Samsung Electronics’ new mobile chief offers a stark contrast to J.K. Shin, the hard-charging executive who led the world’s biggest smartphone-maker through a period of explosive growth but also one marked by difficulty.
China notched an economic milestone Monday, with the International Monetary Fund adding the yuan to its elite basket of reserve currencies, a move designed to spur greater liberalization in the world’s No. 2 economy.
Morgan Stanley plans to slash hundreds of jobs from its debt and currencies division after a slump in trading revenue forced the Wall Street firm to revisit its staffing needs, people familiar with the matter said.
An official gauge of China’s manufacturing activity fell to its lowest level in more than three years, fueling fears that the country’s economy is cooling further despite a raft of government stimulus measures.
The Federal Reserve adopted a new rule restricting its ability to lend money to financial institutions in a crisis in an attempt to ease concerns from lawmakers who worry about the central bank’s unchecked power to pump money into the financial system.