Fraser replaces John Dugan, who has been chair since 2019 and will now become lead independent director. The board also granted a one-time equity award of $25 million that will vest fully within five years, to ensure “leadership continuity,” according to the filing.

The board says Citi’s recent performance improvement “is directly tied to Fraser’s track record as CEO” and cites as accomplishments the international business divestitures, hiring new executives, simplifying the bank’s structure and making progress on regulatory issues.

Citigroup cited Jane Fraser’s accomplishments, including international business divestitures, hiring new executives, simplifying the bank’s structure and making progress on regulatory issues. REUTERS

Fraser’s new dual role as CEO and board chair is similar to the ones held by Jamie Dimon at JPMorgan Chase and Ted Pick at Morgan Stanley. She became Citi’s CEO in 2021.

In a statement, Dugan said “Citi is in a fundamentally different place than it was when these roles were separated.”

Fraser said in a statement the bank has shown it can grow returns to shareholders.

The post Citi CEO Jane Fraser gets added title of chair of the board appeared first on Our Story Insight.

The new rules have been adopted by the regulatory board, with these now including advertisements not being placed in locations where they are likely to be seen by underage or vulnerable people.

Operators now must also maintain advertising records and include prominent, responsible gaming messages in advertising, marketing, and promotions.

“By adopting these measures, the IGB is building upon existing regulations to implement additional safeguards and standards that further protect the public and encourage responsible gambling habits,” said Illinois Gaming Board Administrator Marcus D. Fruchter.

“These regulations provide for clear, consistent, ethical, and transparent advertising and marketing guidelines for all casino, video gaming, and sports wagering operations under IGB jurisdiction.”

What changes have the Illinois Gaming Board made to advertising rules?

This crackdown on the rules was announced through a press release on August 4, with these changes now effective. This follows a public notice and comment period, along with approval from the Illinois General Assembly’s Joint Committee on Administrative Rules (JCAR) which took place on May 13, 2025.

Other changes include ‘prohibition from having advertisements or promotions published, aired, broadcast, displayed, or distributed on any college or university campus, or college or university media outlets such as college or university newspapers and radio or television broadcasts, or any sports venues used primarily for college and university events.’

There must also be the retention of copies of all advertising and marketing materials including a log of when and how those materials have been published, aired, displayed, or distributed.

Operators need to also give patrons the option to unsubscribe or opt out of advertising, marketing, or promotional materials. This request should be complied with as soon as practicable.

Problem gambling text, as determined by the Illinois Department of Human Services, needs to be included in all advertising and marketing materials too.

Featured Image: AI-generated via Ideogram

The post Illinois Gaming Board bans casino and sports wagering advertising on college campuses appeared first on Our Story Insight.

Betr’s bid was made on an all-scrip basis (meaning the offer comprises entirely shares in the acquiring company, rather than cash), in contrast to the cash offer from MIXI.

PointsBet is disputing the valuation put forward by Betr, due to how it is calculated. 

In an offer made directly to shareholders of the Australian gambling company, instead of its board, the buyer wants to acquire the shares at a ratio of 3.81 Betr shares for every PointsBet share. 

This produces a top-level valuation of AUS $1.22 per PointsBet share, but not everyone agrees. 

The board has outlined its assertion that the offer only amounts to AUS $1.03 per share when based on Betr’s 20-day volume-weighted average price (as of July 16), while raising further objections. 

Those reasons for not recommending the offer include the lack of a cash alternative, exposing shareholders to market volatility and liquidity risks, and a VIP-heavy customer base. PointsBet also flagged what it described as “sub-scale” sportsbook operation, dominated by horse racing.

In contrast, the offer from MIXI Australia, a subsidiary of the Japanese tech and media house, has received unanimous support from PointBet’s board. 

The all-cash proposal from MIXI presents an overall valuation of AUS $402 million, working out at $1.20 per share. 

Both entities are existing minority shareholders in the Australian betting company

This latest MIXI bid is now officially open, and presented with a recommendation to accept, but it stands out from previous offers as it has a lower shareholder acceptance requirement. 

It will need at least 50.1% approval from PointBet subscribers, but 17.18% has already been secured from the holdings of directors and pre-bid agreements from institutional holders.

Both Betr and MIXI are existing minority shareholders in PointsBet, with the former holding around 19.6%, compared to the latter’s 9.15%. 

Another intriguing aspect of the ongoing saga is what the prospective bidders will do with PointsBet’s Canadian operation. 

MIXI has not gone public with its true intentions, but it has gained regulatory approval in Ontario, where PB is still active, while it has the option of launching into Alberta, which will open a regulated betting market next year. 

Betr has indicated it sees the other business as ‘unprofitable’, with a non-binding agreement in place with Hard Rock Digital for the sale of PointsBet Canada for AUS $29.6 million. 

It would appear that the end of the line is near for Betr, but don’t rule it out just yet. 

“This is just the start of the value creation journey we envisage for Betr and PointsBet shareholders for the combined business,” it said when lodging its bid. 

Although PointsBet is clearly prioritizing MIXI, a fresh response from its competitor to the official rejection is likely in the coming days.

Image credit: PB

The post PointsBet board rejects Betr takeover bid, prioritizing MIXI offer appeared first on Our Story Insight.

The hearing, scheduled for Wednesday, August 13, will be a space for members of the public to comment on the renewal of the Category 2 Slot Machine Operator License for Stadium Casino, the operator of Live! Casino Philadelphia.

Those who want to offer an opinion, whether that’s local citizens, public officials, or community groups, can do so by speaking in person or submitting written testimony. Anyone attending in person is advised to arrive early and bring official identification, as required to enter the state office building. You’ll also need to register via the board’s website by Monday, August 11.

Set to take place at the Philadelphia State Office Building at 801 Market Street, a breakdown of all government officials, community groups, and individuals who have registered to speak at this hearing will be posted on the board’s website during the week prior to the hearing.

All casino licenses are due for periodic renewal in Pennsylvania, with the application requiring an update of all relevant information since the last renewal. This includes a part of the process for a public input hearing.

Why does a public hearing need to be held in Pennsylvania?

Such hearings are standard practice in Pennsylvania, the Director of the Board’s Office of Hearings and Appeals must hear documentary evidence and testimony to build up a record that the board will use in its licensing decision. The hearing record, along with a report from the Director of Hearings and Appeals, will be transmitted to the board for review.

Following on from this, a separate public hearing in Harrisburg at a later date will provide an opportunity for representatives of the casino licensee to present evidence and oral arguments. At that time, board members may also ask follow-up questions based on anything raised at either hearing.

The onus is on the applicant to demonstrate their eligibility for a gaming license. They must prove the brand’s good character, honesty and integrity, legal compliance, tax revenue generated, jobs created, and involvement in the surrounding communities, among other factors.

Based on all of this input, the board will then decide whether the license should be renewed for a further five-year period.

Featured image: Wikimedia Commons, licensed under CC BY-SA 2.0

The post Pennsylvania Gaming Control Board wants to hear public opinion on casino license renewal appeared first on Our Story Insight.

The board of the publicly-traded EV company technically works for its shareholders and because of that share price, it has allowed Musk to smoke pot on a podcast, thumb his nose at securities regulators, juggle multiple outside business interests, sell Tesla stock to buy Twitter, become President Trump’s “first buddy,” spend lots of time tweeting, and now — maybe —to start a new political party.

I say “maybe” because Elon’s latest side hustle could be where he’s gone too far, corporate governance experts and investors tell On The Money.

Elon’s latest side hustle could be where he’s gone too far, corporate governance experts and investors say. Jack Forbes / NY Post Design

Elon says he wants to start a new political party dedicated (at least according to a reading of his social media feed) to fiscal discipline, which he believes is missing from the two major parties that currently exist. This latest venture comes after he spent time and millions of dollars getting Donald Trump elected president, working in the White House in its cost-cutting efforts known as DOGE, then famously falling out with Trump over the president’s failure to deliver meaningful cuts in his “Big Beautiful Budget” that still produces a $2 trillion-plus annual deficit.

On The Money will leave the merits of his Trumpian tensions and the need for a third-party dedicated to reigning in our obviously perilous fiscal largesse for another column and will instead focus on whether Musk’s latest foray could land him in legal peril.

More From Charles Gasparino

The answer according to these people is yes. Finally, Musk might have to conform to some semblance of what is generally regarded as normal behavior for a CEO running a public company.

I know what you’re saying, why is starting a political party worse than everything else Musk has done? And why would a board known for its acquiescences to an imperial CEO finally grow a pair and exert its legal responsibility as fiduciaries for shareholders?

Recall Musk’s prior antics were taking place while Tesla’s shares were exploding in value, beating every metric as the EV car company became a symbol of the future for transportation. Tesla, from an operational standpoint, looked like a well-oiled machine, hitting its production targets and growing profits.

Trump and Musk sit in a Tesla at the White House in March. AFP via Getty Images

That was before Musk joined the Trump White House and became a political target, dragging Tesla along with him. The radical left vandalized Tesla dealerships, which is a law enforcement matter. The real problem was that Musk alienated Tesla customers, much of them left-leaning environmentalists who ride EVs as a political statement, and profits nosedived.

While Musk was spending so much time in the White House, Tesla has been missing delivery targets; it’s placing a big bet on autonomous cars, but that could deprive its staple EV of much needed R&D. The Big Beautiful Bill cuts EV subsidies, which Trump believes is at the heart of their feud, but now that their relationship keeps souring, Tesla could lose other forms of government support.

Charlie Gasparino has his finger on the pulse of where business, politics and finance meet

Sign up to receive On The Money by Charlie Gasparino in your inbox every Thursday.

Thanks for signing up!

Since the beginning of the year, shares are down around 20%; the S&P is up about 7%. All of which is putting pressure on Tesla’s board to intervene and set some ground rules on Musk starting a new political party, On The Money has learned.

Veteran tech analyst Dan Ives, a long-time Tesla bull, expects exactly that at the next company shareholder meeting scheduled for November after what appeared to be a long delay that prompted more investor backlash. Ives points out that Musk does have significant control of the company since he’s the largest individual shareholder.

But that doesn’t make him immune from shareholder pressure, and fiduciary responsibility that should be enforced by his board given all of the above, or they too could be on the hook for civil litigation and possible violations of securities laws by not creating some shareholder-friendly behavioral boundaries for their CEO.

It’s unclear, Ives says, whether this will preclude Musk from his third-party idea, but he says he expects the board to impose more “oversight…to make sure Musk does his homework assignment.”

The post Tesla’s feckless board needs to rein in Elon Musk before it’s too late appeared first on Our Story Insight.

Buffett instead will be seated alongside the company’s board of directors while his successor and current vice chairman and incoming CEO Greg Abel answers questions, the report said.

Warren Buffett in 2023. REUTERS

At Buffett’s request, Abel will take the stage next year, the report added, citing Susie Buffett, Warren Buffett’s daughter and a Berkshire board member.

Abel told the newspaper that the next annual meeting will be in Omaha on May 2. Reuters could not immediately confirm the report and Berkshire did not immediately respond to a Reuters’ request for a comment.

Berkshire Hathaway Chairman Greg Abel reportedly said the company’s next shareholder meeting will be on May 2, 2026. AP

Earlier this month, the company said that Buffett would remain as chairman after Abel takes over as CEO.

Berkshire made that announcement two days after the 94-year-old Buffett revealed at the company’s annual meeting in Omaha that he would step down as CEO, ending six decades at the helm for the legendary investor.

The post Buffett to sit with board members at 2026 Berkshire meeting, won’t appear on stage: report appeared first on Our Story Insight.