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TALKING POINTS

Boston Fed names new board of directors

Roger W. Crandall, chief executive of financial services company MassMutual, will lead the Federal Reserve Bank of Boston's 2025 board of directors as chair.David L. Ryan/Globe Staff

LEADERSHIP

Boston Fed names new board of directors

The Federal Reserve Bank of Boston has named its 2025 board of directors, led by Roger W. Crandall, chief executive of financial services company MassMutual, as chair. Lizanne Kindler, CEO of KnitWell Group, has been selected deputy chair, the Boston Fed said in a statement. The board also added three new directors: Josephine Moran, CEO of Ledyard Financial Group; Dr. Sunil “Sunny” Eappen, CEO of the University of Vermont Health Network; and Betty Francisco, CEO of the Boston Impact Initiative. — LARRY EDELMAN

FRAUD

Texting scam imitating E-ZPass invoice spreads to Mass. after targeting N.H., R.I. customers

The Mass Pike between the Westfield and Lee exits.Erin Clark/Globe Staff

Texting scams instructing E-ZPass customers to pay outstanding toll balances have spread to Massachusetts after previously targeting drivers in New Hampshire and Rhode Island. Targeted phone numbers appear to be chosen at random and are “not uniquely associated with an account or usage of toll roads,” MassDOT said in a statement. The department said EZDriveMA will never request payment by text and all links associated with EZDriveMA will include the agency’s official domain — www.EZDriveMA.com. Several variations of the scam messages warn Massachusetts customers of “excessive late fees” if the toll bill is not paid urgently. Two messages reviewed by the Globe specify an unpaid balance of $6.99. The FBI is aware of the smishing scam and has received over 2,000 complaints reporting fraudulent texts representing road toll collection service from at least three states, according to an April statement from E-ZPass. When fraudsters attempt to obtain sensitive information through text messages — also known as short message service, or SMS — it’s called a “smishing” scam. If you receive a smishing text, you can alert your phone carrier by forwarding the suspicious message to 7726 (SPAM) and you can file a complaint with the FBI’s Internet Crime Complaint Center, officials said. If you already clicked on a link, MassDOT recommends taking precautions to secure your financial and personal information and disputing any unknown charges through your bank. — ALEXA COULTOFF

RETAIL

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Nordstrom to lay off 300 workers with store closures in Braintree, Peabody

Shoppers walked through Nordstroms in Braintree's South Shore Plaza for Black Friday on Nov. 29, 2024.John Tlumacki/Globe Staff

Luxury department store chain Nordstrom reported it will lay off 300 employees as it shutters two Massachusetts stores. The retailer will lay off 134 employees in closing its Peabody location and 166 in the closure of the Braintree storefront, according to notices the company filed to the state that were posted online as of Friday. The layoffs will take effect March 8, the state notices said. The Northshore Mall in Peabody location closes Jan. 31 and the South Shore Plaza store in Braintree closes March 8. A spokesperson for Nordstrom previously told the Globe that the company aims to support employees throughout the closures, including “those that are interested in finding another role within Nordstrom.” —MAREN HALPIN

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WORKPLACE

Toyota wants employees in office four days a week starting Sept. 2

The Toyota logo.Bill Pugliano/Getty

Toyota Motor Corp.’s North American salaried workers are being ordered back to the office Monday through Thursday starting in September, becoming the latest company to require more employees to show up regularly at their desks. The requirement will apply to employees at all job levels at its Toyota Motor North America and Toyota Financial Services units, except for a few specific excluded roles, the company said in an internal memo seen by Bloomberg and confirmed Monday by the company. Toyota said in the memo that staff can continue to work from home on Fridays “subject to business needs,” and that the new policy would not apply during four weeklong periods each year, including the weeks around the July 4 and Labor Day holidays. It denied the move is designed to reduce headcount but warned that failure to comply could lead to “termination of employment.” The Japanese carmaker is one of many large employers in the United States ordering workers to their desks in recent months, ending policies implemented during the COVID pandemic. AT&T Inc. and Sweetgreen Inc. told non-frontline staff earlier this month to get back to corporate locations more often. And Amazon.com Inc.’s CEO informed corporate employees in a September decree that a shift to five days in the office in 2025 would strengthen collaboration, connections, and its overall culture. — BLOOMBERG NEWS

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HEALTH

Americans drank less alcohol even before the surgeon general weighed in

Shelves display bottles of tequila for sale at a Pennsylvania fine wine and spirits store in Harmony, Pa.Keith Srakocic/AP/file

Statistics show that consumption of alcoholic drinks was trending downward long before Surgeon General Vivek H. Murthy’s recent call for rethinking recommended limits and adding warning labels about cancer risks. Alcohol sales volume in the United States fell 2.8 percent in the first seven months of 2024, according to IWSR, a beverage industry analysis firm. Almost every major alcoholic beverage category declined, with beer falling 3.5 percent, spirits down 3 percent and wine dipping 4 percent. Some of the biggest companies in the industry — including Pernod Ricard, Molson Coors, and Anheuser-Busch InBev reported declines in sales or volume in their most recent quarters. Multiple surveys signal a drop in drinking among younger Americans. According to the Bureau of Labor Statistics’s annual Consumer Expenditure Survey, the average amount that US residents younger than 25 spent on alcohol in 2023 dropped more than 60 percent from 2003 when adjusted for inflation. A 2024 Gallup poll found that the share of younger adults who say they drink fell from 72 percent to 59 percent in the last two decades. Forty-five percent of Gen Z consumers older than 21 said they did not consume any alcoholic drinks in 2023, according to a 2024 NielsonIQ survey. — WASHINGTON POST

MEDIA

News outlets batten down the hatches for Trump’s return

President-elect Donald Trump spoke to reporters at Mar-a-Lago, his residence and private club in Palm Beach, Fla., on Jan. 7.DOUG MILLS/NYT

Reporters and editors at national newspapers are increasing their reliance on encrypted communications to help shield themselves and their sources from potential federal leak investigations and subpoenas. Multiple media organizations are evaluating whether they have enough insurance coverage to absorb a potential wave of libel and other litigation from officials who have already shown an inclination to file such suits. And a nonprofit investigative journalism outlet is preparing for the possibility that the government will investigate issues like whether its use of freelancers complies with labor regulations. With President-elect Donald Trump returning to the White House, media outlets large and small are taking steps to prepare for what they fear could be a legal and political onslaught against them from the new administration and Trump’s allies inside and outside the government. For nearly a decade, Trump has demonized and tried to delegitimize the media. He has attacked reporters as “the enemy of the people.” He has repeatedly sued news organizations. In his first administration, the White House at times barred out-of-favor journalists from attending events. But the early indications are that his new administration could be more hostile to the press. — NEW YORK TIMES

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DEBT

Millions have had student loans canceled under Biden — despite the collapse of his forgiveness plan

Undergraduates celebrated at the traditional turning of the tassels on their caps at the conclusion of commencement at UMass Amherst on May 18, 2024.John Tlumacki/Globe Staff

Despite failing to deliver his promise for broad student loan forgiveness, President Biden has now overseen the cancellation of student loans for more than 5 million Americans — more than any other president in US history. In a last-minute action on Monday, the Education Department canceled loans for 150,000 borrowers through programs that existed before Biden took office. His administration expanded those programs and used them to their fullest extent, pressing on with cancellation even after the Supreme Court rejected Biden’s plan for a new forgiveness policy. In total, the administration says it has waived $183.6 billion in student loans. The wave of cancellation could dry up when President-elect Donald Trump takes office. Trump hasn’t detailed his student loan policies but previously called cancellation “vile” and illegal. Republicans have fought relentlessly against Biden’s plans, saying cancellation is ultimately shouldered by taxpayers who never attended college or already repaid their loans. — ASSOCIATED PRESS

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