Financial Daily Dose 1.29.2020 | Top Story: Chipotle fined over thousands of child labor law violations in Massachusetts

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Massachusetts has fined Chipotle $1.4 million as part of a settlement with the restaurant chain over accusations that “it routinely violated [state] labor laws, with authorities estimating more than 13,000 violations from 2015 to 2019” – NYTimes and Law360

Ghosn-tainted French automaker Renault has chosen Luca De Meo, a marketing specialist at Volkswagen, as the company’s new CEO—a “crucial step as it tries to revive its troubled alliance with the Japanese carmaker Nissan.” De Meo has headed up VW’s SEAT brand since 2015 – NYTimes

Meanwhile, struggling retailer J.Crew has hired former Victoria’s Secret exec Jan Singer to take the helm. The brand has struggled since “longtime leader Mickey Drexler stepped aside as chief executive in 2017” – WSJ

And Singer’s former company could see some shuffling as well, with Les Wexner, the “billionaire behind Victoria’s Secret,” in talks to “step aside” as CEO of his retail empire and potentially sell off the lingerie brand – WSJ and Bloomberg

Those thuds you here are presumably deficit hawks hitting the ground after learning of new CBO projections that the “national debt and sustained federal budget deficits will hit the highest levels since World War II over the next decade”—goosed upward by “multiple rounds of tax cuts and continued increases in federal spending.” In real numbers, that means the federal government is projected to spend at least $1 trillion more than it collects in 2020 and “every year for the foreseeable future” – WSJ

Match Group CEO Mandy Ginsberg is breaking up with the company, just months before it is due to be spun off from IAC/InterActiveCorp.’s holdings – MarketWatch and WSJ

Checking in with Jay Powell’s attempts to remain a low-key, behind the scenes guy in an era in which he and the Federal Reserve are not only in the spotlight but often the subject of attacks from his own government – NYTimes

Powell and his central bank ilk are expected to hold rates steady when the FOMC breaks later today – WSJ

European planemaker Airbus has agreed to pay nearly $4 billion to resolve corruption probes initiated by US, UK, and French authorities over the company’s past contract dealings. When final, the deal would lay the groundwork for a deferred prosecution agreement that “would allow the company to avoid formal charges” – WSJ and Law360

The Depository Trust & Clearing Corp.—a “linchpin” in the repo market (where “those who need cash to finance positions meet with those with money to lend”)—is “pushing back against accusations that a program it created to safeguard the repo market exacerbated last year’s chaos in short-term lending” – Bloomberg

Accused Flash Crash trader Navinder Singh Sarao has been sentenced to a year of home confinement for his alleged role in the May 2010 incident – WSJ

3M’s cutting more than 1500 jobs in an effort to save costs (it estimates $100 million or so) after posting lower revenue in key US markets, “the latest manufacturer to exhibit signs of strain at a time of weakness for the industrial economy” – WSJ and Marketplace

Looking for that perfect Bel-Air getaway and have a cool half-billion to spare? We’ve got you covered – Bloomberg

MDR

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