September 15, 2013 |
WASHINGTON - With political opposition mounting against him, former Treasury Secretary Lawrence H. Summers pulled his name from consideration as the next chairman of the Federal Reserve, an abrupt turn of events that underscored President Obama's weakness in Congress. The unexpected decision, disclosed Sunday, left some financial analysts recalibrating the odds of changes in the central bank's policies, which have major global implications. Economists and other experts were stunned.
September 13, 2013 |
WASHINGTON - Two momentous decisions involving the Federal Reserve are coming to a head, with significant implications for the U.S. and global economies. Janet L. Yellen, a former UC Berkeley economist, stands in the middle of both of them. As vice chair of the central bank, Yellen will take a leading role next week, when policymakers decide whether to start rolling back the Fed's massive monetary stimulus after several years of providing extraordinary support for the weak economy.
September 10, 2013 |
Lionsgate has promoted Kevin Beggs to chairman of its Television Group as part of his new long-term contract, the company said Tuesday. Beggs, who has been with the company for 15 years, will continue to oversee development and production of programming at Lionsgate and will report to Jon Feltheimer, Lionsgate's chief executive. “He is an integral part of a management team notable for its breadth, depth and continuity, and we are confident that...
August 13, 2013 |
J.C. Penney's turmoil at the top continued Tuesday as activist investor Bill Ackman stepped down from the board following a public disagreement over the struggling retailer's choice of chief executive and chairman. Ackman, whose Pershing Square Capital Management hedge fund is J.C. Penney's largest shareholder, was replaced Monday by retail veteran Ronald W. Tysoe, the department store chain said Tuesday. Tysoe spent nearly two decades between 1988 and 2006 in high-level positions at Macy's Inc. back when it was Federated Department Stores Inc. J.C. Penney Chairman Thomas Engibous, in a statement, touted Tysoe's “deep knowledge of the retail industry and financial expertise” as a key tool in the embattled company's turnaround efforts.
August 12, 2013 |
The Dole Food Co. agreed Monday to sell all its remaining shares to the company's chairman and chief executive, David H. Murdock, taking the Westlake Village produce giant private in a sweetened deal valued at $1.2 billion. The 90-year-old Los Angeles billionaire will pay $13.50 a share in cash for all the outstanding shares of common stock he doesn't already hold. As of June, he and his family owned nearly 40% of Dole stock. The agreement, months in the making, comes after Murdock made a $12-a-share proposal in June.
July 29, 2013 |
WASHINGTON -- President Obama said his pick for the next head of the Federal Reserve would need to focus on both parts of the central bank's dual mandate -- keeping inflation in check and promoting maximum employment -- while helping improve the lives of average Americans. Appearing to confirm widespread expectations that Fed Chairman Ben S. Bernanke is not seeking a third term, Obama said this weekend that he had not made a final decision on a nomination. An announcement would come in "the next several months," Obama said.
July 19, 2013 |
NEW YORK - Investors pushed major U.S. indexes to a fresh round of all-time highs this week after strong profit reports from Wall Street banks were seen as another sign that the economy is improving. Citigroup Inc., Goldman Sachs and Morgan Stanley all reported that their investment banking business did big business during the second quarter. Analysts viewed that as a sign companies are turning to major financial firms to raise money and expand. Bulls hope that stronger corporate profits will help the underlying value of stocks and keep this year's rally going.
July 18, 2013 |
WASHINGTON - President Obama's choice for replacing Federal Reserve Chairman Ben S. Bernanke probably comes down to a quiet consensus builder, who would be a historic pick, or one considered brilliant but difficult to work with. Through unprecedented policy moves and public outreach, Bernanke has dramatically expanded the role and the profile of the nation's central bank. But neither he nor the White House have indicated whether he would seek a third term or be renominated. It is widely expected, though, that Bernanke will step down when his current term expires in January.
July 18, 2013 |
Time Warner Inc. is shaking up the leadership at its Turner Broadcasting unit. Phil Kent, chief executive of Turner Broadcasting since 2003, will give up that title at the beginning of next year to John Martin, Time Warner's chief financial officer. Kent will remain Turner's chairman until his contract expires at the end of next year. Turner, the parent of cable channels TNT, TBS, CNN, HLN, Cartoon Network and TruTV, is Time Warner's biggest revenue and profit generator. VIDEO: Summer 2013 TV preview Martin's rise positions him as a potential successor to Time Warner Chief Executive Jeff Bewkes, whose contract with the media giant expires in about five years.
July 8, 2013 |
The Miramax film company's attempts to reestablish itself as a Hollywood powerhouse hit another snag with the resignation of Chairman Richard Nanula, a veteran executive who formerly held prominent posts at Walt Disney Co. and Amgen Inc. Nanula's departure Sunday came after two websites published photographs last month of a man they identified as the executive having sex with an adult-film actress. Nanula, 53, and his attorney did not respond to requests for comment. PHOTOS: Hollywood Backlot moments Miramax, founded by brothers Harvey and Bob Weinstein in 1979, produced a string of Oscar-winning films, including "Chicago" and "Shakespeare in Love.