Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.


Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.


Tesla’s global finance head the latest to leave the company

Justin McAnear, the company’s vice president of worldwide finance and operations is set to depart the organisation

The news was first reported by Bloomberg. McAnear originally joined Tesla from Apple’s finance team in 2015.

 “Several weeks ago, I announced to my team that I would be leaving Tesla because I had the chance to take a CFO role at another company,” said McAnear in a statement to The Verge. 

“I’ve truly loved my time at Tesla, and I have great respect for my colleagues and the work they do, but this was simply an opportunity I couldn’t pass up. Any other speculation as to why I’ve left is simply inaccurate. I’ve been working with the team to ensure a smooth transition prior to my last day on October 7th, and a number of members of the team are stepping up to fill my role.” He further added.

Tesla employs tens of thousands of people, and many executives have come and gone in the organisation’s intense 15-year history. Recent departures have come under intense scrutiny because of the company’s well-documented production struggles, financial difficulties and the erratic, unpredictable actions of CEO Elon Musk.

News of McAnear’s imminent departure comes just days after Dave Morton, Tesla’s chief accounting officer also resigned—with less than one month on the job. Tesla’s former head of HR, Gabrielle Toledano also left the company on the same day as Morton—as did the company’s VP of communications. Since June, a staggering 30 executives have left the company.

Despite Musk’s promises that the recently increased production of the Model 3 sedan has put the company on track to be profitable going forward, a large number of financial experts believe that the compant is simple not making enough profits to keep up with its heavy pace of spending.

Musk hasn’t made things any easier by spending most of August exploring — and then abandoning — an abrupt plan to take the company private.

Specefic focus is put on Morton’s abrupt resignation. Romit Shah, a previously bullish Tesla analyst, called the company “no longer investable” in a note this week and said that Morton’s resignation “hit close to home.”

-GBO Correspondent

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