A day of significant global developments is underway, as the US retail giant Target announces a major corporate restructuring, the International Monetary Fund (IMF) issues a new and more cautious forecast for Asian growth, and Elon Musk makes a stunning demand for the largest pay package in corporate history.
These events paint a picture of a global economy grappling with shifting consumer habits, persistent trade risks, and unprecedented corporate governance battles.
Here’s your one-stop stand to catch up on all the headlines you may have missed.
Target to cut 1,800 corporate jobs in a major restructuring
In a bid to get back to growth after four years of roughly stagnant sales, the US retail giant Target has announced it is cutting 1,800 corporate jobs.
The move, which marks the first major round of layoffs in a decade for the Minneapolis-based company, was announced in a memo to employees from incoming CEO Michael Fiddelke.
The eliminated roles, which represent an approximately 8% cut to Target’s corporate workforce, are a combination of about 1,000 layoffs and 800 open positions that will no longer be filled.
The cuts come as the company has been battling a sales slump, declining store traffic, and inventory troubles.
IMF warns that Asia’s growth will cool this year and next
The Asia-Pacific region is set to remain the fastest-growing in the world, but higher tariffs and rising protectionism are likely to reduce demand for its exports and weigh on its activity, according to a new report from the International Monetary Fund.
The IMF projects that the region’s economy will slow from 4.6% growth in 2024 to 4.5% in 2025 and 4.1% in 2026.
“While trade policy uncertainty has declined somewhat compared to April, it remains high and could weigh on investment and sentiment more than expected,” the IMF said in the report, which was released on Friday.
Elon Musk seeks a $1 trillion pay package to fight ‘corporate terrorists’
Elon Musk has said he needs to build his stake in Tesla so much that he could become the world’s first trillionaire, a move he says is necessary not to increase his own wealth, but to protect his company.
On a call with investors, Musk said he needs enough voting control to protect Tesla from the influence of two powerful shareholder advisory firms, ISS and Glass Lewis, which he described as “corporate terrorists.”
“I just don’t feel comfortable building a robot army here and …then being ousted because of some asinine recommendations from ISS and Glass Lewis, who have no freaking clue,” he said.
Singapore’s private home prices rise for a fourth straight quarter
Singapore’s private home prices rose for a fourth consecutive quarter, a sign that the boom in one of the world’s most expensive property markets is likely to persist.
An index for the prices of private residences climbed 0.9% in the third quarter, according to final figures released by the Urban Redevelopment Authority on Friday.
The gains, which coincide with a renewed boom in sales, have been buoyed by a generational transfer of wealth, falling local lending rates, and strong interest from wealthy foreign residents.
The post Morning brief: Target cuts 1.8K jobs; IMF’s Asia warning; Musk’s $1T pay demand appeared first on Invezz