Banking and Finance

Mitsubishi UFJ Financial Group Inc. (MUFG), Japan's largest banking group, announced that its top executives would take pay cuts in an effort to regain client trust after breaching information firewalls. The move comes as part of the bank's response to regulatory penalties and lost business resulting from the violations. Hironori...

Brian Lesser, a seasoned Madison Avenue executive with extensive experience in senior media-investment roles, has been appointed as the global CEO of WPP's GroupM media firm. This position is highly influential in managing the flow of advertisers' funds. Lesser replaces Christian Juhl, who, after five years as CEO, will transition...

At a climate change conference in Pretoria organized by the National Treasury and the World Bank, South African President Cyril Ramaphosa said that the Carbon Border Adjustment Mechanism (CBAM) could significantly impact developing economies unless they transition swiftly from fossil fuels to green energy. Ramaphosa highlighted the unsustainable carbon intensity...

LVMH has announced significant changes in its watch division leadership. Julien Tornare, currently the head of TAG Heuer, will take over as CEO of Hublot, a brand known for its bold designs and high-profile collaborations with athletes and artists like Usain Bolt, Kylian Mbappé, and Daniel Arsham. Ricardo Guadalupe, the...

Flashlight Capital Partners, a KT&G shareholder, has called for a revision of the CEO compensation plan to address the company's stock price performance. Flashlight Managing Partner Capital Sanghyun Lee criticized KT&G's former CEO for receiving substantial compensation despite a 21% decline in KT&G's stock price, while the KOSPI (The Korea...

Five Below announced Tuesday that its CEO and President, Joel Anderson, has resigned as the discount retailer faces declining sales and other challenges. The Philadelphia-based company, which caters to teens, has been grappling with reduced spending by lower-income shoppers and increasing theft. Consequently, it has also lowered its financial outlook...

Turkey could significantly boost its foreign direct investment (FDI) inflows if it aligns its risk indicators and regulatory framework with those of its competitors, according to YASED's FDI Competitiveness Index. YASED's projections suggest that such alignment could place Turkey among the top 10. According to YASED's FDI Competitiveness Index, Turkey...

HSBC announced on Wednesday that Georges Elhedery will assume the role of group CEO starting September 2. Elhedery, currently the Chief Financial Officer, will replace outgoing head Noel Quinn. HSBC has not yet announced a successor for Elhedery as CFO. During the transition, Quinn will work closely with Elhedery to...

The ASEAN+3 Macroeconomic Research Office (AMRO) has maintained its growth projections for the ASEAN+3 region at 4.4 percent for 2024 and 4.3 percent for 2025, as revealed in the latest ASEAN+3 Regional Economic Outlook (AREO) update. This optimistic outlook is supported by favorable export conditions, robust domestic demand, and a...

Pham Hong Hai, the former CEO of HSBC Vietnam, has been named the general director of Orient Commercial JS Bank (OCB), which is listed on the Ho Chi Minh Stock Exchange. Starting his three-year contract on July 16, Hai takes over from Nguyen Dinh Tung, who served in the role...