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<ul class="summary-list"><li>On TikTok, corporate girlies document their 9 to 5 grinds, from outfits to work set-ups.</li><li>But recent high-profile layoffs have some rethinking the value of romanticizing corporate life.</li></ul>Lianna Smeltzer grew up thinking becoming a "corporate girlie" was the path to success.Over the last few years, however, the 26-year-old has soured on Corporate America, and it's thrown her whole understanding of success into a tailspin. Most recently, the wave of layoffs sweeping through tech revealed a hard truth about how companies treat their employees, she said."All these people at Amazon, Google, even smaller firms who found out that they no longer worked for the company, because they were either locked out of their email, they received an email saying, here's the conditions, you're fired basically, or you're laid off," she said. In January, Smeltzer said she quit her job as a project manager at a consulting firm. Broadly, it just didn't sit right with her that "all of those people who put countless amounts of extra hours and effort and prioritized their job over their wellbeing and life" were abruptly shut out of the corporate world. As she ponders her next move, Smeltzer said she's drawn to the concept of "slow living," and is considering a few new projects.A "corporate girlie," at her core, is all about romanticizing — and, if it's on TikTok, perhaps <a href="https://www.buzzfeednews.com/article/stephaniemcneal/tech-layoffs-tiktok" target="_blank" rel="noopener">monetizing</a> — the aesthetic of clocking in for steady work. It looks like waking up early for a "5-to-9" side hustle before starting a 9-to-5, making the perfect green juice and putting together the perfect outfit. It means documenting for your social media following the way the sun streams through your window onto your spotless standing desk — and then wrapping up your day with the perfect balance of reading, meditation, and a meal-prepped dinner. And people are watching: #corporategirlies has 149.3 million views on TikTok.It's an idealistic lifestyle, one that evokes zillennials's version of the <a href="https://www.businessinsider.com/what-is-dinkwad-double-income-no-kids-dog-tiktok-trend-2023-2">American dream</a>. Corporate girlies often have the stability of a high-paying, flexible job with benefits and perks. They're also creating visibility for a new generation rising through the ranks of the corporate world, where just <a href="https://leanin.org/women-in-the-workplace?gclid=Cj0KCQiApKagBhC1ARIsAFc7Mc6WCSC7vlyG8O7djaDq9RyF-Cpybnv12vkJbw7YUz7SZmRZoReTZmgaAkJcEALw_wcB" target="_blank" rel="noopener">26% of executives are women</a>. If the optimistic and poised corporate girlie was Gen Z's answer to the stop-at-nothing-<a href="https://www.businessinsider.com/rise-and-fall-girl-boss-analysis-2020-7">girlboss</a>, her layoff is spawning the next iteration of the workforce characterized by skepticism of how steady corporate actually is, and a focus on autonomy and mental health. For some, it's a painful reckoning that's all part of Gen Z re-imagining the role work should play in their lives.Self-described corporate girlie Elizabeth Raman-Grubbs — who stressed her views are hers, and not her employer's — said the very "glamorized" aesthetic of the lifestyle on social media has shifted as layoffs swept the industries where corporate girlies dwell, like tech and other professional services. Someone who might previously post a <a href="https://www.tiktok.com/@hauskris/video/7136020360322960686?q=day%20in%20my%20life%20corporate%20girlie&amp;t=1678479292604" target="_blank" rel="noopener">day-in-the-life of a corporate girlie </a><a href="https://www.tiktok.com/@ugochinyeree/video/7197818870718106923?q=day%20in%20my%20life%20corporate%20girlie&amp;t=1678479292604" target="_blank" rel="noopener">at work</a> might now be sharing a <a href="https://www.businessinsider.com/tiktok-get-ready-with-me-to-get-laid-off-workers-share-layoff-on-social-media-2022-10">get-ready-with-me to get laid off</a>, Raman-Grubbs said."It shifted a lot from that point of view, and taking care of your mental health and your wellness outside of your job has become a bigger priority for a lot of people," she said. <h2>'I think we're lying to women about what they can accomplish in a way that we don't lie to men'</h2>Part of Sidney Morss's job as a content creator who satirizes work life is vibe checking what's happening in Corporate America. Last year it was all about worker empowerment through the Great Resignation. Now, the 29-year-old said, the general corporate tenor is fear."We're all afraid about the future of industry and what's happening to everybody's jobs. Everybody's afraid of a recession, which I always think is such a funny word, because it doesn't really matter," Morss said. "What matters is your experience of the economy you're living in and it's not good — whether or not we label it recession." As a result, the theme of her content right now is fear and wealth inequality, she said. It's not a new or novel concept: For decades, working women have been grappling with the concept of having it all, and trying to find joy in the balance. Today, Morss said, corporate girlies harken back to that tradition — and the harsh truth that workers often come up against, which is that work will never love them back, and companies can ax them in a moment. "I think we're lying to women about what they can accomplish in a way that we don't lie to men," she said. "And so of course we're getting upset about that."Smeltzer, the former project manager, agrees, saying she's begun to recognize more undertones of "toxic positivity" in the concept of the corporate girlie. It's society once again pushing that "corporate is success," and it "romanticizes conditions in which most people get burnt out." Bailey Harris, a 25-year-old who was laid off from her role in recruiting at a Big Tech company, doesn't see herself returning to a corporate girlie lifestyle, either. The only case where she could imagine going back to the 9-5 grind was if it was a startup, where she could make a significant impact and own a piece of the company. A big part of people's identities, especially in the US, are tied to their work, Harris said. But as some corporate girlies get laid off, Harris' advice is to realize that wherever they were, they made an impact — and they'll do that again."Recognize that you are so much more than whatever company it was that you were working at," she said.That may be the guiding principle for the next iteration of the corporate girlie. Even the thing that was supposed to be the most stable isn't, and even its biggest adherents are learning that the hard way.Harris is getting into the side hustle business; she's flipping houses, dog walking for Rover, and helping other people craft resumés. Knowing that her income comes down to just her actions, and not a company's, is a lot more motivating and fulfilling for her. Smeltzer is considering restarting her podcast, and looking to get into user generated content. But Raman-Grubbs is still bullish on corporate girlies. "Yeah, sometimes the corporate girl is not okay, but we will be okay," she said. "That's important, too — people are resilient and if you're intentional about your time, you will be okay."

The corporate girlies are not okay

<div class="image-container float_right"><div class="image"><a href="http://www.flickr.com/photos/68422830@N00/120499365/">Flickr / noahwesley</a></div></div>This morning's <a href="http://www.businessinsider.com/q2-2013-gdp-estimate-2013-8">revised Q2 GDP report</a> also came with a preliminary estimate of Q2 <keyword id="409708" type="UNKNOWN" weightage="60" keywordseo="corporate-profits">corporate profits</keyword>.
Profits climbed 3.9% quarter-over-quarter, after having <a href="http://www.businessinsider.com/q1-gdp-corporate-profits-2013-5">gone negative in Q1</a>.
"Second-quarter corporate profits rebounded by 3.9% q/q (unannualised), after falling by 1.3% in the first," said Capital Economics' Paul Ashworth. "Nevertheless, a big jump in dividend payments meant that net cash flow actually fell, which is not an encouraging sign for the investment outlook."
From the <a href="http://www.bea.gov/newsreleases/national/gdp/2013/gdp2q13_2nd.htm">Bureau of Economic Analysis (BEA)</a>:
Profits from current production (corporate profits with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj)) increased $78.3 billion in the second quarter, in contrast to a decrease of $26.6 billion in the first. Taxes on corporate income increased $10.5 billion, in contrast to a decrease of $25.0 billion. Profits after tax with IVA and CCAdj increased $67.9 billion, in contrast to a decrease of $1.7 billion.
Dividends increased $273.8 billion in the second quarter, in contrast to a decrease of $103.8 billion in the first. The large second-quarter increase primarily reflected dividends paid by Fannie Mae to the federal government. Undistributed profits decreased $205.9 billion, in contrast to an increase of $102.1 billion. Net cash flow with IVA -- the internal funds available to corporations for investment -- decreased $194.6 billion, in contrast to an increase of $140.7 billion.
Corporate profits by industry
Domestic profits of financial corporations increased $14.3 billion in the second quarter, in contrast to a decrease of $4.1 billion in the first. Domestic profits of nonfinancial corporations increased $50.4 billion, in contrast to a decrease of $3.1 billion.
The rest-of-the-world component of profits increased $13.6 billion in the second quarter, in contrast to a decrease of $19.6 billion in the first. This measure is calculated as the difference between receipts from rest of the world and payments to rest of the world.
Here's a breakdown <a href="http://www.bea.gov/newsreleases/national/gdp/2013/gdp2q13_2nd.htm">via the BEA</a>:
<div class="image-container click-to-enlarge"><div class="image"><a title_source="BEA" title_caption="" class="zoomin" href="http://static2.businessinsider.com/image/521f46716bb3f71771e58ae1-960/screen%20shot%202013-08-29%20at%208.59.40%20am.png"></a>BEA</div></div>

Corporate Profits Bounced In Q2

<ul><li><keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> will focus more on giving retail loans and to MSMEs and will trim its <keyword id="9567617" type="UNKNOWN" weightage="20" keywordseo="corporate-loan-portfolio">corporate loan portfolio</keyword>.</li><li>Bank's CEO <keyword id="219963" type="PERSON" weightage="20" keywordseo="Prashant-Kumar">Prashant Kumar</keyword> on Monday said that the ratio of the bank's loan book was inclined more towards corporate loans, with the corporate to retail loan ratio of 55 per cent to 45 per cent. </li><li>The corporate vertical will focus more on growing asset -- light businesses like providing digital and transaction solutions to corporates. The CEO of the restructured bank said that the lender will only pause lending in the segment. </li></ul> Yes Bank will focus more on giving retail loans and to MSMEs and will trim its corporate loan portfolio. Bank's CEO Prashant Kumar on Monday said that the ratio of the bank's loan book was inclined more towards corporate loans, with the corporate to retail loan ratio of 55 per cent to 45 per cent. "We would like to change this mix and have corporate share at 40 per cent and retail and MSME at 60 per cent over a period of time. We would like to grow at the rate of 20 per cent on the retail and MSME side," Kumar said. The corporate vertical will focus more on growing asset -- light businesses like providing digital and transaction solutions to corporates. The CEO of the restructured bank said that the lender will only pause lending in the segment. He, however, said that the lower end of the corporate loan portfolio will continue in terms of loan growth. Kumar told the media that deposits have increased of late and in April the bank witnessed the highest number of fixed deposits in the past one year. On the upcoming further public offering (<keyword id="46435" type="COMPANY" weightage="20" keywordseo="FPO">FPO</keyword>), he said the issue will increase the Common Equity Tier 1 (CET) capital ratio from current 6.3 per cent to almost 13 per cent, which will give a buffer of 500 basis points over the regulatory minimum requirement. The bank will use the proceeds of the FPO largely as a buffer. The bank's FPO with an aim to raise up to Rs 15,000 crore will open on July 15 and close on July 17. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/amazon-reportedly-told-employees-they-have-to-delete-tiktok-from-their-phones-due-to-security-risks/articleshow/76900325.cms">Amazon told employees to delete TikTok from their phones — then walked back the policy and said it was an 'error'</a> <a href="https://www.businessinsider.in/india/news/photographer-of-the-viral-black-panther-images-from-india-shares-his-story/articleshow/76830618.cms">INTERVIEW: Shaaz Jung opens up about the blood, sweat and years behind the viral images of a rare black panther</a> <a href="https://www.businessinsider.in/tech/news/intel-will-speed-up-mukesh-ambanis-5g-run-power-him-with-ai-and-possibly-a-jio-laptop/articleshow/76780290.cms">Intel will speed up Mukesh Ambani’s 5G run, power him with AI and possibly a Jio laptop⁠— all in return for massive amount of data</a>

Yes Bank to trim corporate portfolio, focus on retail loans

Global banking major <keyword id="44473" type="General" weightage="20" keywordseo="citigroup" source="Orion">Citigroup</keyword> will reduce 10 per cent of its workforce, or about 20,000 employees, in the next two years in a major <keyword id="6354411" type="General" weightage="20" keywordseo="corporate" source="Orion">corporate</keyword> overhaul. About 20,000 employees will be let go over the "medium term", Citigroup said after presenting <keyword id="526289" type="General" weightage="20" keywordseo="fourth-quarter-earnings" source="Orion">fourth-quarter earnings</keyword> late on Friday. Citigroup CEO Jane Fraser hailed 2024 as a "turning point" for the US banking group, reports CNBC. Citigroup had roughly 200,000 workers at the end of 2023, excluding Mexican operations. The bank posted a $1.8 billion loss for the fourth quarter, after recording $3.8 billion in <keyword id="6438428" type="General" weightage="20" keywordseo="restructuring" source="Orion">restructuring</keyword>, retreat from Russia and exposure to Argentina. "While the fourth quarter was very disappointing due to the impact of notable items, we made substantial progress simplifying Citi and executing our strategy in 2023," Fraser said. Fraser had announced "a sweeping overhaul of the third-largest US bank by assets" in September last year. This year, Citigroup expects to incur as much as $1 billion in severance and reorganisation costs. "Given how far we are down the path of our simplification and divestitures, 2024 will be a turning point," said Citigroup CEO. The company has earlier executed several waves of <keyword id="6357067" type="General" weightage="20" keywordseo="layoffs" source="Orion">layoffs</keyword>, beginning with the top layers of the bank, with another round of cuts set for January 22, according to reports.

Citigroup to cut 20,000 jobs in big corporate overhaul

The US economy shrank in during the first three months of 2015.According a new report from the Bureau of Economic Analysis, <a href="http://www.businessinsider.com/q1-gdp-second-estimate-may-29-2015-5">Q1 GDP fell by 0.7%</a>.That same report revealed that US corporate profits plunged 8.7% during the period."Corporate profits fell victim to three factors: slow growth, strong dollar and falling energy prices," <a href="https://twitter.com/Riccanomix/status/604265813604962304">tweeted Bloomberg economist Carl Riccadonna</a>. "Q2 looks only 'somewhat' better."Here's a chart from <a href="https://twitter.com/ReutersJamie/status/604265413527105537">Reuters' Jamie McGeever</a> showing quarterly corporate profit growth.<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/game-of-thrones-stars-real-life-2015-4">Here's what 'Game of Thrones' stars look like in real life</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NzaTRldDoXZcQw9XO6NGGy8J2dbDaF1A" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Corporate profits tanked

India's corporate credit landscape is showing positive trends that are expected to persist, according to a recent report by <keyword id="19990557" type="General" weightage="20" keywordseo="SP-Global" source="keywords" meta.keywordsubtype="org" meta.entityname="S&amp;P Global" meta.hostid="261" meta.entityid="S&amp;P Global">S&amp;P Global</keyword>. The report highlights strengthening credit quality across various sectors, driven by enhanced <keyword id="20994126" type="General" weightage="20" keywordseo="financial-discipline" source="keywords">financial discipline</keyword>, broad-based <keyword id="19899597" type="General" weightage="20" keywordseo="earnings-growth" source="keywords">earnings growth</keyword>, and robust liquidity profiles. S&amp;P Global's analysis reveals that one in three ratings within India now shows a positive outlook, marking a significant shift after three years of net positive rating actions. The report indicates that corporate India has built greater resilience against downside risks, reflecting a more stable and robust credit environment. However, corporate leverage in India is expected to decline marginally, even as capital expenditure (capex) rises by 30% compared to pre-pandemic levels. This improvement is attributed to more entrenched financial discipline among companies, which have managed to balance rising capex with prudent financial management. The report forecasts a 10% growth in aggregate EBITDA in 2024, driven by strong performance in sectors such as telecommunications, airports, commodities, and chemicals. This broad-based earnings growth underscores the resilience of corporate India and its ability to generate substantial cash flows despite a challenging global environment. Indian companies are benefiting from strong onshore liquidity and the absence of large debt maturities, which support their liquidity profiles. The resilience of these companies to foreign exchange and interest rate volatility further strengthens their liquidity positions. Corporate India's positive credit trends are closely linked to broader economic drivers such as GDP growth. Increased consumer spending is bolstering sectors like airports, automobiles, and telecommunications. Meanwhile, infrastructure investment is significantly boosting the commodities, utilities, and commercial automotive sectors. S&amp;P Global notes that both infrastructure and non-infrastructure sectors are experiencing reductions in leverage, with absolute debt reduction more pronounced in non-infrastructure sectors. However, infrastructure entities are slower in reducing debt due to higher capex, particularly in energy transition initiatives. Operating cash flows across sectors are outpacing capex, supporting further deleveraging. While capex intensity remains higher in infrastructure sectors, the neutral free operating cash flow is seen as a positive trend, indicating that companies are managing their capital expenditures efficiently while maintaining cash flows. The transportation infrastructure sector is benefiting from traffic growth and tariff increases, with rising cargo volumes supporting port revenues and improved operating efficiencies boosting margins. Airports are also experiencing higher traffic levels and tariff increases, contributing to better operating cash flows and overall credit quality. In the utilities sector, rising demand and new capacity are driving earnings growth, though capex remains high, particularly for energy transition projects. The steel sector is expected to see increased operating cash flow due to falling input prices and new capacity additions. Earnings in the oil and gas sector are expected to remain stable, supported by a favorable price outlook and consistent production levels. The telecom sector is also on a path to significant deleveraging, with capex expected to moderate following the 5G auctions in 2023. The auto sector is witnessing sustained operating performance as volumes stabilize after the supply chain disruptions of 2022. S&amp;P Global notes that debt levels in the auto sector are expected to remain low following sharp deleveraging, while normalized growth in auto sales and stable margins support the sector's positive outlook. In the chemicals sector, falling input costs and stabilized product prices are expected to drive earnings recovery following a downturn in 2023. Improved signals show a broader trend of recovery across various industrial sectors in India. S&amp;P Global concludes that with the highest proportion of positive credit outlooks in the region, India's corporate sector is well-positioned for continued <keyword id="22758432" type="General" weightage="20" keywordseo="credit-quality-improvement" source="keywords">credit quality improvement</keyword>. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank">Saraswati Saree Depot IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a>

India's corporate credit quality is getting stronger: S&P Global

<ul><li>The <keyword id="6355253" type="UNKNOWN" weightage="60" keywordseo="federal-reserve">Federal Reserve</keyword> announced Monday it will begin purchases of individual corporate bonds.</li><li>The move comes nearly three months after first unveiling the Secondary Market <keyword id="2348310" type="ORGANIZATION" weightage="60" keywordseo="corporate-credit">Corporate Credit</keyword> facility and one month after it began buying corporate-credit ETFs through the program.</li><li>The <keyword id="6358156" type="ORGANIZATION" weightage="60" keywordseo="central-bank">central bank</keyword> will "create a corporate bond portfolio that is based on a broad, diversified market index of US corporate bonds," according to a <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20200615a.htm">press release</a>.</li><li>The <keyword id="45672" type="ORGANIZATION" weightage="60" keywordseo="Fed">Fed</keyword>'s late-March announcement of its move into corporate bond purchases set a floor for risk assets and helped valuations rebound from their pandemic-induced lows.</li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurlutm_campaign=bodyurl">Visit the Business Insider homepage for more stories</a>.</li></ul>The Federal Reserve announced Monday it will begin buying individual corporate bonds 85 days after unveiling the purchase policy and alleviating intense credit-market pressures.The program, also known as the Secondary Market Corporate Credit Facility, will take in up to $250 billion in corporate bonds from eligible issuers. The Fed can also tap $25 billion in funding assistance from the Treasury Department as set aside by the CARES Act. The central bank updated the program to "create a corporate bond portfolio that is based on a broad, diversified market index of US corporate bonds," according to a <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20200615a.htm">press release</a>. The portfolio will complement purchases of corporate-credit exchange-traded funds through the SMCCF <a href="https://markets.businessinsider.com/news/stocks/federal-reserve-emergency-corporate-bond-etf-purchases-coronavirus-policy-economy-2020-5-1029191923">since May 12</a>.Individual bond-buying will begin on Tuesday, according to a separate <a href="https://www.newyorkfed.org/newsevents/news/markets/2020/20200615">statement</a> from the New York Fed.Read more: <a href="https://www.businessinsider.com/stock-market-investing-picks-retail-traders-beat-wall-street-goldman-2020-6">Main Street traders have been crushing Wall Street in recent months. Goldman Sachs breaks down what retail investors should buy to keep winning — and lists the 12 stocks leading the charge.</a>The Fed's first purchases of individual bonds arrive months after the program's March 23 reveal set the bottom for risk <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>. Investors flocked back to stocks and corporate debt after the announcement, heralding the facilities as a backstop for both asset classes. Before any individual bonds were taken up by the Fed, the S&amp;P 500 rallied out of its coronavirus slump on the policy-fueled optimism and hope for a rapid economic recovery.The central bank has taken in roughly $5.5 billion through its ETF purchases so far. Its Primary Market Corporate Credit Facility, which will focus on buying debt directly from firms, is not yet operational and can take in up to $500 billion of corporate credit.The Fed's announcement helped stocks erase the last of their early losses.Participating issuers need to have been rated investment-grade as of March 22 to participate in the Fed's individual bond purchases, according to a term sheet. Bonds bought on the secondary market must also have remaining maturities of five years or less. The junk-bond market is still receiving some central bank aid from its ETF purchases.The central bank also opened <a href="https://markets.businessinsider.com/news/stocks/feds-main-street-lending-program-is-accepting-registrations-loans-2020-6-1029309577">its Main Street Lending Program on Monday</a> to lender registration. The move allows banks to sign up for offering loans to eligible small- and medium-sized businesses. The Boston Fed will soon begin purchasing 95% of loans made through the Main Street program.The $600 billion facility was also revealed in late March but has run late in starting operations due to last-minute changes, chairman Jerome Powell said during a Wednesday press conference.Now read more markets coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/blackrock-etf-stay-at-home-stocks-coronavirus-pandemic-remote-work-2020-6-1029309643">The world's largest asset manager plans to launch an ETF focused on stay-at-home companies</a><a href="https://www.businessinsider.com/us-economic-recovery-slowed-by-uneven-health-efforts-fed-president-2020-6">US economic recovery being slowed by 'uneven' public health responses, Dallas Fed president warns</a><a href="https://www.businessinsider.com/stock-market-short-selling-andrew-left-citron-bets-hertz-nikola-2020-6">Famed short-seller Andrew Left breaks down why he's betting against these 4 companies — including Hertz and Tesla competitor Nikola</a>

The Fed begins purchases of up to $250 billion in individual corporate bonds

Washington, <keyword id="10305627" type="UNKNOWN" weightage="20" keywordseo="sidney-powell">Sidney Powell</keyword>, the <keyword id="6356325" type="UNKNOWN" weightage="20" keywordseo="lawyer">lawyer</keyword> who spearheaded outgoing US President <keyword id="6354484" type="PERSON" weightage="20" keywordseo="Donald-Trump">Donald Trump</keyword>'s failed attempt to overturn the 2020 presidential election result, has been sued for $1.3 billion by the <keyword id="10569060" type="UNKNOWN" weightage="20" keywordseo="American-Corporation">American corporation</keyword> that makes voting machines. In the defamation suit filed on Friday, the Denver-based Dominion Voting Systems chronicled some 40 of Powell's public statements that spread "wild" and "<keyword id="10569062" type="UNKNOWN" weightage="20" keywordseo="demonstrably-false">demonstrably false</keyword>" allegations, reports Xinhua news agency. The "viral disinformation campaign" that Powell mounted "to financially enrich herself, raise her public profile, and ingratiate herself to Donald Trump", deeply damaged the reputation and resale value of Dominion, the suit said. There are "mountains of direct evidence" disproving Powell's election fraud claims about the company's machines, that have resulted in "Dominion's founder, Dominion's employees, Georgia's governor, and Georgia's secretary of state" being harassed and receiving death threats," the 124-page lawsuit further said. Dominion CEO John Poulos also said in a statement that the lawsuit aimed to clear his company's name through a full airing of the facts about the 2020 election. Powell is best known for her defence of Enron Corp. executives Ken Lay and Tom Skilling, who bilked thousands of investors and employees out of around $60 billion in 2001, the New York Times reported in 2005. Lay left behind "a legacy of shame" characterized by "mismanagement and dishonesty", Bloomberg news said in a repor, and in 2009, Portfolio.com ranked Lay as the third-worst American CEO of all time. Powell, 65, now will be forced to defend her central role in the fantasy story that the 2020 election was stolen from Trump. Ironically, Dominion systems were also used in many counties that voted for Trump, and all of Powell's lawsuits involving the fraud claims have failed in court due to lack of evidence. For weeks, Powell claimed that Dominion was established with communist money in Venezuela to enable ballot-stuffing and other vote manipulation, and that those abilities were harnessed to rig the election for Joe Biden. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-delivers-yet-another-strong-quarter-with-16-growth-in-profit-as-covid-drives-tech-spending/articleshow/80173561.cms">TCS delivers yet another strong quarter with 16% growth in profit as COVID drives tech spending</a> <a href="https://www.businessinsider.in/retail/news/dmart-the-nearly-two-trillion-dollar-indian-retailer-may-post-strong-earnings-watch-out-for-the-progress-on-e-commerce/articleshow/80172629.cms">DMart, the nearly two trillion dollar Indian retailer, may post strong earnings ⁠— watch out for the progress on e-commerce</a> <a href="https://www.businessinsider.in/business/startups/news/oyo-bags-a-7-4-million-cheque-as-pandemic-forces-ritesh-agarwal-to-reimagine-the-business/articleshow/80170847.cms">OYO bags a $7.4 million cheque as pandemic forces Ritesh Agarwal to reimagine the business</a>

Donald Trump's lawyer sued for 1.3 billion by American Corporation

New Delhi, The Centre has expanded its <keyword id="10476381" type="UNKNOWN" weightage="20" keywordseo="strategic-disinvestment-plan">strategic disinvestment plan</keyword> for <keyword id="10476379" type="UNKNOWN" weightage="20" keywordseo="current-fiscal-initiating">current fiscal initiating</keyword> the sell-off plan for <keyword id="782091" type="DOMAIN" weightage="20" keywordseo="Shipping-Corporation-Of-India-Ltd">Shipping Corporation of India Ltd</keyword> (SCI) by inviting expression of interest from potential interested parties. The <keyword id="26362" type="ORGANIZATION" weightage="20" keywordseo="Government">government</keyword> proposes to sell its entire shareholding of 63.75% in the listed entity to a buyer that will takeover the company with full management control. The proposed initiation of strategic sale plan for SCI is the second big initiative by the Centre after two of its entities - Air India and BPCL have reached advanced stages of bidding to sell the entire government equity. For the strategic disinvestment of Shipping Corporation of India (SCIL) EoI and PIM (preliminary information memorandum) have been published, DIPAM Secretary Tuhin Kanta Pandey said in a tweet. Interested players have to submit initial bids by February 13, 2021, said a preliminary information memorandum document. <keyword id="10476380" type="COMPANY" weightage="20" keywordseo="rbsa-capital-advisors">RBSA Capital Advisors</keyword> is the transaction advisor to the disinvestment. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-spicejet-interglobe-aviation-tata-motors-pfizer-asian-paints-niit-lupin-and-others/articleshow/79849749.cms">Top stocks to watch – SpiceJet, InterGlobe Aviation, Tata Motors, Pfizer, Asian Paints, NIIT, Lupin, and others</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms?upcache=2">Mrs Bectors Food Specialities IPO allotment today: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/business/startups/news/google-microsoft-invest-in-dailyhunt-for-its-short-video-platform-josh-making-it-the-latest-unicorn-in-india/articleshow/79850804.cms">Google, Microsoft invest in DailyHunt for its short video platform Josh – making it the latest unicorn in India</a>

Government invites bids for selling its stake in Shipping Corporation of India

<div class="KonaFilter image-container float_right"><div class="image on-image">REUTERS/Lucy NicholsonShareholder activist John Chevedden, 67, talks to a Reuters reporter after the DreamWorks Animation SKG Inc stockholder meeting in Hollywood, California May 29, 2013.</div></div>LOS ANGELES (Reuters) - Shareholder activists come in different flavors. One is the deep-pocketed investor, such as Carl Icahn or Dan Loeb, who takes big stakes in companies and forces management to change strategy.
Another type is the persistent provocateur who buys a handful of shares and agitates on a shoestring. That's John Chevedden.
Now 67 years old, Chevedden launched his career as an activist - he rejects the term "gadfly" - after being laid off from the aerospace industry in the early 1990s.
Since then, he has unleashed a relentless flow of shareholder proxy measures at some of the largest U.S. companies.
Even skeptics grant that Chevedden has become one of the most influential U.S. shareholder activists. James Copland of the Manhattan Institute, a free-market think tank, says Chevedden is "leading the intellectual curve, getting proposals out there before they start to get traction." Texas attorney Geoffrey Harrison, who has faced Chevedden on behalf of corporate clients, describes him as possibly the most persistent sponsor of shareholder resolutions ever.
Chevedden's method is to target deep-in-the-weeds details of corporate governance, such as how often directors are elected and when shareholders can call special meetings of investors. The measures, he says, are meant to give shareholders more say and make executives more accountable, which in turn improve operations and boost value.
Last year, 50 of his proposals made it onto proxy statements, disclosures to shareholders on issues requiring a vote and related information. He successfully pushed through 58 proposals as of mid-September, the most of anyone this year. The resolutions won 41 percent of shares voted on average over both periods, in line with the overall average, according to corporate-governance researcher FactSet SharkRepellent.
He has helped persuade companies to make procedural changes, including grocer Whole Foods Market Inc's move to make it easier to remove directors. Two years before "say on pay" votes became widely required under U.S. law, he successfully pushed the utility holding company Edison International to give shareholders more influence over executive pay. This year, under pressure from Chevedden, Bank of America Corp required its chief executive to hold on to stock for at least a year after he retires.
The latest sign of his influence: Companies have begun suing Chevedden to keep his proposals off their proxies, with some arguing he can't prove he owns the shares needed to qualify. The lawsuits mean additional expenses for a man on a shoestring budget.
In a series of interviews, Chevedden said he's motivated by a desire to improve how companies are run and is disappointed when executives battle his ideas or shun him at shareholder meetings.
"It feels like I'm crashing the party," he says.
For all his notoriety in the board room, the bottom-line impact of Chevedden's work is hard to gauge. Big-money activists suggest the importance of small-scale operators like him is overstated. Chevedden's proposals generally seek procedural changes, and companies often aren't obliged to implement winning proposals.
Icahn, who became a billionaire through a brand of activism driven by the brute force of buying big stakes, said in an interview that Chevedden's approach does not "move the needle much." It's better for investors to put up their own directors, Icahn says, and negotiate from a position of strength.
"You can't get these guys on boards to be accountable, unless you have a lot of capital and a lot of firepower," Icahn said. "You get one or two of your candidates on the boards. That's how it's done."
Chevedden says the support he garners from shareholders "tells you that management could do a better job, and they should listen." Over the years, Chevedden guesstimates, his proposals may have added some $100 million of shareholder value. But there is no way to know for sure.
Told of Icahn's critique, Chevedden replied: "It's great what he can do with all that money."
<h3>SILENT GIANTS</h3>
In addition to small-time activists, labor unions - which hold shares through their pension funds - also lodge a large number of resolutions. In theory, there should be another thorn in the side of corporate managers: institutional investors such as mutual fund firms, which own vast swaths of shares in major companies. They, too, are in a position to push reform resolutions.
But data from SharkRepellent show that since 2005, there have been no shareholder proposals at S&amp;P 1500 companies by the largest fund families. Governance experts say part of the reason for the lack of push from big asset managers is simple: The payoff is often not direct and does not justify the cost.
Into the gap have stepped Chevedden and several like-minded allies, often supported by the votes of fund firms happy to let them take the lead.
Chevedden grew up in Southern California. He attended a Jesuit high school and what is now Loyola Marymount University, and eventually the University of San Francisco, another institution run by the Catholic religious order. He also earned an MBA from Pepperdine in 1984.
Chevedden worked at various aerospace companies over the years, including Allied Signal Inc, now part of Honeywell International Inc, and Hughes Aircraft, then part of GM. His jobs included scheduling parts orders for satellites or turbochargers, and he says he had to learn how to hold engineers accountable.
"I had to know enough about what they were doing that they couldn't feed me baloney," he said.
In 1991, at the age of 45, Chevedden was laid off by Hughes, during a time of major retrenchment in the aerospace industry at the end of the Cold War.
Chevedden responded by filing a complaint against Hughes with the Equal Employment Opportunity Commission, alleging age and gender discrimination. (Two other employees with the same job who were not laid off were women, records showed). The EEOC turned down the claim.
Around the same time, he read the 1991 book "Power and Accountability" by Robert Monks and Nell Minow, which drew more attention to shareholder rights. He filed his first shareholder proposal in 1994: a request that GMput on its 1995 proxy a measure to have it disclose more details of employment practices at Hughes.
<h3>FIRST BATTLE</h3>
In his filing, Chevedden described the move as intended to promote morale among "dedicated employees who made a valuable contribution to Cold War Victory." He denies it was an attempt to get back at Hughes.
The effort failed. Citing Chevedden's EEOC complaint, GM won the SEC's permission to drop the measure, under rules allowing it to skip proposals related "to the redress of a personal claim or grievance or to further a personal interest." A GM spokesman said executives would not comment on Chevedden's work.
Chevedden regrouped. He looked up corporate governance experts such as Bart Naylor, a union official at the time, who urged him to push ideas that big fund managers would back. The next year Chevedden landed a measure at GM calling for an independent board chairman. The measure won just 15 percent of shares voted, but Chevedden was on his way.
Chevedden says he is now more selective in his targets. Any resolution he files now, Chevedden says, must be one that "seems to be good policy and seems to get votes."
A bachelor, Chevedden lives in a rented apartment in Redondo Beach, California. He wears a 1990s-era Timex watch, and frets over postage and printing costs. He is known to arrive at meetings on foot or by bus. But he gets some respect in high places.
In May, Chevedden put on a suit and took the Los Angeles subway to the annual shareholders meeting at DreamWorks Animation SKG. There, the Hollywood studio's Chief Executive Jeffrey Katzenberg and Chairman Mellody Hobson - about to marry Star Wars creator George Lucas - walked across the room to say hello to Chevedden.
After the meeting got under way, though, Chevedden began quizzing Hobson on Katzenberg's pay as the CEO twisted in his chair nearby. Chevedden also spoke in favor of a proposal that would diminish the voting power of shares for company insiders. "Without a voice, shareholders cannot hold management accountable," he read from a script. The measure failed to pass.
A DreamWorks spokeswoman said executives had no comment.
At most of the companies where Chevedden invests, he owns just around the minimum amount of shares needed to be eligible to file a resolution, or $2,000 worth. He said he owns shares in about 100 companies, choosing them both for growth opportunities and for the chance to sponsor resolutions.
He also uses his father's holdings and teams up with like-minded small investors, such as William Steiner and his son Kenneth, based in New York. (Chevedden's father, Ray Chevedden, passed away on Saturday.)
Chevedden declined to talk about his finances and portfolio in much greater detail.
Company executives and lawyers say there is no reasoning with him. "Some of his proposals are good, but you can never talk to him about his positions or his supporting statement. He wouldn't change them voluntarily," says Gregory Lau, General Motors' retired director of corporate governance, who was on the receiving end of many of Chevedden's proposals.
Chevedden says few companies offer substantial changes when they reach out. "They want to talk you to death," he says.
Now with dozens of proposals a year, Chevedden tracks his work on a document with codes. A typical entry, ESRX=WCjc=55•, signifies a proposal he landed on an Express Scripts Holding Co proxy to allow shareholders to take actions such as changing company bylaws by "written consent," rather having to hold a meeting. It won 55 percent of votes cast in May 2012.
Allies and opponents alike marvel at Chevedden's focus on such minutia. "He has attention-surplus disorder," says Naylor, the governance specialist and former union official.
His meticulous approach extends to hobbies. A car buff, Chevedden co-authored a book listing 100 years of Oldsmobile cars with details such as their weight and number of engine cylinders.
<h3>COURT PRESS</h3>
Chevedden and former SEC attorney Keir Gumbs estimate that among the hundreds of requests that companies have made to the regulator over the years to block Chevedden's proposals, they have succeeded about half the time. In recent years, some companies have opened a new line of attack against him - lawsuits.
Since 2010, energy company Apache Corp and engineering firm KBR Inc have successfully sued to leave Chevedden's proposals off their proxy statements, claiming in part that he failed to prove owning shares.
In June, trash services company Waste Connections Inc won a judgment after suing to exclude from its proxy statement a board-declassification proposal that Chevedden brought with an ally, James McRitchie, publisher of the website corpgov.net. The proposal to have all directors face election every year, instead of only some of them, is seen as making it easier for activists to push for changes. Chevedden and McRitchie have appealed.
Some worry about the companies' decision to go to court. While they have the right to do so, "these straight-to-court challenges may be used as a scare tactic" to deter shareholder proponents, especially smaller ones with fewer resources, said Ann Yerger, executive director of the Council of Institutional Investors, which represents big pension funds and other investors.
Chevedden told a judge in 2010 that he was "disadvantaged by the extreme expense" of Apache's litigation. He regards the suits as an attempt to silence him.
A Waste Connections spokesman declined to comment. Apache Senior Vice President Sarah Teslik says the company turned to the courts mainly for a new legal perspective rather than to silence anyone. Teslik also says Apache often reaches out to shareholders to work things out directly.
"If you want to solve a problem, you talk about it," Teslik says. But when it comes to Chevedden, "He doesn't try to talk to us; he tries to attack."
Geoffrey Harrison, the Texas-based corporate attorney, represents KBR. He said via e-mail that while the engineering company has moved to elect all its directors at once, as Chevedden had urged, several other shareholders had sought the same change. "Chevedden certainly is not responsible for the company's decision," Harrison says.
Chevedden says he doubts KBR would have acted without his prodding. Perhaps only someone with his relentless focus could have come this far. When executives offer what he considers to be poor compromises, he says: "I tell them, 'good shouldn't be the enemy of better.'"
(Edited by Richard Valdmanis, Paritosh Bansal and Michael Williams)

This Man Has Quietly Transformed Corporate America

<table class="image-container float_right" width="200"><tr><td><div class="image"></div>Aimee Groth / Business Insider</td></tr></table>When Ron Johnson first took the helm of <keyword id="1402916" type="COMPANY" weightage="60" keywordseo="JCPenney">JCPenney</keyword>, he saw a culture of complacency. He tried to fix it, implementing ideas he learned from his previous jobs at Apple and Target.
It hasn't worked.
Employees are mad and speaking out — from <a href="http://www.businessinsider.com/inside-jcpenney-2013-2">home office execs to the frontline store workers</a>.
Companies around the world have made all sorts of different cultures work, yet JCPenney seems to have missed the mark.
What exactly is wrong with the <keyword id="139203" type="UNKNOWN" weightage="60" keywordseo="corporate-culture">corporate culture</keyword> at JCPenney?
We talked to Chris DeRose, co-author of “<a href="http://www.amazon.com/Judgment-Front-Line-Companies-Trusting/dp/159184388X" target="_blank">Judgment on the Front Line: How Smart Companies Win by Trusting Their People</a>.”
"It’s not clear that there is a JCP culture anymore," said DeRose. "Visit the job boards or read the press and you find open disregard for senior management. Walk around your local store and you’re likely to meet a disengaged employee."
JCPenney <a href="http://www.businessinsider.com/jcpenney-coo-michael-kramer-culture-2013-2">COO Michael Kramer despised the old culture</a> and wanted to change it.
"I hated the old culture," <a href="http://online.wsj.com/article/SB10001424127887324338604578324431500236680.html">he told The Wall Street Journal</a>. "It was pathetic."
Yet, not enough has been done to build a new culture at JCPenney. It's stuck in a period of chaos.
"Insufficient time has been spent defining what the new culture will be," said DeRose. "Rather than just indict the old culture, the company needs to invest in defining an energizing vision of what it will be that employees can buy into at a local level." 
It didn't help that the new practices he brought from Apple were shunned by workers from the old era of JCPenney.
"Some of these – flashy presentations with a 'big reveal,' hyper-secretiveness – don’t translate well when you have over one hundred thousand employees who are concerned about their jobs amid layoffs," said DeRose.
DeRose contrasted what's happening at JCPenney with what Yum! Brands CEO David Novak did at his fast food giant.
See, Yum! had three totally different cultures at its big brands: KFC, Pizza Hut, and Taco Bell.
But Novak didn't impose his own cultural definition on his minions.
"He engaged management in defining a distinctive culture that is in large measure responsible for their enormous success," explained DeRose. 
"This isn’t just management fluff," he continued. "<keyword id="6354851" type="ORGANIZATION" weightage="100" keywordseo="Retail">Retail</keyword> is a contact sport and how employees feel when they show up for work directly impacts the customer experience."

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