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☆ Starboard's Jeff Smith says A.I. is an enormous opportunity, benefiting Salesforce and others
▼ + stars: | 2023-07-25 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

"AI is an enormous opportunity," Smith said Tuesday on CNBC's " Squawk on the Street ." The internet was one to start with ... maybe you talk about cryptocurrency blockchain and then you might talk about AI." Smith said AI is an "enormous opportunity" for Salesforce , the software company that he took an activist stake in in 2022. Revenue growth did slow a little bit, which was expected," Smith said of Salesforce. Smith said he's also bullish on software name Splunk , which he said is slightly behind Salesforce in terms of execution.

Persons: Jeff Smith, Smith, blockchain, chatbot, they've, Salesforce, there's, he's Organizations: Nvidia, Ramius Locations: York

☆ US consumer confidence races to two-year high; house prices rising
▼ + stars: | 2023-07-25 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

Summary Consumer confidence index increases to 117.0 in JulyLabor market differential rises to 37.2 from 32.5 in JuneHouse prices continue upward trend in MayWASHINGTON, July 25 (Reuters) - U.S. consumer confidence increased to a two-year high in July amid a persistently tight labor market and receding inflation, bolstering the economy's prospects in the near term. That supports economists' views that consumer spending was flattening out after rising at its fastest pace in two years in the first quarter. The Conference Board's consumer confidence index increased to 117 this month, the highest reading since July 2021, from 110.1 in June. TIGHT LABOR MARKETThe survey's so-called labor market differential, derived from data on respondents' views on whether jobs are plentiful or hard to get, increased to 37.2 this month from 32.8 in June, a sign labor market conditions remain tight despite job growth slowing. And while more households planned to buy houses, they could run into affordability challenges as tight supply pushes up prices.

Persons: Robert Frick, Dana Peterson, Lisa Sturtevant, Lucia Mutikani, Paul Simao Organizations: Labor, Conference, Federal Reserve, Consumers, Navy Federal Credit Union, The, Reuters, University of, Conference Board's, Fed, Federal Housing Finance Agency, Bright MLS, Thomson Locations: WASHINGTON, Vienna , Virginia, U.S

☆ Dow notches 12th straight win as US stocks rally ahead of Fed policy decision
▼ + stars: | 2023-07-25 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Stock rose on Tuesday ahead of earnings reports from Alphabet and Microsoft. Investors are also preparing for another possible rate hike from the Fed on Wednesday. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Tuesday marked the start of the Fed's two-day meeting, which will determine the direction of future monetary policy. Though majority of market observers expect another interest rate hike for July, some view this as a potential conclusion to the bank's tightening cycle.

Organizations: Microsoft, Fed, Service, Federal Reserve, Conference, Here's Locations: Wall, Silicon

☆ Elon Musk should not waste his time heading a public company, says Conference Board's Steve Odland
▼ + stars: | 2023-07-25 | 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 EmailElon Musk should not waste his time heading a public company, says Conference Board's Steve OdlandSteve Odland, president and CEO of The Conference Board joins 'Power Lunch' to discuss innovators and operators and which is better for shareholders.

Persons: Elon, Steve Odland Steve Odland Organizations: Conference Board

☆ Americans haven't felt this good about the economy in 2 years
▼ + stars: | 2023-07-25 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The Conference Board's consumer confidence gauge just hit its highest level in two years. The Conference BoardAmericans have rosier views of the labor market, the data showed, and more people reported feeling "good" about family finances while fewer reported feeling "bad." "[B]oth indicators are on an upswing as consumers take positive signals from the resilient labor market and receding inflation in recent months," the Barclays analysts wrote. The improving economic outlook reflects easing inflation and the ongoing resilience of the labor market, Peterson said. "This likely reveals consumers' belief that labor market conditions will remain favorable."

Persons: Dana Peterson, Peterson Organizations: Service, Privacy, Conference, Conference Board, Barclays, University of Michigan, Federal Reserve Locations: Wall, Silicon

☆ India's ITC to demerge hotel business into separate company; shares fall
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, July 24 (Reuters) - India's ITC Ltd (ITC.NS) said it would spin off its hotel business, separating it from its cigarettes and food units, sending shares 4% lower on Monday. Shares of ITC hit a record high earlier in the day before falling as much as 4.3% after the demerger was announced. Indian hotels have turned into a hot sector as pandemic-led disruptions eased, with operators enjoying higher rates and occupancy. The Indian hospitality industry is expected to witness rapid growth going forward, ITC said. The hotel business accounted for nearly 4% of ITC's total revenue from services and sales and contributed over 2% of its annual profit, according to its latest annual report.

Persons: Varun Vyas, Sohini Goswami Organizations: India's ITC, ITC Hotels, ITC, Tata, Indian Hotels, Taj Hotels, Marriott Hotels, Oberoi, Thomson Locations: BENGALURU, Bengaluru

☆ Cool-girl brand Aritzia made employees rate each other's appearances, discriminated against Black salespeople, and fostered a culture of fear, some ex-staffers say
▼ + stars: | 2023-07-24 | by ( Nichole Jankowski | Isabella Zavarise | Brianna Holt | ) www.businessinsider.com time to read: +27 min

They said 54% of Aritzia employees and 60% of retail employees identified as BIPOC but declined to provide a breakdown of those statistics. Insider spoke with 53 current and former Aritzia employees, several of whom said that while the world of fashion is notoriously cutthroat, working at Aritzia was particularly grueling. Aritzia's spokesperson said the company's success was a "direct result of its high-performance culture." (In a statement of defense filed with the court on July 5, the store manager and Aritzia denied all allegations. A former Ontario store manager said that shortly after she was hired, the manager of store operations asked if she had a boyfriend.

Persons: Brian Hill, Hill, Kendall Jenner, Meghan Markle, Jennifer Lopez, Aritzia, Lindsey Adelman, Melina, Isabel Slone, Max Mumby, Aritzia's, Carly Bishop, Brian, Jennifer Wong, who's, Wong, Robson, We're, George Pimentel, Heather McLean, Hill's, Tim Hortons, Kendalls, —, Todd Korol, Jessica Porter, weren't, Candace Jerry, Anyango Juma Miguna, Miguna, Hannah, Kaycelyn Pascual, Pascual, couldn't, Nadia Mahammed, Mahammed, she'd, George Floyd, they'd, Todd Ingledew Organizations: Aritzia, Euromonitor International, Aritzia's, Queen's University, Fashion, Globe, Toronto Star, Getty, SPH, Employees, British Columbia Human, Product, Estate Development, Business Locations: Toronto, Vancouver, Ontario, Aritzia, ascot, Canada, Aritzia's Vancouver, Canadian, New York City, Aritzia's Paramus , New Jersey, Newmarket , Ontario, British, New York

The deal to buy Collins' actuation and flights controls business marks the French engine and aircraft equipment maker's biggest acquisition since the 2018 purchase of seat maker Zodiac. "We are going to move towards more electrical actuation and flight controls," Safran's Chief Executive Officer Olivier Andries said. Collins Aerospace, part of U.S. aerospace and defence giant Raytheon Technologies, recently renamed RTX (RTX.N), said the sale would "optimize resources". Safran said its all-cash offer gave the business it is acquiring an enterprise value of $1.8 billion. Safran said Collins would remain a key customer for the business as a manufacturer of nacelles or engine housings for jetliners, making up 25% of the acquired activity's revenues.

Persons: France's Safran, SAF.PA, Collins, Olivier Andries, Safran, Andries, Pascal Bantegnie, Augustin Turpin, Tim Hepher, Jan Harvey, Jane Merriman, Elaine Hardcastle Organizations: Collins Aerospace, Raytheon Technologies, Airbus, Boeing, French Rafale, Parker Aerospace, Thomson Locations: U.S, Paris, American, Eaton, United States, Europe

☆ Florida introduces new guidelines on teaching Black history, critics give poor grade
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +3 min

July 20 (Reuters) - Florida's board of education has approved new guidelines for teachers on how Black American history should be taught despite sharp criticism from some educators and civil rights groups. The board of education approved the new teaching guidelines for kindergarten through high school on Wednesday. Earlier this year Florida rejected a proposed Advanced Placement course in African American studies, saying it was littered with leftist ideology. DeSantis has battled against Disney over its criticism of a Florida law banning classroom discussion of sexuality and gender. Reporting by Brad Brooks in Lubbock, Texas; Editing by Donna Bryson and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Manny Diaz Jr, Diaz, William Allen, Frances Presley Rice, Allen, Presley Rice, Derrick Johnson, Ron DeSantis, DeSantis, Brad Brooks, Donna Bryson, Stephen Coates Organizations: Florida's, National Association for, Advancement of Colored, Florida Education Association, Republican, Disney, Thomson Locations: Orlando, Florida, Lubbock , Texas

[1/3] Goldman Sachs CEO David Solomon speaks during the Goldman Sachs Investor Day at Goldman Sachs Headquarters in New York City, U.S., February 28, 2023. David Wagner, a portfolio manager at Aptus Capital Advisors, exited his small position in Goldman Sachs months ago because he was unimpressed with managers' handling of the consumer business. Marcus, the consumer business, lost $3 billion in three years, and is being wound down. 1Solomon took the top job in 2018, leaning into Goldman's consumer business to broaden earnings beyond volatile revenue from trading and dealmaking. The retail operations struggled to gain traction against well-established consumer banks, prompting the bank to set aside billions to cover potential loan losses.

Persons: Goldman Sachs, David Solomon, Brendan McDermid, David Solomon's, Goldman, Morgan Stanley, Tom Montag, Solomon, JPMorgan Chase, Morgan Stanley's, David Wagner, Wagner, Marcus, Montag, David, Narendra Modi, Lakshmi Mittal, ArcelorMittal, Saeed Azhar, Lananh Nguyen, Megan Davies, Anna Driver Organizations: Goldman, REUTERS, JPMorgan, Aptus Capital Advisors, Bank of America, Thomson Locations: New York City, U.S, Solomon, India, New Delhi

☆ Elizabeth Warren urges SEC to investigate Tesla over Twitter ties, corporate governance
▼ + stars: | 2023-07-17 | by ( Lora Kolodny | ) www.cnbc.com time to read: +2 min

Sen. Elizabeth Warren, D-Mass., sent a letter urging the U.S. Securities and Exchange Commission to investigate Tesla and its board of directors over possible "conflicts of interest, misappropriation of corporate assets, and other negative impacts to Tesla shareholders" related to CEO Elon Musk's Twitter takeover. The take-private deal included $13 billion in debt, and Musk reportedly sold billions of dollars worth of his Tesla shares to finance the transaction. In recent weeks, Musk appointed Linda Yaccarino, who previously ran global advertising for Comcast's NBCUniversal, to the role of Twitter CEO. Her hiring stirred hope that Twitter's beleaguered advertising business would soon recover and that Musk would return to focus on Tesla and SpaceX. Tesla is scheduled to report its second-quarter earnings after the bell on Wednesday of this week.

Persons: Elon Musk, Finances Bruno Le Maire, Sen, Elizabeth Warren, Tesla, Elon, Gary Gensler, Warren, Robyn Denholm, Musk, Linda Yaccarino, Comcast's, Yaccarino Organizations: French, Finances, Chateau, U.S . Securities, Exchange Commission, Twitter, SEC, CNBC, Public Affairs, Tesla, SpaceX Locations: Versailles, Paris

☆ After complaints about airplane seat size reached Congress, a new bill aims to address cramped conditions
▼ + stars: | 2023-07-16 | by ( Sebastian Cahill | ) www.businessinsider.com time to read: +5 min

Travelers' displeasure with cramped airplane seating has been rising as planes pack in more seats. The bill urges the FAA to consider factors like disability or age when writing evacuation guidelines. A new bill moving through Congress aims to address airplane safety for people with disabilities or other restrictions that might make evacuating difficult. Now, Congress is trying to address the potential safety hazards with the Emergency Vacating of Aircraft Cabin, or EVAC, Act. The bill also says the tests were conducted in small groups instead of considering that some planes can carry over 200 passengers.

Persons: Sens . Baldwin, Duckworth, Tammy Baldwin, Tammy Duckworth, Baldwin Organizations: FAA, Wall Street, Federal Aviation Administration, Aircraft, National Transportation Safety, Reuters . Locations: Sens

☆ Jana brought an aerospace rock star to Mercury Systems. These next steps could help build value
▼ + stars: | 2023-07-15 | by ( Kenneth Squire | ) www.cnbc.com time to read: +6 min

Business: Mercury Systems is a manufacturer of essential components, products, modules and subsystems. On July 6, Bill Ballhaus, Mercury Systems' interim president and CEO, was also named chairman. Mercury Systems has been a successful manufacturer of small electronic components with many favorable attributes. Further, unlike many peers, it pays for its own R&D, making Mercury Systems more nimble and allowing it to have higher operating margins. In June 2022, Jana and Starboard each won a seat on the company's board: Bill Ballhaus (Jana) and Howard L. Lance (Starboard).

Persons: it's, Jana, Barry Rosenstein, Rosenstein, Scott Ostfeld, Gerard J, DeMuro, Roger A ., Bill Ballhaus, Starboard's 13D, Howard L, Ballhaus, Ozzy Osbourne, Steven Tyler, Ken Squire Organizations: Mercury Systems, U.S, Starboard's, Computer Sciences, 13D Locations: U.S

☆ Disney extends CEO Bob Iger's contract through 2026, two years longer than planned
▼ + stars: | 2023-07-12 | by ( Sarah Whitten | ) www.cnbc.com time to read: +5 min

The Walt Disney Company will extend CEO Bob Iger's deal by two years, extending his tenure through 2026. Iger returned to Disney in November, retaking the job from Bob Chapek, who was appointed CEO in early 2020. On four different occasions between 2013 and 2017, he extended his tenure as CEO after saying he planned to retire. Tune in: CNBC's David Faber will interview Disney CEO Bob Iger on CNBC's "Squawk Box" at 8 a.m. To that end, I'm writing to share that I have agreed to the Disney Board's request to remain CEO for an additional two years – through the end of 2026.

Persons: Bob Iger's, Iger, Bob Chapek, Iger's, CNBC's David Faber, Bob Iger, We've, we've, Christine McCarthy, Bob, Mark Parker, Read, I've, It's, Bob — CNBC's Alex Sherman, Kerry Caufield, David Faber Organizations: Walt Disney Company, CNBC, Disney, Netflix, Warner Bros . Discovery, Paramount, Pixar

☆ Swiss Re nominates new chairman after Ermotti goes to UBS
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, July 12 (Reuters) - The insurer Swiss Re (SRENH.S) said on Wednesday that it planned to promote its deputy chairman Jacques de Vaucleroy to the role of permanent chairman of the board after his predecessor Sergio Ermotti resigned to lead UBS. The reshuffle is part of the continuing fallout from Swiss authorities' rescue of Credit Suisse in a shotgun merger with UBS and new management at the helm. De Vaucleroy, a Belgian previously with management roles at the French insurer AXA (AXAF.PA) and the Dutch bank ING (INGA.AS), has been acting as chairman since Ermotti left the chairmanship in April. Following the board's nomination, de Vaucleroy will stand for election as chairman in April at the company's annual general meeting. Reporting by Tom Sims and Oliver Hirt Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Jacques de Vaucleroy, Sergio Ermotti, De Vaucleroy, Ermotti, Vaucleroy, Tom Sims, Oliver Hirt, Miranda Murray Organizations: Swiss, UBS, Credit Suisse, AXA, ING, Swiss Re, Thomson Locations: FRANKFURT, Belgian, Dutch

☆ Disney CEO Bob Iger Extends His Tenure Again, Will Stay 2 More Years
▼ + stars: | 2023-07-12 | by ( Reed Alexander | Lucia Moses | ) www.businessinsider.com time to read: +3 min

Disney CEO Bob Iger is sticking around for another two years, the company announced Wednesday. That means his contract, previously set to expire next year, will now run through the end of 2026. Iger surprised Disney watchers and company insiders when he returned to the post last year, unseating his short-lived successor, Bob Chapek. Walt Disney Co. CEO Bob Iger is sticking around for another two years, with his contract now set to expire on December 31, 2026, the company said on Wednesday. Iger, who formerly led Disney from 2005 to 2020 before relinquishing the CEO role to his short-lived successor Bob Chapek, returned to the entertainment and theme parks giant in a shock move last November.

Persons: Bob Iger, Iger, Bob Chapek, Bob, Mark G, Parker, Disney's, — Organizations: Disney, Morning, Walt Disney Co, Wall Street, Guild of America, SAG, New York Times

☆ Activist Starboard prepares the groundwork to reduce leverage and build value at Algonquin Power
▼ + stars: | 2023-07-08 | by ( Kenneth Squire | ) www.cnbc.com time to read: +6 min

Business: Algonquin Power is a renewable energy and utility company that provides energy and water solutions and services in North America and internationally. Algonquin Power is a utility company based in Canada with most of its assets in the United States. Instead, the acquisition would have added to an already over-leveraged balance sheet, putting Algonquin Power in an even less stable financial position. So, companies like Algonquin Power will close facilities and retire equipment and build new facilities and buy new equipment that can be added back into the rate base. Algonquin Power is a holding in the fund.

Persons: Arun Banskota, Ken Squire, Squire Organizations: Algonquin Power, Algonquin Power's, Kentucky Power, Federal Energy Regulatory, JPMorgan, 13D, Algonquin Locations: Algonquin, North America, Canada, United States, EBITDA

☆ 'I've seen this show before': A renowned market bear who called the dot-com bubble warns a recession is still barreling toward the US economy — and stocks are due to suffer as misguided optimism fuels
▼ + stars: | 2023-07-08 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

There's a fairly simple way to characterize Societe Generale strategist Albert Edwards' latest note to clients. Bears are boys who cried wolf (recession), and investors are the shepherd who have become sick of the ongoing warnings and have stopped heeding their calls. Societe GeneraleAll of this optimism is likely a mistake, Edwards said as he doubled down on his recession call. In an May note, Edwards said "recession is a done deal," citing The Conference Board's Leading Economic Index, which has been at recessionary levels for months now. The indicators takes into account variables like manufacturing activity, stock performance, consumer confidence, housing market activity, and bond market activity.

Persons: Albert Edwards, Edwards, downgrades, —, I'm, Michelle Cluver, Jason Draho, Neil Dutta, Ian Shepherdson Organizations: Societe Generale, Bears, Generale All, Generale, Investors, Bureau of Labor Statistics, X, Federal Reserve, UBS, Macro

☆ Rudy Giuliani should be disbarred for trying to overturn the 2020 election, bar ethics panel says
▼ + stars: | 2023-07-07 | by ( Sonam Sheth | Jacob Shamsian | ) www.businessinsider.com time to read: +4 min

Rudy Giuliani should be disbarred, a DC legal ethics panel says. The Washington DC Board on Professional Responsibility slammed his efforts to overturn the 2020 election. Ted Goodman, a spokesperson for Giuliani, attacked the DC Bar Association in response to the board's recommendation. "The decision-makers at the DC Bar Association are nothing more than an arm of the permanent regime in Washington," Goodman said. "His hyperbolic claims of election fraud and the core thesis of the Pennsylvania litigation were utterly false, and recklessly so," the board wrote.

Persons: Rudy Giuliani, Giuliani's, —, Donald Trump, Giuliani, disbar, Ted Goodman, Goodman, Trump, Rudy Giuliani — Organizations: Washington DC Board, Service, New, Washington DC, DC, Justice Department, Washington DC bar's, of Appeals, Trump, DC Bar Association Locations: New York, Washington, New York City, Pennsylvania, Soviet Union, America

☆ UK's Currys drops dividend on uncertain economic outlook
▼ + stars: | 2023-07-06 | by ( James Davey | ) www.reuters.com time to read: +2 min

The group also reported a 38% fall in full year profit, hurt by the weak performance of its Nordics business. Accordingly, we're being prudent in our planning, and in further strengthening our balance sheet," CEO Alex Baldock said. Baldock said Currys had taken actions to maximise operating cashflow through margin improvement, delivering cost savings and reducing capital expenditure. Nevertheless, the economic outlook remains uncertain in our main markets," Currys said. The group reported a statutory loss before tax of 450 million pounds for the year, driven by a previously announced non-cash goodwill impairment of 511 million.

Persons: we're, Alex Baldock, Baldock, Currys, Mike Ashley's Frasers, Frasers, James Davey, Sarah Young, Jason Neely Organizations: Consumers, Revenue, Ireland, Thomson Locations: British, Europe, Currys

☆ Cambodia bars Meta oversight board over PM's Facebook account suspension
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +1 min

July 4 (Reuters) - Cambodia said on Tuesday Meta Platforms Inc's (META.O) 22-member oversight board was unwelcome in the country, days after the panel recommended suspending Prime Minister Hun Sen's Facebook account over content violations. The board's recommendation was "political in nature", Cambodia's foreign affairs ministry said. Hun Sen's Facebook account went offline last week after the Oversight Board, which is funded by Meta but operates independently, said the platform had been wrong not to remove a video he published in January that breached rules against violent threats. Hun Sen, one of the world's longest-serving leaders with nearly four decades in power, last week declared ahead of his account suspension that he would switch to communicating with his people via Telegram. One Oversight Board member, veteran Indonesian journalist Endy Bayuni, said he was not aware if any colleagues were in Cambodia or had to leave.

Persons: Hun, Meta, Hun Sen, Endy Bayuni, Kanupriya Kapoor, Fanny Potkin, Devika Organizations: Facebook, Meta, Cambodian People's Party, Reuters, Thomson Locations: Cambodia, Indonesian

By 1156 GMT, the rouble was 1.8% weaker against the dollar at 89.15 after earlier hitting 89.3275, its weakest point since March 29, 2022. It lost 1.8% to trade at 96.74 versus the euro , also a 15-month low. It shed 1.4% against the yuan to 12.23 <CNYRUBTOM=MCX>, a more than 14-month low. The rouble lost a key support factor on Wednesday as a month-end tax period that typically sees exporters convert foreign currency revenues to meet local liabilities passed. Brent crude oil , a global benchmark for Russia's main export, was up 0.1% at $74.41 a barrel.

Persons: C.bank, Yevgeny Prigozhin's, Vladimir Putin's, Alexei Zabotkin, Zabotkin, Alexander Marrow, Jamie Freed, Robert Birsel, Jane Merriman, Mark Heinrich Our Organizations: Alor Broker, Bank of Russia, Brent, Gazprom, Thomson Locations: Moscow, Russian, Alor, Russia, Ukraine

June 30 (Reuters) - The Russian rouble slumped to a more than 15-month low against the dollar and euro on Friday, weighed down by domestic political risk concerns after an aborted armed mutiny over the weekend and lacking support drivers. By 0734 GMT, the rouble was 0.8% weaker against the dollar at 88.26 after earlier hitting 88.6775, its weakest point since March 29, 2022. It lost 0.9% to trade at 95.97 versus the euro after also hitting a 15-month low of 96.3225. The rouble lost a key support factor on Wednesday as a month-end tax period that typically sees exporters convert foreign currency revenues to meet local liabilities passed. The rouble-based MOEX Russian index (.IMOEX) was 0.4% lower at 2,785.8 points.

Persons: Yevgeny Prigozhin's, Vladimir Putin's, Alexander Marrow, Jamie Freed, Robert Birsel Organizations: Alor Broker, Gazprom, Thomson Locations: Russian, Alor, Russia, Ukraine, Moscow, Brent

☆ JPMorgan, Wells Fargo and Morgan Stanley to boost dividends after clearing Fed stress test
▼ + stars: | 2023-06-30 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Large U.S banks including JPMorgan Chase , Wells Fargo and Morgan Stanley said Friday they plan to raise their quarterly dividends after clearing the Federal Reserve's annual stress test. On Wednesday, the Fed released results from its annual exercise and said that all 23 banks that participated cleared the regulatory hurdle. The test dictates how much capital banks can return to shareholders via buybacks and dividends. After they cleared the test, Wells Fargo said it will increase its dividend to 35 cents a share from 30 cents a share, and Morgan Stanley said it would boost its payout to 85 cents a share from 77.5 cents a share. Goldman Sachs announced the largest per share boost among big banks, taking its dividend to $2.75 a share from $2.50 a share.

Persons: Wells, Morgan Stanley, Jamie Dimon, Wells Fargo, Goldman Sachs Organizations: JPMorgan Chase, Federal, JPMorgan Locations: Wells Fargo, New York

☆ Meta oversight board urges Cambodia prime minister's suspension from Facebook
▼ + stars: | 2023-06-29 | by ( Katie Paul | ) www.reuters.com time to read: +2 min

[1/2] Cambodia's Prime Minister Hun Sen attends a celebrations marking the 66th anniversary of the country's independence from France, in central Phnom Penh, Cambodia, November 9, 2019. REUTERS/Samrang Pring/NEW YORK, June 29 (Reuters) - Meta Platforms' (META.O) Oversight Board on Thursday called for the suspension of Cambodian Prime Minister Hun Sen for six months, saying a video posted on his Facebook page had violated Meta's rules against violent threats. The board, which is funded by Meta but operates independently, said the company erred in leaving up the video and ordered its removal from Facebook. Meta, in a written statement, agreed to take down the video but said it would respond to the recommendation to suspend Hun Sen after a review. A suspension would silence the prime minister's Facebook page less than a month before an election in Cambodia, although critics say the poll will be a sham due to Hun Sen's autocratic rule.

Persons: Hun Sen, Samrang, Hun, Meta's, Donald Trump, Meta, Katie Paul, Michael Perry Organizations: Cambodia's, REUTERS, Cambodian, Meta, Facebook, United States, Thomson Locations: France, Phnom Penh, Cambodia, United

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