Disney is naming parks chief Josh D’Amaro as its next CEO, succeeding Bob Iger.

D’Amaro has served as Disney Experiences Chairman, spearheading efforts for the company’s theme parks, cruises and resorts.

Tech stocks pull Wall Street lower

The U.S. stock market sank after a mixed day of trading.

The S&P 500 fell 0.8% Tuesday. The Dow Jones Industrial Average dipped 0.3%, and the Nasdaq composite lost 1.4%. Nvidia, Microsoft and other influential Big Tech stocks weighed on the market.

PayPal replaces CEO Chriss with HP’s Lores

PayPal is replacing CEO Alex Chriss with Enrique Lores, saying that the pace of change and execution at the company has not met board expectations over the past two years.

Lores spent more than six years as president and CEO of HP Inc.

SBA: Legal permanent residents ineligible

The Small Business Administration said in a policy note that green card holders won’t be allowed to apply for SBA loans, effective March 1.

The move is the latest by the SBA as it works to tighten loan restrictions and restructure.

Lawmaker raises new concerns over FDA

A Democratic lawmaker is raising new concerns about a Food and Drug Administration program designed to drastically shorten the review of certain drugs.

The initiative by FDA Commissioner Marty Makary promises ultra-fast reviews for drugs that align with “national priorities.” But the effort has become a flashpoint for controversy outside and inside the agency.

PepsiCo plans price cuts as demand slips

PepsiCo is cutting prices on Lay’s, Doritos, Cheetos and Tostitos chips in an effort to win back consumers exasperated by rising prices.

PepsiCo has leaned on price increases in recent years as the cost of packaging, ingredients and transportation grew. That has boosted revenue but weakened demand for its products.

Spain looks to ban social media for under-16s

Prime Minister Pedro Sanchez says Spain’s government plans to ban social media access for children under 16.

Speaking on Tuesday at a summit in the United Arab Emirates, Sanchez criticized technology companies for allowing harmful content like child abuse and deepfake images. He emphasized that governments must stop ignoring these issues.

Spending by wealthy rises; others tread water

Higher-income Americans and those with college degrees have ramped up their spending more quickly in the past three years than lower-income households and those without diplomas, according to new data released Tuesday, evidence of worsening inequality.

The figures add support to the notion of a “K-shaped” economy, in which upper-income Americans are fueling a disproportionate share of the consumption that is the primary driver of the economy, while lower-income households see fewer gains.

Trial of ex-FirstEnergy executives begins

The $4.3 million that Akron-based FirstEnergy paid veteran utility lawyer Sam Randazzo in 2019 is at the center of another criminal trial tied to Ohio’s sweeping $60 million bribery scandal.

Prosecutors allege then-FirstEnergy Corp. CEO Chuck Jones and then-lobbyist Michael Dowling played roles in orchestrating the hefty payout to Randazzo in exchange for regulatory favors.