Jonathan Wong
The Latest
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Cargill Slashes 8,000 Jobs Amid Deepening Profit Decline and Commodity Price Collapse
Cargill, the world's largest agricultural commodities trader and the largest privately held company in the United States, announced a sweeping reduction of its global workforce, with plans to lay off approximately 8,000 employees. The decision will affect 5% of the company's 164,000-strong workforce and is part of a broader restructuring strategy aimed at addressing declining profits and adjusting to a changing agricultural market. 
Cargill, the world's largest agricultural commodities trader and the largest privately held company in the United States, announced a sweeping reduction of its global workforce, with plans to lay off approximately 8,000 employees. The decision will affect 5% of the company's 164,000-strong workforce and is part of a broader restructuring strategy aimed at addressing declining profits and adjusting to a changing agricultural market. -
Elon Musk's $56 Billion Tesla Pay Package Blocked Again, Sparks Legal Battle and Stock Slide
Tesla's stock dipped as much as 2% on Tuesday after a Delaware judge reaffirmed a decision blocking Elon Musk's $56 billion performance-based pay package. The ruling by the Delaware Court of Chancery marked the second rejection of the controversial compensation plan, intensifying a legal battle over corporate governance at the electric vehicle giant. 
Tesla's stock dipped as much as 2% on Tuesday after a Delaware judge reaffirmed a decision blocking Elon Musk's $56 billion performance-based pay package. The ruling by the Delaware Court of Chancery marked the second rejection of the controversial compensation plan, intensifying a legal battle over corporate governance at the electric vehicle giant. -
De Beers Slashes Diamond Prices by Up to 15% Amid Market Slump
De Beers, the world's largest diamond producer, has taken the unprecedented step of slashing prices by 10% to 15% at its final sale of the year, signaling a significant shift in strategy as the diamond market grapples with one of its deepest slumps in decades. 
De Beers, the world's largest diamond producer, has taken the unprecedented step of slashing prices by 10% to 15% at its final sale of the year, signaling a significant shift in strategy as the diamond market grapples with one of its deepest slumps in decades. -
GM Recalls Over 132,000 Chevrolet and GMC Trucks Over Tailgate Malfunction Risk
General Motors (GM) has issued a recall for over 132,000 Chevrolet and GMC trucks from its 2024 lineup due to a potential safety hazard involving power-unlatching tailgates. The issue, which could cause tailgates to open unexpectedly while the vehicle is stationary, raises concerns about the risk of cargo loss and potential accidents, according to the National Highway Traffic Safety Administration (NHTSA). 
General Motors (GM) has issued a recall for over 132,000 Chevrolet and GMC trucks from its 2024 lineup due to a potential safety hazard involving power-unlatching tailgates. The issue, which could cause tailgates to open unexpectedly while the vehicle is stationary, raises concerns about the risk of cargo loss and potential accidents, according to the National Highway Traffic Safety Administration (NHTSA). -
BlackRock Acquires HPS Investment Partners for $12 Billion, Expands in Private Credit Market
BlackRock, the world's largest asset manager, has announced a $12 billion acquisition of private credit manager HPS Investment Partners. The deal, expected to close by mid-2025 pending regulatory approvals, will significantly bolster BlackRock's presence in the booming private credit market. 
BlackRock, the world's largest asset manager, has announced a $12 billion acquisition of private credit manager HPS Investment Partners. The deal, expected to close by mid-2025 pending regulatory approvals, will significantly bolster BlackRock's presence in the booming private credit market. -
Super Micro Soars 30% as Review Clears Management of Misconduct, Sets Path for CFO Transition
Shares of Super Micro Computer (SMCI) surged over 30% on Monday after the release of a special committee report reaffirmed there was "no evidence of misconduct" within the company's leadership. The embattled AI server maker, which has faced scrutiny over its financial reporting and governance, also announced plans to transition its Chief Financial Officer and bolster its compliance infrastructure. 
Shares of Super Micro Computer (SMCI) surged over 30% on Monday after the release of a special committee report reaffirmed there was "no evidence of misconduct" within the company's leadership. The embattled AI server maker, which has faced scrutiny over its financial reporting and governance, also announced plans to transition its Chief Financial Officer and bolster its compliance infrastructure. -
U.S. Pledges $7.54 Billion Loan for Stellantis-Samsung Battery Plants Amid Industry Shakeup
The U.S. Department of Energy announced a conditional commitment of up to $7.54 billion in loans to StarPlus Energy LLC, a joint venture between Stellantis and Samsung SDI, to support the construction of two electric vehicle (EV) battery plants in Kokomo, Indiana. The proposed project marks a significant investment in the domestic EV industry and is expected to play a crucial role in advancing the country's clean energy agenda. 
The U.S. Department of Energy announced a conditional commitment of up to $7.54 billion in loans to StarPlus Energy LLC, a joint venture between Stellantis and Samsung SDI, to support the construction of two electric vehicle (EV) battery plants in Kokomo, Indiana. The proposed project marks a significant investment in the domestic EV industry and is expected to play a crucial role in advancing the country's clean energy agenda. -
Intel CEO Pat Gelsinger Resigns, Stock Rebounds 4%
Intel announced Monday that its CEO, Pat Gelsinger, has stepped down effective December 1, concluding a nearly four-year tenure marked by ambitious goals, intense competition, and significant financial challenges. Gelsinger's departure follows a turbulent period for the semiconductor giant, which has struggled to keep pace with industry rivals amid a rapidly evolving market landscape. 
Intel announced Monday that its CEO, Pat Gelsinger, has stepped down effective December 1, concluding a nearly four-year tenure marked by ambitious goals, intense competition, and significant financial challenges. Gelsinger's departure follows a turbulent period for the semiconductor giant, which has struggled to keep pace with industry rivals amid a rapidly evolving market landscape. -
Volkswagen Workers Launch Strikes Across Germany Over Wage Cuts and Factory Closure Plans
Volkswagen workers across Germany initiated strikes on Monday in protest against the automaker's controversial plans to lay off thousands of employees, cut wages, and potentially close factories for the first time in its nearly 90-year history. The escalating labor conflict has brought operations to a halt at nine of Volkswagen's car and component plants, with workers demanding a reversal of what they see as draconian measures. 
Volkswagen workers across Germany initiated strikes on Monday in protest against the automaker's controversial plans to lay off thousands of employees, cut wages, and potentially close factories for the first time in its nearly 90-year history. The escalating labor conflict has brought operations to a halt at nine of Volkswagen's car and component plants, with workers demanding a reversal of what they see as draconian measures. -
Carlos Tavares Steps Down as Stellantis CEO Amid Plummeting Sales and Labor Backlash
Carlos Tavares, the CEO of Stellantis, has resigned from his position effective immediately, marking the end of a tenure marked by profitability and controversy. Stellantis, the world's fourth-largest automaker and parent company of brands such as Jeep, Dodge, Chrysler, and Peugeot, announced the resignation on Sunday, attributing the decision to a divergence of views between Tavares and the company's board of directors. 
Carlos Tavares, the CEO of Stellantis, has resigned from his position effective immediately, marking the end of a tenure marked by profitability and controversy. Stellantis, the world's fourth-largest automaker and parent company of brands such as Jeep, Dodge, Chrysler, and Peugeot, announced the resignation on Sunday, attributing the decision to a divergence of views between Tavares and the company's board of directors.
