Table of Contents

• JPMorgan Chase

• Elon Musk

• Intel

Top Stories Today

Economy & Finance

JPMorgan Chase

Singapore's central bank has fined JPMorgan Chase S$2.4 million ($1.79 million) for failing to prevent misconduct by its relationship managers, who overcharged clients on 24 bond transactions by exceeding agreed spreads. The Monetary Authority of Singapore (MAS) cited inadequate controls at the bank to ensure compliance with pricing agreements. JPMorgan has refunded affected clients, enhanced its internal controls, and updated its pricing frameworks to prevent future issues. The bank acknowledged its responsibility and stated that the affected trades were a small fraction of its overall operations during the period.

Technology

Elon Musk

A Delaware judge has reaffirmed her decision to invalidate Elon Musk's $56 billion 2018 Tesla compensation plan, rejecting Tesla’s attempt to reinstate it through a shareholder vote. The judge ruled that the vote could not retroactively justify the controversial pay package, which was deemed improperly granted due to conflicts of interest and inadequate shareholder disclosures. Tesla was also ordered to pay $345 million in legal fees for the case. Despite the ruling, Musk retains significant wealth through Tesla stock and other ventures and plans to appeal the decision to Delaware's Supreme Court.

Intel

Intel has announced the departure of CEO Pat Gelsinger after nearly four years marked by struggles to regain its competitive edge in the semiconductor industry. Gelsinger's exit followed a contentious board meeting where concerns over his ability to counter Nvidia's dominance and execute turnaround plans were raised. CFO David Zinsner and products CEO MJ Holthaus will serve as interim co-CEOs, while longtime board member Frank Yeary assumes the role of interim executive chair. Gelsinger’s ambitious efforts to revitalize Intel through global expansions, government partnerships, and cost-cutting measures fell short of satisfying investors, as the company grappled with falling stock prices, missed AI opportunities, and market share erosion. His successor faces the challenge of navigating a leaner, more embattled Intel amidst ongoing industry and governance challenges.

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