COMPANY NEWS IN BRIEF
Resigned HSBC banker not satisfied
Banks are failing to deliver on promises to hire, retain and promote more Black executives as prejudice and a reluctance to change stymie leaders' good intentions, a former HSBC banker who resigned this month over the problems said.
Ian Clarke, a mid-level manager, left HSBC on Aug. 3 citing frustration at the speed and scale of its response to a report he wrote alleging racism inside the bank.
It comes at a time when banks worldwide say they are trying to implement pledges to improve diversity, after the murder of George Floyd in police custody in the United States in May 2020 sparked global protests over racial injustice.
Europe's biggest bank said in July 2020 it aimed to double the number of Black staff in senior roles by 2025, and CEO Noel Quinn told Reuters two weeks ago the lender "saw no need to restate" that target.
In his first interview since leaving, Clarke, 36, said he believed the bank was unlikely to achieve that goal under its current direction and that the problem runs throughout the industry.
"I think that the number of Black people within the bank has severely reduced," Clarke said. -Nampa/Reuters
GM workers' historic vote in Mexico
General Motors employee Mari says that for the past decade, she has felt powerless to demand higher pay at the plant in central Mexico that cranks out hundreds of thousands of profitable pickup trucks annually.
But on Tuesday and Wednesday, the plant's nearly 6 500 unionized workers are to vote on what Mari and many co-workers see as a historic opportunity to oust their union, which they say protects the company's interests over their own.
If workers reject the Miguel Trujillo Lopez union, it would open the door for them to bring in new representation.
The vote marks the first major test of labour rules under the United States-Mexico-Canada Agreement, a regional trade deal that replaced NAFTA and aims to foster stronger unions and boost wages in Mexico, in part to reduce incentives for US companies to move jobs south of the border.
GM's plant in Silao, Guanajuato, is a linchpin of its North American truck strategy. It produced over 339 000 Chevrolet Silverado and GMC Sierra full-sized pickups in 2019, more than a third of the company's total of 906 000.-Nampa/Reuters
Home Depot's US sales slow
Home Depot Inc on Tuesday fell short of US same-store sales estimates for the first time in nearly two years as pandemic-fuelled do-it-yourself projects tapered off, sending shares of the retailer down as much as 5.5%
Home-improvement chains had a blockbuster 2020 as revenue and profit surged from stuck-at-home Americans splurging on paint, tools, and gardening equipment to upgrade their living spaces through DIY projects. A strong housing market and fresh government stimulus floated earlier this year also helped lift consumer demand.
The steady rollout of Covid-19 vaccines, however, prompted more Americans to return to outdoor activities and abandon some pandemic-induced shopping habits.
US same-store sales at Home Depot climbed 3.4% in the second quarter - the smallest increase in two years, and missed analysts' estimates of a 4.9% rise, according to IBES data from Refinitiv.
Underscoring the slowdown was data on Tuesday that showed a bigger-than-expected drop in July retail sales, partly reflecting the rotation of spending from goods to services such as travel and entertainment. -Nampa/Reuters
Walmart raises forecast
Walmart Inc increased its annual US same-store sales forecast after beating analysts' estimates on Tuesday, as shoppers coming out of lockdown bought more clothes, travel gear and back-to-school merchandise.
As store sales rose, however, the pace of Walmart's online growth slowed dramatically to 6% from 37% in the first quarter.
Still, Walmart is on track to reach US$75 billion in global ecommerce sales by the end of the year - the retailer reported its biggest ever online sales growth of 97% last year as people used its quick delivery services to order essentials at the height of the pandemic.
"Even as ecommerce growth slowed as we layered on top of tremendous growth last year ... The good news for us is that we can serve them (shoppers) either way," Chief Executive Doug McMillon said.
The results kick off a big week of earnings from major US retailers including Target and Macy's which are all expected to have benefited from people tentatively leaving their homes this summer. -Nampa/Reuters
Nissan ordered to pay additional wages
An Indian arbitrator has issued an order asking Nissan Motor Co to pay its factory workers additional wages, despite warnings from the automaker that a higher pay out could make its business "unviable in the long run".
Nissan and its union have been locked in an industrial arbitration dispute since July after the two sides failed to reach a mutual agreement over several issues including higher wages. A previous wage agreement expired in March 2019.
A tribunal has ordered Renault-Nissan to pay its 3 542 workers an average of over 7 100 rupees (US$96) a month in backdated dues as interim relief, according to an Aug. 16 order seen by Reuters.
The payments, higher than the consortium's initial offer of US$30 a month but lower than the union's demand of US$270, would cost Renault-Nissan about US$9.53 million in total.
The arbitrator will continue to hear over 50 other demands by the workers over the coming days, which if agreed to could together cost the company 93% more per worker, Nissan said. -Nampa/Reuters
Banks are failing to deliver on promises to hire, retain and promote more Black executives as prejudice and a reluctance to change stymie leaders' good intentions, a former HSBC banker who resigned this month over the problems said.
Ian Clarke, a mid-level manager, left HSBC on Aug. 3 citing frustration at the speed and scale of its response to a report he wrote alleging racism inside the bank.
It comes at a time when banks worldwide say they are trying to implement pledges to improve diversity, after the murder of George Floyd in police custody in the United States in May 2020 sparked global protests over racial injustice.
Europe's biggest bank said in July 2020 it aimed to double the number of Black staff in senior roles by 2025, and CEO Noel Quinn told Reuters two weeks ago the lender "saw no need to restate" that target.
In his first interview since leaving, Clarke, 36, said he believed the bank was unlikely to achieve that goal under its current direction and that the problem runs throughout the industry.
"I think that the number of Black people within the bank has severely reduced," Clarke said. -Nampa/Reuters
GM workers' historic vote in Mexico
General Motors employee Mari says that for the past decade, she has felt powerless to demand higher pay at the plant in central Mexico that cranks out hundreds of thousands of profitable pickup trucks annually.
But on Tuesday and Wednesday, the plant's nearly 6 500 unionized workers are to vote on what Mari and many co-workers see as a historic opportunity to oust their union, which they say protects the company's interests over their own.
If workers reject the Miguel Trujillo Lopez union, it would open the door for them to bring in new representation.
The vote marks the first major test of labour rules under the United States-Mexico-Canada Agreement, a regional trade deal that replaced NAFTA and aims to foster stronger unions and boost wages in Mexico, in part to reduce incentives for US companies to move jobs south of the border.
GM's plant in Silao, Guanajuato, is a linchpin of its North American truck strategy. It produced over 339 000 Chevrolet Silverado and GMC Sierra full-sized pickups in 2019, more than a third of the company's total of 906 000.-Nampa/Reuters
Home Depot's US sales slow
Home Depot Inc on Tuesday fell short of US same-store sales estimates for the first time in nearly two years as pandemic-fuelled do-it-yourself projects tapered off, sending shares of the retailer down as much as 5.5%
Home-improvement chains had a blockbuster 2020 as revenue and profit surged from stuck-at-home Americans splurging on paint, tools, and gardening equipment to upgrade their living spaces through DIY projects. A strong housing market and fresh government stimulus floated earlier this year also helped lift consumer demand.
The steady rollout of Covid-19 vaccines, however, prompted more Americans to return to outdoor activities and abandon some pandemic-induced shopping habits.
US same-store sales at Home Depot climbed 3.4% in the second quarter - the smallest increase in two years, and missed analysts' estimates of a 4.9% rise, according to IBES data from Refinitiv.
Underscoring the slowdown was data on Tuesday that showed a bigger-than-expected drop in July retail sales, partly reflecting the rotation of spending from goods to services such as travel and entertainment. -Nampa/Reuters
Walmart raises forecast
Walmart Inc increased its annual US same-store sales forecast after beating analysts' estimates on Tuesday, as shoppers coming out of lockdown bought more clothes, travel gear and back-to-school merchandise.
As store sales rose, however, the pace of Walmart's online growth slowed dramatically to 6% from 37% in the first quarter.
Still, Walmart is on track to reach US$75 billion in global ecommerce sales by the end of the year - the retailer reported its biggest ever online sales growth of 97% last year as people used its quick delivery services to order essentials at the height of the pandemic.
"Even as ecommerce growth slowed as we layered on top of tremendous growth last year ... The good news for us is that we can serve them (shoppers) either way," Chief Executive Doug McMillon said.
The results kick off a big week of earnings from major US retailers including Target and Macy's which are all expected to have benefited from people tentatively leaving their homes this summer. -Nampa/Reuters
Nissan ordered to pay additional wages
An Indian arbitrator has issued an order asking Nissan Motor Co to pay its factory workers additional wages, despite warnings from the automaker that a higher pay out could make its business "unviable in the long run".
Nissan and its union have been locked in an industrial arbitration dispute since July after the two sides failed to reach a mutual agreement over several issues including higher wages. A previous wage agreement expired in March 2019.
A tribunal has ordered Renault-Nissan to pay its 3 542 workers an average of over 7 100 rupees (US$96) a month in backdated dues as interim relief, according to an Aug. 16 order seen by Reuters.
The payments, higher than the consortium's initial offer of US$30 a month but lower than the union's demand of US$270, would cost Renault-Nissan about US$9.53 million in total.
The arbitrator will continue to hear over 50 other demands by the workers over the coming days, which if agreed to could together cost the company 93% more per worker, Nissan said. -Nampa/Reuters
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