FedEx Corp. said Monday that Fred Smith will step down on June 1 as CEO of the package-delivery company that he founded and be succeeded by the company’s president and chief operating officer. Raj Subramaniam will serve as both CEO and president and Smith will become executive chairman, the package-delivery company said. Smith, 77, started…
MELBOURNE (Reuters) – U.S. crude futures slid in early trade on Tuesday, extending losses from the previous session on the prospect of a sharp drop in fuel demand as Shanghai shut down to curb a surge in COVID cases and as Ukraine and Russia headed for peace talks. U.S. West Texas Intermediate (WTI) crude futures…
(Reuters) -Boeing Co said on Monday the head of its big defense division, Leanne Caret, will retire after nearly 35 years with the aviation company. Caret, who is 55 years old, will be succeeded by Ted Colbert effective April 1. Caret oversaw development of the successful MQ-25 drone program and the U.S. Air Force’s new…
By Lisa Baertlein (Reuters) – FedEx Corp on Monday named its operating chief, Raj Subramaniam, as the new chief executive officer effective June 1, succeeding company founder Fred Smith, who started the global delivery conglomerate with more than a dozen planes in the 1970’s. Subramaniam, 54, joined FedEx in 1991 and is also a company…
(Reuters) -The holding company of U.S. insurer American International Group Inc’s life and retirement business, SAFG Retirement Services Inc, filed for an initial public offering in the United States on Monday. In the filing, SAFG reported total revenue of $23.39 billion for the year ended Dec. 31, up 55%. In the same period, adjusted after-tax…
By Caroline Valetkevitch NEW YORK (Reuters) -U.S. corporate stock buybacks are being targeted in U.S. President Joe Biden’s 2023 budget plan announced on Monday, which seeks to discourage corporations from using profits to repurchase stocks in order to benefit executives. Under the plan https://www.whitehouse.gov/wp-content/uploads/2022/03/budget_fy2023.pdf, company executives would be required to hold on to company shares…
By Noel Randewich (Reuters) – Tesla’s announcement on Monday that it will seek shareholder approval to increase its share count in order to enable a stock split adds to a recent wave of megacap companies splitting their shares in a bid to attract more investors. Tesla said in a filing it would hold a vote…
By Iain Withers and Saqib Iqbal Ahmed LONDON/NEW YORK (Reuters) -British bank Barclays faces an estimated 450 million pound ($592 million) loss and regulatory scrutiny for exceeding a U.S. limit on sales of structured products, some of which have surged in popularity since Russia’s invasion of Ukraine. Barclays also said on Monday that it will…
By John McCrank NEW YORK (Reuters) -The dollar hit a six-year high versus the yen after the Bank of Japan moved to contain rising bond yields, while U.S. Treasury yields soared to new multi-year highs, highlighting a divergence between the BOJ and other major central banks. Treasury 10-year yields vaulted above 2.5% to three-year highs,…
By Kannaki Deka and Joseph White (Reuters) -U.S. new vehicle sales could fall to the lowest first-quarter volume in the past decade as chip shortages and the Ukraine crisis squeeze inventories and rising prices push less affluent buyers out of the market, research firm Cox Automotive said Monday. U.S. car and light truck sales are…
