Management & Strategy
Volvo to lay off one thousand employees in Sweden - 05/05/2023
Swedish automaker Volvo Cars announced that it will eliminate about 1,300 office jobs in Sweden as part of a cost-cutting plan. The company stated that it will put its attention on modernizing its operations with a focus on resource and cost effectiveness. There are plans, in particular, to alter how work is done in some areas of the organization. As a result, Volvo said that it would eliminate...
Audi top manager pleads guilty in Dieselgate case - 05/04/2023
Rupert Stadler, a former top management of Audi (a division of the Volkswagen Group), pleaded guilty in exchange for a suspended sentence in the "Dieselgate" case, where the automaker underreported actual air pollution, Die Welt reported. Rupert Stadler, a former executive of Audi, has consented to testify in the diesel scandal case. The newspaper quoted the attorney who represented the senior...
LVMH becomes the first European company worth more than $ 500B - 04/25/2023
LVMH conglomerate, owner of the Louis Vuitton and Dior brands, became the first European business with a market value greater than $500 billion. According to Bloomberg, the market value of LVMH exceeded $500 billion, which is the first such mark in Europe. The agency notes that this was brought on by a strong rise in luxury goods sales in China and the euro's strength. The wealth of LVMH's...
Apple to double number of jobs in India - 04/21/2023
According to a government source who spoke to NDTV, Apple intends to increase the number of contract manufacturers it employs in India by about 200,000 in the near future. “Apple has created 100,000 new jobs in India. We anticipate them to quickly double the amount of employment, based on our conversations,” NDTV’s source stated. The insider claims that Tim Cook, the CEO of Apple, has a...
ExxonMobil chief's pay grows by 52% - 04/17/2023
ExxonMobil CEO Darren Woods received $36 million in total compensation last year. The figure climbed more than twice as much as it did from 2020 to 2021, showing a 52% increase, as follows from ExxonMobil’s submitted to the US Securities and Exchange Commission. Mr. Woods received a $6.4 million cash incentive and $13.5 million worth of company stock. The majority of oil and gas businesses were...
Branson's Virgin Orbit to lay off almost all employees - 03/31/2023
Dan Hart, the CEO of the satellite launch company Virgin Orbit, informed staff members at a general meeting on March 30 that the company would stop operations "for the foreseeable future" due to a lack of financing. 75% of Virgin Orbit is owned by British billionaire Richard Branson. Virgin Orbit, a company that launches satellites, has been unable to secure financing for its operations; as a...
Amazon to lay off 9,000 employees - 03/21/2023
According to a statement from the company’s CEO Andy Jassy posted on Amazon's website, the online retailer plans to lay off 9,000 workers. The layoffs will primarily affect the cloud computing platform AWS, the People, Experience and Technology (PXT) division, which handles human resources, the advertising department, and the Twitch division. "We are writing to declare that we aim to eliminate...
Moody’s: Gender pay gap may cost global economy $7T - 03/07/2023
Moody's analysts found that eliminating the gender pay disparity could add $7 trillion to global economic growth. According to analysts at the global credit rating agency Moody's, eliminating the wage difference between men and women could increase global economic activity by about 7%, or $7 trillion. The estimate is based on information on the wage rise that women in Organization for Economic...
Musk tops Bloomberg's list of the world’s richest people - 02/28/2023
Elon Musk, the founder of Tesla and SpaceX, once again topped the list of the world's wealthiest individuals, according to Bloomberg’s $ 187.1 billion estimate of his wealth. He outperformed Louis Vuitton Moet Hennessy company’s President Bernard Arnault ($185.3 billion). The agency attributed this to a roughly 70% increase in Tesla's stock price since the year's beginning. Due to lower prices,...
Wells Fargo fires hundreds of mortgage specialists - 02/24/2023
As part of a recent strategy shift, Wells Fargo & Co. laid off hundreds of mortgage bankers this week. CNBC reported on this on Wednesday, citing informed sources. Some of the most successful professionals, who had more than $100 million in loans in their accounts the previous year, and some employees who went to an internal sales conference for high-performing professionals were allegedly...
