Elon Musk's X Strips Headlines From News Links Updated 28 minutes ago
Elon Musk's social media platform X has stripped headlines from news articles shared by users, in a move likely to further worsen relations with media groups.
The tycoon has long railed against the “legacy media” and claims X, formerly Twitter, is a better source of information.
However, he said the latest change was for “aesthetic” reasons — news and other links now appear only as pictures with no accompanying text.
Musk took over Twitter last year in a $44 billion deal and has since renamed it X, sacked thousands of staff and drawn criticism for allowing banned conspiracy theorists and extremists back on the platform, sending advertisers fleeing.
He has also banned — and reinstated — various journalists with mainstream outlets including the Washington Post and CNN, as well as appearing to delay posts from accounts including the New York Times.
“I almost never read legacy news anymore,” Musk posted on Tuesday.
“What's the point of reading 1,000 words about something that was already posted on X several days ago?”
– Souring relations –
Some media groups have stopped posting to X altogether because of the rise in hate speech and the behaviour of Musk.
AFP and other French news outlets launched a legal case in early August accusing X of copyright breaches.
When the changes to links were first mooted in August, Musk posted: “This is coming from me directly. Will greatly improve the esthetics.”
The changes appear to have been introduced gradually this week.
Instead of seeing a headline along with a picture, users now see only a picture with a small watermark.
The changes brought a good deal of criticism, journalist Tom Warren of The Verge website posting on X: “It's the latest in a long line of dumb changes on this platform.”
Some users have already commented that it is now difficult to distinguish between news and other kinds of information, which is likely to raise questions about the trustworthiness of the site.
In September, the European Commission said X had a higher ratio of misinformation and disinformation than any other social media.
The souring relationship between media and tech companies is not limited to X.
Both Google and Meta have pushed back against laws forcing them to pay media companies to show stories.
The changes are having a real-world effect, with Axios news site reporting on Tuesday that referrals to media websites from X and Meta's Facebook had collapsed in the past three years.
Stock Market Updates
Sensex Today: Equity markets resumed trade on a muted note on Tuesday as investors came back from an extended weekend. The S&P BSE Sensex quoted at 66,029 levels, up 59 points, while the Nifty50 started at 19,845, higher by 51 points.
The broader markets continued to exhibit strength with the BSE MidCap and SmallCap indices rising up to 0.6 per cent.
Among top sector indices, the Nifty Metal index added 0.84 per cent, while the Nifty IT index fell 0.1 per cent.
Overnight, the US market ended modestly in red as the bulls took a breather post strong rally in the preceding week. This week the focus will be on Fed chair speech and inflation data.
Near home, Nikkei and Straits Times were down up to 0.3 per cent; whereas, Kospi and Taiwan added 0.4 per cent each.
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Foxconn to Invest $1
BENGALURU: Taiwan's Foxconn will invest $1.5 billion in India in its latest expansion plan, the world's largest contract manufacturer of electronics said on Monday.
The company, which announced the investment plan in a stock exchange filing, did not provide any further details.
Foxconn has been rapidly expanding its presence in India by investing in manufacturing facilities in the south of the country.
The contract manufacturer aims to double its workforce and investment in India by next year, a company executive had said in September.
The company's Chairman Liu Young-way had also said in an earnings briefing in August he sees a lot of potential in India, adding that "several billion dollars in investment is only a beginning".
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Xiaomi Pad 7 Pro may feature Snapdragon 8 Gen 2 chipset
Xiaomi released its Pad 6 series earlier this year, but the company is reportedly already working on the latest generation of its tablet range, with major upgrades planned in terms of processor and display, among other things.
Also Read: Xiaomi expands HyperOS to more devices: Check if your device is on the list
Mi Pad 7 Pro expected features:
According to a report by GSMChina, the Xiaomi Pad 7 Pro has been codenamed 'Sheng', based on Xiaomi's practice of using musical instruments as codenames for its tablet lineup, and has been designated a model number 'N81A'.
Reportedly, the Xiaomi Pad 7 Pro could be powered by last year's flagship Snapdragon 8 Gen 2 processor, giving it a performance boost over the Pad 6 Pro, which came with the Snapdragon 8+ Gen 1 chipset. The Pad 7 Pro could also feature a 10-inch LCD display with a resolution of 1480*2367 and a refresh rate of 144 Hz.
The tablet will also come with a dual rear camera setup with a primary sensor and a depth sensor, while the exact specifications of the front and rear cameras have not yet been revealed.
The tablet could also come with a quad stereo speaker setup with support from Dolby while running on Xiaomi's new HyperOS out of the box running on Android 14.
Also Read: Xiaomi enters the electric vehicle market with SU7: Here's everything you need to know
According to the report, Xiaomi is expected to launch the new Mi Pad 7 range in April next year with the Xiaomi 14 Ultra handset.
Similar to the Xiaomi Pad 6 Pro, the Pad 7 Pro is unlikely to make it to India and other global markets, and may be restricted to the Chinese market. Meanwhile, the Xiaomi Pad 7, which is currently being tested in Xiaomi's lab, is expected to be released globally.
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Doctors, health experts urge Centre to raise excise duty on tobacco
Doctors, economists, and public health organizations have urged the government to raise the excise duty on all tobacco products in the Union Budget 2024–25 in order to raise additional funds. It is believed that raising the excise tax is one of the most cost-effective public policy tools available to regulate tobacco consumption.
In addition, they also requested an increase in health taxes on cigarettes, bidis, and smokeless tobacco in their appeals to the Finance Ministry. Health taxes, also known as sin taxes, are excise taxes imposed on products such as tobacco that have a clear negative public health impact.
A recent study revealed that cigarettes, bidis, and smokeless tobacco have become increasingly affordable over the past 10 years, PTI reported.
Dr. Rijo John, health economist and adjunct professor at Rajagiri College of Social Sciences, Kochi said there has been a minor increase in National Calamity Contingent Duties (NCCD) on cigarettes, but apart from that, there has not been any major rise in tobacco taxes since the introduction of GST in July 2017.
“Adding the current GST rate, compensation cess, NCCD, and Central Excise, the total tax burden (taxes as a percentage of final tax inclusive retail price) is only about 49.3 percent for cigarettes, 22 percent for bidis and 63 percent for smokeless tobacco," he said.
Given that more than six years have passed since the implementation of the GST, and there has been no substantial tax hike on tobacco products during this period, Dr. John said it is crucial for the Union government to consider increasing taxes on tobacco beyond minor increments in NCCD, which make up less than 10 percent of the overall taxes imposed on tobacco.
“When the government refrains from raising taxes on tobacco, the tobacco companies independently elevate prices, thereby boosting their profits. Consequently, the augmented revenue that the government could have collected is redirected toward industry profits," he said as quoted by PTI.
On the other hand, Dr. Pankaj Chaturvedi, Head Neck Cancer Surgeon at Tata Memorial Hospital stated that nearly 50% of all cancers in India are due to tobacco.
He believes that it is in the interest of the users as well as of the country to increase taxes on all tobacco products as this will reduce their affordability and consumption.
The Parliament Standing Committee on Health recently submitted a pertinent and comprehensive report on Cancer Care Plans and Management in which it undertook a detailed study of the causes of Cancer in India and noted with concern that in India, “the highest number of lives lost is due to oral cancer caused by tobacco, followed by cancer of the lungs, esophagus, and stomach."
India has the second largest number (268 million) of tobacco users in the world and of these 13 lakhs die every year from tobacco-related diseases, experts said. Nearly 27 percent of all cancers in India are due to tobacco.
(With PTI inputs)
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Source: Live Mint
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Galaxy S24 set to be an ‘AI phone’
Samsung is focusing on bringing a number of artificial intelligence-enabled upgrades to its latest flagship phone series, the Galaxy S24, which is expected to be released in January 2024.
According to a report by GalaxyClub, Samsung has applied for several artificial intelligence-related trademarks in the UK and Europe, including for 'AI Phone' and 'AI Smartphone'. However, the report notes that Samsung is unlikely to be granted a patent due to the generic nature of these words.
Furthermore, a report from SamMobile suggests that the South Korean smartphone maker will also launch the Galaxy AI experience alongside the global launch of the Galaxy S24, bringing on-device AI to Samsung's smartphones.
In a statement while announcing, Galaxy AI last month, Samsung said, “Galaxy AI is a comprehensive mobile AI experience, powered by both on-device AI developed at Samsung and cloud-based AI enabled by our open collaborations with like-minded industry leaders. It will transform your everyday mobile experience with the peace of mind you count on from Galaxy security and privacy."
The Galaxy AI experience will help bring a host of features to Samsung devices, including AI Live Translate, which allows users to get a real-time transcript of a call while talking to someone.
Samsung Galaxy S24 expected features:
As reported by 9to5 Google, recent images of the anticipated Samsung Galaxy S24 Ultra have surfaced on the X platform, courtesy of user David Martin. The leaked pictures showcase the flagship smartphone in a silver hue and reveal notable hardware modifications. ICE UNIVERSE, another user on the X platform, has also shared these leaked images, asserting their authenticity as genuine representations of the upcoming Samsung Galaxy S24 Ultra.
The leaked image indicates a departure from the curved sides typically associated with the smartphone, with the screen appearing noticeably flatter compared to its predecessor. Consequently, the sides of the smartphone appear thicker in this latest iteration. The shift to a flatter screen and thicker sides marks a departure from Samsung's convention of employing curved screens, adding an element of anticipation to the unveiling of the real Samsung Galaxy S24 Ultra.
According to several media reports, there are speculations that the company is planning to release three devices within this series: Galaxy S24, Galaxy S24 Plus, and Galaxy S24 Ultra. This year, the smartphone is anticipated to feature several upgrades and adjustments in terms of processor, camera capabilities, additional features, and more.
Meanwhile, a Forbes report suggests that the flatter display on the Galaxy S24 ultra could lead to the company employing one of the fan favourite features of Galaxy Note series with the introduction of S pen on Samsung's latest flagship.
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Source: Live Mint
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Garena Free Fire Max redeem codes for Nov 27
Garena Free Fire Max redeem codes can be used to win in-game items like weapons, diamonds, skins and more. These 12 digit alphanumeric codes consist of capital letters and numbers.
For those unaware, Garena Free Fire Max is a revamped version of Garena Free Fire. It debuted in 2021 and became popular after the ban of the former by the Indian government. Developers of the game keep updating these codes daily. There is also a dedicated microsite where players can visit to redeem the available codes.
By redeeming these codes, players will have a chance to win Rebel Academy Weapon Loot Crate, Revolt Weapon Loot Crate, Diamonds Voucher, Fire Head Hunting Parachute using daily redeem codes. Do note that the codes are available for limited hours (up to 12 hours) and for the first 500 users only. So hurry up and redeem the codes before they get exhausted.
Garena Free Fire MAX Redeem Codes for Nov 27, 2023
How to redeem Garena Free Fire Max codes
Go to the game's official Rewards Redemption site on Chrome
Login to your account using Facebook, Twitter, Google or VK ID
Now, copy the codes mentioned above and paste them in the text box
Click on Confirm to continue. You will receive the rewards in the in-game mail section. Golds or diamonds will add to the account wallet automatically.
Once the codes are redeemed, players can head to the game vault where a game wall will appear. They will also be able to access gold and diamonds in exchange for these codes. As stated above, Garena Free Fire Max redeem codes can also be used to buy in-game items like rebel academy weapon loot crate, revolt weapon loot crate, diamond vouchers, fire head hunting parachute and more.
Source: Live Mint
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Max Verstappen Completes Title-Winning Season With Record-Breaking 19th Win
Max Verstappen completed a majestic and record-breaking season in familiar style on Sunday when he cruised to a record-increasing 19th win of the year for Red Bull at an action-packed Abu Dhabi Grand Prix.
The three-time world champion came home 17.993 seconds ahead of Ferrari's Charles Leclerc whose bold drive was not enough for the Italian team to claim the runners-up place in the constructors' championship.
That went, finally, to Mercedes by just three points as although Sergio Perez came home second behind Verstappen on the road he was relegated to fourth with a five-second penalty, for a mid-race clash with McLaren's Lando Norris, which promoted George Russell to third.
Norris was fifth ahead of his McLaren team-mate Oscar Piastri, Aston Martin's Fernando Alonso, Yuki Tsunoda of Alpha Tauri and seven-time champion Lewis Hamilton in the second Mercedes.
READ: F1 Bars Overtaking In Pit Lane Following Max Verstappen's Move In Abu Dhabi GP Practice
Verstappen ended the season as the only driver to complete every lap of the season, more than 1000 laps led, and also broke Jim Clark's 1963 record for the highest percentage of laps led in a season.
“An incredible season,” said Verstappen, who also paid tribute to retirement-bound Alpha Tauri boss Franz Tost who nurtured his early F1 career. “I felt quite emotional on the in-lap as it's the last time in this car that has given me such a lot.
Russell said: “It was really tense at the end as the tyres were dropping off, but it's a massive relief to bring the car home P3. It means a huge amount to so many people back at the factory.”
Leclerc, who slowed to allow Perez to pass him in the closing laps, said: “He had a penalty and we had to help him finish in front of George with the five seconds… but, unfortunately, it wasn't enough… It's a shame we finished third.”
The race began in hot conditions, with an air temperature of 27 degrees Celsius and the track cooling rapidly as the sun went down and the floodlights blazed on the Yas Marina Circuit. The top 12 cars started on medium compound tyres.
The Dutchman led from pole and fended off three early challenges from Leclerc to open up a one second lead before Drag Reduction System (DRS) was enabled on lap three when Perez swept inside Hamilton for ninth and Norris passed Piastri for third, having already passed Russell.
As the leaders all pitted for hards, Yuki Tsunoda took over on lap 18, giving Alpha Tauri and Tost a memorable moment, only the second time a Japanese driver had led a Formula One race.
He stayed there as Verstappen weaved his way back to the front, finally taking control again on lap 23 when Tsunoda pitted, returning in 12th behind Hamilton, who survived an early bump into the rear of Pierre Gasly's Alpine with front wing damage.
By lap 30, it was a familiar story. Verstappen led Leclerc by 6.5 seconds with Russell 2.1 behind in third and Norris fourth. Hamilton was eighth and Sainz 14th.
READ: FIA Set To Revise F1 Sprint Race Format For 2024
As the second stops began, Norris pitted again on lap 34, taking fresh hards. He re-joined 10th. Mercedes responded, bringing Russell in – and he came out in P9 while Hamilton battled Alonso for ninth and Sainz, on an aggressive strategy, rose to eighth.
As it stood, it was advantage Ferrari again while, at the front, Verstappen came in again on lap 44, retaining his lead to emerge with a 15-lap cruise to the flag before Hamilton passed Sainz for ninth with 10 laps to go.
It was advantage Mercedes again, but when Russell was passed by Perez, for third, the ‘silver arrows' hopes hung on the five-second penalty the Mexican was given for an earlier clash with Norris as the flag came out for Verstappen.
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Ranbir Kapoor starrer
Ranbir Kapoor starrer ‘Animal’ box office collection has amassed big numbers even before its release. The movie is set to release in theatres on December 1 in Hindi, Telugu, Tamil, Kannada and Malayalam.
As per early estimates, ‘Animal' has already minted ₹3.4 crore in advance ticket sales just hours after the advance booking for the film began, according to film industry tracker Sacnilk. The film is produced by Bhushan Kumar and Krishan Kumar's T-Series, Murad Khetani's Cine1 Studios and Pranay Reddy Vanga's Bhadrakali Pictures.
Also read: Ranbir Kapoor-starrer ‘Animal' to now release on 1 December
In less than 24 hours since advance booking opened on Saturday, 90,526 tickets in Hindi language have been sold. A total of 1.1 lakh across all three languages have been booked including Hindi, Tamil, and Telugu.
Film trade analyst Taran Adarsh in a post on social media platform X (formerly Twitter), on Sunday, revealed the number of tickets the film has sold so far in advance booking. A total of 52,500 tickets were sold across national chains that includes 43,000 sold across PVR INOX screens and 9,500 across the Cinepolis ones.
Source: Live Mint
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Clemente Del Vecchio
Forbes recently released their list of billionaires for 2023, and among them, the only person who caught international attention was a 19-year-old Clemente Del Vecchio, who marked a net worth of $400 crores.
Clemente's father, Italian billionaire Leonardo Del Vecchio, former chairman of EssilorLuxottica, the world's largest eyeglasses firm, passed away at 87 in June last year. His substantial $25.5 billion fortune was inherited by his wife and six children, including Clemente- who became the world's youngest billionaire in 2022.
Clemente Del Vecchio was the youngest billionaire in the prestigious list by Forbes.
Some facts about the youngest billionaire Clemente Del Vecchio
-Clemente Del Vecchio became a billionaire at the age of 18.
He has inherited a 12.5% stake in his father's holding company, Delfin, based in Luxembourg.
-Clemente Del Vecchio's net worth currently stands at $4 billion, as per Forbes
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-Clemente Del Vecchio, despite his substantial inheritance, is reportedly focused on his studies and personal interests. He has shown a keen interest in science and technology, expressing a desire to attend college and pursue a career in these fields.
Clemente Del Vecchio reportedly owns several luxury properties in Italy, including a villa in Lake Como and an apartment in Milan.
Despite the vast family wealth stemming from Leonardo's leadership, which included the acquisition of major brands like Sunglass Hut and Ray-Ban, Clemente maintains a low profile and reportedly does not directly engage in his father's businesses.
Clemente Del Vecchio's oldest brother, Claudio, rose to prominence after his father sent him to the United States at 25 in 1982. For 15 years, he managed Luxottica in the US and made notable acquisitions like LensCrafters for $1.4 billion in 1995.
In 2001, Claudio bought Brooks Brothers for $225 million, but it faced financial troubles and filed for bankruptcy in July 2020. Clemete's second-oldest brother, Leonardo Maria, is involved in the family business, leading Italian retail for Luxottica. Interestingly, not many know that Clemete Del Vecchio's grandfather worked as a vegetable peddler in Milan and passed away before he was born.
Source: Live Mint
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Behind Credit Suisse’s Fall
When Credit Suisse’s board met to approve the bank’s forced sale to UBS in March, paintings of every bank chairman since 1856 lined the boardroom.
A lawyer from Zurich, Urs Rohner, was the last to get a portrait. Chairman between 2011 and 2021, he wasn't there in person that day. But his tenure loomed over the proceedings. He had helped turn one of Switzerland's most solid institutions into a tinderbox.
In the immediate aftermath of Credit Suisse's demise, blame focused on external forces for causing the bank's rich clients to flee, especially the panic that ensued after the surprise collapse of Silicon Valley Bank. Switzerland's patchy financial regulation played a role too.
But insiders and investors combing over the wreckage say that Credit Suisse's board, headed by Rohner, was ultimately responsible. It was the bearer of a flawed culture that led the bank into a series of calamities.A Swiss parliamentary commission is studying the government's role in the Credit Suisse rescue, including its oversight of the bank's leadership.
In a speech this week, UBS Chief Executive Officer Sergio Ermotti said Credit Suisse kicked its problems down the road and had “repeated risk-management and operational failures which undermined the credibility of its leadership and the board."
Former executives say that Rohner didn't set the right tone from the top to contain risks, and that he and his board resisted making sweeping changes when there was still time.
“The chairman's track record was atrocious," said David Herro, a partner at Chicago-based Harris Associates, once Credit Suisse's largest shareholder with holdings of around 10%. “It was a failure in risk management. The whole thing was stacked against the shareholders," he said.
Rohner, who currently sits on the board of drugmaker GlaxoSmithKline, said the strategy was working when he left and pointed to a ratings upgrade the bank received in December 2020. He said that decisions made after his departure created the breakdown in customer confidence.
He and other former board members rejected that the board set the wrong tone or didn't do enough to address its challenges. Rohner's supporters said he behaved professionally and appropriately as chairman.
“We had a strong capital base. We had a very high liquidity base. And we had functioning businesses at that time that were all performing and were profitable," Rohner said. “We were on a path where the business could continue to be further developed."
He said that Credit Suisse delivered more than 37 billion Swiss francs of pretax profit in his board tenure, equivalent to $42 billion, and that legacy issues costing the bank more than 12 billion Swiss francs dated from before his time.
Over 167 years, the Credit Suisse name was woven into Switzerland, Wall Street and the wealth markets of Asia and the Middle East. It represented smart solutions, a penchant for risk and Swiss discretion.
The image flipped from financial fortitude to danger on Rohner's watch.
During his tenure, Credit Suisse's stock lost three-quarters of its value. A series of scandals—corrupt loans in Mozambique, a rogue wealth manager who stole a billionaire's money, the unraveling of a financing partner—culminated in Rohner's final days with one of the biggest sudden losses in banking, a more-than $5 billion hit from the collapse of family office Archegos Capital Management.
Other banks broke with the past after scandals and losses by changing leadership. Rohner remained as one of European banking's longest-tenured and best-paid chairmen.
Credit Suisse's existential crisis couldn't be steadied after he left at a board term limit. His successor, António Horta-Osório, pledged a cultural overhaul but resigned after nine months following a board investigation into his travel. The final chairman, Axel Lehmann, couldn't see through a last-gasp restructuring.
“It's ultimately a governance issue going back to the board of an inability to root outscandal and an unwillingness much earlier to wind down problematic units," said Steven Kelly, associate director of research at the Yale Program on Financial Stability. “When you're a bank, you have to cut risk early. At every scandal, they could have started the clock then," Kelly said.
This account is based on interviews with former board members and executives and people who worked with the bank, plus public and private documents.
When Rohner became chairman in 2011, Credit Suisse's fortunes appeared robust. The bank had sailed through the financial crisis while UBS needed a government bailout.
The Swiss lawyer cut an urbane figure around Zurich. He didn't have a background in banking. But he impressed an earlier chairman as Credit Suisse's top lawyer and chief operating officer in charge of compliance. Rohner's tactic was to dispute or delay payouts in probes and lawsuits, boosting short-term profit.
As a young man, he hurdled for Switzerland at European championships, and later said he wanted to write screenplays when he retired. Former colleagues describe him as well-mannered, intelligent and an excellent lawyer.
His tenure got off to a rocky start, in what some internally thought was an overly defiant attitude toward regulators.
In 2012, Switzerland's central bank blindsided Credit Suisse with a public call to quickly raise capital. Rohner fought back in a statement. The board was comfortable with the bank's health. Weeks later, Credit Suisse did as the central bank asked.
Around the same time, U.S. prosecutors stepped up a criminal probe into how the bank helped Americans conceal untaxed assets. UBS swiftly cooperated in a similar case in 2009 and paid a $780 million fine. Rohner and the bank's lawyers stalledand prosecutors said the bank gave only partial information.
The gambit backfired. Credit Suisse was criminally convicted in 2014 for conspiring to aid tax evasion, paying $2.6 billion. Justice Department prosecutors said the bank's inadequate cooperation and delays spurred the government to force the bank into a guilty plea.
Rohner, who headed legal and compliance during some of the alleged criminality, said he was personally clean in the matter. The bank blamed a small set of employees.
“We have a zero-tolerance approach to misconduct," the chairman said at the 2015 annual meeting.
The bank's CEO at the time, Brady Dougan, left not long after the bank's guilty plea. Rohner stayed.
His fellow directors included a Harvard professor studying workplace gender equality and a former inventor at Google. His vice chairman was the CEO of drugmaker Roche. A Qatari royal joined for a while, as did the son of a former Credit Suisse chairman.
Few had any experience at a large global bank, but their pay could be more than $1 million a year. Perks included invitations to horse racing on snow in St. Moritz and leadership sessions with brand ambassador Roger Federer.
“It was clear that the chairman and other board members did not have the right skill set," said David Samra, founding partner of the Artisan Partners International Value Team, which briefly invested in Credit Suisse after Rohner's departure.
Rohner recruited Tidjane Thiam, the CEO of U.K. insurer Prudential, to take over from Dougan. The Ivory Coast-born executive was a nonbanker, but the idea was he would pivot Credit Suisse to help manage the wealth of Asia's burgeoning rich.
In his first days, Thiam was briefed that the bank needed $10 billion or more for legal settlements stemming from lax controls. It badly needed capital, with less than 3% equity to total assets. Thiam felt he was misled into being Rohner's cleanup guy and presented net losses for three years.
Rohner told shareholders that Credit Suisse needed to evolve, but with the utmost care. He quoted from Giuseppe Tomasi di Lampedusa's novel “The Leopard" about the compromises of a fading aristocratic family: “If we want things to stay as they are, things will have to change."
The new CEO hired hundreds of compliance officers and set up a conduct and ethics panel to assess transgressions. He reviewed client lists and ejected tens of billions of dollars from customers who raised red flags.
Relations chilled between the chairman and CEO. Ushers on Credit Suisse's second-floor executive suite learned to station their meetings in different areas.
Thiam's compliance net closed in on informal bank practices—including the chairman's. Rohner was close to the bank's Qatari shareholders. Some royal family members were clients, and Rohner wanted their margin calls waived on loans, according to former executives with knowledge of the request. Bank executives said no.
A person close to Rohner said he never asked for margin calls to be waived.
The chairman introduced a client to open an account, a billionaire he had met at an Eden Roc resort. According to the former executives, the account might have been approved previously, but compliance employees rejected it.
Something else interested new compliance managers. Credit Suisse was the main sponsor of the Zurich Film Festival, co-founded by Rohner's partner, Nadja Schildknecht. The chairman appeared with her and Hollywood stars. Some employees in compliance thought it put the bank in a tricky spot, a conflict of interest. Rohner said he wasn't involved in the sponsorship decisions. The sponsorship of the festival continued.
Other perks were questioned by executives. Rohner told a guard at Credit Suisse's headquarters to let a friend of his, a former bank board member, use its coveted employee parking in central Zurich. Thiam's chief operating officer found out and said no, it was against the rules. Rohner asked the COO, Pierre-Olivier Bouée, to think about the request carefully.
In mid-2019, Bouée balked at a plan by the chairman to fly the bank's supervisory and executive boards and spouses, around 50 people, to New York that fall to celebrate the bank's restructuring. Bouée, in charge of the bank's costs, thought it was extravagant. The celebration went ahead.
That summer of 2019, Credit Suisse's most promising young executive, Iqbal Khan, left for UBS after a personal dispute with Thiam. Khan had moved into the house next to Thiam's in an exclusive suburb, and their partners argued about trees affecting sight lines to Lake Zurich.
The departure had the potential to destabilize Credit Suisse's international wealth-management unit, which Khan led. To keep him from leaving immediately, Rohner agreed to cut his break period from six months to three, unusually short for a senior executive heading to a rival.
Bouée worried Khan might poach clients or staff and had him followed by private detectives. Khan spotted one, and the spying made international headlines. An intermediary who hired the investigators killed himself.
Rohner said the spying was unacceptable, and not part of the bank's toolbox. Thiam said he had no knowledge of the spying. The financial regulator later found that the bank ordered spying at least seven times between 2016 and 2019.
That October, a senior bank executive filed a whistleblowing complaint. The executive claimed that the bank had Thiam followed around London before Rohner hired him, and that the executive got the information from a senior human-resources employee. When interviewed by bank-hired lawyers, the human-resources employee denied having discussed the alleged spying. The lawyers didn't find evidence it happened.
Thiam wasn't interviewed by the lawyers but suspected he was surveilled.
While the spying scandal raged, Rohner invited Thiam to his 60th birthday party. The entertainment included a Black performer with a broom. Thiam felt it was a message that he was handling Rohner's messes. Rohner had no say on the entertainment, according to a person familiar with the evening.
Nevertheless, the bank was in profit again. Asia growth was back on the table. Herro, the Harris Associates partner, and two other investors called for Rohner to back Thiam or resign.
Instead, Rohner and the board asked Thiam to leave in February 2020, without a handover.
Herro said he considered selling the stock then, but knew Rohner would soon hit a term limit.
“It was only one more year," Herro said. “What could happen?"
Patricia Kowsmann contributed to this article.
Write to Margot Patrick at firstname.lastname@example.org
Source: Live Mint
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