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Business News

Location American Business News for 24 May 2022

To Get Results, the Best Leaders Both Push and Pull Their Teams

Harvard Business Review - 24 May 2022 14:15
Insights from 100,000 leaders’ 360-degree assessments.
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A judge used a 1-sentenceTesla worker Jessica Barraza compared the carmaker's Fremont factory to a "frat house" in a sexual harassment complaint against the company.
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Woman Gets 5-year Jail TermA South Korean woman who met a man on a smartphone chat app, drugged him, and stole USD 87,000 in crypto from his phone has been sentenced to five years in prison....
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Snap will miss its own targets for revenue and adjusted earnings in the current quarter, CEO Evan Speigel warned on Monday in a note to employees.
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Airbnb to Quit China Business Amid Lockdowns, Competition

Wall Street Journal - 24 May 2022 00:01
Airbnb to Quit China BusinessThe home-sharing company plans to shut its domestic operations in the country, but continue to serve Chinese travelers booking overseas properties.
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Indian Hotels re-appointsTata group hospitality firm Indian Hotels Company Ltd (IHCL) on Tuesday said its board has approved the re-appointment of Puneet Chhatwal as Managing Director and CEO for another term of five years.
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Virgil Abloh's Final ProjectThe Air Force 1 reboot was one of the creative's last projects before his death in November 2021.
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WeWork India opens 2The workspace at WTC Pune spans over 55,000 square feet while Embassy Sunriver in Bengaluru is spread over 61,000 square feet, WeWork India said in a statement.
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How to Build a Culture That Honors Quiet Time

Harvard Business Review - 24 May 2022 14:25
Reclaim a bit of silence in an increasingly noisy world.
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India's crude oil productionIndia's crude oil production fell 1 per cent in April after lower output from fields operated by the private sector wiped away gains by state-owned firms such as ONGC, official data showed Tuesday.
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Americans' self-reported financial well-being hit a nine-year high before inflation and omicron took off, an annual Federal Reserve Board report shows
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UK finance 'faces £340bnWarning follows first Bank of England climate stress tests on seven largest lenders UK banks and insurers will end up shouldering nearly £340bn worth of climate-related losses by 2050, unless... action is taken to curb rising temperatures and sea levels, the Bank of England has warned. The numbers emerged from the Bank's first climate stress tests on seven of the UK's largest lenders. These involved three climate scenarios over a 30-year period, covering physical and transition risks, including one in which governments fail to take further steps to curb greenhouse gas emissions, resulting in average temperature rises of 3.3C, and a 3.9-metre rise in sea levels.
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KPMG fined £3.4m overRegulator says accountants' audit of jet engine maker failed to report payments to Indian intermediaries KPMG will pay a fine of £3.4m to the accounting regulator after accepting failures in its... audit of Rolls-Royce, the British jet engine manufacturer that paid a £500m settlement after bribery allegations. The accountancy firm received a severe reprimand from the regulator, the Financial Reporting Council (FRC), and the firm will have to commission an independent review into the effectiveness of its policies.
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Authorities in China have been pushing in recent months to resolve what has become a drag on overseas-listed Chinese stocks like Alibaba and Baidu.
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Economist David Rosenberg"The past two years represented a fake bull market built on sand, not concrete," the founder of Rosenberg Research said in an op-ed on Monday.
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The sanctioned oligarch's sonSaid Gutseriev says he has no financial or commercial links to his father, who was sanctioned last year for 'supporting' dictator of Belarus The son of a Russian billionaire sanctioned for supporting... the dictator who runs Belarus has been linked to a £160m portfolio of London properties. Said Gutseriev, a 34-year-old businessman with British and Russian nationality, appears to have spent years amassing a collection of at least seven properties in central London, according to the findings of a joint investigation by the Guardian and the Belarusian Investigative Center, part of the Organized Crime and Corruption Reporting Project.
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The former late-night host's media company Team Coco comprises 10 podcasts.
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Student loan forgivenessMany want at least partial loan forgiveness when the moratorium on making repayments expires at the end of August.
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Trump's Las Vegas hotel madeSecret Service logs obtained by an ethics nonprofit showed a $31,191 charge for "POTUS/FLOTUS" at the Trump Las Vegas Hotel in late 2017.
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LG unveils new OLED TV lineup,With the aim to expand its TV lineup in the country, LG Electronics on Tuesday announced the availability of its highly anticipated 2022 OLED TVs in India at a starting price of Rs 89,990.
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Global stocks and US futuresSnap's CEO warned of a challenging macroeconomic environment, while the euro rose after ECB chief Lagarde said interest rates are at a turning point.
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Judd Apatow, director of a new HBO documentary on George Carlin, talks about the late legendary comic and his ongoing relevance.
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Netflix next destination forAs prolific as Hindi-language Bollywood and known for flashy, action-packed content, the South Indian film industry is doing extremely well of late, dominating India's box office revenue so far this... year
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Knitwear maker Rupa & Co Q4Net profit of knitwear manufacturer Rupa & Co declined 25.2 per cent at Rs 49.3 crore in the last quarter of 2021-22 as compared to Rs 65.9 crore in the previous similar period, a company statement... said. Revenues of the company during the fourth quarter of last fiscal increased marginally to Rs 455.5 crore as against Rs 454 crore in the similar previous corresponding period. Earnings before interest, taxes, and amortization (EBITA) margins during the last quarter of FY22 also declined to 16.3 per cent as compared to 20 per cent in the previous similar period. Dinesh Lodha, CEO of the company, was quoted as saying that the fourth quarter of last fiscal was challenging as the industry faced headwinds due to the pandemic coupled with rise in raw material prices.
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Revenues of the company during the fourth quarter of last fiscal increased marginally to Rs 455.5 crore as against Rs 454 crore in the similar previous corresponding period.
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