Economy

Sergio Ermotti, newly rehired CEO of UBS Group AG attends a news conference in Zurich, Switzerland March 29, 2023. REUTERS/Stefan Wermuth ZURICH  – UBS Group AG has rehired Sergio Ermotti as CEO to steer its massive takeover of neighbor Credit Suisse – a surprise move to take advantage of the Swiss banker’s experience rebuilding the bank after the global financial crisis. The trader turned corporate problem fixer faces the tough challenge of laying off thousands of staff, cutting back Credit Suisse’s investment bank and reassuring the world’s wealthy that UBS remains a safe harbor for their cash. “We felt we had a better horse,” said UBS chairman Colm Kelleher of the decision to replace current CEO Ralph Hamers after less than three years in charge. Kelleher said he brought back Ermotti because he was best equipped to see through the biggest deal in finance since the global banking crash more than a decade ago. “This is not a Swiss solution,” he said, seeking to play … [Read more...] about Sergio Ermotti returns as UBS CEO to steer Credit Suisse takeover

Jose Teodoro “TG” Limcaoco MANILA  -Bank of the Philippine Islands CEO Jose Teodoro K. “TG” Limcaoco was appointed the next president of the Bankers Association of the Philippines, the umbrella group comprised of the country’s biggest private and government lenders. He replaces East West Banking Corp. vice chair Antonio C. Moncupa Jr. “I am thankful for the trust that BAP members have placed in me to lead the organization into greater heights,” Limcaoco said in a statement on Wednesday. “As our country faces renewed challenges from global economic headwinds, there is a call for us in the banking industry to be forces of stability and growth so that our economy will continue to progress,” he added. During the general assembly on March 29, BAP members elected a new set of officers for the term 2023-2024. The newly-elected BAP officers include Standard Chartered Bank CEO Lynette V. Ortiz, first vice president; Rizal Commercial Banking Corp. CEO Eugene S. Acevedo, second vice … [Read more...] about BPI CEO TG Limcaoco named new BAP president

Inflation concerns among small business owners remained at record highs this quarter, according to a quarterly poll conducted by the U.S. Chamber of Commerce and MetLife released on Wednesday. The first quarter of 2023 was the fifth in a row where inflation was considered the biggest challenge for small business owners, according to the Small Business Index. A record high of 54% reported that, which is a 31-point increase from Q4 2021. “This quarter, small businesses’ concerns over inflation are soaring and their view of the broader economy is darkening, though they still report that their own businesses are in good health,” said Tom Sullivan, Vice President of Small Business Policy at the U.S. Chamber of Commerce. In San Francisco, minimum wage increases are based on the yearly rise in the Consumer Price Index every July 1. “That means my rate jumps from $16.99 to $18.07 or 6.36%,” said Hrag Kalebijan, owner of Henry’s House of Coffee, according to the Index. “The … [Read more...] about Inflation Continues To Plague Small Businesses For Fifth Consecutive Quarter: REPORT

Share to Twitter Share to Linkedin Topline Elon Musk and Steve Wozniak are among hundreds of high-profile technologists, entrepreneurs and researchers calling on AI labs to immediately stop work on powerful AI systems, urging developers to step back from the “out-of-control race” to deploy ever more advanced products while we better assess the risks advanced artificial intelligence poses to humanity. Key Facts Any AI lab working on systems more powerful than GPT-4—the powerful engine driving OpenAI’s Chat-GPT—should “immediately pause” work for at least six months so humanity can take stock of the risks such advanced AI systems pose, urged an open letter published Wednesday by the Future of Life Institute and signed by more than 1,000 people. Any pause should be “public and verifiable” and include all key players, the letter said, urging governments to “step in” and force the issue for those who are too slow or unwilling to stop. The … [Read more...] about Elon Musk And Tech Leaders Call For AI ‘Pause’ Over Risks To Humanity

Share to Twitter Share to Linkedin At it’s essence, ESG is a wonky acronym for evaluating companies based on environmental, social and governance factors. But depending on whom you are talking with these days, ESG is either a horrible “woke” concept endangering our society or a helpful tool in assessing how company’s take into account societal issues that can impact their and our futures. “ESG is a pernicious strategy, because it allows the left to accomplish what it could never hope to achieve at the ballot box or through competition in the free market,” wrote Mike Pence in a May 2022 Wall Street Journal piece. President Biden, on the other hand, issued his first veto recently to counter legislation that he said would make it illegal for pension fund managers “to consider risk factors MAGA House Republicans don't like.” Our country’s political discourse is so driven by extreme views that smart, nuanced discussion of how to take environmental, … [Read more...] about ESG Should Bring Us Together Not Tear Us Apart

Share to Twitter Share to Linkedin Turkey's President Recep Tayyip Erdogan casts his ballot at a polling station in Istanbul, Sunday, ... [+] June 23, 2019. Polls have opened in a repeat election in Turkey's largest city where Erdogan and his political allies could lose control of Istanbul's administration for the first time in 25 years. (AP Photo/Emrah Gurel) For President Recep Tayyip Erdogan, losing control of Istanbul, Turkey's economic and political powerhouse, at the local elections yesterday is a big blow, possibly the most stinging defeat of his political career. If the AK Party hadn't pushed for the cancellation of the March election, it would have been easier to recover from a narrow defeat in Istanbul and several other major cities, including Ankara and Adana. Now, however, after a defeat of a far more significant margin, the ruling party is in a much weaker position. Istanbul's importance The elections have been viewed widely as … [Read more...] about Istanbul Elections: Failure Of Polarising Tactics In Turkey

Share to Twitter Share to Linkedin Sergio Ermotti is the right man to lead the UBS takeover of Credit Suisse and administer the required shock to the people of Credit Suisse. This is the case because of three fundamental truths. 1) The key to successful mergers or acquisitions is getting the new combined culture right. 2) This is not a merger. It’s a takeover in which Credit Suisse’s people will need to adopt the UBS culture or go elsewhere. 3) Ermotti has done this before, righting UBS’ culture following its own meltdown. This is why Ermotti’s 100-day action plan as the CEO combining the entities will most likely involve shocking the Credit Suisse people by folding them into UBS’s culture. This will involve more telling than co-creation to force compliance with the UBS way of doing things. Expect this to be painful and many of the Credit Suisse people to fall by the wayside. While this is almost always the last choice way for a new executive onboarding into … [Read more...] about Sergio Ermotti’s 100-Day Action Plan As The Shocking New CEO Of UBS/Credit Suisse

Share to Twitter Share to Linkedin As the world settles after the pandemic and a new wave of change ripples through the global economy, understanding the benefits of convenient delivery is more essential for businesses in the retail industry than ever. Especially for last mile delivery, a flexible and seamless process is essential in helping customers receive the services they expect. A recent study published by MIT Sloan Management Review found that retailers providing customers with the options of delivery on a specific day and time, were more valued than deliveries made in shorter time periods. The study also concluded that consumers are even willing to wait longer for a delivery, as long as they can receive the product when and where they choose. Clearly, consumers now value convenience over speed, a trend that is becoming more prevalent today. In a recent interview with Guy Bloch, CEO of Bringg – the market leading delivery management platform … [Read more...] about From Super Speed To Super Convenient: The Maturity Curve Around Customer Shopping Behavior

Share to Twitter Share to Linkedin Angry and dismayed Amazon employees are pushing back against the recently-announced return to office policy by the Amazon leadership. Amazon's policy joins other high-profile companies such as Disney, Starbucks, Tesla, Google, and others that are forcing employees back to the office. Some are claiming they need to do so for the sake of productivity. For example, Elon Musk, the CEO of Tesla, claimed that those working remotely only " pretend to work " and are "phoning it in." Others say you need to be in the office to innovate: Disney's CEO Bob Iger demanded the return to the office because "nothing can replace the ability to connect, observe, and create with peers that comes from being physically together." So what explains the situation? As a globally-known expert in the field of hybrid and remote work , I have seen firsthand how working remotely, whether part of the week or full-time, enables worker … [Read more...] about Why Employers Forcing A Return To Office Is Leading To More Worker Power And Unionization

Share to Twitter Share to Linkedin Key takeaways As recession fears mount and interest rates rise, investors are increasingly worried about how a downturn could hit their portfolios One of the worst moves investors can make during a recession is to bail on your portfolio Instead, consider recession-proof products to buoy your portfolio – and even catch the upside as the economy recovers By now, you’re probably tired of hearing about the impending future recession . (And you certainly wouldn’t be alone.) Still, it’s important to prepare yourself emotionally and financially for the possibility. After all, one of the worst moves investors can make is letting a recession catch them unawares and bailing on their portfolios in response. Fortunately, you can circumvent that risk by reviewing your portfolio early and understanding what you risk in a recession. Then, consider whether these recession-proof investments could help stave off the … [Read more...] about Recession-Proof Investments To Buff Your Portfolio