François-Henri Pinault, the French billionaire chairman and CEO of luxury goods group Kering , has agreed to a pay cut in the latest example of top executives accepting lower salaries as a gesture of solidarity during the coronavirus crisis. "Given the current context of the COVID-19 pandemic and its impact on economic activity, François-Henri Pinault, Chairman and CEO of Kering, has decided to reduce the fixed portion of his salary by 25% from April 1st, until the end of 2020," Kering said on Friday. "In addition, François-Henri Pinault and Jean-François-Palus, Group Managing Director, have decided to waive the entirety of the variable portions of their annual remuneration for 2020," added the company....
Oil and natural gas stock Chesapeake Energy (CHK) has announced that the company’s expected reverse stock split is set to occur on April 13, subject to shareholder approval.With shares now trading at just $0.17, the reverse split is intended to increase the per share trading price to satisfy the $1 minimum bid price requirement for continued listing on the NYSE.As a result of the reverse stock split, every 50 to 200 (as determined by the company’s board) shares of CHK’s common stock will automatically combine into one share, and the number of shares of common stock outstanding will be accordingly reduced.If approved by shareholders, the split will become effective at 5PM April 14, 2020, with trading of the split-shares resuming under the existing trading symbol “CHK” on April 15, 2020.Overall, analysts rate CHK a Strong Sell, according to TipRanks. In the last three months, 7 analysts have published sell ratings on...
(Bloomberg) -- The number of confirmed cases has reached nearly 1.6 million globally as of April 10, according to data collected by Johns Hopkins University and Bloomberg News. Leaders from Germany to Australia and New York urged residents to abide by restrictions as a weekend of Easter celebrations loom.The Centers for Disease Control and Prevention extended “No Sail Order” for all cruise ships. Italy and Spain are preparing for several more weeks of lockdowns, while India further tightened measures.U.S. Vice President Mike Pence and one of the top U.S. health officials said reopening the country’s economy hinges on the government seeing major communities at the end of their coronavirus outbreaks and developing treatments for the disease, among other hurdles. U.K. Prime Minister Boris Johnson was taken out of intensive care Thursday evening and moved back to the main hospital ward.Asian stocks saw mixed trading Friday in a holiday-hit session as investors...
(Bloomberg) -- A historic multilateral deal to lower global oil production and stabilize prices, led by record cuts from Saudi Arabia and Russia, is at risk as Mexico refuses to agree to the proposed curbs.The impasse threw into doubt efforts to revive the market from a debilitating coronavirus-induced slump. The deal by the group of nations known as OPEC+, which dwarfs previous interventions and has been encouraged by U.S. President Donald Trump, is also aimed at ending the price war between Riyadh and Moscow that helped pushed oil down to the lowest in almost two decades.The deal is conditional on the consent of Mexico, which was the only participant not to agree to the proposal, OPEC said in a statement released after more than nine hours of talks via video link Thursday. The group doesn’t intend to meet again Friday, and will instead focus talks on a Group of 20 gathering...
