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Good afternoon. The embattled CEO of General Electric is stepping down, ending a tumultuous 16 years in the role. The timing is a bit surprising, writes Bloomberg Gadfly columnist Brooke Sutherland, given that just weeks ago he was defiantly touting his accomplishments. Meanwhile, another CEO with a rocky tenure — Travis Kalanick of Uber — may be taking a leave of absence. That timing is less surprising. It would add to the growing list of unfilled executive positions at the ride-hailing company. —Megan Hess
Jeff Sessions will testify publicly to the Senate Intelligence Committee, a high-stakes event that comes days after fired FBI Director James Comey’s dramatic appearance. Several senators have said they want the attorney general to explain his role in firing Comey and whether President Trump attempted to interfere with federal investigations into any of his associates. Sessions "believes it is important for the American people to hear the truth directly from him and looks forward to answering the committee’s questions tomorrow," a Justice Department spokeswoman said Monday.
SpaceX joins the military. SpaceX’s first gig for the military was in May when it launched a satellite for the National Reconnaissance Office. But in a quite public sense, Elon Musk and the government this summer will test the theory that cheaper space launches are suitable for sensitive military missions. In August, SpaceX will carry one of the Pentagon’s premiere yet highly classified platforms into orbit.
A second federal appeals court blocked Trump’s revised travel ban, even as he presses the Supreme Court to reinstate it. The ruling is the latest in a series of court rebukes to the president’s efforts to halt U.S. entry from Iran, Libya, Somalia, Sudan, Syria and Yemen for 90 days while the American government reviews screening procedures. The U.S. Court of Appeals in San Francisco said the president exceeded his authority with the sweeping travel restrictions.
Changes are coming at Uber. The ride-hailing company plans to begin implementing recommendations from an investigation into workplace sexual harassment, and will outline them to employees on Tuesday. On the agenda at a six-hour board meeting on Sunday was a possible leave of absence for CEO Travis Kalanick; Kalanick confidant and head of business, Emil Michael, is leaving the company. Uber is also planning to appoint Wan Ling Martello, an executive vice president at Nestle, to the board.
A new CEO at GE. Jeffrey Immelt is stepping down as chairman and chief executive of General Electric, bringing to an end a 16-year tenure in which he dramatically reshaped the manufacturing powerhouse but failed to win over Wall Street. Amid mounting pressure from activist investor Trian Fund Management, GE said that Immelt will be replaced by John Flannery, a 30-year company veteran who oversaw a jump in profits at the health-care unit.
My lawyers got Trump to admit 30 lies under oath, Timothy L. O’Brien writes for Bloomberg View. “A decade ago, my lawyers questioned Trump under oath during a deposition in a libel case he filed against me for a biography I wrote, ‘TrumpNation.’ (Trump lost the case in 2011.) Trump had to acknowledge 30 times during that deposition that he had lied over the years about a wide range of issues.”
Collapsible suitcases will save your small apartment. If shoving your suitcase into your closet is more painful than packing, here’s your salvation. Collapsible luggage has graduated beyond its early phases of experimental design: No fewer than four exemplary suitcases have come on the market in recent months, each with an origami-like quality that facilitates compact storage.