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Mathias Döpfner is a polarising figure in Germany. Lefties loathe him for leading Axel Springer, a publishing giant, because of the aggressive gutter journalism of Bild, its flagship tabloid that helps set the tone of the political debate. Conservatives take umbrage at his provocative pronouncements. And jealous types of all stripes envy his transformation from music critic to media mogul, who in 2020 received Springer shares worth a cool €1bn ($1.1bn) from Friede Springer, widow of the firm’s eponymous founder, as a gift. Listen to this story. Enjoy more audio and podcasts on More

The charismatic corporate climber is a common target for resentment in office life. He—and research suggests men are particularly given to such narcissism—hogs the spotlight in meetings, is adept at grabbing undeserved glory, and is a pro at self-promotion. More often than not, he is the boss’s pet. But he rises on the back of another, unsung, corporate archetype: the competent, diligent but unexciting achiever.Listen to this story. Enjoy more audio and podcasts on More

IN THE POPULAR imagination, a corporate board seat looks like the cushiest sinecure in business. Board members appear to get paid—often handsomely—to attend a few meetings a year and to nod knowingly as the chief executive pontificates on strategy. They seldom make the news unless the occasional tut-tut results in the CEO being shown the door, or an activist investor campaigns for a seat at an iconic company (as has happened in recent months at Disney, Salesforce and Tesla). Once the errant boss is out or the activist campaign is over, either because it succeeded or, as in Disney’s case, the challenger is placated with concessions, the board slinks back into comforting obscurity.Listen to this story. Enjoy more audio and podcasts on More

Shares of FTSE 100-listed aviation manufacturer Rolls-Royce soared, after the company’s annual results sharply beat expectations.
Rolls Royce recorded £652 million ($786 million) of underlying profit last year, £238 million higher than in 2021 — exceeding analyst forecasts near £478 million, as polled by Reuters.
The company attributed the results to recovering demand for international travel.

Rolls Royce Trent XWB engines, designed specifically for the Airbus A350 family of aircraft, are seen on the assembly line at the Rolls Royce factory in Derby, November 30, 2016.
Paul Ellis | Reuters

Shares of London-listed aviation manufacturer Rolls-Royce soared Thursday, after the company sharply beat expectations with a 57% year-on-year increase in underlying profit, driven by its civil aerospace and power systems.
Its stock was up by 23% at roughly 1:30 p.m. London time. The company recorded £652 million ($786 million) of underlying profit last year, £238 million higher than in 2021 — exceeding analyst forecasts near £478 million, as polled by Reuters. Rolls-Royce’s free cash flow from continuing operations added £2 billion on the year to £505 million in 2022.

The company attributed the results to recovering demand for international travel, noting a 35% year-on-year hike in large engine flying hours for civil aerospace. The aviation sector is recovering from the severe pressure suffered during the Covid-19 pandemic, when lockdowns and higher barriers to passenger entry choked international mobility.
Rolls-Royce said it will make no shareholder payments for the 2022 financial year, but pledged to return to an investment grade credit rating and resume the practice, without specifying a timeline.
The company is undergoing a transformation program to improve its performance in 2023, led by Tufan Erginbilgic — the former BP executive who succeeded Warren East in January. The program will include a strategic review, with Rolls-Royce set to announce its ensuing medium-term goals in the second half of this year.
The company projects “a continued recovery in our end markets” and further increases to returns in 2023, issuing operating profit guidance between £0.8 billion and £1 billion and a fresh cash flow outlook of £0.6 to £0.8 billion.
The surge brings Rolls-Royce shares in line with the Deutsche Bank analysts’ price target of £1.36.

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Electric vehicle maker Lucid on Wednesday reported fourth-quarter revenue that fell short of expectations.
It built just 7,000 of its Air luxury sedans last year amid manufacturing challenges but expects to make between 10,000 and 14,000 vehicles in 2023.
The company ended the year with about $4.4 billion in cash and roughly $500 million available via lines of credit, enough to last until the first quarter of 2024, chief financial officer Sherry House told CNBC.

Electric vehicle start-up Lucid on Sept. 28, 2021 said production of its first cars for customers has started at its factory in in Casa Grande, Arizona.

Electric vehicle maker Lucid on Wednesday reported fourth-quarter revenue that fell short of expectations after building just 7,000 of its Air luxury sedans last year amid manufacturing challenges. But the company said it expects to make between 10,000 and 14,000 vehicles in 2023.
Shares of the company fell roughly 7% in afterhours trading.

Here’s what the company reported for the fourth quarter of 2022:

Loss per share: 28 cents
Revenue: $257.7 million, vs. $303 million, according to Refinitiv consensus estimates

Lucid’s quarterly revenue marks a sharp increase from the same period last year, when it had just begun production of the Air sedan and brought in $26.4 million. The company’s bottom line likewise improved, coming in narrower than the 64-cent loss per share it posted in the year-ago period.

The company ended the year with about $4.4 billion in cash and roughly $500 million available via lines of credit, enough to last until the first quarter of 2024, chief financial officer Sherry House told CNBC. Lucid had $3.85 billion in cash as Sep. 30; it raised an additional $1.5 billion from Saudi Arabia’s Public Investment Fund and other investors via an equity offering in December. The Saudi public wealth fund owns about 62% of Lucid.
Lucid said in January that it produced 7,180 vehicles in 2022, well below its original expectation of 20,000 for the year but enough to beat the lowered guidance it provided in August. But it delivered just 4,369 of those Air sedans to customers before year-end.
“Our goal in 2023 is to amplify our sales and marketing efforts to get this amazing product into the hands of even more customers around the world,” CEO Peter Rawlinson said.

Lucid said it had more than 28,000 reservations for its vehicles as of Feb. 21, down from “over 34,000” reservations in its last update on Nov. 7.
The company said in April that Saudi Arabia’s government had agreed to buy up to 100,000 of its vehicles over the next 10 years. Those vehicles aren’t included in its reservation totals.

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FedEx pilot leaders passed a resolution approving a strike authorization vote.
FedEx pilots have been in negotiations with company management since May 2021.
The resolution comes after the approval of similar strike authorization votes at Southwest Airlines and Delta Air Lines.

FedEx Express pilots picket outside the New York Stock Exchange (NYSE) in New York, on Monday, Sept. 26, 2022.
Michael Nagle | Bloomberg | Getty Images

The union representing FedEx pilots unanimously approved a strike authorization vote last week, according to a Wednesday press release.
Contract negotiations between FedEx management and the FedEx Express Master Executive Council of the Air Line Pilots Association International have stalled, with no future talks scheduled, the release said.

“The decision to move closer to a strike authorization vote is the result of nearly six months of federally mediated negotiations that has led to our disappointment with FedEx management’s actions at the bargaining table,” said FedEx MEC chair Captain Chris Norman.
FedEx pilots have been in negotiations with management since May 2021. According to a statement on the FedEx pilots’ website, pilot leaders allege the company has failed to “acknowledge pilot contributions.”
“ALPA leadership’s approval to possibly conduct a strike authorization vote at some future time has no impact on our service as we continue delivering for our customers around the world,” FedEx said in a statement.
Tensions have been high as the airline industry rebounds from the Covid-19 pandemic, leading to record losses of around $35 billion in 2020. Contract talks with pilots and flight attendants were further derailed by the pandemic, all while the industry faces a pilot shortage and rising costs.
A strike would occur only if negotiations break down and the federal government authorizes a walkout following required procedures of the Railway Labor Act. Both sides would have to be released from mediation by the National Mediation Board, which was brought in to assist with contract negotiations in October.

After 30 days, pilots and management could exercise self-help, which could include a union strike or a company lockout.
“FedEx pilots are committed to reaching a deal with management, but we will not waiver in our commitment to deliver a contract that rewards pilots for their sacrifices to build FedEx into the global leader it is today,” Norman said. “Although a strike authorization vote has not been called at this time, our customers and shareholders should be aware that the pilots may be headed in that direction shortly.”
A statement by pilot leaders says FedEx customers should plan alternative means in the event of a pilot strike. Only a few items for negotiation remain, the statement says.
The update comes a month after the Southwest Airlines pilots’ union called a vote to authorize a potential strike after souring contract negotiations. Delta Air Lines pilots also voted to authorize a potential strike in November.
Unions representing about 30,000 pilots combined at American Airlines and United Airlines rejected potential contracts in November.
— CNBC’s Leslie Josephs contributed to this report.

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Terran Orbital announced a $2.4 billion contract to build communications satellites for Rivada Space Networks.
The spacecraft builder will design, manufacture and deploy 288 satellites for Rivada, as well as 12 spare satellites, for a total contract of 300 satellites.
“I believe this is the largest small [satellite] deal in the history of small sats – I don’t know any deal that is larger,” Terran cofounder, chairman and CEO Marc Bell told CNBC.

The company’s banner above the New York Stock Exchange on March 28, 2022.
Terran Orbital

Terran Orbital shares surged on Wednesday after the company announced a $2.4 billion contract to build communications satellites for Rivada Space Networks.
“I believe this is the largest small [satellite] deal in the history of small sats – I don’t know any deal that is larger,” Terran cofounder, chairman and CEO Marc Bell told CNBC.

The spacecraft builder will design, manufacture and deploy 288 satellites for Rivada out of Terran’s Tyvak subsidiary based in Irvine, California. It will also build 12 spare satellites, for a total contract of 300 satellites, and develop portions of the ground support for the constellation.
“It solidifies our place as the manufacturer of small sats of choice … we’ve been doing a lot of work for the government and the intelligence community, and now we’re doing it for the commercial side as well,” Bell said. “I think people can now draw a very confident line on our path to profitability, our path to growth and they could see how we’re gonna get there.”
Rivada Space Networks Executive Chairman Declan Ganley declined to specify how much his company has in financial commitments from investors, but told CNBC the amount is “sufficient to meet our obligations for the foreseeable future.”

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Terran stock jumped as much as 101% on Wednesday, before paring those gains to finish up 71% at $2.93 a share. The stock has slid steadily since its debut just over a year ago, when it finished its first day of trading at $11.80 a share.
“We are, in my opinion, still dramatically undervalued. The stock has moved up a little bit, compared to where it was, but it’s way down off its highs,” Bell said.

Rivada’s business plan

Rivada Space Networks Executive Chairman Declan Ganley speaks at the 2022 World Satellite Business Week in Paris, France.
Euroconsult Summits

Rivada aims to begin launching the satellites as early as 2025.
The company said that it can begin commercial service once 100 satellite are in orbit, with plans to increase its network to the 300 — and eventually 600 — satellites to improve global coverage and redundancy.
The company wants to build an interconnected global satellite network, with emphasis on high-speed and security. Rivada’s Chief Strategy Officer Diederik Kelder told CNBC that the difference between his company’s planned network and those like SpaceX’s Starlink is that the latter are “specifically designed for broadband.”
“We have designed our system from the get-go to cater to enterprise and government customers,” Kelder said. “You can use the system for other purposes, but it gives us a very specific edge in those markets.”

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A New Mexico prosecutor said Alec Baldwin was incorrectly charged with an extra penalty in the “Rust” movie set shooting case, according to the actor’s lawyers.
Prosecutors have since dropped the firearm enhancement for the charge, which would have brought a potential five-year prison sentence.
Baldwin still faces involuntary manslaughter charges with a possible 18-month prison sentence.

An image of cinematographer Halyna Hutchins, who died after being shot by Alec Baldwin on the set of his movie “Rust”, is displayed at a vigil in her honour in Albuquerque, New Mexico, October 23, 2021.
Kevin Mohatt | Reuters

A New Mexico prosecutor in the fatal “Rust” shooting case admitted Alec Baldwin was incorrectly charged with an extra penalty that comes with a potential five-year prison sentence, the movie star’s attorneys said in a court filing this week.
Baldwin’s lawyers had called the so-called firearm enhancement unconstitutional in a motion filed Feb. 10. They argued it was not applicable in Baldwin’s case because the law was changed in May 2022, seven months after the fatal on-set shooting of Halyna Hutchins in October 2021. Baldwin’s legal team withdrew their motion Monday.

Baldwin, a producer on the movie, was holding the gun that fired the bullet that killed Hutchins. The actor, who also starred in “The Departed” and “Beetlejuice,” has denied he pulled the trigger. The film’s armorer, Hannah Gutierrez-Reed, was also charged with two counts of manslaughter, one of which carried the gun enhancement. Gutierrez-Reed’s charges were also downgraded.
Two days after Baldwin’s defense filed the Feb. 10 motion, special prosecutor Andrea Reeb wrote in an email: “We are a tad confused on your motion on the firearm enhancement.” A spokesperson for the prosecution had also spoken to CNBC, saying that the motion to reduce the charges was only an attempt to distract from the criminal case. Prosecutors have referred to Baldwin’s lawyers as “fancy attorneys.”
But, according to the Baldwin team’s Monday filing, 22 minutes after Reeb sent that first email, she followed up: “Let me look at the specific numbers and sections and make sure we have it correct.”
A couple hours later, Reeb sent a third email, admitting that the prosecutors were wrong and that she “100 percent” agreed with Baldwin’s lawyers’ evaluation of the firearm enhancement.
“I will have our documents drafted to amend the criminal information to take off the firearm enhancement,” she wrote.

Prosecutors did not immediately respond to a request for comment.
The emails were sent on Feb. 12. Days later, the prosecutors officially downgraded the charges, removing the firearm enhancement that could have landed Baldwin more than five years in prison if convicted.
Baldwin’s attorneys want Reeb off the case. They filed a motion on Feb. 7, arguing that she is not “constitutionally permitted” to serve as a prosecutor on the case given that she also serves in New Mexico’s legislature. Article III of New Mexico’s constitution prohibits anyone who serves in one government branch to perform duties for another branch.
Baldwin still faces involuntary manslaughter charges with a possible 18-month prison sentence for his role in the fatal shooting of Hutchins, who was the cinematographer on the set of “Rust.”
In addition to the criminal case, Hutchins’ mother, father and sister filed a civil suit against Baldwin and others involved in the production of “Rust.” Hutchins’ widower, Matthew Hutchins, settled his own civil lawsuit against Baldwin in October. He is now an executive producer on “Rust.”
Producers announced earlier this month that “Rust” will resume filming this spring and that a documentary about Hutchins’ life and work will also begin production. The production will resume in Montana, producers said Wednesday.
Baldwin and Gutierrez-Reed are slated to make their first court appearances Friday morning local time in a remote hearing.

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