
Canada's aviation firm CAE taps Northrop Grumman's Matthew Bromberg as CEO
Bromberg, set to join on August 13, will be succeeding Marc Parent, who has been at the helm since 2009 and had announced his departure in November last year.
Bromberg has been working as the head of global operations for Northrop Grumman since 2022 and has also worked for RTX Corp (RTX.N), opens new tab, leading its military engine business.
The appointment follows activist investor Browning West in December pushing to have a say in hiring CAE's new top boss, after building a 4.3% stake in the company.
CAE also announced that former Air Canada CEO Calin Rovinescu will become executive chairman of the board, while the past CEO of Hydro-Quebec Sophie Brochu will serve as lead independent director.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Daily Mail
9 minutes ago
- Daily Mail
Social Security makes screeching U-turn on controversial policy
Social Security will continue mailing paper checks — in a major U-turn from a previously announced plan. The agency had planned to halt checks after September 30 to cut costs and reduce fraud, shifting entirely to electronic payments. Paper checks cost about 50 cents to issue, compared with 15 cents for direct deposits, officials said. But the agency has now reversed course, saying that it will continue to issue paper checks for Americans who have no other means of getting payments, a spokesperson confirmed to This includes both recipients of retirement and disability benefits. Despite the about-face, the agency urged people to switch to direct deposit if they can. 'We will continue to drive down paper check volume, which is less than 1 percent of total,' the spokesperson said. The news comes as a grim new forecast this week warned Social Security's retirement fund is set to run short in just seven years — which could end up meaning benefits will be slashed for millions of recipients. The check U-turn came after pushback from Massachusetts Democratic Senator Elizabeth Warren. Warren met with Social Security Commissioner Frank Bisignano on Wednesday and asked about the plan to discontinue paper checks, according to CBS News. 'There are about 600,000 Americans who still receive their paper checks — it's a small fraction of people who receive Social Security payments, but it's a population that often needs checks through paper' instead of through electronic deposit, Warren said. She added that Bisignano made a commitment that 'no one would be left behind.' Millions of Americans are 'unbanked,' which means they do not have a traditional checking or savings account at a bank or credit union. The reasons why can vary, from past money mistakes to losing a job or not having enough money to meet minimum balance requirements. These people tend to rely on alternative banking services, such as check cashing establishments, in order to access vital funds. But paper checks are also more than 16 times more likely to be reported stolen or lost compared to electronic transfers, according to government data. There is also a higher chance that they will be returned deliverable or altered. The policy reversal came after pushback from Massachusetts Democratic Senator Elizabeth Warren Social Security relies on its trust funds to provide monthly benefit checks to around 70 million Americans who still receive paper checks but are able to switch can provide a bank account or credit union for direct deposits or an approved pre-paid debit card. Registration can be completed at the government's Go Direct website. The policy reversal comes after latest forecasts painted a grim picture for the future of the program. Social Security's retirement fund is set to run short in just seven years — which could end up slashing benefits for millions of Americans by thousands of dollars a year. According to latest projections, retirees could face automatic 24 percent benefit cuts as early as the end of 2032. This means a couple who both worked would receive $18,100 less each year if they retire at the start of 2033. The new forecast from the nonpartisan Committee for a Responsible Federal Budget (CRFB), released Thursday, moves up the insolvency date for both Social Security and Medicare trust funds. A projection just last month had funds lasting until 2033, but that has already been revised. A major factor is the impact of President Donald Trump's 'Big, Beautiful Bill ', which experts warned would speed up the use of funds.


Reuters
an hour ago
- Reuters
Is it time to say goodbye to capital gains taxes on your home?
NEW YORK, July 25 (Reuters) - This was originally published in the On The Money newsletter, where we share U.S. personal finance tips and insights every other week. Sign up here to receive it for free. Is it time to say goodbye to capital gains taxes on your home? The biggest personal finance story (in my humble opinion!) this week is news that President Donald Trump is considering removing capital gains taxes on home sales. "If the Fed would lower the rates, we wouldn't even have to do that," Trump told reporters in the Oval Office. "But we are thinking about no tax on capital gains on houses." Under current law, homeowners can exclude up to $250,000 (single filers) or $500,000 (joint filers) in gains from the sale of a primary residence. These thresholds haven't changed since 1997, opens new tab! A National Association of Realtors study, opens new tab found that 34% of homeowners (29 million) could already have enough equity in their homes to exceed the $250,000 cap, and more than 10% (8 million) could have enough to surpass the $500,000 threshold. Congress recently passed legislation that made permanent broad tax cuts passed in 2017 during Trump's first presidency. The bill also fulfilled Trump's campaign promises to include new tax breaks for tips, overtime pay, seniors and auto loans. Here is a look at who could gain, opens new tab from an end to capital gains taxes on home sales. What do you think about eliminating capital gains taxes on your home? Would you be more likely to sell your home? Write to me, and let me know your thoughts. Have you noticed lower prices at the pump lately? U.S. gasoline prices could fall below $3 a gallon this summer for the first time in over four years as a stretch of bad weather dampens fuel demand and a jump in imports fills inventories. Gasoline prices are in a lull, a boon for Americans traveling this summer. Consumers endured record prices at the pumps after Russia's 2022 invasion of Ukraine upended energy markets. Summer is typically the peak season for gasoline consumption in the U.S., but demand is lower this year. More fuel-efficient vehicles on the road and post-pandemic changes in driving patterns – particularly remote work – are expected to permanently reduce U.S. gasoline consumption from its peak in 2018. How will lower gas prices impact your driving habits? Coke's shift to cane sugar would be expensive, hurt US farmers Goldman, BNY team up to launch tokens tied to money market funds Trump executive order to help open up 401(k)s to private markets, opens new tab Delta plans to use AI in ticket pricing draws fire from US lawmakers Luxury heavyweights struggle to shake off shopper fatigue What is behind the latest rally in meme stocks? How Americans handle late-career layoffs, opens new tab Preserve capital, don't swing for the fences, portfolio manager says Big Alcohol prepares to fight back as buzzy cannabis drinks steal sales ARE YOU HOLDING TOO MUCH TECH? Is your portfolio bursting with technology stocks? Equity investors are probably overweighted in technology, given the strong performance run of the past two years. Indeed, the stocks that comprise the Magnificent Seven are up almost 25% in the past year vs. 17% for the Nasdaq Composite index. More recently, the performance of the Magnificent Seven (which includes Google and Tesla) is mixed. But they have all rebounded since April from a selloff following Donald Trump's "Liberation Day" announcement of sweeping global tariffs. The group amounted to one-third of the weight of the S&P 500 as of Friday, due to their massive market caps, their largest combined presence since the start of the year, according to LSEG Datastream. My retirement portfolio is invested in target-date funds, which are rebalanced on a regular basis, so the tech position is about 24%, which is slightly below its average peers. Are you overloaded in tech right now or have you adjusted your portfolio in recent weeks? Let me know your thoughts on the Magnificent Seven or the broader tech sector!


Reuters
an hour ago
- Reuters
US government says Virginia school gender policies unlawful
July 25 (Reuters) - The U.S. Department of Education on Friday said five school districts in Democratic-leaning northern Virginia were violating federal law by allowing transgender students to use bathrooms and other facilities matching their gender identity. The agency gave the districts which educate about a third of Virginia's public school students, 10 days to agree with its findings or face possible "enforcement actions" by the Department of Justice, the education department said in a statement. The department's action followed an investigation into the districts based on a complaint by the conservative America First Legal Foundation, whose founder is senior White House aide Stephen Miller. "It's time for northern Virginia's experiment with radical gender ideology and unlawful discrimination to come to an end," Craig Trainor, a civil rights official at the education department, said in the statement. In a series of executive orders, Republican President Donald Trump has banned transgender people from serving in the military, barred transgender girls and women from competing in female sports and ordered an end to federal funding for school programs that include 'gender ideology.' Prince William County Public Schools, one of the five districts named, said on its website it was reviewing the agency's conclusions. It and another of the districts, Alexandria City Public Schools, issued separate similar statements saying they were committed to providing safe learning environments for all students. Arlington Public Schools, Fairfax County Public Schools and Loudoun County Public Schools did not immediately respond to requests for comment. LGBTQ advocacy group GLAAD, which monitors Trump's administration, did not immediately respond to a request for comment Virginia's Republican Governor Glenn Youngkin has fought to abolish policies at school districts in largely Democratic areas that allow transgender people to be treated according to their gender identity. In a statement, Youngkin said the education department's findings showed "commonsense is back." Among other actions, the education department called on the five school districts to "voluntarily agree" to tell schools that bathroom-access policies must separate students on the basis of sex at birth. Separately, a complaint by another conservative think tank has triggered a U.S. Education Department investigation into Oregon schools for allowing transgender girls to compete in female-only sporting events. The America First Policy Institute, whose former chair is Secretary of Education Linda McMahon, alleged Oregon's Department of Education prohibited schools from excluding transgender athletes, violating federal sex discrimination laws, the federal agency said in a statement. The organization applauded the probe announced on Friday, with executive general counsel Jessica Hart Steinmann saying it was "a vital step toward restoring equal opportunity in women's athletics." Supporters of Trump's ban on transgender girls from female sports believe the action restores fairness. LGBTQ+ advocates say transgender athletes comprise a small minority of school athletes and bans on their participation further stigmatize a vulnerable population. A spokesperson for the Oregon Department of Education declined to comment, citing ongoing litigation filed against the agency by parents of female student athletes.