Firm Management

HSBC Promotes CFO Georges Elhedery to CEO

HSBC Promotes CFO Georges Elhedery to CEO

HSBC announced that Georges Elhedery, its chief financial officer, will become the firm’s next CEO effective Sept. 2.


Elon Musk to Move X, SpaceX HQs From California to Texas After Newsom Passes Trans Rights Law

Elon Musk made his intention to move the headquarters of his companies SpaceX and X, formerly Twitter, from California to Texas after California Governor Gavin Newsom signed a transgender rights law.

Morgan Stanley Reports Better-Than-Expected Q2 2024 Earnings

Morgan Stanley reported that profits performed better than expected across the board in the second quarter of 2024 despite investors shifting to higher-yielding assets.

Xi Jinping's 'Common Prosperity' Plan Forces Hong Kong Employees to Return Their Work Bonuses

Chinese state-backed financial companies in Hong Kong demand employees to return portions of their bonuses, aligning with President Xi Jinping’s ‘common prosperity’ plan to reduce income inequality.


Latest News

Delta Airlines CEO Blames Fare Discounts for Missing Profit Expectations
Delta Air Lines CEO Ed Bastian calls fare discounting and other pressures a major contributor to missed financial expectations and a 5% drop in Delta's stock price.
Uniqlo’s Parent Company Projects 37.4% Quarterly Net Profit Gain
Fast Retailing, the Japanese owner of the clothing retailer Uniqlo, reported that it had a quarterly net profit of $720 million in its latest figures in May, an increase of 37.4% from the same period last year.
Californian Fast-Food Employees May Earn $20/Hour Wage but Franchisees Cut Work Hours
California franchisees are cutting employee hours and raising prices in response to a new law raising the minimum wage for fast food workers to $20 per hour, while workers see mixed impacts.
Chinese Firm Under Fire For Confining Employee in Dark Room to Make Him Resign
Guangzhou Duoyi Network Co. Ltd confined an employee, Liu Linzhu, to a dark room without power or communication for four days to pressure him into resigning.
Microsoft Faces Backlash Over iPhone-Only Policy That Bans China Staff from Using Android Phones
In China, Microsoft employees were banned from using Android phones and were forced to use iPhones only as a device, sparking social media backlash due to overreliance on foreign technologies.
Former SpaceX employee alleges a "frat boy" culture at the company, where colleagues joked about being drunk while overseeing rocket launches and described pervasive casual sexism.
SKOREA-SAMSUNG-STRIKE
Samsung Electronics could potentially be shaken up by workers, represented by the NSEU, going on a three-day strike in South Korea for better pay and conditions.
electric vehicle battery
Major South Korean battery producer SK On is in crisis amid weak electric car sales of its clients in the US and Europe.
OpenAI Hack Exposes Employee Forum, Raises Broader Security Concerns
A major security incident at OpenAI raises significant concerns about the future security and vulnerability of AI companies to foreign infiltration.
Revolut Eyes IPO with Potentially $40 Billion Valuation as CEO Prepares $500M Share Sale
Revolut prepares for a $500 million share sale, potentially valuing the company at over $40 billion, as plans to eventually go public go into motion.
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