Chattanooga planners approve South Broad plan
Chattanooga planning panel Monday accepted the South Broad District study that suggests new housing, a revitalized Howard School and more entertainment including a multi-use ballpark.
Eric Myers, who heads the Chattanooga Design Studio, offered a summary of the 128-page plan issued late last month after a series of public meetings that drew several hundred people to offer a vision for that area’s future.
City Councilman Erskine Oglesby Jr. told the Chattanooga- Hamilton County Regional Planning Commission that he sees the plan as transformational to the district bounded by vacant foundry land, Howard, Interstate 24 and Chattanooga Creek.
The report foresees new housing along with commercial and retail space, upgraded parks, streets, sidewalks and other infrastructure, including a minor league ballpark and entertainment facility to serve as a catalyst for development.
The city council will have a chance to adopt the plan April 10.
Trump wants EU to reduce its tariffs
President Donald Trump said Monday the U.S. Commerce Secretary will talk to the European Union about tariffs Trump argues have been unfair to the United States.
Trump wrote on Twitter: “Secretary of Commerce Wilbur Ross will be speaking with representatives of the European Union about eliminating the large Tariffs and Barriers they use against the U.S.A. Not fair to our farmers and manufacturers.”
The president announced last week that the United States would impose heavy tariffs on imported steel and aluminum, with some countries potentially exempted. Amid fears of a global trade war, the 28-member European Union is among those seeking exemptions.
U.S. Trade Rep. Robert Lighthizer met Saturday with European Trade Commissioner Cecilia Malmstroem to discuss the tariffs and the exemption procedures. Malmstroem said she got “no immediate clarity on the exact U.S. procedure.”
Over the weekend, Trump argued that the U.S. has been abused economically by the EU, saying they were “wonderful countries who treat the U.S. very badly on trade.” According to an EU statement, the average EU tariff is 3 percent, compared to the United States’ average of 2.4 percent. The EU imposes a 10 percent tariff on cars, versus America’s 2.5 percent.
Bank of America CEO Moynihan earns 250 times median
Bank of America CEO Brian Moynihan’s 2017 compensation was 250 times more than the total pay of the bank’s median employee, according to the company’s annual proxy filing Monday.
Public companies such as Charlotte-based Bank of America for the first time are disclosing the ratio of their CEO’s pay to the median employee.
Moynihan, CEO since 2010, received total compensation of $21.8 million in 2017, which includes stock awards and health insurance benefits. That compared with $87,115 for the median employee, according to the filing.
Bank of America said it calculated its median employee pay by using base salary as of October 1 and estimated overtime, plus cash bonuses for 2016 and stock awards granted in 2017.
“We invest in our employees at all levels in the company by rewarding performance that balances risk and reward, empowering professional growth and development, and by offering affordable benefits and programs that meet the diverse needs of our employees and their families,” the company said in the filing.
Next Goldman CEO moonlights as DJ
The most closely watched contest on Wall Street appears to have been settled.
Goldman Sachs Group said Monday that Harvey M. Schwartz would retire, likely clearing the way for his fellow president and co-chief operating officer, David M. Solomon, to become the company’s next chief executive.
The surprise announcement reflected a decision by Goldman’s board of directors in late February to anoint Solomon as the eventual successor to the bank’s current chief executive, Lloyd C. Blankfein. Goldman, for decades the most prestigious firm on Wall Street, has lost some of its sheen in recent years, with its profitability dented by a sharp slowdown in trading of bonds, currencies and other assets. Despite the challenges, though, its stock price is trading at a record high.
Solomon and Schwartz are longtime managers of separate arms of the company. Solomon – who moonlights as DJ D-Sol, spinning electronic dance music – is a veteran investment banker.