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Morgan Stanley CEO James Gorman’s 2016 pay up 7 pct to $22.5 million
Gorman will receive $22.5 million in total compensation, up from $21 million in 2015, spokesman Mark Lake said in an email. Gorman received a $5 million stock bonus for his performance in 2016, an 8 percent increase from 2015, according to a filing with the U.S. Securities and Exchange Commission. The filing did not provide greater detail on Gorman's total 2016 compensation. Read the original... [Read more]
U.S. department stores steady profitability boat even as sales slide
U.S. department store chains, hit by slowing sales for more than two years, have used layoffs, store closings and cutbacks to maintain one aspect of stability: profit margins. An analysis of two important indicators of retail profitability, gross margins and operating margins, shows retailers like Kohl's Corp , JC Penney Co Inc , Macy's Inc and Target Corp have done a better job at delivering... [Read more]
Apple files $1 billion lawsuit against chip supplier Qualcomm
Apple Inc filed a $1 billion lawsuit against supplier Qualcomm Inc on Friday, days after the U.S. government filed a lawsuit that accused the chip maker of resorting to anticompetitive tactics to maintain a monopoly over key semiconductors in mobile phones. Qualcomm is a major supplier to both Apple and Samsung Electronics Co Ltd for “modem” chips that connect phones to wireless networks.... [Read more]
Starwood to buy Canada’s Milestone Apartments REIT in $2.9 billion deal
(Reuters) – A unit of private investment firm Starwood Capital Group said it would buy Canada's Milestone Apartments Real Estate Investment Trust in a deal valued at about $2.85 billion. Starwood Capital will pay $16.15 in cash per Milestone Apartments unit, the REIT said. Based on current exchange rates the offer equates to about C$21.47 per Milestone Apartments unit, which is a premium... [Read more]
U.S exchanges rent helicopter, drape banner in pursuit of Snapchat IPO
By Lauren Hirsch, Liana B. Baker and Olivia Oran SAN FRANCISCO/NEW YORK (Reuters) – This past November, Nasdaq Inc hired a helicopter to film Manhattan's skyline using Snapchat's new video-camera sunglasses and sent the aerial footage to its social media followers. The New York Stock Exchange – its arch-rival – on the same day tweeted a video shot from the floor of its... [Read more]
Wal-Mart, General Motors reaffirm jobs long planned, Trump says thanks
Wal-Mart will add 10,000 jobs this year while GM announced $1 billion in investment that would create 1,500 U.S. jobs. Trump, who takes office on Friday, has repeatedly singled out and criticized U.S. companies across industries for not doing more to keep jobs in the United States and has put pressure on them to hire more U.S. workers. More: Wal-Mart, General Motors reaffirm jobs long planned,... [Read more]
Lockheed Martin CEO meets Trump, says deal to lower F-35 costs is close
Lockheed Martin Corp is close to a deal to significantly lower the cost of its F-35 aircraft, Chief Executive Officer Marillyn Hewson said on Friday after meeting with U.S. President-elect Donald Trump. “I certainly share his views that we need to get the best capability to our men and women in uniform, and we have to get it at the lowest possible price,” Hewson said to reporters in Trump... [Read more]
EU, U.S. strike deal to boost transatlantic insurance market
The European Union and the United States agreed on Friday to reduce legal and capital barriers to boost the $3 billion transatlantic insurance and reinsurance market. Under the deal, EU and U.S. authorities will lift requirements for reinsurers to hold more capital against risks if they operate from the other side of the Atlantic, eliminating one key hurdle for cross-border expansion. “This... [Read more]
Volkswagen faces reforms, oversight for three years under U.S. settlement
Volkswagen AG, as part of a $4.3 billion settlement with U.S. regulators, on Wednesday agreed to sweeping reforms, new audits and oversight by an independent monitor for three years to resolve diesel emissions cheating investigations. Under the settlement of charges it installed secret software in U.S. vehicles to allow them to emit up to 40 times legally allowable pollution, the German automaker... [Read more]
Dollar on defensive as Trump disappoints bulls
By Wayne Cole SYDNEY (Reuters) – The U.S. dollar nursed widespread losses on Thursday after President-elect Donald Trump's widely-awaited news briefing provided little clarity on future fiscal policies, disappointing bulls wagering on major stimulus. It was enough to Here is the original post: Dollar on defensive as Trump disappoints bulls Read More →