Business

Jeff Immelt Enforced Strict ‘If You Don’t Have Something Nice To Say Don’t Say Anything At All’ Rule

By WRI Staff [CC BY 2.0], via Wikimedia Commons What’s left of G.E. is getting closer and closer to the bottom of many things, such as possible stock prices, but also how and why an empty corporate jet followed former CEO Jeff Immelt around the globe. This enigmatic mystery is made more so by the fact that the plane continued to puppyishly remain at Immelt’s airborne heel even after he ordered it to stop. But a new things about Immelt’s G.E. have come to light that may help explain this otherwise inexplicable practice, and how it inexplicably remained off of both Immelt’s and the board’s radar. Unfortunately, these new things also help explain how G.E. became the raging dumpster fire about to be sold for scrap that it is today. GE’s precipitous fall, following years of treading water while...

Jamie Dimon Will Raze 270 Park In Order To Build Something More Worthy Of Jamie Dimon

Lloyd has his gleaming spaceship on The Battery, BriMo has his modern Midtown tower, and Jim Gorman has his own blaring corner of Times Square. Hell, even Jes Staley has Dick Fuld’s 32 stories of still-warm “vision-building” leftovers on Seventh Avenue. Yet over on Park Avenue, the true Khaleesi of Wall Street sits in a mid-century throne room. A sixty-year-old relic that some fossils still have the temerity to call “The Union Carbide Building.” But the Lord of Bankers and first of his name, has sat idle long enough inside a 52-story insult to his potency, and he will no longer attempt to put lipstick on that pigsty by filling his lobby with bespoke Vineyard Vines boutiques or pop-up luxury British car dealerships.  No! Jamie Dimon is done gazing with envy at the palaces of his lessers… JP...

David Einhorn Is Still Not Dead Yet

Things aren’t getting any better for David Einhorn after Greenlight had its worst month since 2008 in January. You might recall that last year was rough – David was up just 1.6% compared to the S&P’s mammoth gains and a 6.5% return for the average hedge fund. And January didn’t bode well for 2018 as the “bubble basket” continued to get more “bubbly”. Here’s a quick recap because you know, why not rub it in?… Last year was not a fun one for David Einhorn, who managed only a relatively miniscule return while both investors and his wife abandoned him. The former was primarily the result of a world turned upside down: For if Donald Trump can be president, why should Elon Musk be held to the established standards of what constitutes a good investment? Why shouldn’t brilliant financial innov...

CEO on Priceline becoming Booking: ‘It helps change the perception of what our overall company is’

Priceline Group renamed itself to Booking Holdings Inc. on Wednesday to better reflect its growing portfolio of brands and highlight booking.com, the underlying driver of its business, according to CEO Glenn Fogel. Fogel told CNBC that booking.com has more than 1.5 million properties and generates more than 1 million bookings per day. “It helps change the perception of what our overall company is … from Priceline to a much more global brand,” said Fogel. While booking.com is well known in Europe and elsewhere, Fogel is betting that a change to the company’s parent name will increase its brand awareness in the U.S. “We’re better known outside the U.S. than inside the U.S. By changing the parent name, we expect people in the U.S. will have better awareness of al...

Venezuela’s oil-backed cryptocurrency raised $735 million in one day, president claims

Venezuela’s oil-backed “petro” cryptocurrency raised $735 million in the first day of its pre-sale Wednesday, President Nicolas Maduro has claimed. The Venezuelan president said on Twitter that the petro token raised more than 4.777 billion Chinese yuan, or $735 million, and that the state-backed virtual currency “reaffirms our economic sovereignty.” Tweet Tweet Caracas said that each unit of the petro is pegged to the price of one barrel of Venezuelan oil. The country’s cryptocurrency regulator has said it hopes the petro will draw investment from Qatar, Turkey and other Middle Eastern countries, as well as from European nations and the U.S. But a number of skeptics have raised concern about the country’s cryptocurrency ambitions, with some citing...

Opening Bell: 2.21.18

As Stock Jitters Recede, Focus Shifts to Surging Company Profits [Bloomberg]A stream of rosy profit reports has helped soothe the nerves of investors rattled by this month’s stock market plunge. U.S. companies are seeing the biggest growth spurt in quarterly earnings in six years, and the pace is set to accelerate.The question now is whether that momentum will fuel further stock gains. Here’s a Change: U.S. Borrowing Costs Among Highest in Developed World [WSJ]For the first time since 2000, U.S. 10-year yields, at 2.88%, are above those of Australia, at 2.84%, notes ADMISI, a brokerage unit of agricultural giant Archer Daniels Midland. At first glance, this makes sense. Benchmark yields have converged as the U.S. Federal Reserve has raised rates while the Reserve Bank of Australia has stoo...

Netanyahu confidant will reportedly testify against him

Israeli media reported Wednesday that one of Prime Minister Benjamin Netanyahu‘s closest confidants has turned state witness and will incriminate him in corruption allegations, the latest in a dizzying series of developments that threaten to topple the beleaguered Israeli leader. Police would not confirm whether long-time aide Shlomo Filber would testify against Netanyahu, but all the major Israeli media outlets said a deal to do so had been reached. Filber, the former director of the Communications Ministry under Netanyahu, is under arrest on suspicion of promoting regulation worth hundreds of millions of dollars to Israel’s Bezeq telecom company. In return, Bezeq’s popular news site, Walla, allegedly provided favorable coverage of Netanyahu and his family. The reports c...

Lloyds Banking Group profit hits record $7.4 billion but misses estimates

Lloyds Banking Group reported its highest pre-tax profit since 2006 on Wednesday, announcing a share buy-back of up to £1 billion and £3 billion of strategic investment over the next three years. The 24 percent rise in profit to £5.3 billion ($7.4 billion) beat last year’s record of £4.2 billion but fell short of the £5.73 billion expected by analysts in a poll provided by the bank. Chief Executive Antonio Horta-Osorio said 2017 had been a “landmark year” for the group, which returned to full private ownership for the first time since 2008, when it was the subject of a bailout by taxpayers worth some £20.5 billion. “We have delivered another year of strong financial performance with improved profits and returns… and have now built the largest and top rated dig...

Hackers hijack Tesla’s cloud system to mine cryptocurrency

Tesla’s cloud system was hijacked by hackers who used it to mine cryptocurrency, according to researchers. Hackers were able to infiltrate the automaker’s Kubernetes administration console because it was not password protected, cybersecurity firm RedLock said Tuesday. Kubernetes is a Google-designed system aimed at optimizing cloud applications. This left access credentials for Tesla’s Amazon Web Services (AWS) account exposed, and hackers deployed cryptocurrency mining software called Stratum to mine cryptocurrency using the cloud’s computing power. Cryptocurrency mining is a process whereby so-called miners solve complex mathematical problems to validate a transaction and add it to the underlying network. RedLock did not specify which cryptocurrency was mined in t...

Mining giant Glencore says it’s had its ‘best ever’ full-year results

Glencore on Wednesday announced full-year overall adjusted profit of $14.76 billion, in line with expectations, and said its full-year marketing adjusted EBIT was $3 billion, above the range it flagged at the end of last year. Chief Executive Ivan Glasenberg in a statement said the performance was the company’s “strongest on record, driven by our leading marketing and industrial asset businesses.” A consensus of analysts compiled by Thomson Reuters I/B/E/S forecast EBITDA (earnings before interest, tax, depreciation and amortisation) of $14.67 billion. Miner and trader Glencore in December in an update for investors said its 2017 marketing EBIT (earnings before interest and tax) would be at the top end of its previous guidance at $2.8 billion.

Hundreds of KFC branches in the UK to remain closed amid ongoing chicken shortage

KFC expects some of its U.K. outlets to remain closed for the rest of the week, as a result of chicken shortages across the country. Around half of the fast-food chain’s 900 stores in Britain were closed Tuesday evening. Many of those still open are offering a reduced menu or have cut their hours. Last week, KFC said the closures had been caused after it had taken on a new delivery partner, DHL, and apologized for the shortages. A KFC spokesperson said the company anticipated the number of closures to fall over the coming days while they worked “flat out all hours to clear the backlog.” “Each day more deliveries are being made; however, we expect the disruption to some restaurants to continue over the remainder of the week, meaning some will be closed and others ope...

The world’s fourth largest iron ore producer wants to drive production costs even lower

After its production costs hit a record low in the last quarter, Fortescue Metals wants to drive costs even lower this financial year, according to the CEO of the Australian iron ore producer. Speaking to CNBC on “Street Signs,” Elizabeth Gaines, CEO of Fortescue Metals, talked about the strategies that she believes will help the iron ore company to cut costs. The measures that the company is taking is largely around automation, she said. “We’re rolling out our autonomous haulage system to our Chichester operations. That’s a conversion of over 100 trucks from man to autonomous. We have automated drills, we have a new relocatable conveyor system,” Gaines said. “It’s largely around innovation, that’s the way we will continue to drive our ...