đ The EU and Australia canât agree
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Trade talks between the EU and Australia collapsed. A deal, which was being negotiated on the sidelines of the G7 trade ministersâ meeting in Japan, was held up by agricultural demands. G7 leaders also called for an immediate lift of import bans on Japanâs seafood.
Israelâs economy is heading toward an 11% downturn. The estimate from JPMorgan Chase is among the most pessimistic since Israelâs war with Hamas began.
Argentina will ban oil exports starting Wednesday if its supply chain doesnât improve. Shortages, caused by an increase in demand and uncertainty around who will be the countryâs next president, are threatening stock.
Stellantis and the United Auto Workers reached a tentative agreement. The Jeep/Chrysler maker and unionizers came to a preliminary deal after six weeks of strikes in the US.
Mattel stockâs Barbie gains have been wiped out
Mattelâs Barbie bump has lost its bright pink shimmer.
On the back of this summerâs billion-dollar blockbuster, the toymaker saw revived interest in the iconic doll, with at least $125 million in expected sales related to the film. Movie madness didnât just help Mattelâthe new Transformers movie propelled sales of related toys at Hasbro, which were âup 30% year over year and, during the movie window, [were] up over 90%,â CEO Chris Cocks said last week.
But not all that glimmers plastic is gold, and âtis the season for some sobering toy sales. With both companies predicting lackluster holidays, itâs unlikely that the breakout Barbie and Transformer product lines will be enough to light up Christmas.
Quotable: A 70-hour workweek should be the exception, not the rule
âSeventy-hour workweek, as a rule, is crap. Has only led to burnout for me/my team in the past. Ultimately execution, relationships suffered. Exceptions are fine: When there is a deadline or backlog that needs to be cleared once in a whileâwith a nice break later. But not as a culture.â âMahavir Chopra, the founder of Indian insurance tech platform Beshak.
He was responding to calls from two of Indiaâs top tech leadersâInfosys founder N. R. Narayana Murthy and Olaâs Bhavish Aggarwalâfor young workers to put in 15-hour days.
Big Bank leadership is approaching a generational shift
James Gormanâs departure from the top spot at Morgan Stanley marks a generational sweep through big banksâ C-suite as younger, post-global financial crisis executives take the reins.
Thereâs still one fiery CEO who, up until now, hasnât seemed to be going anywhere: JPMorganâs Jamie Dimon, who famously hasnât answered succession queries concretely (and seems to have no intention of doing so). But after selling $140 million in shares, tea-leaf readers are wondering if the 67-year-old banking executive is priming for retirement.
How does Dimonâs 18-year tenure stack up against other finance CEOsâs?
52: Warren Buffett of Berkshire Hathaway
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And would you eat at Thai Food Near Me? Chances are youâve searched for it on Google, like an average of a million Americans do each month.
A New Zealand city is being inundated with CĂ©line Dion. The artistâs songs are being blasted from loudspeakers attached to the top of cars, and people are getting sick of it.
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Our best wishes for a productive day. Send any news, comments, Thai food near me, and your best âItâs All Coming Back to Me Nowâ renditions to [email protected]. Todayâs Daily Brief was brought to you by Morgan Haefner.