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☆ In hard times, Corporate America looks out for its CEOs
▼ + stars: | 2023-04-06 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

See here: Recent filings illustrate the way CEOs are still lavishly compensated even when massive screw-ups happen on their watch. A Southwest representative told CNN that the December cancellations did factor into the bonuses paid out to employees. The boards that make decisions on CEO pay are usually stacked with executives or former executives from other companies who benefit from the system. Often, CEOs of distressed companies — rather than seeing pay cut — receive so-called retention bonuses to encourage leaders not to flee the sinking ship. “When all the numbers are crunched, 2022 is going to be a flat year for CEO pay,” said Reda.

☆ Southwest Airlines’ CEO got 75% pay hike ahead of service meltdown
▼ + stars: | 2023-04-06 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —Bob Jordan, who took over as CEO of Southwest Airlines in February 2022, just 10 months before the airline’s epic holiday travel service meltdown, got a 75% pay hike last year. When he took over as CEO, Jordan was moving up from an executive vice president position, and the pay hike was part of his promotion. His predecessor as CEO, Gary Kelly, received $5.1 million in 2022, serving as CEO in January and executive chairman the rest of the year. That’s down from the $5.8 million Kelly received in 2021 and $9.8 million he received in 2020. Jordan is not the only new CEO getting a big raise with his promotion ahead of a costly problem for their company.

The move to integrate FedEx Ground, its outsourced package delivery arm, with the FedEx Express overnight air delivery business was announced almost a year after activist investor D.E. FedEx Express is already handling FedEx Ground's pickup and deliveries in Alaska and Hawaii - fueling concerns that Ground contractors in the lower 48 states could be let go. John Smith will become president and CEO of U.S. and Canada ground operations at FedEx Express and assume leadership of surface operations across the FedEx Express, FedEx Ground and FedEx Freight businesses from April 16. FedEx Freight will continue to provide freight transportation services as a standalone company under the Federal Express Corp banner, the company added. Shares in FedEx, which also announced a 10% dividend boost on Wednesday, were up about 2% in mid-morning trade.

☆ Multi-strategy hedge funds had mixed results for a mad March. Here's how Citadel, Millennium, and Point72 did.
▼ + stars: | 2023-04-04 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +2 min

Multi-strategy hedge funds had a mixed March after the Silicon Valley Bank collapse put markets on edge. The Citadel Wellington fund ended the month up 1.38%, while Steve Cohen's Point72 was up 1.33%. Equities was up 2.16% in March, bringing year-to-date performance to 4.56%. Its global fixed income fund returned 0.12% in March, bringing year-to-date performance to 1.77%. Hedge fund performance figures are still trickling out, but data and reports suggest that trend-following and macro funds were caught out after the banking crisis rocked markets.

[1/2] Ethernet cables are seen in front of Rogers and Shaw Communications logos in this illustration taken, July 8, 2022. Rogers' deal for Shaw was politically sensitive due to the sky-high wireless bills Canadians pay, which are among the highest in the world. Yet, the competition bureau failed to block the merger, losing their protracted battle when a federal court dismissed the case. Now, dealmakers worry the government could intervene in other politically sensitive M&A. "There are not a lot of things people in competition law disagree on.

☆ McCabe strikes to earn Arsenal 2-1 WSL win over Man City
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

LONDON, April 2 (Reuters) - Katie McCabe scored the winner with a powerful strike as Arsenal came from a goal down at home to beat Manchester City 2-1 and keep their Women's Super League title hopes alive after an enthralling game on Sunday. The Gunners climbed into second place on 38 points after 16 games, above City on goal difference and three points behind leaders Manchester United, who beat Brighton & Hove Albion 4-0 on Saturday. Khadija Shaw gave City the lead in the fifth minute, finishing off a flowing passing move by flashing a superb header from Chloe Kelly's cross into the net. Fourth-placed Chelsea, who have two games in hand over United and one over Arsenal, can move into second spot with a win over Aston Villa later on Sunday. Reporting by Philip O'Connor, editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

☆ People are moving to North Carolina for its natural beauty and country vibes, but finding it doesn't offer a lower cost of living or diversity
▼ + stars: | 2023-04-01 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +9 min

She and her family considered places like Tennessee and Florida , but ultimately chose North Carolina because of its hands-off government and lush scenery. Five recent movers highlight what stands out about North Carolina, from its natural scenery to its lack of diversity. One thing she's had to get used to in North Carolina is the lack of diversity in food. An Ohio man liked North Carolina so much he moved there twiceJohn Yuschak first dipped a toe in North Carolina in 2012 after moving from Columbus, Ohio. They were pleased with the four seasons North Carolina has to offer, but anticipated higher savings.

☆ D.E. Shaw spots an opportunity to boost margins at FleetCor – and do so amicably
▼ + stars: | 2023-04-01 | by ( Kenneth Squire | ) www.cnbc.com time to read: +4 min

Business: FleetCor is a business payments company that helps businesses spend less by enabling them to manage their expense-related purchasing and vendor payments processes. Additionally, the company agreed to form an ad hoc strategic review committee to assist the board as it considers various strategic alternatives. Shaw agreed to abide by certain voting and standstill restrictions. FleetCor is a business payments company with four main business lines: fuel, corporate payments, tolls and lodging. Shaw settled for two board seats and the company agreed to undertake a strategic review, including the possible separation of one or more businesses.

☆ TSX pads quarterly gain as interest rate concerns ease
▼ + stars: | 2023-03-31 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended up 158.90 points, or 0.8%, at 20,099.89, its highest closing level since March 8. For the month, the TSX lost 0.6% as global banking turmoil led to a selloff in heavily-weighted financials and volatility in the price of oil. It was up 3.7% in the first quarter of the year but trailing a gain of 7% for U.S. benchmark the S&P 500. It was up 2.4%, helped by a 14.4% jump in the shares of Blackberry Ltd <BB.TO> after the company reported quarterly results. Shares of Shaw rose 3.3%, while Rogers was down 2.9%.

☆ Timeline: Canada gives final nod on C$20 bln Rogers-Shaw merger
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: 1 min

March 31 (Reuters) - Canada on Friday gave the final approval for Rogers Communications Inc's (RCIb.TO) C$20 billion ($15 billion) buyout of Shaw Communications Inc (SJRb.TO), clearing the deal that will create the country's No. 2 telecoms company. The green light came as Minister of Innovation, Science and Industry Francois-Philippe Champagne agreed to the transfer of wireless licenses held by Shaw's Freedom Mobile unit to Quebecor Inc (QBRb.TO) under some conditions. Here is the snapshot of key events in Rogers-Shaw merger:Reporting by Yuvraj Malik, Aditya Soni, Tiyashi Datta and Ananya Mariam Rajesh in Bengaluru; Editing by Sriraj Kalluvila and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ TSX rises as domestic economy outperforms; Rogers slides
▼ + stars: | 2023-03-31 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

[1/2] A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. of 0.3%TSX up 0.6%March 31 (Reuters) - Canada's main stock index edged up on Friday as investor sentiment gained steam after data showed the domestic economy grew more than expected in January. A Statistics Canada report showed that the Canadian economy performed better-than-expected in January versus December, driven by broad gains in both goods and services industries. ET (1410 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 130.39 points, or 0.65%, at 20,071.38. "The strength in January is consistent with an economy that remains resilient," said Angelo Kourkafas, investment strategist at Edward Jones Investments.

Despite the improvement, British economic output remained 0.6% below its level of late 2019, the only G7 economy not to have recovered from the COVID-19 pandemic. Ruth Gregory at Capital Economics said Friday's figures showed high inflation had taken a slightly smaller toll than previously thought. But the picture could darken again if recent turmoil in the global banking sector leads to lenders reining in loans. BUSINESS INVESTMENT FALLSThe data suggested businesses remained cautious. The ONS said increased foreign earnings by companies, particularly in the energy sector, helped narrow the deficit.

☆ Canada's decision on Rogers-Shaw deal may come on Friday -source
▼ + stars: | 2023-03-31 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

(Reuters) -The Canadian government is set to announce on Friday a decision on Rogers Communications Inc’s C$20 billion ($15 billion) bid for Shaw Communications Inc, a person familiar with the matter told Reuters on Thursday. FILE PHOTO: Ethernet cables are seen in front of Rogers and Shaw Communications logos in this illustration taken, July 8, 2022. The announcement is about the government’s decision on whether to allow the transfer of Shaw’s wireless licences to Quebecor Inc’s Videotron Ltd., which has agreed to acquire Shaw’s Freedom Mobile wireless carrier for C$2.85 billion, the source told Reuters. To address the issue, Rogers and Shaw agreed to sell Freedom Mobile to Quebecor, which is also expected to close by March 31. Rogers, Shaw and Quebecor did not immediately respond to a Reuters request for comment.

☆ Canada's decision on Rogers-Shaw deal may come on Friday
▼ + stars: | 2023-03-31 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

(Reuters) - Canadian Minister of Innovation, Science and Industry Francois-Philippe Champagne is set to rule on Rogers Communications Inc’s C$20 billion ($15 billion) deal to buy Shaw Communications Inc on Friday, The Globe and Mail reported on Thursday, citing two sources. FILE PHOTO: Ethernet cables are seen in front of Rogers and Shaw Communications logos in this illustration taken, July 8, 2022. The announcement relates to the minister’s review of the takeover deal, The Globe and Mail reported. Both Rogers and Shaw did not immediately respond to a Reuters request for comment on the report. Champagne’s approval is needed to transfer spectrum licenses of Freedom Mobile unit to Quebecor’s Videotron.

☆ Canada clears C$20 billion Rogers-Shaw deal to create No.2 telecom company
▼ + stars: | 2023-03-31 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

(Reuters) -Canada on Friday granted the final approval for Rogers Communications Inc’s C$20 billion ($15 billion) buyout of Shaw Communications Inc, clearing the deal that will create the country’s No. FILE PHOTO: Ethernet cables are seen in front of Rogers and Shaw Communications logos in this illustration taken, July 8, 2022. Freedom Mobile’s proposed C$2.85 billion sale to Quebecor-owned Videotron has been crucial in addressing the antitrust concerns over the deal, given the overlap between Rogers and Shaw’s wireless divisions. It is the biggest in the Canadian telecoms industry since BCE’s spinoff of its stake in Nortel Networks in a transaction valued at C$88.7 billion in 2000. Canada’s top telecom company by market value is BCE Inc.U.S.-listed shares of Shaw were up 3% in premarket trading.

☆ Canada clears C$20 billion Rogers-Shaw deal with tough conditions
▼ + stars: | 2023-03-31 | by ( Aditya Soni | Chavi Mehta | ) www.reuters.com time to read: +3 min

The deal was opposed by consumer advocates and politicians on worries it could lead to higher prices due to an overlap between Rogers and Shaw’s wireless divisions. Rogers made 21 conditions, including setting up a western headquarters in Calgary, creating 3,000 new jobs in Western Canada and investing C$5.5 billion to expand 5G coverage and services. If it breaches the commitments, Rogers will have to pay a fine of as much as C$1 billion, Champagne said at a news conference in Ottawa. And it’s subject to arbitration.”Champagne said if wireless prices do not go lower, he would seek further legislative and regulatory powers. The combined company will benefit from Rogers’ strong presence in urban Ontario and Shaw’s dominance in the sparsely populated regions of Western Canada.

☆ Books in Bloom: The Best Reading for Spring
▼ + stars: | 2023-03-31 | by ( Wsj Books Staff | ) www.wsj.com time to read: 1 min

Photo: Illustration by Jennifer Potter for the WSJRenewal is in the air: Whether you’re moved by the prospect of fresh blossoms or a new season on the golf course, our reviewers have collected a bouquet of reading delights sure to inspire new adventures. This season’s offerings include contributions from Edward Kosner on sports biographies, Eugenia Bone on guides to foraging in the wild, Timothy Farrington on accounts of some memorable walks, Tucker Shaw on cookbooks to relieve kitchen doldrums and Dominique Browning on the all-important garden.

The deal was opposed by consumer advocates and politicians on worries it could lead to higher prices due to an overlap between Rogers and Shaw's wireless divisions. Rogers reaffirmed its conditions, including setting up a western headquarters in Calgary, creating 3,000 new jobs in Western Canada and investing C$6.5 billion to upgrade connectivity. If it breaches the commitments, Rogers (RCIb.TO) will have to pay a fine of as much as C$1 billion, Champagne said at a news conference in Ottawa. Champagne said if wireless prices do not go lower, he would seek further legislative and regulatory powers. Rosa Addario, a spokesperson for internet advocacy group OpenMedia, said the concessions sought by the government were unlikely to result in lower prices.

☆ Justice Department sues Norfolk Southern over toxic Ohio derailment
▼ + stars: | 2023-03-31 | by ( Natasha Piñon | ) www.cnbc.com time to read: +2 min

Drone footage shows the freight train derailment in East Palestine, Ohio, U.S., February 6, 2023 in this screengrab obtained from a handout video released by the NTSB. The Justice Department said Friday it filed a lawsuit against Norfolk Southern , aiming to hold the railway company accountable for alleged Clean Water Act violations that allegedly occurred due to an Ohio train derailment in early February. In February, a Norfolk Southern train carrying hazardous chemicals derailed near the Pennsylvania border in East Palestine, Ohio, causing a fire, collisions and local evacuations. Since the derailment, Norfolk Southern has been in hot water with state and federal officials concerning the environmental implications of the derailment. On Thursday, three senators introduced a new rail safety bill in a bid address long-standing concerns that became more acute in light of the Norfolk Southern derailment.

☆ Norfolk Southern CEO more than doubled his pay last year after getting promoted
▼ + stars: | 2023-03-31 | by ( Chris Isidore | ) edition.cnn.com time to read: +1 min

New York CNN —Norfolk Southern CEO Alan Shaw got $9.8 million in total compensation in 2022, more than double the $4.7 million he received in 2021. The plan to promote him to CEO in May of 2022 was also announced at that time. The combined pay for the two executives is equal to 70% of the $27.8 million that Norfolk Southern has committed so far to compensate the communities and its residents affected by the derailment. Thursday the US Justice Department sued Norfolk Southern for violations of the Clean Water Act caused by the derailment. Shaw has personally contributed $445,000 to set up a scholarship endowment fund for seniors at East Palestine High School.

☆ Canada set to approve Rogers takeover of Shaw with transfer -Globe and Mail
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

March 31 (Reuters) - Canada is set to approve on Friday a transfer of wireless licenses that will finally settle Rogers Communications Inc's (RCIb.TO) C$20 billion ($15 billion) bid for Shaw Communications Inc (SJRb.TO), the Globe and Mail reported. Rogers and Shaw agreed to sell Freedom Mobile to Quebecor for C$2.85 billion to win government approval for the merger. The minister will approve the transfer of Shaw's licenses to Quebecor's Videotron Ltd with a number of conditions attached, as well as financial penalties associated with breaking those conditions, the Globe and Mail said. The sale of Freedom Mobile to Quebecor is expected to close by March 31. Rogers in February extended the deadline for the deal to March 31 for the fourth time, as the companies awaited the final nod from Champagne.

☆ Factbox: Canada clears Rogers-Shaw deal but with conditions
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

March 31 (Reuters) - Canada on Friday granted the final approval for Rogers Communications Inc's (RCIb.TO) C$20 billion ($15 billion) buyout of Shaw Communications Inc (SJRb.TO), clearing the deal that will create the country's No. 2 telecoms company. Minister of Innovation, Science and Industry Francois-Philippe Champagne agreed to the transfer of wireless licenses held by Shaw's Freedom Mobile unit to Quebecor Inc's (QBRb.TO) Videotron under some conditions. CONDITIONS ACCEPTED BY ROGERS* Will have to create 3,000 new jobs in Western Canada and maintain them for a minimum of 10 years after the closing date* Invest at least C$2.5 billion to enhance its 5G network in Western Canada, and C$3 billion in additional network service expansion projects* Expand access to low-cost broadband internet plans and launch a new low-cost mobile offering for low-income Canadians* Invest C$1 billion to expand broadband internet access, at speeds of at least 50/10 megabits per second, and 5G mobile service in areas where it is not currently available* Establish a western headquarters in Calgary and maintain it for a minimum of 10 years after the closing date* To report to Innovation, Science and Economic Department and to the public every year on specific progress it has made towards commitments in the agreement* Will have to offer wireless plans to Shaw Mobile customers at Shaw's current prices for 5 years after deal close* To pay C$100 million for every year in which any "material element" of any commitment is not metCONDITIONS ACCEPTED BY VIDEOTRON* Will need to offer plans that are comparable to those currently available in Quebec, and offer options at least 20% cheaper than that of major players* Cannot transfer Freedom Mobile licenses for 10 years* Will have to expand its 5G wireless network in Freedom Mobile's pre-existing operating territory within 2 years* Will increase data allotments of existing Freedom Mobile customers by 10% as a near-term bonus, while investing to bring down prices overall* Will expand mobile service into the Canadian province of Manitoba via the use of a signed Mobile Virtual Network Operator (MVNO) agreement and offer plans comparable to what it offers in Quebec* To pay C$25 million for every year in which any "material element" of any commitment is not metCompiled by Eva Mathews in Bengaluru; Edited by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ MLB Opening Day 2023: Understanding the 3 major rule changes baseball is making this year
▼ + stars: | 2023-03-30 | by ( Nicolas Vega | ) www.cnbc.com time to read: +3 min

Baseball is a game that thrives off of routine and rhythms, but this year the league is shaking things up. As teams take the field on March 30 for Opening Day of the 2023 baseball season, keep an eye out for these three major changes. Brace Hemmelgarn | Getty Images Sport | Getty ImagesPerhaps the most noticeable change for fans will be the implementation of a formal pitch clock. Batters, meanwhile, will need to be in the batters' box before the pitch clock ticks down to the eight second mark or they will be given a strike. The pitch clock has on average reduced the length of games by an average of 26 minutes, the MLB said when announcing the new rule.

☆ Senators unveil new rail safety bill in wake of toxic Ohio derailment
▼ + stars: | 2023-03-30 | by ( Noah Sheidlower | ) www.cnbc.com time to read: +2 min

John Fetterman and Bob Casey of Pennsylvania and Sherrod Brown of Ohio – would build on provisions of the bipartisan Railway Safety Act. Brown and his fellow senator from Ohio, Republican J.D. Norfolk Southern CEO Alan Shaw endorsed parts of the bipartisan bill. The Feb. 3 derailment in East Palestine, Ohio, released toxic chemicals into the environment. Shaw said Norfolk Southern would continue to support cleanup efforts in the area.

☆ Potential regulator challenges to Big Tech M&A may have far-reaching consequences for the tech ecosystem
▼ + stars: | 2023-03-30 | by ( Paayal Zaveri | April Joyner | ) www.businessinsider.com time to read: +6 min

M&A deals involving large tech companies may get harder as US regulators ramp up scrutiny. If regulators increase scrutiny, it could deter other large tech companies from buying startups. More challenges to proposed tech M&A deals may also mean that the pool of potential acquirers shrinks. Of course, there are cases where a large tech company seeks to buy out a smaller, more innovative competitor because it is scared of getting displaced. "There has to be the hope and dream of selling to a larger tech company some day," Sherman said.

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