Business
Elon Musk's Tesla is on a hiring spree after mass firings
The roles have steadily popped up on Tesla’s careers page in recent weeks, with positions spanning artificial intelligence specialists to more run-of-the-mill service jobs, according to a Bloomberg analysis.
PwC weighs halving of China financial services audit staff
PwC plans to cut up to half its financial services auditing staff in China amid regulatory scrutiny and client departures. The firm, which employs at least 2,000 in this sector, faces a $138 million fine for its role in auditing China Evergrande Group. Cost-cutting measures include layoffs and mandatory leave.
China waits anxiously for economic plan as gloom reigns
A year and a half after crippling Covid-19 restrictions ended, the property crisis is just one of the deadweights dragging on China's recovery momentum, sending ripples of unease through the country's leaders and citizens.
Disney's internal communications leaked online after hack, WSJ reports
A Wall Street Journal report revealed that hacker group NullBulge leaked over 1 terabyte of data from Disney's Slack channels. This data includes website management, ad campaigns, technology, and job evaluations dating back to 2019. A blog post detailed the breach. Disney is investigating, confirmed by a company spokesperson. Reporting by Priyanka in Bengaluru.
Goldman Sachs lowers China 2024 growth forecast to 4.9%
"To counteract weak domestic demand, we believe more policy easing is necessary through the remainder of this year, especially on the fiscal and housing fronts," said Goldman Sachs economists, led by Lisheng Wang.
Burberry axes CEO and dividend, warns on profit
Burberry appointed Joshua Schulman, ex-Michael Kors CEO, and warned of profit shortfalls, canceling its dividend amid a 21% sales drop by June 29. Jonathan Akeroyd departed immediately. The 168-year-old brand, renowned for dressing English upper classes, refocuses on core customers, classic check prints, and second-half improvement, moving away from bold colors.
Boeing begins 777-9 certification flight trials with US FAA
Boeing started 777-9 certification flights Friday night with U.S. regulators after Type Inspection Authorization, addressing production/legal issues including a January 5 737 MAX blowout. The FAA's involvement marks progress for the 777X project, in development since 2013 and facing delays. The milestone, expected by Emirates chairman for 2025, was first reported by Air Current.
Germany set to abstain in vote of EU tariffs on Chinese EVs - sources
Germany has decided to abstain from voting in the upcoming European Union vote on imposing provisional tariffs on Chinese electric vehicles. The EU's proposed tariffs could reach as high as 37.6%, marking a significant escalation in trade tensions with Beijing. The initial vote is preliminary, with a final decision pending another round of voting. The European Commission's tariff plan will proceed unless a qualified majority of EU member states opposes it.
Goldman Sachs puts a $1 trillion question mark over Generative AI
A KPMG survey in the US found that executives expect Generative AI to have an enormous impact on business, but most say they are unprepared for immediate adoption.
Airbus launches new cost-cutting drive after output woes, sources say
Airbus's 'LEAD!' improvement plan implements cost reductions and a headcount freeze to address rising unit costs and productivity issues in its planemaking business, following cut aircraft production targets. This plan anticipates Boeing's recovery. Airbus confirmed the plan but did not comment on a staff memo. Reported by Tim Hepher, edited by Mark Potter.
Must Watch
Unilever to cut a third of office jobs in Europe
Unilever plans to cut a third of all office roles in Europe by the end of 2025 under CEO's strategy to boost growth, with as many as 3,200 positions to be eliminated. The company is initiating consultations with affected employees, part of a broader productivity program announced in March aiming at up to 7,500 job cuts. CEO Hein Schumacher aims to simplify the business to regain investor confidence.
Boeing warns customers of further delays on 737 Max amid crisis
The planemaker has cautioned that delivery timelines continue to slip by three to six months on top of already-late handovers, according to people familiar with the matter. In some instances, deliveries scheduled for next year have spilled into 2026, said the people, who asked not to be identified as the discussions are confidential.
Bain Capital to buy financial software vendor Envestnet in $4.5 bln deal
Bain Capital acquires Envestnet for $4.5 billion with backing from BlackRock and Fidelity. Bain offers $63.15 per share. Reuters revealed Envestnet, a financial software vendor in Berwyn, Pennsylvania. CEO Crager transitions in April after Impactive Capital pushed for new directors post a strong first quarter. Explored a sale in 2022. Partners include Franklin Templeton, State Street for custom strategies.
PepsiCo quarterly revenue misses on slowing demand for snacks, sodas
PepsiCo's second-quarter revenue fell short of expectations due to pricing increases and competition, particularly in the U.S., where sales of snacks and soda were impacted. Despite raising product prices by 5%, organic volumes declined by 3%. Sales at Frito-Lay North America also dropped, contributing to the overall revenue increase of 0.8% to $22.50 billion. Adjusted earnings per share exceeded estimates at $2.28.
Inside Goldman Sachs' expanding but risky financing engine
The fund finance unit, housed in the bank's global banking and markets division, lends money secured by different types of assets to private equity and other funds. Such assets, however, can be hard to value and trade, and some loan products are yet to be tested in a downturn, making lending against them risky.
Tax the super-rich, ex-leaders tell G20
Former presidents and prime ministers from the Club de Madrid are urging the leaders of the world's 20 largest economies to support a global tax on billionaires in a letter. The proposal, initiated by Brazil's G20 presidency, aims to combat tax evasion by the wealthiest individuals and has garnered support from influential figures across the political spectrum.
