOCIATED PRESS

ARTIFICIAL INTELLIGENCE

OpenAI is close to finalizing a $40 billion funding round led by SoftBank Group Corp. — with investors including Magnetar Capital, Coatue Management, Founders Fund, and Altimeter Capital Management in talks to participate, according to people familiar with the matter. Magnetar Capital — an Evanston, Ill.-based hedge fund — could contribute up to $1 billion, according to multiple people, all of whom asked not to be identified because the information is private. The artificial intelligence developer’s funding round would be the largest of all time, according to data compiled by research firm PitchBook. The deal is set to value the company at $300 billion including dollars raised — almost double the ChatGPT maker’s previous valuation of $157 billion from when it raised money in October. — BLOOMBERG NEWS

REGULATION

Paul Atkins, President Trump’s pick to lead the Securities and Exchange Commission, faced an early political test over his strong ties to Wall Street and digital-asset firms. At his nomination hearing Thursday, the former Republican SEC commissioner and founder of consulting firm Patomak Global Partners met with stiff opposition from Democratic lawmakers over his potential conflicts of interest and support of deregulation. Senator Elizabeth Warren, speaking just before his Banking Committee hearing, said she’s concerned that Atkins is “thinking about his past and future clients” rather than American families. That criticism is unlikely to get in the way of his approval by the GOP-controlled Senate. Atkins is considered a qualified candidate and an ideal choice to roll back Biden-era policies, support capital formation, and provide clarity to the crypto industry. Atkins told lawmakers that he’s committed to standard ethics requirements. In his testimony, he promised lawmakers to work on “clear rules of the road” for both Wall Street and digital-asset firms. “Unclear, overly politicized, complicated, and burdensome regulations are stifling capital formation, while American investors are flooded with disclosures that do the opposite of helping them understand the true risks of an investment,” Atkins said. “It is time to reset priorities and return common sense to the SEC.” — BLOOMBERG NEWS

REAL ESTATE

The average rate on a 30-year mortgage in the United States fell slightly this week, a welcome reversal for homebuyers in what’s traditionally the housing market’s busiest time of the year. The rate fell to 6.65 percent from 6.67 percent last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.79 percent. This is the first decline in the average rate after rising two weeks in a row. The average rate has trended lower since mid-January, when it climbed to just over 7 percent — a relief for house hunters struggling to afford a home after years of soaring prices. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, rose this week, however, pushing the average rate to 5.89 percent from 5.83 percent last week. A year ago, it averaged 6.11 percent, Freddie Mac said. Mortgage rates are influenced by factors including bond market investors’ expectations for future inflation, global demand for US Treasurys, and the Federal Reserve’s interest rate policy decisions. — ASSOCIATED PRESS

ENTERTAINMENT

After a yearlong search, the Sundance Film Festival announced Thursday that its new home will be Boulder, Colo., keeping Sundance in the mountains but moving it out of Park City, the Utah ski town that had for decades provided the premier independent film gathering its picturesque snowy backdrop. Organizers said that after 40 years in the mountains, the festival had outgrown Park City, and lacked the necessary theaters or affordable housing to continue hosting what has become one of North America’s most sprawling movie events. Sundance had narrowed down the options to Salt Lake City (with a smaller presence in Park City), Cincinnati, and Boulder. Boulder, organizers said, emerged as their choice due to its close proximity to nature, its small-town charm, and an engaged community that provides Sundance the ideal setting for its future. “Boulder is a tech town, it’s a college town, it’s an arts town, and it’s a mountain town,” Amanda Kelso, acting chief executive of the Sundance Institute, said in an interview Thursday from Boulder. “At 100,000 people, a larger town than Park City, it gives us the space to expand.” — ASSOCIATED PRESS