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Carlos Tavares, the esteemed CEO of Stellantis, resigned unexpectedly, citing "increasingly different opinions" between him and the automaker's board of directors. The announcement, made Sunday, marks the end of Tavares' tenure with immediate effect, leaving the world's fourth-largest automaker searching for a new leader during a difficult period. In a statement, Stellantis confirmed that its board of directors accepted Tavares' resignation and that the search for a new CEO is already underway. The trial is expected to conclude in the first half of next year. Meanwhile, an interim executive committee will be established under the leadership of President John Elkann to oversee the company's operations. Henri de Castries, senior independent director at Stellantis, explained the circumstance...

President-elect Donald Trump has nominated Kevin Hassett to lead the National Economic Council (NEC), placing the veteran economist at the forefront of the administration's decision-making on trade, taxes and deregulation. The announcement, made by Trump on his social media platform Truth Social, marks a significant step in finalizing his economic team ahead of Inauguration Day on Jan. 20. Hassett, who previously served as chairman of the White House Council of Economic Advisers (CEA) during Trump's first term, is no stranger to the administration's economic agenda. During his tenure at CEA, Hassett played a critical role in supporting the 2017 Republican tax cuts and defending the administration's aggressive tariff policies, which targeted key trading partners such as China, Mex...

As President-elect Donald Trump renews his calls for high tariffs on imports from China, Canada and Mexico, the global auto industry braces for potential supply chain disruptions and rising costs. However, Ferrari, the iconic Italian luxury automaker, appears uniquely positioned to weather the storm, even as other manufacturers face growing challenges. Trump's proposed measures include a 10% tariff on all goods entering the United States from China and a 25% tariff on imports from Canada and Mexico, triggering concerns across industries that rely heavily on global trade. While European automakers have yet to be directly targeted, analysts suggest it may only be a matter of time before the spotlight falls on the European Union's auto sector. Despite the growing uncertainty, Ferrar...

Eric Yuan, founder and CEO of Zoom Communications Inc., spoke about the company's ongoing transformation at the annual Concordia Summit held in New York on September 25, 2024. The video conferencing giant, formerly known as Zoom Video Communications, reported solid financial results for its fiscal third quarter, but its shares fell 4% in extended trading on Monday amid mixed investor sentiment regarding its future guidance. Zoom posted results that beat Wall Street's expectations, showing steady growth in an evolving market for its services. According to LSEG financials, the company outperformed analysts' projections in both earnings per share and revenue. Adjusted earnings per share came in at $1.38, above the expected $1.31, while quarterly revenue reached $1.18 billion, above ...

The Arnault family, renowned for owning the luxury conglomerate LVMH and for its position among the world's richest families, is seeking to consolidate majority ownership of Paris FC, a modest soccer club in France's second division. However, any aspiration for significant sporting achievements is expected as part of a long-term gradual plan. Antoine Arnault, son of Bernard Arnault, CEO and president of LVMH, shared that the family's investment in Paris FC is driven by passion rather than profit. Speaking to CNBC, he noted that the aim is to emulate the kind of success energy drink giant Red Bull has achieved with its ownership of German club RB Leipzig and Austrian club Red Bull Salzburg. The Arnaults have joined forces with Red Bull in this venture. The Arnault family's holding...

Former congressman and Fox Business host Sean Duffy has been announced as President-elect Donald Trump's nominee for secretary of transportation. The announcement, made Monday, marks the second time Trump has selected a Fox News personality for a Cabinet position, following last week's nomination of Pete Hegseth to lead the Defense Department. Hegseth has since stepped down from his role at Fox News. In his statement, Trump praised Sean Duffy's record as a public servant, describing him as "an exceptional and respected leader." Trump highlighted Duffy's contributions during his tenure in Congress, highlighting his support for fiscal responsibility, economic growth and rural development. "Sean's leadership in Congress has earned him a reputation as a strong advocate for American e...

Related media - Recent news In Kansas City, a transformative program is helping veterans dealing with post-traumatic stress disorder (PTSD). Air Force veteran Heather O'Brien, who served in a challenging internment camp in Iraq, returned home struggling with anxiety and uncertainty. A toy labradoodle named Albus and the Dogs 4 Valor initiative, part of the Olathe, Kansas-based organization The Battle Within, were instrumental in his recovery journey. Dogs 4 Valor is designed to assist veterans and first responders in collaboration with their caregivers, addressing issues such as depression and anxiety. Program director Sandra Sindeldecker notes that many veterans with PTSD often remain isolated at home, struggling with severe anxiety and avoidance of social interactions. "Th...

Related media - News 24 hours Former Federal Reserve policymaker Loretta Mester has indicated that the US Federal Reserve may implement fewer interest rate cuts than previously expected next year, particularly if President-elect Donald Trump's proposed global tariffs are implemented. Speaking at UBS's annual European conference in London, Mester stressed that the Fed's monetary policy will be significantly influenced by the fiscal strategies of a future Republican administration. Mester noted that the market's revised expectations for interest rate cuts may actually be correct, suggesting that the number of cuts may be fewer than the four previously expected. “Next year, the pace of cuts will be influenced by the direction of fiscal policy,” he explained, underlining the pot...

More news - News 24 hours On October 3, 2024, the Federal Reserve building in Washington was the backdrop for the latest developments in US economic indicators. This report is part of CNBC's Daily Open, designed to inform investors around the world about major market updates. To stay informed you can sign up to the newsletter. Highlights American inflation trend upwardsIn October, the overall inflation rate in the United States reached 2.6%, in line with market expectations. Core inflation, which excludes food and energy price volatility, remained stable at 3.3%. This overall figure exceeds the Federal Reserve's target, potentially complicating its monetary policy easing plans. Mixed market responses following inflation dataFollowing the inflation report, US markets traded l...

More news - Recent news Former French President François Hollande underlined the need for Europe to maintain unity in the face of growing US protectionism, especially regarding security and trade issues. His comments came shortly after Donald Trump's election victory, which raised concerns about potential economic challenges for the European Union, particularly his threat to impose a 10% tariff on European nations. This unfolds as Germany, a key economic hub for the region, grapples with economic hardship and political instability following the collapse of its coalition government. Additionally, there are growing concerns about the ongoing conflict in Ukraine and the possibility that the United States may reduce its financial support, leaving European allies to shoulder the ...