Business

United Continental appoints first female board chair

United Continental Holdings has selected former Federal Aviation Administration chief Jane Garvey as board chair, making her the first woman to lead the company’s directors, the carrier said on Thursday. “Jane steps into this critical role bringing with her decades of experience as both a leader and pioneer in our industry,” United Chief Executive Oscar Munoz said in a statement. Garvey’s appointment to the non-executive role comes a month after the previous board chairman, Robert Milton, and a director, Laurence Simmons, announced their resignations. United’s executive suite has been plagued by internal turmoil, with chief financial officer Andrew Levy last month stepping down from the role. Garvey brings regulatory experience to her new role. She was the fir...

One Bank Discovers A ‘Staggering’ Stat Amid Italian Bond Selloff

Yeah, so over the weekend, in a kind of rambling piece penned while attempting to block out the noise from a literal outdoor aerobics class that convened around me unexpectedly (I sometimes write from a picnic table at a pavilion down by a local pier and unbeknownst to me, one local fitness instructor has decided that this tourist season, she’s going to commandeer that pavilion for her classes, presumably because it has a nice ocean view), I talked about the Italian “problem” in the context of ECB CSPP. You can read that linked post for yourself, so I won’t rehash the whole thing, but one of the points I made was that given the representation of Italian credits in € IG and € HY, and given the fact that ECB corporate bond purchases have served to prevent the market from pricing in credit ri...

AMC Theatres CEO says company is “roaring hot,” with more cinemas and blockbuster hits to come

AMC Entertainment CEO and President Adam Aron said investors in the company don’t need to pay much attention to how the market moves. “As for our stock, you know, sometimes investors are just wrong,” Aron told CNBC on “Power Lunch” on Thursday. “I think there’s a lot of money to be made because I personally think this is a buying opportunity for AMC,” said Aron, who calls himself a bull. Shares of AMC Theatres are down 35 percent year to date, compared with competitors IMAX and Cinemark, which are both down 14 percent in the same period. But Aron, who has also served as CEO of Starwood Hotels and Resorts Worldwide, pointed out some successes for the company in the last year, including the opening of a new cinema in Riyadh, Saudi Arabia, last ...

Market Calls Trump’s Auto Tariff Bluff

Donald Trump’s feigned unpredictability has become the most predictable aspect of his administration. The president’s latest gambit is a threat of major tariffs against foreign car manufacturers, after he directed Commerce Secretary Wilbur Ross Wednesday to conduct a Section 232 investigation into whether foreign competition in the auto sector represents a threat to national security risk. The market has shrugged off the news, with Toyota stock falling less than 2% during trading Thursday, and other foreign car makers like BMW, Hyundai, and Daimler have all paired back losses since the announcement Wednesday afternoon. If investors were taking the president seriously, one would expect a much larger reaction, given that Toyota, for instance, sells more cars in North America than even its th...

Analyst: Shake Shack Is Doing Well For Itself, But Maybe Just A Little Too Well…Like Seriously, It’s Just Burgers

By m01229 from USA (Shake Shack burger and fries) [CC BY 2.0], via Wikimedia Commons Don’t look now but Shake Shack has been one of the hottest stocks of early 2019, growing 32.72% since the beginning of the year. What’s not to love about Shake Shack? It’s to Steak & Shake what Chik-Fil-A is to KFC, but without the intrinsic homophobia. So it makes you wonder: is Shake Shack doing a little too well for itself? After all, it’s not In N’ Out. Longbow Research suggests that prospective Shake Shack Investors wait till the stock takes a little dip before they buy any shares in the hot stock. Specifically, they downgraded their target purchase price from $54 to $49 after Shake Shack’s stock price eclipsed their original target price. Longbow still remains opportunistic about a potential decl...

New Italian Government Puts Oldest Italian Bank Back On Life Support

Getty Images At the ripe old age of 537, the Banca Monte dei Paschi di Siena fell ill. It had led a good life, from its salad days as the official pawnbroker for the Republic of Siena to its hey day as banker to the Medici. It was, after all, the oldest bank in the world, and all good things must come to an end. And for a while, it certainly looked like things were coming to an end. And then, un miracolo: An Italian taxpayer-backed, German-taxpayer loathed recovery. It seemed as though MPS might live well into its second half-millennium. But the angry Italian taxpayer giveth (unwillingly), and the angry Italian taxpayer taketh away (again). Italy’s anti-establishment Five Star Movement and far-right Northern League said they would “redefine the missions and objective” of the bank, in their...

Justice Department Suspects Criminals Have Infiltrated Otherwise Completely Above-Board Cryptocurrency Market

All that digital gold you’ve got squirreled safely away in one of Wences Casares’ amputated-limb-proof, mountainside decommissioned, military bunkers is worth roughly 11% less than it was to start the week, and that’s thanks in no small part to the Justice Department which, in conjunction with the CFTC, is looking into possible manipulation in the cryptocurrency market. Bloomberg reported the investigation on Thursday. Apparently, the DoJ is concerned about spoofing and wash trades in Bitcoin, Ethereum and various other iterations of what are, at the end of the day, make-believe assets. This is of course just the latest example of regulators and law enforcement agencies attempting to root out possible illegality in the cryptocurrency market and it’s patently absurd for all kinds of reasons...

United Airlines has reached a ‘resolution’ with owners of puppy that died in plane’s overhead bin

United Airlines has reached a settlement with the family whose French bulldog puppy died after it was placed in an overhead bin in March. “We are deeply sorry for this tragic accident and have worked with the Robledo family to reach a resolution,” the airline said in a statement. United and Evan Oshan, who said he represented the Robledo family, declined to disclose the terms. The puppy’s death was one in a series of United’s high-profile public-relations disasters that included the violent dragging of passenger David Dao off a United Express flight in April 2017 after he refused to make room for commuting crew. United settled with Dao later that month. United had apologized for Kokito’s death aboard the flight in March. A flight attendant had insisted the dog...

Guy Who Shot Car Into Space While Customers Waited For Cars They Already Paid For Wants To Rank The Media’s Credibility

You can’t make this up. The most famous overpromiser/under-deliverer in American manufacturing history has officially decided that he will only accept the kind of fawning press coverage afforded to young white dudes on the ascent inside the media bubble of Silicon Valley. Elon Musk – who is sitting on a massive production backlog of luxury electric cars that customers have paid for while he builds space rockets, high speed tunnels, solar panels and fucking flamethrowers – has torn a page out of the “Fake News” handbook and declared his own version of war on the American free press. In his latest Twitter rant, Musk took aim at “The Media” for providing negative coverage to Tesla, his car company that has consistently failed to make cars. Quoth the Elon: The holier-than-thou hypocrisy of big...

Zuckerberg says Facebook has ‘always shared’ the values of Europe’s new data law

Facebook has always shared the principles of a strict data protection law being introduced by the European Union this week, CEO Mark Zuckerberg said Thursday. Zuckerberg said that Facebook provided control, accountability and transparency about how data is used, referring to values enshrined in the EU’s General Data Protection Regulation (GDPR). “These are values that we’ve always shared for Facebook’s whole existence,” Zuckerberg said at the Viva Technology conference in Paris. “A huge part of what we do is make sure that people have the tools to share information, whether that’s a photo that you care about or a message with exactly the people who you want to share it with. So that way we can get to what we really care about, which is helping peop...

Delta Air Lines to fly nonstop from the US.to India for first time in a decade

Delta Air Lines will fly nonstop from the U.S. to India for the first time in a decade, a decision the airline said was due to recent agreements over three of its Middle Eastern rivals’ practices. The flights will begin next year and either depart from New York’s John F. Kennedy International Airport or Delta’s home base at Hartsfield-Jackson Atlanta International Airport, but the airline has not made a final decision. Delta’s announcement came after agreements this year appeared to put to rest a bitter, years-long dispute with three Persian Gulf airlines — Qatar Airways, Emirates and Etihad — which U.S. airlines said received government subsidies making it impossible for the U.S. carriers to compete in certain markets. Delta CEO Ed Bastian told CNBC earlier this mo...

Watch Facebook’s Mark Zuckerberg speak at Viva Tech 2018 as concerns over data protection heighten

[The stream is slated to start at 11:30 a.m. ET. Please refresh the page if you do not see a player above at that time.] Mark Zuckerberg is speaking at the Viva Technology conference amid heightened concerns over how Facebook handles user data. The social network’s co-founder and chief executive is speaking to Maurice Levy, the chairman of advertising firm Publicis. Zuckerberg has come under criticism from politicians for his lack of answers regarding the Cambridge Analytica scandal. Facebook has admitted that the data of 87 million users may have been improperly shared with Cambridge Analytica. Zuckerberg was grilled by U.S. and European Union lawmakers, but has denied requests to appear before U.K. parliamentarians.