Rollin’ and tumblin’: In a move that surprised Wall Street, Vikram Pandit abruptly stepped down as CEO of Citigroup this morning after steering the bank through the 2008 financial crisis and the choppy years that have followed. Pandit’s replacement, effective immediately, is Michael Corbat, the current CEO of Citigroup’s Europe, Middle East and Africa division, the bank says. Pandit will also relinquish his seat on Citi’s board of directors. And a second top executive also resigned as part of the shake-up: President and Chief Operating Officer John Havens, who also served as CEO of Citi’s Institutional Client Group. The full story is here.
Money’s getting shallow and weak: Higher gas costs drove up U.S. consumer prices in September for the second straight month. Outside energy, there was little sign of inflation. The Labor Department reports this morning that the consumer price index rose a seasonally adjusted 0.6% last month, matching the August increase. In the past 12 months, prices have increased 2%. That’s in line with the Federal Reserve’s inflation target. Excluding volatile food and energy costs, prices rose just 0.1%. In the past year, so-called core prices have increased 2%. The Associated Press has more details here.
Made in China, by kids: The company that manufactures Apple’s iPhone says it has found underage interns as young as 14 working at one of its factories in China. Foxconn Technology Group says the interns were found by a company investigation at its factory in the eastern city of Yantai and were sent back to their schools. China’s minimum legal working age is 16. Foxconn, owned by Taiwan’s Hon Hai Precision Industry Co., says it was investigating with schools how the interns were sent to its factory. It didn’t say how many underage interns it found. Read the full story here.
Today’s poll question: Will you watch the second debate between President Barack Obama and GOP challenger Mitt Romney, airing tonight?
Editor’s note: Daily Report is compiling a list of endorsements for candidates in the East Baton Rouge Parish mayoral, Public Service Commission District 2 and Louisiana Supreme Court 5th District races. You can check it out here; and if your association or organization has an endorsement in one of these races you’d like to share, please email it to ssanoski@businessreport.com.
Editor’s note: A story that was published in Daily Report PM on Monday incorrectly identified Marc Morial as the father of Cheri Morial Ausberry. Marc Morial is her brother. Ausberry’s father is Ernest “Dutch” Morial. Ausberry is also no longer chairwoman of the Downtown Development District. Daily Report regrets the errors.
