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☆ Delta CEO lashes out at CrowdStrike: This cost us $500 million and they offered us nothing
▼ + stars: | 2024-07-31 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —The CEO of Delta Air Lines lashed out at cyber security firm CrowdStrike and software provider Microsoft for the computer problems that resulted in a five-day service meltdown he said cost the airline $500 million. Free consulting advice to help us,” said Ed Bastian in an interview Wednesday on CNBC, when asked about how much compensation CrowdStrike and Microsoft have offered the company. And he blasted CrowdStrike for the flawed software update at Delta and hundreds of other companies around the globe that caused widespread computer outages on July 19. “If you’re going to have priority access to the Delta ecosystem in terms of technology, you’ve got to test this stuff,” Bastian said. Delta is a sponsor and the official airline of the US Olympic team, and CNBC’s NBC parent has the US broadcast rights to the games.

Persons: ”, Ed Bastian, CrowdStrike, you’ve, ” Bastian, David Boies, “, Bastian Organizations: New, New York CNN, Delta Air Lines, Microsoft, CNBC, Delta, CNN, US Olympic, NBC Locations: New York, Paris

☆ Amazon can now be held responsible for dangerous products sold on its platform, government
▼ + stars: | 2024-07-30 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +4 min

New York CNN —A US safety regulator announced Tuesday that it voted unanimously to hold Amazon responsible for faulty or unsafe products sold by third-parties on its website and app. The US Consumer Product Safety Commission, tasked with ordering companies to recall dangerous products sold in America, said it found more than 400,000 defective products sold on Amazon’s platform that the online retailer now must recall or face legal consequences. The ruling today underlines the CPSC’s crackdown on products it views as unsafe. The agency first sued the mega-retailer in 2021, when it said it was cracking down on Amazon because it has limited ability to force a recall of foreign products. Amazon claims in a statement when it was notified about the potential safety issues, it “swiftly notified customers, instructed them to stop using the products, and refunded them.”CNN’s Chris Isidore contributed to this report.

Persons: Joe Biden, “, CPSC, Robert Adler, ”, CNN’s Chris Isidore Organizations: New, New York CNN, US Consumer Product Safety Commission, Amazon, Consumer Locations: New York, America

☆ Justice Department sues Norfolk Southern, accusing rail company of creating delays for Amtrak passengers
▼ + stars: | 2024-07-30 | by ( Hannah Rabinowitz | Evan Perez | ) edition.cnn.com time to read: +3 min

CNN —The Justice Department said Tuesday it filed a civil lawsuit against Norfolk Southern, alleging the company knowingly created large delays for Amtrak passengers traveling between New York and New Orleans. Norfolk Southern said it has worked with Amtrak and states to expand passenger service and is committed to complying with the law. “Over the past several months with Amtrak, we have focused on the on-time performance of the Crescent passenger train. On another occasion, dispatchers made an Amtrak train wait over an hour while allowing three separate freight trains to pass, officials said. This photo taken with a drone shows the cleanup of portions of a Norfolk Southern freight train that derailed in East Palestine, Ohio, in 2023.

Persons: General Merrick Garland, ”, Tom Crosson, “, Gene J, CNN’s Chris Isidore, Holly Yan Organizations: CNN, The Justice Department, Norfolk, Amtrak, Department, “, Crescent, Norfolk Southern, Justice Department, Environmental Protection Agency, National Transportation Safety Board, NTSB Locations: New York, New Orleans, Washington ,, Norfolk Southern, East Palestine , Ohio, East Palestine

☆ Spirit Airlines, known for no-frills flying, will offer business-class seats
▼ + stars: | 2024-07-30 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Spirit Airlines, the ultra-low cost carrier known for charging bargain-hunting passengers for anything and everything, is introducing business class seating. Farther back in the plane Spirit will also allow passengers to pay more for seats in rows where the middle seat will not be sold. Spirit looked at merging, first with another ultra low cost carrier, Frontier Airlines, and then with JetBlue Airways. Last week Southwest Airlines, the nation’s older lower fare carrier, announced it would end its open seating policy it has used throughout its history and let passengers reserve seats for the first time. However, Southwest has not announced any plans to offer wider, business class seats.

Persons: “, we’ve, ”, Ted Christie, – CNN’s Erika Tulfo Organizations: New, New York CNN — Spirit Airlines, United, Delta, Frontier Airlines, JetBlue Airways, Southwest Airlines Locations: New York, ”, Southwest

☆ Elon Musk said Tesla robotaxi skeptics should try ‘full self driving.’ A Wall Street analyst nearly crashed
▼ + stars: | 2024-07-30 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —Tesla CEO Elon Musk says anyone who doubts how valuable robotaxis will make the company should test drive its latest self-driving car. A Wall Street analyst did just that – and said the car almost crashed. The experience of WIlliam Stein, an analyst with Truist Securities, is not unique; others have also reported problems with Tesla’s full self driving, or FSD, feature. But a note from Stein raises questions as to whether the autonomous driving and robotaxis Musk is betting Tesla’s future on are as close as he claims. Tesla’s FSD driver-assist feature is sold as an $8,000 option.

Persons: Elon Musk, WIlliam Stein, Stein, Tesla’s, ”, Truist’s Stein, Yuki Iwamura, Musk, That’s, “, ” Musk, ” Tesla, FSD Organizations: New, New York CNN, Truist Securities, Tesla, Bloomberg, Traffic Safety Administration, NHTSA Locations: New York, ”

☆ Delta hires powerful lawyer David Boies’ firm to seek compensation from CrowdStrike and Microsoft for its outage
▼ + stars: | 2024-07-30 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

And now it wants Microsoft and the cybersecurity firm that caused the problem to compensate it for at least some of its losses. Delta has hired high-profile attorney David Boies’ law firm to seek damages from cyber security firm CrowdStrike and Microsoft for the massive service issues it suffered last week following a badly flawed software update caused problems in a key computer program. The hiring of the firm of Boies Schiller Flexner, first reported by CNBC, was confirmed to CNN by a person familiar with the decision. Delta’s costs could total between $325 million to $475 million, according to a note published Tuesday by Savanthi Syth, airline analyst for Raymond James. Boies and his firm won $290 million in 2023 from JPMorgan Chase for Jeffrey Epstein’s sexual abuse victims.

Persons: Delta, David Boies, Boies Schiller, Savanthi Syth, Raymond James . Delta, ”, CrowdStrike, Patrick T, Fallon, Boies, JPMorgan Chase, Jeffrey Epstein’s, Elizabeth Holmes, Boeis, Harvey Weinstein, Weinstein, Jeffrey Epstein's, Peter Foley, Al Gore, Brown Organizations: New, New York CNN — Delta Air Lines, Microsoft, CNBC, CNN, Delta Air Lines, Los Angeles International Airport, Getty, Endeavor Air, Delta, JPMorgan, Theranos, Bloomberg Locations: New York, AFP, Perry v

The reality of the American air travel system is that powerful forces keep passengers flying the same carriers, even after service meltdowns like Delta just suffered. For passengers who live near one of the hubs where Delta controls most of the flights, such as Atlanta, Detroit, Minneapolis or Salt Lake City, choices are even more limited. But by Monday, the problems were mostly limited to Delta as other businesses were back to normal, adding to the frustration of its passengers. Delta canceled more than 4,400 flights from July 19 to 21, according to tracking service FlightAware. Past experience, plus the dominance of Delta in Atlanta and Don Hooper’s frequent flyer miles, would keep them using the airline.

Persons: Don Hooper, Dorothy, I’m, ” Don Hooper, “, ” Dorothy, Dorothy Hooper, ”, Don Hooper’s, Jeremy, Kaylee Jones, Lucia, Jeremy Jones, Zach Griff, won’t, McNamara, Joe Raedle, Scott Keyes, Delta, Dylan Steele, Steele, It’s, I’ve, … It’s, he’s, you’ve, “ We’ve Organizations: New, New York CNN — Delta Air Lines, Delta, CNN, St, Detroit Metropolitan Wayne County Airport, “ Locations: New York, Delta, United, Southwest, Atlanta, Detroit, Minneapolis, Salt Lake City, Bozeman , Montana, Greece, Italy, Spokane , Washington, St, Orlando, Washington

☆ Apple agrees to first US labor deal
▼ + stars: | 2024-07-27 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Apple and the union representing retail workers at its store in Towson, Maryland, agreed to a tentative labor deal late Friday in the first US labor agreement not only for an Apple store but for any US workers of the tech giant. The labor deal, which needs to be ratified by a vote of the 85 rank-and-file members at the store before it can take effect, is a significant milestone. There are not many legal requirements to force a company to reach a labor agreement with a new union once that union has been recognized by the National Labor Relations Board, the government body that oversees labor relations for most US business. The Machinists union said the Apple store deal includes scheduling improvements for a better work-life balance, which was considered a major issue in the talks. That store is not covered by this tentative labor deal.

Persons: “, ” Organizations: New, New York CNN, Apple, Workers, International Association of Machinists, National Labor Relations Board, Bloomberg Law, “, Communications Workers of America, CNN Locations: New York, Towson , Maryland, Towson, Maryland, United States, Oklahoma City

Since Harris kicked off her presidential campaign, there’s been a string of good news for the US economy. Harris will have Biden’s mostly strong economy to run on. By June 2021, Biden’s sixth month in office, the nation’s inflation rate jumped to more than 5%. After the Federal Reserve hiked interest rate hikes to a 23-year high to stamp out inflation, the economy — eventually — started to run at a slower pace. The Biden administration canceled $168 billion in student loan debt for 4.8 million Americans.

Persons: Joe Biden, Biden, Kamala Harris, Harris, there’s, Biden’s, —, hasn’t, Evan Vucci, Eros Hoagland, Getty, Lina Khan, Jonathan Kanter, Stocks Organizations: CNN, White House, House, Federal, Trump, Biden, Federal Reserve, Gross, Commerce Department, of Labor Statistics, Infrastructure Investment, Jobs, AFL, National Labor Relations Board, United Auto Workers, Union, AP Relief, American, ARPA, Medicare, University of North, Hill, Apple, Google, Federal Trade Commission, Department, FTC, Activision, Big Tech, Justice Department, Fed Locations: Ukraine, Van Buren Township , Michigan, University of North Carolina, America, Valley, Silicon Valley

☆ Southwest Airlines is getting rid of open seating
▼ + stars: | 2024-07-25 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

Southwest said customers were clamoring for these changes – when people switch to a competitor from Southwest, the company said the No. But the change will also help the company charge some passengers more for their tickets. “The research is clear and indicates that 80% of Southwest customers, and 86% of potential customers, prefer an assigned seat,” said the airline in a statement. Southwest doesn’t charge for carry on bags and has long allowed passengers to check two bags for free. The premium seats, which will offer more legroom, will not be available until 2025 as it will require reconfiguring its planes.

Persons: ”, Max Organizations: New, New York CNN, Southwest, United, Delta, Boeing Locations: New York, Southwest, Delta

☆ Delta’s CEO went to Paris Olympics as his airline struggles to recover from massive meltdown
▼ + stars: | 2024-07-24 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

Meanwhile, Bastian traveled to Paris for the Olympics, accordingly, where Delta is a sponsor of the US Olympic Team. Ed remains fully engaged with senior operations leaders.”Delta Air Lines CEO Ed Bastian traveled to Paris Wednesday for the start of the Olympics later this week as the airline works to recover from a five-day service meltdown. Jeenah Moon/Bloomberg/Getty Images/FileBastian flew to Paris on a Delta commercial flight, not a private jet, the airline said. As the official airline of the US Olympic Team, the company is flying athletes, coaches and other support staff to Paris. “Unless you’re going to the Olympics, people aren’t going to Paris… very few are,” Bastian told CNBC.

Persons: Ed Bastian, Delta, Bastian, “ Ed, ”, Ed, CrowdStrike, Jessica McGowan, ” Bastian Organizations: New, New York CNN, Olympics, US Olympic, CNN, Delta Air, Paris Wednesday, Bloomberg, Getty, US Olympic Team, Olympic, Delta, Delta Air Lines, Hartsfield International Airport, CNBC, “ Locations: New York, Paris, Delta, Atlanta

☆ CrowdStrike to vendors: Sorry for the global tech outage. Here’s a $10 Uber Eats voucher
▼ + stars: | 2024-07-24 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

Third-party agents selling and supporting CrowdStrike software and the complicated repairs for customers have been a miserably busy bunch over the past week. CrowdStrike’s token of appreciation for those vendors: a $10 Uber Eats voucher. But a $10 Uber Eats voucher should make it all better, right? The ironic part is, at least where I’m located, I can’t even get a pizza for $10 on Uber Eats after taxes and fees. But the software giant has yet to dole out a nickel to them for their troubles — not even a $10 Uber Eats voucher.

Persons: CNN Business ’, There’s, Uber, Coke, cybercriminals, Brian Fung, Sean Lyngaas, CrowdStrike, hasn’t, Chris Isidore, — Organizations: CNN Business, New York CNN Locations: New York

☆ US Department of Justice finalizes plea deal with Boeing
▼ + stars: | 2024-07-24 | by ( Ramishah Maruf | Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —The US Department of Justice on Wednesday for the first time shared details of its finalized plea deal agreement with Boeing, in which the troubled aviation company will plead guilty to a felony charge of defrauding the US government. The plea deal is subject to approval of a federal judge. “We will continue to work transparently with our regulators as we take significant actions across Boeing to further strengthen our safety, quality and compliance programs,” Boeing said in a statement. It had already paid half the fine as part of the original plea deal in 2021. The families of victims of two fatal crashes of the 737 Max oppose the deal, the Justice Department said.

Persons: “, Max, – Organizations: New, New York CNN, US Department of Justice, Boeing, Federal Aviation Administration, Justice Department, Alaska Airlines Locations: New York, United States

☆ Ford keeps having to repair customers’ new cars and trucks. Its profit is plunging and its stock tumbled
▼ + stars: | 2024-07-24 | by ( Chris Isidore | ) edition.cnn.com time to read: +1 min

New York CNN —Shares of Ford fell more than 11% in after-hours trading Wednesday after the automaker reported much weaker than expected earnings. The company said it was compelled to set aside more money to cover the cost of repairing customers’ vehicles. That badly missed analysts’ forecasts of earnings per share of 68 cents a share. It was the nearly 50% drop in operating profit in Ford Blue, which includes traditional gasoline-powered cars and truck sales to consumers, that hurt its bottom line. Ford Pro, which includes fleet sales to businesses and governments, reported a modest gain in operating profits.

Persons: Ford, ”, John Lawler Organizations: New, New York CNN, Ford, Ford Pro, Revenue Locations: New York

☆ Delta is still melting down. It could last all week
▼ + stars: | 2024-07-23 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

Frustrated passengers and crewsThe problems left tens of thousands of frustrated Delta customers stranded and unable to return home. Delta crew members are dealing with similar frustrations. Some Delta crew members also are unable to get hotel rooms and are sleeping at airports. This week, Delta remained in the dark about the whereabouts of its crew members. Delta also declined to comment on these offers to crew members.

Persons: Rahul Samant, ” Samant, Ed Bastian, “, Ed, ”, Delta, Raymond James Organizations: New, New York CNN, Delta Air Lines, Endeavor Air, Delta Connection, Delta, IT, “, CNN Locations: New York, Atlanta, Delta

☆ Tesla profits plunge compared to last year
▼ + stars: | 2024-07-23 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —Telsa profits plunged more than 40% compared to a year ago, a steeper drop than expected for the company that has been facing a tougher environment for electric vehicle sales. Tesla reported it earned adjusted income of $1.8 billiion in the quarter, or 52 cents a share. Analysts had forecast earnings of 61 cents a share, which still would have been sharply lower than the 91 cents a share it earned a year earlier. It was the second straight quarter of year-over-year sales declines for the company, the first time it ever suffered consecutive quarters of declining sales volume. The company has become the most valuable automaker in the world in large part due to its growth rate of about 50% in some years.

Persons: Tesla, Edmunds, ” Organizations: New, New York CNN, Tesla Locations: New York, Tuesday’s

☆ What Delta passengers are entitled to in terms of compensation
▼ + stars: | 2024-07-23 | by ( Marnie Hunter | ) edition.cnn.com time to read: +7 min

And some weary, frustrated passengers were still trying to reconstruct travel plans or abandon them for compensation. Here’s what we know about what they’re entitled to and how passengers can make claims with the airline. What are Delta passengers entitled to? Delta lists a “right to a refund upon request” in a Monday afternoon update on what it’s doing to serve affected customers. Some passengers reported six-hour waits, and many affected passengers had trouble securing food and lodging over the weekend.

Persons: Pete Buttigieg, “, ” Buttigieg, Buttigieg, ”, ” Delta, CNN’s Chris Isidore, Isabel Rosales, Amanda Musa Organizations: CNN, Delta Air Lines, Department of Transportation, Delta, of Transportation, Transportation, Delta’s, Atlanta’s Hartsfield, Jackson, “, ”, USDOT, Baggage Service, Service, Command Locations: Delta, Atlanta

☆ Why Delta is still canceling flights as other airlines return to normal
▼ + stars: | 2024-07-22 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

Atlanta-based Delta canceled 1,500 flights on Friday, or more than a third of its schedule. It grounded nearly 3,000 more flights over the weekend, and early Monday had already canceled 700 more flights, or about 60% of flights canceled by all airlines worldwide. Most other US airlines had only 1% of its flights canceled, compared to roughly one out of every six scheduled Delta flights. It can take longer to get crews needed to fly planes in the right cities to again staff flights. The problems at Delta are similar to the problems that occurred at Southwest Airlines over the end-of-year holiday travel period in 2022 when it had to cancel nearly 17,000 flights over the course of more than a week.

Persons: Ed Bastian, ”, CrowdStrike Organizations: New, New York CNN, Delta Air Lines, Delta, “, Southwest Airlines, Southwest Locations: New York, Atlanta, Delta

☆ Costs from the global outage could top $1 billion – but who pays the bill is harder to understand
▼ + stars: | 2024-07-21 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —The world learned relatively quickly that cybersecurity firm CrowdStrike was behind a crippling global tech outage on Friday. Billion-dollar billExperts largely agree it’s too early to get a firm handle on the price tag for Friday’s global internet breakdown. His firm estimates that a recent hack of CDK Global, a software firm that serves US car dealerships, reached that $1 billion cost mark. It’s also not clear how many customers CrowdStrike might lose because of Friday. It will be difficult, and not without additional costs, for many customers to switch from CrowdStrike to a competitor.

Persons: CrowdStrike, ”, you’re, Dan Ives, it’s, Patrick Anderson, Anderson, Harry Reid, Ty ONeil, “, James Lewis, Lewis, It’s, Wedbush Securities ’, ” Ives, George Kurtz, ’ ”, Eric O’Neill Organizations: New, New York CNN, CNN, Wedbush Securities, Anderson Economic Group, Harry, Harry Reid International Airport, Microsoft, Center for Strategic, International Studies, SolarWinds, Exchange Commission, CNBC Locations: New York, Michigan, Russian, CrowdStrike

☆ Thousands of Disneyland workers are expected to authorize a potential strike. It would be the first in 40 years
▼ + stars: | 2024-07-19 | by ( Natasha Chen | ) edition.cnn.com time to read: +7 min

Now, negotiating better wages and working conditions for Carranza and thousands of other Disneyland employees has gotten messy, to the point where 9,500 of them will conclude a vote on Friday that will authorize a potential strike. But that does not mean a strike will necessarily happen, as was the case with Teamsters at UPS last year. A dream of affordabilityCarranza ‘s Disneyland wage is just over $20 per hour, after factoring in a differential for working the overnight shift. Escaping reality, not confronting itA strike would involve about 9,500 employees who work at Disneyland Park, currently under a contract that expired in June. But only the Disneyland Park employees will vote and participate in a strike for now.

Persons: CA CNN — Cyn Carranza, it’s, ’, Carranza, ” Carranza, –, Coleen Palmer, Palmer, Coleen, ” Palmer, they’ve, Jenna Thompson, ”, Chris Isidore Organizations: CA CNN, Disney, Teamsters, UPS, Voters, Disneyland Resort, Park, Downtown Disney, Disneyland, ’ Equity Association, SEIU, USWW, UCFW, BCTGM, National Labor Relations Board, NLRB, CNN Locations: Anaheim, CA, Carranza, Orange County , CA, Southern California, Disney California

☆ Chicago gas prices could soar after tornado narrowly misses refinery
▼ + stars: | 2024-07-17 | by ( Chris Isidore | Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Gas prices could soon soar across the Chicago metropolitan area after a tornado narrowly missed a major ExxonMobil refinery outside of Chicago Monday night, knocking out power to the facility. The refinery, know as ExxonMobil’s Joliet Refinery, is located in neighboring Channahon, Illinois. The line of storms that hit the area Monday night produced 11 tornadoes in the greater Chicago area, including the one that hit Channahon, according to the National Weather Service. It will take a few days to return the Joliet refinery to normal production, assuming no damage occurred beyond the power outage, Lipow said. The the Chicago area is already at $4.07 a gallon, according to AAA, but that average price, based on Tuesday’s prices, was down 1 cent from the previous day.

Persons: John Petrakis, Andy Lipow, ”, Tom Kloza, Beryl’s, Lipow Organizations: New, New York CNN, ExxonMobil, Channahon, CNN, Lipow Oil Associates, ExxonMobil Joliet, Chicago, National Weather Service, AAA Locations: New York, Chicago, Joliet Refinery, Channahon , Illinois, Chicagoland, Whiting Indiana, Lemont Illinois, Houston, Joliet, Gulf

☆ Elon Musk is going all-in on Donald Trump
▼ + stars: | 2024-07-16 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —At first glance Elon Musk and Donald Trump wouldn’t seem to be natural allies. Musk has given money to candidates from both parties in the past, including $5,000 to Barack Obama in April of 2011. Musk quit two White House business councils he served on early in 2017 after Trump announced America would withdraw from Paris climate accord. But for the last several years Musk has repeatedly shown support for Trump – or opposition to President Joe Biden. Musk recently tweeted the EV subsidies passed under Biden actually helped its rivals more than Tesla.

Persons: Elon Musk, Donald Trump wouldn’t, Musk, Barack Obama, Trump, “, DJT, “ influencers, –, Tesla, ” Musk, haven’t, ”, Joe Biden, Twitter, Biden Organizations: New, New York CNN, Street, PAC, Democratic, Republican, Trump, America PAC, White, America, Twitter, Biden Administration, EV, Biden, SpaceX Locations: New York, America, ”, Elon, Delaware, Paris

☆ Elon Musk says he’s moving SpaceX and X to Texas
▼ + stars: | 2024-07-16 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN —Elon Musk says he’s moving his companies out of California. In two posts on X Tuesday, the billionaire said he will move SpaceX’s HQ from Hawthorne, California, to Starbase, Texas, a company town being built in the southern part of the state. Social media platform X will move from San Francisco to Austin, Texas, he then said. In 2021, Musk said he would move Tesla HQ from the Bay Area to Austin, Texas. CNN has reached out to X, SpaceX and Newsom’s office for comment.

Persons: New York CNN — Elon Musk, Musk, Gavin Newsom, ” Musk, “, ”, CNN’s Chris Isidore Organizations: New, New York CNN, SpaceX, Lone Star State, CNN Locations: New York, California, Hawthorne , California, Starbase , Texas, San Francisco, Austin , Texas, Delaware, Texas

☆ Macy’s rejected a takeover offer and is betting on itself
▼ + stars: | 2024-07-15 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Macy’s management ended talks with private investors attempting to take over the company and will pursue its own turnaround strategy to remake the chain. The investors planned to take Macy’s private and consider spinning off its real estate assets or separating its online operations from brick-and-mortar stores. But Macy’s rejected a previous offer to buy the company at $21 a share in January. In March, the investors upped its offer to $24 a share, and Macy’s agreed to enter into talks about the bid. Macy’s will instead stick with its own strategy, led by new CEO Tony Spring, which includes closing underperforming Macy’s stores and investing in its luxury Bloomingdale’s and Bluemercury chains.

Persons: Macy’s, Tony Spring, Neil Saunders, ”, –, CNN’s Chris Isidore Organizations: New, New York CNN, Arkhouse Management, Brigade Capital Management, Investor, Sears, Walmart, Target Locations: New York

☆ How Boeing defrauded the United States and escaped with a slap on the wrist
▼ + stars: | 2024-07-13 | by ( Chris Isidore | Pete Muntean | ) edition.cnn.com time to read: +10 min

Boeing agreed to plead guilty to a charge that it defrauded the Federal Aviation Administration, hiding crucial information about a design flaw on the 737 Max during its original certification process. Boeing attorneys had it as part of their mission to make sure that its executives did not face any criminal charges, Lindquist said. A Boeing spokesman said the company had no comment about the anticipated guilty plea or the case beyond a brief statement confirming the agreement. Another way to make executives payEven if there are no criminal charges brought against executives, they can face significant penalties, Arlen said. Why Boeing will keep its government contractsThe most serious penalty that Boeing could face is by far the least likely – it could be barred from federal government contracts due to its guilty plea.

Persons: Critics, ”, Peter Goeltz, Goeltz, “ I’m, Moody’s, Paul Cassell, Jemal Countess, “, Mark Lindquist, Lindquist, FAA ”, Mark Forkner, ” Lindquist, there’s, that’s, Arlen, Dave Calhoun, Dennis Muilenburg, Calhoun, Max, Patrick Ryder, Robert Clifford, – CNN’s Natasha Bertrand Organizations: New, New York CNN, Boeing, Federal Aviation Administration, National Transportation Safety Board, CNN, ”, Alaska Airlines, Justice Department, FAA, Volkswagen, University of Utah, Ethiopian Airlines, Max, Alaska Air, DOJ, “, Department of Defense, Pentagon, Air Force, Department of Justice, they’re Boeing Locations: New York, Alaska, Indonesia

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