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Former Fidelity Investments chief Ned Johnson dies aged 91

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Former Fidelity Investments chief Ned Johnson dies aged 91

Edward “Ned” Johnson, who led the transformation of Constancy Investments into one of many world’s largest asset administration teams, has died at age 91, his daughter and successor Abigail introduced on Thursday.

Johnson ran Boston-based Constancy, which had been based by his father and namesake, for practically 40 years. By the point he stepped down as chief government in 2014 the regional household agency had turn out to be a behemoth, accountable for managing practically $5tn.

Whereas on the helm, Johnson spearheaded using mutual funds in retirement financial savings and pioneered direct gross sales to retail traders. He additionally revolutionised short-term financial savings by permitting shoppers to write down checks off cash market funds.

Alongside the best way, he leaned exhausting into new expertise, pushing for the acquisition of the agency’s first laptop in 1965 and the introduction of its first name centre for potential shoppers in 1974. Ten years later, Constancy computerised buying and selling with floppy discs that enabled prospects to purchase and promote shares, and it arrange the primary webpage for a mutual fund household in 1995.

Born and raised in Massachusetts, Johnson attended Harvard and served within the Military earlier than becoming a member of the household agency in 1957. He personally managed Constancy’s Magellan fund earlier than handing it off to Peter Lynch, whose success as an energetic supervisor helped make the corporate well-known.

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Personal and reserved, Johnson hardly ever spoke at public occasions or gave interviews. At Constancy, he used what Lynch as soon as described as “the smallest CEO workplace on the earth”. When Johnson retired, Lynch informed the Boston Globe, “He by no means bragged about something, and he’d discuss shares or corporations he’d purchased up to now that didn’t work. He was very open to self-criticism.”

Regardless of that, Johnson proved reluctant at hand over the reins of the corporate, keeping off Abigail Johnson’s first try to take over in 2004 by issuing further shares within the household enterprise. He then moved her out of her position operating the mutual fund arm into office pensions. At his loss of life he managed a fortune of $11.5bn, making him the sixtieth wealthiest particular person in America, in accordance with Forbes. His three youngsters maintain practically $40bn extra.

Johnson died at house in Florida, surrounded by his household, Abigail Johnson mentioned. “He liked his household, his co-workers, work, the inventory market, artwork and antiquities, tennis, snowboarding, crusing, historical past, and a superb debate. He might be counted on to have the contrarian view on absolutely anything,” she wrote on LinkedIn.

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Map: 5.2-Magnitude Earthquake Strikes Southern California

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Map: 5.2-Magnitude Earthquake Strikes Southern California

Note: Map shows the area with a shake intensity of 4 or greater, which U.S.G.S. defines as “light,” though the earthquake may be felt outside the areas shown. The New York Times

A moderately strong, 5.2-magnitude earthquake struck in Southern California on Tuesday, according to the United States Geological Survey.

The temblor happened at 9:09 p.m. Pacific time about 14 miles southwest of Lamont, Calif., data from the agency shows.

As seismologists review available data, they may revise the earthquake’s reported magnitude. Additional information collected about the earthquake may also prompt U.S.G.S. scientists to update the shake-severity map.

Aftershocks in the region

An aftershock is usually a smaller earthquake that follows a larger one in the same general area. Aftershocks are typically minor adjustments along the portion of a fault that slipped at the time of the initial earthquake.

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Quakes and aftershocks within 100 miles

Aftershocks can occur days, weeks or even years after the first earthquake. These events can be of equal or larger magnitude to the initial earthquake, and they can continue to affect already damaged locations.

Source: United States Geological Survey | Notes: Shaking categories are based on the Modified Mercalli Intensity scale. When aftershock data is available, the corresponding maps and charts include earthquakes within 100 miles and seven days of the initial quake. All times above are Pacific time. Shake data is as of Wednesday, Aug. 7 at 12:36 a.m. Eastern. Aftershocks data is as of Wednesday, Aug. 7 at 11:40 a.m. Eastern.

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Ukraine presses on with surprise military incursion into Russia

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Ukraine presses on with surprise military incursion into Russia

Ukraine launched rocket and drone attacks as its forces expanded their operation inside Russia’s Kursk region, on the second day of a bold incursion that has forced Moscow to redeploy troops from the Ukrainian front.

Vladimir Putin said the attack, one of the largest since the Russian president launched his full-scale invasion of Ukraine in 2022, was a “major provocation”. On Wednesday he accused Kyiv’s forces of “firing indiscriminately” at civilian targets with missiles.

Russian authorities reported 28 residents had been wounded and at least five killed, according to the Tass news agency. Kyiv has not commented on the operation.

The attack comes at a critical moment for Ukraine, which is steadily losing territory to Russia’s larger army, still struggling to replenish and motivate its battered forces and faces a potential collapse in US support if Donald Trump secures a second term as president in November.

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Ukrainian units launched the surprise operation on Tuesday morning. Heavy battles continued through the night and on Wednesday.

Kyiv’s forces have since taken control of a handful of villages, shot down aircraft and destroyed military vehicles, according to Russia’s defence ministry. Pro-Kremlin military bloggers, eyewitnesses and videos and photos reviewed by the Financial Times corroborated the reports.

Ukraine has launched cross-border raids into Russia before, using Russian citizens fighting for Kyiv in units operating under the command of Kyiv’s military intelligence directorate, the GUR. But this incursion appears to be more significant in terms of the forces deployed.

“Compared to previous cross-border operations, this one is notable in that it appears to involve Ukrainian conventional forces and not just from GUR,” said Rob Lee, a senior fellow in the Foreign Policy Research Institute’s Eurasia programme.

Alexei Smirnov, the region’s acting governor, claimed the situation was “under control” and authorities were evacuating residents from border areas coming under artillery fire.

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Smirnov said an unspecified number of civilians had died during the fighting, as well as others who were injured.

Putin said he had ordered officials to organise further aid to local residents and promised to give further orders after meeting with his security cabinet on Wednesday.

Russia’s defence ministry said it had prevented Ukrainian forces from advancing deeper through a series of air strikes and troop deployments at the border.

Russian President Vladimir Putin, chairing a meeting
Russian President Vladimir Putin, chairing a meeting on Wednesday, says the attack is a ‘major provocation’ © Valery Sharifulin/Pool/AFP/Getty Images
A still from an eyewitness video shows a fighter jet
A still from an eyewitness video shows a fighter jet flying over the border region © Reuters

According to authorities in Ukraine’s Sumy region bordering Kursk, Russian forces had retaliated with aerial attacks on Wednesday. Air defences had downed “a ballistic missile, two UAVs, and one helicopter” over the Sumy region, they said.

Moscow claimed to have destroyed 50 armoured vehicles and killed 260 Ukrainian troops. Kyiv did not comment on its alleged casualties.

Ukrainian troops also took hold of a gas transit station at Sudzha on one of the few remaining pipelines supplying Russian gas to Europe, according to Rybar, a news outlet close to the Russian defence ministry.

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Pro-Kremlin accounts on Telegram posted video and drone footage of Sudzha that showed the town had all but been destroyed in the fighting. Sudzha’s mayor told state newswire RIA Novosti that the situation there was “very tense” as locals tried to evacuate.

A Ukrainian official involved in the Kursk operation told the FT that special forces from the security service of Ukraine, the SBU, had “shot down a Russian helicopter using a [first-person view] drone” in what it called a “unique special operation in the history of war”.

A video provided to the FT shows the SBU drone striking the rear propeller of the Russian Mi-28 helicopter as the screen turns black. It is unclear whether the helicopter crashes after the strike.

Separately, Deep State, a Ukrainian analytical group with ties to the defence ministry, said a Russian Ka-52 helicopter involved in the fight had been shot down in Kursk region and shared a photo of it in flames.

One video published by Ukrainian Telegram channels close to the military claimed to show Russian prisoners taken during the operation being marched through a field. Another purported to show interrogations with the captured men.

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Some analysts believe Kyiv’s main objective may be to try to force Russia to redeploy forces from eastern Ukraine, where it has made significant gains in recent weeks.

Mick Ryan, a retired Australian army major general who is now a senior fellow for Military Studies at the Lowy Institute in Sydney, said another potential motive is political.

“The government of Ukraine want to shift momentum and the strategic narrative, and have directed such an operation,” he said.

The Ukrainian territory captured by Russian troops since early May is nearly double that which Ukraine’s military liberated a year ago, according to research by Pasi Paroinen of the Black Bird Group, an open-source military research group based in Finland.

Mykhailo Zhirokhov, a Ukrainian military analyst, told Kyiv’s Radio NV on Wednesday that the operation in Kursk appears to have forced some Russian units positioned near the Donetsk region city of Siversk to reinforce units to the north.

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But other analysts questioned the effectiveness of the Kursk operation at a time when Ukraine’s army is already struggling to defend a frontline that stretches more than 1,000km with limited human and materiel resources.

“Given defensive pressures elsewhere . . . the strategic rationale for this operation at this time is difficult to fathom,” said Ryan, the retired Australian army major general.

Lee of the Foreign Policy Research Institute said it was unlikely that Ukraine’s brazen incursion would have a significant impact on the course of the war.

“A limited operation might be able to achieve limited goals, but a more ambitious operation carries greater risks.”

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Trump 'thrilled' with Harris tapping 'very liberal' Tim Walz as running mate: 'Shocking pick'

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Trump 'thrilled' with Harris tapping 'very liberal' Tim Walz as running mate: 'Shocking pick'

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Former President Trump reacted Wednesday morning to Minnesota Gov. Tim Walz being tapped as Kamala Harris’ running mate, saying he “could not be more thrilled” that the vice president made the “shocking pick.”

“He’s a very, very liberal man, and he’s a shocking pick. I could not be more thrilled,” Trump told the “Fox & Friends” co-hosts during an exclusive interview. 

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Trump then recalled one of the “only” times he had interacted with him, explaining how Walz reached out to him for help during the pandemic because his house was surrounded by anti-lockdown protesters. 

“They only had one guard, I guess it was at the mansion or his house in some form,” he said. “And he called me and I said, ‘What do you want me to do about it?’ I was in the White House. He said, ‘If you would put out the word that I’m a good person, and I did, I put out the word I said, ‘He’s a good person. I hope everything’s good.’ And everybody put down their flags and took their flags with them.”

“But they took the American flags and their MAGA flags and they left it. It was thousands of people,” he continued. 

The former president warned Walz is more radical than Harris on key issues like immigration and crime, as critics worry the Harris-Walz ticket could be the most far-left in the nation’s history. 

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If you look at his record with no walls, no security, let everybody in. He’s worse than they are,” he said. “Nobody knew how radical left she was, but he’s a smarter version of her, if you want to know the truth.”

“There’s never been a ticket like this,” he continued. “This is a ticket that would want this country to go communist immediately, if not sooner. We want no security. We want no anything. He’s very heavy into transgender. Anything transgender he thinks is great, and he’s not where the country is on anything.”

MEET KAMALA HARRIS’ RUNNING MATE WHO CALLED REPUBLICANS ‘WEIRD PEOPLE’

Harris announced on Tuesday she chose Walz to be her vice presidential running mate, just hours before the pair made their first public appearance together at a campaign rally in Philadelphia. 

“I am proud to announce that I’ve asked @Tim_Walz to be my running mate,” Harris officially announced on X. “As a governor, a coach, a teacher, and a veteran, he’s delivered for working families like his.” 

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The naming of the 60-year-old Walz was not a shocker, as his name was instantly thought to be in contention in the two weeks since Harris succeeded President Biden as the party’s standard-bearer.

“This is a shocking pick, and I think it’s very insulting to Jewish people,” Trump said. “And I think it’s very insulting to people that want security. I think it was very insulting to anything having to do with making America great again.”

Walz, a former congressman, is in his second term as governor of Minnesota, a state that Democrats have reliably won in presidential elections for decades but that the Trump campaign has aimed at flipping this cycle.

Fox News’ Paul Steinhauser, Brooke Singman and Chris Pandolfo contributed to this report. 

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