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Is Icahn on the cusp of a big win? One of the biggest fights in corporate America is coming to a head on Thursday: Shareholders in Illumina, the gene-sequencing giant, are set to vote on whether to back the company’s incumbent directors or candidates nominated by the billionaire Carl Icahn. A board fight involving one of Wall Street’s top activist investors is significant in its own right. But there’s more at play here, including a takeover that has tested antitrust regulators on both sides of the Atlantic and new proxy rules that could reshape American corporate governance. A $7 billion deal for Grail is a major factor in this scuffle. Mr. Icahn has criticized Illumina’s effort to close its takeover of the cancer-detection company, despite European antitrust authorities’ decision to block the deal, and opposition from the F.T.C. He calls it “inexplicable and unforgivable.” Other shareholders may agree, given that Illumina has lost $50 billion in market value since announcing … [Read more...] about Carl Icahn’s Battle with Illumina Comes to a Head

Dozens of black executives and their spouses joined Senators Cory Booker and Kamala Harris, as well as Eric H. Holder Jr., the former attorney general, for a private dinner in July in Bridgehampton, N.Y. Over kale salad and sea bass on the grounds of a hotel, the executives sought advice about their intermittent fund-raising efforts to address political and social issues, and for the candidates who support those causes. Ronald Kirk, a former mayor of Dallas and a lawyer who served in the Obama administration, had the bluntest message. “You’re wasting your money,” he recalled saying. “My advice is: Get organized.” It was a crystallizing moment. Many attendees had long been part of an informal group of friends and associates who raised money for philanthropies or policy issues on an ad hoc basis. At the dinner, they decided it was time to use their wealth and stature in a more formal way. By early 2018, the group hopes to start a political action committee, creating a new … [Read more...] about Black Executives Join Forces, Forming a PAC to Back Them Up

American employers extended an impressive run of hiring in May, even as policymakers took steps to cool the economy in an effort to ease high inflation. The Labor Department reported Friday that employers added 390,000 jobs , the 17th straight monthly gain. The unemployment rate was 3.6 percent for the third straight month, a touch away from a half-century low. At the same time, the labor force grew by 330,000 people, and the share of adults employed or looking for work continued to edge closer to prepandemic levels. The data signaled that the Federal Reserve’s initial moves to dial back its monetary support for the economy were — at least so far — not constraining business activity so much that hiring was feeling a pinch. After the strong rebound from the depths of the coronavirus lockdowns — all but 800,000 of the 22 million jobs that were lost have been recovered — the Fed has shifted its emphasis from maximum employment to its other mandate: price stability. The … [Read more...] about Hiring Remains Strong Even as Fed Tries to Cool Economy