(Reuters) – A Delaware judge has tossed out Elon Musk’s record-breaking $56 billion Tesla pay package, calling the compensation granted by the EV maker’s board “an unfathomable sum” that was unfair to shareholders. Following are details about Musk’s pay package. HOW WAS MUSK’S COMPENSATION STRUCTURED? Musk’s 2018 compensation package created 12 tranches of options –…
By Jeffrey Dastin and Samrhitha A (Reuters) -Tech giants on Tuesday talked up how customers are lapping up their generative AI-powered products, but mounting costs of developing the cutting-edge features irked investors hoping for a big boost to sales from the new technology. Shares of Alphabet closed 7.5% lower, while those of Microsoft fell 2.7%,…
By Jonathan Stempel NEW YORK (Reuters) – Boeing has been sued by shareholders who said the company prioritized profit over safety and misled them about its commitment to making safe aircraft, prior to the Jan. 5 mid-air cabin panel blowout on an Alaskan Airlines 737 MAX 9. According to a proposed class action filed on…
NEW YORK (Reuters) -The Federal Reserve left interest rates unchanged on Wednesday but took a major step towards lowering them in coming months in a policy statement that tempered inflation concerns with other risks to the economy and dropped a longstanding reference to possible further hikes in borrowing costs. MARKET REACTION: STOCKS: The S&P 500…
By Raneen Sawafta, Fadi Shana and Nidal al-Mughrabi WEST BANK/GAZA/DOHA (Reuters) -Hamas said on Tuesday it had received and was studying a new proposal for a ceasefire and release of hostages in Gaza, presented by mediators after talks with Israel, in what appeared to be the most serious peace initiative for months. A senior Hamas…
(This Jan. 26 story has been corrected to show that South Carolina last backed a Democrat president in 1976, not 2008, in paragraph 17) By Trevor Hunnicutt and Jarrett Renshaw COLUMBIA, South Carolina (Reuters) – Democrats have no chance of winning South Carolina in November, but the state is pivotal to Joe Biden’s reelection anyway….
BEIJING (Reuters) -The U.S. and China launched a joint counter-narcotics working group on Tuesday in the first overt sign of cooperation in tackling the spread of fentanyl since late 2019, before bilateral relations between the superpowers soured. It follows a key summit in San Francisco in November where U.S. President Joe Biden and Chinese leader…
By Michael Erman and Bhanvi Satija (Reuters) -Pfizer reported a surprise quarterly profit on Tuesday, helped by cost cuts and higher-than-expected demand for its COVID treatment Paxlovid, but sales of some high profile products fell short of Wall Street estimates. Pfizer shares were off around 1% in afternoon trading. Investors fled Pfizer last year as…
By Rajesh Kumar Singh and Shivansh Tiwary (Reuters) -JetBlue Airways said on Tuesday it was evaluating deeper cost cuts after the company forecast a fall in revenue and higher costs in the first quarter as it grapples with uneven travel demand. The New York-based carrier is looking to plot its path forward after a U.S….
By David Shepardson WASHINGTON (Reuters) -Toyota Motor said on Monday it is urging the owners of 50,000 older U.S. vehicles to get immediate recall repairs because an air bag inflator could explode and potentially kill motorists. The Japanese automaker said the “Do Not Drive” advisory covers some 2003-2004 model year Corolla, 2003-2004 Corolla Matrix, and…
