In August 2020, the GE board revised Mr. Culp's contract, extending it until 2024 and awarding him a special stock grant during the year that was valued at more than $100 million by the end of 2020. Asset managers called the awards poorly linked to the company's performance, which they characterized as trailing that of GE's peers.
Chobani Hires Former Juul CEO as President
Chobani Inc. hired former Juul Labs Inc. chief executive Kevin Burns as its new president and chief operating officer, according to an internal memo reviewed by The Wall Street Journal.
Mr. Burns, who worked at Chobani for several years before leading Juul, will report to the yogurt giant's founder and CEO, Hamdi Ulukaya. Mr. Burns succeeds Peter McGuinness, who left Chobani last week to become chief executive of plant-based burger maker Impossible Foods Inc.
American Airlines to Resume Alcohol Sales Next Month
American Airlines Group Inc. will resume selling alcoholic beverages on many domestic flights next month-a plan it put off last year in an effort to tamp down on unruly passenger behavior.
Airlines largely suspended food and beverage service in 2020 when travel demand plummeted and they wanted to minimize contact between customers and crew. Those amenities have started to return, but airlines have taken different approaches to alcohol sales in coach sections.
Barry Diller's Gambling License Is Delayed by Regulator Over Investigation Into Trading
The top gambling regulator in Nevada on Thursday delayed MGM Resorts International stakeholder Barry Diller's licensing after federal authorities launched insider-trading investigations into his share purchases of Activision Blizzard Inc.
Nevada Gaming Commission Chairwoman Jennifer Togliatti in a public meeting ordered that Mr. Diller's application to be in the casino industry undergo "further fact-finding and investigation" by the state's Gaming Control Board. The board's staff investigates the backgrounds of executives and major shareholders who must be licensed to operate in the state's gambling industry. State regulators determine applicants' "suitability" to be licensed, and their regulations are intended to prevent corruption or criminal activity in the industry.
FedEx Benefits From Higher Prices as Package Volumes Slip
FedEx Corp.'s revenue rose 10% in the fiscal third quarter, as higher shipping rates made up for shipping fewer packages overall.
The delivery giant's profit rose 25% from a year earlier to $1.1 billion, led by its smallest unit, Freight, where operating income nearly tripled on higher rates. FedEx said all its divisions were helped by the company raising of fuel surcharges on shipments at a faster pace than fuel costs rose.
Buyk, a Delivery App With Russian Backers, Files for Bankruptcy
Buyk Corp., a New York-based grocery-delivery app with Russian backers, filed for bankruptcy, falling victim to sanctions on Russia prompted by its invasion of Ukraine.
The startup filed a chapter 11 petition with the U.S. Bankruptcy Court for the Southern District of New York on Thursday, citing the "inability of the investors to further fund the ongoing businesses," according to court papers.
Derby's Take: Powell's Warning on 'Unhealthy' Job Markets Underpins Hawkish Outlook
At his press conference after the Federal Reserve's pivotal monetary policy meeting Wednesday, central bank leader Jerome Powell described the jobs market in terms that drove home just how hot he thinks the employment sector is right now.
"If you take a look at today's labor market, what you have is 1.7-plus job openings for every unemployed person. So that's a very, very tight labor market, tight to an unhealthy level, I would say," Mr. Powell told reporters after having led his colleagues to the Fed's first rate rise since 2018.
The End of Zero: Prepare for a World With Higher Rates
This is the first column in a Heard on the Street series about the end of zero interest rates.
Warren Buffett has compared interest rates to gravity. That is an especially useful way to think about them right now.
Americans Are Having an Inflation 'Aha' Moment
The highest inflation in four decades became real for Matthew Rivera when he ordered a plate of chicken wings last month at a restaurant in the Catskill Mountains. He normally pays $8-10, and this time it was $20. The old, lower price was crossed out on the menu.
" 'Inflation,' " was the explanation from the waitress, he said. He ordered wings for his children but pledged not to do it again. "It wasn't worth it."
How the U.S. and EU Cut Russia Off From the Global Economy
Shortly before Thanksgiving, Treasury Secretary Janet Yellen met with senior officials in the White House Situation Room to discuss a Russian troop buildup on the border of Ukraine. The meeting included top intelligence advisers, defense officials and diplomats, who concluded Russia might be preparing to invade.
Ms. Yellen said she would contact counterparts in Europe and elsewhere to urge them to begin preparations for an economic response, according to people familiar with the meeting, and she started making calls to coordinate after the holiday.
Hong Kong's First SPAC Makes Its Debut
Hong Kong's first SPAC listing concluded Friday, with nine more in the pipeline, as the city seeks to establish itself as a base for China- and Asia-focused blank-check companies.
The deal by Aquila Acquisition Corp., which raised the equivalent of about $128 million, came against a backdrop of extraordinary volatility for Chinese stocks, fueled by a range of concerns including potential U.S. delistings, Covid-19 lockdowns and the war in Ukraine. Hong Kong's Hang Seng Index has recently hit multiyear lows and on Wednesday staged its biggest rally since 2008.
Bank of Japan Maintains Ultra-Easy Monetary Policy
TOKYO-The Bank of Japan on Friday kept its ultra-easy policy in place, distancing itself from a global wave of monetary tightening because inflationary forces remain weak in Japan.
The bank maintained its target for short-term interest rates at minus 0.1% and its target for the 10-year Japanese government-bond yield at around zero.
Overwhelmed by Omicron, Hong Kong Runs Out of Space for Its Dead
HONG KONG-People are dying from Covid-19 in Hong Kong at a rate that surpasses most of the world's worst pandemic peaks, with almost 300 deaths a day overwhelming the city's ability to cope.
Officials have deployed makeshift refrigerators to store bagged bodies that had been piling up in the crowded corridors of public hospitals. Crematoria work around the clock and coffins are running short. Authorities have placed 50 repurposed storage containers in a parking deck near an overflowing public mortuary to house 2,300 bodies.
House Passes Legislation to End Normal Trade Relations With Russia
WASHINGTON-The House easily passed legislation Thursday to end normal trade ties with Russia over its invasion of Ukraine, moving quickly to approve the measure after President Biden announced his support last week.
Putin Rails Against Alleged Traitors as Economic Pain Begins to Bite
For weeks, Russian President Vladimir Putin has railed against foes in the West and in Ukraine, where his bloody invasion is bogged down after three weeks.
Now, with no clear end to the hostilities in sight and the Russian economy coming under enormous strain, Mr. Putin has issued an ominous warning: The Kremlin will tolerate no dissent. Moreover, those with ties to the West are squarely in the Kremlin's sights.
Desperation Mounts for Ukrainians in Mariupol as Russia Tries to Capture Key City
LVIV, Ukraine-Rescuers dug through the debris of a bombed theater in Mariupol where hundreds of Ukrainian civilians had sought shelter as Russian forces continued to shell the southern port city and other urban areas across the country.
The entrance to a bomb shelter under the theater in Mariupol was blocked when the building partially collapsed from a Russian airstrike late Wednesday night, said Pavlo Kyrylenko, head of military administration in the eastern region of Donetsk. Former governor Sergiy Taruta said on Thursday the shelter had remained intact and there were survivors.
Australia Broadens Sanctions to More Russian Banks, Billionaires
Australia broadened its sanctions against Russia on Friday to include 11 additional banks and government entities, as well as billionaires Oleg Deripaska and Viktor Vekselberg.
Australian Foreign Minister Marise Payne said the majority of Russia's banking assets were now covered by sanctions, as were all of the entities that handle Russia's sovereign debt.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
None scheduled
Economic Indicators (ET):
0830 Feb New Housing Price Index
0830 Jan International transactions in securities
0830 Jan Retail trade
Expected Major Events for Friday
04:30/JPN: Jan Tertiary Industry Index
08:59/JPN: Japan Monetary Policy Meeting decision
09:00/ITA: Jan Foreign Trade EU
09:30/UK: 4Q Bank of England statistics on UK banks' external claims
12:30/CAN: Jan International transactions in securities
12:30/CAN: Feb New Housing Price Index
12:30/CAN: Jan Retail trade
14:00/US: Feb Leading Indicators
14:00/US: Jan Metropolitan Area Employment & Unemployment
14:00/US: Feb Existing Home Sales
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Friday
Absci Corp (ABSI) is expected to report for 4Q.
Blade Air Mobility Inc (BLDE) is expected to report for 1Q.
Buhler Industries (BIIAF,BUI.T) is expected to report for 1Q.
Celsion Corp (CLSN) is expected to report for 4Q.
Chicago Rivet & Machine Co (CVR) is expected to report for 4Q.
Core & Main Inc (CNM) is expected to report for 4Q.
Erasca Inc (ERAS) is expected to report for 4Q.
Finch Therapeutics Group Inc (FNCH) is expected to report for 4Q.
(MORE TO FOLLOW) Dow Jones Newswires
03-18-22 0603ET
