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Key reason Franco Colapinto could have Red Bull edge as Sergio Perez influence clear
A judge ruled on Monday that Tesla CEO Elon Musk is still not entitled to receive a $56bn compensation package even though shareholders of the electric vehicle company had voted to reinstate it six months ago. The ruling by the Delaware judge, Chancellor Kathaleen McCormick of the court of chancery, follows her January decision that called the pay package excessive and rescinded it, surprising investors. The decision cast uncertainty over Musk’s future at the world’s most valuable carmaker. Tesla’s board argued the enormous payment scheme was necessary to keep Musk involved in the company, an argument that the billionaire, already the world’s richest man, echoed. McCormick also ordered Tesla to pay the attorneys who brought the case $345m, well short of the billions they initially requested. Tesla has said in court filings that the judge should recognize a subsequent June vote by its shareholders in favor of the pay package for Musk, the company’s driving force who is responsible for many of its advances, and reinstate his compensation. Tesla and its shareholders argued that Musk had reached the milestones originally stipulated when the pay package was drawn up. Sign up to TechScape A weekly dive in to how technology is shaping our lives after newsletter promotion Tesla originally devised Musk’s payment package in 2017, setting conditions for Musk to receive 12 different tranches of stock options depending on whether the company hit certain revenue and market targets. Shareholders approved that package by a wide margin in 2018, but one investor filed a suit claiming that the board had been misleading and the package was unfair. Some prominent shareholders such as Norway’s sovereign wealth fund and the California state teachers’ retirement system voted against the pay package to no avail. When the pay package was approved in June, Musk said in response on stage at a Tesla event: “I just want to start off by saying, hot damn, I love you guys!” He did not immediately respond to McCormick’s most recent decision, but he has lambasted her in the past and urged other business owners to stay away from Delaware, where most US companies file their incorporation paperwork due to friendly tax policies. Musk moved Tesla’s physical headquarters from California to Texas, though the pay package case continued before the Delaware judge. McCormick previously ruled that Tesla’s board conducted a “deeply flawed” process to determine Musk’s payment. McCormick found that the board was rife with personal conflicts and stacked with Musk’s close allies, such as his former divorce attorney.Cyber Monday shoppers expected to set a record on biggest day for online shopping
The Bucs announced on Monday afternoon that they have waived punter Trenton Gill following their Week 13 win over the Panthers by a score of 26-23 in overtime. Gill struggled heavily in the game which led to the decision. No corresponding move has been made yet as the Bucs have an extra spot open on the roster. It went from bad to worse for Gill through the afternoon and evening. While his first three punts in the game averaged over 52 yards, he had a clunker of a punt from Tampa Bay’s own 14 that went 22 yards, setting up the Panthers at the Bucs’ 36 yard line. This eventually led to a Bryce Young rushing touchdown and Gill did not have a punt go further than 54 yards in the game averaging for 45.6 yards per attempt. When it came down to a crucial moment in the game, Gill squandered another situation. With the Bucs extending their lead to 20-16 and 3:05, Gill’s ensuing kickoff landed short of the designated kickoff area, resulting in a penalty that gave Carolina the ball at the 40. This gave less of a field that the Panthers had to drive, eventually scoring the go-ahead touchdown before with 30 seconds to go before the Bucs tied it up. “They were very concerning, almost cost us the game basically,” head coach Todd Bowles said on Monday about the poo kicks. “The field position cost us. We got them out and we got them off the field but it’s very concerning and we’re definitely going to take a look at it.” Where Do The Bucs Go With Their Punting Situation? This is the second time that Tampa Bay has waived a punter this season after previously releasing former fourth round pick Jake Camarda. It was Gill that came in to replace Camarda, playing in eight games this season. He made Tampa Bay debut in Week 4 against the Eagles and was again elevated from the practice squad for Week 6. The Bucs game Camarda another chance in Week 6 against the Saints, but ultimately they let him go and signed Gill to the active roster and played him up until this last game. The Bucs currently have rookie punter Jack Browning on their practice squad that they could sign to the 53-man active roster, or use him for a couple of practice squad elevations until they make a decision on whether or not to go and sign him. Browning played three years at San Diego State where he spent the last two seasons punting while also kicking field goals and extra points. Presumably, if the Bucs went the route of signing Browning he could also hand off kicking duties. Tampa Bay might hold off on making another roster move just yet because the practice window is still open for outside linebacker Markees Watts , and they could use the roster spot on him. Since outside linebacker Joe Tryon-Shoyinka missed last game, the Bucs are a little thin at the position. The Bucs relied heavily on Yaya Diaby and Anthony Nelson, who made the play of the game with a forced fumble. They seldomly played Chris Braswell and we hardly saw Jose Ramirez, so Watts might immediately get playing time when available. They’ll still need a punter one way or another, but may waive a player at another position to best fill out the roster. This article first appeared on Pewter Report and was syndicated with permission.NoneElon Musk’s $56bn Tesla pay package rejected again by US judge
AP Trending SummaryBrief at 6:06 p.m. ESTAP Sports SummaryBrief at 3:39 p.m. ESTFBI Director Wray says he intends to resign before Trump takes office in January
Congratulations, North Carolina . You managed to hire someone completely unqualified to be your next football coach. You did that thing so many schools do where they try to win the press conference instead of win football games. It rarely works. GO DEEPER Bill Belichick agrees to deal to become UNC football head coach: Sources I realize I may get excommunicated from the football world for daring to question the merits of a six-time Super Bowl champion coach. But let’s remove the name Bill Belichick and replace it with Coach X. Here is who North Carolina just hired: • Coach X has never coached a day in college football. He has never recruited an athlete. He has never had to deal with the transfer portal or NIL collectives. His dad was a college coach, at Navy, but that was 35 years ago. Advertisement • Coach X is known for being grumpy and introverted, two traits that don’t often go hand in hand with wooing recruits, glad-handing donors and giving motivational talks to 18- to 22-year-olds. • Coach X made his first post on Instagram — which he referred to as Instaface at the time — on Sept. 4 of this year. He has since posted eight more times. He may not realize that many college athletes, particularly recruits, communicate primarily via social media. • And Coach X is 72 years old, just one year younger than the guy he’s replacing, Mack Brown , as well as his buddy Nick Saban, who got out of coaching this year at least in part because, as he said at the time, “When you get to 72 years old, it gets harder and harder to promise people you’re gonna be there for four or five more years.” But Coach X does have those Super Bowl rings. Which he’ll surely wear when he meets with recruits and potential transfers. Who will then say something to the effect of, “That’s great, but how much am I getting paid?” Unless Belichick can magically restore eligibility for Tom Brady, I fail to see how this will end well. I’ve seen this movie so many times before: Big-name NFL coach comes to town vowing to turn the program into an NFL organization in college. Bill Callahan and his master plan to scrap Nebraska’s famed triple-option offense for the West Coast offense. Charlie Weis and his “decided schematic advantage” at Notre Dame . Herm Edwards and his vaunted “ new leadership model ” at Arizona State . Lovie Smith, with no discernible plan of any kind at Illinois. Inevitably, school and coach soon realize that what works in the NFL doesn’t necessarily work in college. (And vice versa.) And yet ... they just keep falling for it. Belichick has spent time this year at Washington, where his son, Steve, is the defensive coordinator. He’s clearly put a lot of thought into how he would run his own college program, as evidenced by his comments earlier this week on Pat McAfee’s show . “If I was in a college program, the college program would be a pipeline to the NFL for the players that had the ability to play in the NFL,” he said. “It would be a professional program — training, nutrition, scheme, coaching and techniques that would transfer to the NFL. It would be an NFL program at a college level.” Advertisement No question, player development is crucial to success as a college coach. But is he under the impression the current top programs aren’t already doing this exact thing? It’s delusional to think Belichick will show up, flash his rings and suddenly North Carolina will start producing more high-end NFL players than Georgia or Ohio State . You need to do something else to distinguish yourself in this era. The college coaching landscape is currently in a bridge process, following the exits of national championship coaches Saban, Brown and Jim Harbaugh. Kirby Smart and Dabo Swinney are the only ones left. As the next generation begins establishing itself, two specific archetypes are emerging. The young/youngish high-energy guys: Smart, Dan Lanning, Steve Sarkisian, Kenny Dillingham, Deion Sanders, Spencer Danielson, Matt Campbell, Marcus Freeman, Shane Beamer, Eli Drinkwitz, Rhett Lashlee, Jon Sumrall, Fran Brown. And the career college guy who just wins: Curt Cignetti, Jeff Monken, Chris Klieman, Lance Leipold (this season notwithstanding). Belichick is so far from fitting within either of those groups it’s hard to think of any close comparison. It may actually be Coach Prime, who, though he came from Jackson State, has filled his staff with NFL coaches and welcomes all manner of NFL guests. But he and Belichick fall on polar opposite ends of the personality spectrum. GO DEEPER What we know about Bill Belichick and UNC's complicated coaching search Nailing a coaching hire is hard, and it can be futile trying to predict which guys will succeed and which guys will fail. Like many, I thought Scott Frost would lead Nebraska to glory, and that Lincoln Riley would be contending for national championships by now at USC. Whereas I doubted Sarkisian was the guy to do that at Texas or that Josh Heupel would become Tennessee’s best coach in two decades. But there have been a few over the years I felt were obvious disasters from the moment they were announced — Weis and Les Miles at Kansas, Edwards at Arizona State, Mike Riley at Nebraska and Karl Dorrell at Colorado come to mind. I hereby add UNC/Belichick to that distinguished class of regrettable hires. Check back in two to three years. (Illustration: Meech Robinson / The Athletic ; photos: Andy Lewis, Grant Halverson / Getty Images)WA news LIVE: Two pulled from water after boat capsizes off Perth’s northern suburbs; Sculpture by the Sea cancelled after funding cut
Consumers in the United States scoured the internet for online deals as they looked to take advantage of the post-Thanksgiving shopping marathon with Cyber Monday. Even though e-commerce is now part and parcel of many people's regular routines and the holiday shopping season, Cyber Monday — a term coined in 2005 by the National Retail Federation — has become the biggest online shopping day of the year, thanks to the deals and the hype the industry has created to fuel it. Adobe Analytics, which tracks online shopping, expected consumers to spend $13.2 billion Monday — a record, and 6.1% more than last year. That would make it the biggest shopping day for e-commerce for the season — and the year. Online spending was expected to peak between the hours of 8 p.m. and 10 p.m. on Monday night, per Adobe — reaching an estimated $15.7 million spent every minute. For several major retailers, a Cyber Monday sale is a dayslong event that began over the Thanksgiving weekend. An Amazon Prime delivery person lifts packages while making a stop Nov. 28, 2023, in Denver. David Zalubowski, Associated Press Amazon kicked off its sales event right after midnight Pacific time on Saturday. Target's two days of discount offers on its website and app began overnight Sunday. Walmart rolled out its Cyber Monday offers for Walmart+ members Sunday afternoon and opened it up to all customers three hours later, at 8 p.m. Eastern time. Consumer spending for Cyber Week — the five major shopping days between Thanksgiving and Cyber Monday — provides a strong indication of how much shoppers are willing to spend for the holidays. Many U.S. consumers continue to experience sticker shock after the period of post-pandemic inflation, which left prices for many goods and services higher than they were three years ago. But retail sales nonetheless remain strong, and the economy kept growing at a healthy pace. At the same time, credit card debt and delinquencies are rising. More shoppers than ever are also on track to use "buy now, pay later" plans this holiday season, which allows them to delay payments on holiday decor, gifts and other items. Many economists also warned that President-elect Donald Trump's plan to impose tariffs next year on foreign goods coming into the United States would lead to higher prices on everything from food to clothing to automobiles. A FedEx delivery person carries a package from a truck Nov. 17, 2022, in Denver. David Zalubowski, Associated Press Listen now and subscribe: Apple Podcasts | Google Podcasts | Spotify | Stitcher | RSS Feed | SoundStack | All Of Our Podcasts The National Retail Federation expects holiday shoppers to spend more this year both in stores and online than last year. But the pace of spending growth will slow slightly, the trade group said, growing 2.5% to 3.5% — compared to 3.9% in 2023. A clear sense of consumer spending patterns during the holiday season won't emerge until the government releases sales data for the period, but some preliminary data from other sources shows some encouraging signs for retailers. Vivek Pandya, lead analyst at Adobe Digital Insights, noted that discounts from Thanksgiving onward "exceeded expectations" and online spending throughout Cyber Week is on track to cross a record $40 billion mark combined. U.S. shoppers spent $10.8 billion online on Black Friday, a 10.2% increase over last year, according to Adobe Analytics. That's also more than double what consumers spent in 2017, when Black Friday pulled in about $5 billion in online sales. Consumers also spent a record $6.1 billion online on Thanksgiving Day, Adobe said. Meanwhile, software company Salesforce, which also tracks online shopping, estimated that Black Friday online sales totaled $17.5 billion in the U.S. and $74.4 billion globally. Mastercard SpendingPulse, which tracks in-person and online spending, reported that overall Black Friday sales excluding automotive rose 3.4% from a year ago. A United Parcel Service driver sorts deliveries July 15, 2023, on New York's Upper West Side. Richard Drew, Associated Press E-commerce platform Shopify said its merchants raked in a record $5 billion in sales worldwide on Black Friday. At its peak, sales reached $4.6 million per minute — with top categories by volume including clothing, cosmetics and fitness products, according to the Canadian company. Toys, electronics, home goods, self-care and beauty categories were among the key drivers of holiday spending on Thanksgiving and Black Friday, according to Adobe. "Hot products" included Lego sets, espresso machines, fitness trackers, makeup and skin care. Other data showed physical stores saw fewer customers on Black Friday, underscoring how the huge crowds that were once synonymous with the day after Thanksgiving are now more than happy to shop from the comfort of their homes. RetailNext, which measures real-time foot traffic in stores, said its early data showed store traffic on Friday was down 3.2% in the U.S. compared to last year, with the biggest dip happening in the Midwest. Sensormatic Solutions, which also tracks store traffic, said its preliminary analysis showed retail store traffic on Black Friday was down 8.2% compared to 2023. Grant Gustafson, head of retail consulting and analytics at Sensormatic Solutions, noted that in-store traffic was getting spread across multiple days since many retailers offered generous discounts before and after Black Friday. "Some of the extended Black Friday promotions really ended up leading to a little bit of a softer day-of traffic than expected," Gustafson said. In 2024, staying small on purpose seems to be paying off big for small businesses. They're keeping operations small and targeting niche, highly specialized customers. And some business owners find this strategy results in more time, energy, and money to intentionally capitalize on unique, small cap opportunities. The data tells the story of growth in small businesses for the year. According to NEXT , the Small Business Administration (SBA) reports awarding 38,000 SBA 7(a) loans under $150,000: double the amount they awarded in 2020. Here are the related small-business trends paying off in 2024. 1. Small and cozy office spaces in industrial and flex condos Commercial real estate agent Ryan Beckenhauer of Market Real Estate in Boulder, Colorado, has noticed that small businesses are growing smaller, and that their office and warehouse spaces are starting to reflect that as they shop for business space. In commercial real estate, many small business owners gravitate toward industrial condos and other flexible spaces. These are small-scale industrial spaces with a 90:10 or 80:20 split of warehouse to office. "More individuals are leveraging skills acquired at larger organizations to venture out on their own," explains Beckenhauer. And he goes on to say that they don't need a large commercial space as they make that leap to start a business. His clients include engineers, consultants, builders and other tradespeople. Beckenhauer's clients like the flexibility of being out of an office and being close to their inventory and workshop space. "The clients want to see and touch the finishes," he says. Small business owners both rent or buy these spaces. But he's seeing his clients opt to own industrial condos to stabilize costs due to rent increases in Boulder. And because these spaces are smaller, it can be easier for new buyers to qualify for financing. 2. More outsourcing of financial services Mariana Alvarez, owner of Controller Works , an online bookkeeping and advisory firm, has noticed that small business owners outsource financial support services because they don't want to increase headcount. "Outsourcing gives them the possibility of having access to the knowledge and the skills of a CFO without having to pay for the salary," she says. "They don't have to manage or deal with the workload, employment taxes , and all that comes with it," says Alvarez. Additionally, many small business owners in fields like construction are family-owned, and this makes it easier for business owners to hand off delicate financial work to a trusted person with financial experience. 3. Automating bookkeeping tasks with AI Every small business has recurring tasks that can benefit from some level of artificial intelligence automation . And Alvarez sees a lot of value in using AI for small business bookkeeping. She explains that you can automate the data entry on Quickbooks. "When you create rules, as long as you create the rules correctly, it pretty much does itself," says Alvarez. From there, you can lean on financial experts to help you analyze the data and make more informed decisions. She uses AI as a background resource when guiding her accounting clients. "I believe that we still need the human-to-human interaction that comes with more perspective for financial analysis," she explains. 4. AI-driven customer service According to the SBA , 77% of consumers feel that human interaction is still required for a positive customer experience. People turn to small businesses every day for a human experience. According to Arvind Rongala, CEO of Edstellar , small business workers can show up for their customers but still use AI for routine tasks like customer queries. "This balance allows companies to scale their operations without losing the personal touch that makes them unique. It's important to remember that AI isn't there to replace the human element—it's there to enhance it," he says. 5. Personalized customer experiences "By really focusing on one very small weakness that Amazon has, I've been able to carve out a successful business by offering something different," says Lou Harvey owner of Tank Retailer , a retailer of commercial water and fuel tanks. "When you read our customer reviews, many of them actually mention me by name because of how much we focus on customer service and go the extra mile." One of Harvey's most successful business strategies this year has been to lean into his small, niche market and offer the kind of customer experience that large retailers like Amazon don't. "Any small weaknesses that Amazon has (however small those weaknesses may be) needs to become a strength of a smaller business focusing on a niche market," says Harvey. Harvey has his company's customer service phone number front and center on the website to help earn customer trust. "I prominently feature our phone number, and a real person always answers the phone (usually it's me)," says Harvey. 6. Businesses promoting social impact Lucie Voves, CEO and founder of Church Hill Classics , an online, woman-owned diploma framing company that uses sustainable materials, has noticed an uptick in customers seeking services from a business on a mission. "This year, we've seen a growing inclination for consumers to actively seek out and support small businesses owned by women and minorities," says Voves. When consumers shop small, they choose to make their dollars count. "Customers are fueled by a desire to promote social impact through purchasing power," says Voves. 7. Increased social commerce sales Long gone are the days of online retailers "building it and they will come." In 2024 we've seen more small businesses than ever turn to social commerce to sell directly on social media platforms like Instagram Shopping , Facebook Marketplace , and TikTok . Small business owners are turning toward influencers, social media ads, and organic content to target their customers. Mike Vannelli of Envy Creative creates online ads for businesses, and he has seen his clients succeed on TikTok of late. "I've seen businesses, especially in retail, use TikTok's short-form video format to make their products go viral. Think of it as word-of-mouth marketing on steroids," says Vannelli. He uses the platform's algorithm to push a company's content to the right audiences, and it works because TikTok loves storytelling. "I know small brands that use behind-the-scenes videos, customer testimonials, and even playful challenges that tap into trends to humanize their products and build trust," explains Vannelli. To stand out on TikTok, he says, smaller brands need to embrace authenticity and emotional connection. Show your team, share your journey, and involve your community in content creation. This story was produced by NEXT and reviewed and distributed by Stacker. Chay_Tee // ShutterstockRepublican protests in close North Carolina races dismissed by elections board
Union minister Ravneet Singh Bittu has ruled out possibility of an alliance between the Bharatiya Janata Party (BJP) and the Congress following the Municipal Corporation elections. Taking to social media platform ‘X,’ Bittu recalled the BJP’s “Congress-free India” vision, emphasising that there was no question of joining hands with the Congress under any circumstances. The statement comes at a time of heightened political activity, with parties vying for control in the aftermath of civic polls. While the BJP and the Congress have been working to consolidate their positions, allegations of potential backdoor deals between the two parties have sparked widespread debate. Union minister Ravneet Singh Bittu wrote on social media, “There is no question of an alliance between the BJP and the Congress in the Ludhiana MC. Our goal is a Congress-free India. Supporting the Congress goes against our principles. The ongoing controversies and media speculations must be put to rest immediately.” The BJP’s leadership at both state and national levels has rejected any possibility of collaboration. Party insiders stated that aligning with the Congress would go against their ideological principles and the mandate given by the people. A senior BJP leader explained, “The public has placed the BJP in the opposition and we respect their decision. Our role is to hold the ruling party accountable, not to compromise on our principles for political gains.” The rumours of a BJP-Congress pact had created unease among the grassroots workers of both parties. Many BJP supporters voiced concerns that such an alliance would erode their credibility and alienate their voter base. With this clear denial, the BJP has reinforced its stance as an opposition party in the Municipal Corporation. Meanwhile, Congress district chief Sanjay Talway has refrained from commenting on the speculation, focusing instead on consolidating their internal support.
Amazon's record-low AirPods 4 price is perfect for nailing down stocking stuffersGovernment excels at NOT getting things done. But politicians promise more things anyway. Kamala Harris declared that our government would “build thousands of miles of fiber-optic cable!” This “Broadband Connectivity Agenda” was supported by “every House Republican on Energy and Commerce,” write Republican representatives. Three years later, not a single person has been connected. Why? Because, as Milton Friedman put it, “Few people spend other people’s money as carefully as they spend their own.” Private individuals and businesses constantly adjust to save time and money. But politicians, spending your money, have little interest in that. They routinely add rules that make everything take longer. You have to “hire certain people based on their color, their sex,” complains investor Matt Cole in my new video . “You already have a talent problem, now you’re looking at only being able to recruit from a very small minority of individuals. Then you have to do climate pledges. Then you have to hire from unions.” “But diversity is good,” I push back. “That doesn’t mean that you should hire someone because of their race or skin color ... You have all these companies that could actually (build broadband), but its unimplementable with the restrictions. They just walk away.” Eventually, I assume the government will install at least some broadband. By then, their cables may be unnecessary, because of satellite internet, like Starlink, which doesn’t require digging up streets. “They could do it literally today,” says Cole. “You could have devices in these people’s homes within the next couple of months.” Why don’t government officials do that? At first, Biden bureaucrats said, “Starlink failed to demonstrate that it had the technical and financial ability.” When it became clear that Starlink obviously did, the administration suddenly called it a monopoly. The FCC chair sneered, “Our economy doesn’t benefit from monopolies.” “First, they’re not functional, now it’s a monopoly,” says Cole. “The reality is, they didn’t want that to be the solution.” Didn’t want it to be because Biden Democrats didn’t want to give money to Elon Musk. Now Musk has a friend in government. Maybe things will change. But government giving contracts to friends is not good policy. It’s also not a smart way to get things built. Government pumped billions into “high-speed rail.” Fifteen years later, they’re still talking about the future. Bureaucrats wasted $500 million of your money on the solar company Solyndra, which then went bankrupt. They wasted millions more trying and failing to create “synthetic fuel.” More recently, Biden doled out $7 billion to build 500,000 EV charging stations. Two years later, they’ve built seven. Republicans joined Democrats in funding a CHIPS Act, meant to bring chipmaker jobs to America. It isn’t working. Most chips are still made in Taiwan. “Even if they get what they promise,” I point out to Cole, Congress appropriated “$53 billion for 115,000 promised jobs. Almost half a million dollars per job!” “You expect nothing else from government,” he replies.” With Republicans in charge, some say things will be better. But the problem isn’t just Democrats; it’s government. Trump’s steel tariffs destroyed American jobs by raising the price of steel. Politicians should just stop subsidizing certain businesses. Related Articles Commentary | Progressivism and the murder of a health insurance CEO Commentary | After so many years of failure, time’s up for California Democrats Commentary | Vince Fong: We don’t need Newsom to lecture us. We need him to listen to us. Commentary | Deregulation rather than fossil fuel controls needed to fix California insurance market Commentary | The FBI has been political from the start Maybe Elon Musk will convince Trump to do that. He’s actually tweeted the U.S. should “remove subsidies from all industries,” including his own! Good for him. That would be great. End the $30 billion handed to Big Agriculture, useless subsidies for “clean” energy, government-guaranteed loans politically to connected businesses, etc. Maybe Trump will end that part of the Deep State. But I won’t hold my breath. Once politicians are in power, they always want to do more. With your money. Every Tuesday at JohnStossel.com, Stossel posts a new video about the battle between government and freedom. He is the author of “Give Me a Break: How I Exposed Hucksters, Cheats, and Scam Artists and Became the Scourge of the Liberal Media.”
Trump offers a public show of support for Pete Hegseth, his embattled nominee to lead the PentagonNone(Bloomberg) — Honeywell International Inc. and aircraft maker Bombardier Inc. reached a deal on the development of aviation technology and settled a long-running legal dispute. Honeywell said the agreement will hurt its financial results this year. The Charlotte, North Carolina-based company now expects to earn as much as $2.36 a share on an adjusted basis in the fourth quarter; previously, it expected to make at least $2.73 a share. It also cut its sales outlook by $400 million, denting margins and cash flow. The shares dipped 2% in after-hours trading in New York. Bombardier and Honeywell will collaborate on avionics, engines and satellite communications technologies, estimating the agreement to be worth as much as $17 billion in potential revenue, according to a statement. Bombardier, headquartered in greater Montreal, had been seeking hundreds of millions of dollars, arguing that it paid too much for HTF7000 turbofan engines. A judge in Quebec’s Superior Court ruled about a year ago that Honeywell had an obligation to negotiate with Bombardier on potential cost reductions for an engine system used in the latter’s Challenger jet line. The roots of the dispute go back to the 1990s, when Bombardier began developing a so-called “super midsize” private jet with a longer range, capable of carrying passengers nonstop across North America. Honeywell initially developed and manufactured the HTF7000 engines solely for Bombardier, but later began selling similar engines to Bombardier rivals such as Gulfstream Aerospace Corp. and Textron Inc. The contracts said that the Canadian company should always get the best price. Bombardier argued that Honeywell sold its engines at a lower price to other customers, and claimed C$447 million ($318 million) in damages for what it believes it overpaid between 2012 and 2017, in addition to an undetermined amount of compensation for engines it bought the years after. “Growing our long-term collaborative relationship with Bombardier is directly connected to Honeywell’s focus on compelling megatrends — automation, the future of aviation, and energy transition,” Honeywell Chief Executive Officer Vimal Kapur said in a statement. What Bloomberg Intelligence analysts say Honeywell’s announced partnership with Bombardier on aviation technology and engines appears costly, with Honeywell likely cutting prices to close the deal. This could indicate that the aerospace supply chain is taking longer to recover. Such a steep discount is reflected in Honeywell’s cut to 2024 guidance, with the long-term partnership potentially boosting its aerospace market share, as well as R&D expenses. — for the report, click here —With assistance from Doug Alexander. (Updates with share price move in third paragraph, comment from Bloomberg Intelligence analysts.)
WASHINGTON (AP) — FBI Director Christopher Wray told bureau workers Wednesday that he plans to resign at the end of President Joe Biden's term in January, an announcement that came a week and a half after President-elect Donald Trump said he would nominate loyalist Kash Patel for the job. Wray said at a town hall meeting that he would be stepping down “after weeks of careful thought,” roughly three years short of the completion of a 10-year term during which he tried to keep the FBI out of politics even as the bureau found itself entangled in a string of explosive investigations, including two that led to separate indictments of Trump last year as well as inquiries into Biden and his son. “My goal is to keep the focus on our mission — the indispensable work you’re doing on behalf of the American people every day,” Wray told agency employees. “In my view, this is the best way to avoid dragging the bureau deeper into the fray, while reinforcing the values and principles that are so important to how we do our work.” The intended resignation was not unexpected considering that Trump had settled on Patel to be director and had repeatedly aired his ire at Wray, whom he appointed during his first term. But his departure is nonetheless a reflection of how Trump's norm-breaking style has reshaped Washington, with the president-elect yet again flouting tradition by moving to replace an FBI director well before his term was up and Wray resigning to avert a collision with the incoming administration. “It should go without saying, but I’ll say it anyway — this is not easy for me," Wray said. “I love this place, I love our mission, and I love our people — but my focus is, and always has been, on us and doing what’s right for the FBI.” Wray received a standing ovation following his remarks before a standing-room-only crowd at FBI headquarters and some in the audience cried, according to an FBI official who was not authorized to discuss the private gathering by name and spoke on condition of anonymity to The Associated Press. Trump applauded the news on social media, calling it “a great day for America as it will end the Weaponization of what has become known as the United States Department of Injustice" and saying that Patel's confirmation will begin “the process of Making the FBI Great Again.” If confirmed by the Senate, Patel would herald a radical leadership transformation at the nation's premier federal law enforcement agency. He has advocated shutting down the FBI's Washington headquarters and called for ridding the federal government of “conspirators," raising alarms that he might seek to wield the FBI's significant investigative powers as an instrument of retribution against Trump's perceived enemies. Patel said in a statement Wednesday that he was looking forward to "a smooth transition. I will be ready to serve the American people on day one.” It's extremely rare for FBI directors to be ousted from their jobs before the completion of their 10-year terms, a length meant to insulate the agency from the political influence of changing administrations. But Trump has done it twice, placing Wray in the job in 2017 after firing Director James Comey amid an investigation into ties between Russia and the Republican president’s campaign. Despite having appointed Wray, Trump had telegraphed his anger with the FBI director on multiple occasions throughout the years, including as recently as the past week. In an interview with NBC’s “Meet the Press” that aired Sunday, Trump said, “I can’t say I’m thrilled with him. He invaded my home,” a reference to the FBI search of his Florida property , Mar-a-Lago, two years ago for classified documents from Trump’s first term as president. That search, and the recovery of boxes of sensitive government records, paved the way for one of two federal indictments against Trump. The case, and another one charging him with plotting to overturn the 2020 election, have both been dismissed by the Justice Department special counsel that brought them in light of Trump's November victory. Attorney General Merrick Garland praised Wray for having “served our country honorably and with integrity for decades.” He said: “Under Director Wray’s principled leadership, the FBI has worked to fulfill the Justice Department’s mission to keep our country safe, protect civil rights, and uphold the rule of law.” Natalie Bara, the president of the FBI Agents Association, said in a statement that Wray had led the FBI “through challenging times with a steady focus on doing the work that keeps our country safe. ” Throughout his seven years on the job, the self-professed "low-key, understated" Wray brought a workmanlike approach to the job, repeatedly preaching a “keep calm and tackle hard” mantra to bureau personnel despite a steady drumbeat of attacks from Trump and his supporters. He also sought to avoid public conflict when possible with the Trump White House, distancing himself and his leadership team from the FBI's Russia investigation over errors that took place before he took office and announcing dozens of corrective actions meant to prevent the recurrence of the surveillance abuses that plagued the inquiry. But there were other instances when he memorably broke from Trump — he did not agree, for instance, with Trump’s characterization of the Russia investigation as a “witch hunt." He made known his displeasure when the White House blessed the declassification of materials related to the surveillance of a former Trump campaign aide and contradicted a Trump talking point by stating that Ukraine had not interfered in the 2016 election. He repeatedly sought to keep the focus on the FBI's day-to-day work, using the bulk of his resignation announcement to praise the bureau's efforts in countering everything from violent crime and cyberattacks to Chinese espionage and terrorism. Yet as he leaves office at a time of heightened threats , much of the public focus has been on the politically sensitive investigations of his tenure. Besides the inquiries into Trump, the FBI in recent years also investigated Biden's handling of classified information as well as Biden's son Hunter for tax and gun violations. Hunter Biden was pardoned by his father last week. A particular flashpoint came in August 2022, when FBI agents searched Mar-a-Lago — an action officials defended as necessary given the boxes of documents that were being concealed at the Palm Beach property and the evidence of obstruction that the Justice Department said had been gathered. Trump railed against the FBI over that search and has kept up his criticism ever since. Trump was angered by Wray's comment at a congressional hearing that there was “some question about whether or not it’s a bullet or shrapnel” that struck Trump's ear during an assassination attempt in Pennsylvania in July. The FBI later stated unequivocally that it was indeed a bullet. Before being named FBI director, Wray worked at a prestigious law firm, King & Spalding, where he represented former New Jersey Gov. Chris Christie during the “Bridgegate” scandal. He also led the Justice Department’s criminal division for a period during President George W. Bush’s administration.Telangana Chief Minister A Revanth Reddy on Tuesday accused China of ''encroaching'' over 2,000 kilometres of Indian land since 2014, claiming that the ''rulers'' lack the courage to discuss the issue and reveal the facts. Speaking at a book release function, Reddy also expressed concerns about the ongoing conflict between two groups in Manipur, which he attributed to the rich mineral resources in the region. He questioned why the central government, representing 140 crore people, and the Indian forces have been unable to establish peace in the troubled northeastern state. ''Which corporate companies are encouraging internal war in Manipur?'' Reddy asked, mentioning his visit to the state during Congress leader Rahul Gandhi's foot march. ''Since we are all busy with our daily lives, we fail to notice what's happening around us. As a former defence committee member (when I was a Lok Sabha member), I cannot officially reveal the issues discussed in the meetings, but China has encroached over 2,000 sq km. The rulers lack the courage to discuss this subject or reveal the facts, and no one is taking up these issues,'' he alleged. Claiming that thousands of AK-47 rifles are being used in Manipur, Reddy emphasised that issues like Chinese intrusion, the internal conflict in Manipur, and the use of illegal weapons need to be discussed in Parliament. ''Whether it is Chinese intrusion, the conflict in Manipur or the use of AK-47 rifles, an extensive discussion on these issues is necessary to control them. Only then can peace be established in this country—peace that is essential for the development of our nation,'' he stated. He also recalled Colonel Santosh Babu, a Telangana native, who was martyred during the Chinese attack in 2020. (This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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