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Politics

Lukoil Chairman Ravil Maganov is the eighth Russian vitality govt to die all of the sudden this yr

Russian President Vladimir Putin stands next to first executive vice president of oil producer Lukoil Ravil Maganov after awarding him with the Order of Alexander Nevsky during an awards ceremony at the Kremlin in Moscow, Russia November 21, 2019.

Mikhail Klimentyev | Kremlin | Sputnik | via Reuters

WASHINGTON – The death of Ravil Maganov, chairman of Russian oil giant Lukoil, on Thursday in a Moscow hospital appears to be the eighth time this year that a Russian energy executive has died suddenly and under unusual circumstances.

Maganov died after falling from a window at the capital’s Central Clinical Hospital, according to Russia’s state-sponsored Interfax news agency. The circumstances of Maganov’s death were confirmed by Reuters, citing two anonymous sources. The oil company and its CEO had criticized the war in Ukraine and expressed their disapproval in a March 3 statement.

But Lukoil, the company Maganov helped build, said in a press statement the 67-year-old “died after a serious illness”. The Russian embassy in Washington did not respond to a request from CNBC for official comment.

The circumstances surrounding Maganov’s sudden death have attracted international attention, in part because seven other senior Russian energy executives have died untimely since January, according to reports from Russian and international news outlets.

Below is a list of these cases in chronological order.

  • In late January, Leonid Shulman, a top executive at Russian natural gas giant Gazprom, was found dead in the bathroom of a cottage in the village of Leninsky. The Russian media group RBC reported on his death but gave no cause.
  • On February 25, another Gazprom executive, Alexander Tyulakov, was found dead in the same village as Shulman, this time in a garage. According to Russian media outlet Novaya Gazeta, investigators found a note near Tyulakov’s body.
  • On February 28, three days after Tyulakov’s death, a Russian oil and gas billionaire living in England, Mikhail Watford, was found hanged in the garage of his country house. Investigators at the time reportedly said Watford’s death was “unexplained” but did not appear suspicious.
  • On April 18, a former vice president of Gazprombank, Vladislav Avayev, was found dead in his apartment in Moscow along with his wife and daughter, who also died. Authorities were treating the case as a murder-suicide, Radio Free Europe reported at the time. Gazprombank is Russia’s third largest bank and has close ties to the energy sector.
  • On April 19, a former deputy chairman of Novatek, Russia’s largest liquefied natural gas producer, was found dead in a holiday home in Spain. Like Avayev in Moscow, Sergei Protosenya was found with his wife and daughter, who were also deceased. And like Avayev said, police investigating the scene believed it was a homicide-suicide, a theory that Avayev’s surviving son has publicly denied.
  • In May, the body of billionaire and former Lukoil manager Alexander Subbotin was discovered in the basement of a country house in the Moscow region. The room where Subbotin died was allegedly used for “Jamaican voodoo rituals,” the Russian state media company TASS reported, citing local authorities.
  • In July, Yury Voronov, the CEO and founder of a shipping company servicing Gazprom’s Arctic projects, was found dead from an apparent gunshot wound in a swimming pool at his home in Leninsky, the same elite St. Petersburg condominium where Shulman and Tyulakov died earlier in the year.

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Business

GameStop top off after firm says Ryan Cohen to be chairman

Pedestrians pass a GameStop store on 14th Street in Union Square in the Manhattan neighborhood of New York on Thursday, January 28, 2021.

John Minchillo | AP

GameStop announced Thursday that Chewy’s co-founder Ryan Cohen would become its chairman after the company’s annual general meeting slated for June 9.

The retailer’s shares rose more than 4% in premarket trading, setting the stock on track to spark a three-day losing streak. The stocks have given up some of their sky-high gains since spiking in late January, but are still up more than 870% this year, giving the company a market value of $ 12.8 billion.

Cohen invested in GameStop last year to encourage the video game retailer to focus on online sales and close unprofitable stores in malls. His commitment to the company helped spark the stock’s wild ride earlier this year.

Cohen is also the manager of activist investor RC Ventures.

Kathy Vrabeck is currently the CEO of GameStop.

The transition is part of a broader management reorganization at GameStop, which is trying to turn its business around.

It recently recruited several executives from Amazon, Walmart, QVC, and Chewy for top positions. Chris Homeister, chief merchandising officer, filed his resignation from the business in late March. And in February, CFO Jim Bell announced his resignation as the company sought a successor with a more e-commerce background.

GameStop announced in a securities filing on Thursday that other new board nominees include Larry Cheng, the first investor in Chewy, and Yang Xu, an executive at Kraft Heinz.

Current board members Alan Attal and CEO George Sherman will also be nominated.

Categories
Health

Boston Purple Sox chairman hopes Covid sport cancellations a ‘uncommon occasion’

Tom Werner, chairman of Boston Red Sox, told CNBC Thursday that he did not expect any coronavirus outbreaks that would materially change the course of the Major League Baseball season.

Werner’s comments on “Squawk Box” came on opening day, the start of the second MLB season to be played during the pandemic following last year’s shortened campaign.

“I’m sure we have gone beyond what we were six months ago. The baseball protocols are very strong. The players heed them,” Werner said. “Sure, I think there might be an outbreak on occasion, but I think it will be a rare occurrence when some games are canceled.”

After Werner’s appearance on CNBC, the competition between the Washington Nationals and the New York Mets, which was scheduled for Thursday evening, was postponed due to Covid concerns. A Nationals player tested positive for the coronavirus earlier this week and some teammates are being quarantined after contact tracing.

Some coronavirus protocols could relax for teams this season once a certain vaccination threshold is reached. While not many MLB players have been vaccinated yet, the league expects that number will rise once the teams are back in their hometowns after spring training, according to The Associated Press.

The 2020 season was delayed by months after the pandemic hit the US, but a 60-game schedule finally began in July. Dozens of games were postponed during the season due to Covid cases, despite making the playoffs as planned, and the Los Angeles Dodgers won the World Series in late October.

Boston Red Sox members watch during a team training session prior to the 2021 opening game on March 31, 2021 at Fenway Park in Boston, Massachusetts.

Billie Weiss | Boston Red Sox | Getty Images

This year the schedule for 162 games is back – as are the fans in the stadiums. Last year regular season games were played in empty stadiums. A limited number of spectators were allowed to take part in some playoff competitions in the fall.

At the start of the season, capacity at the Red Sox’s historic home, Fenway Park, is limited to 12%, which is just over 4,500 fans, according to NBC Boston.

Werner hopes that the number will only increase in the coming months when more Americans are vaccinated against Covid.

“I certainly don’t have a crystal ball, but we hope the vaccine rollout continues to proceed swiftly and I would certainly hope that the stadiums will be at full capacity by the end of the season,” he said.

About 29% of the US population had received at least one dose of Covid vaccine by Wednesday, according to the Centers for Disease Control and Prevention. This includes around 16% of the country’s population who are fully vaccinated.

The Pfizer and Moderna vaccines require two doses for complete protection of immunity, while the Johnson & Johnson vaccine is a single shot. These are the only three emergency vaccinations approved in the United States

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Business

Nikola is paying $8.1 million in authorized charges for ousted chairman Milton

Trevor Milton, CEO and Founder of US Nikola, speaks during a presentation of his new all-electric and hydrogen fuel cell battery truck in collaboration with CNH Industrial at an event on December 2, 2019 in Turin, Italy.

Massimo Pinca | Reuters

Competitive electric vehicle startup Nikola is paying $ 8.1 million in legal fees for ousted founder and chairman Trevor Milton, who left the company in September over a short seller fraud case that led to federal investigations.

This helped increase the company’s legal expenses to $ 27.5 million last year. Most of that, $ 24.7 million, was spent answering regulatory investigations and other litigation related to Hindenburg Research’s claims, Nikola said in its annual filing Thursday with the Securities and Exchange Commission.

According to the company, around $ 1.5 million in Milton’s legal fees were paid in 2020. The start-up lost $ 384.3 million last year, including $ 147.1 million in the fourth quarter, it said on Thursday. Adjusted pre-tax loss for 2020 was $ 200.5 million.

As part of the result, Nikola also lowered delivery expectations for its first product, called Tre Semitruck, from 600 this year to 50-100 due to supplier issues. The company’s shares fell at $ 19.72 each during after-hours trading after Thursday’s close Share, down 6.8% for the day.

“The pandemic has caused significant supply chain disruption,” Nikola CEO Mark Russell said during a call for earnings, specifically referring to a shortage of battery cells to power his vehicles.

A Nikola spokeswoman declined to comment on whether the company will attempt to recoup Milton’s legal fees. In his filing, Nikola said the fees were part of his compensation agreement with the company. Additional legal costs are expected this year related to the Hindenburg report, which led to investigations by the SEC and the Justice Department.

“We incurred significant costs due to the regulatory and legal issues surrounding the Hindenburg article,” Nikola said in the filing. “The total cost of these matters will depend on many factors, including the duration of these matters and the determination made.”

Hindenburg accused Milton of making false statements about Nikola’s technology to grow the company and partner with auto companies. The report, titled Nikola: How to Partner an Ocean of Lies with America’s Largest Automaker, was released two days after the announcement of a deal with General Motors that skyrocketed both companies’ shares in September . It characterized Nikola as “an intricate fraud based on dozens of lies” by Milton.

Nikola has denied and denied many of the allegations, but the company confirmed one of Hindenburg’s biggest claims – that it staged a video showing a truck that appeared to be functional but not working.

An internal investigation by Kirkland & Ellis LLP into statements made by Milton and the Company during this period has “substantially been completed”. The Chicago-based law firm has not reached a conclusion whether statements that may have been inaccurate when filed are against any law, the company said.

Categories
Business

China vaccine maker Sinopharm says chairman and a director resigned

A health worker shows a dose of the Chinese vaccine Sinopharm Covid-19 in a vaccination center in the Jordanian capital Amman on January 13, 2021.

Khalil Mazraawi | AFP | Getty Images

BEIJING – Sinopharm, a state-owned giant in coronavirus vaccine development in China, announced that its chairman resigned from the board on Tuesday.

The company cited personal reasons for Li Zhiming’s resignation, according to a release made for the Hong Kong-listed company. Li Hui, a member of the board of directors and the audit committee of Sinopharm subsidiary China National Medicines Corp., also resigned Tuesday for personal reasons.

In late December, Chinese authorities approved a vaccine being developed for general launch by a Beijing-based subsidiary of Sinopharm. According to state media, the vaccine had a 79.34% effectiveness after a Phase 3 test.

In early December, the United Arab Emirates said the vaccine was 86% effective.

There was no direct indication that the resignation was due to vaccination work. The company did not immediately respond to CNBC’s email request for comment.

Different countries have published different results on the effectiveness of a coronavirus vaccine from another Chinese company, Sinovac.

A WHO team is working with manufacturers of Covid-19 vaccines from Chinese pharmaceutical companies Sinovac and Sinopharm “to assess compliance with international quality manufacturing practices prior to a possible emergency listing by the WHO,” said WHO Director General Tedros Adhanom Ghebreyesus earlier this week.

Categories
Business

Gary Cohn joins IBM as vice chairman

Gary Cohn, former President of Goldman Sachs and economic advisor to President Donald Trump, joins IBM as vice chairman.

Cohn announced the move in a tweet Tuesday morning in which he said it was “an honor” to be a member of the company’s board of directors.

IBM shares rose around 1.2% after the news.

CNBC’s Jim Cramer said the announcement was “an exciting move for IBM. Gary can be a change agent.”

In the new role, Cohn will act as advisor to IBM CEO Arvind Krishna, who took over the company in April with a promise to expand its reach into artificial intelligence and cloud computing.

That could make Cohn an unusual choice, given that his experience is mostly in finance and economics. He served Goldman as chairman and chief operating officer for nearly 11 years before accepting Trump’s appointment as director of the National Economic Council.

While at the White House, he helped Shepherds through the record tax cut package in 2017, but later ran into conflict with the president. He left the advisory position in April 2018 and was replaced by former CNBC host Larry Kudlow.

Upon returning to the private sector, Cohn partnered with Cliff Robbins to create Cohn Robbins Holding Corp and set up a special purpose vehicle (SPAC). Despite accepting the position at IBM, Cohn said he would continue with Robbins.