Banking and Finance

Polestar is set to replace its long-serving CEO, Thomas Ingenlath, with Michael Lohscheller, a seasoned automotive executive with experience leading Opel, VinFast, and Nikola. This leadership change comes as Polestar strives to address ongoing challenges, including delayed model launches, missed delivery targets, and a gradual separation from its co-founder, Volvo...

In 1975, Zhou Enlai, the first premier of the People’s Republic of China, proudly declared in his final public address that the country was debt-free, boasting a balanced budget amidst global economic instability. Nearly 50 years later, while China’s central government debt remains modest at around 24% of GDP, local...

China’s summer movie ticket sales have exceeded $1.5 billion so far, falling short of last year’s record $2.89 billion, according to data from China’s Film Data Information Network, affiliated with the Central Propaganda Department. Traditionally one of the most profitable periods for the Chinese film industry, this summer's downturn is...

A dramatic sell-off in shares of two major Chinese consumer companies wiped out over $16 billion from the fortunes of some of China’s wealthiest individuals, highlighting growing investor anxiety about the health of Asia's largest economy. Zhong Shanshan, founder of beverage giant Nongfu Spring and China's richest person, saw his...

Shares of Hybe, listed on South Korea's Kospi index, surged nearly 5% on Wednesday following the sudden departure of Min Hee-jin, former CEO of ADOR, a sublabel under Hybe. Min’s resignation, announced after market hours on Tuesday, led to a market value increase of approximately $282.05 million for Hybe. This...

Vale (NYSE: VALE) has appointed its Chief Financial Officer, Gustavo Pimenta, as the new Chief Executive Officer, following a contentious succession process that saw the departure of board members amid allegations of political meddling. The decision to promote Pimenta was unanimously approved by the board, according to a company filing....

The European Commission has put forward a proposal to provide more than $1.12 billion (€1 billion) in financial assistance from the EU Solidarity Fund (EUSF) to aid Italy, Slovenia, Austria, Greece, and France in recovering from the devastating floods that struck these nations in 2023. The proposed aid package includes...

In a powerful display of solidarity, 14 African nations, along with several key partners, have pledged more than $45 million to support the World Health Organization (WHO) through its new Investment Round. This initiative, which is only three months old, is designed to secure sustainable funding for WHO, a cornerstone...

Alight Inc., a leading recordkeeping firm, has appointed Dave Guilmette as its new Chief Executive Officer. He will continue to serve as vice chair of the board, a role he assumed earlier this month after being named to the board in May as an independent director. This leadership change is...

Sinopec, formally known as China Petroleum and Chemical Corp., reported a slight profit increase in the first half of the year despite facing significant challenges from a slowing Chinese economy and steep declines in its core fuel processing and sales businesses. The company’s net income rose by 1.7% year-on-year to...