Hong Kong stock exchange makes $36.6 billion offer for London stock exchange

Hong Kong Exchanges and Clearing Limited (HKEX) said Wednesday it has made a proposal to the board of London Stock Exchange Group Plc (LSE) to “combine the two companies,” in a deal which values the LSE at about £29.6 billion ($36.6 billion). The HKEX said the deal would be funded by a combination of existing cash and a new credit facility. HKEX has proposed £20.45 a share in cash, as well as 2.495 newly issued HKEX shares. LSE shares rallied shortly after 10:00 a.m. London time, rising by 8.5%


Hong Kong Exchanges and Clearing Limited (HKEX) said Wednesday it has made a proposal to the board of London Stock Exchange Group Plc (LSE) to “combine the two companies,” in a deal which values the LSE at about £29.6 billion ($36.6 billion). The HKEX said the deal would be funded by a combination of existing cash and a new credit facility. HKEX has proposed £20.45 a share in cash, as well as 2.495 newly issued HKEX shares. LSE shares rallied shortly after 10:00 a.m. London time, rising by 8.5%
Hong Kong stock exchange makes $36.6 billion offer for London stock exchange Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-11  Authors: david reid
Keywords: news, cnbc, companies, hong, announcement, statement, values, kong, 366, makes, deal, london, offer, lse, hkex, shares, cash, work, exchange, stock, billion


Hong Kong stock exchange makes $36.6 billion offer for London stock exchange

Hong Kong Exchanges and Clearing Limited (HKEX) said Wednesday it has made a proposal to the board of London Stock Exchange Group Plc (LSE) to “combine the two companies,” in a deal which values the LSE at about £29.6 billion ($36.6 billion).

The HKEX said the deal would be funded by a combination of existing cash and a new credit facility. It cautioned, however, that its statement to the market should be considered as an announcement to make a possible offer and is not confirmation of a firm intention to bid.

The statement from HKEX said a further announcement will be made “as and when appropriate.”

HKEX has proposed £20.45 a share in cash, as well as 2.495 newly issued HKEX shares. LSE shares rallied shortly after 10:00 a.m. London time, rising by 8.5% before giving up some of the initial gains.

HKEX said it expected key LSE management to keep their jobs and work for the new owners.


Company: cnbc, Activity: cnbc, Date: 2019-09-11  Authors: david reid
Keywords: news, cnbc, companies, hong, announcement, statement, values, kong, 366, makes, deal, london, offer, lse, hkex, shares, cash, work, exchange, stock, billion


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Apple fires back at Google report over iPhone security flaws

Apple on Friday responded to a Google report that said malicious websites could exploit Apple security flaws to hack iPhones and steal personal data, including text messages, photos and contacts. “First, the sophisticated attack was narrowly focused, not a broad-based exploit of iPhones ‘en masse’ as described,” Apple said in the statement. Apple said on Friday that the Google post creates the “false impression of ‘mass exploitation.'” The exploits were published by Google Project Zero, an elite


Apple on Friday responded to a Google report that said malicious websites could exploit Apple security flaws to hack iPhones and steal personal data, including text messages, photos and contacts. “First, the sophisticated attack was narrowly focused, not a broad-based exploit of iPhones ‘en masse’ as described,” Apple said in the statement. Apple said on Friday that the Google post creates the “false impression of ‘mass exploitation.'” The exploits were published by Google Project Zero, an elite
Apple fires back at Google report over iPhone security flaws Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-06  Authors: kif leswing
Keywords: news, cnbc, companies, zero, vulnerabilities, statement, iphone, apple, uighurs, attacks, flaws, google, security, fires, report, websites


Apple fires back at Google report over iPhone security flaws

Apple on Friday responded to a Google report that said malicious websites could exploit Apple security flaws to hack iPhones and steal personal data, including text messages, photos and contacts.

The report, posted online late last month, said a series of websites had exploited security holes in iPhone software that existed over a series of two years, but the report did not identify the nature of the websites.

On Friday, Apple said in a sharply worded statement that the attacks identified by Google were through websites targeted toward Uighurs, a Muslim ethnic minority in China, implying that the websites were not a serious threat to Americans or most people in other parts of the world. The United Nations has accused China of human rights abuses toward the Uighurs, which China denies.

“First, the sophisticated attack was narrowly focused, not a broad-based exploit of iPhones ‘en masse’ as described,” Apple said in the statement. “The attack affected fewer than a dozen websites that focus on content related to the Uighur community.”

Apple’s statement confirmed the vulnerabilities while also challenging Google’s framing of the exploits. Apple said on Friday that the Google post creates the “false impression of ‘mass exploitation.'”

Apple also challenged Google’s claims that the attacks were operational for years and said the flaws mentioned by Google were fixed in February, 10 days after it learned of the exploits.

“Second, all evidence indicates that these website attacks were only operational for a brief period, roughly two months, not ‘two years’ as Google implies,” Apple said in the statement.

“We stand by our in-depth research which was written to focus on the technical aspects of these vulnerabilities,” a Google spokesman said in a statement. “We will continue to work with Apple and other leading companies to help keep people safe online.”

The exploits were published by Google Project Zero, an elite bug-finding team that finds flaws in software from major companies. After finding a flaw, the team informs the company and gives it a time limit to fix the critical bugs, which are known as “zero day” vulnerabilities. The stated mission is to make all software harder to hack.

However, the report also doubled as a way for Google to publicly needle Apple’s security and privacy policies, which the iPhone maker has increasingly leaned on as a major marketing tool and a way to differentiate its products from Android.

The Project Zero post did not mention any attacks on Android, which is used by more people than Apple’s iOS. Security firm Volexity said earlier this week that Android malware is used in targeted attacks on Uighurs as well.

Apple’s full statement is on its website.

Follow @CNBCtech on Twitter for the latest tech industry news.


Company: cnbc, Activity: cnbc, Date: 2019-09-06  Authors: kif leswing
Keywords: news, cnbc, companies, zero, vulnerabilities, statement, iphone, apple, uighurs, attacks, flaws, google, security, fires, report, websites


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Dow futures jump more than 250 points after confirmation of US-China trade talks

U.S. stock index futures rallied Thursday after the U.S. and China agreed to meet next month in Washington to discuss trade. ET, Dow Jones Industrial Average futures traded 256 points higher, indicating a gain of 264 points at the open. Bank stocks such as J.P. Morgan Chase and Citigroup each traded more than 1% higher along with trade bellwethers Caterpillar and Boeing. China’s Commerce Ministry issued a statement Thursday morning saying that Liu He, Beijing’s top negotiator on trade, had spoke


U.S. stock index futures rallied Thursday after the U.S. and China agreed to meet next month in Washington to discuss trade. ET, Dow Jones Industrial Average futures traded 256 points higher, indicating a gain of 264 points at the open. Bank stocks such as J.P. Morgan Chase and Citigroup each traded more than 1% higher along with trade bellwethers Caterpillar and Boeing. China’s Commerce Ministry issued a statement Thursday morning saying that Liu He, Beijing’s top negotiator on trade, had spoke
Dow futures jump more than 250 points after confirmation of US-China trade talks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-05  Authors: fred imbert sam meredith, weizhen tan, fred imbert, sam meredith
Keywords: news, cnbc, companies, points, 250, released, report, trade, washington, traded, jump, futures, dow, confirmation, agreed, sides, statement, talks, uschina, month


Dow futures jump more than 250 points after confirmation of US-China trade talks

U.S. stock index futures rallied Thursday after the U.S. and China agreed to meet next month in Washington to discuss trade.

Around 7 a.m. ET, Dow Jones Industrial Average futures traded 256 points higher, indicating a gain of 264 points at the open. Futures on the S&P 500 and Nasdaq 100 were both higher.

The VanEck Vectors Semiconductor ETF (SMH) climbed 0.9% in the premarket as Advanced Micro Devices and On Semiconductor both gained more than 1%. Bank stocks such as J.P. Morgan Chase and Citigroup each traded more than 1% higher along with trade bellwethers Caterpillar and Boeing.

China’s Commerce Ministry issued a statement Thursday morning saying that Liu He, Beijing’s top negotiator on trade, had spoken with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

The two sides agreed to hold another round of trade negotiations in Washington, D.C., towards the beginning of next month, and consultations will be made in mid-September in preparation for the meeting, the statement said.

“Both sides agreed they should work together and take practical actions to create favorable conditions for the negotiations,” according to a CNBC translation of the statement.

The announcement came after the world’s two largest economies imposed new tariffs on each other’s goods at the start of the month, marking yet another escalation in the protracted trade war.

Previously, both sides had indicated they would meet in September.

On the data front, investors are likely to closely monitor a flurry of economic reports on Thursday.

The private sector ADP National Employment Report for August will be released at 8:15 a.m. ET, with the latest weekly jobless claims and second-quarter productivity and unit labor costs set to be released slightly later in the session.

A final reading of services Purchasing Managers’ Index (PMI) for August, ISM non-manufacturing data for August, and factory orders for July will also be released early Thursday.

Shares of Slack, maker of the popular workplace messaging chat app, were slammed after the company issued its first earnings report as a public company, briefly dropping below the reference price from its direct listing.

—CNBC’s Evelyn Cheng and Eamon Javers contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-09-05  Authors: fred imbert sam meredith, weizhen tan, fred imbert, sam meredith
Keywords: news, cnbc, companies, points, 250, released, report, trade, washington, traded, jump, futures, dow, confirmation, agreed, sides, statement, talks, uschina, month


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Huawei accuses the US government of using ‘unscrupulous means’ to disrupt its business

Huawei accused the U.S. government of “using every tool at its disposal” including “unscrupulous” tactics “to disrupt the normal business operations of Huawei and its partners.” The company issued a statement Tuesday in response to The Wall Street Journal article last week that said the DOJ is probing Huawei over new technology theft allegations. Prosecutors are looking into Huawei’s recruitment strategies from rival companies and alleged theft of technology from a Portuguese multimedia producer


Huawei accused the U.S. government of “using every tool at its disposal” including “unscrupulous” tactics “to disrupt the normal business operations of Huawei and its partners.” The company issued a statement Tuesday in response to The Wall Street Journal article last week that said the DOJ is probing Huawei over new technology theft allegations. Prosecutors are looking into Huawei’s recruitment strategies from rival companies and alleged theft of technology from a Portuguese multimedia producer
Huawei accuses the US government of using ‘unscrupulous means’ to disrupt its business Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-03  Authors: lauren feiner
Keywords: news, cnbc, companies, theft, company, journal, unscrupulous, statement, using, accuses, huaweis, disrupt, alleged, york, allegations, huawei, business, told, means


Huawei accuses the US government of using 'unscrupulous means' to disrupt its business

Huawei accused the U.S. government of “using every tool at its disposal” including “unscrupulous” tactics “to disrupt the normal business operations of Huawei and its partners.”

The company issued a statement Tuesday in response to The Wall Street Journal article last week that said the DOJ is probing Huawei over new technology theft allegations. The reported allegations are distinct from the charges the U.S. brought against Huawei in January, according to the Journal, which included alleged fraud involving Huawei’s CFO Meng Wanzhou and alleged theft from T-Mobile.

Sources told the Journal that the new inquiries into Huawei, including a subpoena from federal prosecutors from the Eastern District of New York, overlap with allegations of intellectual property theft previously uncovered in a Journal investigation. Prosecutors are looking into Huawei’s recruitment strategies from rival companies and alleged theft of technology from a Portuguese multimedia producer, according to the Journal.

In its statement, Huawei said it “categorically rejects” the claims by the producer, Rui Pedro Oliveira, and said he “is taking advantage of the current geopolitical situation. He is pushing a false narrative through the media in an attempt to capitalize on a dispute. This type of behavior should not be encouraged, nor should it be considered rational justification for a criminal investigation by the U.S. Department of Justice.”

Huawei also said “the U.S. government has been leveraging its political and diplomatic influence to lobby other governments to ban Huawei equipment.” The company claimed the U.S. government has “unlawfully” searched and detained Huawei employees and partners, launched cyber attacks into Huawei’s internal systems and told law enforcement officials to “threaten, menace, coerce, entice, and incite both current and former Huawei employees to turn against the company and work for them.”

In a statement, a spokesperson for the DoJ said, “We do not comment on specific investigations. In all matters, our investigative techniques comply with the law and all subjects of investigations enjoy the same rights to due process afforded by our Constitution and safeguarded by an independent judiciary.”

A spokesperson for the U.S. Attorney’s Office for the Eastern District of New York declined to comment. Oliveira did not have a comment.

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WATCH: Why the US thinks Huawei has been a massive national security threat for years


Company: cnbc, Activity: cnbc, Date: 2019-09-03  Authors: lauren feiner
Keywords: news, cnbc, companies, theft, company, journal, unscrupulous, statement, using, accuses, huaweis, disrupt, alleged, york, allegations, huawei, business, told, means


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More than 30 states are looking at a Google antitrust probe

State attorneys general across the country are homing in on Google as a target for a new antitrust probe. More than 30 state attorneys general are involved in the bipartisan effort led by Texas, a source familiar with the matter told CNBC. Attorneys general from California, Nebraska, Louisiana and New York did not immediately respond to requests for comment. Representatives from the state attorney’s general offices in North Carolina and Texas declined to comment. As attorneys general, we need to


State attorneys general across the country are homing in on Google as a target for a new antitrust probe. More than 30 state attorneys general are involved in the bipartisan effort led by Texas, a source familiar with the matter told CNBC. Attorneys general from California, Nebraska, Louisiana and New York did not immediately respond to requests for comment. Representatives from the state attorney’s general offices in North Carolina and Texas declined to comment. As attorneys general, we need to
More than 30 states are looking at a Google antitrust probe Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-03  Authors: lauren feiner
Keywords: news, cnbc, companies, business, states, texas, state, statement, continue, general, attorneys, forced, probe, antitrust, google, country, looking


More than 30 states are looking at a Google antitrust probe

Sundar Pichai, CEO of Google, speaks to the media before the opening of the Berlin representation of Google Germany in Berlin on January 22, 2019.

State attorneys general across the country are homing in on Google as a target for a new antitrust probe.

More than 30 state attorneys general are involved in the bipartisan effort led by Texas, a source familiar with the matter told CNBC. The investigation is set to be announced on Sept. 9, CNBC confirmed. The news and date were previously reported by The Washington Post.

Antitrust action against Google poses a threat to its central business model. If regulatory agencies or law enforcement officials find evidence of anti-competitive behavior, Google could be forced to alter its practices and algorithms in ways they deem to be friendlier to competition and likely less profitable for Google. The company could stand to face fines worth billions of dollars, as it already has from competition authorities in Europe, or even be forced to spin off business units like YouTube.

Attorneys general from California, Nebraska, Louisiana and New York did not immediately respond to requests for comment. Representatives from the state attorney’s general offices in North Carolina and Texas declined to comment.

In a statement, Mississippi Attorney General Jim Hood discussed multistate working group focused on tech and said, “I continue to be concerned with the aggregation of data in the hands of a few and am always watchful of any monopoly. As attorneys general, we need to evaluate and address specific conduct, utilizing our existing antitrust and consumer protection laws.”

“Google’s services help people every day, create more choice for consumers, and support thousands of jobs and small businesses across the country,” a Google spokesperson said in a statement. “We continue to work constructively with regulators, including attorneys general, in answering questions about our business and the dynamic technology sector.”


Company: cnbc, Activity: cnbc, Date: 2019-09-03  Authors: lauren feiner
Keywords: news, cnbc, companies, business, states, texas, state, statement, continue, general, attorneys, forced, probe, antitrust, google, country, looking


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Asia stocks mixed as new US-China tariffs go into effect

Stocks in Asia were mixed on Monday as the latest round of U.S. and China tariffs kicked into effect over the weekend, while investors digested better-than-expected Chinese manufacturing data. Mainland Chinese shares jumped on the day, as the Shanghai composite added 1.31% to around 2,924.11 and the Shenzhen component was up 2.18% to 9,569.47. Over in Hong Kong, however, the Hang Seng index slipped 0.64%, as of its final hour of trading. Elsewhere, the Nikkei 225 in Japan shed 0.41% to close at


Stocks in Asia were mixed on Monday as the latest round of U.S. and China tariffs kicked into effect over the weekend, while investors digested better-than-expected Chinese manufacturing data. Mainland Chinese shares jumped on the day, as the Shanghai composite added 1.31% to around 2,924.11 and the Shenzhen component was up 2.18% to 9,569.47. Over in Hong Kong, however, the Hang Seng index slipped 0.64%, as of its final hour of trading. Elsewhere, the Nikkei 225 in Japan shed 0.41% to close at
Asia stocks mixed as new US-China tariffs go into effect Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-02  Authors: eustance huang
Keywords: news, cnbc, companies, trading, stocks, tariffs, uschina, effect, round, weekend, asia, statement, day, slipped, index, shenzhen, shares, mixed, infrastructure


Asia stocks mixed as new US-China tariffs go into effect

Stocks in Asia were mixed on Monday as the latest round of U.S. and China tariffs kicked into effect over the weekend, while investors digested better-than-expected Chinese manufacturing data.

Mainland Chinese shares jumped on the day, as the Shanghai composite added 1.31% to around 2,924.11 and the Shenzhen component was up 2.18% to 9,569.47. The Shenzhen composite also gained 2.259% to approximately 1,614.92.

The technology sector also got a boost from a Sunday statement about the importance of investing in the high-tech space, as the Chinext index soared 3.04% to about 1,944.42.

China’s State Council had announced more measures to support its economy on Sunday. In the statement, originally posted in Mandarin, it said that it attached “great importance” to the development of sectors such as infrastructure, high-tech, and the transformation of traditional industries.

Over in Hong Kong, however, the Hang Seng index slipped 0.64%, as of its final hour of trading. Tensions worsened in the beleaguered city, with another round of fresh protests that occurred over the weekend. Shares of railway operator MTR plunged more than 3%, with infrastructure at multiple stations being damaged in the past few days.

Elsewhere, the Nikkei 225 in Japan shed 0.41% to close at 20,620.19, while the Topix index also fell 0.44% to finish its trading day at 1,505.21. Over in South Korea, the Kospi ended its trading day in Seoul fractionally higher at 1,969.19. Australia’s S&P/ASX 200 slipped 0.38% to close at 6,579.40.

Overall, the MSCI Asia ex-Japan index fell 0.32%.


Company: cnbc, Activity: cnbc, Date: 2019-09-02  Authors: eustance huang
Keywords: news, cnbc, companies, trading, stocks, tariffs, uschina, effect, round, weekend, asia, statement, day, slipped, index, shenzhen, shares, mixed, infrastructure


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US health officials investigating 215 possible cases of severe lung disease associated with vaping

U.S. health officials are investigating 215 possible cases of severe lung disease associated with vaping across 25 states, the Centers for Disease Control and Prevention and the Food and Drug Administration said in a joint statement Friday. The agencies said they need more information to understand whether there’s a relationship between specific products or substances and the reported illnesses. As of now, it does not appear the cases are linked to one particular product, the agencies said, noti


U.S. health officials are investigating 215 possible cases of severe lung disease associated with vaping across 25 states, the Centers for Disease Control and Prevention and the Food and Drug Administration said in a joint statement Friday. The agencies said they need more information to understand whether there’s a relationship between specific products or substances and the reported illnesses. As of now, it does not appear the cases are linked to one particular product, the agencies said, noti
US health officials investigating 215 possible cases of severe lung disease associated with vaping Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: angelica lavito
Keywords: news, cnbc, companies, administration, disease, statement, cases, associated, severe, similar, agencies, vaping, reported, investigating, appear, joint, lung, possible, health, officials


US health officials investigating 215 possible cases of severe lung disease associated with vaping

U.S. health officials are investigating 215 possible cases of severe lung disease associated with vaping across 25 states, the Centers for Disease Control and Prevention and the Food and Drug Administration said in a joint statement Friday.

The agencies said they need more information to understand whether there’s a relationship between specific products or substances and the reported illnesses. As of now, it does not appear the cases are linked to one particular product, the agencies said, noting that in “many” of the cases, patients reported using THC or CBD, compounds found in cannabis.

“Even though cases appear similar, it is not clear if these cases have a common cause or if they are different diseases with similar presentations, which is why our ongoing investigation is critical,” CDC Director Robert Redfield and acting FDA Commissioner Ned Sharpless said in a joint statement.

Health and Human Services Secretary Alex Azar in a separate statement said, “this situation, and the rising tide of youth tobacco use, is a top public health priority for the Trump Administration and every leader at HHS.”


Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: angelica lavito
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Overstock CEO Patrick Byrne resigns following ‘deep state’ comments, stock rises

Overstock CEO Partick Byrne resigned from the e-commerce company Thursday, 10 days after making comments about his role in the “deep state.” Shares of Overstock popped as much as 17% after being halted for the news. “In July I came forward to a small set of journalists regarding my involvement in certain government matters. In a statement titled “Overstock.com CEO Comments on Deep State, Withholds Further Comment,” Byrne referred to federal agents as the “Men in Black” and said he assisted in in


Overstock CEO Partick Byrne resigned from the e-commerce company Thursday, 10 days after making comments about his role in the “deep state.” Shares of Overstock popped as much as 17% after being halted for the news. “In July I came forward to a small set of journalists regarding my involvement in certain government matters. In a statement titled “Overstock.com CEO Comments on Deep State, Withholds Further Comment,” Byrne referred to federal agents as the “Men in Black” and said he assisted in in
Overstock CEO Patrick Byrne resigns following ‘deep state’ comments, stock rises Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: annie palmer
Keywords: news, cnbc, companies, stock, overstock, following, russian, statement, regarding, patrick, comments, ceo, overstocks, byrne, board, rises, state, deep, resigns, member, strategic


Overstock CEO Patrick Byrne resigns following 'deep state' comments, stock rises

Overstock CEO Partick Byrne resigned from the e-commerce company Thursday, 10 days after making comments about his role in the “deep state.”

Shares of Overstock popped as much as 17% after being halted for the news. The stock finished Thursday up 8.3% to $21.12.

“In July I came forward to a small set of journalists regarding my involvement in certain government matters. Doing so was not my first choice, but I was reminded of the damage done to our nation for three years and felt my duty as a citizen precluded me from staying silent any longer,” Byrne said in a statement. “Though patriotic Americans are writing me in support, my presence may affect and complicate all manner of business relationships, from insurability to strategic discussions regarding our retail business.”

“Thus, while I believe that I did what was necessary for the good of the country, for the good of the firm, I am in the sad position of having to sever ties with Overstock, both as CEO and board member, effective Thursday August 22,” he added.

Byrne also touched on Overstock’s business strategy in the letter addressed to shareholders, noting that the company could consider the possibility of M&A in the future.

“If the right strategic offer is made that reflects the value of that technological gem, I am confident the board will consider it,” he said. “It is possible that my absence will advance the possibility.”

Byrne, who founded Overstock 20 years ago, has been in hot water since he responded to claims of his involvement in the federal government’s investigation into the 2016 election. The announcement sent Overstock’s shares tumbling more than 30% over the following days.

In a statement titled “Overstock.com CEO Comments on Deep State, Withholds Further Comment,” Byrne referred to federal agents as the “Men in Black” and said he assisted in investigations related to the Clintons and Russian interference.

In an interview with The New York Times published three days later, Byrne claimed he was romantically involved with Maria Butina, the Russian operative who used her National Rifle Association activism to infiltrate American politics. She was later sentenced to 18 months in prison.

Overstock said it would appoint Jonathan Johnson, an Overstock board member and president of Overstock’s blockchain subsidiary Medici Ventures, as interim CEO.

“We respect and understand Patrick’s reasons for resigning and acknowledge his momentous achievement in taking Overstock from a startup twenty years ago to one of the nation’s leading online retailers and positioning it at the forefront of the blockchain revolution,” board Chairwoman Allison Abraham said in a statement.

Read the full letter from Byrne below:


Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: annie palmer
Keywords: news, cnbc, companies, stock, overstock, following, russian, statement, regarding, patrick, comments, ceo, overstocks, byrne, board, rises, state, deep, resigns, member, strategic


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The CEOs of nearly 200 companies just said shareholder value is no longer their main objective

Shareholder value is no longer the main focus of some of America’s top business leaders. The Business Roundtable, a group of chief executive officers from major U.S. corporations, issued a statement Monday with a new definition of the “purpose of a corporation.” “We commit to deliver value to all of them, for the future success of our companies, our communities and our country.” “The American dream is alive, but fraying,” said Jamie Dimon, chairman and CEO of JPMorgan Chase & Co. and chairman of


Shareholder value is no longer the main focus of some of America’s top business leaders. The Business Roundtable, a group of chief executive officers from major U.S. corporations, issued a statement Monday with a new definition of the “purpose of a corporation.” “We commit to deliver value to all of them, for the future success of our companies, our communities and our country.” “The American dream is alive, but fraying,” said Jamie Dimon, chairman and CEO of JPMorgan Chase & Co. and chairman of
The CEOs of nearly 200 companies just said shareholder value is no longer their main objective Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-19  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, serves, dimon, roundtable, corporations, 200, companies, longer, communities, investing, shareholder, value, business, main, objective, nearly, purpose, statement, ceos


The CEOs of nearly 200 companies just said shareholder value is no longer their main objective

Shareholder value is no longer the main focus of some of America’s top business leaders.

The Business Roundtable, a group of chief executive officers from major U.S. corporations, issued a statement Monday with a new definition of the “purpose of a corporation.”

The re-imagined idea of a corporation drops the age-old notion that corporations function first and foremost to serve their shareholders and maximize profits. Rather, investing in employees, delivering value to customers, dealing ethically with suppliers and supporting outside communities are now at the forefront of American business goals, according to the statement.

“While each of our individual companies serves its own corporate purpose, we share a fundamental commitment to all of our stakeholders,” said the statement, which signed by 181 CEOs. “We commit to deliver value to all of them, for the future success of our companies, our communities and our country.”

“The American dream is alive, but fraying,” said Jamie Dimon, chairman and CEO of JPMorgan Chase & Co. and chairman of Business Roundtable, in a press release.

Along with Dimon, the statement also received signatures from chiefs Jeff Bezos, Tim Cook, Brian Moynihan, Dennis A. Muilenburg, Mary Barra and many more.

“Major employers are investing in their workers and communities because they know it is the only way to be successful over the long term. These modernized principles reflect the business community’s unwavering commitment to continue to push for an economy that serves all Americans,” said Dimon.

Here is the full Business Roundtable statement.


Company: cnbc, Activity: cnbc, Date: 2019-08-19  Authors: maggie fitzgerald
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Cathay Pacific Airways CEO resigns, the airline’s board blames ‘recent events’

Rupert Hogg, chief executive officer of Cathay Pacific Airways Ltd., attends a news conference in Hong Kong, China, on Wednesday, Mar. The CEO of Hong Kong airline Cathay Pacific, Rupert Hogg, is to step down as the company’s leader “in view of recent events.” The airline has been under huge political pressure from Beijing after one of its pilots was found to have taken part in the ongoing protests in Hong Kong. In a statement to the Hong Kong Stock Exchange on Friday, Cathay Pacific’s board con


Rupert Hogg, chief executive officer of Cathay Pacific Airways Ltd., attends a news conference in Hong Kong, China, on Wednesday, Mar. The CEO of Hong Kong airline Cathay Pacific, Rupert Hogg, is to step down as the company’s leader “in view of recent events.” The airline has been under huge political pressure from Beijing after one of its pilots was found to have taken part in the ongoing protests in Hong Kong. In a statement to the Hong Kong Stock Exchange on Friday, Cathay Pacific’s board con
Cathay Pacific Airways CEO resigns, the airline’s board blames ‘recent events’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: david reid
Keywords: news, cnbc, companies, events, kong, cathay, hong, confirmed, pacific, resigns, airline, view, step, ceo, statement, recent, hogg, board, airlines, blames, airways


Cathay Pacific Airways CEO resigns, the airline's board blames 'recent events'

Rupert Hogg, chief executive officer of Cathay Pacific Airways Ltd., attends a news conference in Hong Kong, China, on Wednesday, Mar. 13, 2019. The airline announced Hogg’s resignation on Mar.16.

The CEO of Hong Kong airline Cathay Pacific, Rupert Hogg, is to step down as the company’s leader “in view of recent events.”

The airline has been under huge political pressure from Beijing after one of its pilots was found to have taken part in the ongoing protests in Hong Kong. Another pilot was then said to have misused company information related to the protests. Both were subsequently sacked by the airline.

In a statement to the Hong Kong Stock Exchange on Friday, Cathay Pacific’s board confirmed that Hogg would step down as CEO despite there not being any matter that shareholders needed to be made aware of.

“He has also confirmed that he has resigned to take responsibility as a leader of the Company in view of recent events and that he is not aware of any disagreement with the Board,” added the statement.

From Monday, Hogg will be replaced by Augustus Tang. The airline also confirmed that Paul Loo has resigned as an Executive Director and Chief Customer and Commercial Officer and, on Monday, will be replaced by Ronald Lam.

In a separate statement issued by the airline, outgoing CEO Hogg said: “These have been challenging weeks for the airline and it is right that Paul and I take responsibility as leaders of the company.”

Cathay’s chairman, John Slosar, added that it was time to put “a new management team in place who can reset confidence”.


Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: david reid
Keywords: news, cnbc, companies, events, kong, cathay, hong, confirmed, pacific, resigns, airline, view, step, ceo, statement, recent, hogg, board, airlines, blames, airways


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