Author: TI Editor

(Bloomberg) — Boeing Co.’s new Chief Executive Officer Kelly Ortberg received $18.4 million in total compensation for the five months he spent on the job in 2024 — although he won’t be able to cash in on much of the award for years, the company said in a filing Friday. About $16 million of Ortberg’s pay came from equity-based incentives that will vest over three to four years and were awarded as he joined Boeing amid a management shake-up and months of crisis. He also received about $525,000 in salary and a “new hire” cash bonus of $1.3 million, according…

President Donald Trump’s company sued Capital One Financial Corp., accusing it of illegally “de-banking” him for political reasons by abruptly canceling hundreds of accounts for his sprawling real estate business after his first term ended in 2021. The Trump Organization had been doing business with Capital One for decades and was holding millions of dollars with the bank when Capital One said on March 8 of that year it was cutting ties in three months, according to the lawsuit.  The termination of the accounts “without warning or provocation” led to “considerable financial harm and losses,” interrupting the business’s access to…

(Bloomberg) — Some of Ascend Performance Materials Inc.’s creditors provided fresh financing to the troubled chemicals firm, giving it time to restructure its debt, according to people with knowledge of the matter. The SK Capital Partners-backed firm will get a new $100 million loan, of which $40 million will be funded initially, said the people, who asked not to be identified discussing a private matter. All lenders are open to participate in the financing, they said. The financing, details of which were disclosed to a broader group of lenders Friday, includes cash and a payment-in-kind component, which allows the borrower…

Many banks have savings accounts tailored to the needs of specific individuals. These include savings accounts for women, senior citizens, children or youngsters in a particular age bracket. Recently, Bank of Baroda has introduced a credit card that is tailored to the specific needs of women with the BOB Tiara Credit Card. In this article, we will understand the features and benefits of the BOB Tiara Credit Card and whether you should have it in your wallet.Features and benefits of the BOB Tiara Credit CardThe BOB Tiara Credit Card is designed for women keeping in mind their needs and wants.…

The Trump administration has terminated two decades-old, independent food safety advisory committees to the US Department of Agriculture.  The National Advisory Committee on the Microbiological Criteria for Foods and National Advisory Committee on Meat and Poultry Inspection , both made up of experts from academia, industry and advocacy groups, have been disbanded.  USDA Secretary Brooke Rollins “fully supports the president’s directive to improve government, eliminate inefficiencies, and strengthen USDA’s many services to the American people,” an agency spokesperson said. The groups were dissolved under President Donald Trump’s executive order “Commencing the Reduction of the Federal Bureaucracy,” the spokesperson said. Members…

(Bloomberg) — A courtroom showdown between Perella Weinberg Partners and a group of former partners who were fired a decade ago has portrayed a gulf between M&A and restructuring bankers. The monthlong trial, which neared a close Friday with the end of the presentation of evidence, has featured testimony by both Joseph Perella and Peter Weinberg, two Harvard Business School graduates who became Wall Street royalty. Pitted against them was the restructuring team led by Michael Kramer, who founded Ducera Partners after he was terminated from Perella Weinberg in 2015. In his testimony, Kramer described how he and three other…

Mahindra Group Chairman Anand Mahindra gave a shout-out to Morbi in Gujarat, which is known for its ceramic industry.In a post on X, Mahindra shared a video of the city and praised the ‘Morbi effect.’ He also urged Indian businesses to look at such developing industries to compete with China.“Can Indian businesses compete with China? Maybe we’re not looking in the right places for success stories. I was delighted to see this video on the ‘Morbi’ effect. Agile, small-town entrepreneurs—The ‘bahubalis’ of India,” Mahindra wrote.The clip shared by Mahindra mentioned how Morbi has developed as a production hub, producing 90%…

Bankrupt electric vehicle maker Nikola Corp. won court permission to auction its Arizona manufacturing facility, an asset creditors said may prove especially valuable to automakers as the Trump administration continues to go back-and-forth on implementing tariffs. The company’s 691,000-square-foot manufacturing plant in Coolidge, Arizona, is a “turn-key” facility could appeal to buyers interested in moving production to the US, Benjamin Butterfield, a lawyer representing Nikola’s unsecured creditors, said during a Friday hearing. The plant is part of a broader set of technology and other assets poised to hit the auction block in April. The hearing follows Trump’s barrage and subsequent…

(Bloomberg) — The former head engineer of the failed student-finance startup Frank testified that when he asked company founder Charlie Javice if her request to create “synthetic” customer data was legal, she told him in his native French that she didn’t intend to “end up in an orange jumpsuit.”  Patrick Vovor told jurors he didn’t want to do anything illegal and declined to provide the data. The dramatic testimony by Vovor, now a JPMorgan Chase & Co. employee, came at the end of a week that provided additional details of the bank’s vetting of its failed $175 million acquisition of…

(Bloomberg) — AT&T Inc. is no longer encouraging employees to wear pins that state their favored pronouns and has canceled a series of LGBTQ-friendly events in the most recent effort by a big company to roll back its diversity, equity and inclusion initiatives. The company’s chief diversity officer, Michelle Jordan, is now listed as vice president of culture and inclusion on LinkedIn. Her team has been renamed as well, a person close to AT&T said. The company will no longer fund the Trevor Project, a suicide prevention group for LGBTQ youth, or Turn Up the Love, a series of Pride…