The pace of job cuts by US employers accelerated in 2023, with the number of layoffs surging 98% compared with the previous year. That is according to a new report published by Challenger, Gray & Christmas, which found that companies planned 721,677 job cuts last year, a substantial increase from the 363,832 layoffs reported in 2022. The…
Elon Musk admitted to being “naive” about the recent rise in antisemitism after visiting the Auschwitz-Birkenau concentration camp in Poland on Monday — an experience the tech mogul described as “incredibly moving.” “It hits you much more in the heart when you see it in person,” Musk, the world’s richest person, said after touring the…
President Biden’s top economic adviser will argue on Monday that the administration is engineering a revival of economically disadvantaged communities across the nation, largely relying on anecdotal evidence and patterns of new federal spending in places like Eastern Pennsylvania and Milwaukee, Wis. Lael Brainard, who heads Mr. Biden’s National Economic Council, will use a speech…
Exxon Mobil is suing two activist investors to prevent their proposal calling for emissions cuts at the oil giant from coming to a vote of shareholders. In a complaint filed in U.S. District Court for the Northern District of Texas on Sunday, Exxon accused the investors, Arjuna Capital and Follow This, of abusing the process…
The retailer Macy’s rejected a $5.8 billion takeover bid late Sunday that valued the struggling department store chain at roughly 20 percent above its closing share price on Friday, but suggested it was “open to opportunities.” The bidders, Arkhouse Management and Brigade Capital, are seeking to acquire Macy’s stock they do not already own at…
Bill Ackman’s Pershing Square Capital Management has reclaimed a spot on the list of the world’s 20 best-performing hedge funds nine years after falling out of the ranking. Pershing Square claimed the 20th spot after edging out Louis Bacon’s Moore Capital Management, according to research by LCH Investments. LCH said that the New York-based fund,…
The Federal Aviation Administration recommended late Sunday night that airlines begin visual inspections of door plugs installed on Boeing 737-900ER planes, the second Boeing model to come under scrutiny this month. The F.A.A. said the plane has the same door plug design as the 737 Max 9, which had 171 jets from its fleet grounded…
Morgan Stanley’s board awarded James Gorman a handsome 17% raise raise in 2023, making his total compensation for his last year as the bank’s chief executive $37 million. On top of his $1.5 million base salary, Gorman received a cash bonus of just under $9 million, according to a regulatory filing Friday reviewed by Bloomberg….
It’s down to Trump and Haley now The effort to pick anyone but Donald Trump as the Republican presidential nominee took another big, if expected, blow on Sunday when Ron DeSantis dropped out of the race and endorsed the former president. (Other former hopefuls, including Vivek Ramaswamy and Tim Scott, have also endorsed Trump.) The…
Three years ago, dozens of big companies formed a coalition and declared an ambitious goal: to lift one million Black workers into good-paying jobs over the next 10 years, by hiring or promoting them. The resulting nonprofit, OneTen, was created amid a crescendo of calls to address racial injustice after George Floyd’s murder in 2020….
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