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The Securities and Exchange Commission today reopened the comment period for its proposed amendments to modernize the rules governing beneficial ownership reporting, and the staff of the Commission’s Division of Economic and Risk Analysis released a memorandum that provides supplemental data and analysis related to the proposed amendments’ economic effects. The public comment period will remain open until June 27, 2023, or until 30 days after the date of publication of the reopening release in the Federal Register, whichever is later.   Source: https://companiesbio.com/sec-reopens-comment-period-for-proposed-rule-amendments-to-modernize-beneficial-ownership-reporting-CBIO2320.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam Category: SEC Press Releases Post by: CompaniesBIO.Com

Bud Light may have fumbled its attempt to broaden its customer base by partnering with a transgender influencer. But experts say inclusive marketing is simply good business — and it’s here to stay. “A few years from now, we will look back on this ‘controversy’ with the same embarrassment that we feel when we look back at ‘controversies’ from the past surrounding things like interracial couples in advertising,” said Sarah Reynolds, the chief marketing officer for the human resources platform HiBob, who identifies as queer. On April 1, transgender influencer Dylan Mulvaney posted a video of herself cracking open a Bud Light on her Instagram page. She showed off a can with her face on it that Bud Light sent her — one of many corporate freebies she gets and shares with her millions of followers. But unlike the dress from Rent the Runway or the trip to Denmark from skincare brand Ole Henriksen, Bud Light’s partnership with Mulvaney angered some customers and hurt sales, while the brand’s ...

DETROIT — General Motors plans to end production of its electric Chevrolet Bolt models by the end of this year, CEO Mary Barra told investors Tuesday when discussing the company’s first-quarter earnings. The Chevy Bolt EV and EUV, a larger version of the car, make up the vast majority of the company’s electric vehicle sales to date. However, the battery cells in the cars are an older design and chemistry than the automaker’s newer vehicles such as the GMC Hummer and Cadillac Lyriq, which utilize GM’s Ultium architecture. Barra said a suburban Detroit plant that has produced Bolt models since 2016 will be retooled in preparation for production of electric trucks scheduled for next year. There’s irony in the timing of the Bolt getting axed. It comes amid record production and sales of the vehicle for mass-market consumers, which was GM’s initial goal. The company plans to produce more than 70,000 of the vehicles this year, as it targets to sell more than 400,000 EVs from early 2022 ...

Fox News said Monday it is parting ways with firebrand anchor Tucker Carlson, the network's most popular prime-time host and a leading voice in the modern conservative movement known for his conspiratorial rhetoric and culture-warrior provocations. The network announced the stunning news days after it agreed to pay nearly $800 million to Dominion Voting Systems to avert a high-stakes defamation trial that had cast a shadow over the future of the network. "FOX News Media and Tucker Carlson have agreed to part ways," the company said in a short news release. "Mr. Carlson's last program was Friday April 21st." Carlson's most recent broadcast did not feature any indication that he was preparing to leave the network. "We'll be back on Monday," he said cheerfully at the end of Friday's episode. Fox News did not specify why Carlson is leaving , and a spokeswoman did not immediately respond to an email from NBC News requesting more information ...

The mayor of Boston joined Starbucks workers on a picket line Monday to show her support for unionization efforts at one of the coffee chain' s locations there. Mayor Michelle Wu said she wanted to stand with the workers who are part of a movement to organize unions at Starbucks stores nationwide. “I am here because I want you to know very clearly that the city of Boston stands with you,” Wu said Monday, according to WBZ-TV. “We are going to make sure that Boston continues to lead the way in fighting for safe working conditions and the benefits and wages and respect that you all deserve.” In an open letter July 18 directed at the store manager and the district manager , the striking Boston workers accused Starbucks of slashing work hours and creating a “chaotic and hostile” work environment. They also said a supervisor who helped organize the workers was removed. Wu called the alleged union-busting by Starbucks was “disgraceful.” Starbucks sued over union retaliation claims May 2...

The Securities and Exchange Commission today announced that Eric R. Werner has been named Regional Director of the Fort Worth Regional Office, effective immediately. Mr. Werner is currently the Acting Co-Regional Director and has served as the Associate Regional Director of Enforcement in the Fort Worth office since 2018. He succeeds David L. Peavler, who left the agency in December. "I am pleased that Eric will head the Fort Worth Regional Office," said SEC Chair Gary Gensler. "In this new role, Eric will draw upon his wide range of experience from his more than 25 years with the SEC. I also would like to thank Marshall Gandy for serving as Acting Co-Director and for his continued work with the SEC." "Throughout his remarkable public service career, Eric has proven himself as a skilled investigator, reliable mentor, and effective leader," said Gurbir Grewal, the SEC’s Director of Enforcement. "We are fortunate to have him leading the Fort Worth o...

Major Western oil companies reported record profits in the second quarter alongside gas prices that have topped a national average of more than $5 a gallon. ExxonMobil, Chevron and Shell posted a combined $46 billion in earnings for the second quarter, according to earnings statements from the three companies. Exxon reported $17.9 billion in earnings, Chevron said it earned $11.6 billion. The London-based Shell said it earned $16.7 billion when the cost of supplies is factored in. Its adjusted earnings for the quarter, which exclude certain price changes and one-time expenses, was $11.5 billion. ExxonMobil and Chevron's share prices are now just a few dollars short of their year-to-date highs, as the companies promised to increase stock buybacks and pay down debt, actions designed to reward shareholders. At the same time, the companies say they plan to use their profits to build their energy supplies at a time when they face headwinds from the ongoing war in Ukraine. “We more tha...

As inflation rates hit 40-year highs, a surge of new drivers are joining Uber's platform in the hopes of earning extra cash. In the company's earnings call Tuesday morning, CEO Dara Khosrowshahi estimated that more than 70% of drivers said inflation had played a part in their decisions to join the ride-hailing service. "To some extent, we could be seeing evidence where it’s helping us in that it’s a very significant consideration base for drivers coming on to the system," Khosrowshahi said of inflation. Khosrowshahi estimated that drivers can earn as much as $37 for every hour they're on the platform, while drivers who drive for both Uber and UberEats earn $30. Uber announced new features last week aimed at improving drivers' experiences. Drivers will now be able to see how much they'll earn and where they'll be going before they accept trips . And they can view more than one trip request at a time. Uber said the changes would also help lower wait ti...

Robinhood CEO Vlad Tenev said Tuesday in a press release that the company will reduce its headcount by approximately 23%. The layoffs will be primarily in operations, marketing and program management. In the release, Tenev blamed “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.” Robinhood had previously laid off 9% of its workforce in April. “I want to acknowledge how unsettling these types of changes are,” Tenev said. In the release, Tenev said the company would flatten its organizational structure to give new general managers broad responsibility for its businesses. He also said that affected employees would receive an email and a Slack message letting them know if they were being let go or still had a job, immediately after an all-hands meeting to discuss the move on Thursday. The company also dropped its earnings report for the second quarter, one day earlier than expected. Here’s how it did. Revenue:  $318 milli...

Hiring in July was far better than expected, defying signs that the economic recovery is losing steam, the Bureau of Labor Statistics reported Friday. Nonfarm payrolls rose 528,000 for the month and the unemployment rate was 3.5%, easily topping the Dow Jones estimates of 258,000 and 3.6% respectively. Wage growth also surged higher, as average hourly earnings jumped 0.5% for the month and 5.2% from the same time a year ago. Those numbers add fuel to an inflation picture that already has consumer prices rising at their fastest rate since the early 1980s. The Dow Jones estimate was for a 0. 3% monthly gain and 4.9% annual increase. Markets initially reacted negatively to the report, with Dow Jones futures down more than 200 points. Leisure and hospitality led the way in job gains with 96,000, followed by professional and business services with 89,000. Health care added 70,000 and government payrolls grew 57,000. Goods-producing industries also posted solid gains, with construction up...

The birthplace of pizza has vanquished America’s largest chain of pies. Domino's has shuttered the last of its 29 branches in Italy, seven years after starting operations in the country, Bloomberg reported on Tuesday. The Business News outlet said new delivery operations there born during the pandemic created an unexpected competition that sunk plans to open 880 stores over time. A Domino's representative did not immediately respond to a request for comment. In January, its Italian franchising partner cited the increased competition as hurting expansion plans. “We attribute the issue to the significantly increased level of competition in the food delivery market with both organized chains and ‘mom & pop’ restaurants delivering food, to service and restaurants reopening post pandemic and consumers out and about with revenge spending,” the group, ePizza SpA, said. A "For Sale" banner is posted outside a closed-down Domino's Pizza store in Rome, Italy, on Au...

South Korea’s president will formally pardon Samsung heir Lee Jae-yong, one year after he was released on parole from a prison sentence for bribing former President Park Geun-hye as part of the massive corruption scandal that toppled Park’s government, the justice minister announced Friday. Lotte Group Chairman Shin Dong-bin and two other top business leaders will be pardoned as well, extending South Korea’s history of leniency toward convicted business tycoons and major white-collar crimes. They are among some 1,700 people President Yoon Suk Yeol will pardon on Monday, a national holiday celebrating Korea’s liberation from Japanese colonial rule at the end of World War II. The pardon of Lee, who was released on parole in August 2021 with a year left on his 30-month term, underscores Samsung’s huge influence over a country that relies on its technology exports. He was convicted of bribing Park and her close confidante, who both were sentenced to lengthier prison terms, to win governme...

Saudi oil company Aramco’s half-year profits peaked just shy of $88 billion for the first half of the year as oil prices remain high globally, the company said Sunday. The oil and gas company, which is nearly entirely state-owned by Saudi Arabia, said it also saw a 90% surge in net profits for the second quarter of 2022 compared to the same time last year. Aramco said the results set a new quarterly earnings record for the company since it floated around 5% of the company on the Saudi stock market in late 2019. The company said it would pay a dividend of $18.8 billion for the second quarter to shareholders, as it has promised to do since its IPO. Aramco said the profits were driven primarily by higher crude oil prices and volumes sold, and higher refining margins. The higher profits bode well for the Saudi government, which despite years of efforts to diversify the economy continues to be heavily reliant on oil and gas sales for revenue. Aramco President CEO Amin Nasser said the resu...

WASHINGTON — House Speaker Kevin McCarthy released a debt limit bill Wednesday that he hopes to pass with Republican support, triggering a frantic push to gather the votes in his narrow majority. “We are introducing the Limit, Save, Grow Act of 2023,” McCarthy, R-Calif., said on the House floor, adding that it would “responsibly raise the debt limit into next year” and save trillions of dollars. The proposal to avert default would be tied to conservative policies, including cutting federal spending to 2022 levels, limiting growth to 1% per year, repealing enhanced IRS enforcement funding, undoing President Joe Biden's federal student debt forgiveness and rescinding unspent pandemic relief funds, McCarthy said. McCarthy told reporters it would lift the debt ceiling by $1.5 trillion or extend it through March 31, “whichever comes first.” The 320-page bill, published moments after his speech, will be led by House Budget Committee Chair Jodey Arrington, R-Texas, he said. It's not...

WASHINGTON — A bipartisan group of House lawmakers released an outline Wednesday for raising the debt ceiling , providing a competing option to the emerging Republican-only plan. The proposal is vague. It outsources the task of finding ways to reduce the deficit in the short term to appropriators in a government funding bill and kicks the job of proposing long-term solutions to a new independent commission. It was released as a one-page summary. The plan by the Problem Solvers Caucus — led by Reps. Brian Fitzpatrick, R-Pa., and Josh Gottheimer, D-N.J. — would suspend the debt ceiling through Dec. 31, 2023, allowing the U.S. to pay its bills and buy time for congressional leaders to negotiate a spending bill with unspecified “deficit stabilization controls.” In addition, the lawmakers propose to create a fiscal commission “to review and recommend a package to stabilize long-term deficits and debt” by Dec. 31, 2024, which will get an expedited up-or-down vote in Congress by Feb. 28, 20...

American Airlines on Tuesday said that it has ordered 20 supersonic planes, aircrafts that can carry passengers at twice the speed of today’s fastest commercial aircraft. American has become the third major airline to announce a supersonic order from Boom Aviation in Denver, following in the footsteps of Japan Airlines in 2017 and United Airlines in 2021. "We want to do supersonic as quickly as possible," Boom CEO Blake Scholl said. "We think the world needs this.” The aircraft, dubbed the Overture, can get travelers from Miami to London in less than 5 hours instead of the typical 8 hours and 40 minutes — all for about the cost of a first-class ticket. Attendees walk past a poster of a Boom Supersonic concept Overture aircraft at the Farnborough Airshow, in Farnborough, England, on July 18, 2022. Justin Tallis / AFP - Getty Images file Airlines' moves to go supersonic echo a previous attempt to do the same. The Concorde, a trans-Atlantic supersonic commercial airli...

MUMBAI, India — About 300 people lined up at Apple’s  store in Mumbai on Tuesday, as fans took selfies with Chief Executive Tim Cook, who inaugurated the first retail store run by the tech giant in India, underscoring the importance of its market. “The energy, creativity, and passion in Mumbai is incredible!” Cook, who is making his first visit to India in seven years, said on Twitter. “We are so excited to open ... our first store in India.” People flocked to the store from across India, hoping to be among the first to enter, in an opening event featuring local music and folk dancers. Some had lined up outside since the previous night to get their hands on Apple products, even though they are available online in India. “The fanboy inside me would not listen,” Purav Mehta, 30, told Reuters, as he waited to get Cook’s signature on his boxed mint-condition iPod Touch, which he had bought on eBay, as well as waiting to buy the Apple Watch Ultra. Many visitors wore T-shirts in the sty...

Fox Corp. can most likely weather even the harshest financial penalty that could come from Dominion Voting Systems’ lawsuit, analysts say. The blockbuster trial — originally set to begin in a Delaware court on Monday before being unexpectedly delayed by one day — will determine whether Fox Corp. can be held liable for false claims made on Fox News, the media company’s namesake cable TV property, that Dominion’s voting machines were used to rig the 2020 presidential election. Dominion’s lawsuit seeks $1.6 billion in compensatory damages, an amount that experts said would likely be whittled down substantially depending on the jury’s judgment or in an out-of-court settlement. Fox said in a court filing Sunday that it believed Dominion had lowered its requested damages to around $1 billion, but the voting machine company disputed that, saying it had not reduced its claim. The media giant contests any claims of liability or damages sought by Dominion, with a Fox spokesperson calling the ...