Tag: stock market

Shares in Micro Focus International PLC (s: UK:MCRO) dived 51% after the software company said Monday that Chief Executive Chris Hsu has resigned and warned that revenue for fiscal 2018 will fall more than previously anticipated. The British software group said that since it issued interim results on Jan. 8, revenue has declined more than it anticipated. It has cut its revenue guidance to a drop of 6% to 9%, from a fall of 2% to 4%. In addition, it said Hsu’s departure as CEO is effective immediately. He will be replaced by Stephen Murdoch, currently Chief Operating Officer at Micro Focus.

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Yi Gang, a U.S.-trained economist, will lead the People’s Bank of China, replacing longtime governor Zhou Xiaochuan. Yi’s appointment was approved Monday by the National People’s Congress. Zhou led China’s central bank for 15 years. Yi, 60, has a Ph.D. from the University of Illinois and taught at the University of Indiana. He is a veteran central banker and is known for pushing pro-market overhauls for the world’s second-largest economy. President Xi Jinping also promoted economic adviser Liu He to vice premier. The shakeup of Xi’s economic team comes amid a power consolidation allowing Xi to remain in office indefinitely.

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Two people were injured by an explosion Sunday night in Austin, Texas, following three package bombs that killed two people and injured two others earlier this month. Officials didn’t immediately give the cause of the explosion. Austin-Travis County Emergency Management Services tweeted that two men in their 20s had been hospitalized with non-life-threatening injuries. Earlier Sunday, Austin officials raised the amount of a reward for tips that lead to the bomber’s arrest to $115,000.

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President Donald Trump required White House staff members to sign nondisclosure agreements, the Washington Post reported Sunday, that threatened stiff financial penalties and extended past Trump’s time in office. Post columnist Ruth Marcus reported that many aides were reluctant to sign, but were pressured to by then-Chief of Staff Reince Priebus and the White House Counsel’s Office. Many reportedly signed figuring the NDAs would be found unconstitutional and unenforceable. The NDAs reportedly had no time limit, meaning former staffers could not tell their stories even after Trump had left office. While aides may normally be subject to maintain confidentiality on classified matters or attorney-client privilege, the NDAs appear to be unprecedented in U.S. government history. As federal employees, White House workers have protected First Amendment rights are cannot be silenced on criminal activity they observe.

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Facebook said late Friday that it has suspended Cambridge Analytica, a data firm best known for its role in the presidential campaign of Donald Trump, and parent firm Strategic Communication Laboratories for policy violations. In a statement, the social-media company said Cambridge Analytica had come into possession of, against Facebook policies, personal data harvested from some 270,000 users of a personality prediction app. Facebook said it had learned in 2015 that the app’s operator, a psychology professor, had passed data along to Cambridge Analytica/Strategic Communication Laboratories and another firm, removing the app from its network and accepting assurances that the data had been deleted. It said it learned “several days ago” that the data had in fact not been purged. Also see: The shocking details you reveal about yourself by liking things on Facebook

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Qualcomm Inc. said late Friday it withdrawing its re-nomination of Paul Jacobs, after he stepped down as chairman and signaled an intent to take the company private. The chipmaker said it will shave its board to 10 seats and that Jacobs will not be re-nominated “following his notification to the Board that he has decided to explore the possibility of making a proposal to acquire Qualcomm.” Jacobs stepped down as chairman last week. Qualcomm said it will hold its annual shareholder meeting on March 23. The company’s originally scheduled March 6 meeting was delayed following a national security probe, and later blocking by President Donald Trump, of Broadcom Ltd.’s hostile takeover of Qualcomm, which Broadcom eventually dropped.

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Berkshire Hathaway Inc. Chief Executive Warren Buffett makes less than twice the company’s typical employee, the conglomerate said in a filing Friday. Buffett has earned a $100,000 salary for decades, and receives no bonus or other compensation. Berkshire said its median employee received $53,510 in 2017, or a ratio of 1.87 to 1. Berkshire’s second in command, Vice Chairman Charles T. Munger, has also received a $100,000 salary and no other compensation for years. Also on Friday, Boeing Co. reported its CEO made more than $18 million in compensation last year, resulting in a CEO-pay ratio of 166 to 1, and PepsiCo Inc. said its CEO made more than $31 million, or a ratio of 650 to 1. Companies are reporting their CEO pay in relation to the compensation of a median worker for the first time this year as a result of a 2015 rule mandated by the Dodd-Frank act.

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PepsiCo Inc. Chief Executive Indra Nooyi received more than $31 million in total compensation, which the company said late Friday is about 650 times the salary of a typical worker. Firms are reporting their CEO pay in comparison to the median worker for the first time because of a 2015 rule mandated by the Dodd-Frank act. PepsiCo said Friday that excluding the CEO and about 4,600 overseas staff from 38 countries, the median salary a worker makes is $47,801. The excluded employees represent 5% of the company’s total headcount of 272,398, as of October, 2017. The company said in a Securities and Exchange Commission filing that it collected full year 2016 data and did not use statistical sampling to arrive at the CEO pay ratio. PepsiCo stock has dropped nearly 7% since the beginning of the year, as the benchmark S&P 500 index rose 2.7%.

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Zuora Inc. said it is seeking to go public, according to a filing with the Securities and Exchange Commission late Friday. The San Mateo, Calif.-based enterprise resource planning software company allows businesses to adopt subscription-based models. The company said it hopes to raise up to $100 million but that is often used as a placeholder amount and usually changes. Goldman Sachs and Morgan Stanley are listed among the underwriters. In fiscal 2018, the company reported revenue of $167.9 million and a net loss of $47.2 million, compared with $113 million in revenue and a loss of $39.1 million in fiscal 2017. The company plans to list under the ticker symbol “ZUO” on the New York Stock Exchange. Zuora filed for its IPO on the same day unicorn cloud-security company Zscaler Inc. started trading and saw shares skyrocket 106%.

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The national debt has exceeded $21 trillion for the first time, according to the U.S. government. It had hit $20 trillion in September. President Donald Trump signed a debt-limit suspension in February, allowing unlimited borrowing until March 1, 2019. Economists are expecting the U.S. to run wider budget deficits due to the tax cut Trump signed into law in December. The government had a monthly deficit of $215 billion in February, up 12% from the same month last year due to lower revenue and higher spending.

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