Briefs: Car­ni­val in Ha­vana; Nike’s not-so-high jump

Bloomberg Businessweek (Asia) - - CONTENTS - By Kyle Stock

$18.5 mil­lion The 2015 com­pen­sa­tion for Amer­i­can Ex­press CEO Ken­neth Chenault, down 26 per­cent from the year be­fore; Chenault hasn’t earned so lit­tle since 2008.

●● While Pres­i­dent Obama was tour­ingring Ha­vana, Car­ni­val said the Cuban govern­ment nt had fi­nally ap­proved its plan to start sell­ing berths hs to the is­land na­tion out of Mi­ami. The U.S. signed off in July on the itin­er­ary, which calls for ships to sail ev­ery two weeks start­ing in May. Fares start at $1,800 per per­son. Royal Caribbean Cruises and Nor­we­gian Cruise Line are ex­pected to join the party soon. ●● Ex­elon’s pro­posed $6.8 bil­lion takeover of Pepco Hold­ings was ap­proved by Wash­ing­ton reg­u­la­tors on its third at­tempt. That clears the way for the com­pa­nies to form the na­tion’s big­gest util­ity and al­lows Ex­elon Chief Ex­ec­u­tive Of­fi­cer Chris Crane to com­plete his long-run­ning quest to add Pepco’s steady, reg­u­lated earn­ings to off­set losses at Ex­elon’s nu­clear power plants. ●● Tele­com Italia CEO Marco Pat­u­ano re­signed af­ter pres­sure from Vivendi, the French me­dia gi­ant that’s amassed a 24.9 per­cent stake in the phone op­er­a­tor. In a De­cem­ber cam­paign, Vivendi won four board seats at the for­merly state-owned mo­nop­oly. ●● Nike’s shares fell af­ter an earn­ings call in which the com­pany fore­cast a high-sin­gle-digit growth rate for the next fis­cal year—an­a­lysts had pro­jected a rate of about 10 per­cent. A week ear­lier, Nike had un­veiled the self-lac­ing Hyper­A­dapt 1.0 sneaker. ●● Credit Suisse will elim­i­nate about 2,000 jobs in its global mar­kets unit. CEO Tid­jane Thiam said he was blind­sided by a buildup of risky po­si­tions in dis­tressed debt and other se­cu­ri­ties that will prob­a­bly spark a first-quar­ter loss. The bank this year has now cut a to­tal of 6,000 jobs.

pledged to stop us­ing an­i­mal fur in its clothes, af­ter years of protests from an­i­mal-rights ac­tivists. Armani said re­search has cre­ated “valid al­ter­na­tives.”

Giorgio Armani

CEO Wis­dom “Our rel­e­vancy as a com­pany has grown through the years, as peo­ple are long­ing for hu­man con­nec­tion.” ——Howard Schultz, CEO, Star­bucks

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