Wells Fargo Chairwoman Resigns Ahead Of Scheduled Testimony

NEW YORK (AP) — Wells Fargo Board Chairwoman Elizabeth Duke and director James Quigley are leaving the company.

The announcement Sunday arrived less than a month after the bank agreed to pay a $3 billion fine related to its long-running practice of opening unauthorized bank accounts to meeting unrealistic sales goals.

Duke has served as chair since January 2018. She had been vice chair from October 2016 to December 2017.

Quigley has been on board since 2013.

Executives at the San Francisco bank were scheduled to testify before the House Financial Services Committee this week.

“As the markets face increasing volatility, a strong Wells Fargo is needed now more than ever,” Duke and Quigley said in a joint statement. “Out of continued loyalty to Wells Fargo and ongoing commitment to serve our customers and employees, we recommended to our colleagues on the board that we step down from our leadership roles and they have accepted our resignation.”

Wells Fargo & Co. named Charles Noski as chairman. The retired bank executive has served on the board since June.

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Kellogg’s Giving Away High-Fiber Cereal

Kellogg’s is giving away a week’s worth of cereal to lucky winners in commemoration of National Breakfast Week.

The company said the giveaway is to emphasize the importance of eating enough fiber in your diet. Kellogg said that many people don’t focus on getting the necessary amount of fiber.

“Fiber is crucial to support digestive health and overall wellness, yet the vast majority of people aren’t getting enough,” says Sarah Ludmer, registered dietitian and Senior Director of Wellbeing and Regulatory at Kellogg. “Here at Kellogg’s we believe in the power of fiber and that people should get it through delicious, real foods, so we wanted to understand why Americans often miss out on this important nutrient — and what we found was surprising.”

Kellogg’s said it conducted a nationwide survey that found most people aren’t getting enough fiber and aren’t choosing breakfast options that are high in fiber.

“Starting your day with a bowl of Kellogg’s Raisin Bran or Kellogg’s Frosted Mini-Wheats gets you at least 20% of the recommended daily amount of fiber per serving while also providing additional nutrients like B vitamins and iron,” says Ludmer.

The company will giveaway a week’s worth of free Raisin Bran or Frosted Mini Wheats to a limited number of customers who join KelloggsFamilyRewards.com and pledge to increase their fiber intake.

Hwy. 7 east of Madoc closed for head-on collision: OPP

A section of Highway 7 east of Madoc is closed following a head-on collision on Monday morning.

OPP East Region tweeted just before noon that the Highway 7 is closed between Highway 62 and Highway 37 as Central Hastings OPP investigate a head-on collision.

Highway 37 at Highway 7 is about 20 kilometres west of the village of Madoc.

Police say one driver has suffered life-threatening injuries while the other driver has serious injuries. No other details have been provided.

OPP advise to find alternate routes.

More to come.

Playtech closes Snaitech units in Italy amid coronavirus hit

(Reuters) – Gambling software maker Playtech (PTEC.L) said on Monday its Snaitech betting units in Italy will remain closed until April 3, as per the government’s decree on all betting shops, arcades and bingo halls to halt the coronavirus spread.

Its Snaitech unit is Italy’s biggest sports betting firm. The company, which warned on its 2020 results last month, said its online activity in Italy would continue, which may help to mitigate some of the impact.

Florida Walks Back Call for All Global Travelers to Self-Isolate

Florida walked back its call for all travelers arriving from abroad to self-isolate for two weeks over coronavirus concern.

Travelers arriving from high-risk countries China, Iran, Italy or South Korea should self-isolate for 14 days, the health department said in the new statement.

The new statement, which cited Centers for Disease Control and Prevention guidelines, also said those who had just returned from a cruise should limit interactions and pay close attention to their health.

There have been 18 coronavirus cases connected to Florida, including several Florida residents currently in another state. The state’s outsize elderly population and its popularity with international travelers present unique challenges in combating the virus.

Aon plans takeover of Willis Towers in $30B all-stock deal

Stock market not in a freefall situation: Varney

FOX Business’ Stuart Varney discusses the stock market selloff amid coronavirus and oil concerns.

Aon is buying rival benefits and risk consultant Willis Towers Watson in an all-stock deal valued at around $30 billion.

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Aon said Monday that it will give Willis Towers stock owners slightly more than one Aon share for each of their shares in what amounts to a 16 percent premium to the stock’s closing price Friday.

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The new company will be run by Aon Plc CEO Greg Case and remain based in that company’s London headquarters. It will retain the Aon name. Willis Towers Watson CEO John Haley will become executive chairman.

The deal announcement comes nearly a year after Aon said it was no longer considering a buyout of Willis Towers.

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The companies say they expect savings of $267 million in the combination’s first full year. They expect the deal to close in the first half of 2021, but shareholders must first approve it.

U.S.-traded shares of Aon plunged 16 percent to $180.48 in midday trading Monday while broader indexes roughly 5 percent. Willis Towers Watson shares fell more than 7 percent to $185.14.