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The Morning Ledger: Uber’s New CFO Brings IPO Know-How to the Bench |
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On Tuesday, Uber picked Nelson Chai to serve as its CFO. PHOTO: UBER TECHNOLOGIES
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Good morning. Uber Technologies Inc. picked a finance chief who is well-versed in the IPO process, strengthening and stabilizing the company’s executive team as it prepares for a listing, reports CFO Journal's Tatyana Shumsky.
Finance pedigree: Nelson Chai held the top finance job at Merrill Lynch & Co. and NYSE Euronext Inc., the parent company of the New York Stock Exchange. He also helped take public electronic stock exchange Archipelago Holdings Inc. in 2004 in his first CFO role.
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No more riding solo: Uber had been without a finance chief since 2015, when its previous CFO, Brent Callinicos, left the company. In early 2016, the ride-hailing company told CFO Journal it wasn’t looking for a CFO when Gautam Gupta, a former Goldman Sachs Group Inc. executive, was the Uber’s head of finance. Mr. Gupta left the company in 2017.
Rare move: Mr. Chai’s CEO experience stands out as transitions to CFO from CEO are rare. At the end of June, fewer than 3% of S&P 500 CFOs had held a CEO role, according to executive search firm Russell Reynolds Associates.
Well connected: Mr. Chai was a longtime lieutenant of John Thain, the former Merrill Lynch chief executive who joined Uber’s board in the fall. Mr Thain helped broker Mr Chai’s introduction to Mr Khosrowshahi earlier this year. “John knew I was up for a big challenge, and he suggested I have breakfast with Dara,” Mr Chai told the Financial Times.
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The U.S. National Association of Realtors will release existing-home sales data at 10 a.m. ET. Economists surveyed by The Wall Street Journal expect a slight 0.4% pick up.
The Federal Reserve releases the minutes of its July 31-Aug. 1 meeting at 2 p.m. ET, which could provide clues on how central bank officials judge potential risks to the economy.
Target Corp., Barnes & Noble Education Inc., Williams-Sonoma Inc. and L Brands Inc. are among the companies slated to report earnings today.
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The Trump administration expects a delay in publishing a study on whether to impose tariffs on auto imports, as it negotiates with car exporters. PHOTO: FOCKE STRANGMANN/EPA/SHUTTERSTOCK
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The Trump administration is likely pushing back its timetable for imposing tariffs on auto imports, easing concerns of many in the auto industry who have widely opposed the duties.
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President Donald Trump said Tuesday night that he had threatened to slap a 25% tariff on every car imported into the U.S. from the European Union, reports Market Watch.
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U.S. and Chinese officials are set to resume trade talks in Washington on Wednesday, though expectations for success are low after President Trump predicted there would be no real progress, reports Reuters.
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Stocks: Futures markets pointed to a 0.2% opening loss for the S&P 500 on a day that would mark the longest-ever bull run for the U.S. blue-chip index, starting when it reached a low of 666 in March 2009 in the wake of the financial crisis.
Crude oil: Oil prices rose 1.3% to $66.66 a barrel on the New York Mercantile Exchange, boosted by signs of declining U.S. petroleum inventories.
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A water pool surrounds a drilling rig in Midland County, Texas. Producers must dispose of the vast amounts of water that come out of a well, along with oil and gas. PHOTO: JAMES DURBIN/ASSOCIATED PRESS
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Solaris Water Midstream, WaterBridge Resources LLC and other companies that help shale drillers dispose of vast volumes of wastewater that are a byproduct of fracking wells are in high demand among investors looking to bet on the oil boom.
American Airlines Group Inc. plans to cut flights from Chicago to Shanghai, Philadelphia to Munich among some 11 unprofitable routes, the latest U.S. carrier to trim capacity after fuel prices rose.
JPMorgan Chase & Co. is boosting its online investing service with free trades for customers, a move that could disrupt online brokerages such as TD Ameritrade Holding Corp. and Charles Schwab Corp.
Nearly two years after Coty Inc. paid $12 billion to acquire Procter & Gamble Co.’s beauty business, the deal remains a drag on the struggling beauty giant.
Toll Brothers Inc., one of the nation’s largest builders of high-end homes reported a 30% rise in profit in the quarter ended July 31.
Retailers extended their run of good news with Kohl’s Corp. and the parent of T.J. Maxx reporting strong quarterly results.
PepsiCo Inc.’s Frito-Lay division, which makes the crunchy orange-colored Cheetos snack, has accused a new competitor called Peatos of trademark violations.
Starting Sept. 4, Bank of America Corp.’s Merrill Lynch brokerage unit will no longer sweep its customers’ cash into money-market mutual funds, moving it instead into deposits at affiliated banks.
Facebook Inc. dismantled a new set of influence campaigns originating in Iran and Russia designed to sow division in global politics, part of the social-media company’s broader purge of bad actors on its site.
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“The Treasury Department is disrupting Russian efforts to circumvent our sanctions,” Treasury Secretary Steven Mnuchin said Tuesday. PHOTO: JASON LEE/REUTERS
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The U.S. Treasury Department in two separate actions levied new sanctions against Russian firms it accused of violating trade bans on North Korea and breaches of U.S. laws against cooperation with Russia’s intelligence services.
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The U.S. Securities and Exchange Commission could face a backlash over its scrutiny of Tesla Inc. and its Chief Executive Officer Elon Musk if Musk avoids a sanction, said a person familiar with the matterw, reports Bloomberg.
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A foreclosure sign sits in front of a home in Stockton, Calif. PHOTO: KIMBERLY WHITE/CORBIS/GETTY IMAGES
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Foreclosure starts rose in the U.S. in July for the first time in three years, as 44% of markets across the country saw increases.
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Federal Reserve Bank of Dallas President Robert Kaplan said in an essay that he would like the central bank to press forward with rate increases amid a very strong job market and inflation hitting desired levels.
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Turkey’s financial trouble has claimed some distant victims: small investors in Japan, who have dabbled in emerging-market assets to escape superlow domestic returns.
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Chinese banks are taking on new risks as they scramble to lure savers, turning a previously obscure line of business into a $1 trillion industry.
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