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Tag: business figures

  • Enron Fast Facts | CNN

    Enron Fast Facts | CNN

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    CNN
     — 

    Here’s a look at Enron, an energy trading company that collapsed after a massive accounting fraud scheme was revealed. Its 2001 bankruptcy filing was the largest in American history at the time. Estimated losses totaled $74 billion.

    Enron was ranked as America’s fifth largest company by Fortune magazine in 2002, despite its 2001 bankruptcy filing.

    An independent review published in 2002 detailed how executives pocketed millions of dollars from complex, off-the-books partnerships while reporting inflated profits to shareholders.

    Executives including Kenneth Lay and Jeffrey Skilling were prosecuted for fraud-related crimes.

    Key figures sold their stock shortly before the company announced a sharp downturn in earnings.

    Lower-level employees were encouraged to invest in company stock for their retirement savings just before the company collapsed. The workers later filed a class action lawsuit and won an $85 million settlement.

    1985 – Houston Natural Gas merges with Omaha-based InterNorth to form Enron.

    1986 – Lay is appointed chairman and CEO of Enron.

    1989 – Enron enters the natural gas commodities trading market.

    1990 – Skilling, an energy consultant, is hired to run a new subsidiary called Enron Finance Corp.

    February 12, 2001 – Skilling becomes CEO while Lay stays on as chairman.

    August 14, 2001 – Skilling resigns and Lay becomes CEO again.

    August 2001 – Sherron Watkins, a vice president, warns Lay that the company could “implode in a wave of accounting scandals.”

    October 16, 2001 – Enron announces a third-quarter loss of $618 million. The company later reveals that it overstated earnings dating back to 1997.

    October 31, 2001 – The company discloses that it is under formal investigation by the Securities and Exchange Commission.

    November 9, 2001 – Enron confirms that it has agreed to be purchased by a rival company, Dynegy for $9 billion. On November 28, Dynegy announces it has terminated merger talks with Enron.

    December 2, 2001 – Enron files for Chapter 11 bankruptcy protection.

    January 9, 2002 – The US Department of Justice opens a criminal investigation into Enron’s collapse.

    January 10, 2002 – Arthur Andersen LLP, the accounting firm that handled Enron’s audits, discloses that its employees had destroyed company documents.

    January 15, 2002 – The New York Stock Exchange suspends trading of Enron shares.

    January 17, 2002 – Enron ends its partnership with Arthur Andersen.

    January 23, 2002 – Lay resigns as CEO. He later steps down from the board of directors.

    January 25, 2002 – Former Enron vice chairman J. Clifford Baxter is found dead in an apparent suicide.

    February 12, 2002 – Lay invokes his Fifth Amendment right before the Senate Commerce Committee.

    March 14, 2002 – The DOJ indicts Arthur Andersen for obstruction of justice. A jury later returns a guilty verdict for the accounting firm. The Supreme Court later overturns the conviction.

    February 19, 2004 – Skilling is charged with 35 counts of fraud and insider trading. He pleads not guilty.

    July 7, 2004 – Lay is indicted. He is charged with conspiracy, securities fraud, wire fraud, bank fraud and making false statements. During his arraignment the next day, he pleads not guilty to all 11 charges and is released on $500,000 unsecured bond.

    May 25, 2006 – Skilling and Lay are convicted of conspiracy and fraud. Skilling is also convicted on one count of insider trading and five counts of making false statements. The jury acquits Skilling on nine additional counts of insider trading.

    July 5, 2006 – Lay dies of a heart attack while awaiting sentencing.

    September 8, 2008 – A class action lawsuit filed by shareholders and investors is settled in federal court. The $7.2 billion settlement will be paid out by a group of banks accused of participating in the accounting fraud scheme.

    May 11, 2009 – Skilling files a petition with the Supreme Court to overturn his conviction after appeals with the lower courts fail.

    May 9, 2010 – “Enron,” a musical about the company’s collapse, closes on Broadway 12 days after opening amid slow ticket sales.

    April 16, 2012 – The Supreme Court rejects Skilling’s appeal.

    June 21, 2013 – A federal judge reduces Skilling’s sentence by more than 10 years. In return, Skilling agrees to stop challenging his conviction and forfeit roughly $42 million that will be distributed among the victims of the Enron fraud.

    December 8, 2015 – The SEC announces that it has obtained a summary judgment against Skilling, permanently barring him from serving as an officer or director of a publicly held company. The judgment settles a long-running civil suit by the SEC.

    February 21, 2019 – Skilling is released after serving over 12 years in federal prison.

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  • Bill Gross Fast Facts | CNN

    Bill Gross Fast Facts | CNN

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    CNN
     — 

    Here’s a look at the life of Bill Gross, founder of PIMCO, Pacific Investment Management Company.

    Birth date: April 13, 1944

    Birth place: Middleton, Ohio

    Birth name: William Hunt Gross

    Father: Sewell “Dutch” Gross, a steel company sales executive

    Mother: Shirley Gross

    Marriages: Amy Schwartz (2021-present); Sue (Frank) Gross (1985-2017, divorced); Pamela Roberts Gross (divorced)

    Children: with Sue Frank: Nick; with Pamela Roberts: Jeff and Jennifer

    Education: Duke University, B.A. in Psychology, 1966; University of California at Los Angeles, M.B.A, 1971

    Military: US Navy, 1966-1969

    Billionaire, bond investor, philanthropist and avid stamp collector.

    Founder, former co-chief investment officer and managing director of PIMCO, one of the world’s largest mutual funds. Under Gross, PIMCO became the world’s largest bond fund manager.

    1966 – While recuperating from injuries suffered in a serious car accident, Gross teaches himself to count cards in blackjack. After college graduation, he turns $200 into $10,000 in four months.

    1971 Is hired as a junior bond analyst for Pacific Mutual Insurance Company.

    1971 – PIMCO is formed as a division of Pacific Mutual with colleagues William Podlich and James F. Muzzy.

    1985 PIMCO formally splits from Pacific Mutual.

    2003Founds the William and Sue Gross Family Foundation, through which millions of dollars are donated to universities, hospitals and organizations.

    2005Gross and his wife, Sue, give $23.5 million to Duke University for undergraduate and medical school students and for the Fuqua School of Business.

    2006 – Donates $10 million to the University of California at Irvine for stem cell research and to help build a new research lab. The lab opens in 2010 and is named in their honor, Sue and Bill Gross Stem Cell Research Center.

    2007 – A stamp collector since childhood, Gross auctions his collection of British stamps for $9.1 million and donates the proceeds to Doctors Without Borders.

    2009 – Donates $8 million for the establishment of a stamp gallery at the Smithsonian’s National Postal Museum in Washington, DC. The gallery is named in his honor, the William H. Gross Stamp Gallery, and opens in September 2013.

    September 2014 – Gross unexpectedly resigns from PIMCO to join Janus Capital Group, where he manages the Janus Unconstrained Bond Fund.

    July 1, 2015 – The Smithsonian Institution includes Gross’s old Bloomberg keyboard in its American Enterprise exhibition at the National Museum of American History. The keyboard, used by Gross during the 1990s and 2000s, has function keys for accessing real-time financial information.

    October 8, 2015 – Gross sues former employer PIMCO for hundreds of millions of dollars, alleging he was wrongfully ousted from the firm as part of a vast conspiracy. The lawsuit claims a “cabal” of PIMCO executives driven by a “lust for power, greed” and self-interest plotted for Gross’s demise. On March 27, 2017, Gross and PIMCO announce they reached an “amicable settlement.”

    February 4, 2019 – Announces he will retire. Janus Henderson (formerly Janus Capital Group) says he will leave the firm on March 1.

    October 13, 2020 – Gross and his partner Amy Schwartz sue their neighbors, Mark Towfiq, CEO of data center development company Nextfort Ventures, and his wife Carol Nakahara. Towfiq and Nakahara file a countersuit the next day, on October 14. According to court filings, Gross and Schwartz installed a large art installation along the property line, partially blocking Towfiq and Nakahara’s ocean views. After an investigation, the city of Laguna Beach determined the installation, netting and lights were a violation of city code and did not have the proper permits. Shortly after, Towfiq and Nakahara allege Gross began retaliating against them by harassing and disturbing them with “loud music and bizarre audio recordings at excessive levels” during various hours of the day and night – including pop or rap music, and often a series of television theme songs, according to the lawsuit, including the “Gilligan’s Island” theme on a loop.

    October 1, 2021 – Gross and his wife are found guilty in contempt of court after violating a 2020 order that prohibited them from playing loud music outside their home. The two are fined $1,000 each and face five days in jail as well as a ban on outdoor music. Due to the Covid-19 pandemic, however, their jail sentences are suspended and replaced with two days of community service.

    March 2, 2022 – Self-publishes his memoir “I’m Still Standing: Bond King Bill Gross and the PIMCO Express.”

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  • Apple Fast Facts | CNN

    Apple Fast Facts | CNN

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    CNN
     — 

    Here’s a look at Apple, Inc, creator of the Mac computer and the iPhone.

    The corporate headquarters are in Cupertino, California.

    As of September 2023, the company reported that it employs approximately 161,000 people full-time.

    April 1, 1976 – Apple Computers, Inc. is founded by Steve Jobs and Steve Wozniak. Their first product is the Apple I personal computer.

    June 1977 – The Apple II is released.

    December 1980 – Apple conducts an initial public offering of 4.6 million shares at $22 per share.

    January 1983 – Apple introduces the Lisa, a new brand of personal computer.

    January 22, 1984 – The Macintosh computer is introduced with a futuristic commercial that airs during the Super Bowl.

    1985 – Apple discontinues the Lisa after a disappointing run, and Jobs leaves the company.

    December 1996 – Apple buys Jobs’ company, NeXT Software.

    1997 – In the wake of corporate shakeups and a sales slump, Apple welcomes Jobs back as interim CEO.

    August 15, 1998 – The iMac, a streamlined personal computer, debuts.

    January 2000 – Jobs becomes permanent CEO.

    January 9, 2001 – iTunes is introduced.

    October 23, 2001 – The iPod MP3 player makes its debut.

    January 2003 – Apple releases the Safari web browser.

    April 28, 2003 – Apple introduces the iTunes Music Store.

    January 2006 – Apple rolls out its first Intel-based computers, the iMac and the MacBook Pro.

    January 9, 2007 – The iPhone is unveiled.

    March 2007 – Apple TV hits stores.

    January 27, 2010 – The iPad is announced.

    June 6, 2011 – Apple announces iCloud, an online media storage system.

    August 24, 2011 – Jobs resigns as CEO. Tim Cook takes his place.

    October 5, 2011 – Jobs dies after battling cancer.

    February 6, 2013 – Apple announces that iTunes has reached a milestone of 25 billion songs sold.

    May 28, 2014 – Apple announces deal to buy Beats for $3 billion.

    June 9, 2014 – Apple conducts a stock split, bringing the price down from $647.50 to $92.44.

    September 9, 2014 – Apple unveils the Apple Watch, a wearable device.

    December 16, 2014 – Apple wins an antitrust lawsuit brought by eight million iPod owners who alleged that Apple abused its monopoly power in the music industry to force out competition.

    June 8, 2015 – Apple unveils Apple Music, a streaming music service, live radio station and social network.

    February 3, 2016 – A jury orders Apple to pay $626 million in damages after finding that iMessage, FaceTime and other Apple software infringed on another company’s patents. The lawsuit, originally filed in 2010 by the company VirnetX, accuses Apple of violating four patents, which mostly involve methods for real-time communications over the Internet.

    February 16, 2016 – Apple refuses to comply with a California judge’s order to assist the FBI in hacking the iPhone of the San Bernardino gunman. A public letter signed by Cook states why the company is refusing to abide by the government’s demands.

    March 28, 2016 – The Department of Justice says the FBI has “successfully retrieved the data stored on the San Bernardino terrorist’s iPhone,” and is dropping the case against Apple, since it no longer needs the company’s help.

    August 30, 2016 – The European Union rules that Apple must pay Ireland $14.5 billion in back taxes. According to the EU, Ireland had been giving the tech company a break on taxes for more than two decades. Ireland’s finance minister issues a statement criticizing the EU’s ruling and declares that the country does not play favorites with a lower tax rate for certain companies. In a letter, Cook says he anticipates the EU’s tax ruling will be reversed on appeal.

    September 12, 2017 – Apple unveils the iPhone X, alongside the iPhone 8 and iPhone 8 Plus – all of which support wireless charging. The iPhone X will also feature facial detection technology, no home button, a 3D camera and an edge-to-edge screen.

    December 21, 2017 – Apple issues a statement saying that it has used software updates to limit the performance of older iPhones that may have battery issues that would cause them to turn off suddenly.

    December 28, 2017 – Apple apologizes to customers for how it rolled out an update that can slow down older iPhones. It is offering cheaper battery replacements to make up for it.

    June 15, 2018 – Oprah Winfrey signs a multiyear deal with Apple to create new original programming.

    August 2, 2018 – Apple becomes the first American public company to surpass $1 trillion in value.

    October 10, 2019 – In a memo to employees, Cook defends Apple’s decision to pull a map app that Hong Kong protesters used to track police, saying that it had been used in ways that “endanger law enforcement and residents in Hong Kong.”

    November 1, 2019 – Apple TV+, a subscription streaming service containing original programming, launches.

    November 4, 2019 – Apple announces a $2.5 billion financial package to help address the housing crisis in California, which has worsened in part because of the rapid growth of tech companies.

    July 29, 2020 – Cook, Amazon CEO Jeff Bezos, CEO of Google’s parent company Sundar Pichai and Facebook CEO Mark Zuckerberg all testify before a House subcommittee on anti-trust to address concerns that their businesses may be harming competition.

    August 20, 2020 – Apple reaches the $2 trillion market value mark.

    November 18, 2020 – Apple agrees to pay $113 million to settle an investigation by states including California and Arizona over how Apple wasn’t transparent about its iPhone battery problems that led to unexpected device shutdowns.

    December 14, 2020 – Launches Apple Fitness+, a service built around Apple Watch.

    November 23, 2021 – Apple files a lawsuit against NSO Group and its parent company, accusing the Israeli firm of violating a federal anti-hacking law by selling potent software that clients have used to spy on Apple customers. The lawsuit alleges that NSO’s spyware, known as Pegasus, and other malware have caused Apple monetary and property damages, and violated the human rights of Apple users along the way.

    January 3, 2022 – Apple becomes the world’s first company valued at $3 trillion.

    May 10, 2022 – Apple announces that it is ceasing production of the iPod.

    June 18, 2022 – Workers in Maryland vote to form the first-ever labor union at one of Apple’s US stores.

    June 30, 2023 – Apple’s stock ends trading valued at $3 trillion, the only company ever to reach that milestone.

    December 18, 2023 Apple announces plans to stop selling its Apple Watch Series 9 and Apple Watch Ultra 2 in US due to a patent dispute. In January 2024, a federal appeals court denies the company’s motion to temporarily pause the ban while it appealed the US International Trade Commission ruling.

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  • Steve Ballmer Fast Facts | CNN

    Steve Ballmer Fast Facts | CNN

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    CNN
     — 

    Here is a look at the life of Steve Ballmer, former CEO of Microsoft.

    Birth date: March 24, 1956

    Birth place: Detroit, Michigan

    Birth name: Steven Anthony Ballmer

    Father: Fred Ballmer, manager for Ford Motor Co.

    Mother: Bea (Dworkin) Ballmer

    Marriage: Connie Snyder (1990-present)

    Children: three sons

    Education: Harvard University, B.A., 1977, double major in Mathematics and Economics; Attended Stanford University Graduate School of Business, 1979-1980

    Became friends with Bill Gates while at Harvard University.

    Worked for Procter & Gamble as assistant product manager before Microsoft.

    Met his wife, Connie Snyder, while both were working at Microsoft.

    1980 – Begins his Microsoft career as a business manager and is the company’s 24th employee.

    July 1998-February 2001 President of Microsoft.

    January 13, 2000 – Is named chief executive officer when Gates steps down to concentrate on philanthropy.

    February 4, 2014 – Steps down as Microsoft CEO.

    May 29, 2014 – Ballmer signs a binding agreement to buy the Los Angeles Clippers for $2 billion from the Sterling family trust.

    August 12, 2014 – Ballmer becomes the official owner of the NBA’s Los Angeles Clippers, according to Ballmer’s attorney, Adam Streisand. The negotiated $2 billion sale price is a record at the time for an NBA team.

    August 19, 2014 – Steps down from the Microsoft board of directors in order to concentrate on the Clippers.

    October 16, 2015 – Announces he has bought a 4% stake in Twitter during the past few months, becoming one of its largest shareholders.

    2015 – The Ballmers found the Ballmer Group, a philanthropic organization focusing on civic activism and economic mobility.

    June 4, 2016 – Along with Brandt Vaughan, founds USAFacts Institute. Ballmer later describes the work of the institute as creating a “10-K for the government,” according to a Bloomberg interview.

    March 1, 2022 – The University of Oregon launches The Ballmer Institute for Children’s Behavioral Health. The institute is founded through a $425 million donation from the Ballmers.

    October 19, 2022 – The Ballmers announce they will invest $400 million with organizations focused on Black-owned businesses. The organizations are Fairview Capital, Goldman Sachs, J.P. Morgan, GCM Grosvenor and Ariel Alternatives’ Project Black.

    March 7, 2024 – Announces the formation of an umbrella brand called Halo Sports and Entertainment that includes the LA Clippers, their G-League affiliate team, Intuit Dome and KIA Forum.

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  • Rex Tillerson Fast Facts | CNN

    Rex Tillerson Fast Facts | CNN

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    CNN
     — 

    Here is a look at the life of former US Secretary of State and ExxonMobil CEO, Rex Tillerson.

    Birth date: March 23, 1952

    Birth place: Wichita Falls, Texas

    Birth name: Rex Wayne Tillerson

    Father: Bob Tillerson, Boy Scouts of America executive

    Mother: Patty (Patton) Tillerson

    Marriage: Renda (St. Clair) Tillerson

    Children: Four children

    Education: University of Texas at Austin, B.S., 1975

    Tillerson and his wife, Renda, operate a Texas horse ranch called Bar RR Ranches.

    An Eagle Scout, Tillerson served as president of the Boy Scouts of America (BSA) in 2010 and 2011. As a member of the BSA executive board, he helped advocate for the inclusion of gay youth in the Scouts. The organization reversed its ban on gay Scouts in 2013 and four years later, the BSA opened up membership to transgender youth. While Tillerson has a reputation as a BSA reformer, he has been criticized by gay rights groups because, under his leadership, Exxon continued to resist calls to implement policies protecting LGBTQ employees from harassment. In 2015, the company added sexual orientation and gender identity to its equal opportunity policy.

    1975 – Joins Exxon as a production engineer.

    1987-1989 – Business development manager of Exxon’s domestic natural gas department.

    1989-1992 – General manager for regional oil and gas production.

    1992 – Production adviser for Exxon Corporation.

    1992-1995 – Coordinator of affiliate gas sales for Exxon Company, International.

    1995 Becomes president of Exxon Yemen and other overseas subsidiaries.

    1998 – President of Exxon Ventures and Exxon Neftegas in Russia.

    1999 – Becomes the executive vice president of Exxon Development Company.

    1999 – Exxon Corp and Mobil Corp complete their merger.

    2001-2003 – Senior vice president of ExxonMobil.

    2004 – Becomes president of ExxonMobil and a member of the company’s board of directors.

    2006 – Is named chairman and CEO of ExxonMobil.

    2013 – Receives the Order of Friendship award from Russian President Vladimir Putin. During Tillerson’s tenure as ExxonMobil CEO, the company invests in oil production in Siberia, the Arctic Circle and the Black Sea.

    December 13, 2016 – President-elect Donald Trump’s transition team announces that Tillerson has been nominated for secretary of state. Tillerson was recommended for the role by former Secretary of State Condoleezza Rice and former Secretary of Defense Robert Gates. Their consulting firm, RiceHadleyGates LLC has a contract with ExxonMobil.

    December 14, 2016 – Tillerson announces that he will retire from ExxonMobil at the end of December.

    January 11, 2017During his confirmation hearing, Tillerson is questioned about his ties to Russia and asked about what he will do to promote human rights abroad. In response to a query on global warming, Tillerson says he believes climate change is a serious issue.

    February 1, 2017 – Tillerson is confirmed by the Senate by a 56-43 vote. All of the Republicans voted for him while most of the Democrats voted against him. Later in the evening, Tillerson is sworn in as secretary of state.

    February 15, 2017 – Tillerson arrives in Germany on his first overseas trip. He represents the United States at the G20 summit in Bonn.

    February 22-23, 2017 – Tillerson visits Mexico with Department of Homeland Security Secretary John Kelly. They make the trip to meet with Mexican diplomats amid tensions over border issues and new immigration policies. Enrique Peña Nieto, the president of Mexico, canceled a planned January trip to Washington to meet President Trump due to a dispute about a proposed border wall and Trump’s campaign pledge that Mexico would pay for the structure.

    February 24, 2017 – The State Department announces that it will resume holding regular press briefings on March 6. Under previous administrations, the department took questions from reporters on a daily basis but the briefings were suspended after Trump took office on January 20.

    March 14-19, 2017 – Tillerson makes his first trip to Asia, stopping in China, Japan and South Korea. During the visit, Tillerson declares that a new approach is needed to counter provocations by North Korea.

    March 20, 2017 – Officials tell Reuters that Tillerson will not attend a NATO meeting in April, skipping the event so he can participate in talks with Trump and President Xi Jinping of China at Trump’s Florida resort, Mar-a-Lago. Officials also say the secretary of state is planning a trip to Russia later in April.

    October 2017 – NBC reports that Tillerson called Trump a “moron” during a Pentagon meeting. Tillerson refuses to confirm or deny the allegation.

    March 13, 2018 – Is fired by Trump.

    December 7, 2018 – Tillerson calls Trump “undisciplined” during an interview with former CBS News’ Bob Schieffer. “When the President would say, ‘Here’s what I want to do and here’s how I want to do it.’ And I’d have to say to him, ‘Well Mr. President, I understand what you want to do, but you can’t do it that way. It violates the law. It violates treaty,’” Tillerson says.

    May 21, 2019 – Tillerson meets with Democratic chair Rep. Eliot Engel and ranking Republican Rep. Michael McCaul from the House Foreign Affairs Committee and their senior staff for an interview that focuses primarily on his time in the Trump administration.

    January 11, 2021 – In a lengthy interview published in Foreign Policy, Tillerson paints a scathing picture of Trump as someone who made uninformed decisions that were not based in reality. “His understanding of global events, his understanding of global history, his understanding of US history was really limited. It’s really hard to have a conversation with someone who doesn’t even understand the concept for why we’re talking about this,” Tillerson said in the interview conducted just prior to the US Capitol insurrection.

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  • Larry Page Fast Facts | CNN

    Larry Page Fast Facts | CNN

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    CNN
     — 

    Here is a look at the life of Larry Page, co-founder of Google.

    Birth date: March 26, 1973

    Birth place: Lansing, Michigan

    Birth name: Lawrence Edward Page

    Father: Carl Page, a computer science professor

    Mother: Gloria Page

    Marriage: Lucinda “Lucy” Southworth (December 2007-present)

    Children: A son born in 2009 and another child born in 2011

    Education: University of Michigan, B.S.E., 1995; Stanford University, M.S., 1998

    Google is a play on the word googol, the term for the numeral one followed by 100 zeroes.

    Page has a vocal cord condition that he says is responsible for his hoarser, softer speaking voice. He also has Hashimoto’s thyroiditis, a disorder that causes inflammation of the thyroid gland.

    1995 – Meets Sergey Brin at Stanford University.

    1998 – Co-founds Google with Brin.

    September 7, 1998 – Google is launched.

    1998-2001CEO of Google.

    2001-2011 – President of products at Google.

    2010 – Kittyhawk, a flying car company, is founded by Sebastian Thrun with the backing of Page. On September 21, 2022, Kittyhawk announces that it plans to “wind down” operations.

    April 4, 2011-October 2, 2015 CEO of Google.

    August 10, 2015 – Google announces a corporate restructuring, forming an umbrella company called Alphabet and naming Sundar Pichai as the new CEO to the core business of Google. Page will serve as Alphabet’s CEO and Brin will serve as president.

    October 2, 2015 – Becomes CEO of Alphabet.

    December 3, 2019 – Alphabet announces that Page and Brin are stepping down as CEO and president, respectively. The co-founders will continue to serve on Alphabet’s board of directors.

    August 2021 – New Zealand government officials confirm that Page is a New Zealand resident following news that Page entered the country during border restrictions due to Covid-19. According to immigration officials, Page applied for residency in November 2020.

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  • Mukesh Ambani Fast Facts | CNN

    Mukesh Ambani Fast Facts | CNN

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    CNN
     — 

    Here is a look at the life of Indian billionaire Mukesh Ambani, chairman and managing director of Reliance Industries Limited (RIL).

    Birth date: April 19, 1957

    Birth place: Aden, Yemen

    Birth name: Mukesh Dhirubhai Ambani

    Father: Dhirubhai Ambani, founder of Reliance

    Mother: Kokilaben Ambani

    Marriage: Nita Ambani (1985-present)

    Children: Akash and Isha (twins); Anant

    Education: Institute of Chemical Technology at the University of Bombay (now Mumbai), bachelor’s in chemical engineering, 1979; Attended Stanford University, 1979-1980

    Lifestyle and Wealth

    Ambani is a strict vegetarian, teetotaler and an avid fan of Bollywood movies.

    At daughter Isha Ambani’s 2018 wedding to businessman Anand Piramal, celebrity guests were treated to an intimate private concert by Beyoncé.

    The Ambanis’ 27-story 400,000 square foot tower home in Mumbai is known as Antilia. It reportedly cost $1 billion to build and boasts a spa, three helipads and a 50-seat theater.

    RIL is a Fortune Global 500 company and “the largest private sector corporation in India.”

    Under Ambani’s leadership, Reliance Industries has grown from a textile and oil and energy company into a sprawling conglomerate that includes retail shops, a mobile and broadband carrier, digital platforms, groceries, electronics and more.

    Career, Companies and Family

    1957 – After Dhirubhai Ambani returns from Yemen, he starts a small yarn trading firm in Mumbai that he subsequently turns into a thriving textile business.

    1977 – The initial public offering of Reliance Textile Industries takes place.

    1980 – Withdraws from his MBA program at Stanford University to help build a polyester yarn plant for Reliance in India.

    1985 – The company’s name is changed from Reliance Textile Industries Ltd. to Reliance Industries Ltd.

    July 6, 2002 – Dhirubhai Ambani passes away at the age of 69. He does not leave a will, sparking a bitter feud between Mukesh Ambani and his younger brother, Anil Ambani, for control of the vast Reliance business empire.

    July 31, 2002 – At a board meeting, Mukesh is announced as chairman of the Reliance Group of Industries, and Anil is named vice-chairman and managing director.

    November 2004 – A feud between the brothers is made public when the elder Ambani admits there are “ownership issues” at Reliance during an interview with CNBC TV18.

    June 18, 2005 – Kokilaben Ambani announces that she has brokered a settlement between her sons to split the $23 billion Reliance Group. Mukesh will control the company’s main oil and petrochemicals assets and textiles along with Reliance Industries, while Anil assumes control of the newer ventures, including telecom and digital businesses. Though separate, both companies will retain the Reliance name.

    2008 – Through Reliance Industries, Ambani and his wife, Nita, purchase the cricket team Mumbai Indians in the Indian Premier League for a reported $111 million.

    2010 – The non-profit Reliance Foundation is established, “to provide impetus to various philanthropic initiatives of RIL.”

    May 7, 2010 – India’s Supreme Court rules in favor of Mukesh Ambani’s RIL over Anil Ambani’s company, deciding that the natural gas supply price they agreed to in 2005 will have to be renegotiated within six weeks.

    September 5, 2016 – Ambani launches a mobile network called Reliance Jio that offers customers six months of free high-speed internet. The move triggers a brutal price war, forcing some companies to eventually quit the mobile market altogether.

    March 2019 – Ambani helps pay off a 5.5 billion rupees ($80 million) debt to Swedish mobile firm Ericsson that India’s top court had ordered Anil Ambani and his company, Reliance Communications, pay or face three months in jail.

    March-November 2020 – Ambani raises more than $27 billion in investments for Jio Platforms, including $5.7 billion from Facebook and $4.5 billion from Google. Since its inception in 2016, Jio has amassed around 400 million users and launched a streaming service, a video conferencing app, a fiber broadband network and digital payments.

    April 30, 2020 – Ambani announces that he won’t be taking home a salary until the impact of the coronavirus pandemic eases.

    February 25, 2021 – A car containing explosives and an alleged threat letter is located outside Ambani’s home in Mumbai. On March 14, 2021, Mumbai police officer Sachin Vaze is arrested for his assumed involvement in the case.

    August 29, 2022 – While insisting he has no intention of retiring any time soon, Ambani lays out his plan for his children to take over his $220 billion RIL empire, telling shareholders in his Reliance Industries conglomerate that his three children are “first among equals” and are being “mentored on a daily basis by our senior leaders, including myself.”

    February 28, 2024 – Ambani’s Reliance Industries and Disney have combined their digital streaming platforms and 100 TV channels in India to create a new media giant worth about $8.5 billion, the companies say in a statement. Ambani’s wife Nita Ambani will be the chairperson of the joint venture.

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  • Jamie Dimon Fast Facts | CNN

    Jamie Dimon Fast Facts | CNN

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    CNN
     — 

    Here is a look at the life of Jamie Dimon, chairman and CEO of JPMorgan Chase & Co.

    Birth date: March 13, 1956

    Birth place: New York, New York

    Birth name: James Dimon

    Father: Theodore Dimon, stockbroker

    Mother: Themis Dimon

    Marriage: Judith “Judy” (Kent) Dimon (May 1983-present)

    Children: Julia, Laura and Kara Leigh

    Education: Tufts University, B.A. 1978; Harvard University, M.B.A., 1982

    He has a twin brother, Theodore Dimon Jr., who is the founder of the Dimon Institute in New York.

    1982-1985 – Assistant to American Express president Sandy Weill.

    1996-1997 Chairman and CEO of Smith Barney.

    1997-1998Co-chairman and co-CEO of Salomon Smith Barney Holdings.

    1998 – President of Citigroup. Dimon is forced out of the company after a falling-out with Weill.

    2000-2004 Chairman and CEO of Bank One Corporation.

    2004Becomes president and chief operating officer of JPMorgan Chase & Co. when it merges with Bank One Corporation.

    December 31, 2005Assumes title of chief executive officer and president at JPMorgan Chase & Co., effective January 1, 2006.

    December 31, 2006 Named chairman of the board at JPMorgan Chase & Co., effective January 1, 2007.

    2011 Earned $23.1 million in compensation as chairman and CEO of JPMorgan Chase & Co., making him the best paid bank CEO.

    May 10, 2012On a conference call, reveals that a trading portfolio that was designed to help JPMorgan Chase hedge its credit risk lost $2 billion and could lose $1 billion more.

    May 15, 2012Apologizes to JPMorgan Chase shareholders at the annual meeting. Shareholders approve Dimon’s $23 million pay package and preliminary results show that only 40% support a proposal that calls for the appointment of an independent chairman.

    May 17, 2012Senate Banking Committee announces Dimon has been invited to appear before the committee at hearings looking into the JP Morgan trading losses from a regulatory angle.

    June 13, 2012 Dimon testifies before the Senate Banking, Housing and Urban Affairs Committee telling senators that while he did not approve the trades that led to the multi-billion dollar loss, he was aware of it.

    June 19, 2012Dimon testifies before the House Financial Services Committee and says that he did not mislead shareholders.

    July 13, 2012JPMorgan announces that the trading loss originally believed to be $2 billion is now approximately $5.8 billion. JPMorgan later discloses that the loss increased to $6.2 billion in the third quarter.

    2012 Due to the London Whale losses, Dimon’s pay package is reduced to $11.5 million, down from the previous year’s $23.1 million.

    January 23, 2013Dimon apologizes to the shareholders by stating that the “whale” trade that caused the $6 billion loss was a “terrible mistake.”

    May 21, 2013 Approximately 68% of JPMorgan Chase stockholders vote to keep Dimon as chairman and CEO at the annual meeting, but three directors on the risk committee receive a narrow majority of only between 51% and 59% of votes.

    September 19, 2013 – JPMorgan Chase agrees to pay about $920 million in fines to US and UK regulators to settle charges related to the “London Whale” trading scandal.

    November 19, 2013 – Officials announce JPMorgan Chase has agreed to a $13 billion settlement to resolve several investigations into the bank’s mortgage securities business. According to the Justice Department, the deal is the “the largest settlement with a single entity in American history.”

    January 24, 2014 – Dimon gets a 74% pay hike for 2013, even though JPMorgan Chase & Co was forced to pay billions in fines and settlements last year. In a government filing, JPMorgan Chase says that Dimon will receive $18.5 million worth of restricted stock that will vest over the next three years as his 2013 bonus. That’s up from a $10 million bonus for 2012. His $1.5 million base salary remains unchanged.

    July 1, 2014 – Dimon releases a memo saying that he has been diagnosed with a curable throat cancer. He will receive radiation and chemotherapy treatment over the next eight weeks at Memorial Sloan Kettering Hospital in New York, but will remain working while undergoing treatment.

    February 11, 2016 – After the price of JPMorgan Chase shares drop 25% from their all-time high during the summer, Dimon purchases $26.6 million in stock.

    January 30, 2018 – Announces, along with Warren Buffett and Jeff Bezos, a plan to “find a more efficient and transparent way to provide health care services” in order to tackle the rising cost of healthcare.

    March 5, 2020 – In a letter to employees, shareholders and clients, JPMorgan Chase’s co-COOs Gordon Smith and Daniel Pinto announce that Dimon is recovering after undergoing emergency heart surgery. Dimon required surgery after experiencing an “acute aortic dissection,” a tear in the inner lining of the aorta blood vessel.

    July 20, 2021 – According to a filing with the Securities and Exchange Commission, JPMorgan Chase awards Dimon 1.5 million stock options for him “to continue to lead the Firm for a further significant number of years.”

    February 22, 2024 – SEC filings show that Dimon has sold $150 million worth of JPMorgan Chase stock.

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  • David Geffen Fast Facts | CNN

    David Geffen Fast Facts | CNN

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    CNN
     — 

    Here is a look at the life of David Geffen, producer, studio executive and philanthropist.

    Birth date: February 21, 1943

    Birth place: Brooklyn, New York

    Birth name: David Lawrence Geffen

    Father: Abraham Geffen, pattern maker

    Mother: Batya (Volovskaya) Geffen, shopkeeper

    Education: Attended University of Texas, Austin; Brooklyn College, City University of New York; and Santa Monica City College.

    He dropped out of Santa Monica City College, Brooklyn College and the University of Texas.

    Lied on his William Morris Agency job application, saying that he graduated from UCLA.

    Under Geffen’s tenure, Geffen Records was home to popular artists such as Cher, Donna Summer, John Lennon and Yoko Ono, Elton John and Guns ‘N’ Roses.

    During the 1990s, Geffen was a top fundraiser for the Democratic party. He was rewarded with an overnight stay at the White House during Bill Clinton’s presidency.

    Prior to the 2008 presidential election, Geffen threw his support behind Senator Barack Obama, rather than Hillary Clinton. Geffen was quoted in the New York Times as saying, “Everybody in politics lies, but they (Bill and Hillary Clinton) do it with such ease, it’s troubling.”

    1964-1968 – Works as a mail room clerk and an agent at the William Morris Agency.

    1968 – Talent agent for Ashley Famous Agency.

    1969 – Executive vice president and talent agent for Creative Management Associates.

    1970 – Co-founds Asylum Records with Elliot Roberts.

    1971 – Sells Asylum Records to Warner Communications for $7 million.

    1975 – Becomes vice chairman of Warner Brothers Pictures.

    1976 – Is misdiagnosed with bladder cancer.

    1981 – Produces “Dreamgirls” on Broadway.

    1982 – Produces “Cats” and “Little Shop of Horrors” on Broadway.

    1982 – Founds Geffen Film Company.

    1983 – Geffen Film Company releases “Risky Business.”

    1990 – Sells Geffen Records to Music Corporation of America (MCA) for $550 million.

    1990 – Wins a Daytime Emmy Award for Outstanding Animated Program, “Beetlejuice.”

    1994 – Co-founds Dreamworks Studio with Steven Spielberg and Jeffrey Katzenberg.

    1995 – Dreamworks signs a $100 million deal with ABC.

    May 2002 – Donates $200 million to UCLA in what is considered the largest single donation to a US medical school in history at that time. The David Geffen Medical School is named in his honor after this donation.

    January 2006Dreamworks is sold to Paramount Pictures.

    2008 – Leaves Dreamworks.

    March 5, 2010 – Is inducted into the Rock & Roll Hall of Fame as a “non-performer.”

    February 12, 2011 – Receives the Grammys President’s Merit Award.

    2012 – Donates $100 million to UCLA’s David Geffen Medical School.

    March 4, 2015 – Lincoln Center announces it will rename Avery Fisher Hall – best known as the home of the New York Philharmonic – David Geffen Hall in gratitude for the movie mogul’s $100 million gift.

    September 2015 – The David Geffen Foundation sells two paintings for $500 million to billionaire Ken Griffin in one of the world’s largest contemporary art deals.

    February 7, 2020 – The Motion Picture Academy unveils the David Geffen Theater at the Academy Museum of Motion Pictures.

    February 12, 2020 – The Wall Street Journal reports that Geffen has sold his Beverly Hills estate to Amazon billionaire Jeff Bezos for $165 million, a price believed to be the highest ever paid for a home in a California real estate transaction.

    June 30, 2021 – In a statement, Yale University’s drama school announces a $150 million donation from Geffen, making tuition free for all current and future students. The gift is the largest donation in the history of American theater, according to Yale.

    December 12, 2023 – Memorial Sloan Kettering Cancer Center announces Geffen and Ken Griffin will donate $400 million. This is the largest single donation in the hospital’s history.

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  • Andrew Yang Fast Facts | CNN Politics

    Andrew Yang Fast Facts | CNN Politics

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    CNN
     — 

    Here is a look at the life of Andrew Yang, entrepreneur and former 2020 Democratic presidential candidate.

    Birth date: January 13, 1975

    Birth place: Schenectady, New York

    Birth name: Andrew M. Yang

    Father: Kei-Hsiung Yang, researcher at IBM and GE

    Mother: Nancy L. Yang, systems administrator

    Marriage: Evelyn (Lu) Yang (2011-present)

    Children: Two sons

    Education: Brown University, B.A. in Economics, 1996; J.D. Columbia University School of Law, 1999

    Religion: Protestant

    His parents are originally from Taiwan.

    The primary proposal for his political platform was the idea of universal basic income (UBI). This “Freedom Dividend” would have provided every citizen with $1,000 a month, or $12,000 a year.

    Yang established Freedom Dividend, a pilot program to push for universal basic income, in which he personally funds monthly cash payments.

    Is featured in the 2016 documentary, “Generation Startup.”

    His campaign slogan was “MATH,” or “Make America Think Harder.”

    In 1992, he traveled to London as a member of the US National Debate Team.

    After graduating from Columbia, Yang practiced law for a short time before changing his career focus to start-ups and entrepreneurship.

    2002-2005Vice president of a healthcare start-up.

    2006-2011Managing director, then CEO, of Manhattan Prep, a test-prep company.

    2009Kaplan buys Manhattan Prep for more than $10 million.

    September 2011 Founds Venture for America, a non-profit which connects recent college graduates with start-ups. Leaves the company in 2017.

    2012 Is recognized by President Barack Obama as a “Champion of Change.”

    April 2012Ranks No. 27 on Fast Company’s list of 100 Most Creative People in Business.

    February 4, 2014 His book, “Smart People Should Build Things: How to Restore Our Culture of Achievement, Build a Path for Entrepreneurs, and Create New Jobs in America,” is published.

    May 11, 2015Obama names Yang an ambassador for global entrepreneurship.

    November 6, 2017 Files FEC paperwork for a 2020 presidential run.

    February 2, 2018Announces his run for president via YouTube and Twitter.

    April 3, 2018His book, “The War on Normal People,” is published.

    March 2019 Yang explores the possibility of using a 3D hologram to be able to campaign remotely in two or three places at once.

    January 4, 2020 – Launches a write-in campaign for the Ohio Democratic primary in March of 2020 after failing to fully comply with the state’s ballot access laws.

    February 11, 2020 – In New Hampshire, Yang suspends his presidential campaign.

    February 19, 2020 – CNN announces that Yang will be joining the network as a political commentator.

    March 5, 2020 – Launches Humanity Forward, a nonprofit group that will “endorse and provide resources to political candidates who embrace Universal Basic Income, human-centered capitalism and other aligned policies at every level,” according to its website. Yang also announces that he will launch a podcast.

    December 23, 2020 – Files paperwork to participate in New York’s 2021 mayoral race, according to city records.

    January 13, 2021 – Yang announces his candidacy for New York City mayor.

    June 22, 2021 Yang concedes the New York City mayoral race.

    October 4, 2021 – Yang announces in a blog post that he is “breaking up” with the Democratic Party and has registered as an independent

    July 27, 2022 – Yang, along with former New Jersey Gov. Christine Todd Whitman, and a group of former Republican and Democratic officials form a new political party called Forward.

    September 12, 2023 – Yang’s political thriller “The Last Election,” co-written with Stephen Marche, is published.

    2020 hopeful wants holograms to campaign in multiple cities

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  • Far-right conspiracy theorists accused a 22-year-old Jewish man of being a neo-Nazi. Then Elon Musk got involved | CNN Business

    Far-right conspiracy theorists accused a 22-year-old Jewish man of being a neo-Nazi. Then Elon Musk got involved | CNN Business

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    CNN
     — 

    Ben Brody says his life was going fine. He had just finished college, stayed out of trouble, and was prepping for law school. Then, seemingly out of nowhere, Elon Musk used his considerable social media clout to amplify an online mob’s misguided rants accusing the 22-year-old from California of being an undercover agent in a neo-Nazi group.

    The claim, Brody told CNN, was as bizarre as it was baseless.

    But the fact he bore a vague resemblance to a person allegedly in the group, that he was Jewish, and, that he once stated in a college fraternity profile posted online that he aspired to one day work for the government, was more than enough information for internet trolls to falsely conclude Brody was an undercover government agent (a “Fed”) planted inside the neo-Nazi group to make them look bad.

    For Brody, the fallout was immediate. Overnight, he became a central character in a story spun by people seeking to deny and downplay the actions of hate groups in the United States today.

    The lies and taunts, which Musk engaged with on social media, turned his life upside down, Brody said. At one point, he said, he and his mother had to flee their home for fear of being attacked.

    Now, he’s fighting back.

    Brody filed a defamation lawsuit last month against Musk, the owner of X, formerly known as Twitter. The suit seeks damages in excess of $1 million. Brody says he wants the billionaire to apologize and retract the false claims about him.

    Brody’s lawyer—who is the same attorney who successfully sued conspiracy theorist Alex Jones over his lies about the Sandy Hook Elementary School massacre —said he hopes the suit will force one of the world’s richest and most powerful men to reckon with his careless and harmful online behavior.

    “This case strikes at the heart of something that I think is going really wrong in this country,” attorney Mark Bankston said in an interview with CNN. “How powerful people, very influential people, are being far too reckless about the things they say about private people, people just trying to go about their lives who’ve done nothing to cause this attention.”

    Asked for comment on the lawsuit, an attorney for Musk told CNN “we expect this case to be dismissed.” Musk’s lawyers have until Jan 5, 2024, to file their response in court.

    On the night of Saturday, June 24, 2023, Ben Brody was in Riverside, California.

    About 1,000 miles away, a gay pride event was being held near Portland, Oregon. In recent years, the city has become a flashpoint for often violent clashes over the country’s ongoing culture wars.

    It was no great surprise then that the event became a target for rival far-right groups and neo-Nazis who began fighting among themselves while protesting. Video of the skirmish, where the far-right protesters pushed and pulled at each other, quickly spread across social media.

    Online conspiracy theorists soon jumped into the fray.

    Rather than accept the fact that two far-right groups who have previously embraced violence were responsible for the clash, online trolls insisted it must be a so-called “false flag” event – a set-up of some kind to make the neo-Nazis look bad.

    That’s when they found Ben Brody.

    The day after the Pride event, Brody began getting text messages from his friends telling him to check out social media.

    “You’re being accused of being a neo-Nazi fed,” he recalled some of his friends telling him.

    Somehow, someone on social media had found a photo of Brody online and decided he looked like one of the people involved in the clash.

    Anonymous people online, self-appointed internet detectives, began digging and found out Brody was Jewish and had been a political science major at the University of California, Riverside. On his college fraternity’s webpage, he had once stated he wanted to work for the government.

    “I put that I wanted to work for the government. And that’s just because I didn’t know specifically what part of the government I wanted to work for. You know, I was like, I could be a lawyer,” Brody recalled in an interview with CNN.

    His being Jewish was relevant to them because conspiracy theories are often steeped in antisemitism – suggesting there’s a Jewish plan to control the world.

    Brody’s social media inboxes filled up with messages, such as “Fed,” “Nazi,” and “We got you.” He and his mom were forced to leave their family home after their address was posted online, he said.

    Some of Brody’s friends began posting online, trying to correct the record and explain this was a case of mistaken identity. Brody himself posted a video to Instagram where he desperately tried to prove his innocence. He even went as far as getting time-stamped video surveillance footage showing him in a restaurant in Riverside, California, at the time of the brawl in Oregon, as proof he could not have been at the rally.

    But to no avail. The conspiracy theory kept spreading across the internet, including on X. But it wasn’t just anonymous trolls fueling the lie. Musk, the platform’s owner, had joined in, amplifying the lie to his millions of followers.

    Video from the Oregon event showed the masks of at least one protester being removed during the fight between the opposing far-right groups. Musk asked on X on June 25, “Who were the unmasked individuals?”

    Another X user linked to a tweet alleging Brody was one of the unmasked individuals. The tweet highlighted a line from Brody’s fraternity profile that noted he wanted to work for the government after graduation.

    The tweet claimed the unmasked alleged member of the far-right group was Brody, pointing out he was a “political science student at a liberal school on a career path towards the feds.”

    “Very odd,” Musk responded.

    Another user shared the tweet alleging Brody’s involvement and commented, “Remember when they called us conspiracy theorists for saying the feds were planting fake Nazis at rallies?”

    “Always remove their masks,” Musk replied.

    On June 27, having engaged with conspiracy theories about the subject over a number of days, Musk alleged that the Oregon skirmish was a false flag. “Looks like one is a college student (who wants to join the govt) and another is maybe an Antifa member, but nonetheless a probable false flag situation,” he tweeted.

    “I knew that this was snowballing, but once Elon Musk commented, I was like, ‘boom, that’s the final nail in the coffin,’” Brody recalled.

    Musk has more followers than anyone else on X – approximately 150 million at the end of June, around the time he tweeted about the fight in Oregon, according to records from the Internet Archive. That tweet has been viewed more than 1.2 million times, according to X’s own data.

    Brody worried his name would forever be associated with neo-Nazism, that he wouldn’t be able to get a job. Though he had finished college, he hadn’t yet graduated, and he said some of the accounts messaging him were threatening to contact his university. “My life is ruined,” he thought.

    Attempting to clear his name, he gave an interview to Vice.com, which caught the attention of Mark Bankston.

    Bankston is best known as the lawyer who successfully took on the conspiracy theorist Alex Jones in court on behalf of parents who lost their children in the 2012 Sandy Hook school shooting.

    Bankston said Brody’s case is not only an opportunity to help clear the young man’s name but could also force what he views as a necessary conversation about the vitriolic nature of online discourse.

    The lawsuit filed last month in Travis County, Texas (the same county in which Bankston successfully sued Jones), alleges Musk’s claims about Brody are part of a “serial pattern of slander” by the billionaire.

    Musk, the suit argues, is “perhaps the most influential of all influencers, and his endorsement of the accusation against Ben galvanized other social media influencers and users to continue their attacks and harassment, as well as post accusations against Ben that will remain online forever.”

    Soon after he took over Twitter in 2022, Musk said the platform must “become by far the most accurate source of information about the world.”

    But, on the contrary, the suit alleges, “Musk has been personally using the platform to spread false statements on a consistent basis while propping up and amplifying the most reprehensible elements of conspiracy-addled Twitter.”

    The suit outlines how Musk has engaged with accounts that traffic in racism and antisemitism and lists instances in which he publicly shared or engaged with conspiracy theories – including last October when he shared false claims about the attack on Paul Pelosi, husband of then House Speaker Nancy Pelosi.

    The suit alleges that in August after Musk was made aware through his lawyers about Brody’s case for defamation, Musk refused to delete his tweets.

    Bankston and his client said the lawsuit is about a lot more than money.

    “I just want to make things right,” Brody told CNN. “It’s not about vengeance. I’m not angry. It’s not resentment. I just want to make things right, to get an apology, so that this doesn’t happen again to anyone else.”

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  • Wilbur Ross Fast Facts | CNN Politics

    Wilbur Ross Fast Facts | CNN Politics

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    CNN
     — 

    Here’s a look at the life of former Commerce Secretary Wilbur L. Ross Jr.

    Birth date: November 28, 1937

    Birth place: Weehawken, New Jersey

    Birth name: Wilbur Louis Ross Jr.

    Father: Wilbur Louis Ross Sr., a lawyer

    Mother: Agnes (O’Neill) Ross, a teacher

    Marriages: Hilary (Geary) Ross (October 9, 2004); Betsy (McCaughey) Ross (December 7, 1995-August 2000, divorced); Judith (Nodine) Ross (May 26, 1961-October 1995, divorced)

    Children: with Judith Nodine: Jessica and Amanda

    Education: Yale University, A.B., 1959, Harvard University, M.B.A., 1961

    He was called the “King of Bankruptcy,” as he built new companies from the assets of defaulted ones.

    Ross was known for investing in distressed companies in a wide range of industries including auto parts, steel, textiles and financial services.

    1976-2000 – Works for the investment bank Rothschild Inc. During his tenure, he becomes a top bankruptcy adviser.

    January 1998 – Pledges $2.25 million towards then-wife and Lt. Governor Betsy McCaughey Ross’ campaign for governor of New York. He withdraws the funding in September and files for divorce in November.

    2000 – Purchases a small fund he started at Rothschild and opens his own private equity firm, WL Ross & Co. LLC.

    2002 – Establishes the International Steel Group (ISG), with himself as chairman of the board, through a series of mergers and acquisitions starting with Bethlehem Steel Corp.

    December 2003 – ISG goes public.

    2004 – Forms the International Coal Group (ICG) after purchasing the assets of Horizon Natural Resources in a bankruptcy auction.

    October 2004 – Merges ISG with Mittal Steel for $4.5 billion.

    January 2, 2006 – Twelve miners are killed after an explosion at a West Virginia mine operated by an ICG subsidiary. Families of the dead and Randal McCloy, the lone survivor, sue ICG and WL Ross claiming negligence. All of the lawsuits are settled by November 2011.

    April 2010 – Purchases a 21% stake in Richard Branson’s Virgin Money. In November 2011, Ross helps Branson fund a successful bid for the British bank Northern Rock.

    August 2, 2010 – During an interview with Charlie Rose, Ross states that he’s fine with higher taxes on the wealthy as long as the government puts the money to good use.

    June 2011 – Arch Coal, Inc. acquires ICG for $3.4 billion.

    September 2011 – WL Ross is one of five US and Canadian companies that purchase a 34.9% stake in the Bank of Ireland. Ross’ share is reportedly 9.3%.

    March 21, 2016 – Nexeo Solutions, a chemical distribution company, announces their merger agreement with WL Ross Holding Corporation. The merger is valued at nearly $1.6 billion.

    August 24, 2016 – The Securities and Exchange Commission announces that WL Ross will pay a $2.3 million fine for failing to properly disclose fees it charged.

    November 30, 2016 – Ross announces in a CNBC interview that President-elect Donald Trump has asked him to serve as his commerce secretary.

    February 27, 2017 – The Senate confirms Ross as commerce secretary by a 72-27 vote. He is sworn in the next day.

    November 5, 2017 – The New York Times reports that Ross has financial ties to a shipping company whose clients include a Russian energy company co-owned by Russian President Vladimir Putin’s son-in-law. Another customer of the shipping company is Venezuela’s state-run oil company, which has been sanctioned by the US government. The information comes from the Paradise Papers, a release of 13.4 million leaked documents.

    November 7, 2017 – Two days after the Paradise Papers are released, Forbes reports that Ross inflated his net worth to be included in the magazine’s annual list of the world’s wealthiest individuals. His name is removed from the magazine’s website. An investigation by the magazine reveals that Ross has likely been providing inaccurate financial information since 2004. Ross claims that the magazine overlooked trusts for his family while tallying his fortune.

    March 2, 2018 – During an appearance on CNBC, Ross says the Trump administration’s steel and aluminum tariffs won’t hurt consumers. He holds up a can of Campbell’s soup as he explains that the price of soup will go up less than a penny due to the tariffs.

    March 26, 2018 – Ross announces that a citizenship question will be added to the 2020 census.

    July 12, 2018 – Ross admits to “errors” in failing to divest assets required by his government ethics agreement and says he will sell all his stock holdings. The admission comes after the Office of Government Ethics took Ross to task for what it said were inconsistencies in his financial disclosure forms.

    September 21, 2018 – A federal judge rules that Ross must sit for a deposition in a lawsuit regarding his department’s decision to include a question about citizenship in the 2020 census. The US Supreme Court later blocks the deposition.

    December 19, 2018 – The Center for Public Integrity reports that Ross failed to sell a bank stock holding within the required time frame after his 2017 confirmation and subsequently signed ethics documents indicating the holding had been sold.

    February 15, 2019 – Ross’ financial disclosure form is rejected by the Office of Government Ethics. Ross later releases a statement saying, “While I am disappointed that my report was not certified, I remain committed to complying with my ethics agreement and adhering to the guidance of Commerce ethics officials.”

    June 27, 2019 – The Supreme Court issues a 5-4 ruling that blocks the citizenship question from being added to the census.

    July 17, 2019 – The House votes to hold Ross in criminal contempt over a dispute related to the citizenship question on the census. Attorney General William Barr is also held in contempt. Ross releases a statement in which he dismisses the vote as a political stunt. “House Democrats never sought to have a productive relationship with the Trump Administration, and today’s PR stunt further demonstrates their unending quest to generate headlines instead of operating in good faith with our Department.”

    July 18, 2020 – A department spokesman says that Ross has been hospitalized for “minor, non-coronavirus related issues.” On July 27, the Commerce Department says Ross has been released from the hospital.

    September 28, 2020 – Ross announces that he intends to conclude the 2020 census on October 5. This is more than three weeks earlier than expected and against the October 31 court reinstated end date. Ross asks Census Bureau officials if the earlier date would effectively allow them to produce a final set of numbers during Trump’s current term in office, according to an internal email released the following day as part of a lawsuit.

    October 13, 2020 – The Supreme Court grants a request from the Trump administration to halt the census count while an appeal plays out over a lower court’s order that it continue. The Census Bureau announces that the count is ending on October 15.

    July 19, 2021 – According to a letter made public from Commerce Department Inspector General Peggy Gustafson to Democratic lawmakers, the Justice Department decides to decline prosecution of Ross for misrepresentations he made to Congress about the origins of the Trump administration’s failed push to add a citizenship question to the 2020 census.

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  • Ted Turner Fast Facts | CNN

    Ted Turner Fast Facts | CNN

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    CNN
     — 

    Here’s a look at philanthropist and environmentalist Ted Turner, founder of CNN and Turner Broadcasting System (TBS).

    Birth date: November 19, 1938

    Birth place: Cincinnati, Ohio

    Birth name: Robert Edward Turner III

    Father: Robert Edward Turner

    Mother: Florence (Rooney) Turner

    Marriages: Jane Fonda (1991-2001, divorced); Jane (Smith) Turner (1964-1987, divorced. Some sources have 1988 for the divorce.); Judy (Nye) Turner (1960-early 1960s, divorced).

    Children: with Jane (Smith) Turner: Beau, Rhett, Jennie; with Judy (Nye) Turner: Laura Lee and Robert Edward IV

    Education: Attended Brown University, 1957-1960

    Military: US Coast Guard

    Won the America’s Cup with the yacht “Courageous” in 1977.

    Has received two honorary Emmy Awards.

    Nicknames: Mouth of the South, Terrible Ted, Captain Outrageous.

    Claims his secret to success is “Early to bed, early to rise, work like hell and advertise.”

    Former owner of the Atlanta Braves and the Atlanta Hawks.

    March 1963 – Takes over the family’s business, Turner Advertising Co., after his father’s suicide.

    1970 – After turning the family business around and renaming it the Turner Communications Group, Turner purchases two independent UHF stations, in Atlanta and Charlotte, North Carolina, and names them WTCG and WRET, after his company and himself.

    1976 – TBS becomes the nation’s first “superstation” using satellite technology to carry its signal nationwide.

    June 1, 1980 – Launches CNN, the first 24-hour all-news cable network.

    January 1, 1982 – CNN Headline News begins broadcasting.

    August 1985 – Acquires MGM-UA Entertainment, including its library of thousands of classic films.

    September 1985 – CNNI is first launched.

    1986 – Creates the Goodwill Games. They are held five times, until 2000.

    October 3, 1988 – TNT is launched.

    1990 – Establishes the Turner Foundation with a vision toward the preservation and conservation of the environment throughout the world.

    1991 – Time Magazine names Turner “Man of the Year.”

    August 30, 1992 – Receives the Governor’s Award at the 44th Primetime Emmy Awards.

    October 1, 1992 – The Cartoon Network goes on the air for the first time.

    October 3, 1992 – Is inducted into the Academy of Television Arts & Sciences Hall of Fame.

    April 1994 – Launch of Turner Classic Movies (TCM).

    October 1996 – Sells Turner Broadcasting System, Inc. to Time Warner, Inc., for $7.34 billion; becomes vice chairman.

    1996-2001 – Member of the Time Warner Board of Directors.

    1996 – Buys the 578,000 acre Vermejo Park Ranch in New Mexico that stretches into Colorado. The ranch reportedly is one of the largest privately owned ranches in the country.

    1997 – Pledges $1 billion to the United Nations to be paid out in increments over the next 10 years.

    March 17, 1997 – CNN en Español is launched.

    1999 – “Ted Turner Speaks: Insights from the World’s Greatest Maverick,” is published, co-written with Janet Lowe.

    January 2001 – Establishes the Nuclear Threat Initiative with former Senator Sam Nunn.

    January 11, 2001 – The AOL and Time Warner, Inc., merger is completed.

    2001-2003 – Vice Chairman of AOL Time Warner, Inc.

    2001-2006 – Member of the AOL Time Warner Inc., Board of Directors.

    2002 – Launches the restaurant chain Ted’s Montana Grill with business partner George McKerrow Jr.

    November 30, 2004 – In recognition of the 24 years Turner owned the NBA team, the Atlanta Hawks retire a number 17 jersey to honor him.

    February 24, 2006 – Announces he will not seek reelection to the board of Time Warner. He receives a standing ovation on his last day, May 19.

    January 10, 2007 – Partners with New Jersey-based Dome Tech Solar to create DT Solar, a renewable energy company focusing on solar power. The company is later renamed Turner Renewable Energy (TRE).

    November 10, 2008 – His autobiography, “Call Me Ted,” is published.

    August 2010 – Is named among 40 billionaires pledging half or more of their fortune to charity through “The Giving Pledge” campaign.

    October 2011 – After four years in a row as number one, Turner slips to number two on the list of largest landowners. John Malone, chairman of Liberty Media, is now the largest landowner.

    2015 – Turner makes his final payment to the United Nations and fulfills the $1 billion pledge he made in 1997.

    August 23, 2016 – Turner officially transfers (after selling) ownership of his 43,000-acre property, Bluestem Ranch in Oklahoma, to the Osage Nation led by Principal Chief Geoffrey Standing Bear. Turner writes a letter to the tribe stating, “I know that I am leaving Bluestem in the right hands, and I am grateful for the relationship we’ve been able to build with the Osage Nation.”

    September 30, 2018 – Turner reveals that he has Lewy body dementia in an interview for “CBS Sunday Morning.”

    April 11, 2019 – Turner is honored on the opening night of the TCM Classic Film Festival.

    July 1, 2021 – Launches the Turner Institute of Ecoagriculture, Inc, a public charity and agricultural research organization. Turner also announces that he is turning over the nearly 80,000 acre McGinley Ranch to the nonprofit.

    March 2022 – Armendaris Ranch, owned by Turner, is permanently protected land after an agreement is made between the federal government and the New Mexico Land Conservancy. The 315,000 acres ranch houses some 500 vertebrate species, approximately 230 desert bighorn sheep and close to a million bats. The deal will be one of the largest conservation easements in the country.

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  • Reports: Trump told Mar-a-Lago member about calls with foreign leaders | CNN Politics

    Reports: Trump told Mar-a-Lago member about calls with foreign leaders | CNN Politics

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    Washington
    CNN
     — 

    Mar-a-Lago member and Australian billionaire Anthony Pratt said then-President Donald Trump told him about his private calls with the leaders of Ukraine and Iraq, according to reports published Sunday about private recordings of Pratt, a key prosecution witness in Trump’s classified documents case.

    The reports from The New York Times and “60 Minutes Australia” revealed previously unknown recordings of Pratt candidly recalling his conversations with Trump – and build on existing allegations that Trump overshared sensitive government material.

    In the tapes, Pratt says Trump shared insider details about his phone calls with world leaders during his presidency. Pratt also offers searing critiques of Trump’s personal ethics.

    CNN previously reported that Pratt gave an interview to special counsel Jack Smith, who charged Trump with mishandling national security materials by hoarding dozens of classified documents at Mar-a-Lago in Florida. (Trump pleaded not guilty.) Pratt is also on Smith’s witness list for the trial, which is scheduled for May.

    Concerns about Trump’s freewheeling approach to state secrets are at the center of that case. Past reports from ABC News said Trump discussed potentially sensitive information with Pratt about US nuclear submarines. The new reports Sunday expand what is known about Pratt’s recounting of their conversations to include foreign policy matters.

    “It hadn’t even been on the news yet, and he said, ‘I just bombed Iraq today,’” Pratt said in one recording that was made public Sunday, recalling a conversation with Trump.

    Pratt then recalled Trump’s description of his December 2019 call with Iraqi President Barham Salih. According to Pratt, Trump said, “The president of Iraq called me up and said, ‘You just leveled my city. … I said to him, ‘OK, what are you going to do about it?’”

    The recordings also indicate that Trump spoke with Pratt about his now-infamous September 2019 call with Ukrainian President Volodymyr Zelensky, in which Trump pressured Zelensky to help him win the 2020 election by publicly launching unfounded corruption probes into Joe Biden. That phone call formed the basis of Trump’s first impeachment.

    “That was nothing compared to what I usually do,” Trump told Pratt about the Zelensky call, according to the tape. “That’s nothing compared to what we usually talk about.”

    In statements to The New York Times, Trump pointed out that Pratt is “from a friendly country in Australia, one of our great allies,” though he didn’t deny the conversations described in the tapes. A Trump spokesperson said the tapes “lack proper context.”

    CNN has reached out to the Trump campaign and Pratt’s company, Visy, for comment.

    These latest disclosures could be used by Smith’s prosecutors as evidence that Trump had a pattern of sharing sensitive government information with unauthorized people, including political donors and well-connected businessmen in his orbit. It’s unclear whether prosecutors already had possession of the tapes that were made public on Sunday.

    The new recordings also shed light on Pratt’s candid, private thoughts about Trump’s behavior. It’s unclear who Pratt was speaking to, but Pratt said in one tape that Trump “says outrageous things nonstop,” and compared his business practices to “the mafia.”

    “He knows exactly what to say — and what not to say — so that he avoids jail. But gets so close to it that it looks to everyone like he’s breaking the law,” Pratt said in one tape.

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  • Supreme Court declines to revisit landmark libel ruling, though Clarence Thomas wants to reconsider the decision | CNN Politics

    Supreme Court declines to revisit landmark libel ruling, though Clarence Thomas wants to reconsider the decision | CNN Politics

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    Washington
    CNN
     — 

    The Supreme Court declined on Tuesday to revisit the landmark First Amendment decision in New York Times v. Sullivan, rebuffing a request to take another look at decades-old precedent that created a higher bar for public figures to claim libel in civil suits.

    The media world has for years relied on the unanimous decision in the 1964 case to fend off costly defamation lawsuits brought by public figures. The ruling established the requirement that public figures show “actual malice” before they can succeed in a libel dispute.

    Despite being a mainstay in US media law, the Sullivan decision has increasingly come under fire by conservatives both inside and outside the court, including Justice Clarence Thomas, who said on Tuesday that he still wanted to revisit Sullivan at some point.

    “In an appropriate case, however, we should reconsider New York Times and our other decisions displacing state defamation law,” Thomas wrote in a brief concurrence to the court’s decision not to take up the case. He said that the case, Don Blankenship v. NBC Universal, LLC, was a poor vehicle to reconsider Sullivan.

    Just a few months ago, the conservative justice attacked the ruling in Sullivan in a fiery dissent in which he called it “flawed.” Thomas issued other public critiques of Sullivan in recent years, including in 2019, when he wrote that the ruling and “the Court’s decisions extending it were policy-driven decisions masquerading as constitutional law.”

    The case at hand concerns Don Blankenship, a former coal baron who was convicted of a federal conspiracy offense related to a deadly 2010 explosion at a mine he ran, in what was one of the worst US mine disasters in decades. His sentence of a year in prison was one day less than a felony sentence.

    “Blankenship himself admits this was a highly unusual sentence for a misdemeanor offense; he notes that he was the only inmate at his prison who was not serving a sentence for a felony conviction,” according to a lower-court opinion in the case.

    During his unsuccessful 2018 US Senate campaign in West Virginia, a number of media organizations erroneously reported that he was a convicted felon, even though his conspiracy offense was classified as a misdemeanor.

    Blankenship sued a slew of news outlets for the error, alleging defamation and false light invasion of privacy. Lower courts ruled against him, finding that the outlets did not make the statements with actual malice, the standard required by Sullivan.

    Attorneys for Blankenship told the justices in court papers that the “damage was irreparable” since no felon has ever been elected to the Senate, and urged them to overturn the Sullivan decision.

    “The actual malice standard poses a clear and present danger to our democracy,” they wrote. “New York Times Co. v. Sullivan and its progeny grant the press a license to publish defamatory falsehoods that misinform voters, manipulate elections, intensify polarization, and incite unrest.”

    Attorneys for the media outlets urged the justices not to take up the case, arguing that it’s “as poor a vehicle as one could imagine to consider” questions related to Sullivan’s holding because, they said, the reporting mistakes were honest ones.

    “There is good reason why the actual malice standard of New York Times has been embraced for so long and so often,” the media organizations told the justices. “At its essence, the standard protects ‘erroneous statements honestly made.’ While it permits recovery for falsehoods uttered with knowledge of falsity or with reckless disregard for the truth, it provides the ‘breathing space’ required for ‘free debate.’ A free people engaged in self-government deserves no less.”

    Just last year the court declined to revisit Sullivan in a case brought by a not-for-profit Christian ministry against the Southern Poverty Law Center.

    At the time, Thomas dissented from the court’s refusal to take up the case.

    “I would grant certiorari in this case to revisit the ‘actual malice’ standard,” he wrote. “This case is one of many showing how New York Times and its progeny have allowed media organizations and interest groups ‘to cast false aspersions on public figures with near impunity.’”

    In 2021, conservative Justice Neil Gorsuch also questioned the decision in Sullivan, writing in a dissent when the court decided not to take up a defamation case that the 1964 ruling should be revisited in part because it “has come to leave far more people without redress than anyone could have predicted.”

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  • Elon Musk’s X adds to fog of war at outset of Israel-Hamas conflict | CNN Business

    Elon Musk’s X adds to fog of war at outset of Israel-Hamas conflict | CNN Business

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    CNN
     — 

    Misinformation has run rampant on Elon Musk’s social media platform X in the 48 hours since Hamas militants’ surprise attack on Israel, with users sharing false and misleading claims about the conflict and Musk himself pointing users to an account known for spreading misinformation.

    Multiple users over the weekend shared a fake White House news release falsely claiming the US was sending billions of dollars in new aid to Israel in response. Accounts on X with hundreds of thousands of followers in total quickly spread the doctored White House press release after it appeared online on Saturday. Social media influencer Jackson Hinkle, who was among those shared the fake release, claimed it was a slap in the face to Ukraine, which has been pleading with Washington for more money to defend itself from Russia.

    Musk himself added to the information chaos on Sunday by recommending X users follow the Israel-Hamas conflict by following an account known for spreading misinformation, including a fake report earlier this year of an explosion at the Pentagon.

    Musk and Hinkle later deleted their posts. Musk later posted: “As always, please try stay as close to the truth as possible, even for stuff you don’t like.”

    Elsewhere on X (formerly known as Twitter), an account impersonating the Jerusalem Post shared a bogus report that Israeli Prime Minister Benjamin Netanyahu had been hospitalized. (The account was later suspended.)

    CNN has requested comment from Musk and X on the posts related to the Israel-Gaza conflict.

    A slew of mischaracterized videos and other posts went viral on the platform over the weekend.

    One video that is purported to show Israel generals after being captured by Hamas fighter was viewed more than 1.7 million times by Monday. The video however actually shows the detention of separatists in Azerbaijan.

    Another post viewed more than 500,000 times on X purported to show an airplane getting shot down with the hashtag #PalestineUnderAttack. The video is in fact a clip from the video game Arma 3, as was later noted in a “community note” appended to the post.

    Community notes allow users on X to fact-check false posts on the platform. While notes were appended to both of these false posts, they often come after a false post has been viewed thousands – or in some cases millions – of times.

    X has relied more heavily on community notes to moderate content since Musk laid off thousands of the company’s employees, including many responsible for detecting and addressing false claims, following his takeover of the platform last year.

    Israel’s National Cyber Directorate, one of the government’s main cyber defense agencies, on Monday took to X to urge people not to spread unverified information. “[T]he rumor mill is overflowing,” the directorate wrote in Hebrew. The Anti-Defamation League also raised concerns in a statement Saturday about false and antisemitic claims being spread on the platform, including posts by a verified user falsely claiming that Israel helped to facilitate 9-11 on US soil, which have been viewed thousands of times.

    The viral nature of the misinformation has alarmed experts on information operations, offering a fresh example of social platforms’ struggle to deal with a flood of falsehoods during a major geopolitical event.

    “In times of war, social media becomes a propaganda battlefield; there is always an element of disinformation and exaggeration,” said Emerson Brooking, senior resident fellow at the Atlantic Council’s Digital Forensic Research Lab. “Today, X is the main platform where this online battle plays out.”

    Brooking said changes to X policy under Musk’s ownership have incentivized propagandists and scam artists. Any user can now purchase a “verification” checkmark on X by signing up for the platform’s $8 per month subscription program, and their posts are then boosted by the platform’s algorithm and eligible for monetization.

    “Paid verification means that you cannot distinguish between a vetted journalist and a scam artist,” Brooking told CNN. “The for-profit ‘views’ system incentivizes accounts to impersonate news outlets and to post as frequently as possible, drawing from whatever source they can or just making things up.”

    Twitter has long played a pivotal role in information sharing during conflicts, from the Arab Spring to the 2014 and 2022 invasions of Ukraine, and during previous violence in Israel and Gaza.

    Viral misinformation has always existed on the platform, but it has become particularly pronounced under Musk’s stewardship, experts say.

    “In the past decade, every conflict has inevitably bred a digital “fog of war,” where both sides, and their supporters, try to use social platforms to spin the narrative in their favor,” Joe Galvin, a journalist who has specialized in open-source intelligence for more than a decade, told CNN Monday.

    “The volume and reach of misinformation today, though, far exceeds what we saw in the early social media era conflicts, and is exacerbated by platforms like X, which has taken the guardrails off and allows the most egregious types of disinformation to run rampant,” Galvin said.

    He said other platforms that have little or no guardrails including the social media messaging app Telegram are also hotbeds of misinformation, but X is unique given Musk’s behavior.

    “Even the owner of X takes part in the chaos, promoting accounts that are known to spread falsehoods to his 150 million followers. The fact is that malicious users, state-backed and otherwise, have become better at spreading falsehoods, with more sophisticated networks being built and better technology – including AI – being used. The platforms are in a perpetual state of catch-up.”

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  • ‘Grief and anger.’ US business groups stand up for Israel after attack | CNN Business

    ‘Grief and anger.’ US business groups stand up for Israel after attack | CNN Business

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    New York
    CNN
     — 

    Business leaders across the United States have expressed outrage and solidarity with Israel after the deadly surprise attack by Hamas.

    JPMorgan Chase CEO Jamie Dimon said Sunday the bank stands with Israel, instructing employees there to work remotely for the foreseeable future, a person familiar with the matter told CNN, as Dimon pledged support for the people of Israel.

    “This past weekend’s attack on Israel and its people and the resulting war and bloodshed are a terrible tragedy,” Dimon told all employees on Sunday in a memo obtained by CNN. “We stand with our employees, their families and the people of Israel during this time of great suffering and loss,” Dimon said.

    JPMorgan has about 230 to 240 employees in Israel and has asked staff there to work from home for the near future, a person familiar with the matter told CNN. News of JPMorgan’s plans were previously reported by Bloomberg News.

    Dimon said all of JPMorgan’s employees and all of those traveling in the region have been confirmed safe as of Sunday.

    “We pray for their safety and for their families and loved ones going forward,” Dimon said. “The human cost of wars and terrorism are enormous, with too many lives lost and changed forever. We join together in our hope to one day see the end of violence and for there to be peace throughout the Middle East.”

    Kathryn Wylde, president and CEO of the Partnership for New York City, told CNN in a statement on Monday: “New York City’s business community is reacting with the same grief and anger at these senseless acts of terrorism that we felt in response to the 9/11 attacks on the World Trade Center. For New Yorkers, this is personal.”

    The Partnership represents more than 300 of New York City’s business leaders and companies that employ more than 1 million New Yorkers.

    “Nothing can justify the premeditated violence that took place in Israel this weekend,” Wylde said.

    The Business Roundtable, a trade group representing leading US CEOs, said Monday in a statement to CNN: “We join the US government and global community in condemning the horrific attacks on Israel and stand in solidarity with the Israeli people.”

    The US Chamber of Commerce said in a statement on Sunday it “strongly condemns the heinous” attacks.

    “We extend our heartfelt condolences to the people of Israel and stand in solidarity with them as they battle the scourge of terrorism,” the Chamber said.

    The business group added that it’s in touch with partners from the Israeli government and the Israel-America Chamber of Commerce to explore ways to provide humanitarian assistance.

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  • Former Starbucks CEO Howard Schultz steps down from board of directors | CNN Business

    Former Starbucks CEO Howard Schultz steps down from board of directors | CNN Business

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    New York
    CNN
     — 

    Starbucks announced Wednesday that Howard Schultz is stepping down from its board of directors – but the former chairman’s name will be sticking around.

    Though Schultz is retiring, Starbucks is giving him the title of “lifelong Chairman Emeritus.”

    Schultz is stepping down as part of a planned transition, Starbucks said in a statement. He previously stepped down as CEO in March, as employees at stores across the nation moved to unionize. That was Schultz’s third time serving the CEO role.

    “I look forward to supporting this next generation of leaders to steward Starbucks into the future as a customer, supporter and advocate in my role as chairman emeritus,” Schultz said in the statement.

    Starbucks said Schultz is using retirement to focus on his wife, Sheri, and on a “range of philanthropic and entrepreneurial investments.”

    The coffee giant elected Wei Zhang, senior advisor to Alibaba Group and who served as president of Alibaba Pictures Group, to its board beginning October 1.

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  • An explosive Elon Musk biography is just hitting shelves. But the book’s acclaimed author is already walking back a major claim | CNN Business

    An explosive Elon Musk biography is just hitting shelves. But the book’s acclaimed author is already walking back a major claim | CNN Business

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    Editor’s Note: A version of this article first appeared in the “Reliable Sources” newsletter. Sign up for the daily digest chronicling the evolving media landscape here.



    CNN
     — 

    Walter Isaacson’s highly anticipated biography on Elon Musk is hitting shelves on Tuesday — and he is already walking back a major claim.

    Isaacson reported in his book that Musk had abruptly turned off Ukraine’s access to his Starlink satellite internet system last year just as the country was launching an underwater drone attack on a Russian fleet in Crimea, depriving the Eastern European country’s forces of critical communications for the assault and rendering the offensive a failure.

    “He secretly told his engineers to turn off coverage within 100 kilometers of the Crimean coast,” fearing the sneak attack would lead to a “mini-Pearl Harbor” scenario and nuclear war, Isaacson wrote in the book, according to an excerpt obtained and first reported by CNN. “As a result, when the Ukrainian drone subs got near the Russian fleet in Sevastopol, they lost connectivity and washed ashore harmlessly.”

    That explosive claim, which set off alarms and triggered a tsunami of questions about Musk’s role as a key figure potentially determining the fate of Vladimir Putin’s ruthless war, turned out not to be quite as Isaacson had told it. Musk pushed back last week, writing on X that Starlink was never activated over Crimea and that he had actually received “an emergency request from government authorities” to enable the service, with the “obvious intent being to sink most of the Russian fleet at anchor.”

    “If I had agreed to their request, then SpaceX would be explicitly complicit in a major act of war and conflict escalation,” Musk wrote.

    Perhaps more importantly, Isaacson subsequently walked back the bombshell claim, which had received significant media coverage and was published as an “untold story” book excerpt in The Washington Post.

    “To clarify on the Starlink issue: the Ukrainians THOUGHT coverage was enabled all the way to Crimea, but it was not,” Isaacson posted on X, effectively reiterating what Musk had said. “They asked Musk to enable it for their drone sub attack on the Russian fleet.”

    “Based on my conversations with Musk, I mistakenly thought the policy to not allow Starlink to be used for an attack on Crimea had been first decided on the night of the Ukrainian attempted sneak attack that night,” Isaacson added in a follow up post. “He now says that the policy had been implemented earlier, but the Ukrainians did not know it, and that night he simply reaffirmed the policy.”

    The correction has cast a pall over the biography from Isaacson, a highly respected author who has written acclaimed biographies on historic visionaries, including Steve Jobs, Benjamin Franklin, and Albert Einstein. Isaacson, a professor of history at Tulane University and former head of CNN, has for years enjoyed such a sterling reputation in the media industry that newsrooms have often taken his reporting to be fact.

    Now, Isaacson is having to grapple with an embarrassing problem. A spokesperson for his publisher Simon & Schuster told me on Monday that “future editions of the book will be updated” to no longer include the error.

    Newsrooms, meanwhile, are updating their stories in the wake of the mischaracterization. Over the weekend, The Post updated the excerpt it had published and offered a correction to its readers.

    “After publication of this adaptation, the author learned that his book mischaracterized the attempted attack by Ukrainian drones on the Russian fleet in Crimea,” the correction stated. “Musk had already disabled (‘geofenced’) coverage within 100 km of the Crimean coast before the attack began, and when the Ukrainians discovered this, they asked him to activate the coverage, and he refused. This version reflects that change.”

    CNN also updated its story on Monday, noting Isaacson had backpedaled his initial claims.

    “After this story published, Walter Isaacson clarified his explanation regarding Elon Musk restricting Ukrainian military access to Starlink, a critical satellite internet service,” an editor’s note said. “This story has been updated to reflect that change.”

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  • Taiwan billionaire Terry Gou resigns as Foxconn board member amid bid for presidency | CNN Business

    Taiwan billionaire Terry Gou resigns as Foxconn board member amid bid for presidency | CNN Business

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    CNN
     — 

    Billionaire businessman Terry Gou has resigned from the board of directors of Foxconn, the world’s largest electronics manufacturer, days after announcing his bid for Taiwan’s presidency.

    In a statement to CNN, Foxconn’s parent company Hon Hai Technology Group confirmed Gou’s resignation and said it “would not immediately elect a director” as the board had eight other directors and independent directors.

    A self-made, septuagenarian billionaire with a net worth of $6.8 billion, the 72-year-old Gou founded Foxconn, established as Hon Hai Precision Industry in Taiwan in 1974. It grew to become an international business empire and one of the world’s largest electronics contract manufacturers. Its top clients include Apple.

    In 2019, he handed over leadership to Young Liu, the group’s current chairman, but remained as a director, and joined the Kuomintang nationalist political party.

    Having declared his intention to run as an independent presidential candidate in 2024, Gou now has to secure approximately 290,000 endorsements between September 19 and November 2.

    Taiwan’s presidential election, due in January, comes at period of fraught tensions between the island of 24 million people and its superpower neighbor, China.

    Gou has criticized Taiwan’s independence movement and is characterized by his friendliness towards mainland Chinese business interests.

    He joins an already crowded China-friendly camp to challenge the independence-leaning Democratic Progressive Party (DPP). This is his second bid at the presidency.

    He has already held rallies around Taiwan in recent months to build support for his candidacy.

    Taiwan’s presidential election is expected to take place on January 13, 2024.

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