Banking and Finance

The CEO of Campari, Matteo Fantacchiotti, has stepped down abruptly after less than half a year in his position, prompting a notable 6% drop in the company's shares on Wednesday morning. Campari, headquartered in Milan, attributed the departure to personal reasons, as Fantacchiotti had only assumed the role in April....

Debt has become a mounting challenge for developing nations, particularly the least developed countries (LDCs). These nations face higher borrowing costs, weaker debt management capabilities, and limited representation in key international forums that address debt issues. The COVID-19 pandemic significantly worsened the financial situation for LDCs, driving up public debt,...

Booking Holdings' short-term rental business has been growing at a faster rate than Airbnb’s, and CEO Glenn Fogel aims to maintain this momentum. Fogel emphasized the importance of the short-term rental market to the company’s overall strategy, stating that the home sector plays a critical role in its business model....

In a surprising development, Michael Conway, the CEO of Starbucks North America, has stepped down after just six months in the role. Conway, who assumed the position in April, informed the company of his decision last week, as indicated in a recent filing with the Securities and Exchange Commission. He...

Ascot Group Limited, a global specialty insurance firm headquartered in Bermuda, has announced the appointment of Kewsong Lee as the new Chairman of its Board of Directors. Lee, the founder and CEO of BellTower Partners, will take over from Neill Currie, who transitions into the role of Independent Director. With...

A consortium of major companies, including Microsoft and BlackRock, has announced plans to raise up to $100 billion to fund the development of data centers designed for artificial intelligence (AI) and the energy systems needed to support them. This initiative, known as the Global Artificial Intelligence Infrastructure Investment Partnership (GAIIP),...

The Consumer Goods Forum (CGF) has announced the appointment of Nathalie Roos, CEO of Lipton Teas and Infusions, and John Ross, CEO of IGA, as the new Sponsors of the Human Rights Coalition (HRC). Both executives will now take an active role in advancing the Coalition’s mission to safeguard and...

Goldman Sachs has named Rob Drake-Brockman as the new CEO of its Singapore office, underscoring the growing importance of the city-state to the Wall Street firm. In addition to his new role, Drake-Brockman will continue to serve as head of equities distribution and execution for the Asia-Pacific region. He succeeds...

Australian pension funds Equip Super and TelstraSuper are in discussions to merge, potentially forming a $41 billion fund. This move marks another consolidation among smaller players in the pension industry. According to a statement released Wednesday, the boards of both funds have signed a non-binding memorandum of understanding to move...

From 2022 through August 2024, Indonesia’s digital economy sector generated $1.75 billion in tax revenue, according to the Taxation Directorate General under the Ministry of Finance. This revenue was collected through Value Added Tax (VAT) from e-commerce platforms and marketplaces, taxes on cryptocurrency, peer-to-peer lending (P2P) taxes, and procurement taxes...