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TALKING POINTS

Mass. council names a new chief executive

Sara Fraim, pictured here, has been promoted to be CEO of the Massachusetts Technology Leadership Council.courtesy of MassTLC

TECHNOLOGY

Mass. council names a new chief executive

The Massachusetts Technology Leadership Council has promoted Sara Fraim to be its next chief executive, taking over for Tom Hopcroft. Meanwhile, the group is also promoting interim chief executive Kate Reynolds McLeod to be chief operating officer. Fraim has been with MassTLC for 11 years in a variety of roles, including most recently as vice president of programs and policy. She will remain executive director of the group’s educational foundation as well. McLeod, meanwhile, joined MassTLC in 2016, and before her tenure as interim chief executive, she was vice president of operations. The MassTLC board is billing the new arrangement as a “joint leadership model.” Fraim is the third chief executive in the organization’s 37-year history, dating back to its early days as the Massachusetts Software Council. Hopcroft was the second but announced he would step down to pursue new opportunities in April. The trade association has an eight-person staff and a roughly $2 million annual budget, with about 300 member companies that collectively represent tens of thousands of tech workers. — JON CHESTO

BANKING

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Owners of Zelle agree to compensate customers for fraud

The seven banks that own the payments network Zelle are preparing a major rule change early next year that will require the network’s member banks to compensate customers who fall victim to certain kinds of scams, according to two people familiar with the plans. The shift would reverse the network’s current policy, which typically sticks customers with the losses on any Zelle transactions that the customers physically initiated themselves — even if they were tricked into sending their cash to a thief. A growing number of scams using Zelle has angered lawmakers and regulators, who have pressured banks to better protect — or indemnify — their customers. Senator Elizabeth Warren, a Massachusetts Democrat and a member of the Senate Banking Committee, turned the issue into a crusade. At a hearing in September, she blasted the chief executives of several large banks for taking a hands-off approach to what she called “alarming” theft levels on Zelle: “When someone is defrauded, you claim that’s the customer’s problem.” — NEW YORK TIMES

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MEDIA

Head of AMC leaves after less than three months

AMC said Christina Spade has stepped down as chief executive, an abrupt departure less than three months after she took the top job. The television-channel company’s board “is currently finalizing who it will name as a replacement,” according to a statement Tuesday. No reason was given for Spade’s departure. The change continues a leadership revolving door. AMC, known for its namesake cable channel along with brands such as IFC and SundanceTV, had been run by Josh Sapan before a similarly abrupt exit last year. Matt Blank served as interim chief executive before Spade, AMC’s former chief operating officer and chief financial officer, was named the top executive effective Sept. 9. — BLOOMBERG NEWS

The Apple Music application for download in the Apple App store on a smartphone arranged in New York on June 17, 2021. Gabby Jones/Bloomberg

MUSIC

“Stay” had staying power

“Stay,” the smash hit by The Kid Laroi and Justin Bieber topped Apple Music’s global song chart in 2022 as the giant music streamer released its end-of-year lists and provided listeners with data on their own most listened-to tunes. “Stay,” which stayed atop the Billboard Hot 100 for seven weeks this summer, was No. 1 on Apple Music’s top 100 global songs chart, staying on top for 51 days straight. Elton John and Dua Lipa’s “Cold Heart (PNAU Remix)” was No. 1 on the streamer’s Shazam chart and “We Don’t Talk About Bruno” from the movie musical “Encanto” was the song with the most-read lyrics in 2022 on the platform. Joining “Stay” at the very top of the global songs list were “As It Was” by Harry Styles, “Wait For U” by Future featuring Drake and Tems, “Super Gremlin” by Kodak Black, “Easy on Me” by Adele, and “Heat Waves” by Glass Animals. — ASSOCIATED PRESS

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SOCIAL MEDIA

Twitter ends policy that suppressed false COVID information

Twitter said it ended a policy designed to suppress false or misleading information about COVID-19, part of Elon Musk’s polarizing mission to remake the social network as a place for unmoderated speech. By discarding the COVID rule, the company will no longer apply labels to posts containing falsehoods about the disease or provide supplemental corrective information as it did before. It will apparently no longer remove inaccurate tweets or ban accounts either. The company disclosed the change in a note added to a page on its website outlining the old COVID policy. It says Twitter stopped enforcing the rule on Nov. 23. Musk has also dramatically reduced the size of the team devoted to tackling child sexual exploitation on the platform, cutting the global team of experts in half and leaving behind an overwhelmed skeleton crew, people familiar with the matter said. — BLOOMBERG NEWS

PHILANTHROPY

Fidelity Charitable expects a big year for donor-advised funds

Fidelity Charitable, the nation’s largest grantmaker, expects 2022 will be the first year since 2018 that the value of grants from its donor-advised funds exceeds the value of investments going into the funds. Jacob Pruitt, Fidelity Charitable’s president, told the Associated Press that donations this year are on track to set a record, even before counting gifts from Giving Tuesday, which has grown into a major fund-raising day for charities since its launch 10 years ago. In 2021, Fidelity Charitable donated more than $10.3 billion in donor-recommended grants to more than 187,000 organizations. — ASSOCIATED PRESS

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A monorail on the Palm Jumeirah passes on a track above the skyline of the Dubai Marina in Dubai, United Arab Emirates, on Dec. 21, 2019.Jon Gambrell/Associated Press

INTERNATIONAL

Thinking of moving? Valencia, Dubai, and Mexico City tops for expats

Three different cities on three separate continents are the best places for expats to live and work, according to a new survey. Spain’s Valencia topped the InterNations Expat City Ranking list 2022 — with respondents raving about quality of life, public transport, and sporting opportunities — followed by Dubai, which was lauded for the welcome it gives new arrivals. Mexico City came in third for its affordability. Not faring so well was Johannesburg, which ranked bottom of the 50-strong list, with those surveyed branding the South African city unaffordable and unsafe. Sitting just above it are Germany’s Frankfurt and the French capital Paris, which both scored poorly when it came to affordable housing. Miami was the highest-ranking North American city on the list, in 12th place, with New York clocking in at No. 16 and Toronto in 19th position. In the UK, London limped in at 40th place. — BLOOMBERG NEWS

FINANCE

Goldman Sachs moving some London jobs to Milan post-Brexit

Goldman Sachs is shifting some of its euro swaps trading desk to Milan from London, the latest example of roles moving to the continent after Brexit. The Wall Street giant is relocating staff as it bolsters European offices in the wake of the UK’s departure from the European Union, according to people familiar with the matter. — BLOOMBERG NEWS

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INTERNATIONAL

Nestle to unload peanut-allergy treatment

Nestle put its Palforzia peanut-allergy treatment up for sale only two years after buying it, as chief executive Mark Schneider reverses course on one of his biggest acquisitions beyond the Swiss company’s traditional food and beverage operations. Schneider told investors Tuesday that Nestle is trying to correct mistakes quickly and aims for consistent results in the coming years even as the market becomes more volatile. — BLOOMBERG NEWS