Pat Gelsinger will replace Robert Swan as chief executive of Intel, the company announced.
Credit…Vmware/Via Reuters

Pat Gelsinger, a veteran technology executive and former chief technology officer at Intel, is returning to the big chip maker as chief executive next month, the company announced Wednesday morning.

Mr. Gelsinger will replace Robert Swan, who became Intel’s chief in January 2019, after a stint as chief financial officer.

Intel is under pressure from Third Point, an activist hedge fund, that has acquired a stake in Intel and urged it to rethink its business, including using contract manufacturers instead of spending so heavily on its own factories.

Intel has faltered in its efforts to make the most advanced microprocessors, with shipment schedules slipping.

But in its news release, Intel said it expected to surpass its previous guidance for fourth-quarter 2020 revenue and earnings per share. Those results will be announced on Jan. 21.

Intel is benefiting from a pandemic-fueled surge in sales of personal computers as workers have upgraded their laptops and desktops for working from home. Intel chips are the processing engines of most personal computer — though Apple, for example, is moving away from Intel chips, adopting its own custom-designed microprocessors.

Intel’s stock market performance has lagged behind that of Nvidia, a leader in graphics chips used in computing for artificial intelligence, and Advanced Micro Devices, a longtime smaller rival to Intel in the microprocessor market.

Mr. Gelsinger is chief executive of VMware, a leading maker of data center software. At Intel, which he left in 2009, Mr. Gelsinger rose through the ranks for 30 years.

He is a seasoned executive who is also an engineer, with degrees from Santa Clara University and Stanford University.

Intel shares rose over 8 percent in early morning trading.

Airbnb’s headquarters in San Francisco.
Credit…Gabrielle Lurie/Reuters

Airbnb, likely the biggest player in the short-term rental market, will cancel all reservations made in the Washington area next week and block new rentals, the company announced in a statement Wednesday.

The decision came after the police and elected officials warned Americans not to travel to Washington for the inauguration of President-elect Joseph R. Biden Jr., citing the risk of the spread of the coronavirus and the threat of another attack similar to last week’s violent siege at the Capitol.

Law enforcement authorities have warned of threats of violence ahead of the inauguration on Jan. 20, and National Guard troops have flooded Washington in response. On Monday, the leaders of the District of Columbia, Virginia and Maryland issued a joint statement telling potential visitors not to travel to the area, citing both the coronavirus pandemic and the riot.

Already, 16 groups — some of them armed and most of them supporters of President Trump — have registered to stage protests in Washington, though Mayor Muriel Bowser has asked federal officials to cancel any public gathering permits issued.

Earlier in the week, Airbnb said it would review reservations in the Washington area and cancel those it determined were made by members associated with extremist or hate groups. On Wednesday, it said it would take the broader step of canceling all reservations in response to pleas for people not to attend.

Ms. Bowser and the governors of Virginia and Maryland “have been clear that visitors should not travel to the D.C. Metro area for the Inauguration,” the company said in a statement. “Additionally, we are aware of reports emerging yesterday afternoon regarding armed militias and known hate groups that are attempting to travel and disrupt the Inauguration.”

Airbnb said it would refund guests for their reservations and reimburse hosts at its own expense.

The company also said it had banned “numerous individuals” associated with known hate groups or otherwise involved with the mob at the Capitol. Airbnb, through a spokesman, declined to provide more details.

  • Financial markets looked set for another calm day, despite turmoil elsewhere.

  • The S&P 500 and FTSE 100 were both unchanged, while the Stoxx Europe 600 was slightly higher.

  • Energy prices rose with futures on West Texas Intermediate crude up 0.3 percent to $53.37 a barrel. Futures on the U.S. crude benchmark have risen for seven straight days, the longest streak in two years.

  • The yield on 10-year U.S. Treasury bonds fell for a second consecutive day to 1.12 percent. Last week, the yield climbed above 1 percent for the first time since March. On Tuesday, two Federal Reserve policymakers said that it was too soon to consider when the central bank would taper its bond-buying program, saying any pullback in monetary stimulus didn’t need to be considered while the pandemic was still raging.

  • U.S. lawmakers on Wednesday moved toward impeaching President Trump, the United States set another record for the number of deaths in a single day from the coronavirus, and other countries around the world strengthened restrictions as they rush to vaccinate as many people as possible.

  • Intel jumped more than 10 percent after CNBC reported that the company’s chief executive was planning to step down next month. The company is under pressure from an activist hedge fund that is urging it to explore restructuring options.

  • Shares of Carrefour, the large French retailer, surged after reports that the owner of Circle K stores was exploring a takeover of the grocer. The deal would value Carrefour at about $20 billion, Bloomberg reported.

  • Telefonica rallied after it said it was selling more than 30,000 telecommunications towers in Europe and Latin American to American Tower, based in Boston, for about $9.4 billion.

FedEx handled 6.2 million air packages a day last year, a 48 percent increase over 2016.
Credit…Hunter Kerhart for The New York Times

Hoping to catch up to a surge in demand for the speedy delivery of goods in the pandemic, airports are building new hubs for air cargo carriers.

Since the pandemic started nearly a year ago, 15,000 fewer people arrive and depart daily from the Cincinnati/Northern Kentucky International Airport, known as CVG. But its four runways handle a record amount of air cargo — nearly 4,000 tons a day. A new construction project there will become the center of Amazon Air’s national air transport network, writes Keith Schneider for The New York Times.

The new facility, under construction on a 640-acre site along the airport’s southern boundary, is scheduled to open in the fall. It will feature a 798,000-square-foot sorting center, seven-level parking structure and acres of freshly poured concrete to accommodate 20 aircraft.

The new building is a signal measure of Amazon’s influence as the largest online retailer and its dedication to fast delivery. Both have helped generate a wave of air cargo construction at airports across the United States.

  • FedEx, the world’s largest air cargo carrier, just opened a $290 million, 51-acre project at the Ontario International Airport in Southern California.

  • Ted Stevens Anchorage International Airport, the second-largest air cargo airport in the United States after Memphis International Airport, is planning for $500 million in new freight and package handling and sorting facilities.

  • At Chicago Rockford International, plans are underway to build a 90,000-square-foot cargo facility. As soon as it opens in the spring, the airport will start another 100,000-square-foot cargo project for DB Schenker, Emery Air and Senator International.

“The traffic in cargo is responsible for all the new demand at airports now,” said Rex J. Edwards, an industry analyst and vice president of the Campbell-Hill Aviation Group, a Northern Virginia consulting firm. “That is the evolution of the business now.”

“I would just lay in bed and think about it,” said Stefan Thomas, who has two guesses left to figure out a password that is worth, as of this week, about $220 million
Credit…Nicholas Albrecht for The New York Times

Of the existing 18.5 million Bitcoin, around 20 percent — currently worth around $140 billion — appear to be in lost or otherwise stranded wallets, according to the cryptocurrency data firm Chainalysis. Wallet Recovery Services, a business that helps find lost digital keys, said it had received 70 requests a day from people who wanted help recovering their riches, three times the number of a month ago.

The cryptocurrency’s unusual nature has meant that many people are locked out of their Bitcoin fortunes as a result of lost or forgotten keys. They have been forced to watch, helpless, as the price has risen and fallen sharply, unable to cash in on their digital wealth.

Bitcoin owners who are locked out of their wallets speak of endless days and nights of frustration as they have tried to get access to their fortunes. Many have owned the coins since Bitcoin’s early days a decade ago, when no one had confidence that the tokens would be worth anything.

The quandary is a stark reminder of Bitcoin’s unusual technological underpinnings, which set it apart from normal money and give it some of its most vaunted — and riskiest — qualities. With traditional bank accounts and online wallets, banks like Wells Fargo and other financial companies like PayPal can provide people the passwords to their accounts or reset lost passwords.

Bitcoin has no company to provide or store passwords. But the structure of this system did not account for just how bad people can be at remembering and securing their passwords.

“Even sophisticated investors have been completely incapable of doing any kind of management of private keys,” said Diogo Monica, a co-founder of a start-up called Anchorage, which helps companies handle cryptocurrency security. Mr. Monica started the company in 2017 after helping a hedge fund regain access to one of its Bitcoin wallets.

  • Visa and the financial technology start-up Plaid abandoned their $5.3 billion merger on Tuesday, citing a Justice Department antitrust lawsuit. The agreement between Visa and Plaid, a service that allows companies and apps to securely share customer data, was challenged in November by Justice Department officials who said the credit card giant was trying to eliminate a “nascent threat” to its online payments business. The leaders of Visa and Plaid said they disagreed with the Justice Department’s stance but decided not to fight the lawsuit.

  • Boeing’s outstanding plane orders shrank by 500 in 2020, though its fortunes began to shift at the end of the year after the Federal Aviation Administration allowed the aircraft maker’s troubled 737 Max to fly again after a 20-month grounding. The company said Tuesday that it had received orders for 90 new planes in December, most of which were part of a previously announced deal with the European airline Ryanair. The company also sold eight 777 freighters to DHL, the shipping company. Those orders were offset by 107 cancellations in the month.

Source link