Management & Strategy
Australia's richest woman increases stake in lithium producer Liontown - 10/05/2023
According to regulatory documents, Gina Rinehart, the richest woman in Australia, increased her investment in lithium producer Liontown Resources Ltd. last month from 8% to 14.67%. Since September 12, Rinehart's business, Hancock Prospecting Pty., has purchased Liontown shares four times. Albemarle Corp., the largest producer of lithium in the world, has made an offer to purchase the business for...
Former Amazon vice president Dave Limp to become new head of Blue Origin - 09/27/2023
Blue Origin's current CEO, Bob Smith, will step down and be succeeded as CEO by Dave Limp, the former vice president of Amazon.com Inc., according to CNBC. Smith is leaving Blue Origin with effect from December 4 of this year, but he will stay on until January 2 to facilitate a smooth transition of the new CEO. Limp, who has worked for Amazon for more than 13 years, revealed last month that he...
McDonald's to raise franchise fee for the first time in 30 years - 09/25/2023
The largest fast-food restaurant company in the world, US McDonald's Corp., has announced the first price hike for franchise owners in the US and Canada in 30 years, according to Barron's. In some circumstances, the commission will increase from 4% to 5% for those starting brand-new eateries or acquiring existing eateries from the corporation. The hike won't affect current franchise owners. All...
Goldman to offer investments in sports clubs - 09/18/2023
The Wall Street Journal reports that American bank Goldman Sachs Group is establishing a section of sports investments under its investment banking business. Rich clients will be able to invest in exclusive sports clubs, stadiums, and other projects through the new business, which combines sports M&A and sports finance. Luring these investors might involve collaboration with significant...
Citigroup to change organizational structure - 09/15/2023
Citigroup Inc. will fundamentally alter its organizational structure in order to simplify operations and connect the management structure with the bank's business plan. Five business lines' leaders will be promoted, and there will be fewer management levels, according to Citi's press statement. This should hasten decision-making, as well as enhance business unit monitoring and sharpen client...
Macy's appoints Olivier Bron as new CEO of Bloomingdale's - 09/13/2023
American retailer Macy's Inc. named Olivier Bron as the head of its department store affiliate Bloomingdale's, reports MarketWatch. Bron will take on his new responsibilities in early November after Tony Spring, who left Bloomingdale's in March to become president and CEO of Macy's after a 36-year career. Previously, Bron served as the Chief Operating Officer and Chief Strategy Officer at...
Chevron to ask arbitration panel to intervene in dispute with Australian unions - 09/12/2023
The Australian Arbitration Commission on Labor Relations (FWC) will be contacted by Chevron Australia, a subsidiary of the American Chevron Corp., to request intervention in the Gorgon and Wheatstone LNG strike, according to the Financial Times. According to Chevron's Australian subsidiary, there is no "reasonable prospect" of an agreement being reached with the site's employees. As a result, the...
Morgan Stanley to launch chatbot for wealthy clients - 09/08/2023
This month, US bank Morgan Stanley will introduce a chatbot powered by artificial intelligence to support wealthy clients. According to Reuters, the chatbot was tested over several months with hundreds of financial advisors. It was created in collaboration with OpenAI, the company behind the ChatGPT chatbot. Employees at the bank will use the chatbot to rapidly look up any necessary information...
Investor Michael Burry bets $1.5bn on Wall Street's fall - 08/18/2023
Michael Burry, who is known for foreseeing both the US mortgage crisis and the global financial crisis of 2008, is once more forecasting a market catastrophe in the near future. According to records submitted to the US Securities and Exchange Commission (SEC) by the investor, Burry has staked $1.5 billion that Wall Street will collapse before the year's end. Documents show that Scion Asset...
PayPal appoints new CEO - 08/15/2023
Alex Chriss has been appointed President and CEO of PayPal. The firm announced that Alex Chriss has been named President and CEO of PayPal, effective September 27, 2023. "PayPal Holdings today announced that Alex Chriss, a senior executive at Intuit, has been appointed president and CEO, effective as of September 27, 2023. As of that time, Chriss will also join the board of directors,"...
