Here is some light reading material curated by Chief of Staff Asia to keep you updated over the weekend.
Exclusive: Credit Suisse to cut 80% of Hong Kong investment bank jobs from this week | Reuters
According to the report that Reuters posted on Aug 7., around 80% of Hong Kong-based investment banking staff at Credit Suisse will be made redundant starting this week, two people with knowledge of the matter said, as part of the bank’s integration with UBS Group.
Only about 20 bankers will be spared the cuts that will impact Credit Suisse’s 100-strong investment banking team in the territory, the people said, declining to be identified as discussions on the matter were private.
Telus Plans to Cut 6,000 Jobs Globally as Profit Slides | Bloomberg
According to the report, Telus Corp. plans on sacking 6% of its workforce (around 6,000 jobs) after decline of their second quarter earnings. This cut comprise of 4,000 workers at Telus and 2,000 from Telus international. It also includes offer of early retirement and voluntary packages.
PayPal Launches a Stablecoin in Latest Crypto Payments Push | Bloomberg
PayPal Holdings Inc. is rolling out a stablecoin, the first by a large financial company and a potentially significant boost to the sluggish adoption of digital tokens for payments. Stablecoins — crypto tokens that are pegged to an asset like the dollar — have been around for almost a decade, but they’re mostly used by traders to move digital assets between exchanges and have made limited inroads into consumer payments.
Apple, Microsoft remain world’s top 2 companies by market cap | Reuters
Apple last month became the first company in the world to reach a market value of $3 trillion, buoyed by hopes over its expansion in new markets and expectations for more moderate U.S. interest rate hikes.
Microsoft also beat Wall Street estimates for its fiscal fourth-quarter revenue, driven by growth in its cloud computing and office software businesses, although its share price slipped back 1.4% in July after it also laid out an aggressive spending plan to meet demand for artificial intelligence services.
