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Toshiba Shareholders Vote Activist Investors To Board

Toshiba Corp (OTC:TOSBF) (OTC:TOSYY) reported results from the shareholders' meeting, where members from activist hedge funds were elected to the board. Elliott Management's Nabeel Bhanji and Farallon Capital Management's Eijiro Imai were elected as board members, Reuters reported. Akihiro Watanabe, an executive from investment bank Houlihan Lokey, becomes the board chairman. The report added…

Investors Seek More Transparent Tax, Disclosure Norms From Microsoft and Cisco

Investors Seek More Transparent Tax, Disclosure Norms From Microsoft and Cisco

Britain-based proxy advisers Pensions & Investment Research Consultants (PIRC) sought more transparent tax and financial information from Microsoft Corp (NASDAQ:MSFT) and Cisco Systems, Inc (NASDAQ:CSCO), Reuters reports. The resolution urged Microsoft to disclose financial and tax information country-by-country outside the U.S. to help investors assess its fairness and identify any risks posed by tax reforms. It also…

Analysts Hailed CarMax's Q1 Performance While Highlighting Concerns

Analysts Hailed CarMax's Q1 Performance While Highlighting Concerns

Analysts lauded CarMax Inc's (NYSE:KMX) Q1 beat while also pointing out the macro concerns. RBC Capital analyst Steven Shemesh maintained CarMax with an Outperform and raised the price target from $104 to $108 in a note titled, "F1Q'23 Follow-Up – Navigating Volatility Well." KMX's results were broadly in line with expectations, Shemesh noted. He expected the inflationary…

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McDonald's Executive Shake-Up: What's On The Cards

McDonald's Corp (NYSE:MCD) CEO Chris Kempczinski announced several executive changes. MCD has appointed Ian Borden, currently President, International, as its next Executive Vice President and Chief Financial Officer, effective September 1. The current CFO, Kevin Ozan, has been promoted to Senior Executive Vice President, Strategic Initiatives, effective August 31. He plans to…

Etsy Shares Drop As Needham Downgrades Stock Citing Near-Term Risks

Needham analyst Anna Andreeva downgraded Etsy, Inc (NASDAQ:ETSY) from Buy to Hold. While shares have lagged and some near-term volatility is arguably in the stock, she views the discretionary nature of the ETSY model as increasingly at risk in the near term. While visibility is low, she thought that consensus GMS and Sales estimates…

United Airlines Pilots Approve Tentative Agreement On 14.5% Pay Hike

United Airlines Holdings Inc (NASDAQ:UAL) pilots have voted to approve a tentative agreement (TA) on modified terms for their collective bargaining agreement. The United Master Executive Council represents 14,000 UAL pilots, as represented by the Air Line Pilots Association, Int’l (ALPA). The tentative agreement highlights three pay rate increases totaling more than 14.5%…

Stellantis Makes €50M Equity Investment In Lithium Company Vulcan Energy Resources

Stellantis NV (NYSE:STLA) has made a €50 million (A$76 million) equity investment in Vulcan Energy Resources Ltd (OTC:VULNF) and has extended its original binding offtake agreement to ten years. Vulcan is a lithium producer and intends to produce a battery-quality lithium hydroxide chemical product from its combined geothermal energy and lithium resource in Germany. The investment…

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Barclays Deepens Hosuing Market Share By Acquiring Mortgage Lender Kensington For ~$2.8B

Barclays Deepens Hosuing Market Share By Acquiring Mortgage Lender Kensington For ~$2.8B

Barclays PLC (NYSE:BCS) extends its reach in Britain's housing market with the acquisition of specialist lender Kensington Mortgage Company for 2.3 billion pounds ($2.8 billion), reported Reuters. Kensington is being sold by its private equity owners, Blackstone Inc (NYSE: BX) and Sixth Street. The deal would be funded from existing resources and reduce its core capital ratio…

Phillips 66 Under California Watchdog Scrutiny: Reuters

Phillips 66 Under California Watchdog Scrutiny: Reuters

California regulators allege Phillips 66 (NYSE:PSX) improperly began processing renewable diesel in a unit at its Rodeo, California refinery, reported Reuters. In early June, the Bay Area Air Quality Management District (BAAQMD) issued a notice of violation, alleging that the refinery began producing renewable diesel without first amending the existing air permit, which…

Softbank's Masayoshi Son Emphasizes Chances Of US Listing For Arm

Softbank's Masayoshi Son Emphasizes Chances Of US Listing For Arm

Softbank Group Corp (OTC:SFTBY) founder and CEO Masayoshi Son stressed the possibility of British-based chip designer unit Arm Ltd listing on Nasdaq pending a final decision, Reuters reports. "Most of Arm's clients are based in Silicon Valley and ... stock markets in the U.S. would love to have Arm," Son told at the annual…

Toyota Recalls EVs Over Faulty Wheels: WSJ

Toyota Recalls EVs Over Faulty Wheels: WSJ

Toyota Motor Corp (NYSE:TM) recalls 2,700 of its first mass-produced electric vehicles (EVs) on tire safety risks, the Wall Street Journal reported. The auto giant would recall its all-electric 2023 bZ4X SUV after finding fault with bolts that connect the wheels with the vehicle. Related: Toyota Debuts bZ4X SUV Battery Electric Vehicle Toyota…

As the ACLU Recedes From Its Core Mission, FIRE Expands To Fill the Void

As the ACLU Recedes From Its Core Mission, FIRE Expands To Fill the Void

The Foundation for Individual Rights and Expression (FIRE) is defending expression on campus and off as the ACLU becomes a progressive advocacy group.

Pilot Shortage Pushes American Airlines To Quit Services In 4 Cities: CNBC

Pilot Shortage Pushes American Airlines To Quit Services In 4 Cities: CNBC

American Airlines Group Inc (NASDAQ:AAL) plans to discontinue service to four U.S. cities from September. The cities will lose scheduled commercial air service entirely, reported CNBC. AAL blamed the service restrictions on a regional pilot shortage. The report further noted American Airlines, United Airlines Holdings Inc (NASDAQ:UAL), and Delta Air Lines, Inc (NYSE:DAL) have reduced service…

Bidders Offers Value Toshiba Up To $22B: Reuters

Bidders Offers Value Toshiba Up To $22B: Reuters

Potential buyers for Japanese conglomerate Toshiba Corp (OTC:TOSYY) are mulling offering up to 7,000 yen ($51.41) per share, Reuters reported. The offer price, if realized, will value the company at about $22 billion, representing a 27% premium to Toshiba's share price of 5,501 yen as of Wednesday's close. Related: Toshiba Gets Privatization Proposals -…

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Adyen, McDonald's Extend Mobile App Partnership To US

McDonald's Corp (NYSE:MCD) has expanded its mobile app partnership with financial technology platform Adyen (OTC:ADYEY) to the U.S. The two companies began working together in early 2020 in the U.K. and are now expanding to other global markets. Adyen enables customers to pay with their saved payment method on the McDonald's mobile app at the…

Moderna's Bivalent COVID-19 Booster Shows Antibody Response Against Omicron Subvariants

Moderna Inc (NASDAQ:MRNA) has released new clinical data on its bivalent (omicron) COVID booster candidate, mRNA-1273.214. One month after administration in previously vaccinated and boosted participants, a 50 µg booster dose of mRNA-1273.214 elicited potent neutralizing antibody responses against the omicron subvariants BA.4 and BA.5. The company is working on completing regulatory submissions…

Why Mullen Automotive Shares Are Gaining Today

Mullen Automotive Inc (NASDAQ:MULN) has filed over 130 patents in 24 countries for Mullen FIVE EV Crossover program. The patent applications are related to the design and styling of the Mullen FIVE EV Crossover, covering its exterior and interior design. The patent applications include 19 U.S. design patent filings and 117 international design…

China Sentences Man Linked To Alibaba Employee Sexual Assault Case

A China court sentenced a man to 18 months in prison for being involved in Alibaba Group Holding Limited (NYSE:BABA) female employee sexual assault case, the Global Times reports. The court held Zhang Guo guilty of forcible indecency against a female employee surnamed Zhou of Alibaba Group during a business dinner in July…

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Boeing Says Supply Chain Issues To Persist Through Majority Of 2023

Boeing Co (NYSE:BA) expects supply chain problems to persist almost until the end of 2023, led by labor shortages at mid-tier and smaller suppliers, partly due to the faster-than-expected return of demand, reported Reuters, citing BA's chief executive on Wednesday. "The shift from demand to now supply issues ... is remarkable, the…

Bombardier's Workers On Key Program Vote On Contract Offer Today: Reuters

Bombardier Inc (OTC:BDRBF) (OTC:BDRBD) workers on a key program for the Canadian business jet maker will be deciding today whether to accept a new contract offer or walk off the job, reported Reuters. According to the letter seen by Reuters, Bombardier had offered its workers on a key jet program a new…

Toyota Cuts July Production Citing Parts Shortage

Toyota Motor Corp (NYSE:TM) has cut its July global production plan by 50,000 vehicles due to the parts shortage resulting from the spread of COVID-19. The company expects the global production volume for July to be approximately 800,000 units (250,000 units in Japan and 550,000 units overseas). The auto major has decided to…

Volkswagen Looks To Settle Porsche Buyers' Complaints For Bypassing Emission Norms

Volkswagen AG (OTC:VLKPF) agreed to settle Porsche buyers’ complaints by paying a minimum of $80 million, Bloomberg reports. The buyers alleged improperly skewed emissions and fuel economy test results. Tests proved that fuel economy was one to two miles per gallon lower than the company advertised. Also Read: Will Volkswagen Ever Come Out…

Toyota Stretches Japan Production Cut Citing Chip Shortage

Toyota Motor Corp (NYSE:TM) plans an additional domestic factory line production suspension in June and July. The auto major took the decision citing an auto parts shortage resulting from the spread of COVID-19. The number of units affected by the suspensions will be about 40,000, bringing down the global production plan for June to…

Verizon Slashes Broadband Prices For Domestic Mobile Users By 38%

Verizon Communications Inc (NYSE:VZ) slashed its home broadband price to $25 a month for wireless customers in select areas where its Fios fiber network and wireless internet service are available. Verizon will launch the plan in over 2,700 cities to customers with premium 5G mobile plans to help them beat the inflation. The…

Boeing Now Has a Liaison To Raise Concerns For Employees Who Work On Behalf Of FAA: WSJ

Boeing Co. (NYSE:BA) has appointed Mark Fava as its new ombudsperson for employees working on behalf of the Federal Aviation Administration, reported WSJ. Fava is a former U.S. Navy officer and airline operations official. According to a Boeing representative, Fava has recently concentrated on regulatory issues concerning the company's commercial…

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