FT News Briefing Local Chinese banks get a lifeline
Jan 5, 2024
A major gold producer has ousted its CEO for serious misconduct, sparking questions about corporate governance. In China, regional banks received a staggering $31 billion to bolster their fragile positions amidst economic uncertainty. Meanwhile, German inflation has surged to a three-month high, complicating financial strategies. A concerning study reveals that untracked fishing vessels are wreaking havoc on marine ecosystems, highlighting the urgent need for regulatory reforms in the fishing industry.
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CEO Fired for Misconduct
- Endeavor Mining fired its CEO, Sebastian deMontessus, for alleged serious misconduct.
- This involved an irregular $5.9 million payment and separate allegations about his personal conduct with employees.
Untracked Fishing Vessels
- A study revealed that most industrial fishing vessels are untracked, hindering conservation efforts.
- This lack of transparency enables illicit activities and poses risks to vulnerable marine ecosystems.
German Inflation Surge
- German inflation rose sharply to 3.8% in December, impacting the European economy.
- This reduces the likelihood of the European Central Bank cutting interest rates in March.