MONEY MASTER

Intel (INTC.US) has announced a major leadership change, with Pat Gelsinger stepping down as CEO after less than four years. While the move brings hope for a sharper focus and possible strategic shifts, Wall Street remains cautious , as reflected in the stock’s 0.5% decline on Monday after initially surging nearly 6%. Key Leadership Changes New Interim Leadership : David Zinsner (CFO) and Michelle Johnston Holthaus (newly appointed CEO of Intel’s products unit) will serve as co-CEOs . Focus on Products : Intel’s independent board chair, Frank Yeary , emphasized a product-first strategy , hinting at a potential de-emphasis on manufacturing . Challenges for Intel Manufacturing Dilemma : Intel’s controversial push to become a chip foundry for other companies under Gelsinger has been costly and divisive. Options moving forward : Retain manufacturing facilities ( “fabs” ), which some view as a "deadweight." Outsource manufacturing, potentially partnering with TSMC —a move fr...

Samsung Electronics announced a   sweeping reshuffle   of its top executives on Wednesday, appointing new heads for its   memory and foundry chip units   to regain competitiveness in the rapidly growing   AI chip market . The reshuffle follows mounting pressure as   SK Hynix   and   TSMC   continue to dominate the sector. Key Leadership Changes Jun Young-hyun : Appointed  co-CEO  and head of the  memory chip business . Previously led Samsung’s  semiconductor division  since May, tasked with addressing the ongoing  "chip crisis" . Han Jin-man : Named  President  and head of the  foundry business , overseeing Samsung’s efforts to close the gap with rivals. Park Hark-kyu : Moved from CFO to a strategic role in the  business support task force , led by the second-in-command to Chairman  Jay Y. Lee . Samsung has not yet announced a  new CFO . Nam Seok-woo : Promoted to  Chief Technol...

Key Takeaway: Jose Munoz, Hyundai’s US chief and COO , becomes the first non-Korean CEO , tasked with strengthening global competitiveness and navigating potential challenges from Trump's second presidency . Hyundai Motor has appointed Jose Munoz as co-CEO, marking a historic shift for the South Korean conglomerate. Munoz, a Spanish native and US citizen , joins the automaker’s leadership team alongside existing co-CEOs Euisun Chung, Lee Dong-seok, and Chang Jae-hoon , who will also serve as group vice chair. This leadership reshuffle comes as Hyundai, the world’s third-largest automaker (with Kia), braces for policy challenges under Donald Trump’s presidency , including potential tariffs on imports and the rollback of EV subsidies . Munoz’s Role and Impact Boosted Hyundai’s US presence since joining in 2019, focusing on electrification and increasing sales across categories . Will enhance global management systems and steer Hyundai’s response to trade and policy uncertaint...

Korea Zinc Co chairman Choi Yun-beom, alongside Bain Capital, has acquired an additional 11% of the company’s shares through a recent buyback, according to a regulatory filing. Choi, backed by Bain, has been working to counter a takeover attempt from Young Poong Corp , the company's largest shareholder, and private equity firm MBK Partners . The takeover battle revolves around control of the world’s largest zinc producer . Following the buyback announcement, Korea Zinc shares surged by as much as 7.5% , building on last week's 52% increase . As of 9:45 a.m. in Seoul, shares were trading at 1,282,000 won (US$923, or RM4,032) , significantly above Choi’s 890,000 won buyback offer , indicating that investors are anticipating further developments in the ongoing control struggle. Shareholders representing 9.85% of Korea Zinc participated in the buyback offer, while Bain Capital acquired 1.41% . In total, Korea Zinc aimed to repurchase as much as 20% of the company’s shares . Befor...

  HSBC Holdings has announced a significant restructuring, splitting its geographic operations into East and West divisions under the leadership of new CEO Georges Elhedery . The revamp also includes the appointment of Pam Kaur as the bank’s first female Chief Financial Officer (CFO) . The restructuring merges some of HSBC's commercial and investment banking operations and aims to streamline leadership, creating four business lines: UK, Hong Kong, corporate and institutional banking, and wealth banking . The Eastern Markets division will cover Asia Pacific and the Middle East , while the Western Markets division will encompass Continental Europe, the Americas, and the UK (excluding retail banking) . Elhedery said the overhaul would "unleash our full potential" and emphasized the need to bolster cooperation between divisions. By combining commercial and investment banking — except in Hong Kong and the UK — HSBC aims to boost cross-selling to its 1.2 million busine...

General Motors (GM) will lay off 1,695 workers at its Fairfax Assembly plant in Kansas, as detailed in a recent Worker Adjustment and Retraining Notification (WARN) notice. The layoffs, which will occur in two phases, are part of GM's broader reorganization efforts. The first round of layoffs, set to begin on November 18, will affect 686 full-time workers temporarily and result in the termination of 250 temporary employees . The second phase, scheduled for January 12, 2025, will see 759 full-time workers temporarily laid off, according to a GM spokesperson. These layoffs follow GM's announcement in May that it would pause production of the Cadillac XT4 after January 2025, with plans to resume manufacturing in late 2025 for both the Chevrolet Bolt EV and XT4 on the same assembly line. GM is investing US$390 million to upgrade the Fairfax plant for the Bolt EV production. In addition to these cuts, GM also laid off over 1,000 salaried employees globally in August, impacti...

  Two of Wall Street’s largest investment banks, JPMorgan Chase & Co and Bank of America Corp (BofA) , are introducing new measures to address the growing workload of their junior bankers, amid industry-wide complaints of weekly hours exceeding 100. JPMorgan plans to limit junior banker hours to 80 per week in most cases, according to a person familiar with the matter. Exceptions may apply for additional work needed to complete live deals. This marks the first time JPMorgan has imposed such a cap, aligning with New York state regulations on hours worked by medical residents. Meanwhile, Bank of America is launching a new internal platform this month to more closely monitor individual workloads. The system, known as the "banker diary," has been in testing since earlier this year and will track trainee hours daily instead of weekly, allowing the firm to identify who is busiest and redistribute assignments more evenly. Wall Street has seen escalating demands on its junior...

Despite facing Western sanctions, Sberbank, Russia's largest lender, reports booming trade with India and seamless bilateral payments, according to Anatoly Popov, the bank's deputy CEO. With Sberbank handling payments for up to 70% of Russian exports to India, the bilateral trade between the two countries almost doubled to $65 billion in 2023, driven largely by India's increased imports of Russian oil. Key Takeaways: Strengthened Trade Relations with India : Western sanctions have led Russian businesses to turn to the Indian market as an alternative, resulting in a significant increase in trade. Sberbank's operations in India, including branches in Delhi and Mumbai and an IT center in Bangalore, have expanded rapidly, with staff numbers rising by 150% this year. The bank's transactions in rupees and roubles proceed smoothly, with 90% completing within hours, a marked contrast to trade with other partners like China. Efficient Payment Mechanisms and Currency Balancin...