Banking and Finance

Shares of Japanese optics giant Olympus Corp. dropped significantly on Monday following the announcement that CEO Stefan Kaufmann had resigned due to a drug-related accusation. Data from LSEG showed that the company’s stock fell by 5.3% on the Tokyo Stock Exchange in response to the news. Despite the drop, Olympus...

Vietnam’s wealthiest businessman, Pham Nhat Vuong, and his company Vingroup have unveiled a new venture capital fund, VinVentures Capital Fund, aimed at accelerating growth in artificial intelligence and digital innovation across Vietnam and neighboring markets. The fund, backed by $150 million, will primarily target high-tech sectors such as AI, semiconductors,...

Jin Liqun, president of the Asian Infrastructure Investment Bank (AIIB), criticized advanced economies for creating trade barriers, including on renewable energy products. He stated that there is "no longer free trade" in the global economy. Jin noted that trade conflicts between advanced and emerging economies have increased, partly because manufacturers...

Robert Kelly Ortberg, commonly known as Kelly Ortberg, is now Boeing’s fifth CEO in the last 20 years. Boeing has a rich tradition of selecting CEOs with engineering backgrounds, which has driven the company’s innovation and problem-solving capabilities throughout its history. However, in recent years, there has been criticism directed...

Quor Group, a global provider specializing in commodity trade risk management (CTRM) software, announced on Thursday that Bruce Boytim has been appointed as its new CEO. Boytim will guide the company’s mission to deliver advanced CTRM and supply chain solutions to clients across the globe, according to Quor. With over...

Dentons has appointed Wendela Raas, a partner in Amsterdam, as the new Chief Executive Officer for its European operations, with her term commencing on November 1, 2024. In her role, Raas will manage the strategic direction for Dentons across Europe and Central Asia, overseeing 23 offices spanning 18 countries. Her...

Luxury brand Hermès has defied the downturn in the luxury retail sector, reporting a notable rise in third-quarter sales, which stands in stark contrast to competitors hit by China’s economic challenges. The French company posted revenue of $4 billion for the quarter ending in September, marking an 11.3% increase at...

Tesla’s stock saw its largest single-day increase since 2013 after the electric vehicle giant reported better-than-expected quarterly profits and forecasted “slight growth” in deliveries for 2024, with a significant boost projected for 2025. The performance reflects a positive turnaround for Tesla, which has faced a challenging few quarters amid concerns...

James Gorman, who helmed Morgan Stanley for over a decade, is set to step into an advisory role at the bank, complete with a yearly stipend of $400,000, access to a company car with a driver, and an office. The 66-year-old concluded his tenure as CEO at the end of...

Last week, CVS Health appointed David Joyner, a seasoned company veteran, as its new CEO, joining a growing number of firms this year that have turned to experienced executives to address investor concerns in a turbulent economic landscape. Joyner replaces Karen Lynch, who led the company for three and a...