Credit Suisse CEO Tidjane Thiam resigns after spying scandal - CNN

The board of directors unanimously accepted Thiam's resignation at a meeting on Thursday, appointing Credit Suisse (CS) veteran Thomas Gottstein as the new CEO, the Swiss investment bank said in a statement Friday.

Last year, Credit Suisse's ex-chief operating officer, Pierre-Olivier Bouée, was implicated in two separate spying operations, one involving the former head of wealth management Iqbal Khan. Khan had left Credit Suisse for crosstown rival UBS (UBS).

Bouée stepped down after that operation came to light. More recently, he was blamed for ordering a spying operation on Credit Suisse's former head of human resources for several days last February.

"I had no knowledge of the observation of two former colleagues. It undoubtedly disturbed Credit Suisse and caused anxiety and hurt. I regret that this happened and it should never have taken place," Thiam said in the statement.

Thiam will step down following the presentation of 2019's fourth quarter and annual results next week.

Credit Suisse said previously that former COO Bouée had not informed Thiam or any other member of the bank's senior leadership of the surveillance on Khan. It added in December that it found no indication that Thiam and other members of the executive board or board of directors knew anything about the second spying case until the media reported on it.

Bouée and Thiam worked closely together for nearly two decades at various firms before joining the Swiss bank, according to their Credit Suisse biographies. The pair were at McKinsey in Paris between 2000 and 2002. Bouée followed Thiam to British insurer Aviva (AVVIY) in 2004. They both joined Prudential, another British insurer, in 2008 before heading to Credit Suisse in 2015.

In Friday's statement, the bank's lead independent director Severin Schwan said Chairman Urs Rohner had led the board "commendably during this turbulent time."

"After careful deliberations, the Board has been unanimous in its actions, as well as in reaffirming its full support for the chairman to complete his term until April 2021," Schwan added.

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2020-02-07 08:48:00Z
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Credit Suisse CEO Tidjane Thiam resigns after spying scandal - CNN

The board of directors unanimously accepted Thiam's resignation at a meeting on Thursday, appointing Credit Suisse (CS) veteran Thomas Gottstein as the new CEO, the Swiss investment bank said in a statement Friday.

Last year, Credit Suisse's ex-chief operating officer, Pierre-Olivier Bouée, was implicated in two separate spying operations, one involving the former head of wealth management Iqbal Khan. Khan had left Credit Suisse for crosstown rival UBS (UBS).

Bouée stepped down after that operation came to light. More recently, he was blamed for ordering a spying operation on Credit Suisse's former head of human resources for several days last February.

"I had no knowledge of the observation of two former colleagues. It undoubtedly disturbed Credit Suisse and caused anxiety and hurt. I regret that this happened and it should never have taken place," Thiam said in the statement.

Thiam will step down following the presentation of 2019's fourth quarter and annual results next week.

Credit Suisse said previously that former COO Bouée had not informed Thiam or any other member of the bank's senior leadership of the surveillance on Khan. It added in December that it found no indication that Thiam and other members of the executive board or board of directors knew anything about the second spying case until the media reported on it.

Bouée and Thiam worked closely together for nearly two decades at various firms before joining the Swiss bank, according to their Credit Suisse biographies. The pair were at McKinsey in Paris between 2000 and 2002. Bouée followed Thiam to British insurer Aviva (AVVIY) in 2004. They both joined Prudential, another British insurer, in 2008 before heading to Credit Suisse in 2015.

In Friday's statement, the bank's lead independent director Severin Schwan said Chairman Urs Rohner had led the board "commendably during this turbulent time."

"After careful deliberations, the Board has been unanimous in its actions, as well as in reaffirming its full support for the chairman to complete his term until April 2021," Schwan added.

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2020-02-07 08:28:00Z
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Credit Suisse CEO Tidjane Thiam resigns after spying scandal - CNN

The board of directors unanimously accepted Thiam's resignation at a meeting on Thursday, appointing Credit Suisse (CS) veteran Thomas Gottstein as the new CEO, the Swiss investment bank said in a statement Friday.

Last year, Credit Suisse's ex-chief operating officer, Pierre-Olivier Bouée, was implicated in two separate spying operations, one involving the former head of wealth management Iqbal Khan. Khan had left Credit Suisse for crosstown rival UBS (UBS).

Bouée stepped down after that operation came to light. More recently, he was blamed for ordering a spying operation on Credit Suisse's former head of human resources for several days last February.

"I had no knowledge of the observation of two former colleagues. It undoubtedly disturbed Credit Suisse and caused anxiety and hurt. I regret that this happened and it should never have taken place," Thiam said in the statement.

Thiam will step down following the presentation of 2019's fourth quarter and annual results next week.

Credit Suisse said previously that former COO Bouée had not informed Thiam or any other member of the bank's senior leadership of the surveillance on Khan. It added in December that it found no indication that Thiam and other members of the executive board or board of directors knew anything about the second spying case until the media reported on it.

Bouée and Thiam worked closely together for nearly two decades at various firms before joining the Swiss bank, according to their Credit Suisse biographies. The pair were at McKinsey in Paris between 2000 and 2002. Bouée followed Thiam to British insurer Aviva (AVVIY) in 2004. They both joined Prudential, another British insurer, in 2008 before heading to Credit Suisse in 2015.

In Friday's statement, the bank's lead independent director Severin Schwan said Chairman Urs Rohner had led the board "commendably during this turbulent time."

"After careful deliberations, the Board has been unanimous in its actions, as well as in reaffirming its full support for the chairman to complete his term until April 2021," Schwan added.

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2020-02-07 07:25:00Z
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Sears at the Arnot Mall to close in April - WENY-TV

Right now, Sears as a company is trying to restructure its business after declaring bankruptcy in 2018. The former CEO of Sears, Eddie Lampert, purchased the company back for $5.2 billion during proceedings, and now owns Sears through TransformCo. According to multiple national media outlets, a score of other locations are being closed, with closure dates coinciding with the Arnot Mall location. However, the Big Flats location is not listed on other closing compilations.

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2020-02-07 01:06:00Z
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Uber stock turns higher on narrower-than-expected loss, prediction of profit by end of 2020 - MarketWatch

Less is more.

Uber Technologies Inc. shares dipped 5% then rose 5% in after-hours trading Thursday after the company reported a narrower-than-expected loss and fourth-quarter revenue largely in line with Wall Street estimates. More significantly, Uber disclosed in a conference call it expected to reach an adjusted profit by the end of 2020 — earlier than its previous goal of 2021.

The losses continued to mount for Uber UBER, +0.76%, which reported revenue of $4.07 billion, in line with expectations of $4.07 billion from analysts polled by FactSet. But the rate at which Uber is losing money is slowing demonstrably, to the relief of investors.

See also: Uber earnings preview: Another big loss is expected, but so is cost-cutting

The ride-hailing service said it lost $1.1 billion, or 64 cents per share, compared with FactSet estimates of a loss of 68 cents per share. With its latest money-losing quarter, Uber has lost approximately $8.5 billion since its May 2019 initial public offering, but offered proof that an aggressive austerity program is making progress. (In the same quarter a year ago, Uber lost $887 million, or $1.97 a share.)

“We recognize that the era of growth at all costs is over,” Uber Chief Executive Dara Khosrowshahi said in a statement following the earnings announcement. “In a world where investors increasingly demand not just growth, but profitable growth, we are well-positioned to win through continuous innovation, excellent execution and the unrivaled scale of our global platform.”

“We are challenging the team to get to profitability,” Khosrowshahi later said in a conference call with analysts. He said he expects Uber to be profitable on an Ebitda basis (earnings before interest, taxes, depreciation and amortization) in the fourth quarter this year. “We are confident we can reach long-term margins” while eliminating what he called “empty calories” in system inefficiencies, he added.

As Uber cut losses, its business continues to grow. Gross bookings, which include the total value of ride-hailing and food-delivery orders placed on the app, improved 28% year-over-year to $18.1 billion in the quarter. Another key business indicator, monthly active platform consumers, surged 22% to 111 million.

The company has been cutting costs — whether through more than 1,000 jobs cut in three recent rounds to selling its food-delivery service in India to Zomato for a 9.9% stake — in an aggressive bid to make money. Khosrowshahi has vowed to reach adjusted Ebitda profitability by the end of 2020 instead of 2021.

“Uber finally delivered a quarter with minimal noise as it appears an improving pricing environment and a focus on a bloated cost structure is helping the model/fundamentals,” Wedbush Securities analyst Ygal Arounian said in a note Thursday following Uber’s results. Wedbush maintains an Outperform rating on Uber shares, with a price target of $50, implying a 35% upside to its closing price of $37.09 on Thursday.

Uber shares have tumbled 11% since the company went public on May 10, 2019, compared to a gain of 16% for the broader S&P 500 SPX, +0.33%  .

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2020-02-06 22:43:00Z
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Dow Jones On Track For 4% Weekly Gain After China-Fueled Rally - Investor's Business Daily

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1. Dow Jones On Track For 4% Weekly Gain After China-Fueled Rally  Investor's Business Daily
2. Stocks edge higher after China announces reduction in tariffs  msnNOW
3. Dow rises more than 80 points to a record as Wall Street extends winning streak to four days  CNBC
4. Dow Jones Futures: After Uneven Stock Market Rally, Qualcomm, Twilio, Paycom, Peloton Are Big Earnings Movers  Investor's Business Daily
5. Stocks extend week's gains after strong employment report  msnNOW
6. View full coverage on Google News

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2020-02-06 20:25:00Z
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SpaceX may spin out internet-from-space business and make it public - The Verge

SpaceX may spin off its massive internet-from-space initiative called Starlink into a separate business and take the company public, according to Gwynne Shotwell, the company’s president. Shotwell made the comments today at an event for private investors in Miami, Florida, Bloomberg reports.

“That particular piece is an element of the business that we are likely to spin out and go public,” Shotwell said, according to Bloomberg. “Right now, we are a private company, but Starlink is the right kind of business that we can go ahead and take public.”

Starlink is an ambitious proposal: a constellation of nearly 12,000 satellites designed to beam down broadband internet coverage to every part of the globe. So far, SpaceX has launched 240 satellites for Starlink, making the company the operator of the largest active satellite constellation in the world. The company has plans to launch up to 24 missions this year, sending up 60 satellites per flight. Shotwell claimed last year that the company would start rolling out partial coverage with the constellation in 2020.

Pursuing an initial public offering for Starlink would be a big step for the Elon Musk-run SpaceX, which has remained private since it was founded in 2002. Musk, who notoriously hates publicly traded companies, has in the past said he wouldn’t take SpaceX public until the company’s Mars vehicle was complete. “Some at SpaceX who have not been through a public company experience may think that being public is desirable,” Musk wrote in an email to SpaceX employees in 2013. “This is not so. Public company stocks, particularly if big step changes in technology are involved, go through extreme volatility, both for reasons of internal execution and for reasons that have nothing to do with anything except the economy.”

The most recent valuation of SpaceX put the company at around $33.3 billion, according to CNBC. Most of SpaceX’s business has revolved around sending satellites or cargo into orbit, with NASA, the Department of Defense, or private satellite operators as customers. But with Starlink, SpaceX plans to sell a service directly to the general public. Customers will be able to purchase user terminals to patch into the Starlink constellation, turning SpaceX into a consumer-facing business.

Starlink has previously been advertised as an important part of SpaceX’s future. Musk has claimed that the revenue from the project will help fund sending people to the Moon and Mars. Right now, SpaceX is working on a next-generation rocket called Starship to jump-start the company’s interplanetary ambitions. Musk has said that the development of Starship could cost between $2 billion and $10 billion.

SpaceX isn’t the only company pursuing the internet-from-space business. Other private companies such as OneWeb, Kepler Communications, and even Amazon have proposed building massive constellations to beam internet coverage to the Earth below. So far, only SpaceX and OneWeb have begun launching satellites.

Starlink has also been a source of controversy for those in the astronomy community who are concerned that the massive constellation could muck up their observations of the night sky. The Starlink satellites are particularly bright and have already ruined exposure images taken by telescopes on the ground. SpaceX tried to mitigate this problem by coating one of its satellites to make it appear darker in the sky. It’s unclear if the coating has worked yet, and SpaceX plans to continue launching its bright satellites in the meantime.

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2020-02-06 19:06:16Z
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