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The Morning Ledger: Trump Organization and CFO Allen Weisselberg Indicted on Tax Charges |
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| Allen Weisselberg, behind former President Donald Trump and Donald Trump Jr. in 2017, is the longtime CFO of the Trump Organization. PHOTO: EVAN VUCCI/ASSOCIATED PRESS |
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Good morning. A New York grand jury has indicted the Trump Organization and its chief financial officer with tax-related crimes that will be made public Thursday in court, people familiar with the matter said, marking the first criminal charges against the former president’s company since prosecutors began investigating it three years ago. The charges against the company and longtime CFO Allen Weisselberg are a blow to former President Donald Trump, who has fended off multiple criminal and civil probes during and after his presidency. But the initial charges won’t implicate Mr. Trump himself, his lawyer said, falling short of expectations about the high-profile probe that included a battle over his tax returns decided by the U.S. Supreme Court in the prosecutors’ favor. [Continued below…] |
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The defendants are expected Thursday to appear in court, where the charges will be disclosed, the people said. The Trump Organization and Mr. Weisselberg are expected to face charges related to allegedly evading taxes on fringe benefits, the people said. For months, the Manhattan district attorney’s office and New York state attorney general’s office have been investigating whether Mr. Weisselberg and other employees illegally avoided paying taxes on perks—such as cars, apartments and private-school tuition—that they received from the Trump Organization. |
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McCormick & Co., Simply Good Foods Co. and Walgreens Boots Alliance Inc. are among the companies scheduled to release earnings today. Economists predict jobless claims will fall. Also, economists expect the purchasing managers index for June to hold steady, as production has been hampered by supply-chain problems and a labor shortage. |
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Boeing’s New CFO Faces Tough Decisions on How to Reduce Debt |
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Boeing Co.’s new finance chief, a former General Electric Co. manager with close ties to the plane maker’s chief executive, faces tough choices around how to bring down the company’s debt. |
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FASB Leans Toward Requiring Disclosure of Supply-Chain Financing |
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The U.S. accounting standard-setter on Wednesday said it is considering requiring companies to disclose key terms and the size of their supply-chain financing programs, a tool companies use to settle supplier bills later. |
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| General Mills projected its 2021 profits would remain flat or decline as much as 2%. PHOTO: TIFFANY HAGLER-GEARD/BLOOMBERG NEWS |
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General Mills Inc. said it is raising prices across nearly all its grocery categories around the world, as the maker of Cheerios cereal and Betty Crocker cake mix says it faces its highest costs in a decade. More expensive ingredients, packaging, trucking and labor will push General Mills’ overall costs about 7% higher over the next year or so, executives said. |
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Ford Motor Co. will close several U.S. factories through much of July and cut output at others as the computer-chip shortage that has plagued the auto industry for months spills into the second half of 2021. Exxon Mobil Corp. Executive Darren Woods apologized and disavowed statements made by two of the company’s top Washington lobbyists after an environmental group released a video recording of their dismissing its public positions on climate change. One of Credit Suisse Group AG’s biggest and longest-term shareholders, the Qatar Investment Authority, trimmed its stake in the bank, a blow to the beleaguered Swiss lender. Hertz Global Holdings Inc. emerged from bankruptcy protection under new owners and a new board. Deutsche Bank Suffers Hong Kong IPO Setback From Staffing Gap |
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| Taiwan’s chief trade negotiator, Deng Chen-chung, said Taiwan is eager for the two sides to sign a full-fledged bilateral trade deal one day. PHOTO: ANN WANG/REUTERS |
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The U.S. and Taiwan revived dormant trade and investment talks and pledged to keep supply chains free from forced labor, in a dig at China, which has objected to the negotiations. The trade talks, held by videoconference on Wednesday, were the first between the U.S. and Taiwan since 2016, and the delegations said they would work together “as democratic partners in support of a worker-centered trade policy.” As part of that, they said, they would aim to “combat forced labor in global supply chains.” |
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| The enforcement action is a blow to the fast-growing online brokerage, which has won over users with commission-free trades and its sleek mobile app. PHOTO: ASSOCIATED PRESS |
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Robinhood Financial LLC has agreed to pay nearly $70 million to resolve sweeping regulatory allegations that the brokerage misled customers, approved ineligible traders for risky strategies and didn’t supervise technology that failed and locked millions out of trading. The enforcement action is a blow to the fast-growing online brokerage, which was launched in 2014 and has won over users with commission-free trades and its sleek mobile app. |
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| Jim Coulter, co-founder of TPG, in 2019. PHOTO: MARK KAUZLARICH/BLOOMBERG NEWS |
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TPG, one of the last of the original private-equity giants to remain a closely held partnership, is evaluating a public listing, people familiar with the matter said. The firm is considering a straightforward initial public offering and a merger with a special-purpose acquisition company, with the former being the most likely route, the people said. Such a deal could value the California-and-Texas firm at about $10 billion, some of the people said. |
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Didi Global Inc.’s stock rose slightly on the first day of trading after its IPO, with investors weighing the prospects of the Beijing-based ride-sharing company as it jumped into a hot market for initial public offerings. Commercial real-estate bonds backed by single borrowers or properties are roaring back. |
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| A Burger King in Latrobe, Pa., advertising a hiring bonus for new hires. PHOTO: ROMAYNE SCHWARTZEL |
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Signing bonuses are usually reserved for professional athletes and a privileged few white-collar professionals. Not this summer. As U.S. employers’ search for hires increases in urgency—especially in the manufacturing, logistics, healthcare and food-service industries—truck drivers, hotel cleaners and warehouse workers are being offered signing bonuses of hundreds and even thousands of dollars. Nearly 20% of all jobs posted on job search site ZipRecruiter in June offer a signing bonus, up from 2% of jobs advertised on the job search site in March. |
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Energizer Holdings Inc., a St. Louis-based battery maker, named John Drabik as chief financial officer, effective Oct. 1. Mr. Drabik was previously corporate controller and chief accounting officer. |
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Medtronic PLC, a Dublin-based medical device company, named Jennifer Kirk as chief accounting officer and global controller Ms. Kirk was previously senior vice president of integration and value capture for Occidental Petroleum Corp., a Houston-based oil company. Ambrx Biopharma Inc., a La Jolla, Calif.-based biopharmaceutical company, named Sonja Nelson as CFO. She was most recently CFO for 10 years of NantKwest, which was recently acquired by ImmunityBio Inc., an immunotherapy company. |
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