Business

[ad_1] Just weeks after billionaire activist investor Carl Icahn secured two seats on the board of American Electric Power Co., the utility fired its chief executive officer whose tenure lasted less than 14 months.  Julie Sloat, who became CEO in January 2023, will be replaced on an interim basis by Benjamin G.S. Fowke III, a member of the company’s board and the…

[ad_1] One CEO has been caught in the fallout from a souring leveraged buyout. Another is trying to make his business profitable after years of losses. And one founder is in a bitter dispute with his lenders after he was recently stripped of all executive roles. The thing these individuals have in common? They’ve been forced to sell their slumping…

[ad_1] French President Emmanuel Macron was greeted with boos and whistles at the opening of the Paris Agricultural Fair on Saturday by angry farmers who blame him for not doing enough to support them. Macron was scheduled to visit the event, which draws crowds of visitors every year. But before the official opening, several dozen protesters forced their way through…

[ad_1] China has become a powerhouse in electric vehicles. Its automaker BYD recently topped Tesla in global EV sales, with Elon Musk warning of Chinese carmakers, “If there are no trade barriers established, they will pretty much demolish most other car companies in the world. They’re extremely good.” On Friday, the Alliance for American Manufacturing sounded the alarm, issuing a…

[ad_1] JPMorgan Chase & Co. executives offloaded a clutch of stock this week for a total of about $169 million. Chairman and CEO Jamie Dimon led the charge, with his first-ever sale of $150 million in stock sold at a price of $182.73 per share. In addition to Dimon, co-CEO for the commercial and investment bank Troy Rohrbaugh sold $13.7…

[ad_1] Elliott Investment Management targeted Pershing Square Holdings in 2017, when Paul Singer’s firm privately tried to force fellow activist Bill Ackman to liquidate his listed company.  Ackman disclosed the details of the battle around the fund publicly for the first time during a three-hour interview on the Lex Fridman Podcast. The billionaire posted the discussion on X, the social media site formerly known…

[ad_1] Investors have long had a love affair with U.S. tech stocks from the boom cycle of the late ‘90s and early 2000s that famously ended with the dotcom crash, to the AI-induced heights of Nvidia’s current stock rally. Love affairs, though, often end badly, and this one could leave investors nursing both an aching wallet and a broken heart.…

[ad_1] America’s commercial casinos won $66.5 billion from gamblers in 2023, the industry’s best year ever, according to figures released by its national trade association Tuesday. The American Gaming Association said that total was 10% higher than in 2022, which itself was a record-setting year. When revenue figures from tribal-owned casinos are released separately later this year, they are expected…

[ad_1] Stark Bank, one of the few Latin America startups to receive funding from Jeff Bezos’ family office, is generating profits from its business of helping companies handle payments, while leaving cash raised from its funding rounds nearly untouched. The Sao Paulo-based company handled 155 billion reais ($31 billion) of payments in 2023, a three-fold jump from a year earlier,…

[ad_1] Mark Zuckerberg’s job can be hard to describe to a child. But one of his favorite hobbies these days—producing beef—is easier to understand. The Meta CEO recently revealed that his daughter misunderstood what his main job was.  “For a while, she just thought that I was a cattle rancher,” the Facebook cofounder told Morning Brew Daily on Friday. While…