Airline CEOs warn against 5G rollout, Credit Suisse chairman ousted, Exxon makes net-zero pledge
Yahoo Finance's Julie Hyman reports on trending business news as airline CEOs warn against 5G rollout, Credit Suisse chairman is sacked for breaching COVID-19 rules, and Exxon Mobil plans to reach zero emissions by 2050 in response to climate change pressure.
Video Transcript
- Major US airlines are warning of an impending quote, "catastrophic aviation crisis," with the deployment of AT&T and Verizon's 5G service. It's set to roll out tomorrow. Now in a letter to aviation authorities, the CEOs of American, Delta, JetBlue, and United, among several others, wrote the potential interference from 5G could render aircrafts unusable. They claim this could cause chaos for US flights, and potentially strain tens of thousands of Americans overseas. This is not the first time they've made this argument, and that rollout of 5G tomorrow was already delayed.
Credit Suisse chairman Antonio Horta-Osorio resigned Monday following a board investigation into travel that breached COVID-related quarantine rules, and also his personal use of corporate aircraft. In a statement, Horta-Osorio said, I regret that a number of my personal actions have led to difficulties for the bank. My resignation is in the interest of the bank and its stakeholders at this crucial time. The company says board member Axel Lehmann was appointed to take over as chairman, effective immediately.
And ExxonMobil says it plans to reach zero-net greenhouse gas emissions from its operations by 2050. The company which has been facing pressure from investors to address climate change says it has identified 150 modifications of its practices to help reach that goal. The new policies, though, stopped short of including scope three emissions. Those are produced by the combustion of fuels by drivers and other companies along Exxon's supply chain. Those tend to be the hardest for companies to control or compensate for.
