DIRS.INFO The most relevant business & tech news

☆ Why Wall Street's biggest wealth managers could face an avalanche of lawsuits thanks to one judge's ruling
▼ + stars: | 2024-04-05 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +10 min

The banks, in turn, make shareholders happy by reporting lower compensation costs since deferred compensation is marked as a liability. At Morgan Stanley, advisors forfeit this pay if they leave for another employer before four years of service. This ruling was used by a lawyer on another case, Alan Rosca, to secure a $3 million judgment against Morgan Stanley on March 25. In November, Morgan Stanley successfully fought off a class action attempt by 12 ex-Morgan Stanley advisors. Lawyers told Business Insider that the award and the ruling in Shafer v. Morgan Stanley will likely inspire more ex-advisors to sue.

Persons: —, Morgan Stanley, Morgan Stanley's, Alan Rosca, Cerulli, Rogge Dunn, Biden, Dunn, Goldman Sachs, Spencer Platt, Rosca, It's, Shafer, Judge Paul Gardephe, Meaghan VerGow, Pamela Miller, O'Melveny, Jack Edwards, Edwards, Street Former Morgan Stanley, Phil Waxelbaum, They've, you've, — Rosca, Waxelbaum, We're Organizations: Service, Wall, Business, Advisors, Biden Administration, FTC, Getty, Financial Industry Regulatory Authority, Street Former, Ajamie LLP, JPMorgan Locations: Cleveland, Dallas, New York, Shafer, Houston, Wells

☆ $500 million Harvard megadonor halts donations, says elite schools produce ‘whiny snowflakes’
▼ + stars: | 2024-01-30 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

At a conference in Miami on Tuesday, Griffin expressed deep frustration with the state of American universities, including the disastrous testimony before Congress by the presidents of Harvard, MIT and UPenn. Griffin, the founder of hedge fund Citadel, said he is no longer supporting Harvard financially but would like that to change. The donor backlash at Ivy League schools raises questions about the sway wealthy individuals hold over educational institutions. Just last April, Griffin made a $300 million gift to Harvard’s Faculty of Arts and Sciences (FAS). Griffin suggested that students at elite schools are “just caught up in the rhetoric of oppressor and oppressee and… just like whiny snowflakes.”The billionaire also reiterated that he won’t hire students who signed an anti-Israel statement issued by Harvard organizations in October.

Persons: Ken Griffin, ” Griffin, Griffin, CNBC’s Leslie Picker, ”, “, “ Will, it’s “, Leslie Wexner, Len Blavatnik Organizations: New, New York CNN —, Harvard University, Harvard, University of Pennsylvania, MIT, UPenn, Citadel, MFA Network Miami, Ivy League, Harvard’s Faculty of Arts and Sciences, FAS, Harvard College, Bloomberg Locations: New York, Columbia, Miami, microaggressions, Israel

☆ Apple has paid a $13 million fine that will go directly into Russia's state budget as Putin ramps up war spending, report says
▼ + stars: | 2024-01-23 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Apple has paid a $13 million Russian fine over alleged illegal app store practices, per the FT. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementApple has reportedly paid a $13 million Russian fine as President Vladimir Putin escalates his crackdown on foreign tech firms. Like many other Western companies, Apple has largely abandoned Russia since Putin launched an invasion of Ukraine in February 2022, though it still operates its app store in the country. However, the war has left the Russian economy struggling with spiraling food prices and a shortage of workers .

Persons: —, Vladimir Putin, Putin, Russia's Organizations: Apple, Google, Service, FAS, Financial Times, Big Tech, Business Locations: Russia, Ukraine, Ukrainian, Russian

☆ Harvard board accepts Claudine Gay's resignation 'with sorrow.' It says she was subjected to 'deeply personal attacks.'
▼ + stars: | 2024-01-02 | by ( Clementine Fletcher | ) www.businessinsider.com time to read: +5 min

While the Harvard Corporation and faculty members backed Gay, the pressure continued. First and foremost, we thank President Gay for her deep and unwavering commitment to Harvard and to the pursuit of academic excellence. She believes passionately in Harvard's mission of education and research, and she cares profoundly about the people whose talents, ideas, and energy drive Harvard. An economist and a physician, he is a distinguished and wide-ranging scholar with appointments at Harvard Medical School, Harvard's Faculty of Arts and Sciences, the Harvard Kennedy School of Government, and the Harvard T.H. While President Gay has acknowledged missteps and has taken responsibility for them, it is also true that she has shown remarkable resilience in the face of deeply personal and sustained attacks.

Persons: Gay, Claudine Gay's, Alan M, Garber, –, missteps, Provost Garber, of Harvard College Penny Pritzker, Timothy R, Barakett, Kenneth I, Chenault Mariano, Florentino, Tino, Cuéllar Paul J, Finnegan Biddy Martin Karen Gordon Mills Diana L, Nelson Tracy P, Palandjian Shirley M, Tilghman Theodore V, Wells, Jr Organizations: Harvard Corporation, Harvard Community, Harvard, Social Science, of Arts and Sciences –, FAS, Harvard Medical School, Harvard's, of Arts and Sciences, Harvard Kennedy School of Government, of Public Health, of Harvard College Locations: MIT's, Chan

☆ China EV maker BYD to build first Europe plant in Hungary -FAS
▼ + stars: | 2023-11-04 | by ( ) www.reuters.com time to read: +1 min

Companies BYD Co Ltd FollowFRANKFURT, Nov 4 (Reuters) - Chinese electric vehicle giant BYD (002594.SZ), plans to build its first European car factory in Hungary, a German newspaper reported on Saturday. The Frankfurter Allgemeine Sonntagszeitung (FAS), citing unnamed sources close to BYD, said the decision had already been made internally. A government website in Shenzhen, where BYD is headquartered, posted an article last month saying that Hungarian Prime Minister Viktor Orban met BYD Chairman and President Wang Chuanfu on a visit to the company. BYD, contacted by Reuters, said that it was still looking for the right location and would make an announcement at the end of the year. Reporting by Brenda Goh, Jason Xue, Krisztina Than, and Tom Sims; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Viktor Orban, Wang Chuanfu, Brenda Goh, Jason Xue, Tom Sims, Jason Neely Organizations: BYD, FRANKFURT, Frankfurter Allgemeine Sonntagszeitung, Reuters, Thomson Locations: Hungary, BYD, Shenzhen, Hungarian

REUTERS/Bruno Kelly Acquire Licensing RightsMANAUS, Brazil, Oct 16 (Reuters) - The Amazon River fell to its lowest level in over a century on Monday at the heart of the Brazilian rainforest as a record drought upends the lives of hundreds of thousands of people and damages the jungle ecosystem. Rapidly drying tributaries to the mighty Amazon have left boats stranded, cutting off food and water supplies to remote villages, while high water temperatures are suspected of killing more than 100 endangered river dolphins. That is the lowest level since records began in 1902, passing a previous all-time low set in 2010. After months without rain, rainforest villager Pedro Mendonca was relieved when a Brazilian NGO delivered supplies to his riverside community near Manaus late last week. The drought has threatened their access to food, drinking water and medicines, which are usually transported by river.

Persons: Bruno Kelly, Pedro Mendonca, Mendonca, Santa Helena do, Nelson Mendonca, Santa Helena do Ingles, Luciana Valentin, Jake Spring, Gabriel Stargardter, Steven Grattan, Marguerita Choy, Sandra Maler Organizations: REUTERS, Rights, Rio Negro, Brazil's Science Ministry, El, Fundacao Amazonia Sustentavel, Sao Paulo, Thomson Locations: Rio Negro, Manaus, Brazil, Rights MANAUS, Brazilian, Santa Helena, Santa Helena do Ingles, Amazonas, parched, Sao

☆ Russia lifts ban on most diesel exports
▼ + stars: | 2023-10-06 | by ( Vladimir Soldatkin | ) www.reuters.com time to read: +3 min

REUTERS/Murad Sezer/File photo Acquire Licensing RightsSummary Russia lifts ban on diesel exports via portsDiesel accounts for the biggest share of Russia's fuel exportsRussia hikes fuel exports duties for resellersDamper payments are reinstalledMOSCOW, Oct 6 (Reuters) - Russia's government said on Friday it had lifted a ban on pipeline diesel exports via ports, removing the bulk of restrictions installed on Sept. 21. The restrictions for gasoline exports are still in place. "The government lifted restrictions on exports of diesel fuel delivered to seaports by pipeline, provided that the manufacturer supplies at least 50% of the produced diesel fuel to the domestic market," the government said in a statement. Russia has been tackling shortages and high fuel prices in recent months, which especially hurt farmers during the harvesting season. Since the ban was introduced, wholesale diesel prices on the local exchange have fallen by 21%, while gasoline prices are down 10%.

Persons: Don, Murad Sezer, Alexander Novak, Vladimir Putin's, Vladimir Soldatkin, Guy Faulconbridge, Jan Harvey Organizations: Turkish Navy Coast Guard, REUTERS, Diesel, European Union, Federal, Monopoly Service, Thomson Locations: Rostov, Istanbul, Turkey, Russia, MOSCOW, U.S, Ukraine, Europe, Brazil, North, West, Gulf, East

☆ Euro 2028: UK & Ireland only bid left for European Championships as Turkey withdraw
▼ + stars: | 2023-10-04 | by ( ) www.cnbc.com time to read: +1 min

Kane of England celebrates with teammate Phil Foden after scoring their team's second goal during the UEFA Euro 2020 Championship Semi-final match between England and Denmark at Wembley Stadium on July 07, 2021The UK & Ireland are the only bidders left for Euro 2028 after Turkey withdrew their application. On October 10, UEFA will award the hosting of two European Championships, the 2028 and 2032 editions. UEFA confirmed Turkey can jointly bid with Italy unopposed for 2032 and therefore they have pulled out of the running for 2028. A UEFA statement confirmed: "Further to the announcement on July 28 which revealed the desire of the Italian and Turkish FAs to submit a joint bid to stage Euro 2032, the UEFA administration has today written to both associations to confirm that their joint bid has been duly received and will go forward for assessment and consideration by the UEFA Executive Committee.

Persons: Kane, England, Phil Foden Organizations: UEFA, Wembley, Ireland, Italy Locations: England, Denmark, Turkey

☆ Russian court rejects Apple appeal against abuse of dominant market position - RIA
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +1 min

An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. REUTERS/Mike Segar/File Photo Acquire Licensing RightsCompaniesLaw Firms Apple Inc FollowOct 3 (Reuters) - A Russian court rejected Apple's (AAPL.O) appeal against the alleged abuse of its dominant market position in terms of in-app payments, for which it was fined 1.2 billion roubles ($12.1 million) in January, the RIA news agency reported on Tuesday. Russia's federal anti-monopoly service (FAS) fined Apple in January over what it said was the U.S. company's abuse of its dominant market position. In a statement, the regulator said it had previously found that Apple forced Russian developers to use Apple's payment services with the iOS App Store, in violation of Russia's competition rules. The FAS's decision entered legal force in May after it was approved by a Moscow court, RIA reported.

Persons: Mike Segar, Apple's, Apple, Mark Trevelyan Organizations: Apple, REUTERS, FAS, Reuters, Thomson Locations: Manhattan, New York City, federal, U.S, Russian, Moscow

☆ Sycamore to take apparel retailer Chico's FAS private for nearly $1 billion
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +1 min

Sept 28 (Reuters) - Chico's FAS (CHS.N) will be taken private by Sycamore Partners for $938.1 million in an all-cash deal, the apparel retailer said on Thursday, sending its shares surging 63% in premarket trading. Sycamore is known to bet on retail and consumer investments and has stake in department store operator Belk, discount retailer Dollar Express and mall and web-based specialty retailer Hot Topic. The private equity firm has been trying to acquire Florida-based Chico's since 2015 after it failed to secure acceptable financing terms for its bid. In 2019, Sycamore had offered $407.8 million, which was eventually lowered to $350 million after Chico's financial performance worsened, but the deal was rejected by its shareholders. ..three brands Chico's, White House Black Market and Soma," Chico's CEO Molly Langenstein said.

Persons: Sycamore, Molly Langenstein, Savyata Mishra, Sriraj Kalluvila, Arun Koyyur Organizations: Chico's FAS, Sycamore Partners, Chico's, Belk, Dollar Express, Barington Capital Group, Black, Thomson Locations: Sycamore, Florida, U.S, Bengaluru

☆ Russia fines Apple for not deleting 'inaccurate' content on Ukraine conflict
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

An Apple logo is seen at the entrance of an Apple Store in downtown Brussels, Belgium March 10, 2016. REUTERS/Yves Herman/File PhotoSummaryCompanies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Aug 3 (Reuters) - A Moscow court fined Apple (AAPL.O) 400,000 roubles ($4,274) on Thursday for not deleting "inaccurate" content about what Russia calls a "special military operation" in Ukraine, Russian news agencies reported. The TASS news agency said it was the first time Apple had been fined for that offence. The company paused all product sales in Russia shortly after Moscow sent tens of thousands of troops into Ukraine in February 2022, and limited its Apple Pay service in Russia. Moscow has clashed with Big Tech for years over content, censorship, data and local representation in disputes that escalated after Russia sent its armed forces into Ukraine.

Persons: Yves Herman, Apple, Alexander Marrow, Gareth Jones Organizations: Apple, REUTERS, Russia, TASS, Big Tech, Federal Antimonopoly Service, FAS, Wikimedia Foundation, Reuters, Thomson Locations: Brussels, Belgium, Russia, Ukraine MOSCOW, Moscow, Ukraine, Russian

☆ Your Money, Your Legacy: Council for Economic Education Board Chair on what drives investment decisions
▼ + stars: | 2023-06-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailYour Money, Your Legacy: Council for Economic Education Board Chair on what drives investment decisionsImpact investing is important to many people, and helping clients support their social and philanthropic passions can be more involved than just simplifying taxes. It pays to have a deeper understanding of motivations, what drives investment decisions, and the legacy clients hope to leave behind. In this session, we'll look at how FAs can better understand how and why clients support causes, and the best ways to help them achieve success in a financially prudent way.

Organizations: Economic Education

☆ At Least 9 Dead in Soccer Stadium Stampede in El Salvador
▼ + stars: | 2023-05-21 | by ( Eduardo Medina | ) www.nytimes.com time to read: +1 min

At least nine people have died in a stampede at a soccer stadium in El Salvador on Saturday, the authorities said, in a chaotic scene that left other fans injured and at least two hospitalized in critical condition. Videos circulating on Twitter and published by local news sites showed dozens of people clad in white appearing to rush toward an exit at the stadium, with some lying on the ground as more pile on top. It was not immediately clear what prompted the rush at Cuscatlán Stadium in San Salvador, El Salvador, where the first-league soccer teams, Alianza and FAS, were playing the second leg of a quarterfinal. On a livestream of the match that was posted on YouTube, game commentators said they could see some type of commotion going on in the stands, noting that some people appeared to be passed out. Fans eventually stepped onto the field, and the game was halted, the commentators said in the livestream.

☆ Nine dead in stampede at El Salvador stadium - AFP, citing police
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: 1 min

[1/3] A medical team arrives following a stampede prior to a soccer game between C.D. FAS Vs. Alianza F.C. at the Cuzcatlan stadium, in San Salvador, El Salvador May 20, 2023. REUTERS/ Jose CabezasMay 20 (Reuters) - Nine people died in a stampede at El Salvador stadium, the AFP said on Twitter, citing the police on Saturday. loadingReporting by Maria Ponnezhath in Bengaluru; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ These ETFs could see big moves higher if U.S. lawmakers overcome this latest obstacle and reach a debt ceiling deal
▼ + stars: | 2023-05-19 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

The Direxion Daily Financial Bull 3x Shares (FAS) includes a wide range of banking stocks, including Berkshire Hathaway Class B Shares , Bank of America and J PMorgan Chase . FAS YTD mountain Direxion Daily Financial Bull 3x Shares. In chips, the Direxion Daily Semiconductor Bull 3x Shares (SOXL) includes behemoths like Nvidia , Broadcom and Qualcomm . SOXL YTD mountain The Direxion Daily Semiconductor Bull 3x Shares ETF. Some of the standouts in the ProShares UltraPro S & P 500 ETF (UPRO) are Walmart , Wells Fargo and Yum!

☆ 2 JPMorgan buys First Republic Bank's assets
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +6 min

May 1 (Reuters) - JPMorgan Chase & Co (JPM.N), the biggest U.S. bank by assets, said on Monday it will buy most of First Republic Bank's (FRC.N) assets after U.S. regulators seized the troubled bank. low single digits), strategically consistent (US wealth expansion), and system friendly - FDIC loss of only $13B (<est. "First, as with the GFC (Global Financial Crisis,) this once again shows the value of a fortress balance sheet. "Assets such as the U.S. dollar and Japanese yen will be on the radar as traders look for an asset of safety. Still, unlike Silicon Valley Bank and Signature Bank, the FDIC had a buy waiting in the wings.

☆ Women’s soccer is having a moment — except in the boardroom
▼ + stars: | 2023-04-18 | by ( Amy Woodyatt | ) edition.cnn.com time to read: +9 min

Norway’s Karen Espelund was “appointed” not “elected” to the position due to her role as chair of the Women’s Football Committee, UEFA told CNN Sport over email. Norwegian Football Association President Lise Klaveness told CNN that the popularity of soccer isn't mirrored in female representation at UEFA. We tend to forget that because we compare it to the phenomenon of men’s football,” Klaveness says. The prize money for this year’s women’s World Cup, which kicks off on July 20, will increase by 300% to $150 million, FIFA President Gianni Infantino announced last month. “They don’t really know: What are the differences between men’s and women’s football?

☆ Two of Ken Griffin's biggest donations sit on opposite sides of the spectrum
▼ + stars: | 2023-04-12 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Griffin, who founded Wall Street giants Citadel and Citadel Securities, donated $300 million to Harvard's Faculty of Arts and Sciences (FAS). However, it's interesting to see how two of his biggest contributions — DeSantis and Harvard — seem to operate on opposite ends of the spectrum. Click her to read our profile on Ken Griffin's rise to the top of Wall Street. Wall Street is drying out wells to drive up returns in California. Click here for more on the water woes created by Wall Street.

☆ Vinícius Jr. is being racially abused during LaLiga matches. Why is nobody being punished?
▼ + stars: | 2023-03-15 | by ( Matias Grez | ) edition.cnn.com time to read: +17 min

It has been updated to reflect the persistent racist abuse that Vinicius Jr. was subjected to during Real Madrid’s 1-0 defeat by Valencia on May 21, 2023. ‘Racist campaign against Vinícius’Incidents of players being racially abused by fans have tarred numerous LaLiga matches this season. On May 21, Vinícius was again subjected to racist abuse from the stands, this time during Real’s match against Valencia at the Mestalla stadium. Most cases of racist abuse which LaLiga has referred to local prosecutors have involved Vinícius. The local prosecutor in Mallorca said it is investigating a number of cases of racist abuse at matches.

☆ Apple pays $12.1 mln fine for alleged app market abuse in Russia - Antimonopoly Service
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine. MOSCOW, Feb 27 (Reuters) - U.S. tech giant Apple has paid a 906 million rouble ($12.12 million) fine in a Russian antitrust case alleging abuse of its dominance in the mobile apps market, Russia's Federal Antimonopoly Service (FAS) said on Monday. "Apple has paid a 906 million rouble antitrust fine," the FAS said in a statement on its Telegram channel. Apple had appealed the decision at various stages, but had been unsuccessful and ultimately complied with the order, the FAS said. Apple paused all product sales in Russia a year ago, after Moscow despatched its armed forces to Ukraine, and limited its Apple Pay service in Russia.

☆ Putin put the last major nuclear arms treaty with the US on 'life support,' risking pulling the world back to a 'dangerous' time of uncontrolled arsenals, nuke experts say
▼ + stars: | 2023-02-21 | by ( Jake Epstein | Chris Panella | ) www.businessinsider.com time to read: +8 min

Putin said Russia will suspend its participation in major nuclear arms control pact with US. Without the New START pact and nuclear arms control, the US and Russia could expand their nuclear arsenals. "More nuclear weapons and less arms control makes the world more dangerous," NATO Secretary General Jens Stoltenberg said. What is the New START treaty? "Suspension of the treaty is not equal to leaving the treaty, I assume there will be no Russian build-up above the treaty limits.

FRANKFURT, Jan 31 (Reuters) - A top-10 shareholder of Bayer (BAYGn.DE) on Tuesday called on the group's supervisory board head to replace chief executive Werner Baumann quickly, adding to investor pressure to restore trust and revive the German drugmaker's sagging share price. But shareholders have also cited a lack of market trust in its top management as a growing burden. "When it comes to CEO succession we say: the sooner the better," Markus Manns, a portfolio manager at Union Investment, one of Bayer's 10 biggest shareholders, told Reuters. Union Investment's Manns cautioned that the non-executive supervisory board may need time to find a qualified candidate. A Bayer spokesperson said the company was always open to a constructive dialogue with shareholders and declined to comment further.

☆ Bayer investor calls for swift replacement of CEO -newspaper
▼ + stars: | 2023-01-28 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Jan 28 (Reuters) - Bayer (BAYGn.DE) investor Deka has called for CEO Werner Baumann to be replaced ahead of his scheduled departure, adding to mounting pressure on the German drugmaker. "There is a window of opportunity for Chairman Norbert Winkeljohann to act before the annual general meeting at the end of April. He has to seize that opportunity, otherwise the pressure on him will increase as well," Speich added. "Generally speaking we are always open to a constructive dialogue with our stakeholders," a Bayer spokesperson said, declining to comment specifically on the interview. Another activist investment fund, hedge fund veteran Jeffrey Ubben's Inclusive Capital Partners, said this month it had also acquired a stake in Bayer.

It showed 2022-23 Ukraine corn production at 25.8 million tonnes versus USDA’s official estimate of 31.5 million. However, official USDA estimates also use this general “policy in place” framework, so it is a decent bet that the approach was similar. That means its Ukraine estimates still include Crimea and all Russian-occupied areas, and no land area has been added to Russia. CHINA CORNThe market was tipped off in mid-2020 that something may be amiss with Chinese corn stocks as domestic prices began rallying well before U.S. ones. In other words, it appears USDA does not have hard, indisputable evidence of a strong decline in Chinese corn stocks.

☆ Prosus to sell Russian classifieds business Avito to Kismet for $2.4B
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, Oct 14 (Reuters) - Prosus (PRX.AS), the Dutch-based technology investor, said on Friday it has agreed to sell its Russian online marketplace Avito for 151 billion roubles ($2.46 billion), to Kismet Capital Group. The buyer, Russian investment firm Kismet, was founded by Ivan Tavrin, former CEO of telecoms company MegaFon. Several Western companies opting to exit the Russian market have taken significant financial losses in doing so. "Our goal has been to manage the sale of the business in a responsible and structured way," Naspers said in a statement. "We believe that this is best achieved through this deal.”Avito, Russia's largest online marketplace, has around 5,000 employees and 90 million users.

Search resuls for: "FAS"

25 mentions found