Business

Credit Suisse CEO Gottstein earns less than predecessor Thiam

Credit Suisse Chief Executive Thomas Gottstein earned less than predecessor Tidjane Thiam in his first year in the role, the bank’s annual report showed on Thursday, as the bank was hit in 2020 by a slew of legal and impairment headaches and as bonuses were also impacted by higher anticipated credit losses. Gottstein, who became […]

Business

Japanese judiciary sends conflicting signals to nuclear industry

Japanese courts delivered conflicting rulings on two nuclear reactors on Wednesday, lifting an injunction on one and slapping a no-restart order on another, highlighting the fitful state of the industry’s recovery 10 years after the Fukushima disaster. The rulings come after Japan’s atomic regulator publicly rebuked Fukushima operator Tokyo Electric Power (Tepco) this week for […]

Business

Britain to shake up how companies are run and audited

Britain set out proposals on Thursday to tighten corporate governance and inject more rigour and competition into audits, a combination it hopes will avoid more company collapses such as the failures of retailer BHS and builder Carillion. The main proposal are: AUDIT MARKET Shared audits: auditing is dominated by KPMG, EY, Deloitte and PwC or […]

Business

Toshiba shareholders vote for probe in landmark win for Japan corporate governance

Toshiba Corp shareholders voted on Thursday in favour of an independent probe into allegations that investors were pressured ahead of last year’s annual general meeting – a watershed victory set to spur more shareholder activism in Japan. The vote marks only the fourth time an activist shareholder motion has won approval in Japan and the […]

Business

China delivers on threats to rein in internet economy

On Tuesday, Chinese livestreaming e-commerce came under scrutiny. On Thursday, it was “deepfakes”. And earlier this month, Chinese authorities imposed fines on operators of community group buying platforms. Beijing is making good on its threats to clamp down on the sprawling “platform economy”, with President Xi Jinping weighing in on the need to rein in […]

Business

ECB’s Lagarde warns stimulus may take some time to show up

The European Central Bank may need some time before the recently agreed acceleration in the pace of money printing, part of its efforts to cushion the fallout of the COVID-19 pandemic, becomes apparent, ECB President Christine Lagarde said on Thursday. Investors have been scrutinising the ECB’s weekly purchase data for evidence of the central bank’s […]

Business

Several U.S. states sue Biden administration for revoking permit for Keystone XL pipeline

Texas and several other U.S. states have sued the administration of President Joe Biden over his decision to revoke a key permit for the Keystone XL pipeline, Texas Attorney General Ken Paxton said in a statement late on Wednesday. The lawsuit states that Biden does not have the unilateral authority to change energy policy that […]