Business News


We've been hearing about it all week, but the moment has finally arrived. All eyes will be on Fed Chair Jerome Powell this morning as he speaks at the central bank's annual economic symposium in Jackson Hole. Actually, he won't be taking the podium in Wyoming, but will rather be dialing in for the second year in a row.

 

Tim Cook just received the tenth and final tranche of a pay deal he received after taking the top job at Apple a decade ago. The award consisted of 5M shares worth a total of $750M, giving the 60-year-old a net worth of over $2B. According to an SEC filing, Cook already sold most of the new stock from the compensation package, which required AAPL's return over the past three years to surpass at least two-thirds of companies in the S&P 500.

 

Fitness technology group Peloton delivered a disappointing sales outlook for the current quarter and warned that its profitability would be hit by higher commodity costs and lower prices for its most popular video-connected exercise bikes.  The company reported a net loss of $313.2m, and slashed the price of its bike by $400. 

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