December, 2019

• 7 December

  Pichai now has a title fitting his role

  

  If you want to know how Alphabet Inc’s new Chief Executive Officer Sundar Pichai will run the company you don’t need to look very far — he’s essentially been doing it for several years already. Pichai, a 47-year-old engineer, grew up in India and immigrated to the US to attend graduate school. His resume reads like the typical Silicon Valley ...

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• 7 December

  Hyundai commits $17bn to add electric, driverless cars

  

  Bloomberg Hyundai Motor Co will spend 20 trillion won ($17 billion) over the next six years on new technology to help make the switch to electric and autonomous vehicles. Announcing its strategic plan to 2025, the South Korean company pledged to spend almost half the new money on electrification. Autonomous driving will soak up 1.6 trillion won of the total, ...

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• 7 December

  LinkedIn executive quits over compliance issues

  

  Bloomberg LinkedIn’s senior executive in charge of human resources has resigned after breaking “compliance” rules, according to people familiar with the matter. Christina Hall left the Microsoft Corp-owned company because of an internal “compliance” issue, the people said, asking not to be identified because the details aren’t public. LinkedIn Chief Executive Officer Jeff Weiner announced the move to staff, they ...

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• 7 December

  Microsoft votes against gender pay gap proposal

  Bloomberg Microsoft Corp shareholders voted against a proposal calling for the company to report more information on gaps in employee pay, ranked according to gender and race. Less than 30% of shares represented voted in favour of the measure at Microsoft’s annual meeting. Arjuna Capital, which praised progress the company has made, tabled a measure calling for it to give ...

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• 7 December

  TikTok craze is minting celebrities and ruining lives in India

  

  Bloomberg Arpita Chaudhary, a newly recruited police constable in India’s western Gujarat state, became an overnight celebrity after posting a clip of her 15-second gambol — clad in her civvies — on the smash-hit social video app, TikTok. Then she paid the price. A snippet of her gyrating to a Bollywood song against the backdrop of a prison cell went ...

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• 7 December

  US discusses Goldman-1MDB settlement below $2 billion

  

  Bloomberg Goldman Sachs Group Inc could end up paying less than $2 billion to resolve US criminal and regulatory probes over its role in raising money for scandal-ridden Malaysian investment fund 1MDB, said three people familiar with the negotiations. The justice department and other federal agencies, in internal discussions held in recent weeks, have weighed seeking penalties between $1.5 billion ...

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• 7 December

  Deutsche Bank’s big raid last year settled with $16.6mn fine

  

  Bloomberg Deutsche Bank AG was given a small fine as a result of a case that led to a big raid on its headquarters a year ago. Frankfurt prosecutors completed their probe in a case of suspected money laundering and ordered the lender to pay 15 million euros ($16.6 million) for failing to flag suspicious transactions in time and lacking ...

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• 7 December

  $10bn Congo budget unrealistic: IMF

  

  Bloomberg The International Monetary Fund (IMF) said the Democratic Republic of Congo’s proposed $10.2 billion budget is “unrealistic,” amid slowing output from the country’s copper and cobalt mines. The government is seeking a budget of 16.9 trillion francs ($10.2 billion) next year, with revenue expected to climb 63% compared to this year. The IMF projects that Congo’s actual revenue this ...

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• 7 December

  Stop being nervous about stocks: Citi

  

  Bloomberg Citigroup Inc’s private bank wants its clients to work on an attitude adjustment. Next year will be “brighter than many expect,” Citi Private Bank said in its 2020 outlook “Staying Positive in a Negative (Yielding) World”. It rejects the idea that a recession is imminent. “The point of view of many family clients I meet is one of a ...

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• 7 December

  BOJ may downgrade factory-output assessment

  

  Bloomberg The Bank of Japan (BOJ) will consider downgrading its assessment on factory output at its rate review this month from its view in October, Reuters reported, citing unidentified people. October output was “weak,” with the key worry being the impact of sluggish automobile demand, Reuters cited one person with direct knowledge of the matter as saying. Two other unidentified ...

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