Business

German flight attendants' union UFO may stage strikes against Lufthansa following failed arbitration talks. The union and airline have been in ongoing disputes over pay, pensions, and the union's legal status. UFO spokesman Nicoley Baublies indicated that industrial actions could occur at any time after the holiday season.

The Securities and Exchange Commission of the Philippines revoked Robocash Finance Corporation's license after discovering the company operated several branches without legal approval. Robocash, a Russian financing company launched in the Philippines in 2017, admitted operating unauthorized branches but claimed no malicious intent. The SEC dismissed this defense and revoked their operational license.

HSBC bank found itself in a precarious position after cooperating with US legal proceedings against Huawei's financial executive. The bank's cooperation with US authorities prompted a stern diplomatic response from Chinese representatives, challenging HSBC's neutrality in international corporate disputes.

Sweden's largest pension fund Alecta urges the Swedish Corporate Governance Board to adopt reforms similar to the UK's Financial Reporting Council. CEO Magnus Billing emphasizes the need for clear goals, well-designed strategies, and organizational confidence to create long-term sustainable shareholder value.

Wells Fargo is struggling to find a new CEO following Tim Sloan's sudden exit in March. The bank's stock has lost nearly $24 billion in market value, dropping 8% while competitors remain stable. The Board of Directors' CEO search has been complicated, with many potential candidates declining the position.

Deutsche Bank is transforming its business model, moving away from investment banking and targeting a broader client base. CEO Christian Sewing aims to improve corporate banking relationships, even attempting innovative approaches like offering free cash holdings to attract companies like Zalando.