Financial News
Bankrupt Sears can give $25.3 million in bonuses to top employees, court saysExternal Link

A U.S. bankruptcy court judge on Friday approved Sears Holding Corp's[S: SHLDQ] request to pay up to $25.3 million in bonuses to top executives and other high-ranking employees, the Chicago Tribune reported, even as the retailer reported losing nearly $1.9 billion in the first three quarters this year. Sears, which filed for bankruptcy protection in October, said it needs to able to offer the compensation to encourage key employees to stick with the restructuring company, the paper said, citing court documents. The company's proposal offers bonuses totaling up to $8.4 million to 19 executives if the company achieves certain financial targets over the next six months. The retailer also got permission to set aside up to $16.9 million in retention bonuses for a separate group of 315 senior employees. Since filing for bankruptcy, the company already raised base salaries for certain executives, including three tapped to form the Office of the Chief Executive after former CEO Eddie Lampert stepped down. Lampert remains the company's chairman, and his hedge fund, ESL Investments, has offered to buy many of the retailer's remaining assets for $4.6 billion.

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Sat, 15 Dec 2018 16:15:07 GMT
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Embattled Interior Secretary Ryan Zinke leaving Trump administration at end of year External Link

Secretary of the Interior Ryan Zinke will be leaving the Trump administration at the end of the year, the president tweeted early Saturday. Trump said he will be announcing a new secretary of the Interior next week. Zinke has been the subject of more than a dozen investigations into personal travel and other ethical questions. It was not clear whether Zinke, a former Montana congressman, resigned or was fired. Zinke's departure as head of the agency that oversees federal land, wildlife and American Indian relations comes as Democrats prepare to take over as the majority in the House, where they'll have subpoena power for investigations. In particular, Zinke has been under scrutiny for a land deal involving a foundation he led and a company backed by David Lesar, chairman of oilfield services company Halliburton.

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Sat, 15 Dec 2018 14:34:15 GMT
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Mick Mulvaney takes over as Trump's acting chief of staffExternal Link

White House budget director Mick Mulvaney will take over the chief of staff role for President Donald Trump on an interim basis, the president announced Friday afternoon on Twitter.Trump said last week that John Kelly would leave that role by the end of the year, and prospective replacements such as Nick Ayers and Chris Christie have reportedly pulled their names from consideration for the role. "John will be staying until the end of the year," Trump tweeted along with the news Friday. "He is a GREAT PATRIOT and I want to personally thank him for his service!"

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Fri, 14 Dec 2018 22:29:55 GMT
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Dow ends in correction territory as stocks tumble on China worriesExternal Link

Stocks ended the week on a down note Friday, falling sharply on worries about global growth after weaker-than-expected Chinese data. The Dow Jones Industrial Average fell around 496 points, or 2%, to finish near 24,101, according to preliminary figures. The close put the Dow back into correction territory, defined as a pullback of at least 10% from a recent peak. The S&P 500 dropped 1.9% to end near 2,600, an important psychological support level, while the Nasdaq Composite shed 2.3% to end near 6,910. The S&P and Dow both saw a weekly decline of 2%, while the Nasdaq fell 2.3%.

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Fri, 14 Dec 2018 21:03:07 GMT
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Dow industrials threaten to fall back into correction territory External Link

Stocks deepened losses Friday, threatening to push the Dow Jones Industrial Average back into correction territory, where it would join the S&P 500 and the Nasdaq Composite . The Dow remained off 496 points, or 2%, at 24,101, after dropping more than 500 points at its sessin low. A close below 24,145 would leave the blue-chip gauge more than 10% below its recent peak in October, according to Dow Jones Market Data, meeting the widely used definition of a market correction. The Dow had fallen into a correction in early 2018, exiting in August. Stocks were under pressure on worries about global growth after weaker-than-expected data from China. The S&P 500 was off 1.7% at 2,603 after trading below the psychologically important 2,600 level. The Nasdaq Composite was off 2% at 6,930.

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Fri, 14 Dec 2018 20:27:26 GMT
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