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☆ California governor vetoes bill offering unemployment pay to strikers
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +1 min

Gavin Newsom, Governor, State of California speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsSept 30 (Reuters) - California Governor Gavin Newsom on Saturday vetoed a bill that would have paid unemployment benefits to striking workers, and had drawn strong support from labor unions and from his fellow Democrats in the state legislature. In rejecting the bill, Newsom noted that the state's unemployment trust fund is already nearing $20 billion in debt. The bill would have made workers out on strike for at least two weeks eligible for unemployment checks. The vast majority of states, with the exception of New York and New Jersey, do not offer unemployment benefits to striking workers.

Persons: Gavin Newsom, Mike Blake, Newsom, Joseph Ax, Edmund Klamann Organizations: Milken, Global Conference, REUTERS, Democratic, Hollywood, Thomson Locations: State, California, Beverly Hills , California, U.S, Southern California, New York, New Jersey

☆ Citigroup has 'no room for bystanders' in reorganization, CEO says
▼ + stars: | 2023-09-29 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +1 min

Jane Fraser CEO, Citi, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. REUTERS/Mike BlakeNEW YORK (Reuters) - Citigroup CEO Jane Fraser said on Friday that top employees were on board with the company’s sweeping reorganization, and that there was “no room for bystanders” in the bank’s biggest overhaul in almost two decades. “The case for change is pretty clear - our people want to succeed and our highest performers got behind this very quickly,” Fraser told CNBC. The company began discussions about layoffs soon after announcing the reorganization, sources close to the situation told Reuters this month. Bank of America CEO Brian Moynihan also predicted the economy would achieve a soft landing in comments earlier this week.

Persons: Jane Fraser, Mike Blake NEW, ”, ” Fraser, Fraser, Brian Moynihan Organizations: Citi, Milken, Global Conference, REUTERS, Mike Blake NEW YORK, Citigroup, CNBC, Federal Reserve, Bank of America Locations: Beverly Hills , California, U.S

☆ California minimum wage for fast food workers raised to $20 an hour
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Mike Blake/File Photo Acquire Licensing RightsSept 28 (Reuters) - Fast food workers in California will earn a minimum of $20 an hour starting in April under a new bill signed into law on Thursday by Governor Gavin Newsom. "The future happens here first," Newsom said at an event in Los Angeles, with labor officials and fast food workers flanking him. Labor unions, meanwhile, dropped their push to hold fast food corporations liable for violations committed by their franchisees. There are more than 550,000 fast food workers at 30,000 locations statewide, Newsom said. The overall minimum wage in California is $15.50 an hour, among the highest of any state.

Persons: Gavin Newsom, Mike Blake, Newsom, We're, Joseph Ax, Josie Kao Organizations: Milken, Global Conference, REUTERS, Labor, U.S, Bureau of Labor Statistics, Thomson Locations: State, California, Beverly Hills , California, U.S, Los Angeles

The meeting was scheduled for hours after Zelenskiy addressed the United Nations Security Council about Russia's invasion and its consequences. Ukraine has tried to lock in financial support from business leaders to help rebuild the country. A spokesperson for Zelenskiy and Ukraine's mission to the United Nations in New York did not immediately respond to a request for comment. Since the start of the war, Ackman's foundation has donated roughly $24 million to support Ukraine, a person familiar with the numbers said. Before the meeting in New York, the White House appealed to Congress to approve billions of additional dollars of support for Ukraine.

Persons: Ken Griffin, Mike Blake, Volodymyr Zelenskiy, Zelenskiy, JPMorgan Chase, Bill Ackman, Jonathan Gray, Robert Kraft, Henry Kissinger, Eric Schmidt, Mike Bloomberg, Barry Sternlicht, Mary Callahan Erdoes, Vince LaPadula, Whitney Tilson, Griffin, Howard Buffett, Warren, Svea Herbst, Bayliss, Lananh Nguyen, Andrea Shalal, Michelle Nichols, Megan Davies, Grant McCool Organizations: Citadel, Milken, Global Conference, REUTERS, United Nations Security Council, JPMorgan, Blackstone Group, New England Patriots football team, United, State, Google, United Nations, Griffin's Citadel, Ackman's Pershing, Capital Management, Ukraine, Fox News, Svea, Thomson Locations: Beverly Hills , California, U.S, New York, Ukraine, United States

☆ California pensions investment chief steps down less than 2 years into job
▼ + stars: | 2023-09-15 | by ( Isla Binnie | ) www.reuters.com time to read: +1 min

Nicole Musicco Chief Investment Officer, CalPERS, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2023. REUTERS/Mike Blake Acquire Licensing RightsNEW YORK, Sept 15 (Reuters) - The Chief Investment Officer of the largest U.S. state pension manager, the California Public Employees Retirement System (CalPERS), will step down on Sept. 29, CalPERS said in a statement on Friday. CalPERS said Musicco's deputy Dan Bienvenue will serve as interim chief investment officer and it will soon start a global search for her replacement. Musicco took the role overseeing a 400-strong investment office less than two years ago, in February 2022, according to CalPERS website. The post added that she has two children and a "large, multigenerational family" and has "been shuttling between Sacramento and her native Toronto to attend to pressing matters".

Persons: Nicole Musicco, Mike Blake, CalPERS, Dan Bienvenue, Musicco, I've, Isla Binnie, David Evans Organizations: Milken, Global Conference, REUTERS, California, Thomson Locations: Beverly Hills , California, U.S, Toronto, Canada, Sacramento

Peter Orszag, incoming CEO of financial advisory Lazard, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNEW YORK, Sept 14 (Reuters) - Two weeks before Peter Orszag takes the helm as CEO of Lazard (LAZ.N), he is already setting an ambitious goal for the investment bank to double its revenue by 2030. Orszag outlined his plans for the 175-year-old firm in a memo to employees on Thursday, including a raft of personnel changes. The revenue aspirations are being locked in at a time when sluggish dealmaking has weighed on earnings and prompted Lazard to eliminate 10% of its workforce. Boosting revenue in asset management will require better distribution, improved investment performance and potentially an acquisition, Orszag wrote in the memo.

Persons: Peter Orszag, Lazard, Mike Blake, ”, Orszag, Alexandra Soto, Chris Weideman, Lananh Nguyen, Varun Organizations: Milken, Global Conference, REUTERS, Lazard, Reuters, Apollo Asset Management, U.S, Thomson Locations: Beverly Hills , California, U.S, Europe, East, Africa

☆ Citadel's Griffin unsure stock market rally can continue, CNBC reports
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

Citadel CEO Ken Griffin speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2022. "I'm a bit anxious that this rally can continue," he said in an interview on CNBC. We're sort of in the seventh or eighth inning of this rally, but part of it has been the soft landing story." The S&P 500 stock index (.SPX) is up 16.8% this year, in a rally mainly driven by optimism around artificial intelligence. Citadel, which invests $61 billion for clients, became the most successful hedge fund of all time last year when it earned $16 billion.

Persons: Ken Griffin, Mike Blake, Griffin, Jerome Powell, Jahnavi Nidumolu, Carolina Mandl, Chizu Organizations: Citadel, Milken, Global Conference, REUTERS, CNBC, Federal Reserve, Thomson Locations: Beverly Hills , California, U.S, BANGALORE, Bangalore, Carolina, New York

☆ Citi’s big restructuring has a familiar ring to it
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +2 min

Jane Fraser CEO, Citi, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. REUTERS/Mike Blake Acquire Licensing RightsNEW YORK, Sept 14 (Reuters Breakingviews) - Jane Fraser is trying to make history. Citigroup’s (C.N) boss said the shake-up she unveiled on Wednesday is the most “consequential changes” to the organization in 20 years. Citi shares gained less than 2% in a flat market following her presentation at the Barclays Global Financial Services conference. The bottom line is that an investor who put $10 into Citi 20 years ago would have just $1 today.

Persons: Jane Fraser, Mike Blake, Michael Corbat, Vikram Pandit, ballyhooed, Fraser, Corbat, BoE, Jeffrey Goldfarb, Sharon Lam, Aditya Sriwatsav Organizations: Citi, Milken, Global Conference, REUTERS, Reuters, Barclays Global Financial Services, JPMorgan, X, Unity, Treasury, UBS, Thomson Locations: Beverly Hills , California, U.S, Asia

Jenny Johnson, President and CEO of Franklin Resources, Inc., speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 4, 2022. REUTERS/Mike Blake/File Photo Acquire Licensing RightsSINGAPORE, Sept 11 (Reuters) - The idea that investment opportunities in China have met their demise is probably overhyped, said Jenny Johnson, president and chief executive officer at global investment management firm Franklin Templeton. "There is a lot of pessimism built into the pricing," she said at a session at the Forbes Global CEO Conference in Singapore. Johnson's comments came as global investors have reduced their appetite for China, discouraged by the country's faltering economic recovery and tensions with the West. Meanwhile, Johnson also sees opportunities in secondary private equities and private credit globally.

Persons: Jenny Johnson, Mike Blake, Franklin Templeton, Johnson, Franklin, Legg Mason, Johnson's, Gina Raimondo, Yantoultra Ngui, Gerry Doyle Organizations: Franklin Resources, Inc, Milken, Global Conference, REUTERS, Rights, Forbes Global, Conference, West, . Commerce, Thomson Locations: Beverly Hills , California, U.S, Rights SINGAPORE, China, Singapore, West .

Ryan Petersen, chief executive officer of Flexport, participates in a panel discussion during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Wednesday, May 4, 2022. In a post on X, formerly known as Twitter, Petersen wrote that the company "can't just give out cash." In reclaiming the top position at Flexport, Petersen is displacing his handpicked successor, former Amazon executive Dave Clark, a little more than a year into his tenure. It's messed up," Petersen wrote. "We were on it," Petersen wrote in response to a post.

Persons: Ryan Petersen, Petersen, Dave Clark, It's, that's, Andreessen Horowitz, Peter Thiel's, Clark, Teresa Carlson, Clark's, Carlson, Flexport didn't Organizations: Milken Institute Global Conference, Twitter, Amazon, Fund, Microsoft, Flexport Locations: Beverly Hills , California, U.S, Flexport, Bay, CNBC's, Seattle, Dallas, San Francisco , Los Angeles, New York

☆ Cathie Wood's ARK Invest files for first US spot-ether ETF
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

Cathie Wood, Founder, CEO, and CIO of ARK Invest, speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2022. REUTERS/David Swanson Acquire Licensing RightsSept 6 (Reuters) - Cathie Wood's Ark Invest and crypto investment firm 21Shares are seeking regulatory approval to set up an exchange-traded fund (ETF) that would directly hold ether, according to a filing with the U.S. Securities and Exchange Commission (SEC) on Wednesday. The case has been closely watched by the cryptocurrency and asset management industries, which have been trying for years to convince the SEC to approve a spot bitcoin ETF. Cboe Global Markets earlier this year filed a proposal with the U.S. SEC to list and trade shares of a spot bitcoin ETF by Ark Invest and 21Shares on the Cboe BZX exchange. The regulator has in recent years rejected dozens of applications for spot bitcoin ETFs, citing inadequate levels of trading surveillance that could leave the underlying spot market subject to fraud and manipulation.

Persons: Cathie Wood, David Swanson, 21Shares, Jaiveer Singh, Devika Organizations: ARK Invest, Milken, Global Conference, REUTERS, U.S . Securities, Exchange Commission, SEC, U.S, U.S . District of Columbia, Cboe, Ark Invest, Thomson Locations: Beverly Hills , California, U.S, U.S ., Bengaluru

☆ Lakers announce plans to honor Kobe Bryant with bronze statue
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

Former NBA star Kobe Bryant, CEO of Kobe Inc, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2016. Acquire Licensing RightsAug 24 (Reuters) - A bronze statue honoring late Los Angeles Lakers great Kobe Bryant will be unveiled outside the team's arena in February, the NBA club announced on Thursday with his widow Vanessa. "As you know, Kobe played his entire 20-year NBA career as a Los Angeles Laker," Vanessa said in a video on the team's social media accounts. The Lakers said Bryant participated in the initial planning of the anticipated statue that will be the first in a series of physical tributes to honor his legacy. "Kobe Bryant was one of the most extraordinary athletes of all time, and one of the most iconic individuals in the history of Los Angeles," said Lakers owner Jeanie Buss.

Persons: Kobe Bryant, Lucy Nicholson, Vanessa, Gianna, Kobe, Bryant, Shaquille O'Neal, Kareem Abdul, Jabbar, Earvin, Johnson, Jerry West, Chick Hearn, Jeanie Buss, Frank Pingue, Ken Ferris Organizations: NBA, Kobe Inc, Milken Institute Global Conference, REUTERS, Los Angeles Lakers, Kobe, Lakers, Denver Nuggets, Los Angeles Laker, City of, Laker, Elgin Baylor, of Fame, Thomson Locations: Beverly Hills , California, U.S, City, City of Angels, Los Angeles, Kobe, Toronto

☆ AMC stock sinks, preferred units climb after conversion settlement
▼ + stars: | 2023-08-14 | by ( Medha Singh | ) www.reuters.com time to read: +3 min

The common shares dropped to $3.45, levels just before the meme stock mania of January 2021 when retail traders hyped up the stock on online forums like Reddit. The preferred stock units called "APE" , which trade at a significant discount to common shares, jumped 15% to $2.05. Under the settlement, AMC will provide stock worth an estimated $129 million to common shareholders to settle potential legal claims related to a stock conversion plan. Wedbush analysts said they expect AMC and APE shares to converge around $3 per share before the conversion. Aron said the company has raised $418 million in cash through the sale of "APE" units over the past 12 months.

Persons: Adam Aron, David Swanson, Thomas Hayes, Aron, JJ Kinahan, Medha Singh, Akash Sriram, Saumyadeb Chakrabarty Organizations: AMC Entertainment, Milken, Global Conference, REUTERS, AMC, Great, Great Hill Capital, Twitter, IG North America, Thomson Locations: Beverly Hills , California, U.S, Great Hill, New York, Bengaluru

☆ US Senator Joe Manchin says 'thinking seriously' about leaving Democratic Party
▼ + stars: | 2023-08-10 | by ( Moira Warburton | ) www.reuters.com time to read: +2 min

Senator Joe Manchin (D-WV) speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. Senator Joe Manchin, a maverick Democrat who has often bucked party leadership, told a radio station in his home state of West Virginia on Thursday that he is "thinking seriously" about leaving the party. "I'm not a Washington Democrat," Manchin said in the interview on Talkline with Hoppy Kercheval, a West Virginia Metro News show. Manchin and Democratic-turned-independent colleague Senator Kyrsten Sinema have been thorns in top Senate Democrat Chuck Schumer's side since the party won its majority in 2020. West Virginia Governor Jim Justice, a former Democrat-turned Republican, began his campaign in April for the Republican nomination to seek Manchin's seat.

Persons: Joe Manchin, Mike Blake, Manchin, Hoppy Kercheval, Kyrsten Sinema, Chuck Schumer's, Joe Biden, Donald Trump, Virginia Governor Jim Justice, Moira Warburton, Scott Malone, Grant McCool Organizations: Milken, Global Conference, REUTERS, Washington Democrat, West Virginia Metro News, Democratic, Republican, Virginia Governor, Democrat, U.S . Senate, Thomson Locations: Beverly Hills , California, U.S, West Virginia, Washington, New Hampshire, Virginia

☆ Goldman Sachs' future hinges on a low-profile, high-growth business
▼ + stars: | 2023-08-05 | by ( Hugh Son | ) www.cnbc.com time to read: +4 min

Goldman gets paid through management and incentive fees, which swell as funds attract more assets. Altogether, Goldman has $2.71 trillion in assets under supervision as of June 30, which includes wealth management assets. What about wealth management? The bank has more than $1 trillion in wealth management client assets. While Solomon cautioned that Goldman's "asset management journey" would take two to three years before meaningfully helping margins, he sounded optimistic.

Persons: David Solomon, Goldman Sachs, The Beverly Hilton, Michael Kovac, Goldman, Morgan Stanley, it's, That's, Solomon, he's, He's, Salisbury, Sarsfield Organizations: Milken Institute Global, The Beverly, The Beverly Hilton Hotel, Getty, JPMorgan Locations: Beverly Hills , California, U.S

☆ Senate panel probes billionaire Leon Black's $158 million in payments to Jeffrey Epstein
▼ + stars: | 2023-07-25 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

A Senate panel on Tuesday revealed a yearlong investigation into Apollo Global Management co-founder Leon Black's ties to the late disgraced financier Jeffrey Epstein, with a focus on $158 million Black allegedly paid Epstein for tax and estate planning services. The probe into Black's tax schemes is one of a series of investigations by the committee into how ultra-wealthy people skirt their tax bills, Wyden's letter said. The committee's latest round of questions are "inappropriately invasive" and potentially overstep the panel's oversight role, Black's memo contended. Overnight, the U.S. Virgin Islands lobbed new accusations against JPMorgan Chase in a lawsuit accusing the bank of enabling Epstein's criminal activity. Both the Virgin Islands and JPMorgan filed motions overnight for partial summary judgment in the lawsuit.

Persons: Leon Black, Leon Black's, Jeffrey Epstein, Epstein, Ron Wyden, Black, Wyden, Wealth Management David Brigstocke Organizations: Apollo Global Management, Milken Institute Global Conference, U.S . Virgin, JPMorgan Chase, JPMorgan, Asset, Wealth Management, Virgin Islands Locations: Beverly Hills , California, U.S, Slovakian

☆ Meta and Qualcomm team up to run big A.I. models on phones
▼ + stars: | 2023-07-18 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

But the AI boom has largely missed the companies that make leading edge processors for phones and PCs, like Qualcomm. The announcement on Tuesday suggests that Qualcomm wants to position its processors as well-suited for A.I. If large language models can run on phones instead of in large data centers, it could push down the significant cost of running A.I. Qualcomm will make Meta's open-source Llama 2 models available on Qualcomm devices, which it believes will enable applications like intelligent virtual assistants. Doing this will allow researchers and eventually commercial enterprises to use the AI models on their own computers without asking permission or paying.

Persons: Cristiano Amon, OpenAI's, Bard Organizations: Qualcomm, Milken Institute Global Conference, Calif, Meta, Nvidia Locations: Beverly Hills

☆ Wells Fargo follows a solid quarter, promising investors something many of them count on
▼ + stars: | 2023-07-14 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Don't let Friday's stock action fool you: Wells Fargo (WFC) had a very good quarter. Shares of Wells Fargo initially climbed more than 2% following the earnings release, before giving up some of those gains. Wells Fargo stock was trading up slightly and down slightly Friday afternoon. WFC YTD mountain Wells Fargo YTD performance Bottom line It was very good quarter for Wells Fargo as the better-than-expected headline results came on the back of a lower-than-expected efficiency ratio, and slightly higher-than-expected net interest margin (NIM). Charlie Scharf, CEO, Wells Fargo, speaks during the Milken Institute Global Conference in Beverly Hills, California on May 2, 2023. speaks during the Milken Institute Global Conference in Beverly Hills, California on May 2, 2023.

Persons: Wells, Wells Fargo, NIM, Morgan Stanley, Jim Cramer's, Jim Cramer, Jim, Charlie Scharf, Patrick T, Fallon Organizations: —, Refinitiv, Auto, CNBC, Milken Institute Global Conference, Afp, Getty Locations: Wells Fargo, Wells, Beverly Hills , California

Senator Joe Manchin (D-WV) speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. Senator Joe Manchin said on Thursday he would oppose the nomination of Julie Su as labor secretary, arguing her "progressive background" would prevent her from forging compromises between labor and industry representatives. President Joe Biden nominated Su, a civil rights lawyer and former California labor commissioner who has served as a deputy labor secretary since 2021, to become labor secretary in February. Su previously served as California's labor secretary. "The president's support for Acting Secretary Su is unwavering, and we hope Senator Manchin and Senator Sinema reconsider their position," the White House official added.

Persons: Joe Manchin, Mike Blake, Julie Su, Manchin, Joe Biden, Su, Marty Walsh, Walsh, Kyrsten Sinema, Biden, Sinema, Bernie Sanders, Rami Ayyub, Nandita Bose, David Shepardson, Kanishka Singh, Jamie Freed Organizations: Milken, Global Conference, REUTERS, WASHINGTON, Democratic U.S, National Hockey League, Democrat, White, White House, U.S ., Thomson Locations: Beverly Hills , California, U.S, California, U.S . West Coast

☆ India is heading for 'very high growth' but challenges remain, says Goldman Sachs CEO
▼ + stars: | 2023-06-28 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

David Solomon, Chairman and CEO, Goldman Sachs, participates in a panel discussion during the annual Milken Institute Global Conference at The Beverly Hilton Hotel on April 29, 2019 in Beverly Hills, California. Michael Kovac | Getty Images Entertainment | Getty ImagesIndia has a "very, very high growth trajectory," but bureaucratic challenges persist, CEO of Goldman Sachs David Solomon said in an exclusive interview with the Economic Times. "A great deal has happened in the world and I think looking at India, people see opportunity. He said there will be changes to the terms of engagement going forward, "but that is different from a complete economic decoupling. In turn, it presents a very interesting opportunity for India, but it's also not without challenges."

Persons: David Solomon, Goldman Sachs, The Beverly Hilton, Michael Kovac, Goldman Sachs David Solomon, Solomon, it's Organizations: Milken Institute Global, The Beverly, The Beverly Hilton Hotel, Getty, Economic Times Locations: Beverly Hills , California, India, China, U.S

☆ 'The 2024 elections are going to be a mess' because of A.I. and misinformation: Former Google CEO Eric Schmidt
▼ + stars: | 2023-06-26 | by ( Lauren Feiner | ) www.cnbc.com time to read: +1 min

Eric Schmidt, former CEO and Chairman, Google, speaks during the Milken Institute Global Conference in Beverly Hills, California on May 2, 2023. Misinformation around the 2024 election will be rampant as new tools have made advanced artificial intelligence more accessible, according to Eric Schmidt, former CEO of Google who co-founded Schmidt Futures. "The 2024 elections are going to be a mess because social media is not protecting us from false generated AI," Schmidt told Andrew Ross Sorkin on CNBC's "Squawk Box" on Monday. Asked about the policy change, Schmidt said that social media should allow for "free speech for humans, not computers." "What social media should do is mark all the content, know who the users are, and hold people accountable if they violate the law," Schmidt said.

Persons: Eric Schmidt, Schmidt, Andrew Ross Sorkin Organizations: Google, Milken Institute Global Conference, Schmidt, YouTube, CNBC Locations: Beverly Hills , California

Christine McCarthy, Disney's chief financial officer, will step down from that role, the entertainment giant said Thursday. She will take a family medical leave of absence, and during that time, she will continue as a strategic advisor to Disney , the company said. Veteran Disney executive Kevin Lansberry, who currently works as finance chief for Disney's parks business, will become the company's interim CFO effective July 1. McCarthy, who started with Disney in 2000 and became CFO in 2015, leaves as Disney undergoes a broad restructuring during Bob Iger's second tenure as CEO. During McCarthy's tenure, Disney's streaming spending skyrocketed, and free cash flow fell.

Persons: Christine McCarthy, McCarthy, Disney, Kevin Lansberry, Bob, " McCarthy, Bob Iger's, Bob Chapek, Iger, Christine, — Organizations: Walt Disney Company's, Milken Institute Global, The Beverly Hilton Hotel, Disney, Veteran Disney, Chapek Locations: Beverly Hills , California

REUTERS/David SwansonJune 7 (Reuters) - Coinbase (COIN.O) Chief Executive Brian Armstrong on Wednesday hit back at the U.S Securities and Exchange Commission (SEC) Chair over the agency's lawsuit against the crypto exchange, calling him an "outlier," while also reassuring customers that their funds were safe. Crypto companies, including Coinbase, dispute that crypto tokens are securities and have repeatedly called for the SEC to create clear rules. SETTLEMENT BREAKDOWNLast July, Coinbase disclosed an SEC probe into its asset listing processes, staking programs and yield-generating products. Grewal said despite the lawsuit, Coinbase would still be interested in a dialogue with the SEC about how to bring cryptocurrency into the regulatory perimeter. "If there were an opportunity for a real conversation, of course we would take it up, but I want to be very clear: Coinbase is absolutely committed to defending itself in court," he said.

Persons: Brian Armstrong, David Swanson, Coinbase, Armstrong, Gary Gensler, Gensler, ” Armstrong, Binance, hasn’t, haven’t, Paul Grewal, Grewal, Hannah Lang, Manya Saini, Niket, Chris Prentice, Shounak Dasgupta, Michelle Price Organizations: Milken, Global Conference, REUTERS, U.S Securities and Exchange Commission, SEC, Bloomberg, Monday, CNBC, Reuters, U.S ., Appeals, Circuit, Thomson Locations: Beverly Hills , California, U.S, Solana, Cardano, Washington, Bengaluru

[1/2] Brian Armstrong, CEO and Co-Founder of Coinbase, speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2022. REUTERS/David SwansonJune 7 (Reuters) - Coinbase (COIN.O) executives on Wednesday defended the company against a lawsuit brought by the U.S. securities regulator, saying the cryptocurrency sector lacks a clear set of guidelines. The agency also said Coinbase was operating as an unregistered exchange, broker and clearinghouse. Coinbase also sought to distance itself from rival exchange Binance, which was also served with an SEC lawsuit on Monday. The SEC alleged Binance, the world's largest cryptocurrency exchange and its founder Changpeng Zhao, also sold cryptocurrency products without registering them as securities.

Persons: Brian Armstrong, David Swanson, Coinbase, Binance, Changpeng Zhao, Zhao, Paul Grewal, Grewal, Hannah Lang, Manya, Shounak Dasgupta Organizations: Milken, Global Conference, REUTERS, Wednesday, U.S, Securities, Exchange Commission, SEC, CNBC, U.S ., Appeals, Circuit, Reuters, Manya Saini, Thomson Locations: Beverly Hills , California, U.S, Solana, Cardano, Cayman Islands, Washington, Bengaluru

☆ Sam Zell, billionaire real estate investor, dies at 81
▼ + stars: | 2023-05-18 | by ( Niket Nishant | ) www.reuters.com time to read: +2 min

[1/3] Sam Zell, Chairman of Equity Group Investments, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. Born in 1941 to Polish parents who escaped to the United States during the German invasion of Poland, Zell took a deep interest in real estate very early on. Besides real estate, his firm also invested in manufacturing, travel, retail, healthcare and energy businesses. Zell played a key role in popularizing the structure of real estate investment trusts (REITs) that involved leasing and collecting rent on properties and distributing profit to investors as dividend in the 1990s. It was later sold to asset management giant Blackstone Inc (BX.N) for $39 billion in one of the largest real estate deals ever.

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