Wednesday, May 19 to Tuesday, May 25, 2021

Dutch Court orders Shell to cut emissions

Source: WSJ

  • Friends of the Earth Netherlands, an environmental nonprofit, started and led a civil lawsuit against Shell. The nonprofit alleged Shell failed to meet its own human-rights obligations because their production of oil and natural gas contributed to climate change.

Zhang Yiming will resign from the CEO role at the end of the year

Source: Reuters

  • Zhang Yiming is one of the co-founders of ByteDance, the Chinese company behind TikTok and Duoyin. He will be stepping down from the CEO position because he said that he lacked the social skills needed to be an ideal manager.

AT&T will cut dividend payout to $8B from last year’s $15B

Source: WSJ

  • AT&T’s stocks fell 8% after agreeing to merge its WarnerMedia business with Discovery. If the deal goes through, AT&T’s dividends would be cut nearly 50%.

M&A Deals

  • Amazon is buying MGM. The deal is valued at $8.45 B, including debt, as the tech and streaming industry look to expand their presence within the entertainment industry. (Source: WSJ)

Stocks Updates

  • After a volatile week of trading, Bitcoin has dropped to around $40,000 from its all-time high of above $63,000 (Source: CNBC)

Financial Services Industry

  • Bank of America’s Merrill Lynch Wealth Management unit rolled out a revamped adviser-training program that bans trainee brokers from cold calling, and directs them to use internal referrals or LinkedIn messages to get clients instead. (Source: WSJ)

Governments

  • Update on Colonial Pipeline’s cyber attack: It has been revealed that Colonial Pipeline had missed a requested security review last year which has provided the opportunity for hackers recently. (Source: WSJ)

Written By:

Director: Jacquline Ruan

Managers: Vaibhavi Bamane, Melissa Chen, Stacy Kim