Profitable Moment
Sorry, but that excuse won't work | | Today, the beleaguered CEO of Uber Travis Kalanick announced he was taking an indefinite leave of absence from the company "to grieve my mother, to work on myself, and to focus on building out a world class leadership team." I have enormous sympathy for Kalanick, whose mother recently was tragically killed in a boating accident. I have no doubt that it has been devastating for him.
But using it as part of the excuse for taking indefinite leave, "to properly say my goodbyes" is insulting to his staff. What do you say to employees who also have lost parents, spouses or, god-forbid, children – and need indefinite time off to grieve, or say their goodbyes; who are not wealthy enough to take extended leave, even if it were offered?
Let's call this for what it is: Kalanick is being forced to take time off because he has been a dreadful CEO and the company is in crises with no COO, CFO, CMO or CBO in charge. He would have done far better to just admit this, rather than seek sympathy for his bereavement. -Richard.Quest@cnn.com | | What's new... what's next
By Matt Egan, Patrick Gillespie, Julia Horowitz
and Paul R. La Monica of CNNMoney | | | The U.K.'s European Union divorce is messy, especially for bankers in London. The EU could force a large slice of London's financial services to leave after Brexit for Paris, Frankfurt or another rival city. A report found that up to 83,000 U.K. jobs would be lost over seven years if this pocket of finance, known as euro clearing, leaves. Given this kind of Brexit uncertainty, it makes sense that a record number of Brits have chosen to become German citizens. | | | A major casino operator's bust-up with Beijing just took a turn for the worse. Australian company Crown Resorts said Tuesday that a group of its employees has been charged with offenses related to the promotion of gambling. Chinese authorities initially detained the staff members -- including some senior managers -- in October. President Xi Jinping's crackdown on corruption has targeted gambling as a potential way for crooked officials to launder money. | | | When Trump met with German Chancellor Angela Merkel, they talked about apprenticeships -- something Germany has championed. Now the White House is dubbing this week "workforce development week" and Trump is set to make a big speech about expanding apprenticeship programs in the U.S. But his budget only allocates $90 million this year for apprenticeships, and he's cutting $1.1 billion for other job training programs. The sheer size and scale of the U.S. workforce also presents a challenge to the former host of "The Apprentice." | | | No SUV has ever gotten a perfect safety score from America's National Highway Traffic Safety Administration. Until now. NHTSA has given Tesla's Model X a five-star rating. The main reason? The vehicle's lithium battery pack has a lower center of gravity. That makes the Model X far less likely to roll over than other SUVs. Wall Street loved the news too. Tesla's stock rose about 4%. Shares are up nearly 75% this year and are not far from a record high. | | Tim Cook says Apple is working on self-driving tech. But it's not a car
Will Under Armour get a Steph Curry bump after Golden State's NBA title?
Yahoo sale to Verizon is complete. And Marissa Mayer leaves with $260 million
Retail bankruptcies are piling up...and Sears Canada warns it may close too
Oops! Goldman Sachs CEO Lloyd Blankfein falls for Twitter prank
Dennis Rodman's North Korea trip backed by digital currency for weed PotCoin | | | Fed poised to raise rates: Wall Street will once again set its sights on Washington, this time for the U.S. Federal Reserve's meeting. The Fed is expected to end its two-day meeting at 2 p.m. ET on Wednesday by raising interest rates and signaling more may be ahead. Fed chief Janet Yellen's 2:30 p.m. ET press conference is likely to feature questions about Trump's economic agenda and the debt ceiling.
Are Americans spending? For the U.S. economy to grow faster, Americans will likely need to open their wallets. Look for signs of that when the government puts out May retail sales numbers on Wednesday at 8:30 a.m. ET. Consumers likely aren't being deterred by sticker shock. New inflation figures are set to be published on Wednesday and expected to show consumer prices barely budged last month. | | | |
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