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Summer Science Program, a nonprofit with an annual budget of about $2 million, sent about 200 high school juniors to six-week intensive research courses at universities this year. Summer Science Program learned last year that one of its alumni, Franklin Antonio, a co-founder of chipmaker Qualcomm, had granted the organization 20% of his estate, said CEO Frank Steslow. The program intends to double the number of students enrolled next summer to more than 400 and increased its annual budget to over $7 million. Summer Science Program has already received a first payment of $65 million, and the funds are unrestricted. But he added, “it seems unusual at first until you realize that the organization itself is almost like a gift restriction, because they’re very specific in what they do,” referring to Summer Science Program.

Persons: Franklin Antonio, Frank Steslow, ” Steslow, Antonio, Steslow, MacKenzie Scott, Jeff Bezos, Scott, Gabrielle Fitzgerald, Fitzgerald, Russell James, ” James, James, Joan B Organizations: Science, Science Program, Qualcomm, Indiana University ,, Indiana University , Bloomington , New Mexico State University, Las, University of Colorado, Panorama, Global's, Texas Tech University, Salvation Army, National Public, Lilly Endowment Inc, AP Locations: Indiana University , Bloomington , New, Las Cruces, University of Colorado Boulder

There are reasons for the central bank to be, as policymakers have said, "careful" in approving any further rate increases. "We think real rates are higher due to very strong US growth," analysts from Citi wrote ahead of this week's Fed meeting. As of the September meeting, Fed officials said they still felt one more rate hike would be necessary. But Powell has also said growth needs to slow - and if it doesn't, it means the Fed's policy rate will need to move higher. It's a good thing that the labor market's strong," Powell said at his press conference following the end of the Sept. 19-20 policy meeting.

Persons: Jerome Powell, Brendan McDermid, Powell, Nancy Vanden Houten, Dana Peterson, Consumers, Howard Schneider, Dan Burns, Paul Simao Organizations: Federal, Economic, of New, REUTERS, Federal Reserve, Treasury, Citi, Fed, Reuters Graphics Reuters, U.S, Investors, Gross, Oxford Economics, Conference Board, Conference Board's, Thomson Locations: of New York, New York City, U.S, WASHINGTON, joblessness

The three state court judges sided with Nashville officials who sued, ruling that the law targeted Nashville alone and didn't include the local involvement required under the Tennessee Constitution's home rule protections. The ruling ousts the new Metropolitan Nashville Airport Authority board, which awarded six of eight appointments to state officials and two to the mayor. The decision marks another win in court for Nashville officials over the slate of state restrictions passed this year to limit their authority. The new airport law, which brought on changes to the board on July 1, quickly created confusion. Meanwhile, the board with the state appointees was quickly installed, with the airport board arguing that it couldn’t defy a state law without a court order.

Persons: “, Democratic Sen, Jeff Yarbro, Cameron Sexton, ”, Wally Dietz Organizations: Nashville International, Republicans, Democratic, Nashville, Tennessee, Metropolitan Nashville Airport Authority, Republican, NASCAR, Federal Aviation Administration, International Airport, FedEx —, Convention Locations: Tenn, Tennessee, Nashville

☆ Inzamam steps down as Pakistan chief selector after conflict of interest allegations
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +1 min

Oct 31 (Reuters) - Former captain Inzamam-ul-Haq has stepped down as Pakistan Cricket Board's (PCB) chief selector on Sunday after allegations of a conflict of interest. "I am stepping down from the post to offer the PCB the opportunity to conduct a transparent inquiry," Inzamam said in a statement released by the board. "If the committee finds me not guilty, I will resume my role as the chief selector." The PCB said it had set up a five-member fact-finding committee to look into the allegations. The allegations surfaced in the middle of Pakistan's struggling World Cup campaign, where they sit seventh in the points table after four successive defeats.

Persons: Inzamam, Haq, Babar Azam, Shaheen Afridi, Mohammad Rizwan, Chiranjit, Gerry Doyle Organizations: Pakistan Cricket Board's, Yazoo International Ltd, Saya Corporation, Thomson Locations: Bengaluru

☆ MORGAN STANLEY: Own these 12 stocks from the energy and industrials sectors, which have historically outperformed the rest of the market by 11% as the economy nears the end of its growth cycle
▼ + stars: | 2023-10-31 | by ( William Edwards | ) www.businessinsider.com time to read: 1 min

Morgan Stanley strategists say we're in a late-cycle environment. In a recent client note, the bank listed 12 energy and industrials stocks that should benefit. Despite stocks having technically entered a new bull market earlier this year, equity strategists at Morgan Stanley say the US economy is nearing the end of its current cycle. This story is available exclusively to Insider subscribers. Become an Insider and start reading now.

Persons: Morgan Stanley, Andrew B, Pauker Organizations: Howmet Aerospace, Marathon Oil, Treasury, Conference

☆ The CEO of Unilever won't get a pay increase for 2 years after a backlash from shareholders
▼ + stars: | 2023-10-31 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Unilever CEO Hein Schumacher will have his pay frozen until 2026.will have his pay frozen until 2026. AdvertisementAdvertisementThe CEO of Unilever won't be able to get a pay rise until 2026 amid shareholder frustration, Bloomberg reported. The board's proposed pay package was rejected by shareholders at Unilever's annual general meeting in May, per Bloomberg. That's a nearly 20% increase on the fixed pay of the previous CEO, Alan Jope, from whom Schumacher took over in July. It means Schumacher won't be eligible for a pay increase in 2024 or 2025, and his fixed pay level will be reviewed by a compensation committee in 2026.

Persons: Hein Schumacher, Schumacher, —, That's, Alan Jope, Jope, Nelson Peltz, Terry Smith Organizations: Unilever, Service, Bloomberg, Reuters, Telegraph

☆ Morgan Stanley gave a $20 million bonus to its incoming CEO, and to the 2 rival execs who missed out on the top job
▼ + stars: | 2023-10-30 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Morgan Stanley is giving $20 million bonuses to its incoming CEO and the two other candidates. Morgan Stanley said the awards would ensure "that each executive continues their outstanding leadership in their new roles. AdvertisementAdvertisementMorgan Stanley is giving $20 million bonuses to its incoming CEO and the two other executives who missed out on the top role. Morgan Stanley said in a filing Friday that its board's compensation, management-development, and succession committee had approved one-time equity-based awards to Pick, Saperstein, and Simkowitz. AdvertisementAdvertisementIn 2022, Pick, Saperstein, and Simkowitz each had a base salary of $1 million.

Persons: Morgan Stanley, Ted Pick, Dan Simkowitz, Andy Saperstein, —, James Gorman, Pick, Gorman, Ted Organizations: Service, Street, Institutional Securities Group, Company

☆ New York Times tech workers to strike over return-to-office rules
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

The New York Times building is seen in Manhattan, New York, U.S., August 3, 2020. REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsOct 30 (Reuters) - Tech workers at the New York Times (NYT.N) plan to strike for half a day on Monday, accusing the publisher of attempting to unilaterally force them back to the office. ET and the nearly 700 workers will hold demonstrations on Zoom and outside the company's headquarters in Manhattan, where some will wear Halloween costumes, said the Times Tech Guild (TTG). The New York Times issued its return-to-office policy before the tech guild was recognized early last year, when workers voted 404-88 to join the NewsGuild of New York, making TTG the largest tech union in the U.S. with bargaining rights. Tech workers at the union have been in contract talks with the company for more than a year.

Persons: Shannon Stapleton, Kathy Zhang, Akash Sriram, Arun Koyyur Organizations: New York Times, REUTERS, Tech, Times Tech Guild, The New York Times, U.S . National Labor Relations Board, Bloomberg, Times, Thomson Locations: Manhattan , New York, U.S, Manhattan, New York, Bengaluru

☆ A renowned market bear who called the dot-com bubble shares 3 warning signs that the economy is crumbling despite upbeat data, putting stocks at risk of further downside
▼ + stars: | 2023-10-28 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

The S&P 500 is up 7.6% year-to-date. Only about 40% of analyst ratings changes for S&P 500 companies are upgrades. While the S&P 500 is up over 7% this year, Edwards cited it as another data point covering up the economy's true health. Their outsized contribution to the index's performance is evidenced by the returns of the S&P 500 equal-weighted index, Edwards said, which is down by 5% this year. In the equal-weighted index, each individual S&P 500 constituent's performance impacts the overall index's performance the same.

Persons: Albert Edwards, " Edwards, Edwards, Freddie Kruger, —, Russell Organizations: Generale Chief Global, Societe Generale They're, Societe Generale, National Federation for Independent, Institute, Supply, Apple, Microsoft, Nvidia, Tesla, RBC Capital Markets

☆ 'We are expecting a pause' from the Fed next week, says Conference Board's Dana Peterson
▼ + stars: | 2023-10-27 | 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 Email'We are expecting a pause' from the Fed next week, says Conference Board's Dana PetersonDana Peterson, Conference Board chief economist, joins 'Fast Money' to talk today's PCE data and what to expect from the FOMC meeting next week.

Persons: Board's Dana Peterson Dana Peterson Organizations: Fed, Conference Board

When Planet Fitness CEO Chris Rondeau was fired, it was a surprise to nearly everyone. AdvertisementAdvertisementWhen Chris Rondeau , ten-year CEO of Planet Fitness, was fired by the company's board of directors, he told Insider he was "seriously blindsided." AdvertisementAdvertisementInsider spoke with six former Planet Fitness employees. Former Planet Fitness CEO Chris Rondeau on the floor of the New York Stock Exchange in 2015, after the company's IPO. AdvertisementAdvertisementA spokesperson for Planet Fitness previously told Insider Rondeau's departure was not because of "any material or unexpected financial events."

Persons: Chris Rondeau, —, Rondeau, Richard Drew, Casey Willard, Beers, Peers, Dunkin, Willard Organizations: Planet, Service, Planet Fitness, Fitness, New York Stock Exchange Locations: Hampton , New Hampshire

☆ A recession is about to hit the US economy. Here are 3 warning signs that defy consensus view, according to Raymond James
▼ + stars: | 2023-10-23 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

A recession is poised to hit the US economy within the next nine months, according to Raymond James. These are the three big warning signs Raymond James is monitoring ahead of a potential recession. These are the three warning signs he is monitoring ahead of a potential recession. Tailwinds that drove strong consumer spending since the pandemic are ending and excess savings have been nearly depleted. All of these risks should ultimately weigh on consumer spending habits as the crucial holiday season approaches.

Persons: Raymond James, Larry Adam, Adam, Brian Moynihan Organizations: Bank of America, Consumers

Oklahoma's Republican Attorney General Gentner Drummond on Friday sued to stop a state board from establishing and funding what would be the nation's first religious public charter school after the board ignored Drummond's warning that it would violate both the state and U.S. constitutions. Drummond filed the lawsuit with the Oklahoma Supreme Court against the Oklahoma Statewide Virtual Charter School Board after three of the board's members this week signed a contract for the St. Isidore of Seville Catholic Virtual Charter School, which is sponsored by the Archdiocese of Oklahoma City. The school board voted 3-2 in June to approve the Catholic Archdiocese's application to establish the online public charter school, which would be open to students across the state in kindergarten through grade 12. A message left Friday with Rebecca Wilkinson, the executive director of the Oklahoma Statewide Virtual Charter School Board, was not immediately returned, although Wilkinson has said previously she wouldn't comment on pending litigation. The National Alliance for Public Charter Schools, a nonprofit organization that supports the public charter school movement, released a statement Friday in support of Drummond's challenge.

Persons: General Gentner Drummond, Drummond, Isidore of, Rebecca Wilkinson, Wilkinson, Isidore, Kevin Stitt, “, Stitt, Stitt's, ” Drummond Organizations: Republican, Oklahoma Supreme, Oklahoma Statewide, Charter School Board, Isidore of Seville Catholic Virtual Charter School, Archdiocese, Oklahoma City, Catholic, Oklahoma's Republican Gov, GOP, Oklahoma, National Alliance for Public Charter Schools Locations: U.S, Isidore of Seville, Oklahoma

☆ Two U.S. funds to vote Mediobanca outgoing board's slate for board renewal
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

MILAN, Oct 19 (Reuters) - The U.S. funds CalSTRS and New York City Comptroller said on Thursday they would vote in favour of the outgoing board's slate of nominees for the new Mediobanca board at the bank's annual meeting this month. Mediobanca's outgoing board has proposed 15 members, including a new term for current CEO Alberto Nagel and Chairman Renato Pagliaro ahead of the Oct. 28 meeting. The two funds did not disclose their stakes in Mediobanca. Proxy adviser Institutional Shareholder Services (ISS), Glass Lewis and Pensions & Investment Research Consultants (PIRC) said last week they were recommending Mediobanca investors vote in favour of the outgoing board's slate of nominees. Reporting by Gianluca Semeraro editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

Persons: Alberto Nagel, Renato Pagliaro, Delfin, Leonardo Del Vecchio, Nagel, Del Vecchio, Glass Lewis, Gianluca Semeraro, Keith Weir Organizations: MILAN, New York, Services, Pensions & Investment Research Consultants, Thomson Locations: U.S, New, Mediobanca, Italian

☆ Starboard Value CEO Jeff Smith on stake in News Corp., push for separation of divisions
▼ + stars: | 2023-10-17 | 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 EmailStarboard Value CEO Jeff Smith on stake in News Corp., push for separation of divisionsStarboard Value CEO Jeff Smith joins 'Squawk on the Street' to discuss the Starboard's stake in News Corp., why he believes it makes sense for News Corp. to spin off its Dow Jones news division and its REA real estate division, and more.

Persons: Jeff Smith, REA Organizations: News Corp, Dow Jones

☆ Starboard CEO makes case for spinning off real estate assets from WSJ owner News Corp
▼ + stars: | 2023-10-17 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

– in particular to see its real estate business separated from the rest of the company. Smith said News Corp. should split out its real estate assets, including an interest in REA Group of Australia. On Tuesday, Smith called out the valuation discrepancies between the news and real estate businesses. Meanwhile, News Corp.'s real estate assets trade at eight-times, he said. "It's a great business, a great asset, it's just too cheap," Smith said of News Corp.'s stock price.

Persons: Jeffrey Smith, CNBC's David Faber, Smith, Murdoch, It's, it's Organizations: News Corp, –, REA Group of Australia . News Corp, Dow Jones, Wall Street, New, CNBC, Reuters, Street, Fox Corp, New York Times Locations: New York

☆ Vans, North Face owner VF Corp shares jump after activist investor builds stake
▼ + stars: | 2023-10-17 | by ( Drew Richardson | ) www.cnbc.com time to read: +2 min

Activist investment firm Engaged Capital has taken a stake in VF Corp. , owner of Vans and The North Face brands, and is pushing for cost cuts and changes to the board. Shares of VF Corp jumped roughly 14% following the news, trading at over $18. Engaged said shares of VF Corp. could jump to a share price of $46 within three years if proposed changes are implemented. It is unclear exactly how much of a stake Engaged has taken in VF Corp. VF Corp. said it is aware of Engaged's comments and investment.

Persons: Steve Rendle, Rendle, Rendle's, Bracken Darrell, Mr, Darrell Organizations: Face Inc, VF Corp, Vans, Corp Locations: Easton, Columbus , Ohio, Vans

☆ Retail sales came in stronger due to climbing wages, says The Conference Board's Steve Odland
▼ + stars: | 2023-10-17 | 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 EmailRetail sales came in stronger due to climbing wages, says The Conference Board's Steve OdlandSteve Odland, president and CEO of The Conference Board, and CNBC's Steve Liesman join 'The Exchange' to discuss retail sales coming in higher than expected, disparity between consumer sentiment and consumer data, and strong consumer data increasing the probability for a Fed hike in January.

Persons: Steve Odland Steve Odland, Steve Liesman Organizations: Retail, Conference Board

☆ Colombia eyes two rate cuts before year-end, finance minister says
▼ + stars: | 2023-10-14 | by ( Jorgelina Do Rosario | Thomson Reuters | Jorgelina Do Rosario Is Emerging Markets Correspondent At Reuters Based In London | ) www.reuters.com time to read: +2 min

"The expectation is for another cut in December," Bonilla told Reuters on the sidelines of the World Bank and International Monetary Fund meetings in Marrakech. "The message of reducing the key rate is for all the banks, because today the rate is an obstacle for economic recovery," he added. The central bank held the key rate steady at 13.25% in September for the third time in a row, citing stubborn inflation. That was down from highs in 2022, but still more than double the central bank's long-term target of 3%. The central bank's technical team expects Colombia's economy to grow 0.9% this year, compared with an expansion of 7.3% in 2022.

Persons: Ricardo Bonilla, Susana Vera, Bonilla, Gustavo Petro, Jorgelina, Julia Symmes Cobb, Mark Potter, Helen Popper Our Organizations: Colombia's, Reuters, International Monetary Fund, World Bank, REUTERS, Rights, Colombian Finance, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, Israel, Hamas, Rosario

☆ Proxy adviser Glass Lewis backs Mediobanca outgoing board's slate for board renewal
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

MILAN, Oct 13 (Reuters) - Proxy adviser Glass Lewis said on Friday it was recommending that investors in Italian bank Mediobanca (MDBI.MI) vote in favour of the outgoing board's slate of nominees for the new board. The board is elected for a three-year term, and the current one expires on Oct. 28, when Mediobanca shareholders will vote on its renewal, including the chief executive. Mediobanca's outgoing board has proposed 15 members, including a new term for current CEO Alberto Nagel and Chairman Renato Pagliaro. On Wednesday, proxy adviser Institutional Shareholder Services (ISS) said it was recommending that Mediobanca investors vote in favour of the outgoing board's slate of nominees. Reporting by Gianluca Semeraro; editing by Gavin Jones and Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Glass Lewis, Alberto Nagel, Renato Pagliaro, Delfin, Leonardo Del Vecchio, Nagel, Del Vecchio, Gianluca Semeraro, Gavin Jones, Kirsten Donovan Organizations: MILAN, Services, Thomson Locations: Italian

☆ ECB policymakers eye springtime push to cut payments on banks' deposits, sources say
▼ + stars: | 2023-10-13 | by ( Balazs Koranyi | ) www.reuters.com time to read: +5 min

MARRAKECH, Oct 13 (Reuters) - European Central Bank policymakers are planning a springtime push to cut interest payments made to commercial banks, in part to recoup some of the costs associated with a decade worth of stimulus, sources familiar with discussions said. That would mean overall interest payments to lenders - which still earn the ECB deposit rate, currently 4%, on other excess cash parked with the central bank - would be reduced further. But the ECB rejected the proposal in July, partly on resistance from its Executive Board, the sources said. The board's key argument is that excess liquidity is distributed unevenly across the euro zone and raising the ratio would put an excessive burden on smaller banks with a larger portion of deposits. Deutsche Bank CEO Christian Sewing argued that the change would add to banks' financial burdens and restrict their lending options.

Persons: Bundesbank, Joachim Nagel, Robert Holzmann, Latvia's Martin Kazaks, Isabel Schnabel, Austria's Holzmann, France's Francois Villeroy de, Pierre Wunsch, We're, Schnabel, Deutsche Bank CEO Christian Sewing, Tom Sims, John Stonestreet Organizations: Central Bank, ECB, Austrian, Barclays, Deutsche Bank CEO Christian, Thomson Locations: MARRAKECH

☆ This company pays employees to play pickleball: ‘Work should be fun’
▼ + stars: | 2023-10-13 | by ( Morgan Smith | ) www.cnbc.com time to read: +1 min

Some people look forward to their lunch break or 3 p.m. coffee at the office — but Liz Martin eagerly awaits her afternoon pickleball match against her co-workers. Martin, 28, works at Room & Board, a Minneapolis-based furniture retailer with an indoor pickleball court on the first floor of its office building. "I never thought I'd be into pickleball, but now, it's one of my favorite parts of the day," says Martin, who started playing pickleball a year ago. Room & Board installed the court in 2013 to complement its in-house gym. Soon after Room & Board began calling employees back to the office in the fall of 2021, Manley's inbox was flooded with requests for pickleball lessons, matches and partners.

Persons: Liz Martin, Martin, I'd, pickleball, Nancy Manley, Manley's Organizations: Board Locations: Minneapolis

☆ Goldman Sachs says home prices are now more unaffordable for the average buyer than they were during the 2008 housing bubble. Here are the 2 things they say would have to happen for home prices to cra
▼ + stars: | 2023-10-12 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

It's even tougher to buy a home right now than it was during the peak of the mid-2000s housing bubble. For one, the labor market remains very strong, meaning demand will be supported — if people still have jobs, they still have money coming in to save for a home. Goldman SachsIn the Great Recession, rising unemployment hurt housing demand, bringing down home prices. Another reason Karoui thinks things are different today is what's happened in the adjustable-rate mortgage market. During the Great Recession, for example, unemployment stayed around current levels for several more months following Treasury yield curve inversion before rising meaningfully.

Persons: Goldman Sachs, Lotfi Karoui, Karoui, Goldman, Jan Hatzius, Piper, Michael Kantrowitz Organizations: Wall, Conference, Equity

☆ Olaplex's CEO, who once said hair loss complaints are 'sadly, a fact of life in our industry,' steps down
▼ + stars: | 2023-10-12 | by ( Gloria Dawson | ) www.businessinsider.com time to read: +3 min

Olaplex CEO JuE Wong is stepping down and resigning from the haircare brand's board. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementOlaplex Holdings CEO JuE Wong is stepping down after a tumultuous three years at the helm of the haircare brand. Then, some customers shared complaints online saying the products were causing their hair to fall out. AdvertisementAdvertisementA group of customers sued Olaplex in California, claiming its products caused "serious" problems including hair loss and scalp damage.

Persons: JuE Wong, Amanda Baldwin, Wong, —, John P, Bilbrey, Olaplex, Jefferies, Baldwin Organizations: Service, Olaplex, LinkedIn Locations: California

☆ Proxy adviser ISS backs Mediobanca's outgoing board slate for board renewal
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

MILAN, Oct 11 (Reuters) - Proxy adviser Institutional Shareholder Services (ISS) said on Wednesday it was recommending that Mediobanca (MDBI.MI) investors vote in favour of the outgoing board's slate of nominees for the Italian bank's new board. The bank's board is elected for a three-year term and the current term expires on Oct. 28, when Mediobanca shareholders will vote on the renewal of the board, including the chief executive. Mediobanca's outgoing board has proposed 15 members for the full board, including a new term for current CEO Alberto Nagel and Chairman Renato Pagliaro. Mediobanca's outgoing board's slate of nominees "is adequately positioned to represent the long-term interests of institutional investors and carry out an effective oversight of the management's action", ISS said in a report. The current board has the support of a group of Italian investors, representing a combined 10.9% stake.

Persons: Alberto Nagel, Renato Pagliaro, Delfin, Leonardo Del Vecchio, Nagel, Del Vecchio, Francesco Gaetano Caltagirone, Gianluca Semeraro, Leslie Adler Organizations: MILAN, Services, Thomson Locations: Italian

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